Document:

employment
agreement

 

This EMPLOYMENT AGREEMENT
(“Agreement”) is made effective as of April 2, 2013, by and between ENTREMED, INC., a Delaware corporation
having its principal office at 9620 Medical Center Drive, Suite 300, Rockville, MD 20850 (the “Company”) and
KEN K. REN (the “Executive”).

 

FOR AND IN CONSIDERATION
of the mutual premises, agreements and covenants contained herein, the parties hereto, intending to be legally bound, do hereby
agree as follows:

 

		1.	Employment; Position and Duties.

 

Subject to the terms
hereof, the Company hereby agrees to employ Executive during the Term (as hereafter defined) to act as, and to exercise all of
the powers and functions of, its Chief Executive Officer, and to perform such acts and duties and to generally furnish such services
to the Company and its subsidiaries as is customary for a senior executive management person with a similar position in like companies.
Among other things, and subject to change at the discretion of the Board of Directors (the “Board”), the Executive
shall serve as the Company’s key strategist in the execution of the Company’s global and China drug development strategy.
The Executive will also lead the Company’s corporate and business development initiative, overall research and development
strategy, fund-raising, and be responsible for general direction and leadership. Executive shall report directly to the Executive
Chairman of the Board and the Board of Directors, and have such other powers, duties and responsibilities as the Board of Directors
shall from time to time reasonably prescribe. Executive hereby agrees to accept such employment and shall perform and discharge
faithfully, diligently, and to the best of his abilities such duties and responsibilities and shall devote sufficient working time
and efforts to the business and affairs of the Company and its subsidiaries.

 

		2.	Place of Employment.

 

While Executive is
employed by the Company during the Term, Executive shall conduct his duties and responsibilities hereunder from the executive office
located in Rockville, Maryland and from the Company’s office located in Beijing, China (except for routine and customary
business travel), or from such other location as approved by the Executive Chairman or Board of Directors.

 

		3.	Compensation

 

a.          Base
Salary. While the Company employs the Executive during the Term, the Company shall pay to Executive an annual base salary (“Base
Salary”) of no less than US$300,000, payable in accordance with the Company’s customary payroll policy for its
executives.

 

b.          Base
Salary Adjustments. Executive’s Base Salary shall be reviewed at least annually in accordance with the Company’s
customary practices for its executives. The Board or a committee thereof may make such adjustments, as it deems appropriate in
its sole discretion; provided, however, in no event shall the Company pay Executive a Base Salary of less than US$300,000,
unless the change to Executive’s Base Salary was applicable to the annual base salary of all senior executives of the Company
in substantially the same manner.

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c.          Incentive
Compensation. While the Company employs Executive during the Term, Executive’s annual incentive compensation (“Incentive
Compensation”) shall be targeted at 25% of base compensation, the exact amount of which shall be determined by the Board
or a committee thereof in its sole discretion. Executive shall be eligible for Incentive Compensation commencing at the start of
the Initial Term. Such bonus, if any, shall be paid within ninety (90) days following the last day of each fiscal year of the Company;
provided, however, that Executive shall not be entitled to any such bonus unless Executive is employed by the Company on the date
of payment of such bonus. 

 

d.          Certain
Other Benefits. Throughout the Term, Executive shall be entitled to participate in any and all employee benefit plans and arrangements
which are available to senior executive officers of the Company, including without limitation, group medical, disability and life
insurance plans, and the Company’s Directors and Officers (D&O) insurance policy. Executive shall also be afforded no
fewer than twenty-three (23) days paid time off (PTO) pursuant to policies fixed by the Company. 

 

e.          Expenses.
The Company shall pay or reimburse Executive for all reasonable and necessary business expenses actually paid or incurred by Executive
while Executive is employed by the Company during the Term, subject to reasonable documentation and in accordance with the Company’s
business expense reimbursement policy. 

 

		4.	Term.

 

The term of this Agreement
shall be the period commencing on April 2, 2013 and continuing for one year (the “Initial Term”); provided,
however, that the Term of this Agreement shall be extended automatically for successive one year periods (each one-year
extension a “Successor Term” and together with the Initial Term referred to herein as the “Term”)
unless written notice of nonextension is provided by either party to the other party at least sixty (60) days prior to the end
of the Initial Term or any Successor Term. In the event that this Agreement is not extended at the end of the Initial Term or any
Successor Term and thereby terminates, only paragraphs 6, 7, 8(d), 8(g), 8(h), 8(i) and 11 shall survive such termination, except
that Executive shall be entitled to receive compensation and benefits to the extent expressly provided herein or by the terms of
any of the Company’s compensation and benefit plans, programs or policies or as required by applicable law.

