Document:

Exhibit
10.11

    

    
 

    AMENDED
AND RESTATED GENERAL RELEASE OF CLAIMS AND RESTRICTIVE COVENANTS
AGREEMENT

     

     

    THIS AMENDED AND RESTATED GENERAL
RELEASE OF CLAIMS AND RESTRICTIVE COVENANTS AGREEMENT (Agreement) is made
and entered into by James M. Robinson (Employee), in consideration of the
promises and mutual covenants contained herein, and in the severance offer from
Novavax, Inc. (Employer) to Employee by memorandum dated January 25,
2010.

    

    WHEREAS, Employer employs
Employee as its Vice President, Technical Quality and Operations;
and

    

    WHEREAS, Employer and Employee
will terminate their employment relationship as of January 11,
2010.

    

    NOW THEREFORE, in
consideration of the mutual promises set forth herein and in the January 25,
2010 memorandum, Employee agrees as follows:

     

    1.           Consideration.  I am entering
into this Agreement in consideration of the offer of Employer to me severance of
$95,000 (minus all appropriate withholdings and deductions) and $10,155.64,
which represents all accrued but unused vacation time through January 11, 2010,
as well as other good and valuable consideration.  The severance offer
and this General Release of Claims and Restrictive Covenants constitute the
“Agreement.”  I hereby accept the severance offer and agree to be
bound by this Agreement.

     

    2.           General
Release of Claims.  I, for myself and
my heirs, executors, administrators, assigns, agents and beneficiaries, if any,
do hereby agree to execute and be bound by this General Release of
Claims.  I waive, release, and forever discharge Employer (as defined
below) of and from any and all Claims (as defined
below) arising from the beginning of time up to and including the date of this
Agreement.  I agree not to file a lawsuit or arbitration to assert any
such Claim.  Further, I agree that should any other person,
organization or entity file a lawsuit or arbitration to assert any such Claim, I
will not seek or accept any personal relief in such action.

     

    Exclusions:  Notwithstanding
any other provision of this release, the following are not
barred by the release:  (a) Claims relating to the validity of this
Agreement; (b) Claims by either party to enforce this Agreement; (c) Claims
which legally may not be waived.  In addition, this General Release of
Claims will not operate to limit or bar my right to file an administrative
charge of discrimination with the Equal Employment Opportunity Commission (EEOC)
and to participate in an investigation by the EEOC, although the General Release
of Claims does bar my right to recover any personal relief if I or anyone on my
behalf seeks to file a subsequent lawsuit or arbitration on the same basis as
the charge of discrimination.

     

    The
following provisions further explain this General Release of Claims and promise
not to sue:

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)           Definition
of “Claims.”
Except as stated above, “Claims” includes without limitation all actions
or demands of any kind that I now have, or may have or claim to have in the
future.  More specifically, Claims include rights, causes of action,
damages, penalties, losses, attorneys’ fees, costs, expenses, obligations,
agreements, judgments and all other liabilities of any kind or description
whatsoever, either in law or in equity, whether known or unknown, suspected or
unsuspected.

     

    The
nature of Claims covered by this General Release of Claims and promise not to
sue includes without limitation all actions or demands in any way based on my
employment with Employer, the terms and conditions of such employment or my
separation from employment.  More specifically, all of the following
are among the types of Claims which are waived and barred by this General
Release of Claims to the extent allowable under applicable law:

     

    
      	
               
      

            	
              ·

            	
              Contract
      Claims, whether express or implied;

            

    

     

    
      	
               
      

            	
              ·

            	
              Tort
      Claims, such as for defamation or emotional
  distress;

            

    

     

    
      	
               
      

            	
              ·

            	
              Claims
      under federal, state and municipal laws, regulations, ordinance or court
      decisions of any kind including, but not limited to any action, under the
      Maryland Wage Payment and Collection law as codified at Ann. Code. Md.
      Labor and Employment, 3-501 et
  seq.;

            

    

     

    
      	
               
      

            	
              ·

            	
              Claims
      of discrimination, harassment or retaliation, whether based on race,
      color, religion, gender, sex, age, sexual orientation, handicap and/or
      disability, national origin, whistleblowing or any other legally protected
      class;

            

    

     

    
      	
               
      

            	
              ·

            	
              Claims
      under the Age Discrimination in Employment Act, Title VII of the Civil
      Rights Act of 1964, as amended, the Americans with Disabilities Act, the
      Family and Medical Leave Act, and similar state and local statutes, laws
      and ordinances;

            

    

     

    
      	
               
      

            	
              ·

            	
              Claims
      under the Employee Retirement Income Security Act, the Occupational Safety
      and Health Act, the False Claims Act, and similar state and local
      statutes, laws and ordinances;

            

    

     

    
      	
               
      

            	
              ·

            	
              Claims
      for wrongful discharge; and

            

    

     

    
      	
               
      

            	
              ·

            	
              Claims
      for attorneys’ fees, including litigation expenses and/or
      costs.

