Document:

Exhibit 10.1

  

EXECUTIVE EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT (the “Agreement”) between Cleveland BioLabs, Inc., a Delaware corporation (the “Company”),
and Langdon L. Miller, MD (the “Executive”) is effective as of 4 May 2015 (the “Effective
Date”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
desires the Executive to provide services to the Company, and wishes to provide the Executive with certain compensation and benefits
in return for such employment services; and

 

WHEREAS, the Executive
wishes to be employed by the Company and to provide services to the Company in return for certain compensation and benefits;

 

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

 

1.          
EMPLOYMENT TERM. The Company hereby offers to employ the Executive, and the Executive hereby accepts employment by
the Company, upon the terms and conditions set forth in this Agreement, until the termination of the Executive’s employment
in accordance with Section 10 below, as applicable (the “Employment Term”). The Executive shall be employed
at will, meaning that either the Company or the Executive may terminate this Agreement and the Executive’s employment at
any time, for any reason or no reason, with or without Cause, without liability to the other save for wages earned through the
effective date of termination and severance compensation and benefits provided in Section 11, as applicable.

 

2.          
POSITION & DUTIES. During the Employment Term, the Executive shall serve as the Company’s President and
Chief Medical Officer. As President and Chief Medical Officer, the Executive shall have such duties, authorities and responsibilities
commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies and
such other duties and responsibilities as the Company’s Board of Directors (the “Board”) or Chief
Executive Officer shall designate that are consistent with the Executive’s positions as President and Chief Medical Officer,
including, but not limited to appearing and/or speaking at certain Company meetings, presentations and conferences. During the
Employment Term, the Executive shall use the Executive’s best efforts to perform faithfully and efficiently the duties and
responsibilities assigned to the Executive hereunder and devote not less than one thousand (1,000)
hours per year to performance of such duties.

 

3.          
LOCATION. Unless the parties otherwise agree in writing, at all times during the Employment Term, the Executive’s
principal place of business for performance of the services under this Agreement shall be from Executive’s residence, which
is currently located at Seattle, WA 98199, provided, however, that the Company may from time to time require the Executive
to travel temporarily to other locations (domestic and international) in connection with the Company’s business.

 

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4.          
BASE SALARY. The Company agrees to pay the Executive a base salary (the “Base Salary”)
at an annual rate of $300,000, payable in accordance with the regular payroll practices of the Company. In the event Executive
works more than 1,000 hours during any annual period during the Employment Term, which shall start on the Effective Date or an
anniversary of the Effective Date, as applicable, Executive shall notify the Company, and upon approval of the Company, Executive
shall thereafter be paid an hourly rate of $350 per hour for work conducted for the remainder of the year. The Executive’s
Base Salary shall be subject to review and adjustment from time to time by the Board (or a committee thereof) in its sole discretion.
The base salary as determined herein from time to time shall constitute “Base Salary” for purposes of this Agreement.
Executive’s Base Salary shall not be decreased other than in the instance of an across-the-board salary reduction similarly
affecting all executive officers of the Company.

 

5.          
ANNUAL BONUS. The Executive shall be eligible to participate in the Company’s Annual Executive Bonus Plan based
on a base pay rate of fifty percent (50%) of Executive’s Base Salary, subject to the terms and conditions of such plan, as
revised from time to time.

 

6.          
LONG-TERM INCENTIVES. The Executive shall be eligible to participate in the Company’s Long-Term Executive Compensation
Incentive Plan based on a base pay rate of fifty percent (50%) of Executive’s Base Salary, subject to the terms and conditions
of such plan, as revised from time to time.

 

7.          
STOCK OPTIONS. The Executive shall be granted an option to purchase 10,000 shares (the “Option”)
of the Company’s common stock (NASDAQ: CBLI). The Option will be granted as of the Executive’s first day of employment
(the “Start Date”) and will be subject to the terms and conditions determined by the Board or the Compensation
Committee of the Board of the Company.

 

8.          
EMPLOYEE BENEFITS.

 

(a)          
BENEFIT PLANS. The Executive agrees that he may be eligible for retirement benefit plans but will not be eligible to participate
in health or life and disability insurance plans that may be in effect from time to time and made available to the Company’s
other key management employees. All matters of eligibility for coverage or benefits under any benefit plan shall be determined
in accordance with the provisions of such plan. The Company reserves the right to change, alter, or terminate any benefit plan
in its sole discretion. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict
with the Company’s general employment policies or practices, this Agreement shall control.

 

(b)           PAID TIME OFF. The Executive agrees that he is not be eligible for paid time off, and to the extent any policy of the Company
changes at any time such that he may become eligible, Executive hereby waives his participation in the Company’s paid time
off program.

 

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(c)          
PROFIT SHARING, PENSION AND SALARY DEFERRAL BENEFITS. During the Employment Term, the Executive shall be entitled to participate
in or accrue benefits under any pension, salary deferral or profit sharing plan now existing or hereafter created for employees
of the Company upon terms and conditions equivalent to those which the Company may provide for other key management employees.

 

(d)           GENERAL EXPENSE REIMBURSEMENTS. The Company will reimburse the Executive for all reasonable business expenses that the Executive
incurs in performing the services hereunder pursuant to the Company’s usual expense reimbursement policies and practices,
following submission by the Executive of reasonable documentation thereof. All reimbursements provided under this Agreement shall
be made in accordance with the requirements of Section 409A (as defined below) to the extent that such reimbursements are subject
to Section 409A, including, as applicable, the requirements that (i) any reimbursement is for expenses incurred during the Employment
Term, (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement
in any other calendar year, (iii) the reimbursement of an eligible expense shall be made on or before the last day of the calendar
year following the calendar year in which the expense was incurred, and (iv) the right to reimbursement is not subject to liquidation
or exchange for any other benefit.

 

9.          
CONFIDENTIALITY AND POST-EMPLOYMENT OBLIGATIONS.

 

(a)          
CONFIDENTIALITY.

