Document:

Exhibit 10.21

       

      PDS BIOTECHNOLOGY CORPORATION CHANGE OF CONTROL

       

      SEVERANCE PLAN

       

      	1.	
              Purpose of the Plan

            

       

      The Board of Directors (the “Board”) of PDS Biotechnology Corporation (“PDS” or the “Company”) believes that it is in the best interests of the Company to encourage the continued employment and dedication of certain employees by providing economic security to such individuals
        in the event of certain terminations of employment, and the Plan has been established for this purpose. This PDS Biotechnology Corporation Severance Plan (the “Plan”) is intended to be a
        welfare plan under ERISA.  Capitalized terms used in the Plan are defined in Section 11, except as otherwise specified.  The Plan, as a severance pay arrangement within the meaning of Section 3(2)(B)(i) of ERISA, is intended to be and shall be
        administered and maintained as an unfunded welfare benefit plan under ERISA Section 3(1).  This Plan supersedes any other severance pay plan, program or policy, whether oral or written, previously adopted or applied by the Company.

       

      	2.	
              Effective Date

            

       

      The Plan shall be effective only with respect to a Participant’s termination of employment covered by the Plan that occurs on or after March 14, 2022 (the “Effective
          Date”).

       

      	3.	
              Administration

            

       

      	

            	(a)	
              The Committee shall act as the plan administrator and the “named fiduciary” of the Plan for purposes of ERISA.  Before a Change in Control, the Committee has sole and absolute discretion and authority to administer the Plan, including
                the sole and absolute discretion and authority to:

            

       

      	

            	(i)	
              adopt such rules as it deems advisable in connection with the administration of the Plan, and to construe, interpret, apply and enforce the Plan and any such rules and to remedy ambiguities, errors, or omissions in the Plan;

            

       

      	

            	(ii)	
              determine eligibility, entitlement to benefits, and any other terms of the Plan applicable to the Participants, including, but not limited to, the Severance Period, amount and method of payment, and a Participant’s continued entitlement
                to benefits under the Plan;

            

       

      	

            	(iii)	
              act under the Plan on a case-by-case basis; and

            

       

      	

            	(iv)	
              delegate its authority under the Plan to any officer, employee, or group of officers and/or employees of the Company.

            

       

      	

            	(b)	
              The Committee’s determinations are final, conclusive, and binding on all parties affected by its determinations.  The Committee’s decisions under the Plan need not be uniform with respect to similarly situated Participants.

            

       

      
        
          

      

      	

            	(c)	
              If any person with administrative authority becomes eligible or makes a claim for Plan benefits, that person will have no authority with respect to any matter specifically affecting his or her individual interest under the Plan, and the
                Committee will designate another person to exercise such authority.

            

       

      	

            	(d)	
              Notwithstanding anything in the Plan to the contrary, after a Change in Control, neither the Committee nor any other person or entity shall have discretionary authority in the administration of the Plan, and any court or tribunal that
                adjudicates any dispute, controversy or claim in connection with any severance benefits under the Plan will apply a de novo standard of review to any determinations made by the Committee following
                such Change in Control.  Such de novo standard shall apply notwithstanding the grant of full discretion hereunder to the Committee or any person or entity or characterization of any decision by the
                Committee or by such person or entity as final, binding, or conclusive on any party.

            

       

      	4.	
              Eligibility

            

       

      (a)          Covered Employees.  The Plan covers each permanent full-time employee of the Company who (i) is actively performing the regular duties of his
        or her position or who is on a leave of absence authorized by the Company, and (ii) has completed three (3) months or more of employment with the Company prior to the Severance Date.  An individual is not considered an employee who is eligible
        under the Plan if the individual is classified by the Company as an independent contractor, consultant, temporary employee, part-time employee or intern.

       

      
        (b)          Severance Eligibility.  The Company has established this Plan to provide severance pay to the eligible employees described in Section 4(a)
          herein whose employment terminates under certain circumstances.  Employees of the Company who are selected by the Company for separation of employment due to Company restructuring, staff reduction, job elimination and/or separation (excluding
          termination for Cause) are eligible to receive severance benefits under this Plan unless any one of the following exceptions apply (such eligible employee, a “Participant”):

      

      
        

        

      

      
        	

              	•	
                Employees with existing offer letters, employment agreements, or other agreements with the Company and/or one of its affiliates that provides for severance pay are not eligible for severance benefits under this Plan.

              

      

      
        

        

      

      
        	

              	•	
                Employees who voluntarily resign or whose employment ends prior to their Severance Date for reasons other than involuntary separation by the Company due to restructuring or staff reduction, even if they have already been selected for
                  separation for the reasons listed above, are not eligible for severance benefits under this Plan.

              

      

      
        

        

      

      
        	

              	•	
                Employees who fail to timely return from paid time off, unpaid leave, or any other approved leave of absence as determined in the sole discretion of the Administrator are not eligible for severance benefits under this Plan.

              

      

      
        

        

      

      
        
          2

          
            

        

        	

              	•	
                Employees who are terminated for Cause are not eligible for severance benefits under this Plan.

              

      

      
        

        

      

      
        	

              	•	
                Independent contractors/consultants, interns, temporary employees and any individuals retained through outsourcing arrangements are not eligible for severance benefits under this Plan.

              

      

      
        

        

        As provided below in Section 5, no severance shall be paid to a Participant who is offered Comparable Employment by a purchaser or a successor subject to Section 5(a).

        

        

      

      	5.	
              Entitlement to Severance Benefits

            

       

      	

            	(a)	
              After a Change in Control. Subject to Section 5(c), if a Participant’s employment with the Company is terminated within twenty-four (24) months after a Change in Control by the Company for reasons other than Cause, death, or Disability severance
                  benefits shall be provided to the Participant as specified under Section 6, subject to, and contingent on, the Participant’s satisfaction of the requirements of Section 7(a) and Section 7(c).

            

       

      	

            	(b)	
              Termination Due to Death or Disability. If a Participant’s employment with the Company is terminated after the Effective Date due to the employee’s death or Disability, no severance benefits shall be provided to a Participant whose employment with
                  the Company is terminated after the Effective Date due to the employee’s death or Disability.

            

       

      	

            	(c)	
              Employment with Successor. Notwithstanding anything to the contrary under the Plan, no severance benefits shall be paid under the Plan to a Participant who is offered or continues to have Comparable Employment by an entity that purchases the
                  equity or assets of the Company (or a business unit of the Company) or, following a Change in Control, by a successor to the Company. “Comparable Employment” is determined based
                  on the facts and circumstances in each case, but means employment with duties, responsibilities, Base Salary, annual short-term incentive opportunity, benefits and location that are similar in the aggregate to the Participant’s employment
                  with the Company immediately before the transaction or Change in Control. The Administrator has the sole discretion to determine whether an offer or continued employment is Comparable Employment.  For the avoidance of doubt, a Participant
                  who accepts Comparable Employment with a successor to the Company following a Change in Control remains entitled to receive severance benefits if the Participant’s employment is terminated as specified under Section 5(a).

            

       

      
        3

        
          

      

      	6.	
              Severance Benefits

            

       

      	

            	(a)	
              Accrued Compensation. The Company shall pay to the Participant the sum of (i) the Participant’s Base Salary through the Severance Date, and (ii) any accrued but unused paid time off, in each case, payable in a lump sum cash payment on or within 30
                  days after termination of employment.

            

       

      	

            	(b)	
              Severance Pay Calculation.  If the Participant is entitled to severance pursuant to Section 5(a) of the Plan, then the Company shall pay to the Participant severance in an amount based on the Participant’s employment classification in accordance
                  with the table below (the “Severance Period”), so long as a Release (as defined below) is signed by the Participant and returned to the
                  Company in accordance with the timing requirements provided in the Release after the Participant’s Severance Date and the Participant does not revoke such Release.  The employment classification of any Participant shall be determined by
                  the Company, in its discretion, based on the employee’s position relevant to the job grading system in place for the Company.

