Document:

Exhibit 10.2

 

VACCINOGEN, INC.

RESTRICTED STOCK AGREEMENT

 

This Restricted Stock
Agreement (the “Agreement”), dated as of [DATE] (the “Grant
Date”), between Vaccinogen, Inc., a Maryland corporation, and the Grantee whose names appears on the signature page hereof,
is being entered into pursuant to the Vaccinogen, Inc. 2015 Stock Incentive Plan (the “Plan”).

 

The Company and the
Grantee hereby agree as follows:

 

Section
1.          Certain Definitions. Capitalized terms used in this
Agreement and not defined herein shall have the respective meanings given to them in the Plan, and the following additional terms
shall have the following meanings:

 

“Cause”
as to any Grantee who is party to an employment agreement with the Company or a Subsidiary, has the same meaning as set forth in
such employment agreement. In the absence of such an employment agreement, “Cause” shall mean the Grantee (i) shall
have been convicted, indicted for, or entered a plea of nolo contendere to, any felony or any other act involving fraud, theft,
misappropriation, dishonesty, or embezzlement, (ii) shall have committed intentional and willful acts of misconduct that materially
impair the goodwill or business of the Company or cause material damage to its property, goodwill, or business, or (iii) shall
have willfully refused to, or willfully failed to, perform in any material respect his or her duties, provided, however, that no
such termination for Cause under clause (iii) shall be effective unless the Grantee does not cure such refusal or failure to the
Company’s reasonable satisfaction as soon as practicable after the Company gives the Grantee written notice identifying such
refusal or failure (and, in any event, within ten (10) calendar days after receipt of such written notice). The determination as
to whether “Cause” has occurred shall be made by the Committee, which shall have the authority to waive the consequences
under the Plan of the existence or occurrence of any of the events, acts or commissions constituting “Cause.” A termination
for Cause shall be deemed to include a determination following termination of a Grantee’s Service Relationship for any reason
that circumstances existed prior to such termination sufficient for the Company or one of its Subsidiaries to have terminated such
Grantee’s Service Relationship for Cause.

 

“Grantee”
means the grantee of the Restricted Stock whose name is set forth on the signature page of this Agreement (whether an employee,
officer, Consultant or director of the Company or a Subsidiary); provided that following such person’s death, the
“Grantee” shall be deemed to include such person’s beneficiary or estate, and following such person’s Disability,
the “Grantee” shall be deemed to include such person’s legal representative.

 

“Restricted
Stock” means the Stock evidenced by (and subject to the terms and conditions of) this Agreement and the Plan.

 

    	 

    	 

    

 

“Securities
Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Service
Relationship” means a Grantee’s relationship to the Company or any Subsidiary as an employee, officer, Consultant
or director (as applicable).

 

“Vested
Shares” has the meaning given in Section 5.

 

“Vesting
Date” has the meaning given in Section 5.

 

Section
2.          Grant of Restricted Stock. The Company hereby evidences
and confirms, effective as of the date hereof, its grant to the Grantee of the number of shares of Restricted Stock specified on
the signature page hereof. This Agreement is entered into pursuant to, and the terms of the Restricted Stock are subject to, the
terms of the Plan. If there is any inconsistency between this Agreement and the terms of the Plan, the terms of the Plan shall
govern. As of the Grant Date, the Restricted Stock will be registered in the Grantee’s name. The Grantee agrees that, within
twenty-five days of the Grant Date, the Grantee shall give written notice to the Company as to whether or not the Grantee has made
an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, with respect to the Restricted Stock.

 

Section
3.          Vesting and Forfeiture

 

(a)          Based
on Continued Employment. The Restricted Stock shall become fully vested on the third anniversary of the Grant Date, subject
to the continuous existence of a Service Relationship until such date.

