Document:

Exhibit 10.3

 

ESCROW AGREEMENT

 

Escrow Agreement (the “Escrow
Agreement”), dated as of the effective date (the “Effective Date”) set forth on Schedule 1 hereto
(“Schedule 1”), by and among the corporation identified as the “Company” on Schedule 1 hereto (the
“Company”), the limited liability company identified as the “Depositor” on Schedule 1 hereto (the
“Depositor”), and Delaware Trust Company, as escrow agent hereunder (the “Escrow Agent”).

 

WHEREAS, the Company
seeks to complete a private placement offering (the “Offering”) of a minimum of $2,000,000 in net proceeds (the
“Minimum Amount”) up to a maximum of $3,000,000 in net proceeds (the “Maximum Amount”) (subject
to increase of an additional $500,000 in net proceeds (the “Over-Allotment Option Amount”) upon mutual agreement
of the Company and Depositor) in principal amount of the Company’s 12% Senior Secured Promissory Notes (the “Notes”),
at a purchase price of 100% (par) per Note (the “Purchase Price”), pursuant to the terms of a Subscription Agreement
between the Company and the subscribers(s) set forth on the signature pages affixed thereto (the “Subscription Agreement”);
and

 

WHEREAS, the Offering
is being made on a reasonable best efforts basis until the Maximum Amount or Maximum Amount plus the Over-Allotment Option Amount
is reached, pursuant to Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”)
and/or Rule 506(b) of Regulation D (“Regulation D”) and/or Regulation S (“Regulation S”)
as promulgated by the U.S. Securities and Exchange Commission (the “SEC”) thereunder; and

 

WHEREAS, Notes may
be offered through July 22, 2016 (the “Initial Offering Period”), which period may be extended for fifteen (15)
days if agreed to by the Company and the Depositor (this additional period and the Initial Offering Period shall be referred to
as the “Offering Period”); and

 

WHEREAS, the Minimum
Amount of subscriptions for Notes is needed to complete the initial closing under the Offering (the “Initial Closing”)
and such Initial Closing is also subject to the satisfaction of other closing conditions (collectively, the “Initial Closing
Conditions”); and

 

WHEREAS, after
the Initial Closing, the Company and the Depositor may mutually agree to continue the Offering until the Maximum Amount or Maximum
Amount plus the Over-Allotment Option Amount has been reached or the end of the Offering Period, whichever is earlier, and subsequent
closings (each, a “Subsequent Closing”) may take place on an intermittent basis, as deemed practical by the
Company and the Depositor, conditioned on the receipt of acceptable subscriptions (this requirement for the receipt of acceptable
subscriptions, together with certain other conditions to closing, are collectively referred to as the “Subsequent Closing
Conditions”); and

 

WHEREAS, the subscribers
in the Offering (the “Subscribers”), in connection with their intent to purchase Notes in the Offering, shall
execute and deliver the Subscription Agreement and certain related documents memorializing the Subscribers’ agreements to
purchase and the Company’s agreement to sell the number of Notes set forth therein at the Purchase Price; and

 

     

     

    

 

WHEREAS, the parties
hereto desire to provide for the safekeeping of the Escrow Deposit (as defined below) until such time as the Escrow Deposit is
released by the Escrow Agent in accordance with the terms and conditions of this Agreement; and

 

WHEREAS, the Escrow
Agent has agreed to accept, hold, and disburse the Escrow Deposit deposited with it and the earnings thereon in accordance with
the terms of this Escrow Agreement.

 

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

 

1.          Appointment.  The
Company and Depositor hereby appoint the Escrow Agent as their escrow agent for the purposes set forth herein, and the Escrow Agent
hereby accepts such appointment under the terms and conditions set forth herein.

 

2.          Escrow
Fund.  On or before the Initial Closing, or on or before any Subsequent Closing with respect to the Notes sold
after the Initial Closing, each Subscriber shall have delivered to the Escrow Agent the full Purchase Price for the total number
of Notes subscribed for by such Subscriber by check sent to the Escrow Agent at its address set forth on Schedule 1 hereto,
or by wire transfer of immediately available funds pursuant to the wire transfer instructions set forth on Schedule 2 hereto,
to the account of the Escrow Agent referenced on Schedule 2 hereto. All funds received from the Subscribers in connection
with the sale of the Notes in the Offering shall be deposited with the Escrow Agent (the “Escrow Deposit”).
The Escrow Agent shall hold the Escrow Deposit and, subject to the terms and conditions hereof, shall invest and reinvest the Escrow
Deposit and the proceeds thereof (the “Escrow Fund”) as directed in Section 3 hereto.

 

3.          Investment
of Escrow Fund.  During the term of this Escrow Agreement, the Escrow Fund shall be invested and reinvested by
the Escrow Agent in the investment indicated on Schedule 1 hereto, or such other investments as shall be directed jointly
in writing by the Company and the Depositor and as shall be acceptable to the Escrow Agent. All investment orders involving U.S.
Treasury obligations, commercial paper and other direct investments may be executed through broker-dealers selected by the Escrow
Agent. Periodic statements will be provided to the Company and the Depositor reflecting transactions executed on behalf of the
Escrow Fund. The Company and the Depositor, upon written request, will receive a statement of transaction details upon completion
of any securities transaction in the Escrow Fund without any additional cost. The Escrow Agent shall have the right to liquidate
any investments held in order to provide funds necessary to make required payments under this Escrow Agreement. The Escrow Agent
shall have no liability for any loss sustained as a result of any investment in an investment indicated on Schedule 1 hereto,
or any investment made pursuant to the instructions of the parties hereto or as a result of any liquidation of any investment prior
to its maturity or for the failure of the parties to give the Escrow Agent instructions to invest or reinvest the Escrow Fund.
The Escrow Agent may earn compensation in the form of short-term interest (“float”) on items like uncashed distribution
checks (from the date issued until the date cashed), funds that the Escrow Agent is directed not to invest, deposits awaiting investment
direction or received too late to be invested overnight in previously directed investments.

 

    	 	2	 

     

    

 

4.          Disposition
and Termination.  The Depositor and the Company agree to notify the Escrow Agent in writing of any valid revocations
and the Initial Closing date of the Offering. Additionally, subsequent to an Initial Closing, the Depositor and the Company agree
to notify the Escrow Agent in writing of Subsequent Closing dates, if any, and of the termination of the Offering. Upon receipt
of such written notification(s), the following procedures will take place:

 

		(i)	Release of Escrow Fund upon Initial Closing. Prior
to the Initial Closing, the Company and the Depositor shall deliver to the Escrow Agent joint written instructions executed by
a duly authorized executive officer of each of the Company and the Depositor (“Instructions”), which Instructions
shall provide the day designated as the Initial Closing date, and shall specify the time and payment instructions, including the
address and tax identification number of each payee, of the Escrow Fund, including with respect to placement fees that may be
disbursed to the Depositor or to any other placement agent or selected dealer with respect to the Offering. Further, the Instructions
shall include an acknowledgement and agreement from the Company and the Depositor that as of the Initial Closing date, the Initial
Closing Conditions have been or will be fully satisfied. The Escrow Agent shall, at the time and in accordance with the payment
instructions specified in the Instructions, deliver the Escrow Fund (without interest).

