Document:

Exhibit 10.21

    

  

   

  

  
    PDS BIOTECHNOLOGY CORPORATION

    

    

    CONSULTING SERVICES AGREEMENT

    

    

    This CONSULTING SERVICES AGREEMENT (this “Agreement”), is
        made as of this 15th day of December, 2014, by and between DeLyle Bloomquist (“Consultant”),
        and PDS Biotechnology Corporation (“Company”) with its corporate headquarters at 675 Highway One, North Brunswick, New Jersey 08902.

    

    

    W 1 T N E S S E T H:

    

    

    WHEREAS, Company wishes to retain Consultant to provide certain consulting services to Company as set forth in Paragraph 1 below (the “Services”); and

    

    

    WHEREAS, Consultant has agreed to provide the Services on the terms and conditions set forth in this Agreement.

    

    

    NOW, THEREFORE, in consideration of the promises and of the mutual representations, warranties and agreements set forth herein,
        Consultant and Company agree as follows:

    

    

    1.          Services.  During the Term (as defined in Paragraph 4 below), Consultant shall provide advisory services to Company on an as needed basis (e.g. attend at least four in person Board meetings to the extent such are scheduled
        and be available for Board calls upon reasonable notice) and serve as a member of the Board of Directors (“Board”) of the Company (the “Services”).  Consultant agrees to use his best efforts in connection with performing the Services under this Agreement.  Consultant acknowledges and agrees that Consultant does not have the authority
        to bind Company with respect to any matters, including the execution of agreements, without authorization from a majority of the Board.

    

    

    2.           Fees.  Consultant shall be paid $15,000 per annum for the Services (the “Fees”), and will pursuant to Nonqualified Stock Option Grant
        Agreement, in the form attached hereto as Exhibit A, receive a grant to purchase twelve thousand two hundred and twenty (12,220) shares of Common Stock of the Company,
        ten percent of which will be vested upon the grant date and the balance shall vest equally on a monthly basis until the first anniversary of the grant date.

    

    

    3.            No Benefits; Taxes; Travel Expenses.

    

    

    (a)          Consultant is not an employee of Company and will not
        be entitled to participate in, or receive any, benefit or right as a Company employee under any Company employee benefit and welfare plans, including, without limitation, employee insurance, pension, savings and security plans, as a result of his
        entering into this Agreement.

    

    

    (b)          Consultant shall be responsible for all estimated,
        withholding, social security, disability, unemployment, self-employment and other taxes, imposed on Consultant by the federal government or any other domestic or non-domestic, federal, state, or local tax authority.

    

    

    (c)          Company shall reimburse Consultant for his reasonable
        travel expenses associated with rendering the Services; provided, however, that Consultant is not authorized to incur any expenses on behalf of Company without authorization from a majority of the Board, and all statements submitted by Consultant
        for services and expenses shall be in the form prescribed by Company and shall be accompanied by receipts for all expenses.

    
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    4.          Term and Termination.  The term of this Agreement (the “Term”) shall commence on December 15, 2014 and, shall be terminable by either party for
        any reason or no reason upon thirty (30) days advance written notice; provided that, a decision to terminate this Agreement shall require the affirmative vote of a majority of the Board.  The effective date of the termination set forth in the
        written notice will be the “Termination Date.”  Paragraphs 5 through 15 hereof shall survive the termination or expiration of this Agreement.

    

    

    5.            Confidential Information.  During the Term, and at any time thereafter, Consultant shall not, without the consent of the Company’s Chief Executive Officer, disclose to any person, firm or corporation (except, during the
        Term, to the extent necessary to perform his duties hereunder) any customer lists, trade secrets, reports, correspondence, mailing lists, manuals, price lists, Consultant lists, prospective Consultant lists, letters, records or any other
        confidential information relating to the business of Company or any persons or entities controlling, controlled by or under common control with the Company (“Affiliate”)
        of Company and shall not, without the consent of the Company’s Chief Executive Officer, deliver any oral address or speech or publish, or knowingly permit to be published, any written matter in any way relating to confidential information regarding
        the business of Company or any Affiliate.

    

    

    6.            Non-Disparagement.  Upon the Termination Date, Consultant shall not malign, criticize, or otherwise disparage Company, the Affiliates or their respective officers, Consultants or directors.