 

(b)          Alternative
Award. No acceleration of vesting shall occur with respect to Restricted Stock if the Committee reasonably determines prior
to a Change in Control that the Restricted Stock agreement shall be honored or assumed, or new rights substituted therefor following
the Change in Control (such honored, assumed, or substituted award, an “Alternative Award”), provided that any
Alternative Award must:

 

(i)          Give
the Grantee who held Restricted Stock rights and entitlements substantially equivalent to or better than the rights and terms applicable
under this Restricted Stock agreement, including but not limited to an identical or better vesting schedule; and

 

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(ii)         Have
terms such that if, within two years following a Change in Control, a Grantee’s Service Relationship is involuntarily terminated
(or alternatively, in the case of a Grantee who is an employee, constructively terminated) other than for Cause at a time when
any portion of the Alternative Award is non-vested, the non-vested portion of such Alternative Award shall immediately vest in
full. For purposes of this Section 3(b), involuntary termination of the Service Relationship refers to actual, involuntary termination
(other than for Cause), and constructive termination of employment (in the case of a Grantee who is an employee) refers to any
of the following (other than for Cause) occurring within two years following the Change in Control: (A) material diminution in
duties; (B) material diminution in compensation, or (C) a requirement to relocate to a primary place of business more than 50 miles
from Grantee’s primary place of business immediately prior to the Change in Control.

 

(c)          Notwithstanding
Section 3(b), if the Committee, in its discretion, determines that the Grantee will not receive an Alternative Award, any Restricted
Stock that is unvested as of the Change in Control shall become vested as of the Change in Control.         

 

(d)          Limitation
of Benefits. In the event that it is determined that any acceleration of vesting, payment or other value provided under this
Agreement in connection with a change in control would be considered “parachute payments” within the meaning of Section
280G of the Code (the “Parachute Payments”) that, but for this Section 3(d) would be payable to Grantee hereunder,
and would, when combined with any other Parachute Payments under any other agreement or arrangement, exceed the greatest amount
of Parachute Payments that could be paid to Grantee without giving rise to any liability for the excise tax imposed by Section
4999 of the Code (the “Excise Tax”), then the aggregate amount of Parachute Payments payable to Grantee hereunder shall
be reduced such that it shall not exceed the amount that produces the greatest after-tax benefit to Grantee after taking into account
any Excise Tax to be payable by Grantee.

 

(e)          Discretionary
Acceleration. The Board, in its sole discretion, may accelerate the vesting of all or a portion of the Restricted Stock at
any time and from time to time.

 

(f)          Effect
of Termination of Service Relationship. If the Grantee’s Service Relationship with the Company is terminated by either
party to this Agreement (including upon death or disability of the Grantee), any unvested Restricted Stock shall be forfeited as
of the date of termination.

 

(g)          No
Other Accelerated Vesting. The vesting provisions set forth in this Section 2, or expressly set forth in the Plan, shall be
the exclusive vesting provisions applicable to the shares of Restricted Stock and shall supersede any other provisions relating
to vesting, unless such other such provisions expressly refer to the Plan by name and this Agreement by name and date.

 

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Section
4.          Dividends

 

If the Company
pays any cash dividend on the Stock, the Company shall credit to a bookkeeping account on behalf of the Grantee, an amount equal
to the product of (x) the number of shares of unvested Restricted Stock as of the record date for such distribution, times
(y) the per share amount of such dividend on Stock. Any cash amounts credited to the Grantee’s account shall be paid
to the Grantee on the applicable Vesting Date, or alternatively, shall be forfeited at the same time Grantee’s unvested Restricted
Stock is forfeited. If the Company makes any dividend payment on the Stock in the form of Stock or other securities, the Company
will credit the Grantee’s account with that number of additional shares of Stock or other securities that would have been
distributed with respect to that number of shares of Stock underlying the unvested Restricted Stock as of the record date thereof.
Any such additional shares of Stock or other securities shall be subject to the same vesting and transfer restrictions as apply
to the Restricted Stock.

