Document:

Exhibit
4.16

 

Sent
by DHL courier anticipated by pdf

 

BiondVax
Pharmaceuticals Ltd

14
Einstein Street 4th Floor,

Weizmann
Science Park,

Ness-Ziona,
74036

Israel

To
the attention of Mark Germain, Chairman

	Luxembourg,
    11 January 2021	JU
    OPS1/NP/SB/mk/2021-0051
	 	EIB
    - Corporate Use 

 

	Subject:	BiondVax
Universal Flu Vaccine (IDFF)

 

(Fl
88205, 91305 - SERAPIS 2015-0572)

 

Finance
contract entered Into by and between the European Investment Bank and BiondVax Pharmaceuticals Ltd. (the “Borrower”) on 19
June 2017, as subsequently amended by the Amendment and Restatement Agreement dated 24 June 2019 (the “Finance Contract”)

 

Amendment
No. 1 to the Finance Contract

 

Dear
Sirs,

 

reference
is made to:

 

(i)
the Finance Contract as defined above,

 

(ii) your
e-mail from Mark Germain, Chairman, dated 24 December 2020 (the “E-mail”).

 

1. INTERPRETATION

 

Unless
otherwise defined, capitalised terms used in this letter (the “Letter”) have the same meaning attributed to them in
the Finance Contract References to Articles in this Letter are references to Articles in the Finance Contract.

 

In
this Letter, “Effective Date” means the date on which the Bank confirms to the Borrower in writing (including by electronic
mail or other electronic means) that the Bank has received in a form and substance satisfactory to it a PDF copy of this Letter duly
countersigned on behalf of the Borrower, together with a certified copy of the relevant authority of signatories and a copy of any other
authorisation or other document, opinion or assurance which the Bank considers to be necessary or desirable (if it has notified the Borrower
accordingly) in connection with the entry into and performance of the transaction contemplated by this Letter or for the validity and
enforceability of this Letter

 

2. REQUEST

 

The
Borrower has informed us in the E-mail that Dr Ron Babecoff will be replaced by Amir Reichman as Chief Executive Officer of the Borrower
and Dr. Ron Babecoff will cease to be actively involved in the management of the Borrower (the “Event”)

 

98-100,
boulevard Konrad Adenauer L-2950 Luxembourg T +352 4379-1 F +352 437704 lnfQ@e1tj.firg www.elborg

  

     

     

    

 

Under
the terms and conditions of the Finance Contract a “Senior Management Change” means that Dr Ron Babecoff or Dr Tamar
Ben-Yedidia has ceased to be actively involved in the management of the Borrower without the Bank having given its prior written consent
to such a change Therefore the replacement of Dr Ron Babecoff by Amir Reichman as Chief Executive Officer of the Borrower constitutes
a Senior Management Change

 

The
Borrower requests the Bank’s consent to the Event.

 

3. CONSENT
TO THE EVENT

 

With
effect from the Effective Date, the Bank hereby consents to the Event and to waive its rights under Article 5.3 2 (c) of the Finance
Contract, with exclusive reference to the Event.

 

4. AMENDMENTS
TO THE FINANCE CONTRACT

 

With
effect from the Effective Date the Finance Contract shall be amended as set out below

 

The
Definition “Senior Management Change” in Article 1.2 of the Finance Contract shall be amended to read as follows.

 

“Senior
Management Change” means that Amir Reichman or Dr Tamar Ben-Yedtdia has ceased to be actively involved in the management of
the Borrower without the Bank having given its prior written consent to such a change.

 

5. CONTINUING
OBLIGATIONS

 

The
provisions of the Finance Contract shall, save as amended by this Letter, continue in full force and effect The Borrower acknowledges
and agrees that other than as expressly set out and agreed hereby, this Letter does not constitute a waiver granted by the Bank or amendment
of any other term or condition of the Finance Contract. The Bank reserves any and all contractual and legal rights it has under the Finance
Contract and the applicable law.

 

The
Borrower shall, at the request of the Bank and at its own expense, do all such acts and things necessary or desirable to give effect
to the amendments effected or to be effected pursuant to this Letter.

 

6. REPRESENTATIONS

 

By
countersigning this Letter

 

		6.1	The
                                            Borrower represents that all the representations and warranties which are repeated pursuant
                                            to Article 7.2 and Schedule G of the Finance Contract are correct in all respects (by reference
                                            to the facts and circumstances then existing) on (!) the date of this Letter, and (11) the
                                            Effective Date.

 

		6.2	The
                                            Borrower represents that no event or circumstance under Article 9.1 of the Finance Contract
                                            has occurred and is continuing unremedied or unwaived.

 

		6.3	The
                                            Borrower represents that it complies with its obligations under Paragraph 5 of Schedule G
                                            of the Finance Contract (Pari passu ranking) and Paragraph 22 of Schedule H of the
                                            Finance Contract (Clauses by inclusion) of the Finance Contract and it undertakes
                                            to promptly inform the Bank should it no longer so comply.