            

    

     

    The
foregoing description of claims is intended to be illustrative and is not
exhaustive.

     

    (b)           Definition
of “Employer.”
“Employer” includes without limitation Novavax, Inc. and its respective
past, present and future parents, owners, affiliates, subsidiaries, divisions,
predecessors, successors, assigns, employee benefit plans and trusts, if
any.  It also includes all past, present and future managers, members,
principals, directors, officers, partners, agents, employees (except James M.
Robinson), attorneys, representatives, consultants, associates, fiduciaries,
plan sponsors, administrators and trustees of each of the
foregoing.

     

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    3.           Restrictive
Covenants

     

    (a)           All
Business to be Property of the Employer; Assignment of Intellectual
Property.

     

    (i)           Employee
agrees that any and all presently existing business of the Employer and all
business developed by him or any other employee of the Employer including
without limitation all contracts, fees, commissions, compensation, records,
customer or client lists, agreements and any other incident of any business
developed, earned or carried on by Employee for the Employer is and shall be the
exclusive property of the Employer, and (where applicable) shall be payable
directly to the Employer.

     

    (ii)           Employee
hereby acknowledges that any plan, method, data, know-how, research,
information, procedure, development, invention, improvement, modification,
discovery, design, process, software and work of authorship, documentation,
formula, technique, trade secret or intellectual property right whatsoever or
any interest therein whether patentable or non-patentable, patents and
applications therefor, trademarks and applications therefor or copyrights and
applications therefor (herein sometimes collectively referred to as
“Intellectual Property”) made, conceived, created, invested, developed, reduced
to practice and/or acquired by Employee solely or jointly with others is the
sole and exclusive property of the Employer, as work for hire, and that he has
no personal right in any such Intellectual Property.  Employee hereby
grants to the Employer his entire right, title and interest throughout the world
in and to, all Intellectual Property, which was made, conceived, created,
invested, developed, reduced to practice and/or acquired by him solely or
jointly with others during his employment.

     

    (iii)           Employee
shall cooperate fully with the Employer with respect to the procurement,
maintenance and enforcement of copyrights, patents and other intellectual
property rights (both in the United States and foreign countries) relating to
Intellectual Property.  Without limiting the foregoing, Employee
agrees that to the extent copyrightable, any such original works of authorship
shall be deemed to be "works for hire" and that the Employer shall be deemed the
author thereof under the U.S. Copyright Act, provided that in the event and to
the extent such works are determined not to constitute "works for hire" as a
matter of law, Employee hereby irrevocably assigns and transfers to the Employer
all right, title and interest in such works, including but not limited to
copyrights thereof.  Employee shall sign all papers, including,
without limitation, copyright applications, patent applications, declarations,
oaths, formal assignments, assignments of priority rights and powers of
attorney, which the Employer may deem necessary or desirable in order to protect
its rights and interests in any Intellectual Property (at the Employer’s
expense) and agrees that these obligations are binding upon his assigns,
executors, administrators and other legal representatives.  To that
end, Employee shall provide current contact information to the Employer
including, but not limited to, home address, telephone number and email address,
and shall update his contact information whenever necessary.

     

    (b)           Confidentiality.  Employee
acknowledges his obligation of confidentiality with respect to all proprietary,
confidential and non-public information of the Employer, including all
Intellectual Property.  By way of illustration, but not limitation,
confidential and proprietary information shall be deemed to include any plan,
method, data, know-how, research, information, procedure, development,
invention, improvement, modification, discovery, process, work of authorship,
documentation, formula, technique, product, idea, concept, design, drawing,
specification, technique, trade secret or intellectual property right whatsoever
or any interest therein whether patentable or non-patentable, patents and
applications therefor, trademarks and applications therefor or copyrights and
applications therefor, personnel data, records, marketing techniques and
materials, marketing and development plans, customer names and other information
related to customers, including prospective customers and contacts at customers,
price lists, pricing policies and supplier lists of the Employer, in each case
coming into Employee’s possession during his employment, to which Employee had
access, or which Employee discovered or developed (whether or not related to the
business of the Employer at the time this Agreement is signed or any information
Employee originatee, discovered or developed, in whole or in part) as a result
of Employee’s employment by the Employer.  Employee shall not for a
period of ten (10) years, use for any purpose disclose to any person whether
Employee has such information in his memory or such information is embodied in
writing, electronic or other tangible form.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

     

    All
originals and copies of any of the foregoing, however and whenever produced,
shall be the sole property of the Employer.  All files, letters,
memoranda, reports, records, data, sketches, drawings, program listings, or
other written, photographic, or other tangible or electronic material containing
confidential or proprietary information or Intellectual Property, whether
created by Employee or others, which has come into Employee’s custody or
possession, shall be and are the exclusive property of the
Employer.  All electronic material containing confidential or
proprietary information or Intellectual Property supplied to Employee by the
Employer will be promptly delivered to the Employer and/or a person or entity
identified by the Employer all such materials or copies of such materials and
all tangible property of the Employer in Employee’s custody or
possession.  After such delivery, Employee will not retain any such
materials or copies or any such tangible property or any summaries or memoranda
regarding same.

