Document:

Exhibit
10.1

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”) is made on this 22nd day of September, 2017 (the “Effective Date”),
by and between TapImmune Inc., a Nevada corporation (the “Company”), and Peter L. Hoang, an individual (the
“Executive”).

 

WHEREAS, the Company desires
to employ the Executive as its President and Chief Executive Officer, and the Executive desires to accept such employment with
the Company, in each case upon the terms and conditions set forth herein.

 

NOW WITNESSETH:

 

The Executive and the Company
for themselves, their heirs, successors and assigns, in consideration of their mutual promises contained herein, intending to be
legally bound, hereby agree to the following terms and conditions.

 

1.       
EMPLOYMENT. The Company will employ the Executive as the President and Chief Executive Officer of the Company, and the
Executive agrees to serve in such capacities and provide his services to the Company on the terms and conditions set forth in
this Agreement.

 

2.       
POSITION AND DUTIES. On and after the date of this Agreement, the Executive will serve as the President and Chief
Executive Officer of the Company. The Executive agrees that during the Term (as defined below) he shall dedicate his full
business time, attention and energies to performing his duties to the Company, as prescribed by the Board of Directors (the
“Board”). The Executive will manage the business affairs of the Company and perform the duties typically assigned
to the president and chief executive officer of a similarly situated company in the Company’s industry. The Executive
shall also perform such other reasonable duties as may hereafter be assigned to him by the Board, consistent with his
abilities and position as the President and Chief Executive Officer, and providing such further services to the Company as
may reasonably be requested of him. The Executive will report to the Board of the Company, and carry out the decisions and
otherwise abide by and enforce the rules and policies of the Company.

 

The Executive shall devote
his best business efforts to the business and affairs of the Company and, during the Term, shall observe at all times the covenants
regarding non-competition, and confidentiality provided in Sections 5, 6 and 7 below. The Company and Executive acknowledge
and agree that, during the Term, Executive shall be permitted to (i) serve on corporate, civic or charitable boards or committees
(including the boards of two private companies and one public company disclosed by Executive to the Company), and (ii) manage passive
personal investments, so long as any such activities do not unduly interfere with the performance of Executive’s responsibilities
as an employee of the Company in accordance with this Agreement.

 

The Executive will be based
in Houston, Texas, but will be expected to travel to the Company’s headquarters in Jacksonville, Florida on a regular basis.

 

     

     

    

 

3.           
TERM. The term of this Agreement shall start on the Effective Date and end on the day preceding the third (3rd)
anniversary of the Effective Date (the “Initial Term”). The term of the Agreement will be automatically
extended for successive additional twelve (12) month periods after the end of the Initial Term, unless terminated by the
Company or the Executive by written notice to the other Party provided such notice is made no later than ninety (90) days
prior to the end of the Initial Term or any such successive 12-month term, subject to termination pursuant to Section
8 below (the “Term”). However, the provisions of Sections 5, 6 and 7 shall continue in
force in accordance with the provisions therein and shall survive the expiration or termination of the Term and this
Agreement.

 

4.           
COMPENSATION AND BENEFITS.

 

(a)       Base
Salary. The Executive’s annual rate of base salary shall be three hundred and sixty-two thousand, five hundred dollars
($362,500) per year, which shall be paid by the Company to the Executive bi-weekly in accordance with the Company’s customary
payroll practices, and subject to customary withholding as required by applicable law. This annual base salary shall be reviewed
by the Board periodically, and the Board may increase the Executive’s annual base salary from time to time as the Board deems
to be appropriate subject to performance and market conditions. The Executive’s salary will not be reduced without Executive’s
prior written consent except that the Board may, in its sole discretion, reduce Executive’s base salary in connection with
a salary reduction applicable to all Company senior executive officers in substantially the same proportions.

 

(b)       Annual
Incentive Compensation. During the Term, the Executive shall be eligible for an annual performance bonus of up to fifty percent
(50%) of the Executive’s annual base salary, based on goals and other conditions as the Board shall determine in its sole
discretion on an annual basis (the “Annual Performance Bonus”); provided, however, that the Annual
Performance Bonus for the period beginning on the Effective Date and ending on December 31, 2017 shall be determined at the discretion
of the Board and shall be no more than fifty percent (50%) of the base salary paid during such period. The Annual Performance Bonus
will be payable in the form of cash or fully-vested shares of the Company’s common stock, or a combination thereof, at the
Board’s discretion, in any case to be paid or delivered as soon as practicable after the end of the year in which it is earned
and in any event not more than ninety (90) days after the end of such year. Payment of the Annual Performance Bonus shall be expressly
conditioned upon Executive’s employment with the Company on the date that the Annual Performance Bonus is paid, except as
provided in Section 9(b) and Section 10(a) below

 

Any such Annual Performance
Bonus, as well as any equity awards which are granted to the Executive or which become vested as a result of the satisfaction of
financial performance goals of the Company, shall be subject to the Company’s Policy on Recoupment of Executive Incentive
Compensation, and that the Executive shall be obligated to repay to the Company, any and all amounts received with respect to the
Annual Performance Bonus or performance-based equity awards, to the extent such a repayment is required by the terms of the Policy
on Recoupment of Executive Incentive Compensation, as such policy may be amended from time to time.

 

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(c)       Equity
Awards. Upon the execution of this Agreement, the Executive will be granted an equity award under the Company’s 2014
Omnibus Stock Ownership Plan (the “Omnibus Plan”) of 250,000 shares of restricted common stock, all of which
shall be immediately vested. The required withholding of taxes shall be made from such shares as permitted under the Omnibus Plan.