            

       

      	
              Employment

              Classification

            	
              Section 5(a)

              Months of Pay 

              Following a 

              Change in 

              Control

            
	
              Professional

            	
              2 months

            
	
              Manager

            	
              3 months

            
	
              Director/Associate Director

            	
              4 months

            
	
              Executive/Senior Director

            	
              6 months

            
	
              Vice President

            	
              9 months

            

      

      

      Severance pay shall be calculated as follows:

      

      

      
        4

        
          

      

      	

            	(i)	
              If a Participant is terminated in connection with Section 5(a) of the Plan, the severance pay shall be equal to the Months of Pay Following a Change in Control, subject to the Company’s discretion.  Additionally, if a Participant at the
                Vice President level is terminated in connection with Section 5(a) of the Plan, they shall receive (A) one hundred percent (100%) of the annual bonus (if any) that was earned during the calendar year immediately prior to the year in which
                the Severance Date occurs that has not yet been paid, and  (B) a pro-rata amount equal to the target annual bonus (if any) that the Participant would have earned during the calendar year in which the Severance Date occurs with respect to
                any performance period during which the Participant continued to provide services prior to the Severance Date calculated based on the Participant’s termination date.

            

      

      

      	

            	(ii)	
              In the event the Company (or any surviving or acquiring corporation) terminates
                  Participant’s employment without Cause within twenty-four (24) months following the effective date of a Change in Control, and in the event that Participant’s outstanding equity as of the closing of such Change in Control is assumed or
                  continued (in accordance with its terms) by the surviving entity in such Change in Control, then 100% of the unvested portion of such equity shall become vested.

            

      

      

      	

            	(c)	
              Severance Pay Timing.  If a Participant is terminated in connection with Section 5(a) of the Plan, the severance pay shall be paid in a one-time lump sum cash payment.  The severance pay shall be paid no more than sixty (60) calendar days following
                  the date on which the Release the employee executed has become fully effective and non-revocable if paid as a lump sum payment.

            

       

      	

            	(d)	
              Health Benefit Continuation.  If a Participant is eligible for and timely elects to continue medical, dental and/or vision benefits under the continuation health coverage provisions of the Consolidated Omnibus Reconciliation Act of 1985, as
                  amended, or other similar law (“COBRA”) after his or her Severance Date in accordance with Company’s group health, dental, and vision plans (the “Health Plans”), except as otherwise provided below, the Company shall reimburse the portion of the Participant’s COBRA premium that exceeds the amount of the premium paid by active employees for the same
                  coverage (the “COBRA Subsidy”) during the Severance Period (the “COBRA Period”).  At the end of the COBRA Period, a
                  Participant may continue COBRA coverage at the employee’s entire expense, as applicable.  Notwithstanding any other provision of this Plan, the Company’s COBRA Subsidy shall cease on the date on which the employee becomes eligible for
                  healthcare insurance coverage from another employer.  Each employee is obligated to notify the Company within at least five (5) business days of becoming eligible for healthcare insurance coverage from another employer.  The failure of an
                  employee to timely provide this notice will result in him or her forfeiting the COBRA Subsidy under this Plan, although the employee will remain eligible for COBRA without the subsidy.  This Plan is not to be interpreted to expand an
                  employee’s health care continuation rights under COBRA.  That is, continuation coverage under this Plan will run concurrent with (and not consecutive to) COBRA continuation coverage.  The Company may include the COBRA Subsidy in the
                  employee’s taxable income if the Company determines it is advisable for tax reasons.

            

       

      
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      	7.	
              Other Terms and Conditions of Eligibility

            

       

      	

            	(a)	
              Waiver and Release of Claims. As a condition to receiving severance benefits under the Plan, each Participant shall be required to timely return (and not revoke or violate the terms of), a signed, dated Confidential Separation and General Release
                  of Claims Agreement (the “Release”), in a form which will be provided to the employee on or about his or her Severance Date. In no case will payments be made or begin before the
                  end of any revocation period required by applicable law or regulation in connection with any release or waiver that the Participant is asked to sign.

            

       

      	

            	(b)	
              At-Will Employment.  Each Participant is employed by the Company on an “at-will” basis and nothing in this Plan shall give any Participant any right to continue in the employ of the Company. A Participant shall have no rights under the Plan if the
                  Participant’s employment terminates for any reason other than one for which a benefit may be paid under the Plan.  The records of the Company with respect to employment history, Base Salary, absences, and all other relevant matters shall
                  be conclusive for all purposes of this Plan.

            

       

      	

            	(c)	
              Completion of Employment. To receive severance benefits under the Plan, the Participant must (i) timely return (and not revoke or violate the terms of), a signed, dated Proprietary Information Agreement, (ii) continue to work until the
                  Participant’s services are no longer required by the Company, (ii) perform all transition and other matters required of the Participant by the Company or successor prior to his or her Severance Date, and (iii) return any Company property
                  which has come into the employee’s possession on or before employee’s Severance Date.

            

       

      	

            	(d)	
              Nonduplication; No Impact on Benefits.

            

       

      	

            	(i)	
              Payments to a Participant under the Plan shall be in lieu of any severance or similar payments that otherwise might be payable under any plan, program, policy or agreement sponsored by the Company that provides severance benefits to
                employees upon termination of employment. Any Participant with an employment or similar agreement negotiated at arm’s length with the Company that includes severance benefits shall be entitled to receive the benefits provided under such
                agreement, and shall not be entitled to receive any payments under the Plan.

            

       

      	

            	(ii)	
              Benefits payable under the Plan will not increase or decrease the benefits otherwise available to a Participant under any company-sponsored retirement plan, welfare plan or any other employee benefit plan or program, unless otherwise
                expressly provided for in any particular plan or program.

            

       

      
        6

        
          

      

      	

            	(iii)	
              Any severance benefits under the Plan shall be reduced by the amount of any payment required by the Company to the Participant due to insufficient advance notice of employment loss or otherwise required by law due to the termination of
                employment.

            

       

      	8.	
              Benefit Claims

            

       

      	

            	(a)	
              Initial Claim.
                  Any claims concerning eligibility, participation, benefits or other aspects of the Plan must be submitted in writing and directed to the Administrator, within 90 days after the communication of the determination that is the basis of the
                  claim. Within 90 days after receiving a claim, the Administrator will (i) either accept or deny the claim completely or partially, and (ii) notify the Participant of acceptance or denial of the claim. If a claim is partially or wholly
                  denied, the Administrator will provide a written denial to the Participant no later than 90 days after receipt of the initial claim request. The written denial shall include specific reasons for the denial, specific references to the Plan
                  provisions upon which the denial was based, a description of any additional material or information necessary for the Participant to perfect the claim, an explanation of why such material is necessary, and instructions on the Plan’s claim
                  review procedure. If the Administrator requires additional time to process a claim because of special circumstances, the Administrator, in its sole discretion, may extend the period 90 additional days. The Administrator must notify the
                  Participant of any such extension prior to the expiration of the 90‐day period commencing from the date the Administrator first received written submission of the claim.

            

       

      	

            	(b)	
              Appeals. The
                  Participant may request in writing to the Committee a review of a denied claim within 60 days after receipt of such denial. Such written request must contain an explanation as to why the Participant is seeking a review. For purposes of
                  the review, the Participant has the right to (i) submit written comments, documents, records and other information relating to the claim for benefits; (ii) request, free of charge, reasonable access to, and copies of, all documents,
                  records, and other information relevant to the claim for benefits; and (iii) a review that takes into account all comments, documents, records, and other information the Participant submitted relating to the claim, regardless of whether
                  the information was submitted or considered in the initial decision. A decision on such review will be rendered in writing within 60 days after the Committee’s receipt of a request for review, unless special circumstances require an
                  extension of time for processing, in which case a decision will be rendered as soon as possible, but no later than 60 days after receipt of the request for review provided that written notice is provided to the Participant or the
                  Participant’s authorized representative before the extension commences. A written notice affirming the denial of a claim will set forth the specific reasons for the decision and make specific reference to Plan provisions upon which the
                  decision or appeal is based and a statement describing the Participant’s right to bring an action under Section 502(a) of ERISA. In preparation for filing such a request for review, the Participant or the Participant’s authorized
                  representative may review pertinent plan documents, and as part of the written request for review, may submit issues and comments concerning the claim. No claim may be brought before or submitted to a court of law or other governmental
                  entity unless and until the claims process under this Section 8 has been exhausted.

            

       

      
        7

        
          

      

      	9.	
              General

            

       

      	

            	(a)	
              Amendment and Termination of the Plan. The Administrator may amend this Plan, in whole or in part, or discontinue or terminate this Plan at any time for any reason. If the Administrator amends the Plan to eliminate benefits for some or all
                  employees, or terminates the Plan, the rights of an employee covered under the Plan are limited to the payments made prior to the amendment or termination of the Plan. The termination, amendment or modification of the Plan shall be
                  effected by a document in writing.

