Document:

Exhibit 10.2

 

 January 7, 2020

 

Mr. Sunil Bhonsle

Chief Executive Officer

Titan Pharmaceuticals, Inc.

400 Oyster Point Blvd., Suite 505

South San Francisco,
CA 94080

 

Dear Mr. Bhonsle:

 

This letter (the “Agreement”)
constitutes the agreement between Maxim Group LLC (“Maxim”) (the “Placement Agent”) and Titan
Pharmaceuticals, Inc., a company incorporated under the laws of the State of Delaware (the “Company”), pursuant
to which the Placement Agent shall serve as the placement agent for the Company, on a “reasonable best efforts” basis,
in connection with the proposed placement (the “Placement”) of common stock (the “Shares”)
of the Company, par value $0.001 per share (“Common Stock”), and warrants to purchase Common Stock (the “Purchase
Warrants” and, collectively with the Shares, the “Securities”). The terms of the Placement and the
Securities shall be mutually agreed upon by the Company and the purchasers (each, a “Purchaser” and collectively,
the “Purchasers”) and nothing herein constitutes that the Placement Agent would have the power or authority
to bind the Company or any Purchaser or an obligation for the Company to issue any Securities or complete the Placement. This Agreement
and the documents executed and delivered by the Company and the Purchasers in connection with the Placement, including but not
limited to the Purchase Agreement (as defined below), shall be collectively referred to herein as the “Transaction Documents.”
The date of the closing of the Placement shall be referred to herein as the “Closing Date.” The Company expressly
acknowledges and agrees that the Placement Agent’s obligations hereunder are on a reasonable best efforts basis only and
that the execution of this Agreement does not constitute a commitment by the Placement Agent to purchase the Securities and does
not ensure the successful placement of the Securities or any portion thereof or the success of the Placement Agent with respect
to securing any other financing on behalf of the Company. Following the prior written consent of the Company, the Placement Agent
may retain other brokers or dealers to act as sub-agents or selected-dealers on its behalf in connection with the Placement. The
sale of the Securities to any Purchaser will be evidenced by a securities purchase agreement (the “Purchase Agreement”)
between the Company and such Purchaser in a form mutually agreed upon by the Company and the Placement Agent. Capitalized terms
that are not otherwise defined herein have the meanings given to such terms in the Purchase Agreement. Prior to the signing of
any Purchase Agreement, executive officers of the Company will be available upon reasonable notice and during normal business hours
to answer inquiries from prospective Purchasers.

 

SECTION 1.          REPRESENTATIONS
AND WARRANTIES OF THE COMPANY; COVENANTS OF THE COMPANY.

 

A.            Representations of the Company. Each of the representations and warranties (together with any related disclosure
schedules thereto) and covenants made by the Company to the Purchasers in the Purchase Agreement in connection with the Placement
is hereby incorporated herein by reference into this Agreement (as though fully restated herein) and is, as of the date of this
Agreement and as of the Closing Date, hereby made to, and in favor of, the Placement Agent. In addition to the foregoing, the Company
represents and warrants that:

 

    	 	1	 

     

    

1.         The Company has prepared and filed with the Commission a registration statement on Form S-3 (Registration No. 333-230742),
and amendments thereto, and related preliminary prospectuses, for the registration under the Securities Act of 1933, as amended
(the “Securities Act”), of the Shares, which registration statement, as so amended (including post-effective
amendments, if any) became effective on April 24, 2019. At the time of such filing, the Company met the requirements of Form S-3
under the Securities Act. Such registration statement meets the requirements set forth in Rule 415(a)(1)(x) under the Securities
Act and complies with said Rule. The Company will file with the Commission pursuant to Rule 424(b) under the Securities Act, and
the rules and regulations (the “Rules and Regulations”) of the Commission promulgated thereunder, a supplement
to the form of prospectus included in such registration statement relating to the placement of the Shares and the plan of distribution
thereof and has advised the Placement Agent of all further information (financial and other) with respect to the Company required
to be set forth therein. Such registration statement, including the exhibits thereto, as amended at the date of this Agreement,
is hereinafter called the “Registration Statement”; such prospectus in the form in which it appears in the Registration
Statement is hereinafter called the “Base Prospectus”; and the supplemented form of prospectus, in the form
in which it will be filed with the Commission pursuant to Rule 424(b) (including the Base Prospectus as so supplemented) is hereinafter
called the “Prospectus Supplement.” Any reference in this Agreement to the Registration Statement, the Base
Prospectus or the Prospectus Supplement shall be deemed to refer to and include the documents incorporated by reference therein
(the “Incorporated Documents”) pursuant to Item 12 of Form S-3 which were filed under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), on or before the date of this Agreement, or the issue date of
the Base Prospectus or the Prospectus Supplement, as the case may be; and any reference in this Agreement to the terms “amend,”
 “amendment” or “supplement” with respect to the Registration Statement, the Base Prospectus or the Prospectus
Supplement shall be deemed to refer to and include the filing of any document under the Exchange Act after the date of this Agreement,
or the issue date of the Base Prospectus or the Prospectus Supplement, as the case may be, deemed to be incorporated therein by
reference. All references in this Agreement to financial statements and schedules and other information which is “contained,”
 “included,” “described,” “referenced,” “set forth” or “stated” in the
Registration Statement, the Base Prospectus or the Prospectus Supplement (and all other references of like import) shall be deemed
to mean and include all such financial statements and schedules and other information which is or is deemed to be incorporated
by reference in the Registration Statement, the Base Prospectus or the Prospectus Supplement, as the case may be. No stop order
suspending the effectiveness of the Registration Statement or the use of the Base Prospectus or the Prospectus Supplement has been
issued, and no proceeding for any such purpose is pending or has been initiated or, to the Company's knowledge, is threatened by
the Commission. For purposes of this Agreement, “Free Writing Prospectus” has the meaning set forth in Rule
405 under the Securities Act and the “Time of Sale Prospectus” means the preliminary prospectus, if any, together
with the Free Writing Prospectuses, if any, used in connection with the Placement, including any documents incorporated by reference
therein.

 

    	 	2	 

     

    

2.         The Registration Statement (and any further documents to be filed with the Commission) contains all exhibits and schedules
as required by the Securities Act. Each of the Registration Statement and any post-effective amendment thereto, at the time it
became effective, complied in all material respects with the Securities Act and the Exchange Act and the applicable Rules and Regulations
and did not and, as amended or supplemented, if applicable, will not, contain any untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Base Prospectus,
the Time of Sale Prospectus and the Prospectus Supplement, each as of its respective date, comply in all material respects with
the Securities Act and the Exchange Act and the applicable Rules and Regulations. Each of the Base Prospectus, the Time of Sale
Prospectus and the Prospectus Supplement, as amended or supplemented, did not and will not contain as of the date thereof any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading. The Incorporated Documents, when they were filed with the Commission,
conformed in all material respects to the requirements of the Exchange Act and the applicable Rules and Regulations, and none of
such documents, when they were filed with the Commission, contained any untrue statement of a material fact or omitted to state
a material fact necessary to make the statements therein (with respect to Incorporated Documents incorporated by reference in the
Base Prospectus or Prospectus Supplement), in the light of the circumstances under which they were made not misleading; and any
further documents so filed and incorporated by reference in the Base Prospectus, the Time of Sale Prospectus or Prospectus Supplement,
when such documents are filed with the Commission, will conform in all material respects to the requirements of the Exchange Act
and the applicable Rules and Regulations, as applicable, and will not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not
misleading. No post-effective amendment to the Registration Statement reflecting any facts or events arising after the date thereof
which represent, individually or in the aggregate, a fundamental change in the information set forth therein is required to be
filed with the Commission. There are no documents required to be filed with the Commission in connection with the transaction contemplated
hereby that (x) have not been filed as required pursuant to the Securities Act or (y) will not be filed within the requisite time
period. There are no contracts or other documents required to be described in the Base Prospectus, the Time of Sale Prospectus
or Prospectus Supplement, or to be filed as exhibits or schedules to the Registration Statement, which (x) have not been described
or filed as required or (y) will not be filed within the requisite time period.