    

    

    7.            Delivery of Records and Injunctive Relief.

    

    

    (a)          Upon the Termination Date, Consultant shall deliver
        to Company all correspondence, reports, customer lists, office keys, manuals, advertising brochures, sample contracts, price lists, Consultant lists, prospective customer lists, mailing lists, letters, records and any and all other documents
        pertaining to or containing information relative to the business of Company or shall provide Company with written certification that all such tangible records of Company has been destroyed.

    

    

    (b)          Consultant understands that in the event of a
        violation of the provisions of this Paragraph 7, Company shall have the right to seek injunctive relief, in addition to any other existing rights provided herein or by operation of law, without the requirement of posting bond.  The remedies
        provided in this Paragraph 7 shall be in addition to any legal or equitable remedies existing between Consultant and Company, and shall not be construed as a limitation upon, or as alternative or in lieu of, such remedies.

    

    

    8.          Indemnification.  Company shall indemnify Consultant from any loss, damage, cost or expense (including reasonable attorney’s fees) (“Loss”)
        arising from or related to a third party claim, demand, assessment, action, suit or proceeding (“Claim”), including without limitation, any Claim arising from or related
        to Consultant’s services in his capacity as a member of the Board.  Notwithstanding the foregoing, Company shall not be liable for Losses to the extent such Losses are caused by the negligence, recklessness or misconduct of Consultant or breach of
        any of the terms of this Agreement by Consultant.

    
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    9.            Insurance.  Upon the Board’s determination, the Company will procure Directors and Officers insurance providing reasonable coverage to the Board, which shall include coverage of the Consultant in his capacity as a
        member of the Board.

    

    

    10.          Survival.  Notwithstanding anything to the contrary in this Agreement, the parties agree that Consultant’s obligations under Paragraphs 5, 6, and 7 of this Agreement and Company’s obligations under Paragraph 8 of this
        Agreement shall continue despite the expiration of the term of this Agreement or its termination.

    

    

    11.         No Agency Relationship.  This Agreement does not, and shall not be deemed to, make either party hereto the agent or legal representative of the other for any purpose whatsoever.  Neither party shall have the right or
        authority to assume or create any obligations or responsibility whatsoever, express or implied, on behalf of or in the name of the other, or to bind the other in any respect whatsoever.

    

    

    12.          Independent Contractor.  In making and performing this Agreement, Consultant shall act at all times as an independent contractor and nothing contained in this Agreement shall be construed or implied to create between
        Consultant and Company an agency, partnership, or employee-employer relationship, or to create between Consultant and Company any other form of legal association or arrangement which imposes liability upon one party for the act or failure to act of
        the other party.

    

    

    13.         Assignment.  This Agreement shall be binding upon the parties hereto, the heirs and legal representatives of Consultant and the successors and assigns of Company.  The Consultant may not assign or otherwise transfer any of
        his rights or obligations under this Agreement without the prior written consent of Company.

    

    

    14.         Notices.  Any notice required, permitted or intended to be given under this Agreement shall be in writing and shall be deemed to have been given only if delivered personally or sent by registered or certified mail, return
        receipt requested, postage prepaid to the appropriate address shown below, or such revised address as is delivered to the other party by the same means.

    

    

    (a)          Notices to Company shall be sent to:

    

    

    PDS Biotechnology Corporation

    Attn. CEO

    675 Highway One

    North Brunswick, NJ 08902

    

    

    (b)          Notices to Consultant shall be sent to the most
        recent address on file with Company.

    

    

    15.         Entire Agreement.  This Agreement constitutes the entire agreement between the parties in connection with the subject matter hereof, supersedes any and all prior agreements or understandings between the parties and may only
        be changed by agreement in writing between the parties.

    
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    16.         Construction.  This Agreement shall be construed and enforced in accordance with the laws of the State of New Jersey, without application of the principles of conflicts of laws.

    

    

    17.         Counterparts; Facsimile Signatures.  This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Facsimile
        signatures shall be considered original signatures.

    

    

    18.        Severability.  If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, this Agreement shall be interpreted and enforceable as if such provision were severed or
        limited, but only to the extent necessary to render such provision and this Agreement enforceable.

    

    

    [Signature page follows]

    
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    IN WITNESS WHEREOF, and intending to be legally bound, the parties have executed this Agreement the day and year first above written.