     

    (c)           Non-Competition
Covenant.   Employee
agrees and warrants that, he will not, directly or indirectly, during the
Non-Competition Period, as defined below, own, operate, join, control,
participate in, or be connected as an officer, director, employee, partner,
stockholder, consultant or otherwise, with any business or entity which competes
with the business of the Employer (or its successors or assigns) as such
business is now constituted or as it may be constituted at any time during the
Non-Competition Period.  The “Non-Competition Period” shall be a
period of six months
following termination of employment.

     

    Employee
and the Employer are of the belief that the period of time and the area herein
specified are reasonable in view of the nature of the business in which the
Employer is engaged and proposes to engage, the state of its business
development and Employee’s knowledge of this business.

     

    (d)           Non-Solicitation
Agreement.  Employee agrees and covenants that he will not,
directly or indirectly, during the Non-Competition Period (as defined in Section
c above) solicit, entice or attempt to entice away or interfere in any manner
with the Employer’s relationships or proposed relationships with any customer,
officer, employee, consultant, proposed customer, vendor, supplier, proposed
vendor or supplier or person or entity or person providing or proposed to
provide research and/or development services to, on behalf of or with the
Employer.

     

    4.           Consideration
Period.  I acknowledge
that I have carefully read and I understand the provisions of this
Agreement.  I have been provided with a consideration period
consisting of at least twenty-one (21) calendar days to consider the
terms of this Agreement from the date this Agreement first was presented to me
on January 25, 2010.  I agree to notify Employer of my acceptance of
this Agreement by delivering a signed and notarized copy to Employer, addressed
to the attention of Jill Hoyt, Novavax, Inc., 9920 Belward Campus Drive,
Rockville, Maryland 20850 on or before February 1, 2010.  I agree that
any change to this offer, whether material or immaterial, will not restart the
running of the consideration period.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

     

    I
understand that I may take the entire consideration period to consider this
Agreement.  I acknowledge that if I sign and return this Agreement
before the end of the consideration period that I will have knowingly and
voluntarily waived my right to consider the Agreement for the full consideration
period and that I have executed this Agreement voluntarily and with full
knowledge of its significance, meaning and binding effect.  I may
return this Agreement in less than the full consideration period only if my
decision to shorten it was knowing and voluntary and was not induced in any way
by Employer.

     

    5.           Revocation
Period.  I have seven (7)
calendar days from the date I sign this Agreement to revoke it if I choose to do
so.  If I elect to revoke, I must give written notice of such
revocation to Employer by delivering it to Jill Hoyt, Novavax, Inc., 9920
Belward Campus Drive, Rockville, Maryland 20850 in such a manner that it is
actually received within the seven (7) calendar day period.  I
understand that if I revoke this Agreement, I will not be entitled to the
benefits offered as consideration for this Agreement.

     

    6.           Advice to
Consult Legal Representative.  Employer
recommends that I consult with an attorney of my own choosing, at my own
expense, with regard to entering into this Agreement.

     

    7.           Severability.  I agree that if
any provision of this Agreement is or shall be declared invalid or unenforceable
by a court of competent jurisdiction, then such provision will be modified only
to the extent necessary to cure such invalidity, with a view to enforcing the
parties’ intention as set forth in this Agreement to the extent
permissible.  All remaining provisions of this Agreement shall not be
affected thereby and shall remain in full force and effect.

     

    8.           Choice of
Law.  This Agreement
shall be governed by the laws of the State of Maryland, without giving effect to
choice of law principles of any state, except to the extent superseded by
federal law (e.g., ERISA).

     

    9.           Employee
Certification - Validity of Agreement.  I certify that I
have carefully read this Agreement and have executed it voluntarily and with
full knowledge and understanding of its significance, meaning and binding
effect.  I further declare that I am competent to understand the
content and effect of this Agreement and that my decision to enter into this
Agreement has not been influenced in any way by fraud, duress, coercion, mistake
or misleading information.  I have not relied on any information
except what is set forth in this Agreement.