 

		(ii)	Release of Escrow Fund upon a Subsequent Closing.
Prior to a Subsequent Closing, the Company and the Depositor shall deliver Instructions to the Escrow Agent, which Instructions
shall provide the day designated as the Subsequent Closing date, and acknowledge and agree that as of the Subsequent Closing date
the Subsequent Closing Conditions have been or will be fully satisfied and shall specify the time and payment instructions, including
the address and tax identification number of each payee, of the Escrow Fund, including with respect to placement fees that may
be disbursed to the Depositor or to any other placement agent or selected dealer. The Escrow Agent shall, at the time and in accordance
with the payment instructions specified in the Instructions, deliver the then Escrow Fund (without interest).

 

		(iii)	Release of Escrow Fund on Termination of Offering.
In the event that the Escrow Agent shall have received written notice executed by a duly authorized executive officer of each
of the Company and the Depositor indicating that the Offering has been terminated prior to the Initial Closing and designating
a termination date, the Escrow Agent shall return to each Subscriber, the Purchase Price (without interest and deduction) delivered
by such Subscriber to the Escrow Agent. The Company and the Depositor shall provide the Escrow Agent with time and payment instructions,
including the address and tax identification number of each payee, for each Subscriber whose Purchase Price the Escrow Agent is
to deliver pursuant to this Section (but in no case shall the Escrow Agent deliver such Exercise Price more than three (3) business
days following receipt by the Escrow Agent of such delivery instructions).

 

    	 	3	 

     

    

 

		(iv)	Return of Escrow Fund on Rejection of Subscription.
In the event the Company determines it is necessary or appropriate to reject the subscription of any Subscriber for whom the Escrow
Agent has received an Escrow Deposit, the Company shall deliver written notice of such event to the Escrow Agent and the Depositor
which notice shall include the time and payment instructions, including the address and tax identification number of each payee,
for the return to such Subscriber of the Purchase Price delivered by such Subscriber. The Escrow Agent shall deliver such funds
(without interest and deduction) pursuant to such written notice.

 

		(v)	Return of Escrow Fund on Revocation of Subscription.
In the event that the Escrow Agent shall have received written notice executed by a duly authorized executive officer of each
of the Company and the Depositor indicating that any subscription has been revoked prior to the Initial Closing, pursuant to the
subscription agreement between the Company and the relevant Subscriber, the Escrow Agent shall return to such revoking Subscriber,
the Purchase Price (without interest and deduction) delivered by such Subscriber to the Escrow Agent. The Company and the Depositor
shall provide the Escrow Agent with time and payment instructions, including the address and tax identification number of each
payee, for each Subscriber whose Purchase Price the Escrow Agent is to deliver pursuant to this Section (but in no case shall
the Escrow Agent deliver such Purchase Price more than three (3) business days following receipt by the Escrow Agent of such delivery
instructions).

 

		(vi)	Delivery Pursuant to Court Order. Notwithstanding
any provision contained herein, upon receipt by the Escrow Agent of a final and non-appealable judgment, order, decree or award
of a court of competent jurisdiction (a “Court Order”), the Escrow Agent shall deliver the Escrow Fund in accordance
with the Court Order. Any Court Order shall be accompanied by an opinion of counsel for the party presenting the Court Order to
the Escrow Agent (which opinion shall be satisfactory to the Escrow Agent) to the effect that the court issuing the Court Order
has competent jurisdiction and that the Court Order is final and non-appealable.

 

Upon delivery of
the Escrow Fund by the Escrow Agent (i) to the Company following the Initial Closing, if there are to be no Subsequent Closings,
(ii) to the Company following the final Subsequent Closing, or (iii) to the Subscribers upon termination of the Offering prior
to the Initial Closing, as the case may be, and in each case notice of termination of the Offering having been delivered by the
Company and the Depositor to the Escrow Agent, this Escrow Agreement shall terminate, subject to the provisions of Section 8.

 

    	 	4	 

     

    

 

5.          Escrow
Agent.  The Escrow Agent undertakes to perform only such duties as are expressly set forth herein and no duties
shall be implied. The Escrow Agent shall have no liability under and no duty to inquire as to the provisions of any agreement other
than this Escrow Agreement. The Escrow Agent may rely upon and shall not be liable for acting or refraining from acting upon any
written notice, instruction or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented
by the proper party or parties. The Escrow Agent shall be under no duty to inquire into or investigate the validity, accuracy or
content of any such document. The Escrow Agent shall have no duty to solicit any payments which may be due it or the Escrow Fund.
The Escrow Agent shall not be liable for any action taken or omitted by it in good faith except to the extent that a court of competent
jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss
to the Company or Depositor. The Escrow Agent may execute any of its powers and perform any of its duties hereunder directly or
through agents or attorneys (and shall be liable only for the careful selection of any such agent or attorney) and may consult
with counsel, accountants and other skilled persons to be selected and retained by it. The Escrow Agent shall not be liable for
anything done, suffered or omitted in good faith by it in accordance with the advice or opinion of any such counsel, accountants
or other skilled persons. In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder or shall receive
instructions, claims or demands from any party hereto which, in its opinion, conflict with any of the provisions of this Escrow
Agreement, it shall be entitled to refrain from taking any action and its sole obligation shall be to keep safely all property
held in escrow until it shall be directed otherwise in writing by all of the other parties hereto or by a final order or judgment
of a court of competent jurisdiction. Anything in this Escrow Agreement to the contrary notwithstanding, in no event shall the
Escrow Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited
to lost profits), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form
of action.

 

6.          Succession.  The
Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving ten (10) Business Days (as defined
below) advance notice in writing of such resignation to the other parties hereto specifying a date when such resignation shall
take effect. The Escrow Agent shall have the right to withhold an amount equal to any amount due and owing to the Escrow Agent,
plus any costs and expenses the Escrow Agent shall reasonably believe may be incurred by the Escrow Agent in connection with the
termination of the Escrow Agreement. Any corporation or association into which the Escrow Agent may be merged or converted or with
which it may be consolidated shall be the Escrow Agent under this Escrow Agreement without further act.

 

7.          Fees.  The
Company agrees to (i) pay the Escrow Agent upon the Closing and from time to time thereafter reasonable compensation for the services
to be rendered hereunder, which unless otherwise agreed in writing shall be as described in Schedule 4 hereto, and (ii)
pay or reimburse the Escrow Agent upon request for all expenses, disbursements and advances, including reasonable attorney’s
fees and expenses, incurred or made by it in connection with the preparation, execution, performance, delivery, modification and
termination of this Escrow Agreement. The Escrow Agent is authorized to deduct such fees from the Escrow Fund at the time of the
Initial Closing without prior authorization from the Company or the Depositor. In the event that the Offering is terminated prior
to the Initial Closing, the Company agrees to pay the Escrow Agent the Review Fee and the Acceptance Fee as described in Schedule
4 hereto.