 

Section
5.          Vesting of Restricted Stock

 

On each date
on which shares of Restricted Stock become vested pursuant to this Agreement (each, a “Vesting Date”), subject
to Section 8(a), the shares of Restricted Stock that have then vested (the “Vested Shares”) shall cease to be
subject to this Agreement.

 

Section
6.          Grantee’s Representations and Warranties

 

(a)          Understanding
of Agreement. The Grantee represents and warrants that the Grantee understands the terms and conditions that apply to the Restricted
Stock and the risks associated with the Restricted Stock.

 

(b)          No
Right to Awards. The Grantee acknowledges and agrees that the grant of any Restricted Stock (i) is being made on an exceptional
basis and is not intended to be renewed or repeated, (ii) is entirely voluntary on the part of the Company; and (iii) should not
be construed as creating any obligation on the part of the Company to offer any Restricted Stock in the future.

 

Section
7.          Restriction on Transfer; Legending.

 

(a)          Prior
to the applicable Vesting Date, the Restricted Stock is not assignable or transferable, in whole or in part, and it may not, directly
or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered
(including, but not limited to, by gift, operation of law or otherwise), except as otherwise set forth in Section 12 of the Plan.
Any purported transfer in violation of this Section 6 shall be void ab initio.

 

(b)          Prior
to the applicable Vesting Date, a restrictive legend shall be placed on any certificates representing the shares of Restricted
Stock that makes clear that the shares are subject to the vesting conditions set forth in this Agreement and a notation shall be
made in the appropriate records of the Company or any transfer agent indicating that the shares are subject to such restrictions.

 

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Section
8.          Miscellaneous

 

(a)          Withholding.
The Company, or a Subsidiary, shall require the Grantee to remit to the Company an amount in cash sufficient to satisfy any applicable
U.S. federal, state and local and non-U.S. tax withholding obligations that may arise in connection with the vesting of the Restricted
Stock. In order to give effect to this Section 8(a), if so permitted by the Committee, the Company may retain a number of shares
of Restricted Stock that have an aggregate Fair Market Value as of the Vesting Date equal to the amount of such taxes required
to be withheld (and the Grantee shall thereupon be deemed to have satisfied his obligations under this Section 8(a)). The number
of shares of Restricted Stock subject to vesting on such Vesting Date shall thereupon be reduced by the number of shares so retained.
The foregoing method of withholding shall not be applied to the extent that the Grantee elects to satisfy his withholding obligation
by delivery of cash to the Company from other sources. In addition, the foregoing method of withholding shall not be available
if withholding in this manner would violate any financing instrument of the Company or a Subsidiary.

 

(b)          Authorization
to Share Personal Data. The Grantee authorizes the Company to divulge or transfer personal data relating to the Grantee if
and to the extent appropriate in connection with this Agreement or the administration of the Plan.

 

(c)          Notices.
All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed
to have been given if delivered personally or sent by certified or express mail, return receipt requested, postage prepaid, or
by any recognized equivalent of such delivery, to the Company or the Grantee, as the case may be, at the following addresses or
to such other address as the Company or the Grantee, as the case may be, shall specify by notice to the other:

 

(i)          if
to the Company, to it at:

 

5300 Westview Drive, Suite 406

Frederick, Maryland 21703

Attn: Chief Executive Officer

 

(ii)         if
to the Grantee, to the Grantee at his or her most recent address as shown on the books and records of the Company.

 

All such
notices and communications shall be deemed to have been received on the date of delivery if delivered personally or on the third
business day after the mailing thereof.

 

(d)          Binding
Effect; Benefits. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their
respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any
person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy
or claim under or in respect of any agreement or any provision contained herein.