            

       

      	

            	(b)	
              Funding.
                  Benefits payable under the Plan will be paid only from the general assets of the Company. The Plan does not create any right to, or interest in, any specific assets of the Company.

            

       

      	

            	(c)	
              No Mitigation.
                  The Participant shall not be obligated to seek other employment in mitigation of the amounts payable under any provision of the Plan, and the obtaining of such other employment shall not affect any reduction of the Company’s obligations
                  to pay the severance benefits provided hereunder.

            

       

      	

            	(d)	
              Withholding.
                  The Company may withhold from any payments made under the Plan all federal, state, local or other taxes required pursuant to any law or governmental regulation or ruling.

            

       

      	

            	(e)	
              Successors.
                  All rights under the Plan are personal to the Participant and without the prior written consent of the Committee shall not be assignable by the Participant. The Plan shall inure to the benefit of and be enforceable by the Participant’s
                  legal representative. The Plan shall inure to the benefit of, and be binding upon, the Company and its successors and assigns. Any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
                  substantially all of the business and/or assets of the Company shall be required to assume expressly and agree to perform the obligations set forth in the Plan in the same manner and to the same extent as the Company would be required to
                  perform.

            

       

      	

            	(f)	
              Governing Law.
                  The Plan and all determinations made and actions taken pursuant to the Plan shall be governed by the substantive laws, but not the choice of law rules, of the State of Delaware, except as preempted by ERISA or other applicable United
                  States federal law.

            

       

      
        8

        
          

      

      	

            	(g)	
              Severability.
                  If any provision of the Plan is declared illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, the provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or
                  otherwise deleted, and the remainder of the terms of the Plan shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.

            

       

      	

            	(h)	
              Transfer. An
                  employee’s benefits under this Plan shall be nontransferable, except by will or by the laws of descent and distribution and except insofar as applicable law may otherwise require. Subject to the foregoing, no right, benefit or interest
                  hereunder shall be subject to anticipation, alienation, sale, assignment, encumbrance, charge, pledge, hypothecation or set off in respect to any claim, debt or obligation or to execution, attachment, levy, or similar process, or
                  assignment by operation of law, and any attempts, voluntary or involuntary, to effect any such action shall, to the full extent permitted by law, be null, void and of no effect.

            

       

      	

            	(i)	
              Beneficiaries.
                  If a Participant receiving or otherwise entitled to receive severance pay under this Plan dies before receiving all of his or her severance pay under the Plan, any remaining severance pay will be paid to the appointed beneficiary,
                  administrator, executor or personal representative of the employee’s estate in a lump sum payment within 30 days following the Company’s receipt of proof of death.  The payments will completely discharge the Company’s obligations under
                  this Plan.  The Company will make reasonable efforts to determine an employee’s whereabouts or the identity and whereabouts of an employee’s beneficiary, including mailing a notice to the last known address in the Company’s records.  If
                  the Company still cannot determine the identity or whereabouts of the employee or his or her beneficiary, all outstanding payments will be forfeited six (6) months after the due date.

            

       

      	

            	(j)	
              Notices.
                  Notices and all other communications provided for under the Plan shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States certified mail, return receipt requested, or by
                  overnight courier, postage prepaid, to PDS’s corporate headquarters address, to the attention of the Administrator, or to the Participant at the home address most recently communicated by the Participant to the Company in writing.

            

       

      
        9

        
          

      

      	

            	(k)	
              Section 409A.

            

       

      	

            	(i)	
              The Plan is intended to comply with, or otherwise be exempt from Section 409A.  The preceding provision, however, shall not be construed as a guarantee by the Company of any particular tax effect to a Participant under the Plan. The
                Company shall not be liable to a Participant for any payment made under the Plan which is determined to result in an additional tax, penalty or interest under Section 409A, nor for reporting in good faith any payment made under the Plan as
                an amount includible in gross income under Section 409A.

            

       

      	

            	(ii)	
              “Termination of employment,” or words of similar import, as used in this Plan means, for purposes of any payments under this Plan that are payments of deferred compensation subject to Section 409A, the Participant’s “separation from
                service” as defined in Section 409A.  For purposes of Section 409A, the right to a series of installment payments under this Plan shall be treated as a right to a series of separate payments.  For purposes of Section 409A, this Plan is
                intended to meet the separation pay exception or short-term deferral exception.

            

       

      	

            	(iii)	
              If the severance is considered deferred compensation subject to Section 409A, and the period during which a Participant has discretion to execute or revoke the Release straddles two taxable years of the Participant, then the Company
                shall begin making the payment in the second of such taxable years, regardless of which taxable year the Participant actually delivers the Release to the Company.

            

       

      	

            	(iv)	
              If a payment obligation under the Plan arises on account of a Participant’s termination of employment while a “specified employee” (as defined under Section 409A and the regulations thereunder), any payment of “deferred compensation” (as
                defined under Treasury Regulation section 1.409A-1(b)(1), after giving effect to the exemptions in Treasury Regulation sections 1.409A-1(b)(3) through (b)(12)) shall be made within 15 days after the end of the six-month period beginning on
                the date of such termination of employment or, if earlier, within 15 days after appointment of the personal representative or executor of the Participant’s estate following the death of the Participant.

            

       

      
        10

        
          

      

      	10.	
              Definitions

            

       

      The following definitions apply to the Plan:

       

      Administrator means the Committee, or such other committee(s) or officer(s) duly appointed by the Board or the Committee to administer the Plan or delegated limited authority to perform administrative actions under the
          Plan, and having such powers as shall be specified by the Board or the Committee.

       

      Affiliate means any entity, whether now or hereafter existing, which controls, is controlled by, or is under common control with, PDS (including, but not limited to, joint ventures, limited liability companies, and partnerships).

       

      Base Salary means, for a salaried Participant, the annual rate of base salary in effect as of the date of termination of employment, exclusive of overtime, commissions, incentives, bonuses, or other payments.  Any
          performance/merit reviews that are pending or in process at the time of an employee’s Severance Date shall not be taken into account in determining the amount of an employee’s severance benefit.

       

                Cause means any of the following: (i) the Participant’s theft of, dishonesty with respect to, or falsification of any Company documents or records; (ii) the Participant’s
        improper use or disclosure of the Company’s confidential or proprietary information; (iii) any action by the Participant which has a detrimental effect on the Company’s reputation or business; (iv) the Participant’s failure or inability to perform
        any reasonable assigned duties after written notice from the Company of, and a reasonable opportunity to cure, such failure or inability; (v) any material breach by the Participant of any employment or service agreement between the Participant and
        the Company, which breach is not cured pursuant to the terms of such agreement; (vi) the Participant’s conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs the
        Participant’s ability to perform the Participant’s duties with the Company; or (vii) violation of a Company guideline, policy or directive.

       

      Change in Control shall have the same meaning as in the Second Amended and Restated PDS Biotechnology Corporation 2014 Equity Incentive Plan, as amended by the Company from time to time.

       

      Code means the Internal Revenue Code of 1986, as amended, and the regulations and Treasury guidance promulgated under it.

       

      Committee means the Compensation Committee of PDS.

       

      Company means PDS and any Affiliate.

       

      
        11

        
          

      

      Disability means that a Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to last until the Participant’s death or
          result in death, or (ii) determined to be totally disabled by the Social Security Administration or other governmental or quasi-governmental body that administers a comparable social insurance program outside of the United States in which the
          Participant participates and which conditions the right to receive benefits under such program on the Participant being unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment
          that can be expected to last until the Participant’s death or result in death.  The Administrator shall have sole authority to determine whether a Participant has suffered a Disability and may require such medical or other evidence as it deems
          necessary to judge the nature and permanency of the Participant’s condition.

       

      ERISA means the Employee Retirement Income Security Act of 1974, as amended, and the regulations and guidance promulgated under it.

       

      Exchange Act means the Securities Exchange Act of 1934, as amended, and the rules and guidance promulgated under it.

      Participant means a person selected for participation in the Plan pursuant to Section 4.

       

      Section 409A means Section 409A of the Code and the Treasury Regulations and other official guidance issued thereunder.

       

      Severance Date means the date established by the Company as an employee’s last day of employment.

      

      

      	11.	
              Summary Plan Description Provisions

            

       

      (a)          General Information.  This document also serves as the summary plan description for the Plan.  The following is additional information about the Plan.