 

3.         The Company is eligible to use Free Writing Prospectuses in connection with the Placement pursuant to Rules 164 and 433
under the Securities Act. Any Free Writing Prospectus that the Company is required to file pursuant to Rule 433(d) under the Securities
Act has been, or will be, filed with the Commission in accordance with the requirements of the Securities Act and the applicable
rules and regulations of the Commission thereunder. Each Free Writing Prospectus that the Company has filed, or is required to
file, pursuant to Rule 433(d) under the Securities Act or that was prepared by or behalf of or used by the Company complies or
will comply in all material respects with the requirements of the Securities Act and the applicable rules and regulations of the
Commission thereunder. The Company will not, without the prior consent of the Placement Agent, prepare, use or refer to, any Free
Writing Prospectus.

 

4.         There are no affiliations with any FINRA member firm among the Company's officers, directors or, to the knowledge of the
Company, any five percent (5.0%) or greater stockholder of the Company, except as set forth in the Registration Statement and SEC
Reports.

 

B.             Covenants of the Company. The Company has delivered or made available, or will as promptly as practicable deliver
or make available, to the Placement Agent complete conformed copies of the Registration Statement and of each consent and certificate
of experts, as applicable, filed as a part thereof, and conformed copies of the Registration Statement (without exhibits), the
Base Prospectus, the Time of Sale Prospectus and the Prospectus Supplement, as amended or supplemented, in such quantities and
at such places as the Placement Agent reasonably requests. Neither the Company nor any of its directors and officers has distributed
and none of them will distribute, prior to the Closing Date, any offering material in connection with the offering and sale of
the Securities pursuant to the Placement other than the Base Prospectus, the Time of Sale Prospectus, the Prospectus Supplement,
the Registration Statement, copies of the documents incorporated by reference therein and any other materials permitted by the
Securities Act.

 

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SECTION 2.          REPRESENTATIONS
OF THE PLACEMENT AGENT. The Placement Agent represents and warrants that it (i) is a member in good standing of FINRA, (ii)
is registered as a broker/dealer under the Exchange Act, (iii) is licensed as a broker/dealer under the laws of the States applicable
to the offers and sales of the Securities by the Placement Agent, (iv) is and will be a corporate entity validly existing under
the laws of its place of incorporation, and (v) has full power and authority to enter into and perform its obligations under this
Agreement. The Placement Agent will immediately notify the Company in writing of any change in its status as such. The Placement
Agent covenants that it will use its reasonable best efforts to conduct the Placement hereunder in compliance with the provisions
of this Agreement and the requirements of applicable law.  

 

SECTION 3.          COMPENSATION.
In consideration of the services to be provided for hereunder, the Company shall pay to the Placement Agent or its designees their
pro rata portion (based on the Securities placed) of the following compensation with respect to the Securities which they are placing:

 

A.            A cash fee (the “Cash Fee”) equal to an aggregate of seven percent (7%) of the aggregate gross proceeds
raised in the Placement. The Cash Fee shall be paid at the Closing of the Placement.

 

B.             Subject to compliance with FINRA Rule 5110(f)(2)(D), the Company also agrees to reimburse the Placement Agent for all travel
and other out-of-pocket expenses, including the reasonable fees, costs and disbursements of its legal counsel, in an amount not
to exceed an aggregate of $45,000. The Company will reimburse Placement Agent directly out of the Closing of the Placement. In
the event this Agreement shall terminate prior to the consummation of the Placement, the Placement Agent shall be entitled to reimbursement
for actual expenses upon providing reasonable documentation relating to the incurrence of such expenses; provided, however, such
expenses shall not exceed $45,000.

 

C.             The Placement Agent reserves the right to reduce any item of its compensation or adjust the terms thereof as specified herein
in the event that a determination shall be made by FINRA to the effect that the Placement Agent’s aggregate compensation
is in excess of FINRA Rules or that the terms thereof require adjustment.

 

SECTION 4.         INDEMNIFICATION.
The Company agrees to the indemnification and other agreements set forth in the Indemnification Provisions (the “Indemnification”)
attached hereto as Addendum A, the provisions of which are incorporated herein by reference and shall survive the termination
or expiration of this Agreement.

 

SECTION 5.          ENGAGEMENT
TERM. The Placement Agent’s engagement hereunder shall be until the earlier of (i) the final closing date of the Placement
and (ii) the date a party terminates the engagement according to the terms of the next sentence (such date, the “Termination
Date” and the period of time during which this Agreement remains in effect is referred to herein as the “Term”).
After an initial period of three (3) month(s) from the date hereof, the engagement may be terminated at any time by either party
upon 10 days written notice to the other party, effective upon receipt of written notice to that effect by the other party. If
the Company elects to terminate this Agreement for any reason even though the Placement Agent was prepared to proceed with the
Placement reasonably within the intent of this Agreement, and if within twelve (12) months following such termination, the Company
completes any financing of equity, equity-linked or debt or other capital raising activity of the Company (other than the exercise
by any person or entity of any options, warrants or other convertible securities) with any of the investors contacted by Placement
Agent during the term of this Agreement, then the Company will pay the Placement Agent upon the closing of such financing the compensation
set forth in Section 3 herein. Notwithstanding anything to the contrary contained herein, the provisions concerning the Company’s
obligation to pay any fees actually earned pursuant to Section 3 hereof and the provisions concerning confidentiality, indemnification
and contribution contained herein and the Company’s obligations contained in the Indemnification Provisions will survive
any expiration or termination of this Agreement. If this Agreement is terminated prior to the completion of the Placement, all
fees due to the Placement Agent shall be paid by the Company to the Placement Agent on or before the Termination Date (in the event
such fees are earned or owed as of the Termination Date). The Placement Agent agrees not to use any confidential information concerning
the Company provided to the Placement Agent by the Company for any purposes other than those contemplated under this Agreement.

 

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SECTION 6.       PLACEMENT
AGENT INFORMATION. The Company agrees that any information or advice rendered by the Placement Agent in connection with this
engagement is for the confidential use of the Company only in their evaluation of the Placement and, except as otherwise required
by law, the Company will not disclose or otherwise refer to the advice or information in any manner without the Placement Agent’s
prior written consent.

 

SECTION
7.        NO FIDUCIARY RELATIONSHIP. This Agreement does not create, and shall
not be construed as creating rights enforceable by any person or entity not a party hereto, except those entitled hereto by
virtue of the Indemnification Provisions hereof. The Company acknowledges and agrees that the Placement Agent is not and
shall not be construed as a fiduciary of the Company and shall have no duties or liabilities to the equity holders or the
creditors of the Company or any other person by virtue of this Agreement or the retention of the Placement Agent hereunder,
all of which are hereby expressly waived.

