Document:

RESTRICTED
      STOCK AGREEMENT

     

    THIS
      RESTRICTED STOCK AGREEMENT
      (this
“Agreement”)
      is
      made as of July 5, 2003, between Cleveland BioLabs, Inc., a Delaware
      corporation (the “Company”),
      and
      Yakov Kogan (“Executive”).

     

    The
      Executive has subscribed for and the Company has accepted a subscription
      agreement pursuant to which Executive has committed to purchase, and the Company
      has committed to sell, 1,200 shares of the Company’s Common Stock, par value
      $0.005 per share (the “Common Stock”). All of such shares of Common Stock are
      referred to herein as “Executive Shares.” Certain definitions are set forth in
Section 6
      of this
      Agreement.

     

    As
      an
      inducement for the Company to issue and sell the Executive Shares to Executive,
      the Company is requiring Executive to enter into this Agreement.

     

    The
      parties hereto agree as follows: 

     

    1. Executive
      Shares.

     

    (a) Upon
      execution of this Agreement, Executive will purchase, and the Company will
      sell,
      1,200 shares of Common Stock at a price of $0.005 per share. The Company will
      deliver to Executive the certificates representing such Executive Shares, and
      Executive will deliver to the Company cash or a check in the aggregate amount
      of
      $6.00.

     

    (b) Within
      thirty (30) days after the purchase by Executive of Executive Shares pursuant
      to
      this Agreement, Executive will make an effective election with the Internal
      Revenue Service under Section 83(b) of the Internal Revenue Code and the
      regulations promulgated thereunder in the form of Annex A attached
      hereto.

     

    (c) In
      connection with the purchase and sale of the Executive Shares pursuant hereto,
      Executive represents and warrants to the Company that:

     

    (i) Executive
      is an employee, officer or director of the Company, is sophisticated in
      financial matters and is able to evaluate the risks and benefits of the
      investment in the Executive Shares;

     

    (ii) This
      Agreement and each of the other agreements contemplated hereby to which
      Executive is a party constitute legal, valid and binding obligations of
      Executive, enforceable in accordance with their terms, and the execution,
      delivery and performance of this Agreement and such other agreements by
      Executive does not and will not conflict with, violate or cause a breach of
      any
      agreement, contract or instrument to which Executive is a party or any judgment,
      order or decree to which Executive is subject; and

     

    (iii) Executive
      is not a party to or bound by any other employment agreement, noncompete
      agreement or confidentiality agreement which conflicts with the obligations
      set
      forth in this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d) As
      an
      inducement for the Company to commit to issue the Executive Shares to Executive,
      and as a condition thereto, Executive acknowledges and agrees that neither
      any
      future issuance of capital stock of the Company to Executive nor any provision
      contained herein shall entitle Executive to remain in the employment of the
      Company, or affect the right of the Company to terminate Executive’s employment
      at any time for any reason, subject to the terms and conditions of any
      employment agreement.

     

    2. Vesting
      of Shares.

     

    (a) Except
      as
      otherwise provided in Section 2(b)
      below,
      the Executive Shares purchased hereunder will become vested (determined as
      nearly as practicable to the nearest share) in accordance with the following
      schedule, if as of each such date Executive is still employed by the
      Company:

     

    
      	
              Date

            	 	
              Cumulative
                Percentage of

              Executive
                Shares to be Vested

            
	 	 	 
	
              1st
                Anniversary of this Agreement

            	 	
              33
                1/3%

            
	
              2nd
                Anniversary of this Agreement

            	 	
              66
                2/3%

            
	
              3rd
                Anniversary of this Agreement

            	 	
              100%

            
	 	 	 

    

    (b) If
      Executive ceases to be employed by the Company on any date other than any
      anniversary date prior to the third anniversary of this Agreement, the
      cumulative percentage of Executive Shares to become vested will be determined
      on
      a pro rata basis according to the number of days elapsed from the prior
      anniversary date to the date of termination (but including in such calculation
      all unused vacation and personal days as if the Executive had worked such days);
      provided,
      however,
      that no
      Executive Shares shall become vested until the first anniversary of this
      Agreement. Notwithstanding the foregoing or anything herein to the contrary,
      upon the occurrence of a Sale of the Company, all Executive Shares which have
      not yet become vested shall become vested at the time of such Sale of the
      Company (such portion being referred to herein as the “Accelerated
      Shares”);
      provided,
      however,
      that
      the Accelerated Shares shall at all times be subject to any restrictions or
      limitations with respect to the Transfer thereof contained herein or as
      otherwise provided by law. Executive Shares which have become vested hereunder
      are referred to herein as “Vested
      Shares,”
and
      all other Executive Shares are referred to herein as “Unvested
      Shares.”

     

    3. Repurchase
      Option.

     

    (a) In
      the
      event Executive ceases to be employed by the Company for any reason (a
“Separation”),
      the
      Unvested Shares (whether held by Executive or one or more of Executive’s
      transferees, other than the Company) will be subject to repurchase, in each
      case
      by the Company pursuant to the terms and conditions set forth in this
Section 3,
      (the
“Repurchase
      Option”).