     

    10.           Effective
Date.  I understand that
this Agreement shall not become effective or enforceable until the expiration of
the revocation period set forth above, provided that I do not elect to revoke
it.

     

    11.           Effect
of Amendment.  For the convenience of the
parties this Amendment and Restatement uses the same language as the General
Release of Claims and Restrictive Covenants Agreement originally executed on
February 1, 2010.  I understand and agree that the execution of this
Amended and Restated General Release of Claims and Restrictive Covenants
Agreement does not restart the running of the consideration period or the
revocation period as defined above in sections 4 and 5.  I further
understand that there is no consideration or revocation period at the execution
of Amended and Restated General Release of Claims and Restrictive Covenants
Agreement.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, and with the intention of being legally bound hereby, I have
executed this Agreement on the 11th day of March, 2010.

     

    
      
        	 	 	 
	 	 	 	 
	
                 

              	
                 

              	/s/ James
      M. Robinson	 
	 	 	James
      M. Robinson	 
	 	 	 	 
	 	 	 	 

      

    

    
 

    Sworn to
and Subscribed Before Me

    this 11th
day of March, 2010.

    

    
      
        
          
            
              	 	 	 	 	 
	
                      /s/
      Gerri Smith

                    	 	 	
                       

                    	 
	
                      Notary
      Public

                    	 	 	
                       

                    	 
	
                       

                    	 	 	
                       

                    	 

            

          

        

      

     

    
      
         

      

      
        6Exhibit
10.13

     

    EMPLOYMENT
AGREEMENT

     

    This
Employment Agreement (this “Agreement”) is dated as of September 23, 2008, between
Novavax, Inc., a Delaware corporation having its principal office at 9920
Belward Campus Drive, Rockville, MD 20850, and Thomas S. Johnston, an
individual with a mailing address of 18505 Cornflower Road, Boyds,
MD  20841 (“Executive”).

     

    WHEREAS,
Executive commenced employment with the Company on March 5, 2007 pursuant to an
offer letter dated February 16, 2007; and

     

    WHEREAS,
Executive and the Company wish to enter into a more formal contractual
relationship at this time.

     

    The
Company and Executive hereby agree as follows:

     

    1.           Employment.  The
Company hereby employs Executive and Executive hereby accepts employment as
Vice President, Strategy
upon the terms and conditions hereinafter set forth.  As used
throughout this Agreement, “Company” shall mean and include any and all of its
present and future subsidiaries and any and all subsidiaries of a
subsidiary.  Executive warrants and represents that he is free to
enter into and perform this Agreement and is not subject to any employment,
confidentiality, non-competition or other agreement which prohibits, restricts,
or would be breached by either his acceptance or his performance of this
Agreement.

     

    2.           Duties.  During the
Term (as hereinafter defined), Executive shall devote his full business time to
the performance of services as Vice President, Strategy of
Novavax, Inc., performing such services, assuming such responsibilities and
exercising such authority as are set forth in the Bylaws of the Company for such
offices and assuming such other duties and responsibilities as prescribed by the
President and CEO and Board of Directors.  During the Term,
Executive’s services shall be completely exclusive to the Company and he shall
devote his entire business time, attention and energies to the business of the
Company and the duties which the Company shall assign to him from time to
time.  Executive agrees to perform his services faithfully and to the
best of his ability and to carry out the policies and directives of the
Company.  Notwithstanding the foregoing, it shall not be a violation
of this Agreement for the Executive to serve as a director of any company whose
products do not compete with those of the Company and to serve as a director,
trustee, officer, or consultant to a charitable or non-profit entity; provided
that such service does not adversely affect Executive’s ability to perform his
obligations hereunder.  Executive agrees to take no action which is in
bad faith and prejudicial to the interests of the Company during his employment
hereunder.  Notwithstanding the location where Executive shall be
based, as set forth in this Agreement, he also may be required from time to time
to perform duties hereunder for reasonably short periods of time outside of said
area.

     

    3.           Term.  The term of
this Agreement shall be for the period beginning on October 2, 2008 and continuing
until October 2, 2009,
unless earlier terminated pursuant to Section 7 hereof (the “Term”) and shall be
renewable on the terms set forth herein upon agreement of the Company and
Executive of the term of such renewal and the initial base compensation
applicable to the renewal term.  The parties acknowledge that the
employment hereunder is employment at will.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      
        	
              	
                4.

              	
                Compensation.

              

      

    

     

    (a)           Base
Compensation.  For all Executive’s services and covenants under
this Agreement, the Company shall pay Executive an annual salary, which is
$210,000 as of this
amendment and restatement, established by the Board of Directors or an
authorized committee thereof (in accordance with the management processes) and
payable in accordance with the Company’s payroll policy as constituted from time
to time.  The Company may withhold from any amounts payable under this
Agreement all required federal, state, city or other taxes and all other
deductions as may be required pursuant to any law or government regulation or
ruling.