    

    

    	 	
            PDS BIOTECHNOLOGY CORPORATION

          
	 	 	 
	 	
            By:

          	
            /s/ Frank Bedu-Addo

          
	 	
            Name:

          	
            Frank Bedu-Addo

          
	 	
            Title:

          	
            Chief Executive Officer

          
	 	 	 
	 	
            By:

          	
            /s/ DeLyle Bloomquist

          
	 	 	
            DeLyle Bloomquist

          

    

    

    Signature page to PDS Biotechnology Corporation Consulting Services AgreementExhibit 10.22

  

   

   

  

   September 21, 2018

  

  

  Lauren Wood, MD

  

  

  Dear Lauren:

  

  

  On behalf of PDS Biotechnology Corporation (the “Company”), I am pleased to
      offer you employment as Chief Medical Officer (“CMO”) of the Company, contingent upon the Company’s notification to you of the closing, or the imminent closing, of the
      impending corporate financing.

  

  

  The start date of your employment with the Company will be mutually agreed upon between you and Frank K. Bedu-Addo, the Chief Executive Officer (“CEO”) of the Company.  The full-time offer is also contingent on satisfactory background and reference checks.  The purpose of this letter is to summarize the key terms of your
      employment with the Company should you accept our offer.

  

  

  If you accept this offer, and the conditions of this offer are satisfied, this letter and the written agreements referenced in this letter will comprise the
      complete agreement between you and the Company regarding the terms and conditions of your at-will employment.

  

  

  As CMO, you will be responsible for overseeing all the company’s clinical development operations and regulatory filings, reporting to the CEO.

  

  

  1.          COMPENSATION.

  

  

  
    
      		(a)	
              Base Salary.  Upon full-time employment at the Company following the successful closing of the
                  impending corporate financing, you will be paid an annual base salary.  Your annual base salary will be two-hundred and ninety thousand dollars ($290,000 US), payable in accordance with the Company’s customary payroll practices.  Your
                  base salary for the year ending December 31, 2018 shall be prorated based upon your time as a full-time employee.  Your salary will be subject to an annual review by the CEO and the board of directors of the Company (the “Board”) in accordance with the Company’s compensation policies.  Naturally, your compensation, including base salary and any bonus earned, is contingent upon your
                  continued employment with the Company and will be paid as earned in accordance with Company policy and procedures.

            

    

  

  

  

  
    
      
        
          	 	
                  (b)

                	
                  Annual Bonus.  For the year beginning January 1, 2019, and for each full year of full-time
                      employment with the Company that begins thereafter, you are eligible to receive a discretionary annual bonus, as determined by the Board in its sole discretion based on the performance of the Company for the year, and provided you are
                      employed by the Company on the bonus payment date.  You will be eligible to earn an annual bonus up to thirty percent (30%) of your annual base salary for the year, based on criteria determined between you and the CEO.  Any annual
                      bonus earned for a fiscal year shall be paid following the end of the fiscal year (which runs from January through December) and no later than March 15 of such following year.

                

        

      

    

  

  
    
      

  

  
    
      
        Dr. Lauren Wood

        September 21, 2018

        Page 2

      

      

      

      
        
          	 	
                  (c)

                	
                  Compensatory Equity Grant.

                

        

      

    

  

  

  

  
    
      		(i)	
              Upon your conversion to full-time employment following the successful closing of the impending corporate financing, you will receive options for the purchase of one hundred
                  and ninety thousand, four hundred and sixty-six (190,466) shares of the Company’s common stock, which represents approximately one and a half percent (1.5%) of the outstanding shares of the Company’s common stock, on a fully-diluted
                  basis, as of the date of this offer.  Any option grants made to you shall vest as described in Section 1(c)(ii) below.  The exercise price per share of common stock shall be based on the fair market value of common stock as of the date of
                  each grant, as determined by the Board in its sole discretion.

            

    

  

  

  

  
    
      		(ii)	
              Any option grant to you shall vest over a three (3) year period, with one thirty-sixth (1/36th) of such grant vesting on each month following such grant, subject in each case
                  to your continued employment with the Company.  All option grants shall be granted under, and in accordance with the terms of, the Company’s equity compensation plan.  All option grants pursuant to this offer letter shall be memorialized
                  through a grant agreement containing such customary terms as are determined by the Board in its sole discretion.  Nothing in this offer letter precludes the Company from amending or terminating any equity compensation plan or program
                  after the date hereof.

            

    

  

  

  

  
    
      		(iii)	
              All option grants made to you may be subject to customary redemption, right of first refusal, and tag/drag rights, as determined by the Board in its sole discretion.