 

SECTION
8.        CLOSING. The obligations of the Placement Agent, and the closing of
the sale of the Securities hereunder are subject to the accuracy, when made and on the Closing Date, of the representations
and warranties on the part of the Company contained herein and in the Purchase Agreement, to the accuracy of the statements
of the Company made in any certificates pursuant to the provisions hereof, to the performance by the Company of their
obligations hereunder, and to each of the following additional terms and conditions, except as otherwise disclosed to and
acknowledged and waived by the Placement Agent by the Company:

 

A.         No stop order suspending the effectiveness of the Registration Statement shall have been issued and no proceedings for that
purpose shall have been initiated or threatened by the Commission, and any request for additional information on the part of the
Commission (to be included in the Registration Statement, the Base Prospectus, the Prospectus Supplement or otherwise) shall have
been complied with to the reasonable satisfaction of the Placement Agent. Any filings required to be made by the Company in connection
with the Placement shall have been timely filed with the Commission.

 

B.          The Placement Agent shall not have discovered and disclosed to the Company on or prior to the Closing Date that the Registration
Statement, the Base Prospectus, the Prospectus Supplement or any amendment or supplement thereto contains an untrue statement of
a fact which, in the opinion of counsel for the Placement Agent, is material or omits to state any fact which, in the opinion of
such counsel, is material and is required to be stated therein or is necessary to make the statements therein not misleading.

 

C.          All corporate proceedings and other legal matters incident to the authorization, form, execution, delivery and validity
of each of this Agreement, the Securities, the Registration Statement, the Base Prospectus and the Prospectus Supplement and all
other legal matters relating to this Agreement and the transactions contemplated hereby shall be reasonably satisfactory in all
material respects to counsel for the Placement Agent, and the Company shall have furnished to such counsel all documents and information
that they may reasonably request to enable them to pass upon such matters.

 

D.          The Placement Agent shall have received from outside counsels to the Company such counsels’ written opinions, addressed
to the Placement Agent and the Purchasers and dated as of the Closing Date, in form and substance reasonably satisfactory to the
Placement Agent.

 

E.           On the date of this Agreement and on the Closing Date, the Placement Agent shall have received a “comfort” letter
from OUM & Co. LLP as of each such date, addressed to the Placement Agent and in form and substance satisfactory in all respects
to the Placement Agent and Placement Agent’s counsel.

 

    	 	5	 

     

    

F.           On the Closing Date, Placement Agent shall have received a certificate of the chief executive officer of the Company, dated,
as applicable, as of the date of such Closing, to the effect that, as of the date of this Agreement and as of the applicable date,
the representations and warranties of the Company contained herein and in the Purchase Agreement were and are accurate in all material
respects, except for such changes as are contemplated by this Agreement and except as to representations and warranties that were
expressly limited to a state of facts existing at a time prior to the applicable Closing Date, and that, as of the applicable date,
the obligations to be performed by the Company hereunder on or prior thereto have been fully performed in all material respects.

 

G.          On the Closing Date, Placement Agent shall have received a certificate of the Secretary of the Company, dated, as applicable,
as of the date of such Closing, certifying to the organizational documents, good standing in the state of incorporation of the
Company and board resolutions relating to the Placement of the Securities from the Company.

 

H.          The Company (i) shall not have sustained since the date of the latest audited financial statements included or incorporated
by reference in the Registration Statement, the Base Prospectus and the Prospectus Supplement, any loss or interference with its
business from fire, explosion, flood, terrorist act or other calamity, whether or not covered by insurance, or from any labor dispute
or court or governmental action, order or decree, otherwise than as set forth in or contemplated by the Registration Statement,
the Base Prospectus and the Prospectus Supplement, and (ii) since such date there shall not have been any change in the capital
stock or long-term debt of the Company or any change, or any development involving a prospective change, in or affecting the business,
general affairs, management, financial position, stockholders' equity, results of operations or prospects of the Company, otherwise
than as set forth in or contemplated by the Registration Statement, the Base Prospectus and the Prospectus Supplement, the effect
of which, in any such case described in clause (i) or (ii), is, in the judgment of the Placement Agent, so material and adverse
as to make it impracticable or inadvisable to proceed with the sale or delivery of the Securities on the terms and in the manner
contemplated by the Base Prospectus, Time of Sale Prospectus and Prospectus Supplement.

 

I.           The Common Stock is registered under the Exchange Act and, as of the Closing Date, the Shares and Warrant Shares shall be
listed for trading on the Trading Market or other applicable U.S. national exchange and reasonable evidence of such action, if
available, shall have been provided to the Placement Agent upon its request. The Company shall have taken no action designed to,
or likely to have the effect of terminating the registration of the Common Stock under the Exchange Act or delisting or suspending
from trading the Common Stock from the Trading Market or other applicable U.S. national exchange, nor has the Company received
any information suggesting that the Commission or the Trading Market or other U.S. applicable national exchange is contemplating
terminating such registration or listing.

 

J.           No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by
any governmental agency or body which would, as of the Closing Date, prevent the issuance or sale of the Securities or materially
and adversely affect or potentially and adversely affect the business or operations of the Company; and no injunction, restraining
order or order of any other nature by any federal or state court of competent jurisdiction shall have been issued as of the Closing
Date which would prevent the issuance or sale of the Securities or materially and adversely affect or potentially and adversely
affect the business or operations of the Company.

 

    	 	6	 

     

    

K.          The Company shall have prepared and filed with the Commission a Current Report on Form 8-K with respect to the Placement,
including as an exhibit thereto this Agreement.

 

L.           The Company shall have entered into a Purchase Agreement with each of the Purchasers and such agreements shall be in full
force and effect and shall contain representations, warranties and covenants of the Company as agreed between the Company and the
Purchasers.

 

M.         FINRA shall have raised no objection to the fairness and reasonableness of the terms and arrangements of this Agreement.
In addition, the Company shall, if requested by the Placement Agent, make or authorize Placement Agent’s counsel to make
on the Company’s behalf, any filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110 with respect
to the Placement and pay all filing fees required in connection therewith.

 

N.          Prior to the Closing Date, the Company shall have furnished to the Placement Agent such further information, certificates
and documents as the Placement Agent may reasonably request.

 

If any of the conditions
specified in this Section 8 shall not have been fulfilled when and as required by this Agreement, or if any of the certificates,
opinions, written statements or letters furnished to the Placement Agent or to Placement Agent’s counsel pursuant to this
Section 8 shall not be reasonably satisfactory in form and substance to the Placement Agent and to Placement Agent’s counsel,
all obligations of the Placement Agent hereunder may be cancelled by the Placement Agent at, or at any time prior to, the consummation
of the Closing. Notice of such cancellation shall be given to the Company in writing or orally. Any such oral notice shall be confirmed
promptly thereafter in writing.

 

SECTION 9.       INTENTIONALLY
OMITTED.

 

SECTION 10.     GOVERNING
LAW. This Agreement will be governed by, and construed in accordance with, the laws of the State of New York applicable to
agreements made and to be performed entirely in such State. This Agreement may not be assigned by either party without the prior
written consent of the other party. This Agreement shall be binding upon and inure to the benefit of the parties hereto, and their
respective successors and permitted assigns. Any right to trial by jury with respect to any dispute arising under this Agreement
or any transaction or conduct in connection herewith is waived. Any dispute arising under this Agreement may be brought into the
courts of the State of New York or into the Federal Court located in New York, New York and, by execution and delivery of this
Agreement, the Company hereby accepts for itself and in respect of its property, generally and unconditionally, the jurisdiction
of aforesaid courts. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by delivering a copy thereof via overnight delivery (with evidence of delivery) to such
party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process
in any manner permitted by law. If either party shall commence an action or proceeding to enforce any provisions of a Transaction
Document, then the prevailing party in such action or proceeding shall be reimbursed by the other party for its attorney's fees
and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding.