     

    (b)           Bonus Program.  The
Company agrees to pay the Executive a performance and incentive bonus in respect
of Executive’s employment with the Company each year in an amount determined by
the President and CEO and Board of Directors (or any committee of the Board of
Directors authorized to make that determination) to be appropriate based upon
Executive’s, and the Company’s, achievement of certain specified goals, with a
target bonus of 40%, or
any other percentage determined by the Board of Directors, of Executive’s base
salary during the year to which the bonus relates.  Such bonus shall
be payable no later than two and one-half months following the year for which
the bonus applies.  The bonus shall be paid out partly in cash and
partly in shares of restricted stock, in the discretion of the Board of
Directors.

     

    (c)           Stock
Awards.  Executive will be eligible for additional stock awards
based upon performance subject to the approval of the President and Chief
Executive Officer and the Board of Directors.

     

    5.          
 Reimbursable
Expenses.  Executive shall be entitled to reimbursement for
reasonable expenses incurred by him in connection with the performance of his
duties hereunder in accordance with such procedures and policies for executive
officers as the Company has heretofore or may hereafter
establish.  The amount of expenses eligible for reimbursement during
any calendar year shall not affect the expenses eligible for reimbursement in
any other calendar year, and the reimbursement of an eligible expense shall be
made as soon as practicable after Executive submits the request for
reimbursement, but not later than December 31 following the calendar year in
which the expense was incurred.

     

    6.           Benefits.  (a)  Executive
shall be entitled to four weeks of paid vacation time per year starting from
April 1, 2008,
calculated and administered in accordance with Company policies for executive
officers in effect from time to time.  The Executive shall be entitled
to all other benefits associated with normal full time employment in accordance
with Company policies.

     

    (b)           Executive
shall be entitled to participate in the Company’s Change of Control Severance
Benefit Plan.

     

    
      	
            	
              7.

            	
              Termination of
      Employment.

            

    

     

    (a)           Notwithstanding
any other provision of this Agreement, Executive’s employment may be terminated,
without such action constituting a breach of this Agreement:

     

    (i)           By
the Company, for “Cause,” as defined in Section 7(b) below;

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (ii)           By
the Company, upon 30 days’ notice to Executive, if he should be prevented by
illness, accident or other disability (mental or physical) from discharging his
duties hereunder for one or more periods totaling three consecutive months
during any twelve-month period;

     

    (iii)           By
the Executive with “Good Reason”, as defined in Section 7(c) below, within 30
days of the occurrence or commencement of such Good Reason;

     

    (iv)           By
the event of Executive’s death during the Term.

     

    (b)           “Cause”
shall mean (i) Executive’s willful failure or refusal to perform in all material
respects the services required of him hereby, (ii) Executive’s willful failure
or refusal to carry out any proper and material direction by the President and
CEO or Board of Directors with respect to the services to be rendered by him
hereunder or the manner of rendering such services, (iii) Executive’s willful
misconduct in the performance of his duties hereunder, (iv) Executive’s
commission of an act of fraud, embezzlement or theft or a felony involving moral
turpitude, (v) Executive’s use or disclosure of Confidential Information (as
defined in Section 10 of this Agreement), other than for the benefit of the
Company in the course of rendering services to the Company or (vi) Executive’s
engagement in any activity prohibited by Section 11 of this
Agreement.  For purposes of this Section 7, the Company shall be
required to provide Executive a specific written warning with regard to any
occurrence of subsections (b)(i), (ii) and (iii) above, which warning shall
include a statement of corrective actions and a 30 day period for the Executive
to respond to and implement such actions, prior to any termination of employment
by the Company pursuant to Section 7(a)(i) above.

     

    (c)           “Good
Reason” shall mean the Company’s material reduction or diminution of Executive’s
responsibilities and authority, other than for Cause, without his
consent.

     

    8.     
      Separation
Pay.  (a)  Subject to Executive’s execution and
delivery to the company of the Company’s standard form of Separation and Release
Agreement, the Company shall pay Executive an amount equal to the Separation Pay
upon the occurrence of the applicable Separation Event but in no case later than
two and one-half months following the year in which the Separation Event
occurs.  Separation Pay shall each be payable in accordance with the
Company’s payroll policy as constituted from time to time, and shall be subject
to withholding of all applicable federal, state and local taxes and any other
deductions required by applicable law.  In the event of Executive’s
death, the Company’s obligation to pay further compensation hereunder shall
cease forthwith, except that Executive’s legal representative shall be entitled
to receive his fixed compensation for the period up to the last day of the month
in which such death shall have occurred.