 

(i)           
Company Information. The Executive agrees at all times during the Employment Term and thereafter, to hold in strictest confidence,
and not to use, except for the benefit of the Company, or to disclose to any person, firm or corporation without written authorization
of the Board, any Confidential Information of the Company, except under a non-disclosure agreement duly authorized and executed
by the Company. The Executive understands that “Confidential Information” means any non-public information
that relates to the actual or anticipated business or research and development of the Company, technical data, trade secrets or
know-how, including, but not limited to, research, product plans or other information regarding Company’s products or services
and markets therefor, customer lists and customers software, developments, inventions, processes, formulas, technology, designs,
drawings, engineering, hardware configuration information, marketing, finances or other business information, information regarding
personnel, employee lists, compensation, and employee skills and any other non-public information which a competitor of the Company
could use to the competitive disadvantage of the Company. The Executive further understands that Confidential Information does
not include any of the foregoing items which have become publicly known and made generally available through no wrongful act of
the Executive or of others who were under confidentiality obligations as to the item or items involved or improvements or new versions
thereof.

 

(ii)            Former Employer Information. The Executive agrees not to improperly use or disclose any proprietary information or trade
secrets of any former or concurrent employer or other person or entity and that the Executive will not bring onto the premises
of the Company any unpublished document or proprietary information belonging to any such employer, person or entity unless consented
to in writing by such employer, person or entity.

 

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(iii)           Third Party Information. The Executive recognizes that the Company has received and in the future will receive from third
parties their confidential or proprietary information subject to a duty on the Company’s part to maintain the confidentiality
of such information and to use it only for certain limited purposes. The Executive agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person, firm or corporation or to use it except as necessary
in carrying out his work for the Company consistent with the Company’s agreement with such third party.

 

(iv)           Returning Company Documents. The Executive agrees that, at the time of leaving the employ of the Company or at any time
the Company requests, the Executive will deliver to the Company (and will not keep in his possession, recreate or deliver to anyone
else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings blueprints,
sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items developed by the Executive
pursuant to the Executive’s employment with the Company or otherwise belonging to the Company, its successors or assigns,
including, without limitation, those records maintained pursuant to Section 9(b)(iv). In the event of the termination of the Executive’s
employment, the Executive agrees to sign and deliver the “Termination Certification” attached hereto as Exhibit A.

 

(v)            Representations. The Executive agrees to execute any proper oath or verify any proper document required to carry out the
terms of this Agreement. The Executive represents that his performance of all the terms of this Agreement will not breach any agreement
to keep in confidence proprietary information acquired by the Executive in confidence or in trust prior to the Executive’s
employment by the Company.

 

(b)            INVENTIONS.

 

(i)           
Inventions Retained and Licensed. The Executive has attached hereto, as Exhibit B, a list describing all inventions, original
works of authorship, developments, improvements, and trade secrets not assigned to other parties which were made prior to the Executive’s
employment with the Company (collectively referred to as “Prior Inventions”), which belong to the Executive,
which relate to the Company’s proposed business, products or research and development, and which are not assigned to the
Company hereunder; or, if no such list is attached, the Executive represents that there are no such Prior Inventions. If in the
course of the Executive’s employment with the Company, the Executive incorporates into a Company product, process or service
a Prior Invention owned exclusively by the Executive, the Executive hereby grants to the Company a nonexclusive, royalty-free,
fully paid-up, irrevocable, perpetual, sublicensable, worldwide license to make, have made, use and sell such Prior Invention as
part of or in connection with such product, process or service, and to practice any method related thereto.

 

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(ii)            Assignment of Inventions. The Executive agrees to promptly make full written disclosure to the Company, to hold in trust
for the sole right and benefit of the Company, and to hereby assign, without additional payment or additional consideration, to
the Company, or its designee, all rights, title, and interest in and to any and all inventions, original works of authorship, developments,
concepts, improvements, designs, discoveries, ideas, trademarks or trade secrets, whether or not patentable or registrable under
copyright or similar laws, which the Executive may solely or jointly conceive or develop or reduce to practice, or cause to be
conceived or developed or reduced to practice, during the period of time the Executive is in the employ of the Company (collectively
referred to as “Inventions”) to the extent that such Invention relate directly to the Company’s
proposed business, products or research and development. The Executive further acknowledges that all original works of authorship
which are made by the Executive (solely or jointly with others) within the scope of and during the period of his employment with
the Company, which are protectable by copyright, and relate directly to the Company’s proposed business, products or research
and development, are “works made for hire,” as that term is defined in the United States Copyright Act. The Executive
understands and agrees that the decision whether or not to commercialize or market any Invention relate directly to the Company’s
proposed business, products or research and development developed by the Executive solely or jointly with others is within the
Company’s sole discretion and for the Company’s sole benefit and that no royalty will be due to the Executive as a
result of the Company’s efforts to commercialize or market any such invention. Nothing in this agreement shall be deemed
to constitute the grant of any license or other right to Executive in respect of any Invention or intellectual property of the
Company. Nothing in this agreement shall be deemed to constitute the grant of any license or other right to Company in respect
of any Invention or intellectual property that is directly related to the proposed business, products or research and development
of another party and is assigned to that other party.

 

PURSUANT
TO RCW 49.44.140(3), PLEASE TAKE NOTICE THAT PARAGRAPH 9(b)(ii) OF THIS AGREEMENT DOES NOT APPLY TO AN INVENTION FOR WHICH NO EQUIPMENT,
SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION OF THE COMPANY WAS USED AND WHICH WAS DEVELOPED ENTIRELY ON EXECUTIVE’S
OWN TIME, UNLESS (A) THE INVENTION RELATES (I) DIRECTLY TO THE COMPANY’s BUSINESS, OR (II) TO THE COMPANY’S ACTUAL
OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT, OR (B) THE INVENTION RESULTS FROM ANY WORK PERFORMED BY EXCECUTIVE FOR THE
COMPANY.

 

(iii)           Inventions Assigned to the United States. The Executive agrees to assign to the United States government all of the Executive’s
rights, title, and interests in and to any and all Inventions whenever such full title is required to be in the United States by
a contract between the Company and the United States or any of its agencies.