 

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(e)          Waiver.
Any party hereto or beneficiary hereof may by written notice to the other parties (A) extend the time for the performance
of any of the obligations or other actions of the other parties under this Agreement, (B) waive compliance with any
of the conditions or covenants of the other parties contained in this Agreement, and (C) waive or modify performance
in a less burdensome manner of any of the obligations of the other parties under this Agreement. Except as provided in the preceding
sentence, no action taken pursuant to this Agreement, including, without limitation, any investigation by or on behalf of any party
or beneficiary, shall be deemed to constitute a waiver by the party or beneficiary taking such action of compliance with any representations,
warranties, covenants or agreements contained herein. The waiver by any party hereto or beneficiary hereof of a breach of any provision
of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by a party
or beneficiary to exercise any right or privilege hereunder shall be deemed a waiver of such party’s or beneficiary’s
rights or privileges hereunder or shall be deemed a waiver of such party’s or beneficiary’s rights to exercise the
same at any subsequent time or times hereunder.

 

(f)          Amendment.
Except as provided in the Plan, this Agreement may not be amended, modified or supplemented orally, except by a written instrument
executed by the Grantee and the Company.

 

(g)          Assignability.
Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable
by the Company or the Grantee without the prior written consent of the other party.

 

(h)          Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland regardless of the
application of rules of conflict of law that would apply the laws of any other jurisdiction.

 

(i)          Arbitration;
Waiver of Jury Trial. Any dispute, controversy or claim arising out of or pursuant to the Plan, this Agreement, any other agreement
entered into pursuant to the Plan or any undertakings, covenants and agreements incorporated by reference into the Plan or this
Agreement shall be adjudicated as provided in Section 24 of the Plan.

 

(j)          Titles
and Headings. The titles and headings of the sections in this Agreement are for convenience of reference only and shall not
affect the meaning or interpretation of this Agreement.

 

(k)          Gender
and Number. Except where otherwise indicated by the context, any masculine term used herein shall also include the feminine;
the plural shall include the singular and the singular shall include the plural.

 

(l)          Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same instrument.

 

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(m)          No
Right to Continued Service Relationship. Nothing in this Agreement shall be deemed to confer on the Grantee any right to a
continued Service Relationship, or to interfere with or limit in any way the right of the Company or any Subsidiary to terminate
such Service Relationship at any time.

 

(n)          Clawback.
Grantee acknowledges and agrees to be bound by the clawback provisions set forth in Section 20(b) of the Plan.

 

IN WITNESS WHEREOF,
the Company and the Grantee have executed this Agreement as of the date first above written.

 

	 	VACCINOGEN, INC.	 
	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 
	 	GRANTEE	 
	 	 	 
	 	 	 
	 	Name:  	 

 

	
        Total Number of Shares

        of Restricted Stock (Common Stock)

        Granted Pursuant to this Agreement: ___________
	 	 

 

    	7Exhibit 10.3

  

VACCINOGEN, INC.

 

NON-STATUTORY STOCK OPTION AGREEMENT

 

This Non-Statutory
Stock Option Agreement (the “Agreement”), dated as of [DATE] (the
“Grant Date”), between Vaccinogen, Inc., a Maryland corporation, and the Grantee whose name appears on the signature
page hereof, is being entered into pursuant to the Vaccinogen, Inc. 2015 Stock Incentive Plan (the “Plan”).

 

The Company and the
Grantee hereby agree as follows:

 

Section 1.          Certain
Definitions. Capitalized terms used in this Agreement and not defined herein shall have the respective meanings given to them
in the Plan, and the following additional terms shall have the following meanings:

 

“Aggregate
Price” has the meaning set forth in Section 5(a).

 