     

    (b)           Section
8(a) above shall not apply should Executive receive severance benefits under the
Company’s Change in Control Severance Benefit Plan.

     

    9.           
“Separation Pay” shall mean a lump sum amount equal to six months of Executive’s then
effective salary.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (a)           “Separation
Event” shall mean:

     

    (i)           the
Company’s termination of Executive’s employment by the Company without Cause,
during the Term; or (ii) the termination of Executive’s employment by the
Executive for Good Reason.

     

    10.          All Business to be Property of the
Company; Assignment of Intellectual Property.

     

    (a)           Executive
agrees that any and all presently existing business of the Company and all
business developed by him or any other employee of the Company including without
limitation all contracts, fees, commissions, compensation, records, customer or
client lists, agreements and any other incident of any business developed,
earned or carried on by Executive for the Company is and shall be the exclusive
property of the Company, and (where applicable) shall be payable directly to the
Company.

     

    (b)           Executive
hereby acknowledges that any plan, method, data, know-how, research,
information, procedure, development, invention, improvement, modification,
discovery, design, process, software and work of authorship, documentation,
formula, technique, trade secret or intellectual property right whatsoever or
any interest therein whether patentable or non-patentable, patents and
applications therefor, trademarks and applications therefor or copyrights and
applications therefor (herein sometimes collectively referred to as
“Intellectual Property”) made, conceived, created, invested, developed, reduced
to practice and/or acquired by Executive solely or jointly with others during
the Term is the sole and exclusive property of the Company, as work for hire,
and that he has no personal right in any such Intellectual
Property.  Executive hereby grants to the Company (without any
separate remuneration or compensation other than that received by him from time
to time in the course of his employment) his entire right, title and interest
throughout the world in and to, all Intellectual Property, which is made,
conceived, created, invested, developed, reduced to practice and/or acquired by
him solely or jointly with others during the Term.

     

    (c)           Executive
shall cooperate fully with the Company, both during and after his employment
with or engagement by the Company, with respect to the procurement, maintenance
and enforcement of copyrights, patents and other intellectual property rights
(both in the United States and foreign countries) relating to Intellectual
Property.  Without limiting the foregoing, Executive agrees that to
the extent copyrightable, any such original works of authorship shall be deemed
to be "works for hire" and that the Company shall be deemed the author thereof
under the U.S. Copyright Act, provided that in the event and to the extent such
works are determined not to constitute "works for hire" as a matter of law,
Executive hereby irrevocably assigns and transfers to the Company all right,
title and interest in such works, including but not limited to copyrights
thereof.  Executive shall sign all papers, including, without
limitation, copyright applications, patent applications, declarations, oaths,
formal assignments, assignments of priority rights and powers of attorney, which
the Company may deem necessary or desirable in order to protect its rights and
interests in any Intellectual Property (at the Company’s expense) and agrees
that these obligations are binding upon his assigns, executors, administrators
and other legal representatives.  To that end, Executive shall provide
current contact information to the Company including, but not limited to, home
address, telephone number and email address, and shall update his contact
information whenever necessary.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    11.           Confidentiality.  Executive
acknowledges his obligation of confidentiality with respect to all proprietary,
confidential and non-public information of the Company, including all
Intellectual Property.  By way of illustration, but not limitation,
confidential and proprietary information shall be deemed to include any plan,
method, data, know-how, research, information, procedure, development,
invention, improvement, modification, discovery, process, work of authorship,
documentation, formula, technique, product, idea, concept, design, drawing,
specification, technique, trade secret or intellectual property right whatsoever
or any interest therein whether patentable or non-patentable, patents and
applications therefor, trademarks and applications therefor or copyrights and
applications therefor, personnel data, records, marketing techniques and
materials, marketing and development plans, customer names and other information
related to customers, including prospective customers and contacts at customers,
price lists, pricing policies and supplier lists of the Company, in each case
coming into Executive’s possession, or which Executive learns, or to which
Executive has access, or which Executive may discover or develop (whether or not
related to the business of the Company at the time this Agreement is signed or
any information Executive originates, discovers or develops, in whole or in
part) as a result of Executive’s employment by (either full-time or part-time),
or retention as a consultant of, the Company.  Executive shall not,
either during the Term or for a period of ten (10) years thereafter, use for any
purpose other than the furtherance of the Company’s business, or disclose to any
person other than a person with a need to know such confidential, proprietary or
non-public information for the furtherance of the Company’s business who is
obligated to maintain the confidentiality of such information, any information
concerning any Intellectual Property, or other confidential, proprietary or
non-public information of the Company, whether Executive has such information in
his memory or such information is embodied in writing, electronic or other
tangible form.