 

    	 	5	 

     

    

 

8.          Indemnity.  The
Company shall indemnify and save harmless the Escrow Agent and its directors, officers, agents and employees (the “indemnitees”)
from all loss, liability or expense (including the reasonable fees and expenses of in house or outside counsel) arising out of
or in connection with (i) the Escrow Agent’s execution and performance of this Escrow Agreement, except in the case of any
indemnitee to the extent that such loss, liability or expense is due to the gross negligence or willful misconduct of such indemnitee,
or (ii) its following any instructions or other directions from the Company and/or the Depositor, except to the extent that (x)
its following any such instruction or direction is in violation of the terms hereof or (y) such loss, liability or expense is due
to the gross negligence or willful misconduct of a Depositor, in which case such Depositor shall be the indemnifying party hereunder.
The parties hereto acknowledge that the foregoing indemnities shall survive the resignation or removal of the Escrow Agent or the
termination of this Escrow Agreement.

 

9.          TINs.  The
Company and the Depositor each represent that its correct TIN assigned by the Internal Revenue Service or any other taxing authority
is set forth in Schedule 1 hereto. No interest shall be payable under the Escrow Agreement. Unless otherwise indicated in
writing by the Company and the Depositor, no taxes or other withholdings are required to be made under applicable law or otherwise
with respect to any payment to be made by Escrow Agent. All documentation necessary to support a claim of exemption or reduction
in such taxes or other withholdings has been timely collected by Company and the Depositor and copies will be provided to Escrow
Agent promptly upon a request therefor. Unless otherwise agreed to in writing by Escrow Agent, all tax returns required to be filed
with the IRS and any other taxing authority as required by law with respect to payments made hereunder shall be timely filed and
prepared by Company and/or the Depositor, as applicable, including but not limited to any applicable reporting or withholding pursuant
to the Foreign Account Tax Compliance Act (“FATCA”).  The parties hereto acknowledge and agree that the
Escrow Agent shall have no responsibility for the preparation and/or filing of any tax return or any applicable FATCA reporting with
respect to the Escrow Fund.    The Escrow Agent shall withhold any taxes it deems appropriate, including but not
limited to required withholding in the absence of proper tax documentation, and shall remit such taxes to the appropriate authorities
as it determines may be required by any law or regulation in effect at the time of the distribution..

 

10.         Notices.  All
communications hereunder shall be in writing and shall be deemed to be duly given and received:

 

		(i)	upon delivery if delivered personally or upon confirmed
transmittal if by facsimile;

 

		(ii)	on the next Business Day (as defined herein)
if sent by overnight courier; or

 

		(iii)	four (4) Business Days after mailing if mailed by prepaid
registered mail, return receipt requested, to the appropriate notice address set forth on Schedule 1 hereto or at such
other address as any party hereto may have furnished to the other parties in writing by registered mail, return receipt requested.

 

    	 	6	 

     

    

 

Notwithstanding the above, in the case of communications
delivered to the Escrow Agent pursuant to (ii) and (iii) of this Section 10, such communications shall be deemed to have been given
on the date received by the Escrow Agent. In the event that the Escrow Agent, in its sole discretion, shall determine that an emergency
exists, the Escrow Agent may use such other means of communication as the Escrow Agent deems appropriate. “Business Day”
shall mean any day other than a Saturday, Sunday or any other day on which the Escrow Agent located at the notice address set forth
on Schedule 1 hereto is authorized or required by law or executive order to remain closed.

 

11.         Security
Procedures.  In the event funds transfer instructions are given (other than in writing at the time of execution
of this Escrow Agreement), whether in writing, by telecopier or otherwise, the Escrow Agent is authorized to seek confirmation
of such instructions by telephone call-back to the person or persons designated on Schedule 3 hereto, and the Escrow Agent
may rely upon the confirmation of anyone purporting to be the person or persons so designated. The persons and telephone numbers
for call-backs may be changed only in a writing actually received and acknowledged by the Escrow Agent. The Escrow Agent and the
beneficiary’s bank in any funds transfer may rely solely upon any account numbers or similar identifying numbers provided
by the Company or the Depositor to identify (i) the beneficiary, (ii) the beneficiary’s bank, or (iii) an intermediary bank.
The Escrow Agent may apply any of the escrowed funds for any payment order it executes using any such identifying number, even
where its use may result in a person other than the beneficiary being paid, or the transfer of funds to a bank other than the beneficiary’s
bank or an intermediary bank designated. The parties to this Escrow Agreement acknowledge that these security procedures are commercially
reasonable.

 

12.         Miscellaneous.  The
provisions of this Escrow Agreement may be waived, altered, amended or supplemented, in whole or in part, only by a writing signed
by all of the parties hereto. Neither this Escrow Agreement nor any right or interest hereunder may be assigned in whole or in
part by any party, except as provided in Section 6, without the prior consent of the other parties, which consent shall not be
unreasonably withheld. This Escrow Agreement shall be governed by and construed under the laws of the State of Delaware. Each party
hereto irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents
to service of process by mail or in any other manner permitted by applicable law and consents to the jurisdiction of the courts
located in the State of Delaware. The parties further hereby waive any right to a trial by jury with respect to any lawsuit or
judicial proceeding arising or relating to this Escrow Agreement. No party to this Escrow Agreement is liable to any other party
for losses due to, or if it is unable to perform its obligations under the terms of this Escrow Agreement because of, acts of God,
fire, floods, strikes, equipment or transmission failure, or other causes reasonably beyond its control. This Escrow Agreement
may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Subscription Escrow Agreement as of the date set forth in Schedule 1. 

 

	 	Delaware Trust Company 
	 	as Escrow Agent
	 	 	 
	 	By: 	/s/ Alan R. Halpern
	 	Name:  	Alan R. Halpern
	 	Title:	Vice President
	 	 	 
	 	COMPANY:
	 	 
	 	ENUMERAL BIOMEDICAL HOLDINGS, INC.
	 	 
	 	By: 	/s/ Kevin G. Sarney
	 	Name:  	Kevin G. Sarney  
	 	Title:	VP of Finance, Chief Accounting Officer
	 	 
	 	DEPOSITOR:
	 	 	 
	 	KATALYST SECURITIES LLC
	 	 	 
	 	By: 	/s/ Michael A. Silverman
	 	Name:	Michael A. Silverman
	 	Title:	Managing Director

 

     

     

    

 

Schedule 1

 

	Effective Date:	July 7, 2016
	 	 
	Name of Company:	Enumeral Biomedical Holdings, Inc.
	 	 