 

In addition, on the first
(1st) anniversary of this Agreement, the Executive shall be eligible to receive a grant of stock options to purchase the number
of shares of common stock equal to one percent (1%) of the then-outstanding common stock of the Company under the Omnibus Plan
at an exercise price equal to the fair market value of the common stock at the time of such grant, provided that all of the following
requirements are satisfied: (1) the Executive has been continuously employed by the Company from the date of this Agreement to
such first anniversary; (2) the Company maintains an unqualified opinion from its independent auditors with respect to its financial
statements without a paragraph expressing doubt regarding the Company’s ability to continue as a going concern; (3) the Company
is listed on the NASDAQ stock exchange at the time of such first (1st) anniversary; and (4) there are sufficient shares available
for grant under the terms of the Omnibus Plan. If the first three conditions to the grant are satisfied but there are not sufficient
shares available under the terms of the Omnibus Plan to grant a number of stock options equal to one percent (1%) of the then-outstanding
shares of the Company, the Executive shall receive a grant of the maximum number of stock options available under the Omnibus Plan
at that time. The remaining stock options that were not granted shall be granted as soon as such shares are available under the
Omnibus Plan and shall have an exercise price equal to the fair market value of the common stock at the time of such grant. The
stock options granted pursuant to this paragraph, if made, shall be immediately vested.

 

In addition, on the second
(2nd) and third (3rd) anniversaries of this Agreement, the Executive shall be eligible to receive, on each such date, an additional
grant of stock options to purchase the number of shares of common stock equal to one percent (1%) of the then-outstanding common
stock of the Company under the Omnibus Plan at an exercise price equal to the fair market value of the common stock at the time
of such grant, provided that all of the following requirements are satisfied: (1) the Executive has been continuously employed
by the Company from the date of this Agreement to such anniversary; and (2) there are sufficient shares available for the grant
under the terms of the Omnibus Plan. If the first condition to the grant is satisfied but there are not sufficient shares available
under the terms of the Omnibus Plan to grant a number of stock options equal to one percent (1%) of the then-outstanding shares
of the Company, the Executive shall receive a grant of the maximum number of options available under the Omnibus Plan at the time
of the grant. The remaining stock options that were not granted shall be granted as soon as such shares are available under the
Omnibus Plan and shall have an exercise price equal to the fair market value of the common stock at the time of such grant. The
stock options granted pursuant to this paragraph, if made, shall be subject to such further vesting conditions, including performance
criteria as mutually agreed to by the Executive and the Board.

 

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(d)       Benefits.
The Executive shall be entitled to participate in all group insurance, vacation, retirement and other employee benefits established
by Company for its senior level executives, on terms comparable to those provided to such executives from time to time by the Company.
Nothing in this Agreement will preclude the Company from terminating or amending any employee benefit plan so as to change eligibility
or other requirements or eliminate, reduce or otherwise change any benefit, provided that such termination or amendment
applies equally to the Executive and other senior level executives of the Company.

 

(e)       Paid
Time off. The Executive shall be entitled to twenty-one (21) days paid vacation per calendar year plus such sick leave as he
may reasonably and actually require. Accrued and unused vacation shall be paid at termination of employment in accordance with
payroll practices applicable to all employees.

 

(f)       Reimbursement
of Business Expenses. The Executive shall be entitled to receive reimbursement for all appropriate business expenses incurred
by him in connection with his duties under this Agreement in accordance with the written policies of the Company as in effect from
time to time. The Company shall reimburse Executive for reasonable out-of-pocket expenses incurred by Executive in connection with
his commute from Houston, Texas to Jacksonville, Florida.

 

(g)       D&O
Insurance. The Company shall use its commercially reasonable efforts to maintain a Directors and Officers Insurance policy
with no less than $2.0 million coverage, and to list the Executive as one of the covered management employees under such policy.

 

(h)       Legal
Fees. The Company will reimburse Executive for the reasonable legal fees actually incurred by Executive in connection with
the review and negotiation of this Agreement up to a maximum of $10,000.

 

5.         
  CONFIDENTIAL INFORMATION. The Executive agrees that during and after his employment with the Company, he
will hold in the strictest confidence, and will not use (except for the benefit of the Company, or any of the Company’s
other subsidiaries or affiliates) or disclose to any person, firm, or corporation any Company Confidential Information except
as necessary in carrying out his work for the Company. The Executive understands that his unauthorized use or disclosure of
Company Confidential Information during his employment may lead to disciplinary action, up to and including immediate
termination and legal action by the Company. The Executive understands that “Company Confidential
Information” means any non-public information that relates to the actual or anticipated business, research or
development of the Company, or subsidiaries or affiliates (collectively, for the purposes of this section, the
“Company”), or to the Company’s technical data, trade secrets, or know-how, including, but not
limited to, research, product plans, or other information regarding the Company’s products or services and markets
therefor, customer lists and customers (including, but not limited to, customers of the Company on which the Executive called
or with which he may become acquainted during the term of his employment), software, developments, inventions, processes,
formulas, technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other
business information; provided, however, Company Confidential Information does not include any of the foregoing items
to the extent the same have become publicly known and made generally available through no wrongful act of the Executive or,
to the extent known by the Executive, of others. The Executive understands that nothing in this Agreement is intended to
limit the Executive’s rights to discuss the terms, wages, and working conditions of his employment, as protected by
applicable law.

 

    	 	4	 

     

    

 

The Executive recognizes
that the Company may have received and in the future may receive from third parties associated with the Company, e.g., the Company’s
customers, suppliers, licensors, licensees, partners, or collaborators (“Associated Third Parties”), their confidential
or proprietary information (“Associated Third Party Confidential Information”). By way of example, Associated
Third Party Confidential Information may include the habits or practices of Associated Third Parties, the technology of Associated
Third Parties, requirements of Associated Third Parties, and information related to the business conducted between the Company
and such Associated Third Parties. The Executive agrees at all times during his employment with the Company and thereafter to hold
in the strictest confidence, and not to use or to disclose to any person, firm, or corporation, any Associated Third Party Confidential
Information, except as necessary in carrying out his work for the Company consistent with the Company’s agreement with such
Associated Third Parties. The Executive further agrees to comply with any and all written Company policies and guidelines that
may be adopted from time to time regarding Associated Third Parties and Associated Third Party Confidential Information. The Executive
understands that his unauthorized use or disclosure of Associated Third Party Confidential Information or violation of any Company
policies during his employment may lead to disciplinary action, up to and including immediate termination and legal action by the
Company.