     

    All
originals and copies of any of the foregoing, however and whenever produced,
shall be the sole property of the Company.  All files, letters,
memoranda, reports, records, data, sketches, drawings, program listings, or
other written, photographic, or other tangible or electronic material containing
confidential or proprietary information or Intellectual Property, whether
created by me or others, which shall come into Executive’s custody or
possession, shall be and are the exclusive property of the Company to be used by
Executive only in the performance of his duties for the Company.  All
electronic material containing confidential or proprietary information or
Intellectual Property will be stored on a computer supplied to Executive by the
Company and, under no circumstances, will it be transferred to a personal
computer.  Executive will promptly deliver to the Company and/or a
person or entity identified by the Company all such materials or copies of such
materials and all tangible property of the Company in Executive’s custody or
possession, upon the earlier of (i) a request by the Company or (ii) termination
of employment or engagement by the Company.  After such delivery,
Executive will not retain any such materials or copies or any such tangible
property or any summaries or memoranda regarding same.

     

    12.           Non-Competition
Covenant.  As the Executive has been granted options to
purchase stock in the Company and as such has a financial interest in the
success of the Company’s business and as Executive recognizes that the Company
would be substantially injured by Executive competing with the Company,
Executive agrees and warrants that within the United States, he will not, unless
acting with the Company’s express prior written consent, directly or indirectly,
while an employee of the Company and during the Non-Competition Period, as
defined below, own, operate, join, control, participate in, or be connected as
an officer, director, employee, partner, stockholder, consultant or otherwise,
with any business or entity which competes with the business of the Company (or
its successors or assigns) as such business is now constituted or as it may be
constituted at any time during the Term of this Agreement; provided, however,
that Executive may own, and exercise rights with respect to, less than one
percent of the equity of a publicly traded company.  The
“Non-Competition Period” shall be a period of six months following
termination of employment.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Executive
and the Company are of the belief that the period of time and the area herein
specified are reasonable in view of the nature of the business in which the
Company is engaged and proposes to engage, the state of its business development
and Executive’s knowledge of this business; however, if such period or such area
should be adjudged unreasonable in any judicial proceeding, then the period of
time shall be reduced by such number of months or such area shall be reduced by
elimination of such portion of such area, or both, as are deemed unreasonable,
so that this covenant may be enforced in such area and during such period of
time as is adjudged to be reasonable.

     

    13.           Non-Solicitation
Agreement.  Executive agrees and covenants that he will not,
unless acting with the Company’s express written consent, directly or
indirectly, during the Term of this Agreement or during the Non-Competition
Period (as defined in Section 12 above) solicit, entice or attempt to entice
away or interfere in any manner with the Company’s relationships or proposed
relationships with any customer, officer, employee, consultant, proposed
customer, vendor, supplier, proposed vendor or supplier or person or entity or
person providing or proposed to provide research and/or development services to,
on behalf of or with the Company.

     

    14.           Notices.  All
notices and other communications hereunder shall be in writing and shall be
deemed to have been given on actual receipt after having been delivered by hand,
mailed by first class mail, postage prepaid, or sent by Federal Express or
similar overnight delivery services, as follows: (a) if to Executive, at the
address shown at the head of this Agreement, or to such other person(s) or
address(es) as Executive shall have furnished to the Company in writing and, if
to the Company, to it at the address set forth in the preamble hereto with a
copy to Jennifer L. Miller, Esq., Ballard Spahr Andrews & Ingersoll, LLP,
1735 Market Street, 51st Floor,
Philadelphia, Pennsylvania 19103, or to such other person(s) or address(es) as
the Company shall have furnished to Executive in writing.

     

    15.           Assignability.  In
the event of a change of control (as defined in the Company’s Change of Control
Severance Benefit Plan), the terms of this Agreement shall inure to the benefit
of, and be assumed by, the acquiring person (as defined in the Company’s Change
of Control Severance Benefit Plan).  This Agreement shall not be
assignable by Executive, but it shall be binding upon, and to the extent
provided in Section 8 shall inure to the benefit of, his heirs, executors,
administrators and legal representatives.

     

    16.           Entire
Agreement.  This Agreement contains the entire agreement
between the Company and Executive with respect to the subject matter hereof and
there have been no oral or other prior agreements of any kind whatsoever as a
condition precedent or inducement to the signing of this Agreement or otherwise
concerning this Agreement or the subject matter
hereof.  Notwithstanding the foregoing, Executive acknowledges that he
is required as a condition to continued employment, to comply at all times, with
the Company’s policies affecting employees, including the Company’s published
Code of Ethics, as in effect from time to time.  Executive further
acknowledges that the Non-Disclosure, Proprietary Information and Invention
Assignment Agreement he signed upon becoming an employee or thereafter remains
in full force and effect despite the execution of this Agreement and any changes
in his employment status with the Company.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    17.           Equitable
Relief.  Executive recognizes and agrees that the Company’s
remedy at law for any breach of the provisions of Sections 10, 11, 12 or 13
hereof would be inadequate, and he agrees that for breach of such provisions,
the Company shall, in addition to such other remedies as may be available to it
at law or in equity or as provided in this Agreement, be entitled to injunctive
relief and to enforce its rights by an action for specific
performance.  Should Executive engage in any activities prohibited by
this Agreement, he agrees to pay over to the Company all compensation,
remuneration or monies or property of any sort received in connection with such
activities; such payment shall not impair any rights or remedies of the Company
or obligations or liabilities of Executive which such parties may have under
this Agreement or applicable law.