 

(iv)           Maintenance of Records. The Executive agrees to keep and maintain adequate and current written records of all Inventions
made by the Executive (solely or jointly with others) during the term of the Executive’s employment with the Company. The
records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company. The records
will be available to and remain the sole property of the Company at all times.

 

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(v)            Patent and Copy Registrations. The Executive agrees to assist the Company, or its designee, at the Company’s expense,
in every proper way to secure the Company’s rights in the Inventions and any copyrights, patents, mask work rights or other
intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent
information and data with respect thereto, the execution of all applications, specifications, declarations, oaths, assignments
and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign
and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title and interest in and to such
Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto. The Executive
further agrees that the Executive’s obligation to execute or cause to be executed, when it is in his power to do so, any
such instrument or papers shall continue after the termination of this Agreement. If the Company is unable because of the Executive’s
mental or physical incapacity or for any other reason to secure his signature to apply for or to pursue any application for any
United States or foreign patents or copyright registrations covering Inventions or original works of authorship assigned to the
Company as above, then the Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and
agents as the Executive’s agent and attorney in fact, to act for and in the Executive’s behalf and stead to execute
and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent
or copyright registrations thereon with the same legal force and effect as if executed by the Executive.

 

(c)          
NON-SOLICITATION AND NON-COMPETITION.

 

(i)           
Solicitation of Employees, Consultants and Contractors. The Executive agrees that for a period of twelve (12) months immediately
following the termination of the Executive’s relationship with the Company for any reason, whether with or without cause,
the Executive shall not either directly or indirectly solicit, induce, recruit or encourage any of the Company’s employees,
consultants or contractors to terminate his or her relationship with the Company, or take away such employees, consultants or contractors
or attempt to solicit, induce, recruit, encourage or take away employees, consultants or contractors of the Company, either for
the Executive or for any other person or entity; provided however, the Executive may hire any employee, consultant or contractor
of the Company who independently responds to a general solicitation of employment. This restriction shall apply only to those employees,
consultants or contractors of the Company with whom the Executive came into contact or about whom the Executive learned Confidential
Information during the last two (2) years of the Executive’s employment with the Company.

 

(ii)            Non-Competition. The Executive shall be free to provide consulting or other services to other companies, which are not directly
competitive with the Company during the Employment Term so long as the provision of such services does not conflict with his duties
hereunder.

 

(d)            ADDITIONAL COMPANY POLICIES. The Executive agrees to comply with the Company’s Policy Manual and each of the other
policies adopted by the Company from time-to-time, the contents of which may be modified or eliminated at any time.

 

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(e)          
Notification of New Employer. In the event that the Executive leaves the
employ of the Company, the Executive hereby grants consent to notification by the Company to the new employer, partner, co-owner
and/or others involved in managing the business with which the Executive is employed or associated about the obligations under
this Agreement.

 

(f)          
ENFORCEMENT. The Executive acknowledges and agrees that compliance with the covenants set forth in this Agreement is necessary
to protect the Confidential Information and trade secrets, business and goodwill of the Company, and that any breach of this Agreement
will result in irreparable and continuing harm to the Company, for which money damages may not provide adequate relief. Accordingly,
in the event of any breach or anticipatory breach of this Agreement by the Executive, or the Executive’s claim in a declaratory
judgment action that all or part of this Agreement is unenforceable, the parties agree that the Company shall be entitled to injunctions,
both preliminary and permanent, enjoining or restraining such breach or anticipatory breach, and the Executive hereby consents
to the issuance thereof forthwith and without bond by any court of competent jurisdiction; in addition to any remedies otherwise
available to it at law or equity.

  

10.           
TERMINATION. The Executive’s employment and the Employment Term shall terminate on the first of the following
to occur:

 

(a)          BY THE EXECUTIVE FOR ANY REASON // WITHOUT GOOD REASON. The Executive shall provide sixty (60) days’ prior written
notice (the “Transition Period”) to the Company of the Executive’s intended termination of employment
without Good Reason (as defined below) (“Voluntary Termination”). During the Transition Period, the
Executive shall assist and advise the Company in any transition of business, customers, prospects, projects and strategic planning,
and the Company shall continue to pay the Executive’s salary and benefits through the end of the Transition Period. The Company
may, in its sole discretion, upon five (5) days prior written notice to the Executive, make such termination of employment effective
earlier than the expiration of the Transition Period and the Company shall have no further obligation to pay the Executive’s
salary or benefits after such termination date.

 

(b)          BY THE EXECUTIVE FOR GOOD REASON. Upon the Executive’s notice following the end of the Cure Period (as defined in
this Section). For purposes of this Agreement, “Good Reason” for the Executive to terminate employment hereunder
shall mean the occurrence of any of the following events without the Executive’s consent: (i) a material reduction of ten
percent (10%) or more in the Executive’s Base Salary (other than an across-the-board decrease in base salary applicable to
all executive officers of the Company); (ii) a material breach of this Agreement by the Company; (iii) a material reduction in
the Executive’s duties, authority and responsibilities relative to the Executive’s duties, authority, and responsibilities
in effect immediately prior to such reduction; or (iv) the relocation of the Executive’s principal place of employment, without
the Executive’s consent, in a manner that lengthens the one-way commute distance by fifty (50) or more miles from the then-current
principal place of employment immediately prior to such relocation; provided, however, that, any such termination by the
Executive shall only be deemed for Good Reason pursuant to this definition if: (1) the Executive gives the Company written notice
of the Executive’s intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s)
that the Executive believes constitute(s) Good Reason, which notice shall describe such condition(s); (2) the Company fails to
remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”);
and (3) the Executive voluntarily terminates employment within thirty (30) days following the end of the Cure Period.

