Document:

Employment Agreement between Nabi Biopharmaceuticals and Matthew Kalnik, Ph.D.

 Exhibit 10.1 
 NABI BIOPHARMACEUTICALS 
 12276 WILKINS AVENUE 
 ROCKVILLE, MD 20852 
 Dated Effective
as of March 17, 2009 
 Matthew W. Kalnik, Ph.D. 
 7620
Old Georgetown Road 
 Bethesda, MD 20814 
 Dear Matt:

 You have agreed to serve as Senior Vice President of Strategic Planning & Business Operations of Nabi Biopharmaceuticals
(“Nabi”), which term for purposes of this Agreement shall include controlled affiliates of Nabi Biopharmaceuticals. This Agreement supersedes and replaces your Letter Offer of Employment between you and Nabi dated June 29, 2007, as
amended by the letter agreement dated July 16, 2008, and your Special Severance Agreement between you and Nabi dated October 3, 2008. The following are the terms of such employment: 
 1. TERM: You will serve as Senior Vice President of Strategic Planning & Business Operations for a period beginning on the date
hereof and ending on March 17, 2012, or the date on which your employment is sooner terminated as provided below (the “Employment Period”). Upon expiration of the Employment Period or any extension pursuant to this sentence, it shall
be automatically extended for an additional three-year period unless either party gives to the other written notice not less than thirty (30) days prior to the end of the Employment Period that it or he does not wish to extend the term of this
Agreement. In the event that your employment by Nabi continues beyond the Employment Period, the terms and conditions of this Agreement shall continue except that your continued employment by Nabi may be terminated by either party upon thirty
(30) days’ prior notice unless you and Nabi shall have entered into a written agreement to the contrary. 
 2.
SALARY: Your salary will be $300,000 per year, payable in accordance with the usual payroll practices of Nabi during the Employment Period. Your salary will be subject to discretionary annual increases as determined by Nabi’s
Board of Directors or the Compensation Committee thereof. 
 3. BONUS: 
 (A) You will be entitled to participate in Nabi’s VIP Management Incentive Program or any
comparable bonus plan maintained by Nabi (the “Bonus Plan”). Your target bonus under the plan will be at least fifty-five percent (55%) of your base salary as of the end of the end of the applicable Bonus Plan year. Your participation
in the Bonus Plan shall be subject to the terms and conditions of the Bonus Plan. Payments, if applicable, under the Bonus Plan shall be payable by the fifteenth (15th) day of the third month after the end of the relevant calendar year. 

 (B) In addition, Nabi will pay you a cash bonus in the indicated amount if any of the occur of any of the
following events occur during the Employment Period: (i) you will receive a one-time bonus of $10,000 upon the execution of a definitive licensing and partnering agreement by Nabi pursuant to which all or substantially all of Nabi’s rights
and assets with respect to PentaStaph are successfully out-licensed to another company; (ii) you will receive a one-time bonus of $40,000 upon the execution of a definitive licensing and partnering agreement by Nabi pursuant to which all or
substantially all of Nabi’s rights and assets with respect to NicVAX are successfully out-licensed to another company; and (iii) you will receive a one-time bonus of $50,000 upon the occurrence of a Change of Control (as defined in
Sections 4(d)(i), (ii) and (iii) of your Amended and Restated Change of Control Severance Agreement with Nabi dated March 17, 2009 (the “Change of Control Agreement”)). Any bonus payable pursuant to this Section 3(B)
shall be paid notwithstanding, and in addition to, the payment of any Change of Control compensation pursuant to the Change of Control Agreement. Notwithstanding any provision to the contrary in this Agreement, in no event shall the aggregate amount
of bonuses paid pursuant to this Section 3(B) exceed $50,000, and the amount of any bonus payable under this Section 3(B) shall be reduced to the extent necessary so that such bonus, when added to any other bonus previously paid under this
Section 3(B), would not exceed $50,000 in the aggregate. 
 4. SERP; LIFE INSURANCE: Annually before July 1 during
each full year period during the Employment Period, Nabi shall pay you $12,000, grossed up for taxes, so that you can make a contribution to your Supplemental Executive Retirement Plan. Nabi also will provide you at Nabi’s cost with term life
insurance of $500,000 in excess of the term life insurance coverage Nabi provides to its employees generally. 
 5. DUTIES AND EXTENT
OF SERVICES: 
 (A) During the Employment Period, you agree to devote substantially all of your working time, and such energy,
knowledge, and efforts as is necessary to the discharge and performance of your duties provided for in this Agreement and such other reasonable duties and responsibilities consistent with your position as are assigned to you from time to time by the
person to whom you report. You shall be located primarily in Nabi’s Maryland headquarters facilities, but shall travel to other locations from time to time as shall be reasonably required in the course of performance of your duties. 