      

      

      	
              Plan sponsor:

            	
              PDS Biotechnology Corporation

              25B Vreeland Road Suite 300

              Florham Park, New Jersey

              (800) 208 3343

            
	
              Plan name:

            	
              PDS Biotechnology Corporation Severance Plan

            
	
              Plan number:

            	
              501

            
	
              Type of plan:

            	
              Severance pay plan that is a welfare benefit plan under ERISA.

            
	
              Funding:

            	
              Paid from the Company’s general assets

            
	
              Plan year:

            	
              January 1 – December 31

            
	
              Plan Administrator:

            	
              The Compensation Committee

              PDS Biotechnology Corporation

              25B Vreeland Road Suite 300

              Florham Park, New Jersey

              (800) 208 3343

            
	
              Agent for service of legal process:

            	
              The Compensation Committee

              c/o President & Chief Executive Officer

              PDS Biotechnology Corporation

              25B Vreeland Road Suite 300

              Florham Park, New Jersey

              (800) 208 3343

            

      

      

      
        12

        
          

      

      (b)          Statement of ERISA Rights.

      

      

                As a Participant in the Plan, you are entitled to certain rights and protections under the ERISA.  ERISA provides that all Plan Participants shall be entitled to:

      

      

                (i)          Receive Information About Your Plan and Benefits

      

      

                (1) Examine, without charge, at the Plan administrator’s office and at other specified locations, such as worksites, all documents governing the Plan, including a copy of the latest annual report (Form 5500
        Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration.

      

      

                (2) Obtain, upon written request to the Plan administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series) and updated summary plan
        description. The administrator may make a reasonable charge for the copies.

      

      

                (3) Receive a summary of the Plan’s annual financial report, if applicable. The Plan administrator is required by law to furnish each Participant with a copy of this summary annual report.

      

      

                (ii)          Prudent Actions by Plan Fiduciaries

      

      

      In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your plan, called “fiduciaries” of
        the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and beneficiaries. No one, including your employer, or any other person, may fire you or otherwise discriminate against you in any way to prevent you
        from obtaining a welfare benefit or exercising your rights under ERISA.

      

      

                (iii)          Enforce Your Rights

      

      

      If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any
        denial, all within certain time schedules.

      

      

      Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may
        file suit in a Federal court. In such a case, the court may require the Plan administrator to provide the materials and pay you up to $110 a day (which may be adjusted from time to time for inflation) until you receive the materials, unless the
        materials were not sent because of reasons beyond the control of the administrator.

      

      

      
        13

        
          

      

      If you have a claim for benefits, which is denied or ignored, in whole or in part, you may file suit in a state or Federal court.  If you are discriminated against for asserting your rights, you may seek assistance
        from the U.S. Department of Labor, or you may file suit in a Federal court.  The court will decide who should pay court costs and legal fees. If you are successful the court may order the person you have sued to pay these costs and fees. If you
        lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

      

      

                (iv)          Assistance with Your Questions

      

      

      If you have any questions about your Plan, you should contact the Plan administrator. If you have any questions about this statement or about your rights under ERISA or if you need assistance in obtaining documents
        from the Plan administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee
        Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.  You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of
        the Employee Benefits Security Administration.

      

      

       

        

      14Exhibit
          10.22

        

       

        

      Portions of this Exhibit have been redacted because they are both (i) not material and (ii) would be competitively
        harmful if publicly disclosed. Information that was omitted has been noted in this document with a placeholder identified by the mark “[***]”

       

      AMENDED AND RESTATED

      EXECUTIVE EMPLOYMENT AGREEMENT

       

      This AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is entered into effective March 14, 2022 (the “Effective Date”), by and between Frank K. Bedu-Addo (“Executive”) and
        PDS Biotechnology Corporation, a Delaware corporation (the “Company”), as an amendment, restatement and continuation of the Employment Agreement dated October 11, 2018, by and between the Company and the
        Executive. Each of the Company and Executive is a “Party” and, collectively, they are the “Parties.”  The Company desires to continue to employ Executive and, in
        connection with such employment, and the Parties wish to enter into this Agreement to govern the terms and conditions of the Executive’s continued employment with the Company.

      

      

      Accordingly, in consideration of the mutual promises and covenants contained herein, the Parties agree to the
        following:

      

      

      	1.	
              EMPLOYMENT BY THE COMPANY.

            

      

      

      1.1          At-Will Employment. Executive shall be employed by the Company on an “at will” basis, meaning either the Company or Executive may terminate Executive’s employment at any time, with or
            without cause or advance notice; provided, however, that Executive agrees to provide the Company with not less than thirty (30) days advance written notice of any resignation, although the Company may waive such notice period in its discretion
            (except as otherwise set forth in Section 6.4 below).  Any contrary representations that may have been made to Executive shall be and are hereby superseded by this Agreement. This Agreement shall constitute the full and complete agreement
            between Executive and the Company regarding the “at will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement signed by Executive and a duly authorized officer of the Company. Executive’s
            rights to any compensation following a termination shall be only as set forth in Section 6.

       

        

      1.2          Position. Subject to the terms set forth herein, the Company agrees to employ Executive in the position of President and Chief Executive Officer. Executive hereby accepts such employment.
            Executive will report to the Board of Directors of the Company (“Board”) and/or such Board directors or committees designated by the Board.

      

      

      1.3          Duties. Executive shall faithfully perform all duties related to the position or positions held by Executive, including but not limited to all duties set forth in this Agreement and/or in the Bylaws, as
            applicable, of the Company related to the position or positions held by Executive and all additional duties as may be prescribed or directed from time to time by the Company or the Board, as the case may be. Executive shall devote Executive’s
            full business time and attention to the performance of Executive’s duties and responsibilities on behalf of the Company and in furtherance of their best interests. Executive shall make such business trips at the Company’s expense to such places
            as may be necessary for or otherwise directed by the Company.

       

      
        
          

      

      1.4          Company Policies. Executive shall comply with all policies, standards, rules, and regulations of the Company (a “Company Policy” or collectively,
            the “Company Policies”) and all applicable government laws, rules, and regulations that are now or hereafter in effect. Executive acknowledges receipt of copies of all written Company Policies that are
            in effect as of the date of this Agreement. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment policies or practices, this Agreement shall control.

       

      	2.	
              COMPENSATION.

            

       

      2.1          Salary. The Company shall pay Executive a base salary of $540,000 an annualized basis, payable subject to standard federal and state payroll withholding requirements in accordance with
            the Company’s standard payroll practices (“Base Salary”).  The Board will, within every twelve (12) month period, review Executive’s salary and equity awards, as described in Section 2.3 below, and
            future increases in compensation, if any, will be made by the Board in its sole and absolute discretion.

       

      2.2          Bonus. During the period Executive is employed with the Company, Executive shall be eligible to receive an annual performance-based cash bonus of up to 55% of Base Salary (“Target Amount”), subject to review and adjustment by the Company in its sole discretion.  After the completion of each performance year, the Board or, if so directed, its compensation committee shall review
            the achievement of any performance goals by Executive and determine the amount of the performance-based cash bonus earned by Executive based upon Executive’s achievement of performance goals.  Executive shall be eligible for said bonus only if
            Executive is employed on the last day of the performance period.  Any annual performance bonus will be paid by March 15th of the year following the year in which the applicable performance period ends and Executive will need to be employed by
            the Company at the time the annual bonus is paid; the performance bonus shall be paid by a date no later than that allowing Executive to defer the payment into a non-qualified deferred compensation arrangement if Executive so elects.

      

      

      2.3          Equity Awards. Subject to approval of the Compensation Committee of the Board, Executive may be
          eligible for certain grants of equity awards of Common Stock of the Company, subject to vesting and other terms and conditions of the Company equity plan to which the award is granted and an award agreement to be provided by the Company and
          entered into with the Executive.

        

      

      2.4          Benefits. Executive will be eligible to participate on the same basis as similarly situated employees of the Company in the Company’s benefit plans in effect from
            time to time during Executive’s employment. All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan. The Company reserves the right to change, alter, or
            terminate any benefit plan in its sole discretion.