  

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SECTION 11.     ENTIRE
AGREEMENT/MISC. This Agreement (including the attached Indemnification Provisions) embodies the entire agreement and understanding
between the parties hereto, and supersedes all prior agreements and understandings, relating to the subject matter hereof. If any
provision of this Agreement is determined to be invalid or unenforceable in any respect, such determination will not affect such
provision in any other respect or any other provision of this Agreement, which will remain in full force and effect. This Agreement
may not be amended or otherwise modified or waived except by an instrument in writing signed by both Placement Agent and the Company.
The representations, warranties, agreements and covenants contained herein shall survive the closing of the Placement and delivery
of the Securities. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by
facsimile transmission or a .pdf format file, such signature shall create a valid and binding obligation of the party executing
(or on whose behalf such signature is executed) with the same force and effect as if such facsimile or .pdf signature page were
an original thereof.

 

SECTION 12.      CONFIDENTIALITY.
The Placement Agent (i) will keep the Confidential Information (as such term is defined below) confidential and will not (except
as required by applicable law or stock exchange requirement, regulation or legal process (“Legal Requirement”)),
without the Company’s prior written consent, disclose to any person any Confidential Information, and (ii) will not use any
Confidential Information other than in connection with the Placement. The Placement Agent further agrees to disclose the Confidential
Information only to its Representatives (as such term is defined below) who need to know the Confidential Information for the purpose
of the Placement, and who are informed by the Placement Agent of the confidential nature of the Confidential Information. The term
 “Confidential Information” shall mean, all confidential, proprietary and non-public information (whether written,
oral or electronic communications) furnished by the Company to a Placement Agent or its Representatives in connection with the
Placement Agent’s evaluation of the Placement. The term “Confidential Information” will not, however,
include information which (i) is or becomes publicly available other than as a result of a disclosure by a Placement Agent or its
Representatives in violation of this Agreement, (ii) is or becomes available to a Placement Agent or any of its Representatives
on a non-confidential basis from a third-party, (iii) is known to a Placement Agent or any of its Representatives prior to disclosure
by the Company or any of its Representatives, or (iv) is or has been independently developed by a Placement Agent and/or the Representatives
without use of any Confidential Information furnished to it by the Company. The term “Representatives” shall mean the
Placement Agent’s directors, board committees, officers, employees, financial advisors, attorneys and accountants. This provision
shall be in full force until the earlier of (a) the date that the Confidential Information ceases to be confidential and (b) two
years from the date hereof. Notwithstanding any of the foregoing, in the event that the Placement Agent or any of its Representatives
are required by Legal Requirement to disclose any of the Confidential Information, the Placement Agent and its Representatives
will furnish only that portion of the Confidential Information which the Placement Agent or its Representative, as applicable,
is required to disclose by Legal Requirement as advised by counsel, and will use reasonable efforts to obtain reliable assurance
that confidential treatment will be accorded the Confidential Information so disclosed.

 

SECTION
13.      NOTICES. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of
(a) the date of transmission, if such notice or communication is sent to the email address specified on the signature pages
attached hereto prior to 6:30 p.m. (New York City time) on a business day, (b) the next business day after the date of
transmission, if such notice or communication is sent to the email address on the signature pages attached hereto on a day
that is not a business day or later than 6:30 p.m. (New York City time) on any business day, (c) the third business day
following the date of mailing, if sent by U.S. internationally recognized air courier service, or (d) upon actual receipt by
the party to whom such notice is required to be given. The address for such notices and communications shall be as set forth
on the signature pages hereto.

 

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SECTION
14.    Press Announcements. The Company agrees that the Placement
Agent shall, from and after any Closing, have the right to reference the Placement and the Placement Agent’s role in
connection therewith in the Placement Agent’s marketing materials and on its website and to place advertisements in
financial and other newspapers and journals, in each case at its own expense.

 

SECTION 15.    ONE-TIME
WAIVER. Pursuant to Section 7.4 of that certain Underwriting Agreement, dated as of October 16, 2019, by and between the Company
and the Placement Agent, as representative to the underwriters (the “Prior Underwriting Agreement”), the Company
and the Placement Agent hereby waive the restriction on the Company contained in Section 4.20 of the Prior Underwriting Agreement
solely with respect to the issuance of the Securities as contemplated by this Agreement as memorialized by the securities purchase
agreements between the Company and certain purchasers thereto.

 

 

[The remainder of
this page has been intentionally left blank.]

 

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Please confirm that
the foregoing correctly sets forth our agreement by signing and returning to Maxim the enclosed copy of this Agreement.

 

	 	Very truly yours,
	 	 
	 	Maxim GROUP LLC
	 	 
	 	By: 	/s/ Clifford A. Teller
	 	 	Name: Clifford A. Teller
	 	 	
        Title:   Executive Managing Director,

                 Investment Banking

	 	 
	 	Address for notice:
	 	405 Lexington Avenue
	 	New York, NY 10174
	 	Attention: James Siegel, General Counsel
	 	Email: jsiegel@maximgrp.com

 

 

Accepted and Agreed to
as of

the date first written
above:

 

	TITAN PHARMACEUTICALS, INC.
	 	 
	By: 	/s/ Sunil Bhonsle	 
	 	Name: Sunil Bhonsle	 
	 	Title:   Chief Executive Officer 	 
	 	 	 	 

 

Address
for notice:

Titan Pharmaceuticals, Inc.

400 Oyster Point Blvd., Suite 505

South San Francisco, CA 94080

Attn: Chief Executive Officer

Email: sbhonsle@titanpharm.com

 

[Signature Page to
Placement Agency Agreement Between 

Titan Pharmaceuticals,
Inc. and Maxim Group LLC]

 

     

     

    

 

ADDENDUM A

INDEMNIFICATION
PROVISIONS

 

 In connection
with the engagement of Maxim Group LLC (the “Lead Manager”) by Titan Pharmaceuticals, Inc. (the “Company”)
pursuant to a placement agency agreement dated as of the date hereof, between the Company and the Lead Manager, as it may be amended
from time to time in writing (the “Agreement”), the Company hereby agrees as follows:

 

1.        To the extent permitted by law, the Company will indemnify the Lead Manager and each of its affiliates, directors, officers,
employees and controlling persons (within the meaning of Section 15 of the Securities Act of 1933, as amended, or Section 20 of
the Securities Exchange Act of 1934) against all losses, claims, damages, expenses and liabilities, as the same are incurred (including
the reasonable fees and expenses of counsel), relating to or arising out of its activities hereunder or pursuant to the Agreement,
except, with regard to the Lead Manager, to the extent that any losses, claims, damages, expenses or liabilities (or actions in
respect thereof) are found in a final judgment (not subject to appeal) by a court of law to have resulted primarily and directly
from the Lead Manager’s willful misconduct or gross negligence in performing the services described herein, as the case may
be.

 

2.        Promptly after receipt by the Lead Manager of notice of any claim or the commencement of any action or proceeding with respect
to which the Lead Manager is entitled to indemnity hereunder, the Lead Manager will notify the Company in writing of such claim
or of the commencement of such action or proceeding, and the Company will assume the defense of such action or proceeding and will
employ counsel reasonably satisfactory to the Lead Manager and will pay the fees and expenses of such counsel. Notwithstanding
the preceding sentence, the Lead Managers will be entitled to employ counsel separate from counsel for the Company and from any
other party in such action if counsel for the Lead Manager reasonably determines that it would be inappropriate under the applicable
rules of professional responsibility for the same counsel to represent both the Company and the Lead Manager. In such event, the
reasonable fees and disbursements of no more than one such separate counsel will be paid by the Company. The Company will have
the exclusive right to settle the claim or proceeding provided that the Company will not settle any such claim, action or proceeding
without the prior written consent of the Lead Manager, which will not be unreasonably withheld.