 

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(c)          BY THE COMPANY FOR CAUSE. Immediately upon written notice by the Company to the Executive of a termination for Cause. For
purposes of this Agreement, “Cause” shall mean the occurrence of any of the following events, as determined
by the Board in its sole and absolute discretion: (i) the failure of the Executive to perform material duties hereunder or comply
with reasonable directions of the Board which, to the extent it is curable by the Executive, is not cured within ten (10) days
after written notice thereof is given to the Executive by the Company, specifying in reasonable detail the manner in which the
Executive has failed to perform such duties or comply with such directions; (ii) the Executive’s commission (including entry
of a nolo contendere plea) of an act or acts constituting a felony, dishonesty or disloyalty with respect to the Company
or fraud; (iii) the Executive’s gross negligence or commission of an act, or failure to take action, which adversely affects
the Company’s business or reputation; (iv) the Executive’s misappropriation or embezzlement of the property of the
Company or its affiliates (whether or not a misdemeanor or felony); or (v) the Executive’s material breach, non-performance
or non-observance of any Company policy or any term of this Agreement, including but not limited to the covenants contained in
Section 9, or any other agreement to which the Executive and the Company are parties, which, to the extent it is curable by the
Executive, is not cured within ten (10) days after written notice thereof is given to the Executive by the Company.

 

(d)          BY THE COMPANY WITHOUT CAUSE. Upon written notice by the Company to the Executive of an involuntary termination without
Cause and other than due to death or Disability.

 

(e)          DISABILITY. Upon the 30th day following the Executive’s receipt of notice of the Company’s termination
due to Disability (as defined in this Section); provided that, the Executive has not returned to full-time performance of
his duties within thirty (30) days after receipt of such notice. If the Company determines in good faith and in its sole discretion
that the Executive’s Disability has occurred during the Employment Term, it will give the Executive written notice of its
intention to terminate the Executive’s employment.  For purposes of this Agreement, “Disability”
shall occur when the Board determines that the Executive has become physically or mentally incapable of performing the essential
functions of the job duties under this Agreement with or without reasonable accommodation, for ninety (90) consecutive days or
one hundred twenty (120) nonconsecutive days in any twelve (12) month period. For purposes of this Section, at the Company’s
request, the Executive agrees to be available and to cooperate in a reasonable examination by an independent qualified physician
selected by the Board.

 

(f)          
DEATH. Automatically on the date of death of the Executive.

 

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11.           
CONSEQUENCES OF TERMINATION. Any termination payments made and benefits provided under this Agreement to the Executive
shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any of the
plans, policies or programs of the Company or its affiliates as may be in effect from time to time. Subject to satisfaction of
each of the conditions set forth in Section 12, the following amounts and benefits shall be due to the Executive. Any Accrued Amounts
(as defined in Section 11(a)) shall be payable on the next regularly scheduled Company payroll date following the date of termination
or earlier if required by applicable law.

 

(a)          TERMINATION BY THE COMPANY FOR CAUSE OR BY THE EXECUTIVE FOR ANY REASON // WITHOUT GOOD REASON. If the Executive’s
employment should be terminated (i) by the Company for Cause, or (ii) by the Executive for any reason // without Good Reason, the
Company shall pay to the Executive: (i) any unpaid Base Salary through the date of termination and any accrued PTO; (ii) reimbursement
for any unreimbursed expenses incurred through the date of termination; and (iii) all other payments and benefits to which the
Executive may be entitled under the terms of any applicable compensation arrangement or benefit, equity or perquisite plan or program
or grant or this Agreement, including but not limited to any applicable insurance benefits (collectively, “Accrued
Amounts”) only, and shall not be obligated to make any additional payments to the Executive. For the avoidance of
doubt, the Executive shall not be eligible to receive any of the severance payments or benefits described in Section 11(b).

 

(b)          TERMINATION BY THE COMPANY WITHOUT CAUSE OR BY THE EXECUTIVE FOR GOOD REASON. If the Executive’s employment by the
Company is terminated by the Company without Cause (and not due to Disability or death) or by the Executive for Good Reason, then
the Company shall pay or provide the Executive with the Accrued Amounts, subject to compliance with Sections 9 and 12, and:

 

(i)           continued payment of the Executive’s Base Salary as in effect immediately preceding the last day of the Employment Term (ignoring
any decrease in Base Salary that forms the basis for Good Reason), for a period of twelve (12) months following the termination
date (the “Salary Severance Period”) on the Company’s regular payroll dates; provided, however,
that any payments otherwise scheduled to be made prior to the effective date of the General Release (namely, the date it can no
longer be revoked) shall accrue and be paid in the first payroll date that follows such effective date with subsequent payments
occurring on each subsequent Company payroll date; and

 

(ii)          all issued
and outstanding options will continue to vest according to their established schedules throughout the Salary Severance Period,
and all vested options will remain exercisable throughout the Salary Severance Period, but in no event later than the expiration
date of the options.

 

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(c)          DISABILITY. Upon employment termination due to Disability, the Executive shall be entitled to any Accrued Amounts.

 

(d)          DEATH. In the event the Employment Term ends on account of the Executive’s death, the Executive’s estate (or
to the extent a beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be entitled
to any Accrued Amounts.

 

(e)          TERMINATION BY THE COMPANY WITHOUT CAUSE OR BY THE EXECUTIVE FOR GOOD REASON FOLLOWING A CHANGE IN CONTROL.

 

(i)            If the Executive’s employment by the Company is terminated by the Company without Cause (and not due to Disability or death)
or by the Executive for Good Reason within twelve (12) months immediately following a Change in Control (as defined in the Equity
Plan), then the Company shall pay or provide the Executive with the Accrued Amounts and all of the benefits described in Section
11(b) above, subject to compliance with Sections 9 and 12 and an annual bonus based on the targeted annual bonus amount then in
effect for the severance period set forth in Section 11(b), with the exception that Section 11(b) (iii) shall read: all issued
and outstanding options will become immediately vested and will remain exercisable through the Salary Severance Period, but in
no event later than the expiration date of the options.