 

		5.	Stock Options.

 

In connection with
Executive’s acceptance of employment, the Company shall grant stock options to Executive covering such number of shares of
the Company’s common stock to be approved by the Board or a committee thereof. The per share exercise price of the stock
options shall be equal to the closing price of the Company’s stock on the date of grant in accordance with the vesting schedule
of stock options awarded to other executives or as approved by the Board, and such award shall be subject to the terms and conditions
of the Company’s form of non-qualified stock option award agreement. Other periodic stock and non-qualified stock option
grants to Executive, if any, while the Company employs Executive during the Term shall be determined by the Board or a committee
thereof in its discretion. In the event of a termination pursuant to paragraph 8(d) hereof or a resignation pursuant to paragraph
9 hereof, for which purposes sections 10(a) and 10(c) of this Agreement shall control, all vested options held by Executive on
the effective date of such termination or resignation shall be exercisable in accordance with the terms of such grants until the
later of the date set forth in such grant or twelve (12) months following Executive’s date of termination, but in no event
beyond the expiration date of the relevant option. Upon a change in control, as defined in the option agreement, all unvested options
shall vest and become exercisable immediately in accordance with the terms of the option agreement. All other unvested options
shall expire in accordance with the terms of such grants. Except as set forth herein, the terms of the stock option grants under
this paragraph 5 shall be otherwise in accordance with and subject to the terms of the Company’s 2011 Long Term Incentive
Plan or successor plan and such terms and conditions as the Board or a committee thereof may specify.

 

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		6.	Unauthorized Disclosure.

 

During the Term and
at all times thereafter, Executive shall not, without the written consent of the Company, or except as required by applicable law,
disclose to any person, other than a person to whom disclosure is reasonably necessary or appropriate in connection with the performance
by Executive of his duties as an executive officer of the Company, any material confidential information obtained by Executive
while in the employ of the Company with respect to the businesses of the Company or any of its subsidiaries, including but not
limited to, operations, pricing, contractual or personnel data, products, discoveries, improvements, trade secrets, license agreements,
marketing information, suppliers, dealers, principles, customers, or methods of distribution, or any other confidential information
the disclosure of which Executive knows, or in the exercise of reasonable care should know, will be damaging to the Company; provided,
however, that confidential information shall not include any information known generally to the public or to persons in the industry
of which the Company’s business is a part (in each case, other than as a result of unauthorized disclosure by Executive)
or any information otherwise considered by the Company not to be confidential.

 

		7.	Indemnification.

 

a.          The Company shall
defend, indemnify and hold harmless Executive if he is made a party, or threatened to be made a party, to any threatened, pending
or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”),
because he is or was an officer or director of the Company or any of its subsidiaries, affiliates, or successors, or because he
is or was serving in a fiduciary capacity with respect to employee benefit plans of the Company, whether or not the basis of such
Proceeding is alleged action in an official capacity or otherwise, against all Expenses incurred or suffered by him in connection
with such Proceeding to the fullest extent authorized by the General Corporation Law of the State of Delaware and any other applicable
law in effect from time to time, and such indemnification shall continue as to Executive even if he ceases to be an officer or
director or is no longer employed by the Company, and shall inure to the benefit of Executive’s heirs, executors and administrators.

 

b.          As used in this
Agreement, the term “Expenses” shall include, without limitation, damages, losses, judgments, liabilities, fines, penalties,
excise taxes, settlements and reasonable costs, reasonable attorneys’ fees, reasonable accountants’ fees, and reasonable
disbursements and costs of attachment or similar bonds, investigations, and any reasonable expenses of establishing a right to
indemnification under this Agreement.

 

c.          Expenses incurred
by Executive in connection with any Proceeding shall be paid by the Company upon presentation of appropriate documentation and
a giving by Executive of any undertakings required by applicable law.

 

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		8.	Termination.