 

3.        The Company agrees to notify the Lead Manager promptly of the assertion against it or any other person of any claim or the
commencement of any action or proceeding relating to a transaction contemplated by the Agreement.

 

4.        If for any reason the foregoing indemnity is unavailable to the Lead Manager or insufficient to hold the Lead Manager harmless,
then the Company shall contribute to the amount paid or payable by the Lead Manager, as the case may be, as a result of such losses,
claims, damages or liabilities in such proportion as is appropriate to reflect not only the relative benefits received by the Company
on the one hand, and the Lead Manager on the other, but also the relative fault of the Company on the one hand and the Lead Manager
on the other that resulted in such losses, claims, damages or liabilities, as well as any relevant equitable considerations. The
amounts paid or payable by a party in respect of losses, claims, damages and liabilities referred to above shall be deemed to include
any legal or other fees and expenses incurred in defending any litigation, proceeding or other action or claim. Notwithstanding
the provisions hereof, the Lead Manager’s share of the liability hereunder shall not be in excess of the amount of fees actually
received, or to be received, by the Lead Manager under the Agreement (excluding any amounts received as reimbursement of expenses
incurred by the Lead Manager).

 

     

     

    

5.        These Indemnification Provisions shall remain in full force and effect whether or not the transaction contemplated by the
Agreement is completed and shall survive the termination of the Agreement, and shall be in addition to any liability that the Company
might otherwise have to any indemnified party under the Agreement or otherwise.

 

 

[The remainder of this
page has been intentionally left blank.] 

 

     

     

    

 

	 	Very truly yours,
	 	 
	 	Maxim GROUP LLC
	 	 
	 	By: 	/s/ Clifford A. Teller
	 	 	Name: Clifford A. Teller
	 	 	
        Title:   Executive Managing Director,

                    Investment Banking

	 	 
	 	Address for notice:
	 	405 Lexington Avenue
	 	New York, NY 10174
	 	Attention: James Siegel, General Counsel
	 	Email: jsiegel@maximgrp.com

 

Accepted and Agreed to
as of

the date first written
above:

 

	TITAN PHARMACEUTICALS, INC.
	 	 
	By: 	/s/ Sunil Bhonsle	 
	 	Name: Sunil Bhonsle	 
	 	Title:   Chief Executive Officer 	 
	 	 	 	 

 

Address for notice:

Titan Pharmaceuticals, Inc.

400 Oyster Point Blvd., Suite 505

South
San Francisco, CA 94080

Attn: Chief Executive Officer

Email: sbhonsle@titanpharm.com

 

 

[Signature Page to
Indemnification Provisions

Pursuant to Placement
Agency Agreement]

between Titan Pharmaceuticals,
Inc. and Maxim Group LLC]EX-10.1

 Exhibit 10.1 

Execution Version 
 EMPLOYMENT
AGREEMENT 
 This Employment Agreement dated January 1, 2020 (this “Agreement”) is made by and between INTREXON
CORPORATION, a Virginia corporation (the “Company”), and HELEN SABZEVARI, Ph.D. (“Executive”). 

Background 
 The Company
desires to employ Executive as the Chief Executive Officer of the Company on the terms and conditions set forth in this Agreement. 

Executive desires to continue her employment with the Company on the following terms and conditions set forth in this Agreement. 

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants set forth in this Agreement, the parties agree as follows:

  

	1.	 Position; Duties; Best Efforts; and Location. 

 

	 	(a)	 Effective as of January 1, 2020, or such other date as is mutually agreed by Executive and the Company
(the “Effective Date”), Executive shall be employed pursuant to the terms of this Agreement, in the position of Chief Executive Officer, a full-time exempt position. Executive shall be subject to all policies and procedures
of the Company, as they may exist and may be amended from time to time. 

  

	 	(b)	 Executive shall perform all services and duties customarily performed by one holding Executive’s position
or that are otherwise required by this Agreement, and shall render such additional services and duties as may be assigned from time to time by the Board of Directors of the Company (the “Board of Directors”). Executive agrees to be
a loyal Executive of the Company, and shall at all times faithfully and to the best of Executive’s abilities and experience, and in accordance with the standards and ethics of the business in which the Company is engaged, perform the foregoing
services and duties. The Company (through the Board of Directors) reserves the right to vary the exact nature and extent of services and duties of Executive as it deems necessary or appropriate in its sole reasonable discretion.

  

	 	(c)	 While employed by the Company, Executive shall not engage in any activity that conflicts with, appears to
conflict with, or is detrimental or appears to be detrimental to the Company’s best interests (a “Conflicting Activity”). Executive must notify the Chairman of the Audit Committee of the Board of Directors in writing, without
unreasonable delay, of any activity of Executive which is or may appear to be a Conflicting Activity. In the event the Board of Directors or Audit Committee of the Board of Directors determines, in its reasonable discretion, that Executive is
engaged in a Conflicting Activity, the Company shall provide Executive written notice of the activity it believes to be a 

  
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Conflicting Activity and the basis of such conflict within ten (10) business days of determination of such Conflicting Activity. Executive shall have ten (10) business days to either
provide reasonable basis in writing as to why such activity is not a Conflicting Activity or cease the Conflicting Activity. If Executive fails to provide reasonable basis as provided in the foregoing sentence or if the Board of Directors in its
reasonable discretion still deems the activity to be a Conflicting Activity, Executive shall cease the activity immediately. Continuation of such Conflicting Activity will be considered a material breach of this Agreement. 

 

	 	(d)	 Executive will be based in Germantown, Maryland (the “Initial Location”). The Initial Location
may be changed by either the CEO or the Board of Directors upon the establishment of a new location for the headquarters of the Company. 

  

	2.	 Compensation. 

During Executive’s employment pursuant to this Agreement, Executive shall be compensated as follows: 

 

	 	(a)	 Executive’s annual base salary shall be One Million Dollars ($1,000,000), payable in equal installments in
accordance with the Company’s standard payroll practice. The Company may, in its sole discretion, increase or decrease Executive’s base salary as and when the Company deems appropriate; provided that a decrease in Executive’s base
salary without Executive’s consent shall, to the extent provided in the “Good Reason” definition in Section 3(f), constitute the basis for Executive to terminate her employment for Good Reason for purposes of
Section 3(b) and, upon such termination, Executive shall be entitled to the payments described therein subject to Executive’s compliance with the terms of Section 3(d). 

 

	 	(b)	 Executive shall receive the following incentive equity awards: 

 

	 	(i)	 Executive shall receive a grant of restricted stock units equal to 500,000 shares of the Company’s Common
Stock, which shall vest on the first anniversary of the Effective Date (the “RSU Grant”). 

  

	 	(ii)	 Executive shall receive a grant of incentive stock options entitling Executive to purchase up to one million
five hundred thousand (1,500,000) shares of common stock of the Company at the fair market value of such shares as determined by the Board of Directors at the time of the grant (the “Initial Option Grant” and, together with the RSU
Grant, the “Initial Equity Grants”). The Initial Option Grant shall vest as to 50% of the shares subject thereto on the first anniversary of the Effective Date and as to the remaining 50% of the shares subject thereto in equal
installments on each of the next three anniversaries of the Effective Date. 

  

	 	(iii)	 Executive shall receive a grant of incentive stock options entitling Executive to purchase up to one million
five hundred thousand (1,500,000) shares of common stock of the Company at twice the fair market value of such shares as determined by the Board of Directors at the time of the grant (the “First Performance Grant”).