“Cause”
as to any Grantee who is party to an employment agreement with the Company or a Subsidiary, has the same meaning as set forth in
such employment agreement. In the absence of such an employment agreement, “Cause” shall mean the Grantee (i) shall
have been convicted, indicted for, or entered a plea of nolo contendere to, any felony or any other act involving fraud, theft,
misappropriation, dishonesty, or embezzlement, (ii) shall have committed intentional and willful acts of misconduct that materially
impair the goodwill or business of the Company or cause material damage to its property, goodwill, or business, or (iii) shall
have willfully refused to, or willfully failed to, perform in any material respect his or her duties, provided, however, that no
such termination for Cause under clause (iii) shall be effective unless the Grantee does not cure such refusal or failure to the
Company’s reasonable satisfaction as soon as practicable after the Company gives the Grantee written notice identifying such
refusal or failure (and, in any event, within ten (10) calendar days after receipt of such written notice). The determination as
to whether “Cause” has occurred shall be made by the Committee, which shall have the authority to waive the consequences
under the Plan of the existence or occurrence of any of the events, acts or omissions constituting “Cause.” A termination
for Cause shall be deemed to include a determination following termination of a Grantee’s Service Relationship for any reason
that circumstances existed prior to such termination sufficient for the Company or one of its Subsidiaries to have terminated such
Grantee’s Service Relationship for Cause.

 

“Exercise
Date” has the meaning set forth in Section 5(a).

 

“Exercise
Price” means the price specified on the signature page hereof.

 

“Financing
Agreements” means any guaranty, financing or security agreement or document entered into by the Company or any Subsidiary
from time to time.

 

    	 

    	 

    

 

 

“Grantee”
means the grantee of the Non-Statutory Stock Options (whether an employee, officer, Consultant or director of the Company or a
Subsidiary), whose name is set forth on the signature page of this Agreement; provided that following such person’s
death, “Grantee” shall be deemed to include such person’s beneficiary or estate and following such person’s
Disability, “Grantee” shall be deemed to include such person’s legal representative.

 

“Normal Expiration
Date” has the meaning set forth in Section 4(a).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Service Relationship”
means a Grantee’s relationship to the Company or any Subsidiary as an employee, officer, Consultant or director (as applicable).

 

Section 2.            Grant
of Non-Statutory Stock Options

 

(a)          Confirmation
of Grant. The Company hereby evidences and confirms, effective as of the date hereof, its grant to the Grantee of Non-Statutory
Stock Options to purchase the number of shares of Stock specified on the signature page hereof. The Non-Statutory Stock Options
are not intended to be incentive stock options under the Code. This Agreement is entered into pursuant to, and the terms of the
Non-Statutory Stock Options are subject to, the terms of the Plan. If there is any inconsistency between this Agreement and the
terms of the Plan, the terms of the Plan shall govern.

 

(b)          Exercise
Price. Each share of Stock covered by a Non-Statutory Stock Option shall have the Exercise Price specified on the signature
page hereof.

 

Section 3.            Vesting
and Exercisability

 

(a)          Vesting.
Except as otherwise provided in Section 3(b) or 6 of this Agreement, the Non-Statutory Stock Options shall become vested based
on the length of the Service Relationship according to the following schedule, subject to the continuous existence of a Service
Relationship until the applicable anniversary of the Grant Date:

 

	Anniversary of	 	 	 
	Grant Date	 	Amount Vested	 
	 	 	 	 
	Until the first anniversary	 	 	0	%
	 	 	 	 	 
	First anniversary	 	 	25	%
	 	 	 	 	 
	Second anniversary	 	 	50	%
	 	 	 	 	 
	Third anniversary	 	 	75	%
	 	 	 	 	 
	Fourth anniversary	 	 	100	%

 

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(b)          Discretionary
Acceleration. The Committee, in its sole discretion, may accelerate the vesting or exercisability of all or a portion of the
Non-Statutory Stock Options, at any time and from time to time.

 

(c)          Exercise.
Once vested in accordance with the provisions of this Agreement, the Non-Statutory Stock Options may be exercised at any time and
from time to time prior to the date such Non-Statutory Stock Options expire pursuant to Section 4. Non-Statutory Stock Options
may only be exercised with respect to whole shares of Stock and must be exercised in accordance with Section 5.

 

Section 4.            Expiration
of Non-Statutory Stock Options

 

(a)          Normal
Expiration Date. Unless earlier expiration occurs pursuant to Sections 4(b), 4(c), or 6, the Non-Statutory Stock Options shall
expire on the tenth anniversary of the Grant Date (the “Normal Expiration Date”), if not exercised prior to
such date.