     

    (b) In
      the
      event of a Separation, the Executive Securities purchased hereunder representing
      Unvested Shares shall be subject to repurchase by the Company at a purchase
      price per share equal to the Executive’s Original Cost for such
      share.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (c) In
      the
      event of a Separation, the Company may elect to purchase all or any portion
      of
      the Unvested Shares by delivering written notice (the “Repurchase
      Notice”)
      to the
      holder or holders of the Executive Securities within 60 days after the
      Separation. The Repurchase Notice will set forth the number of Unvested Shares
      to be acquired from each holder, the aggregate consideration to be paid for
      such
      securities and the time and place for the closing of the transaction. The number
      of securities to be repurchased by the Company shall first be satisfied to
      the
      extent possible from the Unvested Shares held by Executive at the time of
      delivery of the Repurchase Notice. If the number of Unvested Shares then held
      by
      Executive is less than the total number of such securities which the Company
      has
      elected to purchase, the Company shall purchase the remaining securities elected
      to be purchased from the other holder(s) of Executive Securities under this
      Agreement, pro rata according to the number of Executive Securities held by
      such
      other holder(s) at the time of delivery of such Repurchase Notice (determined
      as
      nearly as practicable to the nearest share).

     

    (d) The
      closing of the purchase of the Unvested Shares pursuant to the Repurchase Option
      shall take place on the date designated by the Company in the Repurchase Notice,
      which date shall not be more than 2 months nor less than 5 days after
      the delivery of such notice. The Company will pay for the Executive Securities
      to be purchased by it pursuant to the Repurchase Option by first offsetting
      amounts outstanding under any bona fide debts owed by Executive to the Company
      and will pay the remainder of the purchase price to the extent reasonably
      permissible under the Company’s equity financing agreements and agreements
      evidencing indebtedness for borrowed money, by a check or wire transfer of
      funds. The Company will be entitled to receive customary representations and
      warranties from the sellers of Executive Securities (including representations
      and warranties regarding good title to the Executive Securities, the absence
      of
      any liens on such title or other encumbrances with respect to the Transfer
      of
      the Executive Securities and the ability of such sellers to consummate the
      sale).

     

    (e) Notwithstanding
      anything to the contrary contained in this Agreement, all repurchases of
      Executive Securities by the Company shall be subject to applicable restrictions
      contained in the Delaware General Corporation Law and as may be required by
      other parties in the Company’s equity financing agreements or agreements
      evidencing indebtedness for borrowed money, if any. If any such restrictions
      prohibit the repurchase of Executive Securities hereunder which the Company
      is
      otherwise entitled to make, the Company may make such repurchases as soon as
      it
      is permitted to do so under such restrictions.

     

    4. Restrictions
      on Transfer of Executive Securities.

     

    (a) Transfer
      of Executive Securities.
      Executive shall not Transfer any interest in any Executive Securities, except
      at
      such time as the restrictions herein terminate as provided in Section 4(b)
      below.
      Notwithstanding the foregoing, the restrictions contained in this Section 4
      will not
      apply with respect to (i) Transfers of shares of Executive Securities
      pursuant to applicable laws of descent and distribution or (ii) Transfer of
      shares of Executive Securities among Executive’s Family Group; provided
      that in
      each case such restrictions will continue to be applicable to the Executive
      Securities irrespective of any such Transfer. Any transferee of Executive
      Securities pursuant to a Transfer in accordance with the provisions of this
      Section 4(a)
      is
      herein referred to as a “Permitted
      Transferee.”

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b) Termination
      of Restrictions.
      The
      restrictions on the Transfer of Executive Securities set forth in this
Section 4
      will
      continue with respect to each Executive Security until the earlier of (i) a
      Qualified Public Offering; or (ii) a Sale of the Company.

     

    5. Additional
      Restrictions on Transfer of Executive Securities.

     

    (a) Legend.
      The
      certificates representing the Executive Securities will bear a legend in
      substantially the following form:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED AS OF
      JULY 5, 2003, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
      THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT
      TO
      ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND CERTAIN
      OTHER AGREEMENTS SET FORTH IN A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY
      AND AN EXECUTIVE OF THE COMPANY DATED AS OF JULY 5, 2003. A COPY OF SUCH
      AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE
      OF BUSINESS WITHOUT CHARGE.”

     

    (b) Opinion
      of Counsel.
      No
      holder of Executive Securities may transfer any Executive Securities (except
      pursuant to an effective registration statement under the Securities Act)
      without first delivering to the Company an opinion of counsel (reasonably
      acceptable in form and substance to the Company) that neither registration
      nor
      qualification under the Securities Act and applicable state securities laws
      is
      required in connection with such Transfer.

     

    6. Definitions.

     

    “Executive’s
      Family Group”
means
      Executive’s spouse and descendants (whether natural or adopted), any trust
      solely for the benefit of Executive and/or Executive’s spouse and/or descendants
      and any retirement plan for the Executive.