 

Notwithstanding anything
in this Section 5 to the contrary, the Executive shall not be held criminally or civilly liable under any Federal or State
trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected
violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made
under seal. In addition, if the Executive should file a lawsuit for retaliation by the Company for reporting a suspected violation
of law, the Executive may disclose the trade secret to the Executive’s attorney and use the trade secret information in the
court proceeding, if the Executive (A) files any document containing the trade secret under seal, and (B) does not disclose the
trade secret, except pursuant to a court order.

 

Upon termination of his
employment with the Company, the Executive will promptly deliver to the Company, and will not keep in his possession, recreate,
or deliver to anyone else, any and all Company property, including, but not limited to, Company Confidential Information,
Associated Third Party Confidential Information, as well as all devices and equipment belonging to the Company (including computers,
handheld electronic devices, telephone equipment, and other electronic devices), Company credit cards, records, data, notes, notebooks,
reports, files, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, photographs, charts,
any other documents and property, and reproductions of any and all of the aforementioned items that were developed by him pursuant
to his employment with the Company, obtained by him in connection with his employment with the Company, or otherwise belonging
to the Company, its successors, or assigns. The Executive also consents to an exit interview to confirm his compliance with this
Section 5, if requested by the Company.

 

    	 	5	 

     

    

 

6.           INTELLECTUAL
PROPERTY RIGHTS. Any and all concepts, improvements, computer software, articles, pamphlets, brochures, marketing plans,
or other information (collectively, “Developments”) which the Executive discovers, edits or develops
during the Term of his/her employment, which relates to or is useful in connection with the business of Company, shall be
deemed work for hire and shall be the sole and exclusive property of the Company. The Executive hereby assigns, transfers and
conveys to the Company all right, title and interest in, and to all such Developments. The Executive shall make full
disclosure thereof to the Company and shall do such acts and deliver all such instruments as the Company shall reasonably
require of Executive, at the Company’s expense, to effect such ownership and to enable the Company to file and
prosecute applications for and to acquire, maintain and enforce any and all patents, trademark, registrations or copyrights
under United States or foreign law with respect to such Developments or to obtain any extension, valid action, reissuance,
continuance or renewal of any such patent, trademark or copyright.

 

7.        
  NON-COMPETITION AND NON-SOLICITATION COVENANTS. As additional consideration to the Company for entering
into this Agreement, the Executive covenants that during the Restricted Period (as defined below), he shall not:

 

(a)       be
engaged in the Business (as defined below) of the Company or any subsidiary or affiliate of the Company (collectively, the “Applicable
Entities”), either directly or indirectly, by taking employment, assisting or serving as an independent contractor, consultant,
partner, director or officer of a company engaged in the Business, or have a material interest in any business, corporation, partnership,
limited liability company or other business entity which is engaged in the Business. For purposes of this covenant, the term the
“Business” shall mean developing, producing, designing, providing, soliciting orders for, selling, distributing,
or marketing Company Products and Services in any state of the United States of America in which any of the Applicable Entities
does business or Europe or Japan. For purposes hereof, “Company Products and Services” means any cancer immunotherapy
T-Cell vaccines and directly related applications (i) which the Applicable Entities currently anticipate developing, producing,
designing, providing, marketing, distributing or selling as of the date of termination of Executive’s employment with the
Company, (ii) which the Applicable Entities develop, produce, design, provide, market or distribute while Executive is employed
by the Applicable Entities or is otherwise providing services to the Applicable Entities, or (iii) that compete with any of the
products and services of the Applicable Entities referenced in (i) or (ii) above. Notwithstanding the foregoing, investment by
the Executive constituting less than five percent (5%) of the outstanding securities in a publicly-traded entity that may compete
with the Applicable Entities shall not constitute a violation of this Section 7(a) as long as the Executive is not actively
involved in such entity’s business.

 

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(b)       solicit
or encourage, or attempt to solicit or encourage, any current customer or vendor of any of the Applicable Entities to do business
with any person or entity engaged in the Business or to reduce the amount of business which any such customer or vendor has customarily
done or contemplates doing with any of the Applicable Entities, whether or not the relationship between any of the Applicable Entities
and such customer or vendor was originally established in whole or in part through the Executive’s efforts; provided,
however, that this Section 7(b) shall not be interpreted as preventing the Executive from conducting a business that
does not consist of the Business conducted by the Applicable Entities with any customers or vendors of the Applicable Entities;
or

 

(c)       solicit
or encourage, or attempt to solicit or encourage, any employee of the Company or any of the Applicable Entities, whether as an
officer, employee, consultant, agent or independent contractor, or any person who was so employed or engaged at any time during
the six (6) month period prior to the date of the Executive’s solicitation, to leave his or her employment with the Company
or any of the Applicable Entities, to cease providing services to the Company or any of the Applicable Entities, or to accept employment
with any other person or entity; provided however, that (i) general solicitations not specifically targeted to employees
of the Company or any of the Applicable Entities shall not constitute a breach of this Section 7(c); and (ii) if Executive’s
spouse becomes an employee of the Company, and the Executive’s employment with the Company is later terminated for any reason,
this Section 7(c) shall not apply to Executive’s spouse.

 

These covenants not to
compete and not to solicit shall apply during the entire Term of the Executive’s employment with the Company and for a period
of twelve (12) months following the date on which Executive is last employed by the Company (the “Restricted Period”).
In the event of a breach by the Executive of any of the covenants in this Section 7, the term of the Restricted Period will
be extended by the period of the duration of such breach.

 

The Executive agrees that
the relevant public policy and legal aspects of covenants not to compete have been discussed with him and that every effort has
been made to limit the restrictions placed upon Executive to those that are reasonable and necessary to protect the legitimate
interests of the Company, and the other Applicable Entities. The Executive acknowledges that, based upon his education, experience,
and training, the non-compete and non-solicitation provisions of this Section 7 will not prevent the Executive from earning
a livelihood and supporting the Executive and his family during the relevant time period.