	Company Notice Address:	200 Cambridge Park Drive, Suite 2000
	 	Cambridge, MA 02140
	 	 
	Facsimile:	617-945-9148
	 	 
	Company TIN:	99-0376434
	 	 
	With a copy to:	Duane Morris LLP
	 	1540 Broadway 
	 	New York, NY 10036
	 	Attn: Michael D. Schwamm
	 	 
	Facsimile:	212 208 4451
	 	 
	Name of Depositor:	 
	 	 
	Depositor:	Katalyst Securities LLC
	 	1330 Avenue of the Americas, 14th
    Floor
	 	New York, NY 10019
	 	Attn: Michael A. Silverman
	 	 
	Depositor TIN:	23-3071873
	 	 
	With a copy to:	CKR Law LLP
	 	1330 Avenue of the Americas, 14th Floor
	 	New York, NY 10019
	 	Attn: Scott Rapfogel
	 	 
	Facsimile:	(212) 259-8200
	 	 
	 	and
	 	 
	With a copy to:	Barbara J. Glenns, Esq.
	(which shall not	30 Waterside Plaza, Suite 25G
	constitute notice)	New York, NY 10010
	 	 
	Facsimile:	(212) 689-6578
	 	 
	Escrow Deposit:	Up to net of $3,500,000,
    in whole or in parts 
	 	 
	Security:	12% Senior Secured Promissory Notes
	 	 
	Purchase Price:	100% (par) per Note

 

     

     

    

 

Investment:

 

		 ̈	Goldman Sachs Financial Square Funds Prime Obligations Fund Service
Shares (the “Share Class”), an institutional money market mutual fund for which the Escrow Agent serves as shareholder
servicing agent and/or custodian or subcustodian. The parties hereto: (i) acknowledge Escrow Agent’s disclosure of the services
Escrow Agent is providing to and the fees it receives from Goldman Sachs; (ii) consent to the Escrow Agent’s receipt of these
fees in return for providing shareholder services for the Share Class; and (iii) acknowledge that the Escrow Agent has provided
on or before the date hereof a Goldman Sachs Financial Square Funds Prime Obligations Fund Service Shares prospectus which discloses,
among other things, the various expenses of the Share Class and the fees to be received by the Escrow Agent.

 

		 ̈	Such other investments as Company, Depositor and Escrow Agent may
from time to time mutually agree upon in a writing executed and delivered by the Company and the Depositor and accepted by the
Escrow Agent. 

 

		x	The funds shall not be invested. 

 

Escrow
Agent notice address:

 

	 	Delaware Trust Company
	 	2711 Centerville Road
	 	One Little Falls Centre 
	 	Wilmington, DE  19808
	 	Attention:  Alan R. Halpern
	 	Fax No.:  302-636-8666

 

Escrow Agent’s compensation:  See
Appended Schedule 4.

 

     

     

    

 

Schedule 2

 

Wire
Instructions

 

PNC Bank

300 Delaware Avenue

Wilmington DE 19899

ABA# 031100089

SWIFT Code: PNCCUS33

Account Name:  Delaware Trust Company

Account Number:  5605012373

FFC:  ENUMERAL BIOMEDICAL HOLDINGS, INC. Subscription
Escrow #2; Account # 79-2702

 

MUST INCLUDE THE
SUBSCRIBER’S NAME

 

     

     

    

 

Schedule 3

 

Telephone Number(s) for Call-Backs and

Person(s) Designated to Confirm Funds
Transfer Instructions

 

If to Company:

 

	 	Name	 	Telephone Number(s)
	 	 	 	 
	1.	Kevin G. Sarney	 	617-674-1872
	 	 	 	 
	2.	Matthew A. Ebert	 	617-800-0610

 

If to Depositor:

 

	 	Name	 	Telephone Number(s)
	 	 	 	 
	1.	Michael A. Silverman	 	917-696-1708
	 	 	 	 
	2.	Barbara J. Glenns	 	212-689-6153

 

Telephone call-backs may be made to the Company
and the Depositor if joint instructions are required pursuant to this Escrow Agreement.

 

     

     

    

 

Schedule 4

 

REVIEW FEE:

 

For initial examination
of the Escrow Agreement and all supporting documents. This is a one-time fee payable upon execution of the agreement.

 

$500.00

 

ACCEPTANCE FEE:

 

For initial services
associated with establishing the Escrow Account. This is a one-time fee payable upon execution of the agreement.

 

$500.00

 

ANNUAL ADMINISTRATION FEE:

 

An annual charge or
any portion of a 12-month period thereof. This fee is payable 45 days after the opening of the Escrow Account or prior to the final
disbursement of the Escrow Fund, whichever event occurs first, and in advance of the annual anniversary date thereafter. This
charge is not prorated for the first year. There is an additional annual charge of $250.00/subaccount opened.

 

$1,500.00 covering up to 100 deposits.
There will be an additional administration fee of $750.00 for each block of 50 deposits over the initial 100 deposits.

 

TRANSACTION FEES:

 

Wire transfer of fund: $35.00/domestic
wire initiated; $50.00/international wire initiated

 

Checks Cut: $10.00/check cut

 

Securities Purchase (Buy and Sell): $50.00/transaction

 

Returned Check: $30.00/returned item

 

Out-of-pocket expenses,
fees and disbursements and services of an unanticipated or unexpected nature are not included in the above schedule.Exhibit 10.4

 

INTELLECTUAL PROPERTY SECURITY AGREEMENT

 

This Intellectual
Property Security Agreement (this “Security Agreement”) is made as of July 29, 2016 by and among Enumeral Biomedical
Holdings Inc. (the “Company”) and its subsidiary, Enumeral Biomedical Corp. (the “Subsidiary”), each a
Delaware corporation, and each with offices at 200 CambridgePark Drive, Suite 2000, Cambridge, MA 02140 (collectively, the “Grantors”);
each “Buyer” named in the Omnibus Signature Page(s) to the Subscription Agreement of even date herewith (the “Subscription
Agreement”) between the Company and the Buyers, relating to the Company’s 12% 2016 Senior Secured Promissory Notes
(the “Notes”); and Intuitive Venture Partners, LLC, in its capacity as the Collateral Agent for the Noteholders (in
such capacity, the “Collateral Agent”).

 

RECITALS 

 

The Buyers have agreed to make a secured
loan to the Company, evidenced by the Notes. The Notes provide that the Notes are to be secured by all the intellectual property
rights of the Grantors. Accordingly, the Grantors will grant to each Holder (as defined in the Notes) (each a “Noteholder”)
a security interest in the Collateral (as defined herein).

 

NOW, THEREFORE,
for good and valuable consideration, receipt of which is hereby acknowledged and intending to be legally bound, as collateral security
for the prompt and complete payment when due of the Notes, Grantors hereby represent, warrant, covenant and agree as follows:

 

“Intellectual
Property” means:

 

(a)(i)
all the patent applications listed in Schedule 2 appended hereto; (ii) any and all future-filed patent applications in any jurisdiction
whether or not the future-filed applications claim priority from any patent application listed in Schedule 2; (iii) any and all
patents that issue from any patent application specified in clauses (i) or (ii) above (collectively the “Schedule 2 Patents”);

 

(b)(i)
all registered trademarks listed in Schedule 2; (ii) any and all future trademark applications in any jurisdiction whether or not
the future trademark applications claim priority from any trademark listed in Schedule 2; (iii) any and all trademarks registered
on the basis of any trademark specified in clause (i) or (ii) above (collectively the “Schedule 2 Trademarks”);

 