            

    

  

  

  

  
    
      		(iv)	
              The vesting of any grants made pursuant to this offer letter shall accelerate in the event of a change in control of the Company.  The definition of change in control shall
                  be a customary definition determined by the Board in its sole discretion, and shall not, for example, include transactions such as an IPO or a financing.

            

    

  

  

  

  2.          BENEFITS. 

      You will be entitled to receive four (4) weeks of paid vacation each year, according to the Company’s vacation policy.  Your paid vacation for the 2018 fiscal year shall be prorated based on your actual period of full-time employment during 2018.

  

  

  You will be eligible for medical benefits provided by the Company.

  

  

  3.          OTHER
          TERMS AND CONDITIONS OF EMPLOYMENT.

  

  

  
    
      		(a)	
              This offer is contingent upon your execution of our standard Proprietary Information, Inventions, Non-Competition and Non-Solicitation Agreement, which is attached hereto as
                  Exhibit A.

            

    

  

  
    
      

  

  
    
      
        
          Dr. Lauren Wood

          September 21, 2018

          Page 3

            

        

      

      

      

      
        
          	 	
                  (b)

                	
                  Your employment with the Company is subject to your providing proof of your eligibility to work in the United States.  If we do not already have it, you must supply us
                      with a completed Employment Verification Form (1-9 attached) with required original (photocopies cannot be accepted) supporting documents, including a social security card and a driver’s license, birth certificate or U.S. Passport.

                

        

      

    

  

  

  

  
    
      		(c)	
              If we do not already have the form in our file, you will be required to complete and return a W-9 federal tax withholding form so that we can process your first pay period. 
                  In preparing your W-9, remember to write your name exactly as it appears on your social security card or work visa.

            

    

  

  

  

  
    
      		(d)	
              Although we sincerely hope that your employment with the Company will be mutually satisfying, your employment with the Company is at-will.  This means that your employment
                  with the Company can be terminated by the Company for any reason, with or without cause, and without prior notice.  This also means that you may terminate your employment with the Company at any time upon proper notice (at least 2
                  weeks).  Although the Company has no present intention to do so, it necessarily reserves the right to terminate, amend or modify all human resources policies and benefits programs described herein without notice.

            

    

  

  

  

  
    
      		(e)	
              While you are employed by the Company, you will be expected to devote your full working time, energy, skill and experience to the performance of your duties, which may be
                  redefined or modified by the Company from time to time.

            

    

  

  

  

  
    
      		(f)	
              Without the express consent of the Board, you shall have no apparent or implied authority to pledge the credit of the Company, to bind the Company under any contract, note,
                  mortgage or other agreement outside the ordinary course of Company’s business, to release or discharge any debt due the Company, or to sell, mortgage, transfer or otherwise dispose of any assets of the Company.

            

    

  

  

  

  
    
      		(g)	
              This letter agreement will be governed by the laws of the State of Delaware.

            

    

  

  

  

  4.          PRIOR
          EMPLOYMENT.  You have represented to us that you are under no contractual obligation to refrain from working for a competitor of any prior employer.  Nonetheless, during your prior employment, you may have had access to trade secrets
      or proprietary information of your prior employer that may continue to be of value to your prior employer.  That information remains the property of your prior employer.  Consequently, you must be particularly careful not to disclose, and hereby
      agree not to disclose, your prior employer’s trade secrets or proprietary information to anyone within the Company, or to use those trade secrets and proprietary information in the course of your duties with the Company.  You further agree to
      immediately return to your prior employer any of its property that is currently in your possession and refrain from bringing any such property onto the Company’s premises.  You hereby agree to indemnify the Company for any and all third party claims
      arising out of, or in connection with, any misrepresentation or violation of this Section 4.

  
    
      

  

  Dr. Lauren Wood
    
      September 21, 2018

      Page 4

        

    

  

   

    

  If you agree with the terms and conditions of this offer letter, please indicate below by signing and dating both original copies of this letter in the
      spaces provided and return an executed copy to me.  This offer is expressly contingent upon your satisfactory completion of the obligations described above, including the processes described in the immediately prior sentence.

  

  

  We are very much looking forward to having you join our team.

  

  

  Sincerely,

  

  

  Frank K. Bedu-Addo, Ph.D.

  

  

  The above terms are accepted and approved:

  

  

  	
          /s/ Lauren Wood

        	 
	
          (Signature)

        	 
	 	 	 
	
          Dated:

        	
          September 26, 2018

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