 

The Executive and the Company
agree that the restrictions set forth in this Section 7 shall not prevent the Executive from serving as a member of the
board of directors or board of managers of any organization after the Executive’s employment with the Company ends provided
that: (a) the Executive does not provide services to such organization other than through Executive’s role as a member of
its board of directors or board of managers; and (b) the Executive does not violate his confidentiality and intellectual property
obligations set forth in Sections 5 and 6 of this Agreement.

 

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The existence of a claim,
charge, or cause of action by the Executive against the Company, or any other Applicable Entity shall not constitute a defense
to the enforcement by the Company, or any other Applicable Entity of the foregoing restrictive covenants, but such claim, charge,
or cause of action shall be litigated separately.

 

If any restriction set
forth in this Section 7 is found by any court of competent jurisdiction to be unenforceable because it extends for too long
a period of time or over too great a range of activities or in too broad a geographic area, the court is hereby expressly authorized
to modify this Agreement or to interpret this Agreement to extend only over the maximum period of time, range of activities, or
geographic areas as to which it may be enforceable.

 

8.            TERMINATION
OF EMPLOYMENT. Notwithstanding anything else contained in this Agreement, the Term of Executive's employment under this Agreement
may be terminated prior to the end of the Term stated in Section 3 above upon the earliest to occur of the events described
in Subsections 8(a) or 8(b) below. To terminate the Executive's employment with the Company and the Term pursuant
to this Section 8, the terminating party shall provide to the other party a written notice of termination (a “Termination
Notice”), which shall (i) indicate the specific termination provision of this Agreement relied upon, (ii) briefly summarize
the facts and circumstances that provide the bases for such termination, (iii) specify the termination date in accordance with
the requirements of this Agreement, and (iv) otherwise comply with any notice-related term in this Agreement applicable to the
specific type of termination.

 

(a)       Termination
by the Company. The Company may terminate the Executive’s employment with the Company and the Term under this Agreement:

 

		(1)	Upon the Executive's Disability (as defined below), such termination to be effective on the date
of written notice by the Company that the Executive’s employment is being terminated as a result of such Disability or such
later date as may be specified in writing by the Company;

 

		(2)	Upon the Executive's death, to be effective immediately upon the date of death;

 

		(3)	For Cause (as defined below), which termination shall be effective on the date specified in the
Termination Notice; or

 

		(4)	By the Company for any reason other than under Subsections (a)(1), (2), or (3),
or for no reason (it being understood that Executive’s employment is “at will”), upon written notice by the Company
to the Executive that the Executive’s employment is being terminated, which termination shall be effective on the date of
such notice or such later date as may be specified in writing by the Company.

 

(b)       Termination
by the Executive. The Executive may terminate his employment with the Company and the Term under this Agreement either (i)
for Good Reason (as defined below) by providing a Termination Notice to the Company as described above; or (ii) without Good Reason
by written notice of termination of his employment to the Company.

 

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(c)          Definition
of "Disability." For purposes of this Agreement, "Disability" shall mean the Executive's incapacity
or inability to perform his duties and responsibilities as contemplated under this Agreement with any reasonable accommodation
that the Company may be required to provide in accordance with the Americans with Disabilities Act for one hundred twenty (120)
consecutive days or for more than one hundred twenty (120) days within any one (1) year period (cumulative or consecutive) due
to impairment to his physical or mental health. For this purpose, the Executive shall be presumed to have suffered a Disability
if he is determined to be entitled to Social Security disability benefits by the Social Security Administration. The Executive
hereby consents to a medical examination and consultation, at the Company’s sole expense, regarding his health and ability
to perform as aforesaid.

 

(d)           Definition
of "Cause.” The Company shall have “Cause” to terminate the Executive only for any of the following
reasons:

 

		(1)	The Executive’s fraudulent, dishonest or illegal conduct in the performance of services for
or on behalf of the Company or any of its subsidiaries or affiliates, or other conduct in violation of a material Company policy,
which is detrimental to the business, operations or reputation of the Company or any of its subsidiaries or affiliates, as determined
by the Board in good faith;

 

		(2)	The Executive’s embezzlement, misappropriation of funds or fraud, whether or not related
to his employment with the Company;

 

		(3)	Insubordination, gross negligence, willful misconduct or willful failure to comply with any valid
and legal directions of the Board;

 

		(4)	A breach of the Executive’s duty of loyalty to the Company or any of its subsidiaries;

 

		(5)	The Executive’s violation of any material Company policy, including but not limited to the
Company’s Code of Ethics, and its policies regarding discrimination, harassment and retaliation of employees;

 

		(6)	The Executive’s gross misconduct or intentional failure to comply with any valid and lawful
direction of the Board consistent with his duties hereunder;

 

		(7)	The conviction by a court of competent jurisdiction of the Executive of, or the entry of a plea
of guilty or nolo contendere by the Executive to, any crime involving moral turpitude or any felony; or

 

		(8)	A determination by the Board that the Executive has committed an act of fraud, embezzlement or
conversion of property related to the Company or any of its customers or suppliers; or

 

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		(9)	Any other intentional and material breach of the Executive’s obligations under this Agreement
which is not promptly cured after notice and demand by the Board.

 

For purposes of this subsection
(d) of this Section 8, no act or failure to act on the part of the Executive shall be considered "willful"
unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive's action
or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution
duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the Company.

 

Notwithstanding the foregoing subsection
(d) of this Section 8, "Cause" shall not be deemed to have occurred, and the Company shall be deemed
to have irrevocably waived its right to terminate the Executive’s employment with the Company and the Term under this Agreement
with respect thereto, unless: (i) the Board has provided the Executive with a Termination Notice describing one or more of the
grounds set forth in Section 8(d) as soon as reasonably practicable, but in no event later than one hundred fifty (150)
days after the Board first receives notice of the grounds for termination (as applicable), (ii) if such ground for termination
is capable of being cured, the Executive has failed to cure such ground within a period of thirty (30) days from the date of such
written notice, and (iii) the Company terminates the Executive’s employment with the Company within six (6) months from the
date on which the Board first received notice of the event constituting Cause.