 

    2

     

    

 

7. FINANCE
DOCUMENTS

 

In
accordance with the Finance Contract each of the Bank and the Borrower designates this Letter as a Finance Document.

 

8. GOVERNING
LAW AND JURISDICTION

 

Article
10 (Law and Jurisdiction. Miscellaneous) and Article 11 (Final Clauses) of the Finance Contract shall apply mutatis mutandis
to this Letter.

 

9. THIRD
PARTY RIGHTS

 

A
person who is not a party to this Letter has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
benefit of any term of this Letter.

 

10. COUNTERPARTS

 

This
Letter may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument Each counterpart
is an original, but all counterparts shall together constitute one and the same instrument.

 

If
you are in agreement with the above, please have two (2) originals of this Letter returned to the Bank, to the attention of Stefan Becker
(BeckerS@eib.org) dated and duly signed in the name and on behalf of the Borrower.

  

	 	Your
faithfully,	 
	 	EUROPEAN
INVESTMENT BANK	 
	 	 	 
	 	/s/
    Aleksander Skornik	 	/s/
    Stefan Becker	 
	 	Aleksander
    Skornik	 	Stefan
    Becker	 

  

Acknowledged
and agreed for and on behalf of,

BiondVax
Pharmaceuticals Lts.

As
Borrower

 

	/s/
    Mark Germain	 
	(name
    and function)	 
	Mark
    Germain, Chairman	 

 

Date:
As of January 11, 2020

 

 

3​

Exhibit 10.1
​
SUMMARY OF ANNUAL INCENTIVE BONUS PROGRAM
​
The Company maintains an unwritten annual incentive bonus program which provides for annual cash bonuses to designated senior managers, including all of our named executive officers, upon the achievement of performance goals established by the Board of Directors. The purpose of this program is to provide an incentive for achieving defined target performance goals based on our annual business and profit plan. The target performance goals typically include, but are not limited to, objectives regarding earnings, loan and deposit growth, credit quality, operating efficiency, strategic initiatives and regulatory examinations, and are established annually. Under this program, participants may earn an annual cash bonus up to a maximum of 150% of his or her target annual incentive award, or may earn no bonus at all if the Company’s actual performance is less than 75% of the target performance goal. The Board of Directors, in its sole discretion, may increase or decrease the actual award earned by an executive under the program. Executives must be employed on the date of payment in order to receive payment of an earned award.Document

Exhibit 10.1
SELECTA BIOSCIENCES, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION PROGRAM

Non-employee members of the board of directors (the “Board”) of Selecta Biosciences, Inc. (the “Company”) shall receive cash and equity compensation as set forth in this Non-Employee Director Compensation Program (this “Program”), as amended by the Board effective March 30, 2021 (the “Effective Date”). The cash and equity compensation described in this Program shall be paid or be made, as applicable, automatically and without further action of the Board, to each member of the Board who is not an employee of the Company or any parent or subsidiary of the Company (each, a “Non-Employee Director”) who is entitled to receive such cash or equity compensation, unless such Non-Employee Director declines the receipt of such cash or equity compensation by written notice to the Company. This Program shall remain in effect until it is revised or rescinded by further action of the Board. This Program may be amended, modified or terminated by the Board at any time in its sole discretion. The terms and conditions of this Program shall supersede any prior cash and/or equity compensation arrangements for service as a member of the Board between the Company and any of its Non-Employee Directors. No Non-Employee Director shall have any rights hereunder, except with respect to stock options granted pursuant to the Program. This Program shall become effective on the Effective Date.
I.CASH COMPENSATION
A.Annual Retainers. Each Non-Employee Director shall receive an annual retainer of $40,000 for service on the Board.
B.Additional Annual Retainers. In addition, each Non-Employee Director shall receive the following annual retainers:
1.Chairperson of the Board or Lead Independent Director. A Non-Employee Director serving as Chairperson of the Board shall receive an additional annual retainer of $30,000 for such service, and a Non-Employee Director serving as Lead Independent Director shall receive an additional annual retainer of $20,000 for such service.
2.Audit Committee. A Non-Employee Director serving as Chairperson of the Audit Committee shall receive an additional annual retainer of $15,000 for such service. A Non-Employee Director serving as a member other than the Chairperson of the Audit Committee shall receive an additional annual retainer of $7,500 for such service.
3.Compensation Committee. A Non-Employee Director serving as Chairperson of the Compensation Committee shall receive an additional annual retainer of $12,000 for such service. A Non-Employee Director serving as a member other than the Chairperson of the Compensation Committee shall receive an additional annual retainer of $6,000 for such service.