 

(b)          Early
Expiration. If the Grantee’s Service Relationship terminates for any reason, any Non-Statutory Stock Options held by
the Grantee that have not vested before the termination of the Service Relationship shall expire immediately upon termination of
the Service Relationship, and if the Grantee’s Service Relationship is terminated for Cause, all Non-Statutory Stock Options
(whether or not then vested or exercisable) shall automatically expire immediately upon such termination.

 

(c)          Expiration
of Vested Non-Statutory Stock Options Following Termination of the Service Relationship. All vested Non-Statutory Stock Options
held by the Grantee upon termination of the Service Relationship shall expire if not exercised by the Grantee within 30 days following
the termination of the Service Relationship, or upon the Normal Expiration Date, if earlier.

 

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Section 5.            Manner
of Exercise

 

(a)          General.
Subject to such reasonable administrative regulations as the Committee may adopt from time to time, the Grantee may exercise vested
Non-Statutory Stock Options by giving advance notice to the Company specifying the proposed date on which the Grantee desires to
exercise a vested Non-Statutory Stock Option (the “Exercise Date”), the number of whole shares with respect
to which the Non-Statutory Stock Options are being exercised (the “Exercise Shares”) and the aggregate Exercise
Price for such Exercise Shares (the “Aggregate Price”). On or before the Exercise Date, the Grantee shall deliver
to the Company full payment for the Exercise Shares in United States dollars in cash, or cash equivalents satisfactory to the Company,
or, if so permitted by the Committee (and on such conditions as the Committee shall determine) (A) through a net issuance
arrangement pursuant to which a number of shares of Stock subject to the portion of the Non-Statutory Stock Options being exercised,
having a Fair Market Value equal to the applicable exercise price plus the required minimum withholding taxes, are retained
by the Company, or (B) by using a broker assisted cashless exercise program acceptable to the Committee, and the Company
shall direct such issuance to be registered by the Company’s transfer agent. The Company may require the Grantee to furnish
or execute such other documents as the Company shall reasonably deem necessary (i) to evidence such exercise, or (ii) to
comply with or satisfy the requirements of the Securities Act, applicable state or non-U.S. securities laws or any other law.

 

(b)          Restrictions
on Exercise. Notwithstanding any other provision of this Agreement, the Non-Statutory Stock Options may not be exercised in
whole or in part, and no certificates representing Exercise Shares shall be delivered, (i) unless (A) all requisite
approvals and consents of any governmental authority of any kind shall have been secured, (B) the Exercise Shares shall
have been registered under applicable law or shall have been determined by the Company to be exempt from registration thereunder,
and (C) all applicable U.S. federal, state and local and non-U.S. tax withholding requirements shall have been satisfied,
or (ii) if such exercise would result in a violation of the terms or provisions of or a default or an event of default
under, any of the Financing Agreements. The Company shall use its commercially reasonable efforts to obtain any consents or approvals
referred to in clause (i) (A) of the preceding sentence, but shall otherwise have no obligations to take any steps to prevent or
remove any impediment to exercise described in such sentence.

 

Section 6.            Change
in Control.

 

(a)          Alternative
Award. No cancellation, acceleration, vesting, lapse of restrictions or other payment shall occur with respect to any Non-Statutory
Stock Options in connection with a Change in Control if the Committee reasonably determines in good faith, prior to the occurrence
of the Change in Control, that such Non-Statutory Stock Options shall be honored or assumed, or new rights substituted therefor
following the Change in Control (such honored, assumed, or substituted award, an “Alternative Award”), provided
that any Alternative Award must:

 

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(i)          Give
the Grantee who held such Non-Statutory Stock Options rights and entitlements substantially equivalent to or better than the rights
and terms applicable under such Non-Statutory Stock Options, including but not limited to an identical or better exercise and vesting
schedule, and identical or better timing and methods of payment; and