       

      2.5          Expense Reimbursement. The Company shall reimburse Executive for all customary and appropriate business-related expenses actually incurred and documented in
            accordance with Company Policy, as in effect from time to time. For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Code: (a) any such reimbursements will
            be paid no later than December 31 of the year following the year in which the expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the
            right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit. If under the terms of this Agreement the Executive is entitled to a tax gross-up payment, the gross-up payment will be made by
            December 31 of the year following the year in which the Executive remits the related taxes.

       

      
        
          

      

      	

            	3.	
              PROPRIETARY INFORMATION, INVENTIONS, AND
                    NON-SOLICITATION OBLIGATIONS.

            

      

      

      3.1        Proprietary Information & Restrictive Covenant Agreement.  As a condition of employment and/or continued employment with the Company, Executive agrees to execute and abide by a
            Proprietary Information & Restrictive Covenant Agreement (the “Proprietary Information Agreement”), attached hereto as Exhibit A, simultaneously with the Executive’s execution of this
            Agreement.  The Proprietary Information Agreement may be amended by the Parties from time to time without regard to this Agreement. The Proprietary Information Agreement contains provisions that are intended by the Parties to survive and do
            survive termination of this Agreement.

      

      

      3.2     
          Permissible Communications. Notwithstanding anything to the contrary in the Proprietary Information Agreement, Executive acknowledges that nothing in the Confidential Information Agreement shall be
            construed to prohibit Executive from (a) filing a charge or complaint with, or participating in any proceeding before, a government agency authorized to enforce and investigate suspected violations of federal anti-discrimination laws, labor
            relations laws, occupational health and safety laws, wage and hour laws, and such similar state or local laws; (b) reporting possible violations of federal securities laws to the appropriate government enforcing agency and making such other
            disclosures that are expressly protected under such laws, or (c) responding truthfully to inquiries from, or otherwise cooperating with, any governmental or regulatory investigation (the activities set forth in clauses (a) through (c) are
            collectively referred to as the “Protected Activities”). Executive understands that in connection with such Protected Activity, Executive is permitted to disclose documents or other information as
            permitted by law, and without giving notice to, or receiving authorization from, the Company; provided, however, that Executive agrees to take all reasonable precautions to prevent any unauthorized use
            or disclosure of any information that may constitute Proprietary Information under the Proprietary Information Agreement to any parties other than the appropriate government agencies. Executive further understands that “Protected Activity” does
            not include the disclosure of any Company attorney-client privileged communications, and that any such disclosure without the Board’s written consent shall constitute a material breach of this Agreement.

       

      3.3      Defend Trade Secrets Act. Pursuant to the Defend Trade Secrets Act of 2016,
        Executive acknowledges that Executive will not have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a Federal, State, or local government official,
        either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is
        made under seal. In addition, if Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Executive may disclose the trade secret to Executive’s attorney and may use the trade secret information in the
        court proceeding, if Executive (x) files any document containing the trade secret under seal and (y) does not disclose the trade secret, except pursuant to court order.

      

      

      
        
          

      

      4.          OUTSIDE ACTIVITIES DURING EMPLOYMENT. Except with the prior written consent of the Board, Executive will not, while employed by the Company,
            undertake or engage in any other employment, occupation, or business enterprise that would interfere with Executive’s responsibilities and the performance of Executive’s duties hereunder or otherwise create an actual, potential or apparent
            conflict of interest with respect to Executive’s employment hereunder, except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational, non-profit, and/or other charitable organization, (ii)
            reasonable time devoted to activities in the non-profit community consistent, (iii) advisory or board of director roles set forth on Exhibit B or as otherwise approved by the Board in advance in writing, and (v) such other activities as
            may be specifically approved by the Board in writing. This restriction shall not, however, preclude Executive from owning less than five percent (5%) of the total outstanding shares of a publicly traded company, or employment or service in any
            capacity with any entity within the Company.

      

      

      5.          NO CONFLICT WITH EXISTING OBLIGATIONS. Executive represents that Executive’s performance of all the terms of this Agreement and as an executive of
            the Company do not and will not breach or in any way conflict any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with prior employers or entities
            for which Executive has provided services, and Executive further warrants and represents that Executive is not subject to any agreement, covenant or other restriction that would prohibit, impede or otherwise limit Executive’s ability to perform
            his duties and obligations hereunder, including without limitation any non-competition or non-solicitation obligations owing to a former employer.  Executive has not entered into, and Executive agrees that Executive will not enter into, any
            agreement or obligation, either written or oral, in conflict herewith.

       

      6.          TERMINATION OF EMPLOYMENT. The Parties acknowledge that Executive’s employment relationship with the Company is at-will. The provisions in this Section govern the
            compensation, if any, to be provided to Executive upon termination of employment and do not alter Executive’s status as an at-will employee.

       

      6.1 Termination by the Company Without Cause.

      

      

      (a)         The Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1 at any time without “Cause” (as defined in Section 6.2(b) below) by giving
            notice as described in Section 7.1 of this Agreement. A termination pursuant to Sections 6.3 and 6.5 below is not a termination without “Cause” for purposes of receiving the benefits described in this Section 6.1.

      

      

       

      (b)          If the Company terminates Executive’s employment at any time without Cause and provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation
            Section 1 .409A- 1(h) a “Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations (defined below) and, subject to Executive’s compliance with the obligations in
            Section 6.1(c) below, then Executive shall also be entitled to receive (collectively, the “Severance Benefits”):

       

      (i)          an amount equal to Executive’s then current Base Salary for twenty-four (24) months (the “Severance Period”), less all applicable
            withholdings and deductions, paid in equal installments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date (as defined in Section 6.1(c) below), with the remaining installments occurring on
            the Company’s regularly scheduled payroll dates thereafter;

       

      
        
          

      

      (ii)          an amount equal to the greater of (a) the bonus paid in the prior performance year and (b) the bonus that Executive would have earned, for the performance year in which
            the termination occurs, on a prorated basis through the date which Executive continued to provide services, which shall be paid as a single lump sum payment within sixty (60) days following the Executive’s termination date; and

      

      

      (iii)        any outstanding equity as of the date of the termination will become 100% vested and any stock options outstanding will remain exercisable until the earliest of (A) 18 months following the
            termination date, (B) the original 10-year expiration date for such vested options as provided in the applicable award agreement, or (C) termination of the PDS Corporation 2014 Second Amended and Restated Equity Incentive Plan, as amended by
            the Company from time to time (the “Equity Plan”).

      

      

      (iv)         During the Severance Period, or, if shorter, the period of time that Executive would be entitled to continue Executive’s group health care coverage under the applicable provisions of Title X of
            the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) if Executive elected such coverage and paid the applicable premiums, the Company will pay to Executive as supplemental compensation in
            an amount equal to 1.30 times each payment of the expenses substantiated as actually paid by Executive for coverage in any program providing for welfare benefits in which Executive was a participant on the date of termination that are not
            otherwise reimbursed by any other person and that are otherwise allowable as a deduction under section 213 of the Code (without regard to any limitations on deductibility) (the “Special Severance Payment”). 
            Premiums paid for welfare benefits that may be reimbursed under this section include, but are not limited to, health, medical, dental, vision, and disability.  The Special Severance Payment will be paid to Executive, until the earliest of (A)
            the second anniversary of the termination date, (B) the expiration of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent health insurance coverage in
            connection with new employment (such period from the termination date through the earliest of (A), (B) or (C) (the “COBRA Payment Period”). Executive may, but is not obligated to, use such Special
            Severance Payment toward the cost of COBRA premiums. If Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to be eligible for COBRA during the COBRA Payment Period, Executive must immediately
            notify the Company of such event, and all payments and obligations under this clause will cease.

       

      (c)      
          Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of termination from employment or earlier if required by law. Executive shall receive the
            Severance Benefits pursuant to Section 6.1(b) of this Agreement only if: (i) Executive signs and delivers to the Company an effective, general release of claims in favor of the Company and representatives, in a form acceptable to the Company
            (the “Release”), by the 60th day following the termination date or such earlier date as set forth in the Release, which cannot be revoked in whole or part (if applicable) by such date or such earlier
            date as set forth in the Release (the date that the Release can no longer be revoked is referred to as the “Release Effective Date”); (ii) if Executive holds any other positions with the Company,
            Executive resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other date as requested by the Board); (iii) Executive returns all Company property in accordance with the terms and conditions
            of the Proprietary Information Agreement; (iv) Executive complies and continues to comply with all post-termination obligations under this Agreement and the Proprietary Information Agreement; and (v) Executive complies with the terms of the
            Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release. To the extent that any Severance Benefits are deferred compensation under Section 409A of the Code, and are not otherwise
            exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the payment of Severance Benefits will not be made or begin until the later calendar year.