(B) You shall have such duties as are delegated to you by the person to whom you report provided that such duties shall be reasonably consistent with
those duties assigned to executive officers having similar titles in organizations comparable to Nabi. 
 6. TERMINATION: 

 (A) You may terminate the Employment Period (a) thirty (30) days after you provide written notice of termination to Nabi,
(b) by your death or (c) upon your written notice to Nabi that of “Good Reason,” which is defined as any material breach of this Agreement by Nabi, or the occurrence of any one or more of the following without your prior express
written consent: (i) a material diminution in your authority, duties or responsibilities, (ii) a requirement that you report to any person or entity other than Nabi’s Chief Executive Officer, or (iii) a change of more than twenty-five
(25) miles in your primary office location from Nabi’s Rockville, Maryland facility; provided, however, that a termination for Good Reason by you can occur only if (x) you have given Nabi written notice of the existence of a condition
giving rise to Good Reason within ninety (90) days after you learn of such condition, (y) Nabi not fully cured the condition giving rise to Good Reason within thirty (30) days after receipt of such notice, and (z) you provide
written notice to Nabi of your termination for Good Reason within ninety (90) days after the end of such 30-day period. 
  

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 (B) Nabi may terminate the Employment Period (a) in the event Nabi reasonably determines that you
are unable to perform the essential functions of your position, with or without reasonable accommodation, for any three (3) consecutive months as the result of mental or physical incapacity or (b) for “Cause,” which is defined as
(i) acts of fraud or embezzlement or other felonious acts by you, (ii) your refusal to comply with reasonable directions in connection with the performance of your duties as provided for in Section 5 of this Agreement after notice of
such failure is delivered to you, (iii) failure to comply with the provisions of Section 8 or 9 of this Agreement or (iv) your gross negligence or intentional misconduct in connection with the performance of your duties as provided
for in this Agreement including your failure to comply with the written policies of Nabi, provided that, in the event of a proposed termination under clause (ii) or clause (iv) of this clause (B), you shall receive ten (10) days’
prior written notice of such proposed termination and within such period you shall be afforded an opportunity to be heard by Nabi’s Board of Directors or a duly appointed committee of the Board as to whether grounds for termination under these
clauses exists. 
 (C) Nabi may otherwise terminate the Employment Period upon thirty (30) days’ prior notice to you. 

(D) Your confidentiality and non-competition agreements set forth in Sections 8 and 9 below and your agreement to cooperate set forth in
Section 10 below shall survive the termination of your employment regardless of the reasons therefor. 
 7. SEVERANCE:

 (A) In the event that your employment terminates (a) pursuant to Section 6(C) (termination without Cause), (b) pursuant to
Section 6(A)(c) (termination for Good Reason) or (c) upon or following the expiration of the Employment Period if Nabi has given notice of non-extension pursuant to Section 1, you shall receive the benefits set forth in Sections 7(B),
7(C), 7(D) and 7(E). In the event your employment terminates pursuant to Section 6(B)(a) (incapacity), or as a result of your death, you or your estate shall receive the benefits set forth in Section 7(E). Notwithstanding the foregoing
provisions of this Section 7(A), in the event your employment terminates under circumstances that entitle you to receive compensation and other benefits pursuant to your Change of Control Agreement, you shall not receive the benefits set forth
in Section 7(B), 7(C), 7(D) and 7(E). 
 (B) Subject to Section 7(A), Nabi will pay you your base salary as of the effective date
of such termination (“Severance Pay”) and maintain in effect your benefits under Section 4 of this Agreement and such other benefits provided by Nabi to you as of the 