     

    “Executive
      Securities”
means
      the Executive Shares and any other securities of the Company held by Executive
      or any of Executive’s transferees permitted hereunder. All Executive Securities
      will continue to be Executive Securities in the hands of any holder other than
      Executive (except for the Company and except for transferees in a Public Sale).
      Except as otherwise provided herein, each such other holder of Executive
      Securities will succeed to all rights and obligations attributable to Executive
      as a holder of Executive Securities hereunder. Executive Securities will also
      include shares of the Company’s capital stock or other securities of the Company
      issued with respect to Executive Securities by way of a stock split, dividend
      or
      other recapitalization or reclassification.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    “Original
      Cost”
means
      with respect to each share of Common Stock purchased hereunder, $0.005 (as
      proportionately adjusted for all subsequent stock splits, stock dividends and
      other recapitalizations).

     

    “Person”
means
      an individual, a partnership, a limited liability company, a corporation, an
      association, a joint stock company, a trust, a joint venture, an unincorporated
      organization and a governmental entity or any department, agency or political
      subdivision thereof.

     

    “Public
      Sale”
means
      any sale pursuant to a registered public offering under the Securities Act
      or
      any sale to the public pursuant to Rule 144 promulgated under the
      Securities Act effected through a broker, dealer or market maker.

     

    “Qualified
      Public Offering”
means
      the sale in an underwritten public offering registered under the Securities
      Act
      of shares of the Company’s Common Stock approved by the Board resulting in net
      proceeds to the Company of no less than $20 million.

     

    “Sale
      of the Company”
means
      any transaction or series of transactions pursuant to which (A) any
      Person(s) acquire(s) (i) capital stock of the Company possessing the voting
      power (other than voting rights accruing only in the event of a default, breach
      or event of noncompliance) to elect a majority of the Company’s board of
      directors (whether by merger, consolidation, reorganization, combination, sale
      or transfer of the Company’s capital stock, shareholder or voting agreement,
      proxy, power of attorney or otherwise) or (ii) all or substantially all of
      the Company’s assets determined on a consolidated basis; provided
      that the
      term “Sale of the Company” shall not include any sale of equity or debt
      securities by the Company in a private offering to other investors; or
      (B) more than 50% of the assets of the Company is spun off, split off or
      otherwise distributed.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    “Transfer”
means
      to sell, transfer, assign, pledge or otherwise dispose of (whether with or
      without consideration and whether voluntarily or involuntarily or by operation
      of law).

     

    7. Notices.
      Any
      notice provided for in this Agreement must be in writing and must be either
      personally delivered, mailed by first class mail (postage prepaid and return
      receipt requested), sent by reputable overnight courier service (charges
      prepaid), or sent via facsimile to the recipient at the address or facsimile
      number below indicated:

     

    
      	
              If
                to the Company:

               

              Cleveland
                BioLabs, Inc.

              7800
                Blackberry Lane

              Gates
                Mills, Ohio 44040

              Attn: Michael
                Fonstein

            

    

     

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    

    
      	
              With
                a copy to:

               

              Katten
                Muchin Rosenman LLP

              525
                West Monroe Street

              Suite
                1900

              Chicago,
                Illinois 60661

              Fax: (312)
                902-1061

              Tel: (312)
                902-6200

              Attn: Kurt
                W. Florian, Esq.

            
	 
	
              If
                to the Executive:

               

              Yakov
                Kogan

              4930-A
                South Cornell Ave.

              Chicago,
                Illinois 60615

            
	 

    

    or
      such
      other address, facsimile number or to the attention of such other person as
      the
      recipient party shall have specified by prior written notice to the sending
      party. Any notice under this Agreement will be deemed to have been given when
      so
      delivered, sent or transmitted or, if mailed, five days after deposit in the
      U.S. mail.

     

    8. General
      Provisions.

     

    (a) Transfers
      in Violation of Agreement.
      Any
      Transfer or attempted Transfer of any Executive Securities in violation of
      any
      provision of this Agreement shall be void, and the Company shall not record
      such
      Transfer on its books or treat any purported transferee of such Executive
      Securities as the owner of such securities for any purpose.

     

    (b) Severability.
      Whenever possible, each provision of this Agreement will be interpreted in
      such
      manner as to be effective and valid under applicable law, but if any provision
      of this Agreement is held to be invalid, illegal or unenforceable in any respect
      under any applicable law or rule in any jurisdiction, such invalidity,
      illegality or unenforceability will not affect any other provision or any other
      jurisdiction, but this Agreement will be reformed, construed and enforced in
      such jurisdiction as if such invalid, illegal or unenforceable provision had
      never been contained herein.

     

    (c) Complete
      Agreement.
      This
      Agreement, those documents expressly referred to herein and other documents
      of
      even date herewith embody the complete agreement and understanding among the
      parties and supersede and preempt any prior understandings, agreements or
      representations by or among the parties, written or oral, which may have related
      to the subject matter hereof in any way.