       

      
        
          

      

      (d)      For purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid salary through the date of termination,
            (ii) any bonus earned but not yet paid for a calendar year ended on or before the date of termination, (iii) unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement policies,
            and (iv) benefits owed to Executive under any qualified retirement plan or health and welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

       

      (e)          The Severance Benefits provided to Executive pursuant to this Section 6.1 are in lieu of, and not in addition to, any benefits to which Executive may otherwise be
            entitled under any Company severance plan, policy or program, and Executive acknowledges and agrees that Executive shall have no rights or entitlements to any benefits or payments under any such plan,
            policy or program.

       

      (f)         Any damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore, the Severance Benefits for which Executive is
            eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties as liquidated damages, to serve as full compensation, and not a penalty.

       

      6.2 Termination by the Company for Cause.

       

      (a)       Subject to Section 6.2(c) below, the Company shall have the right to terminate Executive’s employment with the Company at any time for Cause by giving notice as described
            in Section 7.1 of this Agreement.

      

      

      (b)      “Cause” shall mean the Executive (1) Is convicted of, or pleads guilty or nolo contendere to, a felony or any act amounting to embezzlement, fraud, or theft or
          involving moral turpitude (whether or not against Company or another employee); (2) Is convicted of, or pleads guilty or nolo contendere to, in a court of competent jurisdiction, a felony resulting in death or substantial bodily or psychological
          harm to, or other act of moral turpitude harming.  any person; (3) Willfully engages in conduct demonstrably and materially injurious to the goodwill and reputation of the Company; (4) Willfully causes the Company other than pursuant to the
          advice of Company legal counsel to violate a law which, in the opinion of Company legal counsel, is reasonable grounds for civil or criminal penalties against the Company or its Board; (5) Willfully engages in conduct which constitutes a
          violation of the established written policies or procedures of the Company regarding the conduct of its employees, including policies regarding sexual harassment of employees and use of illegal drugs or substances; (6) Without due cause fails
          within 30 days after receipt of notice to follow any lawful order given by or under direction of the Board; (7) Does not correct within 30 days after receipt of notice any act or omission that, in the opinion of the Company’s legal counsel, gives
          rise to a cause of action by the Company or its Board personally against Executive to specifically enforce or restrain some action for purpose of avoiding some loss or damage, or to recover losses or damages, for an amount in excess of $10,000;
          (8) Does not correct within 30 days after receipt of notice any act of dishonesty against the Company.

       

      
        
          

      

      (c)         In the event Executive’s employment is terminated at any time for Cause, Executive will not receive Severance Benefits or any other severance compensation or benefits, except that, pursuant to
            the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

      

      

      6.3 Resignation by Executive.

       

      (a)          Executive may resign from Executive’s employment with the Company at any time by giving notice as described in Section 7.1, and subject to the advance notice requirement set forth in Section 1.1 above.

      

      

      (b)        
          In the event Executive resigns from Executive’s employment with the Company for any reason (other than a resignation for Good Reason as described in Section 6.4 below), Executive will not receive Severance
            Benefits or any other severance compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

      

      

      6.4 Resignation by Executive for Good Reason.

       

      (a)        Provided Executive has not previously been notified of the Company’s intention to terminate Executive’s employment, Executive may resign from employment with the Company
            for Good Reason (as defined in Section 6.4(b) below).

      

      

      (b)         “Good Reason” shall mean, without Executive’s written consent, (1) Executive ceases to hold position and title of Chief Executive Officer; (2) Executive is assigned,
          without Executive’s consent, authority or responsibility materially inconsistent with authority and responsibility contemplated by the Executive’s Agreement, including without limitation any material diminution of Executive’s authority and
          responsibility for supervision and compensation of all Company personnel or change in reporting requirements to anyone other than the Board or its duly authorized committees; (3) There is any reduction in or a material delay in payment of Base
          Salary or material reduction in benefits from those required to be provided in accordance with Section 2 of this Agreement; (4) Any requirement is imposed by the Company or under direction of its Board or any person controlling the Company for
          Executive to reside or travel outside of the NY-NJ area, other than on travel reasonably required to carry out Executive’s obligations under this Agreement; (5) Executive becomes disabled (to the extent that Executive cannot, with reasonable
          accommodation, effectively perform the requirements of Executive’s position) and is unable to effectively exercise Executive’s authority and perform Executive’s responsibility under this Agreement; (6) The Company fails to obtain an agreement
          from any successor or assign of the Company to assume and agree to perform the obligations of the Company under this Agreement; and (7) The Company does not correct within 30 days after receipt of notice any act or omission that gives rise to a
          cause of action by Executive personally against the Company to specifically enforce or restrain some action for purpose of avoiding some loss or damage, or to recover losses or damages, for an amount in excess of $10,000.

       

      
        
          

      

      (c)         In the event Executive resigns from Executive’s employment for Good Reason, and provided that such termination constitutes a Separation from Service, then subject to
            Executive’s compliance with the obligations in Section 6.1(c) above, Executive shall be eligible to receive the same Severance Benefits as described in Section 6.1 and on the same terms and conditions set forth in Section 6.1(c) and Section
            6.1(e) as if Executive had been terminated by the Company without Cause.

       

      (d)         Any damages caused by the termination of Executive’s employment for Good Reason would be difficult to ascertain; therefore, the Severance Benefits for which Executive is
            eligible pursuant to Section 6.1(b) above in exchange for the Release is agreed to by the Parties as liquidated damages, to serve as full compensation, and not a penalty.

       

      6.5 Termination by Virtue of Death of Executive

       

      In the event of Executive’s death while employed, the Company shall pay to the Executive’s estate
        the same Severance Benefits as described in Section 6.1 and on the same terms and conditions set forth in Section 6.1(c) and Section 6.1(e) as if Executive had been terminated by the Company without Cause.

       

      6.6 Termination by Virtue of Disability of Executive.

       

      Subject to applicable state and federal law, the Company shall at all
        times have the right, upon written notice to Executive, to terminate this Agreement based on Executive’s Disability. Termination by the Company of Executive’s employment based on “Disability” shall mean
        termination because a qualified medical doctor mutually acceptable to the Company and Executive or Executive’s personal representative has certified in writing that: (A) Executive is unable, because of a medically determinable physical or mental
        disability, to perform the essential functions of Executive’s job, with or without a reasonable accommodation, for more than one hundred and eighty (180) calendar days measured from the last full day of work; or (B) by reason of mental or physical
        disability, it is unlikely that Executive will be able, within one hundred and eighty (180) calendar days, to resume the essential functions of Executive’s job, with or without a reasonable accommodation, and to otherwise discharge Executive’s
        duties under this Agreement. This definition shall be interpreted and applied consistent with the Americans with Disabilities Act, the Family and Medical Leave Act, and other applicable law. In the event Executive’s employment is terminated based
        on Executive’s Disability, Executive will not receive Severance Benefits or any other severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

      

      

      6.7 Change in Control Benefits.
          In the event the Company (or any surviving or acquiring corporation) terminates Executive’s employment without Cause or Executive resigns for Good Reason within ninety (90) days before and twenty-four (24) months following the effective date of a
          Change in Control (as defined in the Equity Plan), then Executive shall be entitled to the Accrued Obligations and, provided that Executive complies with the obligations in Section 6.1(c) of this Agreement (including the requirement to provide an
          effective Release), Executive shall be eligible to receive the same Severance Benefits as described in Section 6.1(b) and on the same conditions as if Executive had been terminated by the Company without Cause; provided, however, that the Executive shall receive a
          bonus equal to the Target Amount.

       

      
        
          

      

      6.8 Cooperation with Company after Termination of Employment.
        Following termination of Executive’s employment for any reason, Executive agrees to cooperate (a) with the Company in (i) the defense of any legal matter involving any matter that arose during or otherwise related in any way to Executive’s
        employment with the Company, and (ii) all matters relating to the winding up of Executive’s pending work and the orderly transfer of any such pending work to such other employees as may be designated by the Company; (b) with all government
        authorities on matters pertaining to any investigation, litigation or administrative proceeding pertaining to the Company; and (c) such other matters as the Company may reasonably request. Following termination of Executive’s employment for any
        reason, and in the event of a failure by Executive (following reasonable efforts by the Company to secure his voluntary cooperation) to resign from any position as officer or director of the Company, with such resignation to be effective no later
        than the date of Executive’s termination date (or such other date as requested by the Board), the Company is hereby irrevocably authorized to appoint its then-current Chief Executive Officer to act in Executive’s name and on his behalf to execute
        any documents and to do all things reasonably necessary to effect such resignation. Further, Executive shall not, at any time after termination of Executive’s employment for any reason, represent himself as being an agent or representative of the
        Company, unless expressly authorized in a written agreement executed by an authorized officer of the Company.