 

(e)       Definition of "Good Reason.” For the purposes of this Agreement, "Good Reason" shall
mean without the prior written consent of the Executive:

 

		(1)	A reduction by the Company of the Executive's annual base salary from the amount specified in Section 4, other than a general
reduction in Executive’s base salary in connection with a salary reduction applicable to all Company senior executive officers
in substantially the same proportions.

 

		(2)	A demotion or other material diminution by the Board of the Executive's authority, duties, or responsibilities from those specified
in Section 2; or

 

		(3)	Any other material breach of this Agreement by the Company.

 

(f)         Termination
Notice and Cure. Notwithstanding the foregoing subsection (e) of this Section 8, "Good Reason" shall
not be deemed to have occurred, and the Executive shall be deemed to have irrevocably waived his right to terminate the Executive’s
employment with the Company and the Term under this Agreement with respect thereto, unless: (i) the Executive has provided the
Company with a Termination Notice describing one or more of the grounds set forth in Section 8(e) as soon as reasonably
practicable, but in no event later than one hundred fifty (150) days after such ground occurring or is discovered (as applicable),
(ii) if such ground is capable of being cured, the Company has failed to cure such ground within a period of thirty (30) days from
the date of such written notice, and (iii) the Executive terminates the Executive’s employment with the Company within six
(6) months from the date on which the event constituting Good Reason first occurs or is discovered (as applicable). The Executive
shall have the burden of proving the occurrence of an event constituting “Good Reason” hereunder.

 

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9.            SEVERANCE
PAY.

 

(a)           In the event the Executive’s employment with the Company is terminated by the Company during the Term for Cause (as defined
in Section 8(d) above), or by the Executive other than for Good Reason (as defined in Section 8(e) above), the compensation
and benefits the Executive shall be entitled to receive from the Company shall be limited to:

 

(i)       his
then-current annual base salary pursuant to Section 4 through the date of termination, payable in accordance with the Company’s
standard payroll practices;

 

(ii)       any
reimbursable expenses for which the Executive has not yet been reimbursed as of the date of termination; and

 

(iii)       any
other rights and vested benefits (if any) provided under employee benefit plans and programs of the Company, determined in accordance
with the applicable terms and provisions of such plans and programs.

 

Any annual performance
bonus under Section 4(b) earned for a prior year but not yet paid by the Company shall be forfeited if the Executive’s
employment with the Company is terminated by the Company for Cause or is terminated by the Executive for other than Good Reason.
If the Executive’s employment with the Company is terminated during the Term due to death or Disability, in addition to the
amounts in Subsection (a) of this Section 9, the Executive shall also be entitled to receive any annual performance
bonus that, as of the date of termination, has been earned by the Executive but has not yet been paid by the Company to the Executive
with such payments being made in the form determined by the Board as provided in Section 4(b).

 

(b)
If the Executive’s employment with the Company is terminated during the Term, either by the Company without Cause or by
the Executive for Good Reason, in addition to the amounts in Subsection (a) of this Section 9, the Executive shall
also be entitled to receive severance pay equal to twelve (12) months of his annual base salary pursuant to Section 4,
at the rate in effect on the date of termination. This severance pay shall be paid to the Executive in cash in a single lump sum
payment, within sixty (60) days after the date of the termination of the Executive’s employment with the Company, but no
earlier than fifteen (15) days after the Executive’s execution and non-revocation of a general release of all claims against
the Company, its officers, directors, employees and affiliates, in form and substance satisfactory to the Company (the “Release”).
In addition, the Executive shall also receive upon termination any annual performance bonus that, as of the date of termination,
has been earned by the Executive but has not yet been paid by the Company to the Executive for the calendar year prior to the
calendar year in which termination occurs. For the calendar year in which termination occurs, Executive shall receive an Annual
Performance Bonus payable at the highest performance amount for the pro rata portion of the calendar year Executive served the
Company, provided that, the Executive has served a minimum of six months during the calendar year of any termination under this
subsection. Any applicable performance bonus is to be paid in such form as provided in Section 4(b). In addition, the Company
shall pay the cost for Executive to continue his health insurance benefits under COBRA for a period of twelve (12) months after
termination of employment, or the Company will fund an alternative health care insurance plan for the same dollar amount as would
be payable under COBRA for such period.

 

    	 	11	 

     

    

 

(c)           If the Company exercises its right to provide Executive with a termination notice pursuant to Section 3, in addition to the amounts
in Subsection (a) of this Section 9, at termination, Executive shall also be entitled to receive severance pay equal to twelve
months of his annual base salary at the rate in effect at termination payable in twelve equal monthly payments.

 

(d)           Notwithstanding anything in this Agreement to the contrary, it will be a condition to the Executive’s right to receive any
severance benefits under Subsections (b) and (c) of this Section 9 that he execute and deliver the Release to the
Company upon his separation from service, and that he does not revoke the Release during the fifteen (15) day period thereafter.
Subject to Section 14 below, the severance payments under this Section 9 will be made no earlier than fifteen (15)
days after the Executive has executed, delivered and not revoked the Release as required under this Section 9.

 

10.          CHANGE
OF CONTROL

 

(a)       If
the Executive’s employment with the Company is terminated either by the Company without Cause or by the Executive for Good
Reason during the period of six (6) months following a Change in Control of the Company (as that term is defined below), in addition
to the amounts in Subsection (a) of Section 9, but in lieu of any severance payments under Subsection (c)
of Section 9, the Executive shall be entitled to receive a severance payment equal to the sum of (i) eighteen (18) months
of his annual base salary pursuant to Section 4, at the higher of the base salary rate in effect on the date of termination
or the base salary rate in effect immediately before the effective date of the Change of Control, and (ii) the Executive’s
Annual Performance Bonus for the year which includes the effective date of the Change in Control, payable at the performance limit
for the full year. This severance pay shall be paid to the Executive in cash (or such other form as provided in Section 4(b) for
any applicable annual performance bonus) in a single lump sum payment, within sixty (60) days after the date of the termination
of the Executive’s employment with the Company, but no earlier than fifteen (15) days after the Executive’s execution
and non-revocation of the Release. In addition, the Executive shall also receive in the same payment the amount of any annual performance
bonus that, as of the date of termination, has been earned by the Executive but has not yet been paid by the Company to the Executive.
In addition, the Company shall pay the cost for Executive to continue his health insurance benefits under COBRA for a period of
eighteen (18) months after termination of employment, or the Company will fund an alternative health care insurance plan for the
same dollar amount as would be payable under COBRA for such period.

