Document:

Exhibit
10.50

    

    CONSULTING
AGREEMENT

     

    THIS
CONSULTING AGREEMENT (this “Agreement”) is made as of April 1, 2010, by and
between Novavax, Inc. (“Novavax”), having a place of business at 9920 Belward
Campus Drive, Rockville, Maryland 20850, and John Lambert, residing at Box
Cottage, Church Lane, Great Kimble, Aylesbury, Bucks UK HP17 9TH (the
“Consultant”).

     

    Consultant
and Novavax, intending to be legally bound, hereby agree as
follows:

    

    
      	
              1.

            	
              Engagement.  Upon the
      terms and subject to the conditions set forth in this Agreement, Novavax
      hereby agrees to engage Consultant as an independent contractor, to render
      services to and on behalf of Novavax and Consultant hereby agrees to
      render such services to and on behalf of
  Novavax.

            

    

     

    
      	
              2.

            	
              Consultant
      Services.  The
      Consultant shall provide the services described in Exhibit A (the
      “Services”).

            

    

     

    
      	
              3.

            	
              Provisions
      of Services – Prior
Approval.

            

    

     

    
      	
               
      

            	
              3.1

            	
              Production of
      Deliverables.  Consultant’s performance of Services shall
      only include the completion and delivery of deliverables that may be set
      forth on Exhibit
      A (“Deliverables”).  Novavax shall not be liable to
      Consultant for the cost of any Deliverables not performed pursuant to
      Novavax’s request for or assent to the production of such Deliverables in
      writing.

            

    

     

    
      	
               
      

            	
              3.2

            	
              Meetings.  Consultant
      shall attend meetings at Novavax or elsewhere pursuant to the written
      agreement of Novavax and Consultant, identifying the location and timing
      of the meeting.  Novavax shall be liable for Consultant’s fees
      and related expenses only for attendance at meetings mutually agreed to in
      writing by both parties.

            

    

     

    
      	
              4.

            	
              Fees and
      Invoicing.

            

    

     

    
      	
               
      

            	
              4.1

            	
              Fees. In full
      consideration of the provision of the Services and the obligations
      undertaken pursuant to this Agreement, Novavax agrees to pay Consultant at
      the rate of $375 per hour up to the initial 8 hours in a particular day
      and capped at $3000 per day for any work in excess of 8
    hours.

            

    

     

    
      	
            	
              4.2

            	
              Expenses.
      Novavax shall reimburse Consultant for the reasonable transportation costs
      and related expenses incurred by Consultant in connection with the
      Services that are approved in advance by Novavax, payable upon receipt of
      invoice with copies of receipts for such expenses. Novavax will provide
      reimbursement for legitimate, approved business related expenses. These
      include business class travel (via British Airways or other similar
      airlines), meals, hotel, rental car, use of own car, telephone, and other
      items. Consultant shall submit itemized documentation and receipts to
      Novavax at the time reimbursement is requested. Such documentation will be
      audited to ensure that charges are reasonable and customary. Consultant
      shall bear the cost of all other expenses incurred by Consultant in
      connection with the performance of the Services, unless otherwise agreed
      in writing.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
              4.3

            	
              Invoicing. No
      later than thirty (30) days after the end of each calendar quarter,
      Consultant shall provide Novavax with an invoice detailing all time spent
      by Consultant in performing the Services, the expenses incurred by
      Consultant in connection therewith that were approved by Novavax, and the
      total amount due to Consultant. The invoices shall provide a narrative
      description of the activity performed, the time spent by Consultant
      performing such activities, and shall contain such other information in
      such detail as Novavax may reasonably request. Subject to the terms and
      conditions set forth herein, Novavax shall pay all amounts due hereunder,
      and not disputed in good faith, within thirty (30) days after its receipt
      of such invoice.

            

    

     

    
      	
            	
              4.4

            	
              Relationship of the
      Parties. The relationship of the Consultant to the Company
      hereunder is that of independent contractor. Nothing herein shall be
      deemed to create any partnership, association or joint venture between the
      parties. Consultant shall not be construed for any purpose to be an
      employee subject to the control and direction of the Company or any of its
      affiliates. Consultant shall not be entitled to any of the benefits,
      coverages or privileges, including, without limitation, social security,
      unemployment, medical or pension payments, made available to employees of
      the Company. The Consultant shall have sole responsibility, subject to
      rules promulgated by the U.S. Internal Revenue Service (the “IRS”), for
      the proper reporting and payment of any and all applicable U. S. taxes due
      on payments made to the Consultant by the Company
    hereunder.