(c) “Patents”,
meaning any United States or foreign: (i) issued patents (whether utility, design, or plant), patent applications, or certificates
of invention in any IP Filing Office, (ii) continuations, continuations-in-part, divisions, extensions, reissuances, or reexaminations
of a patent or patent application in any IP Filing Office, (iii) inventions described and claimed in any patent or patent application,
and (iv) rights throughout the world analogous to the foregoing;

 

(d) “Trademarks”,
meaning any United States or foreign: (i) trademarks, service marks, certification marks, trade names, or other types of source
identifier, whether arising under a statute or under common law, and whether registered or unregistered, (ii) corporate and company
names, business names, trade styles, designs, logos, or trade dress, (iii) the goodwill of the business connected with the use
of or symbolized by the trademark or service mark, (iv) any registrations, renewals, applications, and other filings for any trademarks
in any IP Filing Office, and (v) rights throughout the world analogous to the foregoing;

 

     

     

    

 

(e) “Other
Intellectual Property”, meaning any intellectual property recognized under or established by the laws of any jurisdiction
other than a Patent or Trademark, whether statutory or common law, registered or unregistered, published or unpublished, including,
but not limited to: (i) a mask work (i.e., a layered blueprint of the circuitry in a computer chip as protected under Chapter 9
of Title 17 of the United States Code); (ii) a trade secret or other proprietary or confidential information or data: (iii) rights
with respect to software, programming codes, inventions, technical information, procedures, designs, design registrations, know-how,
data and databases, processes, models, drawings, plans, specifications, and records; and (iv) know-how, sequence information, data,
knowledge and information including chemical manufacturing data, specifications, formulations, testing and development data and
tools for the discovery and development of products and technology data compilation, research results or other proprietary rights
used in the business of the Company or its subsidiaries;

 

(f) “IP
Licenses”, meaning any agreements, whether or not styled as a “license,”
(i) that grant a Person an exclusive or nonexclusive license or other right to use or exercise rights in Intellectual Property
other than software to the extent the software constitutes “goods” under section 9-102(a) of the UCC, or (ii) that
obligate a Person to refrain from using or enforcing any Intellectual Property, including settlements, consents-to-use, non-assertion
agreements, and covenants-not-to-sue; and

 

(g) “IP-Related
Rights”, meaning, for any Schedule 2 Patent, Schedule 2 Trademark, Patent, Trademark, Other Intellectual Property, or IP
License, any (i) rights to royalties, revenues, income, or other payments arising therefrom, and (ii) all other accrued and unaccrued
causes of action (whether in contract, tort, or otherwise) or rights to claim, sue or collect damages for, or enjoin or obtain
other legal or equitable relief for, an infringement, misuse, misappropriation, dilution, violation, unfair competition, or other
impairment (whether past, present, or future) thereof, including expired items.

 

“Majority Holders” means
a Noteholder or the Noteholders then holding in excess of 50% of the aggregate unpaid principal amount of the Notes.

 

“UCC” means the Uniform
Commercial Code as in effect on the date of this Security Agreement, and as amended from time to time, of the State of New York;
provided that if, by reason of mandatory provisions of law, the perfection, the effect of perfection or non-perfection, and the
priority of the security interest granted hereby in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than New York, “UCC” shall mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provision hereof relating to such perfection, effect of perfection or non-perfection, or priority.

 

1. Grant of
Security Interest. As collateral security for the prompt and complete payment and performance of all of Grantors’ present
or future obligations under the Notes and the other Transaction Documents (the “Obligations”), Grantors hereby grant
to the Noteholders, for their ratable benefit, a security interest in all of Grantors’ right, title and interest in and to
the Intellectual Property, whether now owned or existing or hereafter acquired or arising, and regardless of where located (hereinafter
collectively called the “Collateral”).

 

    2 

     

    

 

Notwithstanding the foregoing, the term
“Collateral” shall not include any contract, instrument or chattel paper in which a Grantor has any right, title or
interest if and to the extent such contract, instrument or chattel paper includes a provision containing a restriction on assignment
such that the creation of a security interest in the right, title or interest of a Grantor therein would be prohibited and would,
in and of itself, cause or result in a default thereunder enabling another person party to such contract, instrument or chattel
paper to enforce any remedy with respect thereof; provided, however, that the foregoing exclusion shall not apply if (y) such prohibition
has been waived or such other person has otherwise consented to the creation hereunder of a security interest in such contract,
instrument or chattel paper, or (z) such prohibition would be rendered ineffective pursuant to Sections 9-407(a) or 9-408(a) of
the Code, as applicable and as then in effect in any relevant jurisdiction, or any other applicable law (including the Bankruptcy
Code or principles of equity); provided further that immediately upon the ineffectiveness, lapse or termination of any such provision,
the term “Collateral” shall include, and the applicable Grantor shall be deemed to have granted a security interest
in, all its rights, title and interest in and to such contract, instrument or chattel paper as of such provision had never been
in effect; and provided further that the foregoing exclusion shall in no way be construed so as to limit, impair of otherwise affect
the Noteholders’ unconditional continuing security interest in and to all rights, title and interests of a Grantor in or
to any payment obligations or other rights to receive monies due or to become due under any such contract, instrument or chattel
paper and in any such monies and other proceeds of such contract, instrument or chattel paper. In addition, no security interest
shall be created in or apply to, and the definition of Collateral shall exclude, the actual intellectual property licensed to the
Company or its Subsidiary by a third party to the extent that applicable law or the applicable license expressly prohibits the
grant thereof, including the actual intellectual property licensed from the Massachusetts Institute of Technology under an exclusive
patent license agreement dated April 15, 2011, and all amendments thereto (the “MIT License”) to the extent that applicable
law or the applicable license expressly prohibits the grant thereof.

 

2. Covenants
and Warranties. Grantors represent, warrant, covenant and agree as follows:

 

(a) Each
Grantor is the sole owner of all right, title and interest in and to the Collateral, and no security interests or liens presently
exist with respect to the Collateral.

 

(b) Performance
of this Security Agreement does not and will not conflict with or result in a breach of any material agreement to which Grantors
are bound.

 

(c) During
the term of this Security Agreement, Grantors will not transfer or otherwise encumber any interest in the Collateral, except as
otherwise permitted in this Security Agreement and except as may be approved by the Majority Holders;

 

(d) To
their knowledge, the Collateral is valid and enforceable, and no part of the Collateral has been judged invalid or unenforceable,
in whole or in part, and no claim has been made in writing that any part of the Collateral violates the rights of any third party;

 

(e) All
Patents and Trademarks owned by the Grantors as of the effective date of this Security Agreement are listed in Schedule 2.

 

(f) Grantors
shall advise the Collateral Agent of any subsequent ownership right of the Grantors in or to any Collateral;

 

(g) Grantors
shall (i) protect, defend and maintain the validity and enforceability of the Collateral material to Grantors’
business, (ii) use reasonable commercial efforts to detect infringements of the Collateral, and promptly advise the Collateral
Agent in writing of material infringements detected and (iii) not allow any Collateral, material to Grantors’ business,
to be abandoned, forfeited or dedicated to the public without the written consent of the Majority Holders, which shall not be unreasonably
withheld, conditioned, or delayed, unless Grantors determine that reasonable business practices suggest that abandonment is appropriate.