       

      6.9 Application of Section 409A.

       

      (a)          It is intended that all of the severance payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section
            409A of the Code and the regulations and other guidance thereunder and any state law of similar effect (collectively, “Section 409A”) provided under Treasury Regulations Sections 1.409A- 1 (b)(4) and
            1.409A-1(b)(9), and this Agreement will be construed in a manner that complies with Section 409A. If not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates
            by reference all required definitions and payment terms.

      

      

      (b)         The preceding provisions shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this Agreement. The Company shall not be
            liable to Executive for any payment made under this Agreement which is determined to result in an additional tax, penalty or interest under Section 409A, nor for reporting in good faith any payment as an amount includible in gross income under
            Section 409A.

      

      

      (c)      No severance payments will be made under this Agreement unless Executive’s termination of employment constitutes a “separation from service” (as defined under Treasury
            Regulation Section 1.409A-1(h)).

      

      

      (d)         For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any
            installment payments under this Agreement (whether severance payments or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a
            separate and distinct payment.

      

      

      
        
          

      

      (e)         If the Company determines that the severance benefits provided under this Agreement constitutes “deferred compensation” under Section 409A and if Executive is a
            “specified employee” of the Company, as such term is defined in Section 409A(a)(2)(B)(i) of the Code at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax
            consequences under Section 409A, the timing of the Severance Benefits will be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after Executive’s Separation from Service, and (ii) the date of Executive’s
            death (such earlier date, the “Delayed Initial Payment Date”), the Company will (1) pay to Executive a lump sum amount equal to the sum of the Severance Benefits that Executive would otherwise have
            received through the Delayed Initial Payment Date if the commencement of the payment of the Severance Benefits had not been delayed pursuant to this Section 6.8, and (2) commence paying the balance of the Severance Benefits in accordance with
            the applicable payment schedule set forth in Section 6.1. No interest shall be due on any amounts deferred pursuant to this Section 6.8.

       

      6.10 Parachute Payments.

       

      (a)          Notwithstanding any other provisions of this Agreement to the contrary, in the event that it shall be determined that any payment or distribution to or for the benefit of
            Executive, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise (a “Payment”) would be nondeductible by the Company for Federal income tax purposes
            because of Section 280G of the Code, the Company shall reduce the aggregate present value of the Payments under this Agreement to the Reduced Amount (as defined below) if, and only if, reducing the Payments under this Agreement will provide
            Executive with a greater net after-tax amount than would be the case if no such reduction was made, taking into account the applicable federal, state, local and foreign income, employment and other taxes, including the excise tax imposed by
            Section 4999 of the Code. If a reduction in the Payments is necessary, such reduction shall occur in the following order: (1) reduction of cash payments; (2) cancellation of accelerated vesting of equity awards other than stock options; (3)
            cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to Executive. Within any such category of payments and benefits (that is, clauses (1), (2), (3) or (4) of this Section 6.9(a)), a reduction shall
            occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with respect to amounts that are. The “Reduced Amount” shall be an amount
            expressed in present value that maximizes the aggregate present value of Payments under this Agreement without causing any Payment to be nondeductible by the Company because of Section 280G of the Code.

       

      (b)          All determinations to be made under this Section 6.9 shall be made at the Company’s expense by a firm of certified public accountants of national standing selected by the
            Company (the “Accounting Firm”) which may be the firm regularly auditing the financial statements of the Company. The Company and Executive shall furnish to the Accounting Firm such information and
            documents as the Accounting Firm may reasonably require in order to make a determination under this Section. To the extent requested by Executive, the Company shall cooperate with Executive in good faith in valuing, and the Accounting Firm
            shall value, services to be provided by Executive (including refraining from performing services pursuant to a covenant not to compete) before, on or after the date of the transaction which cause the application of Section 280G of the Code such
            that payments in respect of such services may be considered to be “reasonable compensation” within the meaning of the regulations under Section 280G of the Code. In making its determinations hereunder, the Accounting Firm shall apply
            reasonable, good faith interpretations regarding the applicability of Section 280G and Section 4999, along with any other applicable portions of the Code or other tax laws. The Accounting Firm shall make all determinations required to be made
            under this Section and shall provide detailed supporting calculations to the Company and Executive within 30 days after the Termination Date or such earlier time as is requested by the Company, and provide an opinion to Executive that he or she
            has substantial authority not to report any excise tax on his or her Federal income tax return with respect to any Payments. Any such determination by the Accounting Firm shall be binding upon the Company and Executive. Subject to Sections
            6.1(c) and 6.9, within five business days thereafter, the Company shall pay to or distribute to or for the benefit of Executive such amounts as are then due to Executive under this Agreement.

       

      
        
          

      

      (c)        As a result of the uncertainty in the application of Section 280G of the Code at the time of the initial determination by the Accounting Firm or the Company hereunder, it
            is possible that Payments, as the case may be, will have been made by the Company which should not have been made (“Overpayment”) or that additional Payments, as the case may be, which will not have been
            made by the Company could have been made (“Underpayment”), in each case, consistent with the calculations required to be made hereunder. In the event that the Accounting Firm, based upon the assertion of
            a deficiency by the Internal Revenue Service against Executive which the Accounting Firm believes has a high probability of success determines that an Overpayment has been made, promptly on notice and demand Executive shall repay to the Company
            any such Overpayment paid or distributed by the Company to or for the benefit of Executive together with interest at the applicable Federal rate provided for in Section 7872(f)(2)(A) of the Code; provided, however, that no such amount shall be
            payable by Executive to the Company if and to the extent such payment would not either reduce the amount on which Executive is subject to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the
            Accounting Firm, based upon controlling precedent or other substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be promptly paid by the Company to or for the benefit of Executive together with
            interest at the applicable federal rate provided for in Section 7872(f)(2)(A) of the Code.

       

      7.          GENERAL PROVISIONS.

       

          

      7.1 Notices. Any notices required hereunder to be in writing shall
        be deemed effectively given: (a) upon personal delivery to the Party to be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) five
        (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of
        receipt. All communications shall be sent to the Company at its primary office location and to Executive at Executive’s address as listed on the Company payroll, or at such other address as the Company or Executive may designate by ten (10) days
        advance written notice to the other.

      

      

      7.2 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 provisions had never been contained herein.

       

      
        
          

      

      7.3 Survival. Provisions of this Agreement which by their terms
        must survive the termination of this Agreement in order to effectuate the intent of the Parties will survive any such termination, whether by expiration of the term, termination of Executive’s employment, or otherwise, for such period as may be
        appropriate under the circumstances.

       

      7.4 Waiver. If either Party should waive any breach of any
        provisions of this Agreement, it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement.

       

      7.5 Complete Agreement. This Agreement constitutes the entire
        agreement between Executive and the Company with regard to the subject matter hereof. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or
        written communications and agreements. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an
        authorized officer of the Company. The Parties have entered into a separate Proprietary Information Agreement and have entered or may enter into separate agreements related to equity. These separate agreements govern other aspects of the
        relationship between the Parties, have or may have provisions that survive termination of Executive’s employment under this Agreement, may be amended or superseded by the Parties without regard to this Agreement and are enforceable according to
        their terms without regard to the enforcement provision of this Agreement.

       

      7.6 Headings. The headings of the sections hereof are inserted for
        convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof.

      

      

      7.7 Successors and Assigns. The Company shall assign this
        Agreement and its rights and obligations hereunder in whole, but not in part, to any company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its
        assets, if in any such case said Company or other entity shall by operation of law or expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a Party, but may not otherwise assign this
        Agreement or its rights and obligations hereunder. Executive may not assign or transfer this Agreement or any rights or obligations hereunder, other than to Executive’s estate upon death.