 

    	 	12	 

     

    

 

(b)       If
the Executive holds any outstanding stock options or other stock awards granted under the Omnibus Plan which are not fully vested
at the time his employment with the Company is terminated either by the Company without Cause or by the Executive for Good Reason
during the period of six (6) months following a Change in Control, such equity awards shall become fully vested as of the termination
date.

 

(c)       For
purposes of this Agreement, the term “Change in Control” shall mean a transaction or series of transactions
which constitutes a sale of control of the Company, a change in effective control of the Company, or a sale of all or substantially
all of the assets of the Company, or a transaction which qualifies as a “change in ownership” or “change in effective
control” of the Company or a “change in ownership of substantially all of the assets” of the Company under the
standards set forth in Treasury Regulation section 1.409A-3(i)(5); provided that, an increase in the percentage of ownership
of the common stock of the Company above fifty percent (50%), by a 10% or greater shareholder at the time of this Agreement, shall
not constitute a Change in Control, unless such control threshold is achieved through a tender offer or other acquisition by such
shareholder of over 90% of the issued and outstanding shares of common stock.

 

(d)       If
any severance payments otherwise payable to the Executive under this Agreement in connection with a Change in Control would, when
combined with any other payments or benefits the Executive becomes entitled to receive that are contingent on the same Change
in Control (such payments and benefits to be referred to as "Parachute Payments") would: (i) constitute a "parachute
payment" within the meaning of Section 280G of the Code; and (ii) but for this sentence, be subject to the excise tax imposed
by Section 4999 of the Code (the "Excise Tax"), then the severance payments payable to the Executive under this
Section 10 shall be reduced to the largest amount which can be paid to
Executive without triggering the Excise Tax, but only if and to the extent that such reduction would result in Executive retaining
larger aggregate after-tax payments (the “Reduced Amount”).
Any determination of the Excise Tax or the Reduced Amount required under this Section
10(d) shall be made in writing by the Company’s independent public accountants, whose determination shall be
conclusive and binding upon the Company and the Executive for all purposes. For purposes of making the calculations required by
this Section 10(d), the accountants may make reasonable assumptions and approximations concerning applicable taxes and
may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company
and the Executive shall furnish such information and documents as the accountants may reasonably request in order to make a determination
under this Section 10(d). The Company shall bear all costs the accountants may reasonably incur in connection with any
calculations contemplated by this Section 10(d).

 

    	 	13	 

     

    

 

11.         
NO BREACH. The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the
Executive and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach of, or
otherwise contravene, the terms of any other agreement or policy to which the Executive is a party or otherwise bound except
for agreements entered into by and between the Executive and the Company or any other member of the Company’s group
pursuant to applicable law, if any; (ii) that the Executive has no information (including, without limitation, confidential
information and trade secrets) relating to any other person or entity that would prevent, or be violated by, the Executive
entering into this Agreement or carrying out his duties hereunder; (iii) that the Executive is not bound by any
confidentiality, trade secret or similar agreement (other than this) with any other person or entity except for the Company
or other member(s) of the Company’s group, as the case may be.

 

12.         
NOTICES. All notices or communications required by or bearing upon this Agreement or between the Parties shall be in
writing and shall be deemed duly given (i) on the date of delivery if delivered personally, (ii) on the first
(1st) business day following the date of dispatch if delivered using a next-day service by a recognized next-day
courier or (iii) on the earlier of confirmed receipt or the fifth (5th) business day following the date of mailing
if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be
delivered to the addresses set forth below, or pursuant to such other instructions as may be designated in writing by the
party to receive such notice delivered to their respective addresses set forth below:

 

(a)       if
to the Executive, to:

 

Peter L. Hoang

3787 Bissonnet Street

Houston, TX 77005

 

(b)       if
to the Company, to:

 

TapImmune Inc.

50 N. Laura St. - Suite 2500

Jacksonville, FL 32202

Attn: Chairman of the Board

 

13.          NON-ASSIGNMENT.
The Executive and the Company acknowledge the unique nature of services to be provided by the Executive under this Agreement, the
high degree of responsibility borne by him and the personal nature of his relationship to the Company’s business and customers.
Therefore, the Executive and the Company agree that Executive may not assign this Agreement or any of his rights or responsibilities
hereunder without the prior written consent of the Company. Similarly, the Company may not assign this Agreement or any of its
rights or responsibilities hereunder without the prior written consent of the Executive except to another entity that survives
a merger, acquisition or consolidation with the Company or which otherwise succeeds to all or substantially all of the Company’s
assets or business. Any purported assignment in violation hereof is void.

 

    	 	14	 

     

    

 

14.          COMPLIANCE
WITH SECTION 409A OF THE CODE. The Executive and the Company acknowledge that each of the payments and benefits promised to
Executive under this Agreement must either comply with the requirements of Section 409A of the Code (“Section 409A”),
and the regulations thereunder or qualify for an exception from compliance. To that end, the Executive and the Company agree that
the severance payments described in Sections 9 and 10 are intended to be excepted from compliance with Section 409A
as either short-term deferrals pursuant to Treasury Regulation Section 1.409A-1(b)(4) or separation pay pursuant to Treasury Regulation
Section 1.409A-1(b)(9).