 

(h) Grantors
shall take such further actions as the Collateral Agent or the Majority Holders may reasonably request from time to time to perfect
or continue the perfection of the Noteholders’ interest in the Collateral;

 

    3 

     

    

 

(i) This
Security Agreement creates, and in the case of after-acquired Collateral this Security Agreement will create, at the time Grantors
first have rights in such after-acquired Collateral, and the Collateral Agent or the Noteholders have taken all actions required
for perfection, in favor of the Noteholders, a valid and perfected first priority security interest and collateral assignment in
the Collateral in the United States securing the payment and performance of the Obligations;

 

(j) To
its knowledge, except for, and upon, the filing of UCC financing statements, or other notice filings or notations in appropriate
filing offices, including the United States Patent and Trademark office, if necessary to perfect the security interests created
hereunder, no authorization, approval or other action by, and no notice to or filing with, any U.S. governmental authority or U.S.
regulatory body is required either (i) for the grant by Grantors of the security interest granted hereby, or for the execution,
delivery or performance of this Security Agreement by Grantors in the U.S. or (ii) for the perfection in the United States
or the exercise by the Noteholders of their rights and remedies thereunder;

 

(k) To
the best of Grantors’ knowledge, all information heretofore, herein or hereafter supplied to the Collateral Agent or the
Noteholders by or on behalf of Grantors with respect to the Collateral is true and correct in all material respects;

 

(l) Grantors
shall not enter into any agreement after the date hereof that would materially impair or conflict with Grantors’ obligations
hereunder without the Collateral Agent’s prior written consent, which consent shall not be unreasonably withheld, conditioned,
or delayed. Except as permitted under the Notes, Grantors shall not permit the inclusion in any material contract to which it becomes
a party after the date hereof of any provisions that could or might in any way prevent the creation of a security interest in Grantors’
rights and interest in any property included within the definition of the Collateral acquired under such contracts;

 

(m) Grantors
shall not amend, modify or limit any terms of the Note or this Security Agreement without the consent of the Majority Holders or
assert the invalidity of the Note or this Security Agreement;

 

(n) Grantors
shall not assert that the MIT License limits any rights or interests in the Collateral or otherwise limits any terms of the Note
or this Security Agreement; and,

 

(o) Grantors
shall file any and all UCC financing statements and notices to perfect Noteholder’s interests and create a valid first priority
security interest in any after-acquired Collateral.

 

3. Noteholders’
Rights. The Collateral Agent and the Majority Holders shall have the right, but not the obligation, to take, at Grantors’
sole expense, any actions that the Grantors are required to take under this Security Agreement, but which Grantors fail to take
in a timely manner after ten (10) days’ written notice to Grantors (except if an Event of Default (as defined below)
has occurred and is continuing, in which case no notice shall be required). Grantors shall reimburse and indemnify the Collateral
Agent and the Noteholders for all reasonable costs and reasonable expenses incurred in the reasonable exercise of its rights under
this section 3.

 

    4 

     

    

 

4. Further Assurances;
Attorney in Fact.

 

(a) On a continuing
basis, Grantors will, upon reasonable request by the Collateral Agent or the Majority Holders, subject to any prior licenses, encumbrances
and restrictions and prospective licenses, make, execute, acknowledge and deliver, and file and record in the proper filing and
recording places in the United States, all such instruments, including appropriate financing and continuation statements and collateral
agreements and filings with the United States Patent and Trademarks Office and the Register of Copyrights, and take all such action
as may reasonably be requested by the Collateral Agent or the Majority Holders, to perfect the Noteholders’ security interest
in all Patents and Trademarks and otherwise to carry out the intent and purposes of this Security Agreement, or for assuring and
confirming to the Noteholders the grant or perfection of a security interest in all Collateral, provided that Grantors shall not
be required to register any Collateral that Grantors determines, consistent with reasonable business practice, need not be registered.

 

(b) Grantors appoint
the Collateral Agent as Grantors’ attorney-in-fact, with full authority in the place and stead of Grantors and in the name
of Grantors, the Noteholders or otherwise, from time to time in the Collateral Agent’s discretion, upon Grantors’ failure
or inability to do so, to take any action and to execute any instrument which the Collateral Agent may deem reasonably necessary
or advisable to accomplish the purposes of this Security Agreement, including:

 

(i)
To modify, in its sole discretion, this Security Agreement without first obtaining Grantors’ approval of or signature to
such modification by amending Schedule 2, as appropriate, to include reference to any right, title or interest in any Patents or
Trademarks acquired by Grantors after the execution hereof or to delete any reference to any right, title or interest in any Patents
or Trademarks Works in which Grantors no longer have or claim any right, title or interest; and

 

(ii)
To file, in its sole discretion, one or more financing or continuation statements and amendments thereto, or other notice filings
or notations in appropriate filing offices, relative to any of the Collateral, without notice to Grantors, with all appropriate
jurisdictions, as the Collateral Agent deems appropriate, in order to perfect or protect the Noteholders’ interest in the
Collateral.

 

5. Events of
Default. The occurrence of an Event of Default under the Notes shall constitute an event of default (an “Event of Default”)
under this Security Agreement.

 

6. Remedies.
Upon the occurrence and during the continuance of an Event of Default, the Noteholders or the Collateral Agent, for the benefit
of the Noteholders, shall have the right to exercise all the remedies of a secured party under Article 9 of the Uniform Commercial
Code, including without limitation the right to require Grantors to assemble the Collateral and any tangible property in which
the Noteholders have a security interest and to make it available to the Noteholders or the Collateral Agent at a place designated
by the Majority Holders or the Collateral Agent. The Noteholders or the Collateral Agent, for the benefit of the Noteholders, shall
have a nonexclusive, royalty free license to use the Collateral to the extent reasonably necessary to permit the Noteholders or
the Collateral Agent, for the benefit of the Noteholders, to exercise their rights and remedies upon the occurrence and during
the continuance of an Event of Default. Grantors will pay any expenses (including reasonable attorney’s fees) incurred by
the Noteholders or the Collateral Agent in connection with the exercise of any of the Noteholders’ rights hereunder, including
without limitation any expense incurred in disposing of the Collateral in accordance with the terms hereof. All of the Noteholders’
(and the Collateral Agent’s, for the benefit of the Noteholders) rights and remedies with respect to the Collateral shall
be cumulative.

 

7. Indemnity.

 

(a)          Grantors
agree to defend, indemnify upon demand and hold harmless (i) the Noteholders and their respective affiliates, and their respective
officers, directors, employees, agents and attorneys-in-fact and (ii) the Collateral Agent Related Persons (as defined below) (each
an “Indemnified Person”) against any and all Indemnified Liabilities (as defined below), except for any portion of
such Indemnified Liabilities arising from or out of an Indemnified Person’s gross negligence or willful misconduct. The undertaking
in this paragraph shall survive the payment of all obligations hereunder and the resignation or replacement of the Collateral Agent.