 

12.           
CONDITIONS. Any payments or benefits made or provided pursuant to Section 11 (other than Accrued Amounts) are
subject to the Executive’s (or, in the event of the Executive’s death, the beneficiary’s or estate’s, or
in the event of the Executive’s Disability, the guardian’s):

 

(a)          
compliance with the provisions of Section 9 of this Agreement;

 

(b)           delivery to the Company of an executed waiver and general release of any and all known and unknown claims, and other provisions
and covenants, in the form acceptable to the Company (the “General Release”) within 21 days of presentation
thereof by the Company to the Executive, and permitting the General Release to become effective in accordance with its terms; and

 

(c)          
delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates
and employee benefit plans effective as of the termination date.

 

Notwithstanding
the due date of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued
Amounts) shall not be due until after the expiration of any revocation period applicable to the General Release without the Executive
having revoked such General Release, and any such amounts shall be paid or commence being paid to the Executive within fifteen
(15) days of the expiration of such revocation period without the occurrence of a revocation by the Executive (or such later date
as may be required under Section 19 of this Agreement). Nevertheless (and regardless of whether the General Release has been executed
by the Executive), upon any termination of Executive’s employment, Executive shall be entitled to receive any Accrued Amounts,
payable after the date of termination in accordance with the Company’s applicable plan, program, policy or payroll procedures.
Notwithstanding anything to the contrary in this Agreement, if any severance pay or benefits are deferred compensation under Section
409A (as defined below), and the period during which the Executive may sign the General Release begins in one calendar year and
the first payroll date following the period during which the Executive may sign the General Release occurs in the following calendar
year, then the severance pay or benefit shall not be paid or the first payment shall not occur until the later calendar year.

 

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13.           
ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Executive and the Executive’s
heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal
nature of the Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement
shall be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors,
assigns and legal representatives. Any such successor or assign of the Company will be deemed substituted for the Company under
the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or
other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially
all of the assets or business of the Company.

 

14.           
NOTICE. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall
be in writing and shall be deemed to have been duly given (a) on the date of delivery if delivered by hand, (b) on the date of
transmission, if delivered by confirmed facsimile, (c) on the first business day following the date of deposit if delivered by
guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the
Company:

 

Cleveland
BioLabs, Inc.

Chief
Executive Officer

73 High
Street

Buffalo,
New York 14203

(716) 849-6820
(fax)

 

and a copy
(which shall not constitute notice) shall also be sent to:

 

Kathryn
Montgomery Moran

Shareholder

Jackson
Lewis, P.C.

150
North Michigan Avenue, Suite 2500

Chicago,
IL 60601

(312) 787-4995
(fax)

 

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If to the Executive:

  

To the most recent address of
the Executive set forth in the personnel records of the Company.

 

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.

 

15.           
SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience
and shall not affect, or be used in connection with, the interpretation of this Agreement. If there is any inconsistency between
this Agreement and any other agreement (including but not limited to any option, stock, long-term incentive or other equity award
agreement), plan, program, policy or practice (collectively, “Other Provision”) of the Company the terms
of this Agreement shall control over such Other Provision.

 

16.           
SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability of
any provision shall not affect the validity or enforceability of the other provisions hereof. In case any one or more of the provisions,
subsections, or sentences contained in this Agreement shall, for any reason, be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect the other provisions of this Agreement, and this
Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained in this Agreement.
If moreover, any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively broad
as to duration, geographical scope, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable
to the extent compatible with the applicable law as it shall then appear.

 

17.           
COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but
all of which together will constitute one and the same instruments. One or more counterparts of this Agreement may be delivered
by facsimile, with the intention that delivery by such means shall have the same effect as delivery of an original counterpart
thereof.

 

18.           
SECTION 4999 EXCISE TAX.

 

(a)          
Notwithstanding anything in this Agreement or any other agreement between the Executive and the Company (or any of its subsidiaries
or affiliates) to the contrary, in the event that the provisions of Section 280G of the Internal Revenue Code of 1986, as amended
(the “Code”) relating to “parachute payments” (as defined in the Code) shall be applicable
to any payment or benefit received or to be received by the Executive from the Company or its affiliates in connection with a change
in the ownership or effective control of the Company within the meaning of Section 280G of the Code (a “Change in Control
Transaction”) (collectively, “Payments”), then (a) at the Executive’s request, the
Company agrees to submit such Payments to a shareholder vote intended to comply with the provisions of Section 280G(b)(5) of the
Code, or (b) in the event that the Executive does not request a shareholder vote as set forth above or the provisions of Section
280G(b)(5) are inapplicable to the Company, then any such Payments shall be equal to the “Reduced Amount”
where the Reduced Amount is (1) the largest portion of the Payments that will result in no portion of such Payments being subject
to the excise tax imposed by Section 4999 of the Code, or (2) the entire amount of the Payments otherwise scheduled to be paid
(without reduction), whichever of the forgoing amounts after taking into account all applicable federal, state and local employment
taxes, income taxes and the excise tax of Section 4999 of the Code (all computed at the highest applicable merged rate, net of
the maximum reduction in federal income taxes which could be obtained from a deduction of all state and local taxes), results in
the Executive’s receipt, on an after-tax basis, of the greatest amount of Payments. If subsection (1) above applies and a
reduced amount of the Payments is payable, then any reduction of Payments required by such provision shall occur in the following
order: (i) first, a reduction of any Payments that are exempt from Section 409A in a manner the Company reasonably determines
will provide the Executive with the greatest post-reduction economic benefit, and (ii) second, a reduction of any Payments that
are subject to Section 409A on a pro-rata basis or such other manner that complies with Section 409A, as reasonably determined
by the Company.

 

    	12

    	 

    

 

(b)           In connection with a Change in Control Transaction, the Company shall engage a certified public accounting firm (“Accountants”)
to perform the calculations to determine if the Payments to the Executive would reasonably be subject to Section 280G of the Code,
and the Company shall use commercially reasonable efforts to (1) cause the Accountants to finalize such calculations and (2) deliver
such calculations and supporting documentation to the Executive, by no later than five (5) days before the closing of the Change
in Control Transaction. If the Executive, in good faith, disagrees with or disputes any of the assumptions, findings or determinations
of the Accountants in respect of such calculations, the Company shall use reasonable efforts to cause its Accountants to consider
in good faith the Executive’s position and revise such calculations if the Accountants determine that it is more-likely-than-not,
based on the technical merits, that the Executive’s position will be sustained upon examination by the Internal Revenue Service.