            

    

     

    
      	
              5.

            	
              Term
      and Termination.

            

    

     

    
      	
               
      

            	
              5.1

            	
              Term and
      Termination.  This Agreement shall commence on the date
      set forth above and expire twelve (12) months thereafter, unless
      terminated earlier as set forth in this Paragraph 5.1.  Upon
      mutual written agreement no later than thirty (30) days before the
      anniversary of the Effective Date, this agreement may be renewed for
      additional twelve (12) month
periods.

            

    

     

    
      	
               
      

            	
              (a)

            	
              Novavax
      may terminate this Agreement before its expiration or any specific
      Services for any reason upon thirty (30) days advance written notice to
      Consultant.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Consultant
      may terminate this Agreement and/or any specific Services if Novavax is in
      default of any of its material obligations set forth herein, and such
      breach is not cured within thirty (30) days after Novavax’s receipt of a
      written notice from Consultant that describes such breach in reasonable
      detail.

            

    

     

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              5.2

            	
              Duties Upon
      Termination.  Upon termination of this Agreement for any
      reason, the Consultant shall promptly deliver to Novavax all Confidential
      Information and all copies thereof and immediately cease all use of
      Confidential Information and the Intellectual Work
  Product.

            

    

     

    
      	
              6.

            	
              Confidential
      Information.

            

    

     

    
      	
            	
              6.1

            	
              Without
      the express prior written consent of Novavax, Consultant shall only use
      for the purpose of rendering the Services and shall not disclose or use
      any Confidential Information (as defined below) of Novavax for
      Consultant’s direct or indirect benefit or the direct or indirect benefit
      of any third party, and Consultant shall maintain, both during and for
      seven years after Consultant’s engagement, the confidentiality of all
      Confidential Information of Novavax. The term "Confidential Information"
      shall include all information disclosed to Consultant by Novavax including
      without limitation: trade secrets, know-how, patent applications or
      patentable improvements thereto, biomedical technology, inventions,
      writings, blueprints, computer programs, documents, engineering
      specifications, diagrams, charts, models, research studies, assays,
      marketing studies, process descriptions, manufacturing processes,
      projections, information relating to customers, suppliers, distributors,
      licensees, profits, costs, pricing or tooling, and all other materials or
      information relating to or dealing with the business operations,
      technologies or activities of Novavax, whether written, oral, electronic
      or visual, tangible or intangible, whether machine readable or otherwise
      and shall also include the existence of any relationship between Novavax
      and Consultant, including but not limited to the terms of this Agreement
      and the terms of the engagement by Novavax of Consultant; and all information and
      materials prepared by Consultant in the course of, relating to or arising
      out of his engagement by Novavax, or prepared by any other Novavax
      employee or contractor for Novavax or its customers. Failure to mark any
      of the Confidential Information as confidential or proprietary shall not
      affect its status as Confidential Information under the terms of this
      Agreement.

            

    

     

    
      	
            	
              6.2

            	
              At
      Novavax’s request, Consultant shall immediately: (i) discontinue all use
      of all Confidential Information; (ii) return to Novavax all materials then
      in Consultant’s possession or subject to its control that contain
      Confidential Information, including all copies thereof and all summaries,
      analyses and notes thereon; (iii) erase or destroy all Confidential
      Information contained in computer memory or data storage apparatus under
      the ownership or control of Consultant; and (iv) warrant in writing to
      Novavax that Consultant has taken all actions described in the foregoing
      Subparagraphs 6.2(i)-(iii).