 

a.          Upon Death.
If Executive dies while employed by the Company during the Term, his estate shall be entitled to receive a lump sum payment equal
to the amount of Base Salary that would have been payable had Executive remained employed through the last day of the six (6) months
following the month in which death occurred, provided, however,  that if Executive’s death occurs during the first
three (3) months of his employment, his estate shall be entitled to receive a lump sum payment equal to the amount of Base Salary
that would have been payable had Executive remained employed through the last day of the three (3) months following the month in
which death occurred. If, in respect of the fiscal year in which Executive dies the Board or a committee thereof determines in
its discretion that he would otherwise have been entitled to receive Incentive Compensation under subparagraph 3(c) by reason of
the operations of the Company during such fiscal year, Executive’s estate shall be entitled to receive a pro rata portion
of his Incentive Compensation for such fiscal year. Such pro rata portion shall equal the product of (x) the full amount of such
Incentive Compensation, and (y) a fraction, the numerator of which is the number of days in the fiscal year of Executive’s
death prior to the date of death, and the denominator of which is the total number of days in such fiscal year. All payments under
this Section 8(a) shall be made within sixty (60) days of Executive’s death.

 

b.          Termination
Upon Disability. The Company may terminate Executive’s employment hereunder during the Term at the end of any calendar
month in the event of his Disability by giving to Executive written notice of termination. In the event of any such termination
pursuant to this subparagraph 8(b), Executive shall be entitled to receive a lump sum payment equal to the amount of his Base Salary
that would have been payable had Executive remained employed through the last day of the six (6) months following the month in
which termination occurred, provided, however, that if such Disability termination occurs during the first three (3) months
of his employment, he shall be entitled to receive a lump sum payment equal to the amount of Base Salary that would have been payable
had Executive remained employed through the last day of the three (3) months following the month in which termination occurred
If in respect of the fiscal year in which Executive’s employment terminates pursuant to this subparagraph 8(b) the Board
or a committee thereof determines in its discretion that he would otherwise have been entitled to receive Incentive Compensation
under subparagraph 3(c) by reason of the operations of the Company during such fiscal year, Executive shall be entitled to receive
a pro rata portion of his Incentive Compensation for such year. Such pro rata portion shall equal the product of (x) the full amount
of such Incentive Compensation, and (y) a fraction, the numerator of which is the number of days in the fiscal year of Executive’s
termination on account of Disability prior to the date of termination, and the denominator of which is the total number of days
in such fiscal year. All payments under this Section 8(b) shall be made within sixty (60) days of Executive’s Disability
termination.

 

c.          Termination
for Cause. The Company may terminate Executive’s employment hereunder at any time during the Term for Cause by giving
to Executive written notice of termination that specifies the reasons for and date of termination, subject to the terms of sub-paragraph
10(a) hereunder. Upon any such termination for Cause under this subparagraph 8(c), the Company shall pay to Executive Base Salary
through the date of termination, including the benefits provided at paragraph 3(d), and the Company shall have no further obligations
under this Agreement.

 

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d.         Termination
Without Cause. The Company may terminate Executive’s employment with the Company at any time during the Term, for any
reason and without Cause, by giving him written notice thirty (30) days prior to the date of termination. Until the effective
date of any such termination, the Company shall continue to pay to Executive the full compensation specified in this Agreement,
including the benefits provided at paragraph 3(d). Following the date of termination, Executive shall make himself reasonably
available to members of the Board and other senior managers and officers of the Company to assist in the transition of responsibilities
and information to others and to facilitate the orderly conduct of business operations. Upon termination, the Company shall have
no other financial obligations to Executive under any compensation or benefit plan, program or policy and Executive’s participation
in the Company’s compensation and benefit plans, programs and policies shall cease as of the date of Executive’s termination
except as set forth herein or as expressly provided under the terms of any such plans, programs or policies, or as required by
applicable law. However, in addition to the above, if Executive is terminated by the Company (i) pursuant to this subparagraph
8(d) or (ii) upon the Company’s nonextension of the Term yin accordance with Section 4 (provided that Executive is then
willing and able to continue to provide services under terms and conditions substantially similar to those in this contract) and
for any reason other than Cause, death or Disability, the Company shall (A) pay Executive a lump sum payment equal to the
amount of his Base Salary that would have been payable had Executive remained employed through the last day of the six (6) months
following the month in which termination occurred; and (B) a lump sum payment in an amount equal to six (6) months of COBRA premiums
for the level of coverage that Executive had in effect as of immediately prior to his termination. If, in respect of the fiscal
year in which Executive’s employment terminates pursuant to this subparagraph 8(d), the Board or a committee thereof determines
in its discretion that he would otherwise have been entitled to receive Incentive Compensation under subparagraph 3(c) by reason
of the operations of the Company during such fiscal year, Executive shall be entitled to receive a pro rata portion of his Incentive
Compensation for such year. Such pro rata portion shall equal the product of (x) the full amount of such Incentive Compensation,
and (y) a fraction, the numerator of which is the number of days in the fiscal year of Executive’s termination without
Cause prior to the date of termination, and the denominator of which is the total number of days in such fiscal year. All payments
under this Section 8(d) shall be made within sixty (60) days of Executive’s termination of employment.