 

In the case of a payment
that is not excepted from compliance with Section 409A, and that is not otherwise designated to be paid immediately upon a permissible
payment event within the meaning of Treasury Regulation Section 1.409A-3(a), the payment shall not be made prior to, and shall,
if necessary, be deferred to and paid on the later of the date sixty (60) days after the Executive’s earliest separation
from service (within the meaning of Treasury Regulation Section 1.409A-1(h)) and, if the Executive is a specified employee (within
the meaning of Treasury Regulation Section 1.409A-1(i)) of the Company on the date of his separation from service, the first day
of the seventh month following the Executive’s separation from service. Furthermore, this Agreement shall be construed and
administered in such manner as shall be necessary to effect compliance with Section 409A.

 

15.          INJUNCTIVE
RELIEF. The Executive acknowledges and accepts that his compliance with Sections 5, 6 and 7 is an integral part
of the consideration to be received by the Company and is necessary to protect the equity value, business and goodwill and other
proprietary interests of the Company. The Executive and the Company each acknowledge that a breach by the other Party of this Agreement
(including a breach by the Executive of Sections 5, 6 and 7 will result in irreparable and continuing damage
to the other Party for which the remedies at law will be inadequate, and agrees that, in the event of any breach by the other Party
of this Agreement, the non-breaching Party shall be entitled to injunctive relief and to have this Agreement specifically performed,
which shall be in addition to, and not in lieu of, any other relief to which such Party shall be entitled.

 

16.          ENFORCEABILITY.
If any provision of this Agreement shall be found by a court with proper jurisdiction to be invalid or unenforceable, in whole
or in part, then such provision shall be deemed to be modified, narrowed, or restricted only to the limited extent and in the
manner necessary to render the same valid and enforceable, as the case may require, and this Agreement shall be construed and
enforced to the maximum extent permitted by law as if such provision had been originally incorporated herein as so modified, narrowed,
or restricted.

 

17.          GENERAL
PROVISIONS.

 

(a)       This
agreement shall be governed by the laws of the State of Florida, without giving effect to any principles of conflicts of law that
would result in application of the law of any other jurisdiction.

 

    	 	15	 

     

    

 

(b)       This
Agreement represents the sole agreement of the Executive and the Company concerning the subject matter hereof and supersedes all
prior communications, representations and negotiations, whether oral or written, concerning such subject matter.

 

(c)       This
Agreement can only be modified or amended by the written consent of both Executive and the Company hereto which states that it
constitutes an amendment hereto.

 

(d)       No
purported waiver of any provision of this Agreement shall be legally effective unless upon the Party providing such waiver has
duly executed and delivered to the other Party a written instrument which states that it constitutes a waiver of one or more provisions
of this Agreement and specifies the provision(s) that are being waived. Failure by either Party to pursue remedies or assert rights
under this Agreement shall not be construed as waiver of that Party’s rights or remedies, nor shall a Party’s failure
to demand strict compliance with the terms and conditions of this Agreement prohibit or estop that Party from insisting upon strict
compliance in the future.

 

(e)       This
Agreement shall bind the Parties’ respective heirs, successors, representatives and permitted assigns

 

(f)       No
Person other than Parties and their respective heirs, successors, representatives and permitted assigns of the parties is a party
to, or shall otherwise have any rights with respect to, this Agreement.

 

(g)       This
Agreement may be executed in any number of counterparts and it shall not be necessary for the parties to execute any of the same
counterparts hereof. Counterparts to this Agreement may be delivered via facsimile, electronic mail (including pdf) or other transmission
method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for
all purposes.

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first written above, to be effective on the Effective Date, for the purposes
herein contained.

 

	COMPANY – TapImmune Inc.	 	EXECUTIVE
	 	 	 	 
	By:	/s/ Michael Loiacono	 	/s/ Peter L. Hoang
	Name: Michael Loiacono	 	Name:  Peter L. Hoang
	Title: Chief Financial Officer	 	 

 

[Signature Page to Employment Agreement]Exhibit
10.2

 

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO. 2 TO
EMPLOYMENT AGREEMENT (this “Amendment”) is made on this 22nd day of September, 2017 (the “Effective
Date”), by and between TapImmune Inc., a Nevada corporation (the “Company”), and Glynn Wilson, an
individual (the “Executive”), and amends that certain Employment Agreement between the Company and the Executive,
dated November 12, 2015, as amended by Amendment No. 1, dated July 18, 2016 (the “Employment Agreement”).

 

WHEREAS, the Company
and the Executive entered into the Employment Agreement on November 12, 2015, which agreement was amended by Amendment No. 1, dated
July 18, 2016; and

 

WHEREAS, the Company
desires to appoint a new President and Chief Executive Officer of the Company and continue to retain the Executive as the Company’s
Strategic Advisor, and the Company and the Executive desire to amend the Executive’s Employment Agreement, as provided herein.

 

NOW WITNESSETH:

 

The Executive and the Company
for themselves, their heirs, successors and assigns, in consideration of their mutual promises contained herein, intending to be
legally bound, hereby agree that the Employment Agreement is hereby amended as follows:

 

1.           Section
1 of the Employment Agreement is hereby amended to read as follows in its entirety:

 

EMPLOYMENT. The Company will
employ the Executive as the Strategic Advisor of the Company, and the Executive agrees to continue to serve in such capacity and
provide his services to the Company on the terms and conditions set forth in this Agreement. Upon execution of this Amendment,
the Executive hereby resigns as the Company’s President and Chief Executive Officer.

 

2.           Section
2 of the Employment Agreement is hereby amended by replacing the first paragraph thereof with the following:

 

POSITION AND DUTIES. On and
after the date of Amendment No. 2 to this Agreement, the Executive will serve as the Strategic Advisor of the Company. The Executive
agrees that during the Term (as defined below) he shall dedicate his full business time, attention and energies, consistent with
historical past practices, to performing his duties to the Company, as prescribed by the Board of Directors (the “Board”).
The Executive will manage the business affairs of the Company and perform the duties typically assigned to the strategic advisor
of a similarly situated company in the Company’s industry. The Executive shall also perform such other reasonable duties
as may hereafter be assigned to him by the Board, consistent with his abilities and position as the Strategic Advisor, and providing
such further services to the Company as may reasonably be requested of him. The Executive will report to the Board of the Company,
and carry out the decisions and otherwise abide by and enforce the rules and policies of the Company.