            

    

     

    
      	
               
      

            	
              6.3

            	
              The
      restrictions set forth in this Section 6 shall not apply to Confidential
      Information that:

            

    

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              (a)

            	
              is
      rightfully in the possession of the receiving party prior to the date of
      the disclosure of such information to the receiving party by the
      disclosing party;

            

    

     

    
      	
               
      

            	
              (b)

            	
              is
      in the public domain prior to the date of the disclosure of such
      information to the receiving party by the disclosing
  party;

            

    

     

    
      	
               
      

            	
              (c)

            	
              becomes
      part of the public domain by publication or by any other means except an
      unauthorized act or omission on the part of the receiving party or its
      employees, consultants or advisors;

            

    

     

    
      	
               
      

            	
              (d)

            	
              is
      or was supplied to the receiving party on a non-confidential basis by a
      third party who is under no obligation to the disclosing party to maintain
      such information in confidence.  Specific information disclosed
      as part of the Confidential Information shall not be deemed to be in the
      public domain or in the prior possession of Consultant merely because it
      is embraced by more general information in the public domain or in the
      prior possession of Consultant.

            

    

     

    
      	
               
      

            	
              6.4

            	
              Securities
      Trading.  Consultant further agrees that it will conform
      in all respects to the securities and trading policies of Company and with
      the laws and regulations governing activities including, buying, selling
      or otherwise trading securities of the Company.  Consultant
      shall consult with the Chief Financial Officer of Company as to when such
      trading shall be permitted.

            

    

     

    
      	
              7.

            	
              Property
      Rights. All work produced hereunder, including, without limitation,
      all inventions, ideas, creations, designs, discoveries, developments,
      techniques, expressions, improvements, computer programs, specifications,
      operating instructions and all other documentation, data or other work
      product related to the Services provided by the Consultant under this
      Agreement (whether patentable or subject to copyright, or not), which are
      first conceived, made or otherwise originated or acquired or first
      actually constructively reduced to practice during the Term or within six
      (6) months following the expiration or termination of the Term, whether
      preliminary or final, and on whatever media rendered (collectively, the
      “Work Product”), shall be deemed work made for hire and made in the course
      of services rendered for the Company and shall be the sole and exclusive
      property of the Company. The Company shall have the sole, absolute and
      unlimited right throughout the world to protect by patent or copyright,
      and to make, have made, use, reconstruct, repair, modify reproduce,
      publish, distribute and sell the Work Product, in whole or in part, or
      combine the Work Product with other matter, or not use the Work Product at
      all, as it sees fit. To the extent that title to the Work Product may not
      be considered work for hire, the Consultant irrevocably agrees to transfer
      and assign to the Company in perpetuity all worldwide right, title and
      interest in and to the patent rights, copyrights, trade secrets and other
      proprietary rights (including, without limitation, applications for
      registrations thereof) in, and ownership of, the Work Product that the
      Consultant may have, as and when such rights arise. The Consultant further
      agrees that it will execute, and will cause its applicable employees to
      execute, all documents necessary to enable the Company to protect and
      record its ownership of the Work
Product.

            

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

    

    
      	
              8.
      

            	
              Authority
      to Contract. The Company represents
      and warrants to Consultant that the execution and delivery of this
      Agreement and the performance of the provisions hereof have been duly
      authorized by all necessary action on its part, that this Agreement has
      been duly and validly executed and delivered by it, that this Agreement
      constitutes a valid and legally binding agreement enforceable against it
      in accordance with its terms. Consultant represents and warrants to the
      Company that this Agreement has been duly and validly executed and
      delivered by him or her, that this Agreement constitutes a valid and
      legally binding agreement enforceable against him or her in accordance
      with its terms, and that neither the execution and delivery of this
      Agreement nor the performance of the provisions hereof constitute or will
      constitute a violation of any contract, or other agreement or relationship
      to which he or she is a party or by which he or she is
    bound.

            

    

     

    
      	
              9.

            	
              Debarment.
      Consultant has not been debarred under the provisions of the Generic Drug
      Enforcement Act of 1992, including without limitation, 21 U.S.C. Section
      335a. If at any time during the term of this Agreement Consultant (a)
      becomes debarred, or (b) receives notice of action or threat of action
      with respect to its debarment, Consultant shall notify Novavax
      immediately. In the event that Consultant becomes debarred as set forth
      above, this Agreement shall automatically terminate upon receipt of such
      notice without any further action or notice. In the event that Consultant
      receives notice of action as set forth above, Novavax shall have the right
      to terminate this Agreement
immediately.