  

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effective date of such termination to the extent that Nabi continues to maintain those benefits for other similarly situated employees (to the extent allowed
under, and subject to the limitations of, applicable plans) for eighteen (18) months. Severance Pay shall be made in accordance with the usual payroll practices of Nabi. 
 (C) Subject to Section 7(A), Nabi shall pay for executive outplacement services up to $18,000 by an organization selected by Nabi in its sole
discretion. 
 (D) Subject to Section 7(A), if the Employment Period ends during a calendar year, Nabi shall pay you incentive
compensation under the Bonus Plan for such calendar year pro rated based upon the number of days you were employed during the calendar year and the amount of bonus compensation that would have been payable with respect to such year pursuant to the
Bonus Plan. 
 (E) Subject to Section 7(A), all of your non-vested stock options, restricted stock or similar incentive equity
instruments (collectively, “Equity Awards”) shall immediately vest, except any Equity Awards under Nabi’s 2000 Employee Stock Purchase Plan which shall vest in accordance with their terms and not the terms of this Agreement. All
vested Equity Awards (including those with accelerated vesting pursuant to the preceding sentence) shall be exercisable for twelve (12) months past your termination date, except that no Equity Award shall be exercisable beyond the original
Equity Award’s expiration date. To the extent the terms of any Equity Award are inconsistent with this Agreement, the terms of this Agreement shall control. 
 (F) All payments or benefits to you under this Section 7 (other than payments or benefits already accrued and otherwise due under Nabi’s employee benefit plans or programs, or as a result of your death) will
not be given unless you execute (and do not rescind) a written employment termination agreement in a form prescribed by Nabi, containing terms consistent with this Agreement as well as a general release of all claims against Nabi and related parties
with respect to all matters occurring prior to or on the date of the release, including (but not limited to) employment matters or matters in connection with your termination. 
 (G) Notwithstanding the foregoing, to the extent that the payments to be provided under this Section 7 constitute deferred compensation subject to
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), payable on account of your separation from service within the meaning of Code Section 409A(a)(2)(A)(i), and you are a “specified employee”
within the meaning of Code Section 409A(a)(2)(B)(i) determined in accordance with Treasury Reg. § 1.409-1(i) (or its successor provisions), such payments otherwise due during the six-month period commencing on your separation shall be
accumulated and paid on the first regular payroll date for employees following such six-month period; provided, however, that no amount payable only upon an “involuntary separation from service” within the meaning of Treasury Reg. §
1.409A-1(n) that does not exceed the dollar limit set forth in Treasury Reg. §1.409A-1(b)(9)(iii) shall be subject to such six-month deferral. 
 8. CONFIDENTIALITY: 
 (A) You acknowledge that your duties with Nabi will give you access to trade secrets and other
confidential information of Nabi (which for purposes of this Section 8 shall be deemed to include its subsidiaries), including but not limited to information concerning production and marketing of their respective products, customer lists, and
other information relating to their present or future operations (all of the foregoing, whether or not it qualifies as a “trade secret” under applicable law, is collectively called “Confidential Information”). You recognize that
Confidential Information is proprietary to Nabi and gives Nabi significant competitive advantage. 
  