 

19.           
SECTION 409A.

 

(a)          
Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein
are subject to Section 409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively
“Section 409A”). Severance benefits shall not commence until Executive has a “separation from service”
(as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation
from service”). Each installment of severance benefits is a separate “payment” for purposes of Treas. Reg. Section
1.409A-2(b)(2)(i), and the severance benefits are intended to satisfy the exemptions from application of Section 409A provided
under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if such exemptions are not available
and Executive is, upon separation from service, a “specified employee” for purposes of Section 409A, then, solely to
the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance benefits payments
shall be delayed until the earlier of (i) six (6) months and one day after Executive’s separation from service, or (ii) Executive’s
death. The parties acknowledge that the exemptions from application of Section 409A to severance benefits are fact specific, and
any later amendment of this Agreement to alter the timing, amount or conditions that will trigger payment of severance benefits
may preclude the ability of severance benefits provided under this Agreement to qualify for an exemption.

 

    	13

    	 

    

 

(b)           It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall
be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing,
the Company shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal
Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement. To the extent that any severance
benefit payments are delayed as required by this Agreement due to the application of Section 409A.

 

20.           
REPRESENTATIONS. The Executive represents and warrants to the Company that the Executive has the legal right to enter
into this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance
with its terms and that the Executive is not a party to any agreement or understanding, written or oral, which could prevent the
Executive from entering into this Agreement or performing all of the Executive’s obligations hereunder. The Executive further
represents and warrants that he has been advised to consult with an attorney and that he has been represented by the attorney of
his choosing during the negotiation of this Agreement, that he has consulted with his attorney before executing this Agreement,
that he has carefully read and fully understand all of the provisions of this Agreement and that he is voluntarily entering into
this Agreement.

 

21.           
WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement such federal, state and
local taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

22.           
SURVIVAL. The respective obligations of, and benefits afforded to, the Company and the Executive which by their express
terms or clear intent survive termination of the Executive’s employment with the Company, including, without limitation,
the provisions of Sections 9 through 27, inclusive of this Agreement, will survive termination of the Executive’s employment
with the Company, and will remain in full force and effect according to their terms.

 

23.           
AGREEMENT OF THE PARTIES. The language used in this Agreement will be deemed to be the language chosen by the parties
hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. 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 expressly set forth in this Agreement. Neither the Executive nor the Company shall be entitled to any presumption
in connection with any determination made hereunder in connection with any arbitration, judicial or administrative proceeding relating
to or arising under this Agreement.

 

    	14

    	 

    

 

24.           
INTEGRATION. This Agreement contains the complete, final and exclusive agreement of the parties relating to the terms
and conditions of the Executive’s employment and the termination of the Executive’s employment, and supersedes all
prior and contemporaneous oral and written employment agreements or arrangements between the parties.

 

25.           
AMENDMENT. This Agreement cannot be amended or modified except by a written agreement signed by the Executive and
a duly authorized officer of the Company.

 

26.           
WAIVER. No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except with
the written consent of the party against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach
shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition or
breach.

 

27.           
CHOICE OF LAW. This Agreement shall be construed and interpreted in accordance with the internal laws of the State
of New York without regard to its conflict of laws principles.

 

28.           
DISPUTE RESOLUTION. To ensure the rapid and economical resolution of disputes that may arise in connection with the
Executive’s employment with the Company, the Executive and the Company agree that any and all disputes, claims, or causes
of action, in law or equity shall be resolved, to the fullest extent permitted by law, by final, binding and confidential arbitration
in Buffalo, New York conducted by JAMS, Inc. (“JAMS”) or its successor, under JAMS’ then applicable
rules and procedures for employment disputes, which can be found at http://www.jamsadr.com/rules-clauses/,
and which will be provided to the Executive upon request. By agreeing to this arbitration procedure, both the Executive and
the Company waive the right to resolve any such dispute through a trial by jury or judge or by administrative proceeding. The
Executive will have the right to be represented by legal counsel at any arbitration proceeding. The arbitrator shall: (1) have
the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be available
under applicable law in a court proceeding; and (2) issue a written statement signed by the arbitrator regarding the disposition
of each claim and the relief, if any, awarded as to each claim, the reasons for the award, and the arbitrator’s essential
findings and conclusions on which the award is based. The Company shall pay all filing fees in excess of those which would be required
if the dispute were decided in a court of law, and shall pay the arbitrator’s fees and any other fees or costs unique to
arbitration. Except as may be awarded by the arbitrator, each party shall bear its own legal fees in connection with such arbitration.
Nothing in this Agreement shall prevent either the Executive or the Company from obtaining injunctive relief in court to prevent
irreparable harm pending the conclusion of any such arbitration with respect to any provision herein, including, but not limited
to Paragraph 9(c). Any awards or orders in such arbitrations may be entered and enforced as judgments in the federal and state
courts of any competent jurisdiction.

 

    	15

    	 

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement, effective as of the date first written above.

 

	 	Cleveland BioLabs, Inc.
	 	 	 
	 	By:	/s/ Yakov Kogan
	 	 	Yakov Kogan, Ph.D., MBA
	 	 	Chief Executive Officer
	 	 	 
	 	Date:	May 4, 2015
	 	 	 
	 	Langdon L. Miller, M.D.
	 	 	 
	 	/s/ Langdon L. Miller, M.D.
	 	 
	 	Date:	4 May 2015

 

    	 

    	 

    

 

Exhibit A

 

CLEVELAND BIOLABS, INC.

 

TERMINATION CERTIFICATION

 

 

This is to certify that I do not have in my
possession, nor have I failed to return, any devices, records, data, notes, reports, proposals, lists, correspondence, specifications,
drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items
belonging to Cleveland BioLabs, Inc., its subsidiaries, affiliates, successors or assigns (together, the "Company").