            

    

     

    
      	
              10.

            	
              Governing
      Law.  This Agreement shall be construed and enforced in
      accordance with the laws of the State of Maryland, without regard to the
      conflict of law principles of Maryland or any other
      jurisdiction.

            

    

     

    
      	
              11.

            	
              Equitable
      Relief.  In the event that any provision of Section 6 or
      7 shall be declared by a court of competent jurisdiction to exceed the
      maximum time period or areas such court deems reasonable and enforceable,
      said time period and/or areas of restriction shall be deemed to become and
      thereafter be the maximum time period and/or areas which such court deems
      reasonable and enforceable.  Consultant recognizes and agrees
      that the Company’s remedy at law for any breach of the provisions of
      Sections 6 or 7 hereof would be inadequate, and Consultant agrees that for
      breach of such provisions, the Company shall, in addition to such other
      remedies as may be available to it at law or in equity or as provided in
      this Agreement, be entitled to injunctive relief and to enforce its rights
      by an action for specific
performance.

            

    

     

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    
      	
              12.

            	
              Miscellaneous.
      This Agreement and the Exhibit attached hereto (which is incorporated
      herein by reference) contains the entire agreement and understanding of
      the parties relating to the subject matter hereof and merges and
      supersedes all prior discussions, agreements and understandings of every
      nature between them. This Agreement may not be changed or modified, except
      by an agreement in writing signed by both of the parties hereto. The
      waiver of the breach of any term or provision of this Agreement shall not
      operate as or be construed to be a waiver of any other or subsequent
      breach of this Agreement. The obligations of Consultant as set forth
      herein, other than Consultant’s obligations to perform the Services, shall
      survive the termination of Consultant’s engagement with Novavax. Novavax
      may assign this Agreement to, and this Agreement shall bind and inure to
      the benefit of, any parent, subsidiary, affiliate or successor of Novavax.
      This Agreement shall not be assignable by Consultant. This Agreement may
      be executed in any number of counterparts, and each such counterpart shall
      be deemed to be an original instrument, but all such counterparts together
      shall constitute but one agreement.

            

    

     

    IN WITNESS WHEREOF, the parties have
caused this Consulting Agreement to be executed the day and year first above
written.

    

    
      
        
          
            
              
                
                  	 
      	
                          NOVAVAX,
      INC.

                        	 
      
	 
      	 
      	 
      	 
      
	 
      	
                          By:

                        	
                                
                            /s/ Frederick W.
      Driscoll

                          

                        	   
      
	 
      	
                          Name:
      Frederick W. Driscoll

                        	 
      
	 
      	
                          Title:
      Vice President, Chief Financial Officer and Treasurer

                        	 
      
	 
      	 
      	 
      
	 
      	
                          John
      Lambert:

                        
	 
      	 
      	 
      
	 
      	
                          /s/ John Lambert

                        	   
      

                

              

            

          

        

      

    

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

    Exhibit
A

    

    Services:

    

    Consultant
has agreed to use his best efforts to, in good faith, fairly and accurately
represent the Company’s fiduciary interest in the joint venture known as CPL
Biologicals Pvt. Ltd. (“CPL-B”), as a Company appointed director to the CPL-B
board of directors.  Consultant shall reasonably attend any such board
meetings whether in person or by telephone or video conferencing, or if
unavailable to participate, shall work with Company to provide reasonable notice
of such unavailability and work to insure that a Company representative is
serving in this capacity.  Consultant shall be expected to travel to
the CPL-B facility in India at reasonable intervals.  In addition, as
directed by the Company’s CEO, Executive Chairman, or the Board of Directors,
Consultant shall provide such other services based on his experience and
expertise to fairly and accurately represent the Company’s fiduciary interest
and responsibilities to CPL-B.