 

    5 

     

    

 

(b)          The
Noteholders shall indemnify upon demand and hold harmless the Collateral Agent Related Persons (to the extent not reimbursed by
or on behalf of any Grantor and without limiting the obligation of each Grantor to do so), pro rata, from and against any and all
Indemnified Liabilities, except for any portion of such Indemnified Liabilities resulting solely from such Collateral Agent Related
Person’s gross negligence or willful misconduct. Without limitation of the foregoing, each Noteholder shall reimburse the
Collateral Agent upon demand for its ratable share of any costs or out of pocket expenses (including fees and disbursements of
legal counsel) incurred by the Collateral Agent in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights
or responsibilities under, this Security Agreement, any other Transaction Document, or any document contemplated by or referred
to herein, to the extent that the Collateral Agent is not reimbursed for such expenses by or on behalf of any Grantor. Notwithstanding
the foregoing, no Noteholder shall be required to pay, in total under this paragraph and any similar provision in any other Transaction
Document, any amount in excess of the total gross purchase price of the Notes purchased by such Noteholder. The undertaking in
this paragraph shall survive the payment of all obligations hereunder and the resignation or replacement of the Collateral Agent.

 

(c)         “Indemnified
Liabilities” means all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, charges, expenses
and disbursements (including reasonable fees and disbursements of legal counsel) of any kind or nature whatsoever which may at
any time (including at any time following repayment of the Obligations and the termination, resignation or replacement of the Collateral
Agent) be imposed on, incurred by or asserted against any Indemnified Person or Collateral Agent Related Person (as the case may
be) in any way relating to or arising out of this Security Agreement or any document contemplated by or referred to herein, or
the transactions contemplated hereby and thereby, or any action taken or omitted by any such Indemnified Person or Collateral Agent
Related Person (as the case may be) under or in connection with any of the foregoing, including with respect to any investigation,
litigation or proceeding (including any bankruptcy or insolvency proceeding or appellate proceeding) related to or arising out
of this Security Agreement or the Notes or the other Transaction Documents or the use of the proceeds thereof, whether or not any
Indemnified Person or Collateral Agent Related Person (as the case may be) is a party thereto.

 

8. Termination.
At such time as Grantors shall completely repay the Obligations, the Collateral Agent shall execute and deliver to Grantors all
releases, terminations, and other instruments as may be necessary or proper to release the security interest hereunder. Until such
time, however, this Security Agreement shall be binding upon and inure to the benefit of the parties, their successors and assigns,
provided that, without the prior written consent of the Majority Holders, no Grantor may assign this Security Agreement or any
of its rights under this Security Agreement or delegate any of its duties or obligations under this Security Agreement, and any
such attempted assignment or delegation shall be null and void.

 

9. Course of
Dealing. No course of dealing, nor any failure to exercise, nor any delay in exercising any right, power or privilege hereunder
shall operate as a waiver thereof.

 

10. Amendments.
This Security Agreement may be amended only by a written instrument signed by the Grantors and Majority Holders.

 

11. Counterparts.
This Security Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which
together shall constitute the same instrument.

 

12. Governing
Law; Jurisdiction. This Security Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without regard to conflicts of law.

 

    6 

     

    

 

Each party agrees
that any legal proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Security
Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, employees or
agents) may be commenced in the state and federal courts sitting in the City of New York, Borough of Manhattan (the “New
York Courts”). Each party hereto hereby irrevocably submits to the jurisdiction of the New York Courts for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with
respect to the enforcement of the Notes), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, or such New York Courts are improper or inconvenient
venue for such proceeding. Each party hereby irrevocably waives personal service of process and consents to process being served
in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
of delivery) to such party at the address in effect for notices to it under this Security 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. Nothing herein shall affect the right of the Holder to commence
legal proceedings or otherwise proceed against the Company in any other jurisdiction.

 

GRANTORS, THE NOTEHOLDERS
AND THE COLLATERAL AGENT EACH HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF ANY OF THE LOAN DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREIN, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH PARTY RECOGNIZES AND AGREES THAT THE FOREGOING
WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT. EACH PARTY REPRESENTS AND WARRANTS THAT IT HAS REVIEWED
THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
LEGAL COUNSEL.

 

13. Confidentiality.
In handling any confidential information, the Noteholders and the Collateral Agent shall exercise the same degree of care that
they exercise for their own proprietary information, but disclosure of information may be made: (i) to the Noteholders or
affiliates in connection with their present or prospective business relations with Grantors; (ii) to prospective transferees
or purchasers of any interest in the Notes (provided, however, the Noteholders shall use commercially reasonable efforts to obtain
such prospective transferee’s or purchaser’s agreement to the terms of this provision); (iii) as required
by law, regulation, subpoena, or other order, (iv) as required in connection with the Noteholders’ or the Collateral
Agent’s examination or audit; and (v) as the Noteholders or the Collateral Agent consider appropriate in exercising
remedies under this Security Agreement. Confidential information does not include information that either: (a) is in the public
domain or in the Noteholders’ or the Collateral Agent’s possession when disclosed to such person, or becomes part of
the public domain after disclosure to the Noteholders or the Collateral Agent through no fault of such person; or (b) is disclosed
to the Noteholders or the Collateral Agent by a third party, if such person reasonably does not know that the third party is prohibited
from disclosing the information.

 

14. The
Collateral Agent.

 

(a)          Delegation
of Duties. The Collateral Agent may execute any of its duties under this Security Agreement or any other Transaction Document
by or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or attorney in fact
that it selects with reasonable care.

 

    7 

     

    

 

(b)          Liability
of Collateral Agent. None of the Collateral Agent Related Persons shall (i) be liable for any action taken or omitted to be
taken by any of them under or in connection with this Security Agreement or any other Transaction Document or the transactions
contemplated hereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of
the Noteholders for any recital, statement, representation or warranty made by any other party, or any officer thereof, contained
in this Security Agreement or in any other Transaction Document, or in any certificate, report, statement or other document referred
to or provided for in, or received by the Collateral Agent under or in connection with, this Security Agreement or any other Transaction
Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Security Agreement or any other Transaction
Document, or for any failure of any other party to this Security Agreement or any other Transaction Document to perform its obligations
hereunder or thereunder. No Collateral Agent Related Person shall be under any obligation to any Noteholder to ascertain or to
inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Security Agreement or
any other Transaction Document, or to inspect the properties, books or records of the Company or any of the Company’s Subsidiaries
or Affiliates. “Collateral Agent Related Persons” means the Collateral Agent and any successor agent arising hereunder,
together with their respective affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such persons
and affiliates.

 

(c)          Reliance
by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing,
resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other
document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper person or
persons, and upon advice and statements of legal counsel (including counsel to the Company or any Grantor), independent accountants
and other experts selected by the Collateral Agent. The Collateral Agent shall be fully justified in failing or refusing to take
any action under this Security Agreement or any other Transaction Document unless it shall first receive such advice or concurrence
of the Majority Holders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the
Noteholders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any
such action. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Security
Agreement or any other Transaction Document in accordance with a request or consent of the Majority Holders and such request and
any action taken or failure to act pursuant thereto shall be binding upon all of the Noteholders.