 

I further certify that I
have complied with all the terms of the Company's Employment Agreement signed by me, including the reporting of any inventions
and original works of authorship (as defined therein), conceived or made by me (solely or jointly with others) covered by that
agreement and that relate directly to the Company’s proposed business, products or research and development.

 

I further agree that, in compliance with the
Executive Employment Agreement, I will preserve as confidential all trade secrets, confidential knowledge, data or other proprietary
information relating to products, processes, know-how, designs, formulas, developmental or experimental work, computer programs,
data bases, other original works of authorship, customer lists, business plans, financial information or other subject matter pertaining
to any business of the Company or any of its employees, clients, consultants or licensees.

 

I further agree that for twelve (12) months
from this date, in accordance with Section 9(c)(i) of the Executive Employment Agreement, I will not solicit, induce, recruit or
encourage any of the Company's employees to leave their employment.

 

	Date:	 	  	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Employee's Signature)
	 	 	 	 
	 	 	 	 
	 	 	 	(Type/Print Employee's Name)

 

    	 

    	 

    

 

Exhibit B

 

LIST OF PRIOR
UNASSIGNED INVENTIONS

OR UNASSIGNED ORIGINAL WORKS OF AUTHORSHIP

 

	Title	 	Date	 	Identifying Number  or Brief Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

 

	 ☒	No inventions or improvements
	 ☐	Additional Sheets Attached

 

	Signature of Executive:	/s/ Langdon L. Miller, MD	 
	 	 	 
	Print Name of Executive:	Langdon L. Miller, MD	 

 

	Date:  	4 May 2015EX-10.1

 Exhibit 10.1 
 March 9, 2015 
 Mortimer B. Zuckerman 

Chairman of the Board 
 Boston Properties, Inc.

 599 Lexington Avenue 
 Suite 1800

 New York, NY 10022 
 Dear Mort:

 This letter agreement supplements the terms of that certain Transition Benefits Agreement dated March 10, 2013 between
Boston Properties, Inc. (the “Company”) and you (the “Agreement”). 
  

	 	1.	Regarding your service as non-executive Chairman of the Company’s Board of Directors (the “Board”): 

 

	 	(a)	You will be entitled to the same compensation payable to other non-employee directors of the Company (which is reviewed and approved from time to time by the full
Board), currently consisting of: 

  

	 	(i)	an annual cash retainer of $60,000 (payable in quarterly installments in arrears); 

 

	 	(ii)	an annual equity award of $120,000 (payable in restricted shares of the Company’s common stock or, at the director’s election, restricted LTIP units) to be
granted on the 5th business day after each annual stockholders meeting of the Company at which the director is elected (i.e., in 2015 the grant date is expected to be May 27, 2015), such award to vest 100% upon the earlier of (x) the 1st
anniversary of the date of grant or (y) the date of the next succeeding annual meeting; and 

(iii) $1,500 per Board meeting attended. 
  

	 	(b)	You will be entitled to an aggregate of $350,000 per year as non-executive Chairman effective beginning January 1, 2015, payable in the form of 1/3 cash and 2/3
equity as follows: 

  

	 	(i)	an annual cash retainer of $116,667 (payable in quarterly installments in arrears); and 

 

	 	(ii)	 an annual equity award of $233,333 (payable in restricted shares of the Company’s common stock or, at your election, restricted LTIP units)
granted on the 5th business day after each annual stockholders 

	 	
meeting of the Company at which you are elected (i.e., in 2015 the grant date is expected to be May 27, 2015), such award to vest 100% upon the earlier of (x) the 1st anniversary
of the date of grant or (y) the date of the next succeeding annual meeting. 

  

	 	(c)	The pro-rated amount of the equity awards provided in Sections 1(a)(ii) and 1(b)(ii) above for the period beginning on January 1, 2015 and ending on the date of
the Company’s 2015 annual stockholders meeting (May 19, 2015), or $134,557, will be granted to you on the date hereof in the form of LTIP units and such LTIP units will vest 100% on May 19, 2015. The specific terms of this grant are set
forth in the Long-Term Incentive (LTIP) Unit Vesting Agreement attached as Exhibit A hereto and executed as of the date hereof. 

  

	 	(d)	There will be no consulting arrangements between you and the Company for 2015 or thereafter. 

 

	 	(e)	If nominated by the Board, you agree to stand for election as a director of the Company at the 2015 annual stockholders meeting. 

 

	 	2.	Pursuant to Section 1(h) of the Agreement, the Company is obligated to provide you as non-executive Chairman with the same perquisites provided to you on the date
of the Agreement, including, without limitation, your office, secretarial and other technical assistance, automobile and driver (the “Agreed Benefits”). The following clarifies the Company’s obligations with respect to the
Agreed Benefits: 

  

	 	(a)	For so long as you serve as a member of the Board, you will continue to receive the Agreed Benefits, which consist of: 

 

	 	(i)	 either your existing office suite at the Company’s New York office or office space located in the Eastern Suite on the 29th floor at 510 Madison Avenue, New York, NY, in which case the Company
will cover moving costs (“Office Space”); 

  

	 	(ii)	your existing office furniture, together with other necessary office fixtures and furnishings, including electronic equipment (computers, photocopiers, fax machines,
internet access, etc.) and related technical support, comparable to that which is currently provided to you (“Furnishings”); 

  

	 	(iii)	on-site and off-site storage facilities comparable to those you currently use (“Storage”); 

 

	 	(iv)	the full-time support of two secretaries of your choosing, currently Clare Probert (“Executive Assistant”) and Amy Golod
(“Secretary”), both of whom will remain full-time employees of the Company (with all associated benefits); 

  
 2 

	 	(v)	the full-time support of one senior financial and administrative person of your choosing (“Finance Assistant”), currently Kris Knutson, who will remain
a full-time employee of the Company (with all associated benefits); and 

  

	 	(vi)	24 hour/seven day coverage by drivers of your choosing (“Drivers”), together with the full-time use of a luxury automobile of a comparable standard to
the vehicle which is currently made available to you (the “Automobile”). The Automobile is not owned by the Company, but the Company contributed fifty percent (50%) towards the purchase price. 