 

e.          Resignation
for Other than Good Reason. Executive may voluntarily terminate his employment with the Company during the Term for any reason
upon at least thirty (30) days prior written notice, which specifies the effective date of termination. Until the effective date
of such termination, the Company shall continue to pay him the full compensation specified in this Agreement, including the benefits
provided at paragraph 3(d), provided he continues to perform his duties during this period. Thereafter, the Company shall have
no further obligations to him under this Agreement. This subparagraph 8(e) shall not apply to Executive’s resignation for
Good Reason pursuant to paragraph 9 hereof.

 

f.          No Mitigation. The parties hereto acknowledge and agree that, in the
event Executive’s employment with the Company is terminated pursuant to this paragraph 8, he shall not be required to mitigate
his damages by affirmatively seeking other employment. Further, except as provided in subparagraph 8(d)(ii) above, the amount
of any payment or benefit provided for in this Agreement shall not be reduced by any compensation earned by him or benefit provided
to him as the result of employment by another employer or otherwise.

 

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g.          Non-Competition. For the
period of (i) twelve (12) months after resignation for other than for Good Reason, or (ii) six (6) months after termination of
employment with the Company for any other reason, Executive shall not, as an individual, principal, agent, employee, consultant
or otherwise, directly or indirectly, or with respect to any company or entity with which the Company has concluded partnership,
licensing, joint research and development or other similar business agreements during his employment with the Company, render any
services to any firm or company or any division or subsidiary of any firm or company, engaged in the development or commercialization
of compounds, analogs or derivatives of those compounds that (a) are of a similar type, that is, small molecules, (b) have more
than one mechanism of action and cellular pathway in common with; and (c) are within the same field (i.e. oncology
or inflammation) as, those being developed and or commercialized by the Company during the Term (“Competing Company”).
In addition, for an additional period of six (6) months after the six-month period set forth above and subject to Section 6 hereof,
Executive only may provide services to such a Competing Company if Executive does not work on, or furnish confidential information
regarding, any matter related to such compounds defined above. Moreover, for a period of twelve (12) months after the termination
of Executive’s employment with the Company, Executive shall not take any action, without the prior written consent of the
Company, to assist Executive’s successor employer or any other entity in recruiting or hiring any other employee who was
an employee of the Company during Executive’s employment. This prohibition includes (i) identifying to such successor employer
or its agents or such other entity, the person or persons who have special knowledge concerning the Company or its inventions,
processes, methods or confidential affairs, and (ii) commenting to Executive’s successor employer or its agents or such other
entity about the quantity or work, quality of work, special knowledge or personal characteristics of any person who is still employed
by the Company. Executive also agrees that he will not provide such information to a prospective employer or to an executive search
firm during interviews preceding possible employment.

 

h.          Non-Disparagement.
During the Term and thereafter, Executive shall not communicate negatively about or otherwise disparage the Company or its products
or each and any of the released parties described in subparagraph 8(i) in any way whatsoever except as may be required for truthful
sworn testimony or in connection with a legal or administrative proceeding, report, claim or dispute. The Company, acting in its
official capacity, shall not make any public false, disparaging or derogatory statements in connection with or concerning Executive’s
service to the Company except as may be required for truthful sworn testimony or in connection with a legal or administrative proceeding,
report, claim or dispute. After termination, in the event Executive materially breaches any of the conditions set forth herein
or in any other paragraph of this Agreement, the Company may discontinue the provision of any payment or benefits to him under
this Agreement, and in such event he shall forfeit his entitlement to any further termination payments or benefits under this Agreement.
After termination, in the event the Company materially breaches any of the conditions set forth herein or in any other paragraph
of this Agreement, the Executive may pursue any remedies available to him at law.

 

i.          Release.
In consideration of Executive’s receipt of severance benefits subject to and in accordance with subparagraphs 8(b) and (d)
and paragraph 9 of this Agreement, Executive agrees that, upon his first receipt and acceptance of any such benefits, he shall
have released and forever discharged the Company, its subsidiaries and affiliates, successors and assigns, predecessors and all
of their respective officers, directors, employees and agents and employee benefits plans from all claims, demands, liabilities
and causes of action arising out of facts or occurrences arising or occurring at any time up to and including the time of Executive’s
termination or resignation, whether known or unknown, and the parties hereto contemplate that this release shall be broadly construed.

 

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		9.	Resignation for Good Reason.