 

(d)          Notice
of Default. The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any default or Event
of Default, except with respect to defaults in the delivery of any documents or certificates required to be delivered to the Collateral
Agent hereunder for the benefit of the Noteholders, unless the Collateral Agent shall have received written notice from a Noteholder
or the Company or any Grantor referring to this Security Agreement, describing such default or Event of Default and stating that
such notice is a “notice of default”. The Collateral Agent will notify the Noteholders of its receipt of any such notice.
The Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Majority
Holders in accordance with this Security Agreement; provided, however, that unless and until the Collateral Agent has received
any such request, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such default or Event of Default as it shall deem advisable or in the best interest of the Noteholders.

 

    8 

     

    

 

(e)          Collateral
Agent in Individual Capacity. Any Collateral Agent Related Person may engage in transactions with, make loans to, acquire equity
interests in and generally engage in any kind of business with the Company or any Grantor and their affiliates, including purchasing
and holding Notes, as though the Collateral Agent were not the Collateral Agent hereunder and without notice to or consent of the
Noteholders. the Noteholders acknowledge that, pursuant to such activities, any Collateral Agent Related Person may receive information
regarding the Company or any Grantor and their affiliates (including information that may be subject to confidentiality obligations
in favor of the Company or any Grantor and their affiliates) and acknowledge that the Collateral Agent shall be under no obligation
to provide such information to them. With respect to any Notes it holds, a Collateral Agent Related Person shall have the same
rights and powers under this Security Agreement as any other Noteholder and may exercise the same as though the Collateral Agent
were not the Collateral Agent, and the terms “Noteholder” and “Noteholders” include any such Collateral
Agent Related Person in its individual capacity.

 

(f)          
Successor Collateral Agent. The Collateral Agent may, and at the request of the Majority Noteholders shall, resign as Collateral
Agent upon thirty (30) days’ notice to the Noteholders. If the Collateral Agent resigns under this Security Agreement, the
Majority Holders shall appoint from among the Noteholders a successor agent for the Noteholders, which successor agent shall be
approved by the Company, such approval not to be unreasonably withheld. If no successor agent is appointed prior to the effective
date of the resignation of the Collateral Agent, the Collateral Agent may appoint, after consulting with the Noteholders and the
Company, a successor agent from among the Noteholders. Upon the acceptance of its appointment as successor agent hereunder, such
successor agent shall succeed to all the rights, powers and duties of the retiring Collateral Agent and the term “Collateral
Agent” shall mean such successor agent and the retiring Collateral Agent’s appointment, powers and duties as Collateral
Agent shall be terminated. After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions
of this Section 10 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent
under this Security Agreement. If no successor agent has accepted appointment as Collateral Agent by the date which is thirty (30)
days following a retiring Collateral Agent’s notice of resignation, the retiring Collateral Agent’s resignation shall
nevertheless thereupon become effective, and the Noteholders shall perform all of the duties of the Collateral Agent hereunder
until such time, if any, as the Majority Holders appoint a successor agent as provided for above.

 

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left blank ***

 

    9 

     

    

 

Agreed, as of the date first set forth above:

 

	Grantors:	 
	 	 
	Enumeral Biomedical Holdings, Inc.	 
	 	 	 
	By:	 	
        /s/ Kevin G. Sarney 
	 
	Name:	 	 Kevin G. Sarney	 
	Title:	 	Vice President of Finance, Chief Accounting Officer and Treasurer	 
	 	 
	Enumeral Biomedical Corp.	 
	 	 	 
	By:	 	

/s/ Kevin G. Sarney
	 
	Name:	 	Kevin G. Sarney	 
	Title:	 	Vice President of Finance and Treasurer	 

 

Collateral Agent:

 

Intuitive Venture Partners, LLC

 

	By:		/s/ Aaron Segal	 
	Name: 		Aaron Segal	 
	Title:		Partner	 

   

[THE NOTEHOLDERS SIGN BY EXECUTING BUYER
OMNIBUS

SIGNATURE PAGE TO THE SUBSCRIPTION AGREEMENT]

 

    10 

     

    

Schedule 1

 

1.          Grantor
Information:

 

	Grantors
	 	 
	Enumeral Biomedical Holdings, Inc.	Enumeral Biomedical Corp.
	a Delaware corporation	a Delaware Corporation
	Organizational I.D. Number:	Organizational I.D. Number:
	Tax ID: 99-0376434	Tax ID: 27-1509860
	 	 
	Executive Offices Address:	Executive Offices Address:
	 	 
	200 Cambridge Park Drive, Suite 2000	200 Cambridge Park Drive, Suite 2000
	Cambridge, Massachusetts	Cambridge, Massachusetts

 

2.     Licenses
of the Collateral: Definitive License and Transfer Agreement between the Company and Pieris Pharmaceuticals, Inc. (Boston MA) and
Pieris Pharmaceuticals GmbH (Friesing, Germany) dated June 6, 2016.

 

    11 

     

    

   

Schedule 2

 

Enumeral Patents

 

	Subject	 	Jurisdiction	 	Application

Number	 	Filing Date	 	Status	 	Patent No.
	PD-1 Antibodies	 	US	 	62/095,675	 	22 Dec 2014	 	Converted provisional	 	 
	PD-1 Antibodies	 	US	 	62/220,199	 	17 Sep 2015	 	Converted provisional	 	 
	PD-1 Antibodies	 	US	 	62/251,082	 	04 Nov 2015	 	Converted provisional	 	 
	PD-1 Antibodies	 	US	 	62/261,118	 	30 Nov 2015	 	Converted provisional	 	 
	PD-1 Antibodies	 	US	 	14/975,769	 	19 Dec 2015	 	Pending	 	 
	PD-1 Antibodies	 	US	 	15/152,192	 	11 May 2016	 	Pending	 	 
	PD-1 Antibodies	 	PCT	 	PCT/US2015/066954	 	19 Dec 2015	 	Pending	 	 
	PICTURE (cellular response profiling)	 	US	 	62/095,704	 	22 Dec 2014	 	Converted provisional	 	 
	PICTURE (cellular response profiling)	 	PCT	 	PCT/US2015/066955	 	19 Dec 2015	 	Pending	 	 
	Microarray handling devices	 	US	 	15/061,718	 	4 Mar 2016	 	Pending	 	 
	TIM-3 Antibodies	 	US	 	62/306,401	 	10 Mar 2016	 	Provisional	 	 

 

Enumeral Trademarks

 

	Mark	 	Jurisdiction	 	Application 

Number	 	Filing Date	 	Status	 	Registration 

Number	 	Registration Date
	ENUMERAL	 	US	 	86613661	 	29 Apr 2015	 	Registered	 	4,866,434	 	8 Dec 2015
	THE HUMAN APPROACH	 	US	 	86613591	 	29 Apr 2015	 	Registered	 	4,866,427	 	8 Dec 2015
	THE POWER OF HUMAN	 	US	 	86613629	 	29 Apr 2015	 	Registered	 	4,866,429	 	8 Dec 2015
	PICTURE	 	US	 	86613651	 	29 Apr 2015	 	Registered	 	4,884,761	 	12 Jan 2016

 

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