  
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	 	(iv)	 Executive shall receive a grant of incentive stock options entitling Executive to purchase up to one million
five hundred thousand (1,500,000) shares of common stock of the Company at three times the fair market value of such shares as determined by the Board of Directors at the time of the grant (together with the First Performance Grant, the
“Performance Equity Grants”). The Performance Equity Grants shall each vest as to 25% of the shares subject thereto on each of the first four anniversaries of the Effective Date. 

 

	 	(c)	 Executive shall be eligible to participate in the benefit programs of the Company as they may be in effect from
time to time or are made available to other exempt executives of the Company. 

  

	 	(d)	 Beginning in calendar year 2020, Executive will be eligible for an annual performance bonus of up to one
hundred fifty percent (150%) of Executive’s annual base salary. Executive’s right to any bonus payment is contingent upon Executive’s continuous employment by the Company for the entire calendar year for which the bonus applies.
Executive acknowledges that the amount of any bonus will be based on an assessment, in the sole discretion of the Board of Directors or a committee thereof, of Executive’s and the Company’s performance during the calendar year, with 50% of
the bonus based on an assessment of Executive’s performance during the calendar year and 50% of the bonus based on an assessment of the Company’s performance during the calendar year. Such individual and Company performance will be
measured against annual goals set by the Board of Directors. The Board of Directors will set such goals based on a recommendation by the Compensation Committee of the Board of Directors after consideration of objectives proposed by the Executive,
the budget of the Company, and other information as determined by the Compensation Committee of the Board of Directors in its sole discretion. 

  

	 	(e)	 During each year of continuous, full time employment, Executive shall be eligible to accrue up to five
(5) weeks (200 hours) of paid time off, subject to the maximum accrual caps set forth below. Paid time off shall accrue on a per-pay period basis at the approximate rate of 16.66 hours per month. All
accrued paid time off that is not used in a given year may be carried over to the following year, except that at no time may any carryover from the prior year exceed the maximum accrual of eighty (80) hours. Upon termination of Executive’s
employment, Executive’s current balance of accrued but unused paid time off will be paid to Executive in her final paycheck. Executive may use paid time off prior to the accrual of the full amount requested, not to exceed forty (40) hours
of unaccrued paid time off at any time. 

  

	 	(f)	 Nothing in this Agreement shall be construed as obligating the Company to continue to maintain any plan,
program or perquisite, and the Company shall have the full power and authority, subject to the terms of such plan, program or perquisite to amend, modify, replace or terminate any plan, program or perquisite or any part thereof to which Executive is
or may be eligible to participate. 

  
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	 	(g)	 The Company agrees to reimburse Executive for all reasonable traveling, entertainment and other expenses
incurred in providing services under this Agreement in accordance with such policies pertaining to such expenses as may from time to time be established by the Company. 

 

	 	(h)	 The Initial Equity Grants and the Performance Equity Grants shall be granted pursuant and subject to the
Intrexon Corporation Amended and Restated 2013 Omnibus Incentive Plan (the “Plan”) and individual grant agreements that contain additional terms of the securities. 

 

	 	(j)	 For the avoidance of doubt, any equity awards in respect of shares of common stock of the Company that
Executive received under the Plan prior to the Effective Date of the Agreement are not affected by this Agreement and shall remain in full force and effect, and will continue to be subject to the terms and conditions of the Plan and the applicable
individual grant agreements. 

  

	3.	 At Will Employment; Severance. 

 

	 	(a)	 Nothing in this Agreement is intended to create or imply a promise or contract of employment for a specified
term.    Executive’s employment with the Company is “at will,” meaning that either Executive or the Company may terminate the employment relationship at any time, with or without cause or reason, and with or
without notice. The at will nature of the employment relationship will remain in effect throughout Executive’s employment with the Company or any of its subsidiaries or affiliates, and can be modified only by a written agreement signed by both
Executive and the Chairman of the Board of Directors. The at will nature of the employment relationship may not be modified by any oral or implied agreement, or by any Company policies, practices or patterns of conduct. 

 

	 	(b)	 If Executive’s employment and the Agreement are terminated by the Company without Cause (as defined below)
or Executive terminates her employment and the Agreement with the Company for Good Reason (as defined below), then the Company shall pay or provide to Executive the following amounts, which are referred to in this Agreement as the “Severance
Benefits”: 

  

	 	(i)	 The Company shall pay to Executive a gross amount equal to eighteen (18) months of Executive’s
then-current base salary (or, in the event of a material reduction of Executive’s base salary giving rise to Good Reason, Executive’s pre-reduction base salary). 

 

	 	(ii)	 The Company shall pay to Executive a pro-rated portion of the maximum
annual performance bonus (i.e., 150% of Executive’s annual base salary) for the calendar year in which the termination occurs, based on the pro-rata portion of the calendar year elapsed prior to the date of her termination.

  

	 	(iii)	 Any portion of the Initial Equity Grants that have not yet vested, shall be accelerated such that the Initial
Equity Grants shall be fully vested as of the date that the Release referenced below becomes irrevocable. 

  
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 Execution Version 
  

	 	(iv)	 In the event the Company has undergone a “Change in Control” as defined in the Plan and, within
twelve (12) months following such Change in Control, Executive’s employment is terminated without Cause or Executive terminates her employment for Good Reason, any portion of the Performance Equity Grants that have not yet vested, shall be
accelerated such that the Performance Equity Grants shall be fully vested as of the date that the Release referenced below becomes irrevocable. 

  

	 	(v)	 If Executive is eligible for and timely elects COBRA health care continuation coverage from the Company, the
Company shall pay or reimburse the full premium cost of such coverage (at the same level of coverage that Executive had as of Executive’s termination date) until the earlier of (x) eighteen (18) months after Executive’s termination
date; or (y) the time at which Executive becomes eligible to receive health care coverage from a subsequent employer or otherwise becomes ineligible for COBRA health care continuation coverage from the Company. 

 

	 	(vi)	 Executive shall be paid an annual bonus, if any, for the calendar year prior to the date of her termination of
employment that would have been earned but for Executive’s termination date occurring prior to the date of payment of such bonus (the “Prior Unpaid Bonus”), payable on the date the Prior Unpaid Bonus would have been paid had
Executive remained employed on the date of payment and in the amount determined under Section 2(d). 

  

	 	(c)	 Any payments to Executive pursuant to this Agreement shall be less applicable deductions and withholding as
determined by the Company. The Company shall pay to Executive (or to Executive’s legal representative or estate if termination is because of death) the Severance Benefits at the time such payments would otherwise be due under the Company’s
normal payroll practices, applicable Company policies or plans, and as provided by applicable law. 

  

	 	(d)	 As a condition to receiving the Severance Benefits, Executive must execute and deliver a general release of
claims in a form acceptable to the Company (the “Release”) within sixty (60) days of Executive’s termination date, provided that all revocation periods applicable to the Release will have expired within sixty
(60) days of Executive’s termination date. The Severance Benefits set forth in Sections 3(b)(i), (ii), and (v) shall be paid or provided over an eighteen (18) month period, in regular installments in
accordance with the Company’s general payroll practices, beginning on the first payroll period on or following the 60th day after Executive’s termination date, provided that the Release has become irrevocable prior to the first payment
date. The Severance Benefits set forth in Section 3(b)(iii) , (iv), and (vi) shall be provided in accordance with the timing set forth in Sections 3(b)(iii), (iv), and (vi), provided, however, that
no such Severance Benefits will be provided until after the Release has become irrevocable. 