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 (B) Accordingly, you shall not use or disclose any of the Confidential Information during or after the
Employment Period, except for the sole and exclusive benefit of the relevant company. Upon any termination of the Employment Period, you will return to Nabi’s offices all documents, computer electronic information and files, e.g., diskettes,
floppies etc. and other tangible embodiments of any Confidential Information. You agree that Nabi would be irreparably injured by any breach of your confidentiality agreement, that such injury would not be adequately compensable by monetary damages,
and that, accordingly, Nabi may specifically enforce the provisions of this Section by injunction or similar remedy by any court of competent jurisdiction without affecting any claim for damages. 
 9. NON-COMPETITION:  
 (A) You
acknowledge that your services to be rendered are of a special and unusual character and have a unique value to Nabi the loss of which cannot adequately be compensated by damages in an action at law. In view of the unique value of the services, and
because of the Confidential Information to be obtained by or disclosed to you, and as a material inducement to Nabi to enter into this Agreement and to pay to you the compensation referred to above and other consideration provided, you covenant and
agree that, while you are employed by Nabi and for a period of one (1) year after termination of such employment for any reason whatsoever, you will not, directly or indirectly, (a) engage or become interested, as owner, employee,
consultant, partner, through stock ownership (except ownership of less than five percent of any class of equity securities which are publicly traded), investment of capital, lending of money or property, rendering of services, or otherwise, either
alone or in association with others, in the operations, management or supervision of any type of business or enterprise engaged in any business which is competitive with any business of Nabi (a “Competitive Business”), (b) solicit or
accept orders from any current or past customer of Nabi for products or services offered or sold by, or competitive with products or services offered or sold by, Nabi, (c) induce or attempt to induce any such customer to reduce such
customer’s purchase of products or services from Nabi, (d) disclose or use for the benefit of any Competitive Business the name and/or requirements of any such customer or (e) solicit any of Nabi’s employees to leave the employ
of Nabi or hire or negotiate for the employment of any employee of Nabi. By way of clarification, a “Competitive Business” is not any business or enterprise in the health care industry; it is only a business or enterprise in the health
care industry that is competitive with any business of Nabi. Notwithstanding anything express or implied in the foregoing provisions of this Section 9(A) to the contrary, nothing contained in this Section 9(A) shall be deemed to prohibit
you from being employed by or providing services to a Competitive Business following a “Change of Control” (as defined in the Change of Control Agreement) and termination of your employment if (i) the nature of such employment or
services do not involve or compete with any business engaged in by Nabi immediately prior to the Change of Control 

  

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or (ii) such employment or services are rendered to the company that was involved in the Change of Control by acquiring stock or assets of Nabi or
merging or consolidating with Nabi or any Affiliate (as defined below) of that company. As used in this Agreement, an “Affiliate” of a company means an entity controlled by, controlling or under common control with that company.

 (B) You have carefully read and considered the provisions of this Section 9 and Section 8 and having done so, agree that the
restrictions set forth (including but not limited to the time period of restriction and the world wide areas of restriction) are fair and reasonable (even if termination is at our request and without cause) and are reasonably required for the
protection of the interests of Nabi, its officers, directors, and other employees. You acknowledge that upon termination of this Agreement for any reason, it may be necessary for you to relocate to another area, and you agree that this restriction
is fair and reasonable and is reasonably required for the protection of the interests of Nabi, their officers, directors, and other employees. You have the right to request a waiver of Section 9(A)(a) from Nabi to the extent that
Section 9(A)(a) would prevent you from being employed by or performing services for the business of a division or a subsidiary that does not compete with Nabi even though it is part of or affiliated with a larger entity that does compete with
the Nabi’s business. Nabi may grant or deny such any such waiver in its sole discretion. 
 (C) In the event that, notwithstanding the
foregoing, any of the provisions of this Section 9 or Section 8 shall be held to be invalid or unenforceable, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though invalid or unenforceable parts
had not been included therein. In the event that any provision of this Section 9 relating to time period and/or areas of restriction shall be declared by a court of competent jurisdiction to exceed the maximum time period or areas such court
deems reasonable and enforceable, said time period and/or areas of restriction shall be deemed to become, and thereafter be, the maximum time period and/or area which such court deems reasonable and enforceable. 
 (D) With respect to the provisions of this Section 9, you agree that damages, by themselves, are an inadequate remedy at law, that a material breach
of the provisions of this Section 9 would cause irreparable injury to the aggrieved party, and that provisions of this Section 9 may be specifically enforced by injunction or similar remedy in any court of competent jurisdiction without
affecting any claim for damages. 
 10. LITIGATION AND REGULATORY COOPERATION: During and after your employment with Nabi, you
shall reasonably cooperate with Nabi in the defense or prosecution of any claims now in existence or which may be brought in the future against or on behalf of Nabi which relate to events or occurrences that transpired while you were employed by
Nabi; provided, however, that such cooperation shall not materially and adversely affect you or expose you to an increased probability of civil or criminal litigation. Your cooperation in connection with such claims or actions shall include, but not
be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of Nabi at mutually convenient times. During and after your employment with Nabi, you also shall cooperate fully with Nabi in
connection with any investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while 