 

    	 	1	 

     

    

 

3.           Section
3 of the Employment Agreement is hereby amended by adding the following new sentence immediately prior to the last sentence therein:

 

Pursuant to Amendment No. 2 to this
Agreement, the Term of this Agreement is extended until December 31, 2018 and the Agreement shall terminate on that date absent
a written agreement by the parties otherwise.

 

4.           Section
4(a) of the Employment Agreement is hereby amended by replacing the first sentence thereof with the following:

 

The Executive’s annual rate
of base salary shall be two hundred five thousand dollars ($205,000) per year, which shall be paid by the Company to the Executive
monthly in accordance with the Company’s customary payroll practices, subject to customary withholdings as required by applicable
law.

 

5.           Section
4(b) of the Employment Agreement is hereby amended by replacing the first paragraph thereof with the following:

 

(b)         Annual
Incentive Compensation. During the Term, the Executive shall be eligible for an annual performance bonus of up to fifty percent
(50%) of the Executive’s annual base salary, based on goals and other conditions as the Board, in its sole discretion, shall
determine on an annual basis (the “Annual Performance Bonus”). For the year ending December 31, 2017, the Executive’s
annual base salary used to calculate the Annual Performance Bonus shall be determined by pro-rating the adjustment made to his
base salary pursuant to Amendment No. 2 to this Agreement. The Annual Performance Bonus will be payable in the form of cash, shares
of the Company’s common stock or stock options, at the Board’s discretion, in any case to be paid or delivered as soon
as practicable after the end of the year in which they are earned and in any event not less than sixty (60) days after the end
of such year. The Executive shall be eligible to receive an Annual Performance Bonus for the year ending December 31, 2018 if the
goals and conditions established by the Board have been satisfied, the Executive’s employment with the Company ends at the
conclusion of the Term on December 31, 2018, and the Executive has not breached any of the covenants described in Sections 5,
6 and 7 of this Agreement.

 

    	 	2	 

     

    

 

6.          The
following new paragraph is added to Section 4(c) of the Employment Agreement:

 

Pursuant to Amendment No. 2 to this
Agreement, upon the execution of such amendment, the Executive will be granted an equity award under the Company’s 2014 Omnibus
Stock Ownership Plan (the “Omnibus Plan”) of 100,000 shares of restricted common stock, all of which shall be immediately
vested. In addition, upon the first anniversary of the execution of Amendment No. 2 to this Agreement, the Executive shall be eligible
to receive an additional grant of restricted common stock under the Omnibus Plan equal to three hundred thousand dollars ($300,000),
determined based upon the closing price of the Company stock on the day before the first anniversary of the execution of Amendment
No. 2 to this Agreement, provided that all of the following requirements are satisfied: (1) the Executive has been continuously
employed by the Company from the date of Amendment No. 2 to this Agreement to such first anniversary; and (2) there are sufficient
shares available for grant under the terms of the Omnibus Plan. If the first condition is satisfied but there are not sufficient
shares available under the terms of the Omnibus Plan to grant an amount of shares equal to three hundred thousand dollars ($300,000),
the Executive shall receive a grant of the maximum amount of shares available under the Omnibus Plan at such time. The remaining
amount that was not granted shall be granted as soon as such shares are available under the Omnibus Plan and shall be determined
based upon the closing price of the Company stock on the day before the grant is made. The required withholding of taxes shall
be made from such shares as permitted under the Omnibus Plan.

 

7.          Section
8(e) of the Employment Agreement is hereby amended to read as follows in its entirety:

 

(e)          Definition
of “Good Reason.” For the purposes of this Agreement, “Good Reason” shall mean without the prior written
consent of the Executive:

 

		(1)	A reduction by the Company of the Executive’s annual base salary from the amount specified
in Section 4, provided that, the reduction in the Executive’s base salary pursuant to Amendment No. 2 to this
Agreement shall not constitute Good Reason and further provided that, such a reduction shall not be considered “Good
Reason” if the reduction results from a determination by the Board in good faith that the Company is unable to continue to
pay the level of executive compensation due to the Executive and similarly situated executives, whether as a result of the Company’s
failure to obtain equity funding as needed to sustain its operations, or otherwise;

 

		(2)	A demotion or other material dimunition by the Company in the Executive's authority, duties or
responsibilities from those specified in Section 2; provided that, the Executive’s transition to the role of
Strategic Advisor pursuant to Amendment No. 2 to this Agreement shall not constitute Good Reason; or

 

    	 	3	 

     

    

 

		(3)	Any other material breach of this Agreement by the Company.

 

8.           Section
10(c) of the Employment Agreement is hereby amended to read as follows in its entirety:

 

(c)          For
purposes of this Agreement, the term “Change in Control” shall mean a transaction or series of transactions
which constitutes a sale of control of the Company, a change in effective control of the Company, or a sale of all or substantially
all of the assets of the Company, or a transaction which qualifies as a “change in ownership” or “change in effective
control” of the Company or a “change in ownership of substantially all of the assets” of the Company under the
standards set forth in Treasury Regulation section 1.409A-3(i)(5); provided that, that an increase in the percentage of
ownership of the common stock of the Company above fifty percent (50%) by an existing shareholder at the time of Amendment No.
2 to this Agreement shall not constitute a Change in Control.

 

9.           Except
as expressly amended by this Amendment No. 2, the Employment Agreement shall continue and remain in full force and effect.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the date first written above, to be effective on the Effective Date, for the purposes
herein contained.

 

	COMPANY – TapImmune Inc.	 	EXECUTIVE
	 	 	 	 
	By:	/s/ Michael Loiacono,	 	/s/ Glynn Wilson
	Name: Michael Loiacono,	 	Name:  Glynn Wilson
	Title: Chief Financial Officer	 	 

 

[Signature Page to Amendment to Employment
Agreement]

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