  

	 	(e)	 For purposes of this Agreement, “Cause” means any one of the following events:
(1) material failure to observe and comply with any of the Company’s material written policies, including without limitation its policies prohibiting harassment (sexual or otherwise) and discrimination and its policies regarding equal
employment opportunity and maintenance of a drug-free work place, as determined in the reasonable discretion of the Board of Directors; (2) willful 

  
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failure to carry out, or comply with, in any material respect any lawful and reasonable written directive of the Board of Directors, which is not cured within twenty (20) calendar days after
receipt by Executive of notice of such failure; (3) commission of any act or omission that results in, or that may reasonably be expected to result in, a conviction, plea of no contest or imposition of unadjudicated probation for any felony or
any crime involving moral turpitude; (4) commission of any act or omission that results in Executive’s conviction and incarceration in a federal, state, or local jail or prison; (5) commission of any material act of dishonesty,
illegal conduct, fraud, embezzlement, misappropriation, material misconduct, or breach of fiduciary duty either (x) against the Company or any of its parent, subsidiary, or affiliate entities (collectively, “Affiliates”) (or
any predecessor thereto or successor thereof) or (y) which is or which is reasonably expected to be materially injurious to the Company or its Affiliates; or (6) material or willful breach of any agreement (including this Agreement)
between Executive and the Company, which is not cured within twenty (20) calendar days after receipt by Executive of written notice of such breach. 

  

	 	(f)	 For purposes of this Agreement, “Good Reason” means (1) a material diminution in
Executive’ authority, duties or responsibilities; (2) a reduction in Executive’s base salary of more than five percent (5%) (other than a general reduction in compensation applying to other similarly-situated employees of the Company,
not to exceed 10% of Executive’s base salary); or (3) the relocation of the primary office from which Executive is required to work to a location more than fifty (50) miles from the current office location where Executive primarily
works, which relocation increases Executive’s one-way commute. No event or condition shall constitute “Good Reason” unless Executive provides the Company with written notice of the event or
condition Executive alleges to be Good Reason within thirty (30) days after such event or condition first occurs. The termination shall not become effective unless the Company fails to cure such event or condition constituting Good Reason
within sixty (60) days following the Company’s receipt of such notice. Executive must terminate employment within thirty (30) days after the end of the cure period in order for the termination to be for Good Reason.

  

	 	(g)	 Without limiting the at will nature of Executive’s employment, Executive agrees that this Agreement and
Executive’s employment may be terminated for the following reasons, which do not constitute a termination without Cause and do not entitle Executive to receipt of Severance Benefits. 

 

	 	(i)	 Executive’s employment shall terminate automatically upon Executive’s death without any further
notice or action required by the Company or Executive’s legal representatives. 

  

	 	(ii)	 The Company may terminate Executive’s employment on at least thirty (30) days’ written notice
for Disability. “Disability” means Executive’s substantial inability, by virtue of physical or mental illness, injury, disability, or other incapacity, to perform the essential functions of her position (with or without reasonable
accommodation) for a period of 

  
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ninety (90) consecutive days or more than one hundred fifty (150) days in any 12-month period; provided that until such termination, Executive
shall continue to receive Executive’s compensation and benefits hereunder, reduced by benefits payable, if any, under any disability insurance policy or plan. If there is a dispute as to the existence of Disability, Executive’s Disability
will be established if a qualified medical doctor selected by the parties so certifies in writing. If the parties are unable to agree on the selection of such a doctor, each party will designate a qualified medical doctor who together will select a
third doctor who will make the determination. Executive will make herself available for an examination by a doctor selected in accordance with this paragraph, which examination will be paid by the Company. The written medical opinion of the doctor
shall be binding upon the parties as to whether a Disability exists and the date such Disability arose. This definition of Disability shall be interpreted and applied so as to comply with the provisions of the American with Disabilities Act (to the
extent that it is applicable) and any applicable state or local laws. 

  

	 	(h)	 Regardless of the reason for Executive’s termination, Executive shall receive (i) any earned, but
unpaid, base salary through the date of termination; (ii) cash payout of accrued but unused paid time off pursuant to Section 2(e); and (iii) any amounts owing to Executive for reimbursement of expenses pursuant
to Section 2(g). These amounts will be payable at the time such payments would otherwise by due under the Company’s regular payroll practices, applicable Company policies or plans, or as provided by applicable law.
Notwithstanding any language in this Agreement to the contrary, in the event of Executive’s death or termination due to Disability, and contingent upon Executive (or Executive’s estate, if applicable) executing and not revoking a Release
within sixty (60) days of Executive’s termination date, and all revocation periods applicable to such Release expiring within sixty (60) days of Executive’s termination date, Executive (or Executive’s estate, if applicable)
shall also receive the Prior Unpaid Bonus, payable on the date the Prior Unpaid Bonus would have been paid had Executive remained employed on the date of payment and in the amount determined under Section 2(d), provided
that no such payment shall be made unless the Release has become irrevocable. For the avoidance of doubt, the Initial Equity Grants, Performance Equity Grants and any future equity awards that are outstanding upon the Executive’s termination of
employment shall be governed by the terms of the applicable award agreements and shall become vested, exercisable, and payable only to the extent provided for under the terms of the applicable award agreements. 

 

	 	(i)	 Any purported termination of this Agreement by Executive or the Company shall be communicated by a written
notice of termination to the other party. 

  

	 	(j)	 Upon or after termination of Executive’s employment or this Agreement for any reason, Executive agrees to
take the following actions: 

  

	 	(i)	 If requested by the Company at any time, Executive shall immediately resign from any and all positions she
holds with the Company or its Affiliates. 

  
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	 	(ii)	 Executive shall cooperate with transition of her responsibilities, and comply with other reasonable
post-employment requests by the Company including responding to reasonable requests it may make for information and assisting the Company in defense of any pending, threatened, or anticipated litigation, proceeding, or inquiry in matters which the
Company reasonably determines Executive’s participation to be necessary. Executive shall not be entitled to additional compensation for providing the foregoing cooperation and assistance. 

 

	 	(iii)	 Executive will execute any documents requested by the Company or its Affiliates to effectuate the purposes of
this Section 3(j). 

  

	4.	 Confidentiality and Proprietary Rights Agreement. 

As a condition to the Company’s agreement to execute this Agreement with Executive, Executive reaffirms and shall continue to comply with
the Confidentiality and Proprietary Rights Agreement between the Company and Executive (the “Confidentiality Agreement”), attached hereto as Exhibit A. 

Executive hereby represents, warrants, and covenants that she is not a party to any agreements with third parties that prevent her from
fulfilling the terms of employment and the obligations of this Agreement or which would be breached as a result of her execution of this Agreement. 
  

	5.	 Non-Disparagement. 

During Executive’s employment and after it ends (regardless of the reason), Executive shall not make to any person or entity any
disparaging, defamatory, or derogatory statements or comments about the Company or any of its directors, officers, employees, products, or services, other than (1) making truthful statements required to be made by law, subpoena, or court order;
(2) reporting possible violations of law to a government agency or entity or self-regulatory organization or cooperating with such agency or entity or organization; (3) making whistleblower or other disclosures that are protected under
whistleblower provisions of federal or state law; or (4) making truthful statements to directors, officers, or employees of the Company in the good faith performance of Executive’s duties. 

 

	6.	 Enforcement. 

Executive understands and agrees that the Company will suffer irreparable harm if Executive breaches any of Executive’s obligations under
Sections 4 and 5 of this Agreement, and that monetary damages will be inadequate to compensate the Company for any such violations. Accordingly, Executive agrees that in the event Executive violates or threatens to violate any of the
referenced provisions of this Agreement, the Company, in addition to all of the remedies which it may have at law, will be entitled in any court of competent jurisdiction to temporary, preliminary, and permanent injunctions to prevent or to restrain
any such actual or threatened violation by Executive, without any requirement to post bond. Executive consents to the issuance of such injunctions as being a reasonable measure to protect the Company’s rights. 