  

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you were employed by Nabi. Nabi shall reimburse you for all out-of-pocket costs and expenses incurred in connection with your performance under this
Section 10, including, but not limited to, reasonable attorneys’ fees and costs. 
 11. MISCELLANEOUS: 
 (A) This Agreement and the rights and obligations of the parties pursuant to it and any other instruments or documents issued pursuant to it shall be
construed, interpreted and enforced in accordance with the laws of the State of Maryland, exclusive of its choice-of-law principles. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective successors
and assigns. The provisions of this Agreement shall be severable and the illegality, unenforceability or invalidity of any provision of this Agreement shall not affect or impair the remaining provisions hereof, and each provision of this Agreement
shall be construed to be valid and enforceable to the full extent permitted by law. In any suit, action or proceeding arising out of or in connection with this Agreement, the prevailing party shall be entitled to receive an award of the reasonable
related amount of attorneys’ fees and disbursements incurred by such party, including fees and disbursements on appeal. This Agreement, together with the Change of Control Agreement, the Indemnification Agreement dated of even date herewith and
the Invention, Non-Competition and Non-Disclosure Agreement dated June 30, 2007 (the “Invention Agreement”) are a complete expression of all agreements of the parties relating to the subject matter hereof, and all prior or
contemporaneous oral or written understandings or agreements shall be null and void except to the extent set forth in this Agreement. In the event of any conflict between this Agreement and the Invention Agreement, this terms of this Agreement shall
control. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. All references to genders or number in this Agreement shall be deemed
interchangeably to have a masculine, feminine, neuter, singular or plural meaning, as the sense of the context required 
 (B) It is the
intent of you and Nabi that the provisions of this Agreement and all amounts payable to you hereunder meet the requirements of Section 409A of the Code, to the extent applicable to this Agreement and such payments, and the Agreement shall be
interpreted and construed in a manner consistent with such intent. 
 (C) This Agreement cannot be amended orally, or by any course of
conduct or dealing, but only by a written agreement signed by the party to be charged therewith. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of either party to require the
performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 (D) All notices required and allowed hereunder shall be in writing, and shall be deemed given upon deposit in the Certified Mail, Return
Receipt Requested, first-class postage and registration fees prepaid, and correctly addressed to the party for whom intended at its address set forth under its name below, or to such other address as has been most recently specified in a notice by
such party. 
  

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 (Signature Page to Follow) 
  

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 If the foregoing confirms your understanding of our agreements, please so indicate by signing in the
space provided below and returning a signed copy to us. 
  

			
	 NABI BIOPHARMACEUTICALS

		
	By:	 	 /s/ Raafat Fahim, Ph.D.

		 	Raafat Fahim, Ph.D.
		 	Chief Executive Officer and President
	
	Date: March 17, 2009

  

	
	Accepted and agreed to:
	
	 /s/ Matthew W. Kalnik, Ph.D.

	Matthew W. Kalnik, Ph.D.
	7620 Old Georgetown Road
	Bethesda, MD 20814
	
	Date: March 17, 2009

  

 - 9 -Change of Control Severance Agreement between Nabi Bio. and Matthew Kalnik

 Exhibit 10.2 
  

			
	T 301 770 3099	  	Nabi Biopharmaceuticals
	F 301 770 3097	  	12276 Wilkins Avenue
	www.nabi.com	  	Rockville, MD 20852

 

 
 March 17, 2009 
 Matthew
W. Kalnik, Ph.D. 
 21 Berkshire Court 
 Bedminister, NJ 07921