 

If Executive has Good Reason during the
Term, Executive may resign at any time during the Term by providing at least thirty (30) days prior written notice to the Company
that specifies the reason for, and the effective date of, his resignation. If Executive resigns during the Term for Good Reason,
such resignation shall be deemed a Termination without Cause under subparagraph 8(d) hereof and Executive shall receive the compensation
and benefits provided under subparagraph 8(d) hereof as if he had been terminated without Cause.

 

		10.	Definitions.

 

a.          “Cause”
shall mean Executive’s (i) habitual drunkenness or drug addiction, (ii) material failure to perform and discharge his duties
and responsibilities hereunder, (iii) misconduct that is materially and significantly injurious to the Company, (iv) conviction
of a felony involving the personal dishonesty of Executive or moral turpitude, (v) conviction of any crime or offense involving
the property of the Company or (vi) material breach of Executive’s obligations under this Agreement, provided, however,
with regard to Section 10(a)(ii) and 10(a)(vi) above, the parties exclude for this purpose an action not taken in bad faith that
is remedied by Executive promptly upon receipt of written notice thereof given to the Company.

 

b.          “Disability”
shall mean the Executive’s incapacity due to physical or mental illness which prevents the proper performance of Executive’s
duties as set forth herein or established pursuant hereto for ninety (90) days in any twelve (12) month period of the Term. A qualified
independent physician mutually selected by the Company and the Executive shall determine any questions as to the existence or extent
of illness or incapacity of Executive, upon which the Company and Executive cannot agree. The determination of such physician certified
in writing to the Company and to the Executive shall be final and conclusive for all purposes of this Agreement. For purposes of
the disability provisions of this Agreement, if the Executive is unable to act on his own behalf due to incapacity, any person
legally authorized to do so may act on the Executive’s behalf.

 

c.          “Good
Reason” shall mean the occurrence of any of the following events, without the consent of Executive, during the Term:
(A) the material diminution of Executive’s authorities, duties or responsibilities; (B) a material reduction by the Company
in Executive’s annual Base Salary as in effect on the date hereof or subsequently in effect hereunder, except as agreed to
by Executive, unless such change was applicable to all senior executives of the Company; (C) a material breach of this Agreement
by the Company; or (D) a material change in the geographic location at which the Executive must perform services under this Agreement
(for purposes of this agreement, a material change in geographic location shall mean requirement by the Company that Executive
conduct his duties and responsibilities from a permanent location more than fifty (50) miles from the place of employment, as defined
in paragraph 2 herein). In no event shall a termination be deemed to be for “Good Reason” unless (i) Executive provides
the Company with written notice of the condition constituting “Good Reason” within 30 days of the initial existence
of such condition, (ii) the Company is provided a period of at least 30 days to cure the condition (if cured, such condition shall
not constitute “Good Reason”), and (iii) Executive’s employment terminates not more than two years following
the initial existence of such condition.

 

		11.	Miscellaneous.

 

a.          Assignments
and Binding Effect. The respective rights and obligations of the parties under this Agreement shall be binding upon the parties
hereto and their heirs, executors, administrators, successors, and assigns, including, in the case of the Company, any other corporation
or entity with which the Company may be merged or otherwise combined and, in the case of Executive, his estate or other legal representatives.

 

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b.          No
Assignment of Benefits. Except as otherwise provided herein or by applicable law, no right or interest of the Executive under
this Agreement shall be assignable or transferable, in whole or in part, either directly or by the operation of law or otherwise,
including without limitation execution, levy, garnishment, attachment, pledge or in any manner; no attempted transfer thereof
shall be effective.

 

c.          Governing Law. This Agreement shall be
governed as to its validity, interpretation and effect by the laws of the State of Maryland, without reference to its conflict
of laws provisions.

 

d.          Severability.
In the event that any provision or portion of this Agreement shall be determined to be invalid, illegal, or unenforceable for any
reason, the remaining provisions and portions of this Agreement shall remain in full force and effect to the fullest extent permitted
by law. Such invalid, illegal or unenforceable provision(s) shall be deemed modified to the extent necessary to make it (them)
valid, legal, and enforceable.

 

e.          Withholding.
All amounts payable hereunder shall be paid net of any applicable withholding required under federal, state or local laws and any
additional withholding to which Executive has agreed.

 

f.          Entire Agreement;
Amendments. This Agreement constitutes the entire Agreement and understanding of the Company and Executive with respect to
the terms of Executive’s employment with the Company and supersedes all prior discussions, understandings and agreements
with respect thereto.