 

(ii)         Have
terms such that if, within two years following a Change in Control, a Grantee’s Service Relationship is involuntarily terminated
(or alternatively, in the case of a Grantee who is an employee, constructively terminated) other than for Cause at a time when
any portion of the Alternative Award is non-vested, the non-vested portion of such Alternative Award shall immediately vest and
become exercisable in full. For purposes of this Section 6(a)(ii), involuntary termination of the Service Relationship refers to
actual, involuntary termination (other than for Cause), and constructive termination of employment (in the case of a Grantee who
is an employee) refers to any of the following (other than for Cause) occurring within two years following the Change in Control:
(A) material diminution in duties; (B) material diminution in compensation, or (C) a requirement to relocate to a primary place
of business more than 50 miles from Grantee’s primary place of business immediately prior to the Change in Control.

 

(b)          Vesting
and Cancellation. Notwithstanding Section 6(a), if the Committee, in its discretion, determines that the Grantee will not receive
an Alternative Award, all of the Grantee’s outstanding unvested Non-Statutory Stock Options shall vest, and all outstanding
Non-Statutory Stock Options shall remain exercisable only for 30 days following the Change in Control, at which time they shall
expire, unless the Committee, in its discretion, determines to cancel the Non-Statutory Options in exchange for payment to Grantee
of the excess of the Fair Market Value of the Stock subject to the Options over the exercise price of the Options, as set forth
in Section 13(b) of the Plan (or otherwise take action with respect to the Options as set forth in Section 13(b) of the Plan).

 

(c)          Limitation
of Benefits. In the event that it is determined that any acceleration of vesting, payment or other value provided under this
Agreement in connection with a change in control would be considered “parachute payments” within the meaning of Section
280G of the Code (the “Parachute Payments”) that, but for this Section 6(c) would be payable to Grantee hereunder,
and would, when combined with any other Parachute Payments under any other agreement or arrangement, exceed the greatest amount
of Parachute Payments that could be paid to Grantee without giving rise to any liability for the excise tax imposed by Section
4999 of the Code (the “Excise Tax”), then the aggregate amount of Parachute Payments payable to Grantee hereunder shall
be reduced such that it shall not exceed the amount that produces the greatest after-tax benefit to Grantee after taking into account
any Excise Tax to be payable by Grantee.

 

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Section 7.            Miscellaneous.

 

(a)          Withholding.
The Company, or a Subsidiary, shall have the power to withhold, or to require the Grantee to remit to the Company, an amount in
cash sufficient to satisfy any applicable U.S. federal, state and local and non-U.S. tax withholding or other similar charges or
fees that may arise in connection with the grant, vesting, exercise or purchase of the Non-Statutory Stock Options.

 

(b)          Authorization
to Share Personal Data. The Grantee authorizes the Company to divulge or transfer personal data relating to the Grantee if
and to the extent necessary or appropriate in connection with this Agreement or the administration of the Plan.

 

(c)          No
Rights as Stockholder; No Voting Rights. The Grantee shall have no rights as a stockholder of the Company with respect to any
shares of Stock covered by the Non-Statutory Stock Options until the exercise of the Non-Statutory Stock Options and delivery of
the shares of Stock. Except as provided in Section 13 of the Plan, no adjustment shall be made for dividends or other rights for
which the record date is prior to the delivery of the shares of Stock.

 

(d)          No
Right to Continued Service Relationship. Nothing in this Agreement shall be deemed to confer on the Grantee any right to a
continued Service Relationship, or to interfere with or limit in any way the right of the Company or a Subsidiary to terminate
such Service Relationship at any time.

 

(e)          Non-Transferability
of Non-Statutory Stock Options. The Non-Statutory Stock Options may be exercised only by the Grantee, or a Grantee’s
guardian or legal representative during the period the Grantee is under legal disability, or, following the Grantee’s death,
by his designated beneficiary or by his estate in the absence of a designated beneficiary. The Non-Statutory Stock Options are
not assignable or transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged,
assigned, alienated, hypothecated or otherwise disposed of or encumbered (including, but not limited to, by gift, operation of
law or otherwise) other than by will or by the laws of descent and distribution to the estate of the Grantee upon the Grantee’s
death or with the Company’s consent.