 Dear Matt: 
 The Board of Directors of Nabi Biopharmaceuticals
(the “Corporation”) and the Compensation Committee (the “Committee”) of the Board have determined that it is in the best interests of the Corporation and its shareholders for the Corporation to agree, as provided herein, to pay
you termination compensation in the event you should leave the employ of the Corporation under the circumstances described below. 
 The Board and the
Committee recognize that the continuing possibility of a sale or change of control of the Corporation is unsettling to you and other key employees of the Corporation. Therefore, these arrangements are being made to help assure a continuing
dedication by you to your duties to the Corporation by diminishing the inevitable distraction to you from the personal uncertainties and risks created by the potential of a change of control of the Corporation. In particular, the Board and the
Committee believe it important, should the Corporation receive proposals from third parties with respect to its future, to enable you, without being influenced by the uncertainties of your own situation, to assess and advise the Board whether such
proposals would be in the best interests of the Corporation and its shareholders and to take such other action regarding such proposals as the Board might determine to be appropriate, including being available to assist in any transition should
there be a change of control of the Corporation. 
 1. In view of the foregoing and in further consideration of your continued employment with the
Corporation, the Corporation will pay you as termination compensation an amount, determined as provided below, in the event that within twelve months following a Change of Control (as defined below) (a) you terminate your employment with the
Corporation for Good Reason (as defined below) or (b) your employment with the Corporation is terminated by the Corporation for any reason other than Cause (as defined below), death or disability. The compensation so payable (hereinafter
referred to as the “Severance Amount”) shall be an amount equal to two times the sum of (a) the higher of (i) your current annual base salary or (ii) your base salary immediately prior to the Change of Control plus
(b) the target bonus you could have earned for the fiscal year in which the Change of Control occurred. The Severance 

 
Amount shall be paid to you ratably over the twenty-four month period commencing on the date of the termination of your employment with the Corporation (the
“Termination Date”) in accordance with the normal payroll practices of the Corporation, but in any event no less frequently than semimonthly. Notwithstanding the foregoing, to the extent that the payments to be provided under this
Section 8 constitute deferred compensation subject to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), payable on account of your separation from service within the meaning of Code
Section 409A(a)(2)(A)(i), and you are a “specified employee” within the meaning of Code Section 409A(a)(2)(B)(i) determined in accordance with Treasury Reg. § 1.409-1(i) (or its successor provisions), such payments otherwise
due during the six-month period commencing on your separation shall be accumulated and paid on the first regular payroll date for employees following such six-month period; provided, however, that no amount payable only upon an “involuntary
separation from service” within the meaning of Treasury Reg. § 1.409A-1(n) that does not exceed the dollar limit set forth in Treasury Reg. §1.409A-1(b)(9)(iii) shall be subject to such six-month deferral. 
 2. In addition, in the event your employment with the Corporation terminates under circumstances entitling you to receive the Severance Amount: 
 (a) Any compensation and other amounts previously deferred by you, to which you are entitled, and any accrued vacation pay and accrued paid leave bank amounts not yet
paid by the Corporation, shall be paid to you within five business days of the Termination Date. 
 (b) All other amounts accrued or earned by you through
the date of such termination and amounts otherwise owing under the Corporation’s plans and policies shall be paid to you in accordance with the terms of those plans and policies. 
 (c) The Corporation shall maintain in full force and effect, for the continued benefit of you and/or your family for twelve months after the Termination Date, all employee welfare benefit plans and any other employee
benefit programs or arrangements (including, without limitation, medical and dental insurance plans and disability and life insurance plans) in which you were entitled to participate immediately prior to the Change of Control, provided that your
continued participation is possible under the general terms and provisions of such plans and programs. 
 (d) All outstanding stock options which you hold
shall vest immediately upon a Change of Control and shall be exercisable for (i) the remainder of the option term(s) or (ii) a period of two years from the Termination Date, whichever is shorter. 
 (e) The Corporation shall provide outplacement services for you by its designated organization at a level consistent with the Corporation’s career transition
policy. 
 (f) You shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, nor
shall the amount of any payment provided for in this Agreement be reduced by any compensation earned by you as the result of employment by another employer after the Termination Date, or otherwise. 
  