     

    (d) Counterparts.
      This
      Agreement may be executed in separate counterparts, each of which is deemed
      to
      be an original and all of which taken together constitute one and the same
      agreement.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (e) Successors
      and Assigns.
      Except
      as otherwise provided herein, this Agreement shall bind and inure to the benefit
      of and be enforceable by Executive and the Company and their respective
      successors and assigns (including subsequent holders of Executive Securities);
      provided
      that
      the
      rights and obligations of Executive under this Agreement shall not be assignable
      except in connection with a permitted transfer of Executive Securities
      hereunder.

     

    (f) Choice
      of Law.
      This
      Agreement shall be construed in accordance with the laws of the State of
      Delaware, without regard to principals of conflicts of law. Any and all
      litigation arising out of this Agreement shall be conducted only in courts
      located in the State of Delaware.

     

    (g) Remedies.
      Each of
      the parties to this Agreement will be entitled to enforce its rights under
      this
      Agreement specifically, to recover damages and costs (including attorney’s fees)
      caused by any breach of any provision of this Agreement and to exercise all
      other rights existing in its favor. The parties hereto agree and acknowledge
      that money damages may not be an adequate remedy for any breach of the
      provisions of this Agreement and that any party may in its sole discretion
      apply
      to any court of law or equity of competent jurisdiction (without posting any
      bond or deposit) for specific performance and/or other injunctive relief in
      order to enforce or prevent any violations of the provisions of this
      Agreement.

     

    (h) Amendment
      and Waiver.
      The
      provisions of this Agreement may be amended and waived only with the prior
      written consent of the Company and Executive. No course of conduct or failure
      or
      delay in enforcing the provisions of this Agreement shall affect the validity,
      binding effect or enforceability of this Agreement.

     

    (i) Business
      Days.
      If any
      time period for giving notice or taking action hereunder expires on a day which
      is a Saturday, Sunday or holiday in the state in which the Company’s chief
      executive office is located, the time period shall be automatically extended
      to
      the business day immediately following such Saturday, Sunday or
      holiday.

     

    (j) Indemnification
      and Reimbursement of Payments on Behalf of Executive.
      The
      Company shall be entitled to deduct or withhold from any amounts owing from
      the
      Company to the Executive any federal, state, local or foreign withholding taxes,
      excise taxes, or employment taxes (“Taxes”) imposed with respect to the
      Executive’s compensation or other payments from the Company or the Executive’s
      ownership interest in the Company, including, but not limited to, wages,
      bonuses, dividends, the receipt or exercise of stock options and/or the receipt
      or vesting of restricted stock. The Executive shall indemnify the Company for
      any amounts paid with respect to any such Taxes, together with any interest,
      penalties and related expenses thereto.

     

    (k) Termination.
      This
      Agreement shall survive the termination of Executive’s employment with the
      Company and shall remain in full force and effect after such
      termination.

     

    (l) Generally
      Accepted Accounting Principles; Adjustments of Numbers.
      Where
      any accounting determination or calculation is required to be made under this
      Agreement or the exhibits hereto, such determination or calculation (unless
      otherwise provided) shall be made in accordance with generally accepted
      accounting principles, consistently applied. All numbers set forth herein which
      refer to share prices or amounts will be appropriately adjusted to reflect
      stock
      splits, stock dividends, combinations of shares, recapitalizations or other
      similar transactions affecting the subject class of stock.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (m) Waiver
      of Jury Trial.
      Each of
      the parties hereto hereby irrevocably waives any and all right to trial by
      jury
      of any claim or cause of action in any legal proceeding arising out of or
      related to this Agreement or the transactions or events contemplated hereby
      or
      any course of conduct, course of dealing, statements (whether verbal or written)
      or actions of any party hereto. The parties hereto each agree that any and
      all
      such claims and causes of action shall be tried by a court trial without a
      jury.
      Each of the parties hereto further waives any right to seek to consolidate
      any
      such legal proceeding in which a jury trial has been waived with any other
      legal
      proceeding in which a jury trial cannot or has not been waived.

     

     

    *****

     

     

     

    
 

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

     

    
       

       

      
        	 	 	 
	 	
                CLEVELAND
                  BIOLABS, INC.

              
	 
 	 
 	 
 
	 	By:  	/s/
                Michael Fonstein
	 	 	
                
                  

                

                Name:  Michael Fonstein 

                
                  Its:       
                    Chief
                    Executive Officer

                

              
	 	 	 
	 	 	 
	 	 	/s/ Yakov Kogan 
	 	
                

                
                  Yakov
                    Kogan

                

                 

              
	 	 

      

      
 

      
        
          
          

        

        
          9RESTRICTED
      STOCK AGREEMENT

     

    THIS
      RESTRICTED STOCK AGREEMENT
      (this
“Agreement”)
      is
      made as of July 5, 2003, between Cleveland BioLabs, Inc., a Delaware
      corporation (the “Company”),
      and
      Andrei Gudkov (“Executive”).