  
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	7.	 Litigation Issues. 

 

	 	(a)	 The parties agree that this Agreement is to be governed by and construed under the laws of the State of
Maryland, notwithstanding any conflicts of laws principles thereof. 

  

	 	(b)	 The parties agree that the exclusive jurisdiction for any lawsuit brought to enforce any right or obligations
arising under this Agreement shall be either the Circuit Court of Maryland for Montgomery County, or the United States District Court for the District of Maryland. Executive agrees and consents to the jurisdiction of these Courts to resolve all
disputes which arise out of this Agreement or any alleged breach thereof, regardless of her residency at the time such suit is filed. Notwithstanding the foregoing, the Company may file an action pursuant to Section 6 of
this Agreement in any court of competent jurisdiction. 

  

	 	(c)	 Executive further agrees that if Executive acts in any manner which causes the Company to seek any form of
judicial relief or remedy against her to enforce this Agreement or the Confidentiality Agreement, and the Court determines that the Company is the prevailing party, then the Company, in addition to its other remedies, shall be entitled to recover
from Executive an amount equal to the costs and reasonable attorneys’ fees the Company actually incurs in enforcing its rights under this Agreement. 

  

	8.	 Section 409A Savings Provisions. 

It is intended that this Agreement and the payments and benefits provided under this Agreement shall comply with or be exempt from the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended and the regulations and other guidance issued thereunder (collectively, “Section 409A”). Notwithstanding any other provision of
this Agreement, payment provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Specifically, any taxable benefits or payments provided under this Agreement are
intended to be separate payments that qualify for the “short term deferral” exception to Section 409A to the maximum extent possible, and to the extent they do not so qualify, are intended to qualify for the separation pay exceptions
to Section 409A, to the maximum extent possible. Whenever any payment is to be made within a specified period of time under this Agreement, the exact timing of payment within such period shall be determined in the sole discretion of the
Company. Notwithstanding anything to the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A, and in no event shall the Company be liable for all or any portion
of any taxes, penalties, interest, or other expenses that may be incurred by Executive on account of non-compliance with Section 409A. 

 

	 	(a)	 Separation from Service. Executive will be deemed to have a termination of employment for purposes of
determining the timing of any payments or benefits hereunder that are classified as nonqualified deferred compensation only upon a “separation from service” within the meaning of Section 409A. 

  
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	 	(b)	 Specified Employee Provisions. Notwithstanding any other provision of this Agreement to the contrary, if
at the time of Executive’s separation from service to the Company, (a) Executive is a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time), and
(b) the Company makes a good faith determination that an amount payable on account of such separation from service to Executive constitutes nonqualified deferred compensation (within the meaning of Section 409A) the payment of which is
required to be delayed pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A (the “Delay Period”), then the Company will not
pay such amount on the otherwise scheduled payment date but will instead pay it in a lump sum on the first payroll period after such Delay Period (or the first payroll period following Executive’s death, if earlier), without interest thereon.

  

	 	(c)	 Expense Reimbursements. To the extent required by Section 409A, any amount that Executive is
entitled to be reimbursed under this Agreement will be reimbursed to Executive as promptly as practical and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred. Any right to
reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit, and the amount of expenses eligible for reimbursement, or in-kind
benefits provided, during any taxable year will not affect the amount of expenses eligible for reimbursement, or in-kind benefits provided, in any other taxable year. 

 

	9.	 Section 280G 

Notwithstanding any provision of this Agreement to the contrary, in the event that any amount or benefit to be paid or provided under this
Agreement or otherwise to Executive constitutes a “parachute payment” within the meaning of Section 280G of the Code and, but for this provision, would be subject to the excise tax imposed by Section 4999 of the Code, then
the totality of those amounts shall be either: (a) delivered in full, or (b) delivered as to such lesser extent which would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code,
whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any equivalent state or local excise taxes), results in the
receipt by Executive on an after-tax basis of the greatest amount of such payments and benefits. Unless the Company and Executive otherwise agree, any determination required under this provision shall be made
in writing by a firm of independent public accountants or a law firm selected by the Company and reasonably acceptable to Executive (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the
Company for all purposes. The Company and Executive agree to furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this provision. The Company will bear all costs
the Accountants 

  
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 Execution Version 
  

 
may reasonably incur in connection with any calculations contemplated by this provision. Any reduction of any amount required by this provision shall occur in the following order:
(1) reduction of cash payments to Executive under this Agreement or otherwise; (2) reduction of vesting acceleration of equity awards under this Agreement or otherwise in the reverse order such awards were granted; and (3) reduction
of other benefits paid or provided to Executive. If two or more equity awards are granted on the same date, each award will be reduced on a pro rata basis
(dollar-for-dollar). 
  

	10.	 Miscellaneous. 

 

	 	(a)	 No delay or failure by the Company to exercise any right under this Agreement, and no partial or single
exercise of that right, will constitute a waiver of that or any other right provided herein, and no waiver of any violation of any term or provision of this Agreement will be construed as a waiver of any succeeding violation of the same or any other
provision of the Agreement. 

  

	 	(b)	 In the event that any provision of this Agreement or any portion thereof, shall be held invalid or
unenforceable, this ruling shall not affect in any manner the validity of the remaining provisions. 

  

	 	(c)	 This Agreement may be assigned by the Company and by any of its successors or assigns without consent of
Executive. This Agreement may not be assigned by Executive. 

  

	 	(d)	 No modification of this Agreement will be valid unless it is reduced to writing and signed by both Executive
and the authorized representative of the Company. 

  

	 	(e)	 The masculine, feminine, or neuter pronouns used herein shall be interpreted without regard to gender, and the
use of the singular or plural shall be deemed to include the other whenever the context so requires. 

  

	 	(f)	 The provisions of this Agreement set forth in Sections 4 through 10 will survive the termination
of the employment of Executive. 

  

	 	(g)	 This Agreement and the Confidentiality Agreement contain the entire understanding between the parties with
regard to the subjects addressed herein and is expressly intended by Executive and the Company to supersede and replace any prior or contemporaneous agreements, whether oral or written, on these matters, including any prior offer letters or that
certain Continuing Employment Agreement between the Company and Executive. 

  

	 	(h)	 This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which taken together shall constitute one and the same instrument. In the event that any signature is delivered via e-mail transmission, such signature shall create a valid and binding obligation of the
party executing (or on whose behalf such signature is executed) with the same force and effect as if such digital signature page were an original signature. 

{SIGNATURE PAGE TO FOLLOW} 

  
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 Execution Version 
  

 To memorialize their understanding and agreement to the terms and conditions set forth above,
the parties have signed this Agreement on the dates indicated. 
 Intrexon Corporation 

 

							
	By:	 	 /s/ Randal J. Kirk
	 	Date:	 	January 1, 2020
	Name:	 	Randal J. Kirk	 		 	
	Title:	 	Chief Executive Officer of the Company	 		 	
		 	and Chairman of the Board of Directors	 		 	

 Helen Sabzevari, Ph.D. 
  

							
	 /s/ Helen Sabzevari, Ph.D.
	 		 	Date:	 	January 1, 2020
	Executive’s Signature	 		 		 	

 {SIGNATURE PAGE TO EMPLOYMENT AGREEMENT} 

  
 12 

 Execution Version 
  

 EXHIBIT A 

Confidentiality and Proprietary Rights Agreement 

  
 13

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