 

g.          Captions.
All captions and headings used herein are for convenient reference only and do not form part of this Agreement.

 

h.          Waiver.
No provision of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to
in writing and signed by the Executive and the Board or its delegate. The failure of the Company or the Executive to insist upon
strict compliance with the terms of this Agreement or the failure of the Company or the Executive to assert any right the Company
or the Executive may have hereunder shall not be deemed a waiver of such provision or right or any other provision of this Agreement.

 

i.          Notice.
Any notice or communication required or permitted under this Agreement shall be made in writing and shall be delivered by hand,
or mailed by registered or certified mail, return receipt requested, first call postage prepaid, addressed as follows:

 

If to Executive:

 

Ken K. Ren

c/o EntreMed,
Inc.

9620 Medical
Center Drive

Suite 300

Rockville,
Maryland 20850

 

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If to the Company:

 

EntreMed, Inc.

9620 Medical
Center Drive

Suite 300

Rockville,
Maryland 20850

Attn.: General
Counsel

 

j.          Counterparts.
This Agreement may be executed in counterparts, each of which shall constitute one and the same agreement.

 

		12.	Section 409A.

 

This Agreement is intended
to comply with the requirements of Section 409A of the Code (including the exceptions thereto), to the extent applicable, and the
Company shall administer and interpret this Agreement in accordance with such requirements.  If any provision contained in
the Agreement conflicts with the requirements of Section 409A of the Code (or the exemptions intended to apply under the Agreement),
the Agreement shall be deemed to be reformed to comply with the requirements of Section 409A of the Code (or the applicable
exemptions thereto). Notwithstanding anything to the contrary herein, for purposes of determining the Executive’s entitlement
to the payments under Section 8 hereof, (i) the Executive’s employment shall not be deemed to have terminated unless and
until the Executive incurs a “separation from service” as defined in Section 409A of the Code, and (ii) the term termination
of employment (or any similar term) shall mean the effective date of the Executive’s separation from service.  Reimbursement
of any expenses provided for in this Agreement shall be made in accordance with the Company’s policies (as applicable) with
respect thereto as in effect from time to time (but in no event later than the end of calendar year following the year such expenses
were incurred); provided, however, that in no event shall the amount of expenses eligible for reimbursement hereunder
during a calendar year affect the expenses eligible for reimbursement in any other taxable year and in no event shall the right
to reimbursement be subject to liquidation or exchange for another benefit. Notwithstanding anything to the contrary herein, if
a payment or benefit under this Agreement is due to a “separation from service” for purposes of the rules under Treas.
Reg. § 1.409A-3(i)(2) (payments to specified employees upon a separation from service) and the Executive is determined to
be a “specified employee” (as determined under Treas. Reg. § 1.409A-1(i) and related Company procedures), such
payment shall, to the extent necessary to comply with the requirements of Section 409A of the Code, be made on the later of (x)
the date specified by the foregoing provisions of this Agreement or (y) the date that is six (6) months after the date of the Executive’s
separation from service (or, if earlier, the date of the Executive’s death). Any installment payments that are delayed pursuant
to this Section 12 shall be accumulated and paid in a lump sum on the first day of the seventh month following the Executive’s
separation from service (or, if earlier, upon the Executive’s death) and the remaining installment payments shall begin on
such date in accordance with the schedule provided in this Agreement. The payments under Section 8 hereof are intended not to constitute
deferred compensation subject to Section 409A of the Code to the extent such payments are covered by (i) the “short-term
deferral exception” set forth in Treas. Reg. § 1.409A-1(b)(4), (ii) the “two times severance exception”
set forth in Treas. Reg. § 1.409A-1(b)(9)(iii), or (iii) the “limited payments exception” set forth in Treas.
Reg. § 1.409A-1(b)(9)(v)(D). The short-term deferral exception, the two times severance exception and the limited payments
exception shall be applied to such payments in order of payment in such manner as results in the maximum exclusion of such payments
from treatment as deferred compensation under Section 409A of the Code. Each payment hereunder shall be deemed to be a separate
payment for purposes of Section 409A of the Code.

 

[Remainder of Page
Intentionally Left Blank]

 

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IN WITNESS WHEREOF,
the parties hereto have executed this Agreement this 19th day of April, effective as of April 2, 2013. 

 

	 	Executive
	 	 
	 	Ken K. Ren
	 	 
	 	EntreMed, Inc.
	 	 