       

      7.8 Withholding. All amounts payable hereunder shall be subject to applicable tax withholding.

       

      7.9 Governing Law. This Agreement shall be governed by the Federal
        Arbitration Act with respect to the arbitration provisions and related matters in Sections 7.10 and 7.11, and for all other matters shall be governed by the laws of the State of Delaware, without giving effect to any principles thereof relating to
        conflicts of law.

       

      
        
          

      

      7.10 Dispute Resolution.  To the fullest extent permitted by
        applicable law, any dispute or controversy between the Parties relating to or arising out of this Agreement or any amendment or modification hereof, or any other claims between the Parties relating to or arising out of Executive’s employment or
        affiliation with the Company or termination thereof (including but not limited to any claims for harassment, discrimination, violation of wage and hour laws, whistleblowing, retaliation, leave rights, employee benefits, tort claims and any claims
        under federal, state or local statutes, regulations or ordinances relating to employment matters) shall, except as expressly set forth below, be exclusively determined by confidential individual arbitration in Princeton, New Jersey, or such other
        location as the Parties may agree in writing, under the auspices of the American Arbitration Association (“AAA”) and pursuant to the Federal Arbitration Act and the Employment Arbitration Rules of the AAA.  These rules may be accessed at the
        American Arbitration Association website, www.adr.org/employment, and a printed copy will be provided upon request.  Notwithstanding the foregoing, claims for injunctive or other equitable relief by the Company under Section 3 of this Agreement may
        be brought in a court of competent jurisdiction (as described below).  Likewise, this arbitration requirement shall not apply to any criminal matters, matters for which arbitration is prohibited by law, or claims for unemployment or workers
        compensation, and shall not prevent Executive from filing a charge with the EEOC or any other government agency; provided that, unless prohibited by applicable law, any subsequent legal action shall be subject to individual arbitration as provided
        herein.  For the avoidance of doubt, any disputes or controversies arising out of or relating to the interpretation or application of this arbitration provision, including but not limited to any question regarding the scope, enforceability,
        revocability or validity of the arbitration provision or any portion of the arbitration provision, the arbitrability of any claim or dispute, and the jurisdiction of the arbitrator, including jurisdiction over non-signatories to this Agreement,
        shall be subject to arbitration pursuant to this arbitration provision.  The arbitration award shall be final and binding upon the parties and judgment may be entered thereon by any court of competent jurisdiction.  The parties hereby agree that
        any federal or state court sitting in the State of Delaware is a court of competent jurisdiction.  The service of any notice, process, motion or other document in connection with any arbitration under this Agreement, the enforcement of any
        arbitration award hereunder, or an action for injunctive or other equitable relief as provided for in this Section may be effectuated either by personal service upon a party or by certified mail duly addressed to her, him or it or her, his or its
        executors, administrators, personal representatives, next of kin, successors or assigns, at the last known address or addresses of such party or parties.  Each party hereto submits to the jurisdiction and venue of the state and federal courts
        located in the State of Delaware, for any action to compel or stay arbitration, or an action by the Company seeking injunctive or other equitable relief under Section 4 of this Agreement (jurisdictional, venue and inconvenient forum objections to
        which are hereby waived by the Parties).  Pursuant to Delaware Code Section 2708(a), the Parties agree that they are subject to the jurisdiction of the courts located in the State of Delaware and may be served with legal process within the State of
        Delaware or in any other manner provided by law.  THE PARTIES ACKNOWLEDGE AND AGREE THAT THEY ARE WAIVING THEIR RIGHT TO A TRIAL BY JURY IN CONNECTION WITH ANY DISPUTE ARISING OUT OF THIS AGREEMENT OR RELATED TO EXECUTIVE’S EMPLOYMENT OR THE
        TERMINATION THEREOF.

       

      
        
          

      

      7.11        Class Action Waiver.  EXCEPT AS EXPRESSLY PROVIDED OTHERWISE IN THIS SECTION 7.11, ANY ARBITRATION OR COURT ACTION HEREUNDER SHALL PROCEED SOLELY ON AN INDIVIDUAL
            BASIS WITHOUT THE RIGHT FOR ANY CLAIMS TO BE ARBITRATED OR LITIGATED ON A CLASS OR COLLECTIVE ACTION BASIS OR ON A BASIS INVOLVING CLAIMS BROUGHT IN A PURPORTED REPRESENTATIVE CAPACITY ON BEHALF OF OTHERS OR ANY GOVERNMENTAL BODY OR THE
            PUBLIC.  CLASS AND COLLECTIVE ACTIONS UNDER THIS DISPUTE RESOLUTION PROVISION ARE PROHIBITED, WHETHER IN COURT OR ARBITRATION, AND THE ARBITRATOR OR COURT, AS APPLICABLE, SHALL HAVE NO AUTHORITY TO PROCEED ON SUCH BASIS. NO DISPUTE,
            CONTROVERSY, CLAIM OR ACTION BROUGHT IN COURT OR ARBITRATION BY EXECUTIVE ARISING UNDER OR RELATING TO THIS AGREEMENT OR OTHERWISE ARISING IN CONNECTION WITH OR RELATING TO EXECUTIVE’S EMPLOYMENT MAY BE JOINED WITH A DISPUTE, CONTROVERSY, CLAIM
            OR ACTION OF ANOTHER EXECUTIVE OR OTHER PERSON OR ENTITY, ANY SUCH JOINT CLAIMS BEING WAIVED BY EXECUTIVE HEREUNDER, EXCEPT THAT THE COMPANY MAY BRING CLAIMS IN ARBITRATION OR COURT TO ENFORCE THIS AGREEMENT AND RELATED TORT, STATUTORY AND
            OTHER CLAIMS AGAINST EXECUTIVE AND OTHERS WHO ARE ACTING IN CONCERT OR PARTICIPATION WITH EXECUTIVE, AND IN ANY SUCH PROCEEDING EXECUTIVE MAY JOIN ANY CLAIMS OF SUCH OTHER PARTIES (BUT NO OTHERS). ANY DISPUTES REGARDING THE VALIDITY AND
            ENFORCEABILITY OF THIS SECTION 7.11 AND THE WAIVER HEREIN SHALL BE RESOLVED EXCLUSIVELY BY THE DULY-APPOINTED ARBITRATOR, AND NOT BY A COURT OR OTHER GOVERNMENTAL OR ADMINISTRATIVE BODY.  IN ANY CASE IN WHICH (1) THE DISPUTE IS FILED AS A
            CLASS, COLLECTIVE, REPRESENTATIVE OR JOINT ACTION AND (2) THE ARBITRATOR FINDS ALL OR PART OF THE CLASS ACTION WAIVER TO BE INVALID OR UNENFORCEABLE, THE CLASS, COLLECTIVE, REPRESENTATIVE OR JOINT ACTION TO THAT EXTENT MUST BE LITIGATED IN A
            COURT WITH JURISDICTION AND VENUE AS PROVIDED IN SECTION 7.10, AND NOT IN ARBITRATION, BUT THE PORTION OF THE CLASS ACTION WAIVER THAT IS ENFORCEABLE SHALL BE ENFORCED IN ARBITRATION, AND CLAIMS FALLING THEREUNDER SHALL BE ADJUDICATED IN
            ARBITRATION.

       

      7.12 Counterparts. This Agreement may be executed in separate
        counterparts, any one of which need not contain signatures of more than one Party, but all of which taken together will constitute one and the same Agreement. Facsimile signatures and signatures transmitted by PDF shall be equivalent to original
        signatures.

       

      [SIGNATURES TO FOLLOW ON NEXT PAGE]

      

      

      
        
          

      

      IN WITNESS WHEREOF, the Parties have executed this Agreement on the day and year first written above.

       

      	 	
              PDS BIOTECHNOLOGY 

              CORPORATION

            
	 	
              By:

            	
              /s/ Stephen Glover

            	 
	 	
              Name:

            	
              Stephen Glover

            
	 	
              Title:

            	
              Chairman of the Board of PDS Biotechnology Corporation

            
	 	 	 
	 	
              EXECUTIVE:

            
	 	 	 
	 	
              By:

            	
              /s/ Frank Bedu-Addo

            
	 	
              Name:

            	
              Frank K. Bedu-Addo PhD

            

       

      
        
          

      

      EXHIBIT A

       

      PROPRIETARY INFORMATION & RESTRICTIVE COVENANT AGREEMENT

       

      ***

      

      

      
        
          

      

      EXHIBIT B

      

      

      ADVISORY OR BOARD OF DIRECTOR ROLES

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