     

    The
      Executive has subscribed for and the Company has accepted a subscription
      agreement pursuant to which Executive has committed to purchase, and the Company
      has committed to sell, 2,650 shares of the Company’s Common Stock, par value
      $0.005 per share (the “Common
      Stock”).
      All
      of such shares of Common Stock are referred to herein as “Executive
      Shares.”
      Certain definitions are set forth in Section 6
      of this
      Agreement.

     

    As
      an
      inducement for the Company to issue and sell the Executive Shares to Executive,
      the Company is requiring Executive to enter into this Agreement.

     

    The
      parties hereto agree as follows:

     

    1.  Executive
      Shares.

     

    (a)  Upon
      execution of this Agreement, Executive will purchase, and the Company will
      sell,
      2,650 shares of Common Stock at a price of $0.005 per share. The Company will
      deliver to Executive the certificates representing such Executive Shares, and
      Executive will deliver to the Company cash or a check in the aggregate amount
      of
      $13.25.

     

    (b)  Within
      thirty (30) days after the purchase by Executive of Executive Shares pursuant
      to
      this Agreement, Executive will make an effective election with the Internal
      Revenue Service under Section 83(b) of the Internal Revenue Code and the
      regulations promulgated thereunder in the form of Annex A
      attached
      hereto.

     

    (c)  In
      connection with the purchase and sale of the Executive Shares pursuant hereto,
      Executive represents and warrants to the Company that:

     

    (i)  Executive
      is an employee, officer or director of the Company, is sophisticated in
      financial matters and is able to evaluate the risks and benefits of the
      investment in the Executive Shares;

     

    (ii)  This
      Agreement and each of the other agreements contemplated hereby to which
      Executive is a party constitute legal, valid and binding obligations of
      Executive, enforceable in accordance with their terms, and the execution,
      delivery and performance of this Agreement and such other agreements by
      Executive does not and will not conflict with, violate or cause a breach of
      any
      agreement, contract or instrument to which Executive is a party or any judgment,
      order or decree to which Executive is subject; and

     

    (iii)  Executive
      is not a party to or bound by any other employment agreement, noncompete
      agreement or confidentiality agreement which conflicts with the obligations
      set
      forth in this Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    (d)  As
      an
      inducement for the Company to commit to issue the Executive Shares to Executive,
      and as a condition thereto, Executive acknowledges and agrees that neither
      any
      future issuance of capital stock of the Company to Executive nor any provision
      contained herein shall entitle Executive to remain in the employment of the
      Company, or affect the right of the Company to terminate Executive’s employment
      at any time for any reason, subject to the terms and conditions of any
      employment agreement.

     

    2.  Vesting
      of Shares.

     

    (a)  Except
      as
      otherwise provided in. Section 2(b)
      below,
      the Executive Shares purchased hereunder will become vested (determined as
      nearly as practicable to the nearest share) in accordance with the following
      schedule, if as of each such date Executive is still employed by the
      Company:

     

    
      	
              Date

            	 	
              Cumulative
                Percentage of

              Executive
                Shares to be Vested

            
	
              Date
                of This Agreement

            	 	
              25%

            
	
              1st
                Anniversary of this Agreement

            	 	
              50%

            
	
              2nd
                Anniversary of this Agreement

            	 	
              75%

            
	
              3rd
                Anniversary of this Agreement

            	 	
              100%

            
	 	 	 

    

    (b)  If
      Executive ceases to be employed by the Company on any date other than any
      anniversary date prior to the third anniversary of this Agreement, the
      cumulative percentage of Executive Shares to become vested will be determined
      on
      a pro rata basis according to the number of days elapsed from the prior
      anniversary date to the date of termination (but including in such calculation
      all unused vacation and personal days as if the Executive had worked such days);
      provided,
      however,
      that no
      Executive Shares shall become vested until the first anniversary of this
      Agreement. Notwithstanding the foregoing or anything herein to the contrary,
      upon the occurrence of a Sale of the Company, all Executive Shares which have
      not yet become vested shall become vested at the time of such Sale of the
      Company (such portion being referred to herein as the “Accelerated
      Shares”);
      provided,
      however,
      that
      the Accelerated Shares shall at all times be subject to any restrictions or
      limitations with respect to the Transfer thereof contained herein or as
      otherwise provided by law, Executive Shares which have become vested hereunder
      are referred to herein as “Vested
      Shares,”
and
      all other Executive Shares are referred to herein as “Unvested
      Shares.”

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

       

    

    3.  Repurchase
      Option.

     

    (a)  In
      the
      event Executive ceases to be employed by the Company for any reason (a
“Separation”), the Unvested Shares (whether held by Executive or one or more of
      Executive’s transferees, other than the Company) will be subject to repurchase,
      in each case by the Company pursuant to the terms and conditions set forth
      in
      this Section 3
      (the
“Repurchase
      Option”).

     

    (b)  In
      the
      event of a Separation, the Executive Securities purchased hereunder representing
      Unvested Shares shall be subject to repurchase by the Company at a purchase
      price per share equal to the Executive’s Original Cost for such
      share.