	 	By:	 
	 	 	Name: Cynthia W. Hu
	 	 	Title:   Chief Operating Officer,
	 	 	            General Counsel and Secretary

  

    	10Exhibit
4.2

 

RETURN TO TREASURY AGREEMENT

 

 

THIS
AGREEMENT (“Agreement”) is made as of the 15th day of February, 2013, by
and between Globalwise Investments, Inc., a corporation formed pursuant to the laws of the State
of Nevada (the “Company” or “Globalwise”) and A. Michael Chretien (the “Shareholder”).

 

RECITALS

 

WHEREAS, the Shareholder
is a member of the Board of Directors and an Officer of the Company, and is the registered and beneficial owner of 9,727,800 restricted
shares of the Company’s common stock (collectively, the “Shares”);

 

WHEREAS, on February
10, 2012, Globalwise entered into a Securities Exchange Agreement (the “Exchange Agreement”) by and between itself
and Intellinetics, Inc. Pursuant to the terms of the Exchange Agreement, all of the former shareholders of Intellinetics transferred
to Globalwise all of their shares of Intellinetics in exchange for shares of common stock (“Intellinetics-Globalwise Share
Exchange”) of Globalwise. Prior to the Intellinetics-Globalwise Share Exchange, Globalwise was a non-operating public shell
company. As a result of the Intellinetics-Globalwise Share Exchange, Intellinetics became a wholly-owned subsidiary of Globalwise;

 

WHERAS, the Shareholder
was a former shareholder of Intellinetics and received his Shares in consideration for exchanging his Intellinetics shares in the
Intellinetics-Globalwise Share Exchange described in the immediately preceding recital above;

 

WHEREAS, pursuant to
the this Agreement, the Company and the Shareholder have determined that the return of 3,500,000 of the Shares owned by the Shareholder
(the “Retired Shares”) to the Company’s treasury is in the best interest of the Company and its shareholders
because the Retired Shares are needed by the Company to raise funds in a proposed private placement of up to $3,000,000 of Shares
to select accredited investors subsequent to the Shareholder returning the Retired Shares to the Company (the “Private Placement”);
and

 

WHEREAS, as consideration
for the Shareholder returning the Retired Shares to the Company’s treasury, the Company has agreed to issue a four-year warrant
to the Shareholder with a right to purchase 3,500,000 Shares at $0.001 per Share within four-years of the Company increasing the
number of authorized shares of Common Stock of the Company (the “Warrant”), pursuant to the terms and conditions contained
in the form of Warrant attached hereto as Exhibit A.

 

NOW THEREFORE for due
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

Surrender of Shares

 

1.The Shareholder hereby surrenders
to the Company the Retired Shares by delivering to the Company a share certificate or certificates representing the Retired Shares,
duly endorsed for transfer in blank, signatures medallion guaranteed. The Company hereby acknowledges receipt from the Shareholder
of the certificates for the sole purpose of retiring the Retired Shares.

 

Issuance of Warrant

 

2.The Company hereby agrees to
issue the Warrant to the Shareholder within five (5) business days.

 

    	 

    	 

    

 

Representations and Warranties of the
Shareholder

 

3.The Shareholder represents and
warrants to the Company that he is the owner of the Retired Shares, that he has good and marketable title to the Retired Shares,
and that the Retired Shares are free and clear of all liens, security interests or pledges of any kind whatsoever.

 

Indemnification of the Company by the
Shareholder 

 

4.The Shareholder agrees to indemnify
the Company, and hold it harmless from and in respect of any assessment, loss, damage, liability, cost and expense (including,
without limitation, interest, penalties, and reasonable attorneys’ fees) imposed upon or incurred by the Company resulting
from any breach of representation or warranty, in any material respect, made by the Shareholder pursuant to Section 3 of this Agreement.
If any claim, action or proceeding is brought against the Company arising out of a claim that is the subject of indemnification
under this Agreement, the Company shall provide the Shareholder with prompt written notice of the same, together with the basis
for seeking indemnification (the “Indemnification Notice”).  Upon receipt of an Indemnification Notice by the
Shareholder, the Shareholder shall inform the Company (delivering the Indemnification Notice), within 5 business days after receipt
of the Indemnification Notice, whether Shareholder elects to compromise or defend such claim, action or proceeding.   
The Shareholder shall have the right, at its option, to compromise the claim, at its own expense.  In the event the Shareholder
elects to defend, the Company shall have the right to control the defense of any claim brought against him that is the subject
of this indemnification.  All costs and expenses incurred, including reasonable legal fees, in connection with the compromise
or defense of any claim shall be paid by the Shareholder. 