    
      
         

      

      
        -7-EXHIBIT
10.3

    

    PROMISSORY
NOTE

    

    
      	
              $20,000

            	 
      	
              March
      31, 2010

            

    

    

    FOR VALUE
RECEIVED, and intending to be legally bound, Jago China Holding Limited, a
Nevada corporation with an address at Jago China Holding Limited c/o CSC
Services of Nevada, Inc., 502 East John Street, Nevada 89706 (the “Maker”),
hereby unconditionally and irrevocably promises to pay to the order of ALLGLAD
LIMITED with an address at P.O. Box 957 Offshore Incorporation Centre, Road
Town, Tortola, British Virgin Islands 11601 (the “Payee”), in lawful money of
the United States of America, the sum of twenty thousand dollars ($20,000) on or before the
earlier of (i) March 30, 2015 or (ii) the date that the Maker (or a wholly owned
subsidiary of the Maker) consummates a business combination with an operating
company in a reverse merger or reverse takeover transaction or other transaction
after which the Maker would cease to be a shell company (as defined in Rule
12b-2 under the Securities Exchange Act of 1934, as amended) (the “Maturity
Date”).

    

    Interest
shall not accrue on the outstanding principal balance of this Promissory
Note. This
Promissory Note may be prepaid in whole or in part at any time or from time to
time without penalty prior to the Maturity Date.

    

    For
purposes of this Promissory Note, an "Event of Default" shall occur if the Maker
shall: (i) fail to pay the entire principal amount of this Promissory Note when
due and payable, (ii) admit in writing its inability to pay any of its monetary
obligations under this Promissory Note, (iii) make a general assignment of its
assets for the benefit of creditors, or (iv) allow any proceeding to be
instituted by or against it seeking relief from or by creditors, including,
without limitation, any bankruptcy proceedings, if such proceedings are not
dismissed within 30 days.

    

    In the
event that an Event of Default has occurred, the Payee or any other holder of
this Promissory Note may, by notice to the Maker, declare this entire Promissory
Note to be forthwith immediately due and payable, without presentment, demand,
protest or further notice of any kind, all of which are hereby expressly waived
by the Maker.  In the event that an Event of Default consisting of a
voluntary or involuntary bankruptcy filing has occurred, then this entire
Promissory Note shall automatically become due and payable without any notice or
other action by Payee.

    

    The
nonexercise or delay by the Payee or any other holder of this Promissory Note of
any of its rights hereunder in any particular instance shall not constitute a
waiver thereof in that or any subsequent instance.  No waiver of any
right shall be effective unless in writing signed by the Payee, and no waiver on
one or more occasions shall be conclusive as a bar to or waiver of any right on
any other occasion.

    

    Should
any part of the indebtedness evidenced hereby be collected by law or through an
attorney-at-law, the Payee or any other holder of this Promissory Note shall, if
permitted by applicable law, be entitled to collect from the Maker all
reasonable costs of collection, including, without limitation, attorneys’ fees
and expenses.

    

    All
notices and other communications must be in writing to the address of the party
set forth in the first paragraph hereof and shall be deemed to have been
received when delivered personally (which shall include via an overnight courier
service) or, if mailed, three (3) business days after having been mailed by
registered or certified mail, return receipt requested, postage prepaid. The
parties may designate by notice to each other any new address for the purpose of
this Promissory Note.

    
      
         

      

      
        Ex-1

        
          

        

      

      
         

      

    

    

    Maker
hereby forever waives presentment, demand, presentment for payment, protest,
notice of protest, and notice of dishonor of this Promissory Note and all other
demands and notices in connection with the delivery, acceptance, performance and
enforcement of this Promissory Note.

    

    This
Promissory Note shall be binding upon the successors and assigns of the Maker,
and shall be binding upon, and inure to the benefit of, the successors and
assigns of the Payee.

    

    This
Promissory Note shall be governed by and construed in accordance with the
internal laws of the State of Nevada.

    

    [The
remainder of this page has been intentionally left blank.]

    
      
         

      

      
        Ex-2

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the undersigned Maker has executed this Promissory Note on
March 31, 2010.

    

    
      
        	 
      	
                MAKER:

              
	 
      	 
      	 
      
	 
      	
                Jago
      China Holding Limited

              
	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/
      Yin Yin Shao

              
	 
      	 
      	
                Name:
      Yin Yin Shao

              
	 
      	 
      	
                Title:
      President, Treasurer and
Secretary

              

      

    

     

    
      
         

      

      
        Ex-3

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