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 3. Any termination by you for Good Reason shall be communicated by a written notice given within 120 days of your having
actual notice of the events giving rise to a right to terminate for Good Reason and which (i) sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination for Good Reason and (ii), if the Termination
Date is other than the date of receipt of such notice, specifies the Termination Date (which date shall not be more than 15 days after the giving of such notice). Your failure to set forth in the notice of termination any fact or circumstance which
contributes to a showing of Good Reason shall not waive any right of yours hereunder or preclude you from asserting such fact or circumstance in enforcing your rights hereunder. 
 4. Anything in this Agreement not withstanding, you and the Corporation agree that you will not terminate your employment with the Corporation for Good Reason within 12 months following a Change of Control and seek,
obtain or retain any compensation pursuant to Sections 1 and 2 of this Agreement if during the 12 months following the Change of Control you become employed by or otherwise provide services on a full time basis to the company or any Affiliate of
that company that caused the Change of Control of the Corporation by acquiring assets or securities of the Corporation or merging or consolidating with the Corporation. 
 5. For purposes of this Agreement: 
 (a) “Bonus” means annual bonus or incentive compensation payable by the
Corporation to you pursuant to plans which the Corporation now, or hereafter, maintains. 
  

	(b)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

 (c) “Cause” means (i) any act of fraud or embezzlement or other felonious act by you, (ii) your refusal to comply with reasonable directions in connection with the performance of your duties after notice of such failure
is delivered to you, (iii) your failure to comply with the material provisions of any employment-related agreement between you and the Corporation or any of the Corporation’s policies applicable to you or (iv) your gross negligence or
intentional misconduct in connection with the performance of your duties. 
 (d) A “Change of Control” shall be deemed to have taken place if
(i) any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Exchange Act is or becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act), directly or indirectly, of securities
of the Corporation representing 50% or more of the combined voting power of the Corporation’s then outstanding securities; (ii) (A) a reorganization, merger or consolidation, in each case, with respect to which persons who were
shareholders of the Corporation immediately prior to such reorganization, merger or consolidation do not, immediately thereafter, own more than 50% of the combined voting power entitled to vote generally in the election of directors of the
reorganized, merged or consolidated company’s then outstanding voting securities or (B) a liquidation or dissolution of the Corporation approved by the shareholders of the Corporation in accordance with Delaware law; (iii) as the
result of a tender offer, exchange offer, merger, consolidation, sale of assets or contested solicitation of proxies or stockholder consents or any combination of the foregoing 

  

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transactions (a “Transaction”), the persons who were directors of the Corporation immediately before the Transaction shall cease to constitute a
majority of the Board of Directors of the Corporation or of any parent of or successor to the Corporation immediately after the Transaction occurs; or (iv) the execution of an exclusive out-licensing and partnering arrangement with one or more
partners involving all or substantially all of the Corporation’s NicVAX® rights and assets. 
 (e) “Good Reason” means: 
 (i) The assignment to you of any duties inconsistent in any material adverse respect with your
position (including status, offices, titles and reporting requirements) as in effect on the date of the Change of Control, or any other action by the Corporation which results in a material diminution in such position, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial or inadvertent action not taken in bad faith and which is remedied by the Corporation promptly after receipt of notice from you; 
 (ii) Any reduction of your base salary or the failure by the Corporation to provide you with a compensation program, welfare benefits, retirement
benefits and other benefits which in the aggregate are no less favorable than the benefits to which you were entitled prior to the Change of Control; or 
 (iii) The Corporation’s requiring you to be based at any office or location more than fifty (50) miles from that location at which you are employed on the date of the Change of Control, except for travel
reasonably required in the performance of your responsibilities. 
 6. Anything in this Agreement to the contrary notwithstanding, if your employment with
the Corporation is terminated by the Corporation prior to the date on which a Change of Control occurs, and such termination (a)(i) was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or
(ii) otherwise arose in anticipation of a Change of Control and not for reasons unrelated to the Change of Control and (b) such termination occurs within six (6) months of the occurrence of a Change of Control, then for purposes of
Section 1 of this Agreement your termination of employment will be deemed to have occurred immediately following the Change of Control. 
 7. This
Agreement shall be binding upon and inure to the benefit of you, your estate and the Corporation and any successor or assign of the Corporation, but neither this Agreement nor any rights arising hereunder may be assigned or pledged by you. If you
should die while any amount would still be payable to you hereunder if you had continued to live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to your devisee, legatee, or other
designee or, if there be no such designee, to your estate. 
 8. For purposes of this Agreement, notices and all other communications provided for in the
Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed, in your case, to the address set forth on the first page of
this Agreement and, in the Corporation’s case, to the 