     

    (c)  In
      the
      event of a Separation, the Company may elect to purchase all or any portion
      of
      the Unvested Shares by delivering written notice (the “Repurchase
      Notice”)
      to the
      holder or holders of the Executive Securities within 60 days after the
      Separation. The Repurchase Notice will set forth the number of Unvested Shares
      to be acquired from each holder, the aggregate consideration to be paid for
      such
      securities and the time and place for the closing of the transaction. The number
      of securities to be repurchased by the Company shall first be satisfied to
      the
      extent possible from the Unvested Shares held by Executive at the time of
      delivery of the Repurchase Notice. If the number of Unvested Shares then held
      by
      Executive is less than the total number of such securities which the Company
      has
      elected to purchase, the Company shall purchase the remaining securities elected
      to be purchased from the other holder(s) of Executive Securities under this
      Agreement, pro rata according to the number of Executive Securities held by
      such
      other holder(s) at the time of delivery of such Repurchase Notice (determined
      as
      nearly as practicable to the nearest share).

     

    (d)  The
      closing of the purchase of the Unvested Shares pursuant to the Repurchase Option
      shall take place on the date designated by the Company in the Repurchase Notice,
      which date shall not be more than 2 months nor less than 5 days after
      the delivery of such notice. The Company will pay for the Executive Securities
      to be purchased by it pursuant to the Repurchase Option by first offsetting
      amounts outstanding under any bona fide debts owed by Executive to the Company
      and will pay the remainder of the purchase price to the extent reasonably
      permissible under the Company’s equity financing agreements and agreements
      evidencing indebtedness for borrowed money, by a check or wire transfer of
      funds. The Company will be entitled to receive customary representations and
      warranties from the sellers of Executive Securities (including representations
      and warranties regarding good title to the Executive Securities, the absence
      of
      any liens on such title or other encumbrances with respect to the Transfer
      of
      the Executive Securities and the ability of such sellers to consummate the
      sale).

     

    (e)  Notwithstanding
      anything to the contrary contained in this Agreement, all repurchases of
      Executive Securities by the Company shall be subject to applicable restrictions
      contained in the Delaware General Corporation Law and as may be required by
      other parties in the Company’s equity financing agreements or agreements
      evidencing indebtedness for borrowed money, if any. If any such restrictions
      prohibit the repurchase of Executive Securities hereunder which the Company
      is
      otherwise entitled to make, the Company may make such repurchases as soon as
      it
      is permitted to do so under such restrictions.

     

    4.  Restrictions
      on Transfer of Executive Securities.

     

    (a)  Transfer
      of Executive Securities.
      Executive shall not Transfer any interest in any Executive Securities, except
      at
      such time as the restrictions herein terminate as provided in Section 4(b)
      below.
      Notwithstanding the foregoing, the restrictions contained in this Section 4
      will not
      apply with respect to (i) Transfers of shares of Executive Securities
      pursuant to applicable laws of descent and distribution or (ii) Transfer of
      shares of Executive Securities among Executive’s Family Group; provided
      that in
      each case such restrictions will continue to be applicable to the Executive
      Securities irrespective of any such Transfer. Any transferee of Executive
      Securities pursuant to a Transfer in accordance with the provisions of this
      Section 4(a)
      is
      herein referred to as a “Permitted
      Transferee.”

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

       

    

    (b)  Termination
      of Restrictions.
      The
      restrictions on the Transfer of Executive Securities set forth in this
Section 4
      will
      continue with respect to each Executive Security until the earlier of (i) a
      Qualified Public Offering; or (ii) a Sale of the Company.

     

    5.  Additional
      Restrictions on Transfer of Executive Securities.

     

    (a)  Legend.
      The
      certificates representing the Executive Securities will bear a legend in
      substantially the following form:

     

    “THE
      SECURITIES REPRESENTED BY THIS CERTIFICATE WERE ORIGINALLY ISSUED AS OF
      JULY 5, 2003, HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
      AMENDED (THE “ACT”), AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN
      EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR AN EXEMPTION FROM REGISTRATION
      THEREUNDER. THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO SUBJECT
      TO
      ADDITIONAL RESTRICTIONS ON TRANSFER, CERTAIN REPURCHASE OPTIONS AND CERTAIN
      OTHER AGREEMENTS SET FORTH IN A RESTRICTED STOCK AGREEMENT BETWEEN THE COMPANY
      AND AN EXECUTIVE OF THE COMPANY DATED AS OF JULY 5, 2003. A COPY OF SUCH
      AGREEMENT MAY BE OBTAINED BY THE HOLDER HEREOF AT THE COMPANY’S PRINCIPAL PLACE
      OF BUSINESS WITHOUT CHARGE.”

     

    (b)  Opinion
      of Counsel.
      No
      holder of Executive Securities may transfer any Executive Securities (except
      pursuant to an effective registration statement under the Securities Act)
      without first delivering to the Company an opinion of counsel (reasonably
      acceptable in form and substance to the Company) that neither registration
      nor
      qualification under the Securities Act and applicable state securities laws
      is
      required in connection with such Transfer.