 

	 	(b)	The following arrangements will apply with respect to the Agreed Benefits while they are provided to you pursuant to Section 2(a) above: 

 

	 	(i)	you will reimburse the Company in advance for fifty percent (50%) of the total costs of the Secretary and the Finance Assistant; 

 

	 	(ii)	you will reimburse the Company in advance for fifty percent (50%) of the costs attributable to the ownership and operation of the Automobile, including fuel,
insurance, maintenance and excise taxes, with allocation of other such costs otherwise being calculated consistently with historical practice; 

  

	 	(iii)	the salaries/benefits of the Executive Assistant, the Secretary and the Finance Assistant, and any future compensation increases/decreases, will be determined by the
Company consistent with current practice; and 

  

	 	(iv)	with respect to Drivers: (w) since January 1, 2015, they have been employed by Residential Associates, Inc. (“RAI”) and will continue to be employed
and managed by RAI, or by another employer selected by you other than the Company or any of its subsidiaries; (x) the Company will reimburse you in advance for one hundred percent (100%) of their total costs consistent with commercially
reasonable practices; and (y) their salaries/benefits, and any future compensation increases/decreases, will be determined consistent with current practice, subject to the Company’s reasonable approval. 

 

	 	(c)	If you cease to serve as a member of the Board, then the following arrangements will apply until December 31, 2019: 

 

	 	(i)	you will be entitled to Office Space, Furnishings and Storage as provided in Section 2(a)(i), (ii) and (iii) above; 

 

	 	(ii)	you will be entitled to the services of the Executive Assistant (but not the Secretary or the Finance Assistant); 

  
 3 

	 	(iii)	you will be entitled to the use of the Automobile and to the services of Drivers as provided in Sections 2(a)(vi) and 2(b)(iv) above, subject to your obligation to
reimburse the Company in advance for fifty percent (50%) of the costs attributable to the Automobile as provided in Section 2(b)(ii) above; and 

  

	 	(iv)	effective as of the date you no longer serve as a member of the Board, you will cause the Secretary and the Finance Assistant to move to a different employment
arrangement (and you will be obligated to reimburse the Company in advance for one hundred percent (100%) of their total costs until such alternative arrangements are in place). 

 

	 	(d)	Beginning January 1, 2020, if you are no longer serving as a member of the Board, the following arrangements will apply until December 31, 2024:

  

	 	(i)	you will be entitled to Office Space, Furnishings and Storage as provided in Section 2(a)(i), (ii) and (iii) above; 

 

	 	(ii)	when your entitlement to Office Space terminates, you will be entitled to retain your office furniture; 

 

	 	(iii)	you will be entitled to the services of the Executive Assistant, but you will be obligated to reimburse the Company in advance for one hundred percent (100%) of
the total cost of the Executive Assistant; 

  

	 	(iv)	you will not be entitled to the services of the Secretary or the Finance Assistant; and 

 

	 	(v)	the Company will no longer be obligated to reimburse you with respect to the services of the Drivers as provided in Section 2(b)(iv) above or to bear any of the
costs attributable to the ownership and operation of the Automobile as provided in Section 2(b)(ii) above. 

  

	 	(e)	Except as provided in clauses (i) and (ii) below, all of the foregoing benefits are personal to you, will cease in the event your death, may not be extended,
in whole or in part, to any other person without the prior written consent of the Company and shall not inure to the benefit of any successor, assign or affiliate (or its respective representatives); provided, however, that:

  

	 	(i)	in the event of your death during either of the periods specified in Section 2(a) or 2(c) above, the Company will (x) permit the continued use of the Office
Space, Furnishings and Storage as provided in Section 2(a)(i), (ii) and (iii) above by your executors, administrators and/or heirs until June 30, 2020, and (y) if at the time of your death Clare Probert is serving as the
Executive Assistant, make her services available to your executors, administrators and/or heirs for a period of up to six months from the date of your death for purposes of orderly transition as reasonably requested by them; and

  
 4 

	 	(ii)	in the event of your death during the period specified in Section 2(d) above, the Company will permit the continued use of the Office Space, Furnishings and
Storage as provided in Section 2(a)(i), (ii) and (iii) above by your executors, administrators and/or heirs for a period not to exceed six (6) months from the date of your death. 

In addition, upon termination of the Company’s obligation to bear any of the costs attributable to the ownership and operation of
the Automobile under this letter agreement, you (or your executors or administrators) shall pay to the Company, as promptly as reasonably practicable, an amount equal to fifty percent (50%) of the then residual value of the Automobile.

  

	 	(f)	Advance reimbursements due from or to you pursuant to this letter agreement may be based on reasonable estimates, but no less frequently than quarterly the Company will
provide you a reconciliation based on actual amounts and any net true-up amount will be settled in the next following period. 

  

	 	3.	As of the date hereof, the exercise period of each of your currently outstanding, unexercised stock options is hereby extended to the earlier of (i) one
(1) year from the date on which you cease to serve as a member of the Board of Directors of the Company or (ii) the original expiration date of such option. 

 

	 	4.	The Agreement will remain in full force and effect and the provisions of Sections 2, 4, 5, 6, 7, 8 and 9 of the Agreement will govern this letter agreement as if set
forth herein in their entirety. 

 [SIGNATURES FOLLOW ON SEPARATE PAGE] 

  
 5 

 Please indicate your acceptance of the terms set forth herein by countersigning this letter
agreement. 
  

	
	  /s/ Owen D. Thomas

	 Owen D. Thomas
 Chief Executive
Officer
 Boston Properties, Inc.

	
	 AGREED AND ACCEPTED
  

this 9th day of March, 2015

	
	  /s/ Mortimer B. Zuckerman

	Mortimer B. Zuckerman

  
 6

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