4.Nominating and Corporate Governance Committee. A Non-Employee Director serving as Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $8,000 for such service. A Non-Employee Director serving as a member other than the Chairperson of the Nominating and Corporate Governance Committee shall receive an additional annual retainer of $4,000 for such service. 
5.Science Committee. A Non-Employee Director serving as Chairperson of the Science Committee shall receive an additional annual retainer of $8,000 for such service. A Non-Employee Director serving as a member other than the Chairperson of the Science Committee shall receive an additional annual retainer of $4,000 for such service.
C.Payment of Retainers. The annual retainers described in Sections I(A) and I(B) shall be earned on a quarterly basis based on a calendar quarter and shall be paid in cash by the Company in arrears not later than the fifteenth day following the end of each calendar quarter. In the event a Non-Employee Director does not serve as a Non-Employee Director, or in the applicable positions described in Section I(B), for an entire calendar quarter, the retainer paid to such Non-Employee Director shall be prorated for the portion of such calendar quarter actually served as a Non-Employee Director, or in such position, as applicable.

II.EQUITY COMPENSATION 
Non-Employee Directors shall be granted the equity awards described below. The awards described below shall be granted under and shall be subject to the terms and provisions of the Company’s 2016 Incentive Award Plan or any other applicable Company equity incentive plan then-maintained by the Company (the “Equity Plan”) and shall be granted subject to award agreements, including attached exhibits, in substantially the form previously approved by the Board. All applicable terms of the Equity Plan apply to this Program as if fully set forth herein, and all grants of stock options hereby are subject in all respects to the terms of the Equity Plan and the applicable award agreement. For the avoidance of doubt, the share numbers in Sections II(A) and II(B) shall be subject to adjustment as provided in the Equity Plan, including without limitation with respect to any stock dividend, stock split, reverse stock split or other similar event affecting the Company’s common stock that is effected prior to the Effective Date.
A.Initial Awards. Each Non-Employee Director who is initially elected or appointed to the Board after the Effective Date shall receive an option to purchase 80,000 shares of the Company’s common stock on the date of such initial election or appointment. The awards described in this Section II(A) shall be referred to as “Initial Awards.” No Non-Employee Director shall be granted more than one Initial Award.
B.Subsequent Awards. A Non-Employee Director who (i) has been serving as a Non-Employee Director on the Board for at least six months as of the first business day of any calendar year after the Effective Date (each, a “Subsequent Award Grant Date”) and (ii) will continue to serve as a Non-Employee Director immediately following such Subsequent Award Grant Date, shall be automatically granted an option to purchase 40,000 shares of the Company’s common stock on such Subsequent Award Grant Date, 

provided, however that if such Non-Employee Director will serve as Chairperson of the Board as of immediately following such Subsequent Award Grant Date, such Non-Employee Director shall receive an option to purchase 60,000 shares of the Company’s common stock on such the Subsequent Award Grant Date. The awards described in this Section II(B) shall be referred to as “Subsequent Awards.” Notwithstanding anything to the contrary in this paragraph, for the calendar year 2021, each Non-Employee Director, including the Chairperson of the Board, as of the Effective Date shall receive a Subsequent Award grant on the Effective Date.
C.Termination of Employment of Employee Directors. Members of the Board who are employees of the Company or any parent or subsidiary of the Company who subsequently terminate their employment with the Company and any parent or subsidiary of the Company and remain on the Board will not receive an Initial Award pursuant to Section II(A) above, but to the extent that they are otherwise entitled, will receive, after termination from employment with the Company and any parent or subsidiary of the Company, Subsequent Awards as described in Section II(B) above.
D.Terms of Awards Granted to Non-Employee Directors
1.Exercise Price. The per share exercise price of each option granted to a Non-Employee Director shall equal the Fair Market Value (as defined in the Equity Plan) of a share of common stock on the date the option is granted. 
2.Vesting. Each Initial Award shall vest and become exercisable in thirty-six (36) substantially equal monthly installments following the date of grant, such that the Initial Award shall be fully vested on the third anniversary of the date of grant, subject to the Non-Employee Director continuing in service as a Non-Employee Director through each such vesting date. Each Subsequent Award shall vest and become exercisable on the first anniversary of the date of grant, subject to the Non-Employee Director continuing in service on the Board as a Non-Employee Director through each such vesting date. Unless the Board otherwise determines, any portion of an Initial Award or Subsequent Award which is unvested or unexercisable at the time of a Non-Employee Director’s termination of service on the Board as a Non-Employee Director shall be immediately forfeited upon such termination of service and shall not thereafter become vested and exercisable. All of a Non-Employee Director’s Initial Awards and Subsequent Awards shall vest in full immediately prior to the occurrence of a Change in Control (as defined in the Equity Plan), to the extent outstanding at such time.
3.Term. The maximum term of each stock option granted to a Non-Employee Director hereunder shall be ten (10) years from the date the option is granted. 
III. COMPENSATION LIMITS
Notwithstanding anything to the contrary in this Program, all compensation payable under this Program will be subject to any limits on the maximum amount of Non-Employee Director compensation set forth in the Equity Plan, as in effect from time to time.
* * * * *

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