 

(f)          Notices.
All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed
to have been given if delivered personally or sent by certified or express mail, return receipt requested, postage prepaid, or
by any recognized equivalent of such delivery, to the Company or the Grantee, as the case may be, at the following addresses or
to such other address as the Company or the Grantee, as the case may be, shall specify by notice to the other:

 

    	6

    	 

    

 

(i)            if
to the Company, to it at:e

 

5300 Westview Drive, Suite 406

Frederick, Maryland 21703

Attn: Chief Executive Officer

 

(ii)           if
to the Grantee, to the Grantee at his or her most recent address as shown on the books and records of the Company.

 

All such
notices and communications shall be deemed to have been received on the date of delivery if delivered personally or on the third
business day after the mailing thereof.

 

(g)          Binding
Effect; Benefits. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their
respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any
person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy
or claim under or in respect of any agreement or any provision contained herein.

 

(h)          Waiver.
Any party hereto or beneficiary hereof may by written notice to the other parties (A) extend the time for the performance
of any of the obligations or other actions of the other parties under this Agreement, (B) waive compliance with any
of the conditions or covenants of the other parties contained in this Agreement, and (C) waive or modify performance,
in a less burdensome manner, of any of the obligations of the other parties under this Agreement. Except as provided in the preceding
sentence, no action taken pursuant to this Agreement, including, without limitation, any investigation by or on behalf of any party
or beneficiary, shall be deemed to constitute a waiver by the party or beneficiary taking such action of compliance with any representations,
warranties, covenants or agreements contained herein. The waiver by any party hereto or beneficiary hereof of a breach of any provision
of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by a party
or beneficiary to exercise any right or privilege hereunder shall be deemed a waiver of such party’s or beneficiary’s
rights or privileges hereunder or shall be deemed a waiver of such party’s or beneficiary’s rights to exercise the
same at any subsequent time or times hereunder.

 

    	7

    	 

    

 

(i)          Amendment.
Except as provided in the Plan, this Agreement may not be amended, modified or supplemented orally, except by a written instrument
executed by the Grantee and the Company.

 

(j)          Assignability.
Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable
by the Company or the Grantee without the prior written consent of the other party.

 

(k)          Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Maryland regardless of the
application of rules of conflict of law that would apply the laws of any other jurisdiction.

 

(l)          Arbitration;
Waiver of Jury Trial. Any dispute, controversy or claim arising out of or pursuant to the Plan, this Agreement, any other agreement
entered into pursuant to the Plan or any undertakings, covenants and agreements incorporated by reference into the Plan or this
Agreement shall be adjudicated as provided in Section 24 of the Plan.

 

(m)          Titles
and Headings. The titles and headings of the sections in this Agreement are for convenience of reference only and shall not
affect the meaning or interpretation of this Agreement.

 

(n)          Gender
and Number. Except where otherwise indicated by the context, any masculine term used herein shall also include the feminine;
the plural shall include the singular and the singular shall include the plural.

 

(o)          Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same instrument.

 

(p)          Clawback.
Grantee acknowledges and agrees to be bound by the clawback provisions set forth in Section 20(b) of the Plan.

 

IN WITNESS WHEREOF,
the Company and the Grantee have executed this Agreement as of the date first above written.

 

	 	VACCINOGEN, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	8

    	 

    

 

	 	THE GRANTEE:	 
	 	 	 
	 	«Name»	 
	 	 	 
	 	 	 

 

 Address of the
Employee:

 

	Total Number of Shares

for the Purchase of Which

Non-Statutory Stock

 Options have been Granted

	Exercise Price	 
	[●] Shares	$[●]	 

 

    	9

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