  

 4 

 
address of its principal office (all notices to the Corporation to be directed to the attention of the President of the Corporation) or to such other address
as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 
 9. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by you and such officer as may be specifically designed by the Board of Directors of the
Corporation. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or
dissimilar provisions or conditions at the time or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set
forth expressly in this Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of Maryland without regard to principles of conflicts of laws. 
 10. The Corporation will require any purchaser of or successor to (whether direct or indirect, by purchase or otherwise) all or substantially all of the business and/or
assets of the Corporation (other than a purchaser or successor which assumes the obligations of the Corporation by operation of law) to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
Corporation would be required to perform it if no such succession had taken place. As used in this Agreement, “Corporation” shall mean the Corporation as hereinbefore defined and any successor to its business and/or assets as aforesaid
which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 11. Nothing in this Agreement shall prevent or limit your continuing
or future participation in any benefit plan or program provided by the Corporation in which you may continue to participate under the terms of such plan or program notwithstanding the termination of your employment, nor shall anything herein limit
or otherwise prejudice such rights as you may have under any other agreements with the Corporation, provided, however, that if the Severance Amount is payable under the terms of this Agreement, the only severance pay and benefits that you shall be
entitled to receive from the Corporation are those provided under this Agreement and no other severance pay or benefits will be provided to you under any other agreement, plan or program of the Corporation. To the extent the terms of any other
agreements you may have with the Corporation are inconsistent with this Agreement, the terms of this Agreement shall control. This Agreement is a complete expression of all agreements of the parties relating to the subject matter hereof, and all
prior or contemporaneous oral or written understandings or agreements shall be null and void, including, without limitation the Change of Control Severance Agreement between the parties dated July 19, 2007, as amended. 
 12. If you assert any claim in any contest (whether initiated by you or by the Corporation) as to the validity, enforceability or interpretation of any provision of this
Agreement and you prevail on at least one material claim, the Corporation shall reimburse your legal expenses (or cause such expenses to be paid), including, without limitation, your reasonable attorneys’ fees, upon presentation of proof of
such expenses in a form reasonably acceptable to the Corporation, plus simple interest thereon at the 90-day United States Treasury Bill rate as in effect from time to time, compounded annually. 
  

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 13. All payments and benefits to you under this Agreement (other than payments and benefits already due to you other than
pursuant to the terms of this Agreement) will not be given unless you execute (and do not rescind) a written employment termination agreement in a form prescribed by the Corporation, containing terms consistent with this Agreement as well as a
general release of all claims against the Corporation and related parties with respect to all matters occurring prior to or on the date of the release, including (but not limited to) employment matters or matters in connection with your termination.

 14. The invalidity or unenforceability of any provisions of this Agreement shall not affect the validity or enforceability of any other provision of this
Agreement, which shall remain in full force and effect. 
 15. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same instrument. 
 If you are in agreement with the foregoing, please so indicate by
signing and returning to the Corporation the enclosed copy of this letter, whereupon this letter shall constitute a binding agreement under seal between you and the Corporation. 
  

	
	Sincerely yours,
	
	 /s/ Raafat Fahim, Ph.D.

	Raafat Fahim, Ph.D.
	President and Chief Executive Officer
	
	Agreed:
	
	 /s/ Matthew W. Kalnik, Ph.D.

	Matthew W. Kalnik, Ph.D.

  

 6

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