     

    18.           Amendments.  This
Agreement may not be amended, nor shall any change, waiver, modification,
consent or discharge be effected except by written instrument executed by the
Company and Executive.

     

    19.           Severability.  If
any part of any term or provision of this Agreement shall be held or deemed to
be invalid, inoperative or unenforceable to any extent by a court of competent
jurisdiction, such circumstances shall in no way affect any other term or
provision of this Agreement, the application of such term or provision in any
other circumstances, or the validity or enforceability of this
Agreement.  Executive agrees that the restrictions set forth in
Sections 11 and 12 above (including, but not limited to, the geographical scope
and time period of restrictions) are fair and reasonable and are reasonably
required for the protection of the interests of the Company and its
affiliates.  In the event that any provision of Section 12 or 13
relating to time period and/or areas of restriction shall be declared by a court
of competent jurisdiction to exceed the maximum time period or areas such court
deems reasonable and enforceable, said time period and/or areas of restriction
shall be deemed to become and thereafter be the maximum time period and/or areas
which such court deems reasonable and enforceable.

     

    20.           Paragraph
Headings.  The paragraph headings used in this Agreement are
included solely for convenience and shall not affect, or be used in connection
with, the interpretation hereof.

     

    21.           Governing Law.  This
Agreement shall be governed by and construed and enforced in accordance with the
law of the State of Maryland, without regard to the principles of conflict of
laws thereof.

     

    22.           Resolution of
Disputes.  With the exception of proceedings for equitable
relief brought pursuant to Section 17 of this Agreement, any disputes arising
under or in connection with this Agreement including, without limitation, any
assertion by any party hereto that the other party has breached any provision of
this Agreement, shall be resolved by arbitration, to be conducted in Baltimore,
Maryland, in accordance with the rules and procedures of the American
Arbitration Association.  The parties shall bear equally the cost of
such arbitration, excluding attorneys’ fees and disbursements which shall be
borne solely by the party incurring the same; provided, however, that if the
arbitrator rules in favor of Executive, Company shall be solely responsible for
the payment of all costs, fees and expenses (including without limitation
Executive’s reasonable attorneys’ fees and disbursements) of such
arbitration.  Any reimbursement made by Company pursuant to this
Section 22 shall be payable as follows: (i) the amount of such expenses eligible
for reimbursement in any calendar year shall not affect the expenses eligible
for reimbursement in any other calendar year and (ii) all such reimbursements
must be made on or before the last day of the calendar year following the
calendar year in which the expense was incurred.  The provisions of
this Section 22 shall survive the termination for any reason of the Term
(whether such termination is by the Company, by Executive or upon the expiration
of the Term).

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    23.           Indemnification;
Insurance.  The Executive shall be entitled to liability and
expense indemnification and reimbursement to the fullest extent permitted by the
Company’s current By-laws and Certificate of Incorporation, whether or not the
same are subsequently amended.  During the Term, the Company will use
commercially reasonable efforts to maintain in effect directors’ and officers’
liability insurance no less favorable to Executive than that in effect as of the
date of this Agreement.

     

    24.           Survival.  Sections
8 through 23 shall survive the expiration or earlier termination of this
Agreement, for the period and to the extent specified therein.

     

    IN
WITNESS WHEREOF, the parties have executed or caused to be executed under seal
this Agreement as of the date first above written.

     

    
      
        
          
            
              
                
                  	 
      	
                          NOVAVAX,
      INC.

                        
	 	 
	
                          [SEAL]

                        	 
      	 
      
	 	 	 
	 
      	
                          By:

                        	
                          /s/ Rahul Singhvi

                        
	 
      	Name: Rahul
      Singhvi
	 
      	Title:  
      President
      & Chief Executive
Officer

                

              

            

          

        

      

    

    

    
      
        
          	 
      	
                  Executive:

                
	 
      	 
      
	 
      	
                  /s/ Thomas S. Johnston

                
	 	 
	 
      	
                  Thomas
      S. Johnston

                

        

      

    

    
      
         

      

      
        8

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