     

    6.  Definitions.

     

    “Executive’s
      Family Group”
means
      Executive’s spouse and descendants (whether natural or adopted), any trust
      solely for the benefit of Executive and/or Executive’s spouse and/or descendants
      and any retirement plan for the Executive.

     

    “Executive
      Securities”
means
      the Executive Shares and any other securities of the Company held by Executive
      or any of Executive’s transferees permitted hereunder. All Executive Securities
      will continue to be Executive Securities in the hands of any holder other than
      Executive (except for the Company and except for transferees in a Public Sale).
      Except as otherwise provided herein, each such other holder of Executive
      Securities will succeed to all rights and obligations attributable to Executive
      as a holder of Executive Securities hereunder. Executive Securities will also
      include shares of the Company’s capital stock or other securities of the Company
      issued with respect to Executive Securities by way of a stock split, dividend
      or
      other recapitalization or reclassification.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

       

    

    “Original
      Cost”
means
      with respect to each share of Common Stock purchased hereunder, $0.005 (as
      proportionately adjusted for all subsequent stock splits, stock dividends and
      other recapitalizations).

     

    “Person”
means
      an individual, a partnership, a limited liability company, a corporation, an
      association, a joint stock company, a trust, a joint venture, an unincorporated
      organization and a governmental entity or, any department agency or political
      subdivision thereof.

     

    “Public
      Sale”
means
      any sale pursuant to a registered public offering under the Securities Act
      or
      any sale to the public pursuant to Rule 144 promulgated under the
      Securities Act effected through a broker, dealer or market maker.

     

    “Qualified
      Public Offering”
means
      the sale in an underwritten public offering registered under the Securities
      Act
      of shares of the Company’s Common Stock approved by the Board resulting in net
      proceeds to the Company of no less than $20 million.

     

    “Sale
      of the Company”
means
      any transaction or series of transactions pursuant to which (A) any
      Person(s) acquire(s) (i) capital stock of the Company possessing the voting
      power (other than voting rights accruing only in the event of a default, breach
      or event of noncompliance) to elect a majority of the Company’s board of
      directors (whether by merger, consolidation, reorganization, combination, sale
      or transfer of the Company’s capital stock, shareholder or voting agreement,
      proxy, power of attorney or otherwise) or (ii) all or substantially all of
      the Company’s assets determined on a consolidated basis; provided
      that the
      term “Sale of the Company” shall not include any sale of equity or debt
      securities by the Company in a private offering to other investors; or
      (B) more than 50% of the assets of the Company is spun off, split off or
      otherwise distributed.

     

    “Securities
      Act”
means
      the Securities Act of 1933, as amended.

     

    “Transfer”
means
      to sell, transfer, assign, pledge or otherwise dispose of (whether with or
      without consideration and whether voluntarily or involuntarily or by operation
      of law).

     

    7.  Notices.
      Any
      notice provided for in this Agreement must be in writing and must be either
      personally delivered, mailed by first class mail (postage prepaid and return
      receipt requested), sent by reputable overnight courier service (charges
      prepaid), or sent via facsimile to the recipient at the address or facsimile
      number below indicated:

     

    
      	
              If
                to the Company:

               

              Cleveland
                BioLabs, Inc.

              7800
                Blackberry Lane

              Gates
                Mills, Ohio 44040

              Attn: Michael
                Fonstein

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
              With
                a copy to:

               

              Katten
                Muchin Rosenman LLP

              525
                West Monroe Street

              Suite
                1900

              Chicago,
                Illinois 60661

              Fax: (312)
                902-1061

              Tel: (312)
                902-6200

              Attn: Kurt
                W. Florian, Esq.

               

            
	
              If
                to Executive:

               

              Andrei
                Gudkov

              7800
                Blackberry Lane

              Gates
                Mills, Ohio 44040

            

    

     

    or
      such
      other address, facsimile number or to the attention of such other person as
      the
      recipient party shall have specified by prior written notice to the sending
      party. Any notice under this Agreement will be deemed to have been given when
      so
      delivered, sent or transmitted or, if mailed, five days after deposit in the
      U.S. mail.

     

    8.        General
      Provisions.

     

    (a)  Transfers
      in Violation of Agreement.
      Any
      Transfer or attempted Transfer of any Executive Securities in violation of
      any
      provision of this Agreement shall be void, and the Company shall not record
      such
      Transfer on its books or treat any purported transferee of such Executive
      Securities as the owner of such securities for any purpose.

     

    (b)  Severability.
      Whenever possible, each provision of this Agreement will be interpreted in
      such
      manner as to be effective and valid under applicable law, but if any provision
      of this Agreement is held to be invalid, illegal or unenforceable in any respect
      under any applicable law or rule in any jurisdiction, such invalidity,
      illegality or unenforceability will not affect any other provision or any other
      jurisdiction, but this Agreement will be reformed, construed and enforced in
      such jurisdiction as if such invalid, illegal or unenforceable provision had
      never been contained herein.

     

    (c)  Complete
      Agreement.
      This
      Agreement, those documents expressly referred to herein and other documents
      of
      even date herewith embody the complete agreement and understanding among the
      parties and supersede and preempt any prior understandings, agreements or
      representations by or among the parties, written or oral, which may have related
      to the subject matter hereof in any way.

     

    (d)  Counterparts.
      This
      Agreement may be executed in separate counterparts, each of which is deemed
      to
      be an original and all of which taken together constitute one and the same
      agreement.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

       

    

    (e)  Successors
      and Assigns.
      Except
      as otherwise provided herein, this Agreement shall bind and inure to the benefit
      of and be enforceable by Executive and the Company and their respective
      successors and assigns (including subsequent holders of Executive Securities);
      provided that the rights and obligations of Executive under this Agreement
      shall
      not be assignable except in connection with a permitted transfer of Executive
      Securities hereunder.

     

    (f)  Choice
      of Law.
      This
      Agreement shall be construed in accordance with the laws of the State of
      Delaware, without regard to principals of conflicts of law. Any and all
      litigation arising out of this Agreement shall be conducted only in courts
      located in the State of Delaware.

     

    (g)  Remedies.
      Each of
      the parties to this Agreement will be entitled to enforce its rights under
      this
      Agreement specifically, to recover damages and costs (including attorney’s fees)
      caused by any breach of any provision of this Agreement and to exercise all
      other rights existing in its favor. The parties hereto agree and acknowledge
      that money damages may not be an adequate remedy for any breach of the
      provisions of this Agreement and that any party may in its sole discretion
      apply
      to any court of law or equity of competent jurisdiction (without posting any
      bond or deposit) for specific performance and/or other injunctive relief in
      order to enforce or prevent any violations of the provisions of this
      Agreement.

     

    (h)  Amendment
      and Waiver.
      The
      provisions of this Agreement may be amended and waived only with the prior
      written consent of the Company and Executive. No course of conduct or failure
      or
      delay in enforcing the provisions of this Agreement shall affect the validity,
      binding effect or enforceability of this Agreement.

     

    (i)  Business
      Days.
      If any
      time period for giving notice or taking action hereunder expires on a day which
      is a Saturday, Sunday or holiday in the state in which the Company’s chief
      executive office is located, the time period shall be automatically extended
      to
      the business day immediately following such Saturday, Sunday or
      holiday.

     

    (j)  Indemnification
      and Reimbursement of Payments on Behalf of Executive.
      The
      Company shall be entitled to deduct or withhold from any amounts owing from
      the
      Company to the Executive any federal, state, local or foreign withholding taxes,
      excise taxes, or employment taxes (“Taxes”)
      imposed with respect to the Executive’s compensation or other payments from the
      Company or the Executive’s ownership interest in the Company, including, but not
      limited to, wages, bonuses, dividends, the receipt or exercise of stock options
      and/or the receipt or vesting of restricted stock. The Executive shall indemnify
      the Company for any amounts paid with respect to any such Taxes, together with
      any interest, penalties and related expenses thereto.

     

    (k)  Termination.
      This
      Agreement shall survive the termination of Executive’s employment with the
      Company and shall remain in full force and effect after such
      termination.

     

    (l)  Generally
      Accepted Accounting Principles; Adjustments of Numbers.
      Where
      any accounting determination or calculation is required to be made under this
      Agreement or the exhibits hereto, such determination or calculation (unless
      otherwise provided) shall be made in accordance with generally accepted
      accounting principles, consistently applied. All numbers set forth herein which
      refer to share prices or amounts will be appropriately adjusted to reflect
      stock
      splits, stock dividends, combinations of shares, recapitalizations or other
      similar transactions affecting the subject class of stock.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

       

    

    (m)  Waiver
      of Jury Trial.
      Each of
      the parties hereto hereby irrevocably waives any and all right to trial by
      jury
      of any claim or cause of action in any legal proceeding arising out of or
      related to this Agreement or the transactions or events contemplated hereby
      or
      any course of conduct, course of dealing, statements (whether verbal or written)
      or actions of any party hereto. The parties hereto each agree that any and
      all
      such claims and causes of action shall be tried by a court trial without a
      jury.
      Each of the parties hereto further waives any right to seek to consolidate,
      any
      such legal proceeding in which a jury trial has been waived with any other
      legal
      proceeding in which a jury trial cannot or has not been waived.

     

    *****

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

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

     

     

    
      	 	 	 
	 	CLEVELAND
              BIOLABS, INC.
	 
 	 
 	 
 
	 	By:  	/s/ Michael
              Fonstein
	 	
              
Name: Michael
              Fonstein
	 	Its: Chief
              Financial Officer
	 	 
	 	 
	 	
              /s/ Andrei Gudkov

            
	 	
              
                
                  

                

              

              Andrei Gudkov

            

    

     

     

    
      
        
        

      

      
        9

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