 

Representation and Warranties of the
Company

 

5. The Company has all requisite
corporate power and authority to enter into this Agreement and issue the Warrant in accordance with the terms hereof and thereof,
and the execution and delivery of this Agreement and the issuance of the Warrant by the Company have been duly authorized by the
Company’s Board of Directors and, except as set forth in the Warrant, no further consent or authorization of the Company,
its Board of Directors, or its stockholders, is required.

 

Indemnification of the Shareholder by
the Company

 

6.The Company agrees to indemnify
the Shareholder, and hold it harmless from and in respect of any assessment, loss, damage, liability, cost and expense (including,
without limitation, interest, penalties, and reasonable attorneys’ fees) imposed upon or incurred by the Shareholder resulting
from any breach of representation or warranty, in any material respect, made by the Company pursuant to Sections 2 and 5 of this
Agreement. If any claim, action or proceeding is brought against the Shareholder arising out of a claim that is the subject of
indemnification under this Agreement, the Shareholder shall provide the Company with prompt written notice of the same, together
with the basis for seeking indemnification (the “Shareholder Indemnification Notice”). Upon receipt of a Shareholder
Indemnification Notice by the Company, the Company shall inform the Shareholder (delivering the Shareholder Indemnification Notice),
within 5 business days after receipt of the Shareholder Indemnification Notice, whether the Company elects to compromise or defend
such claim, action or proceeding. The Company shall have the right, at its option, to compromise the claim, at its own expense.
In the event the Company elects to defend, the Shareholder shall have the right to control the defense of any claim brought against
him that is the subject of this indemnification. All costs and expenses incurred, including reasonable legal fees, in connection
with the compromise or defense of any claim shall be paid by the Company.

.

General

 

7.Each of the parties will execute
and deliver such further and other documents and do and perform such further and other acts as any other party may reasonably require
to carry out and give effect to the terms and intention of this Agreement.

 

    	2

    	 

    

 

8.For all purposes this Agreement
will be governed exclusively by and construed and enforced in accordance with the laws of the State of Ohio and the Courts prevailing
in Franklin County in the State of Ohio.

 

9. 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 date of transmission, if such notice or communication is delivered the second day following the date of mailing, if sent
by U.S. nationally recognized overnight courier service. Notices to the Shareholder shall be given to the attention of A. Michael
Chretien, at his address at 7893 Devonwood Court, Dublin, OH 43017. Notices to the Company shall be given to the attention of William
“BJ” Santiago, President and Chief Executive Officer, Globalwise Investments, Inc., 2190 Dividend Drive, Columbus,
OH 43228.

 

10.The provisions contained herein
constitute the entire agreement among the Company and the Shareholder with respect to the subject matter hereof and supersede all
previous communications, representations and agreements, whether verbal or written, between the Company and the Shareholder with
respect to the subject matter hereof.

 

11.This Agreement will enure to
the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and permitted
assigns.

 

12.This Agreement is not assignable
without the prior written consent of the parties hereto.

 

13.This Agreement may be executed
in counterparts, each of which when executed by any party will be deemed to be an original and all of which counterparts will together
constitute one and the same Agreement. Delivery of executed copies of this Agreement by telecopier will constitute proper delivery,
provided that originally executed counterparts are delivered to the parties within a reasonable time thereafter.

 

IN WITNESS WHEREOF the parties have
executed this Agreement effective as of the day and year first above written.

	 	Globalwise Investments, Inc.
	 	 
	 	By: /s/ William J. Santiago
    
	 	Name: William J. Santiago
	 	Title: President and CEO
	 	 
	 	 
	 	SHAREHOLDER
	 	 
	 	 
	 	/s/ A. Michael Chretien                       
	 	Name: A. Michael Chretien

 

    	3

    	 

    

 

ATTACHMENT A

 

[Form of Warrant]

 

GLOBALWISE INVESTMENTS, INC.

 

Warrant No. 0008

 

WARRANT TO PURCHASE COMMON STOCK

VOID AFTER 5:00 P.M., EASTERN TIME,

ON THE EXPIRATION DATE

 

THIS WARRANT AND ANY SHARES ACQUIRED UPON THE EXERCISE OF
THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS, AND MAY
NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION FROM SUCH REGISTRATION.

 

FOR VALUE RECEIVED, Globalwise Investments, Inc., a Nevada
corporation (the “Company”), hereby agrees to sell upon the terms and on the conditions hereinafter set forth, to A.
MICHAEL CHRETIEN, having an address at 7893 Devonwood Court, Dublin, OH 43017, or his, her or its registered assigns (the “Holder”),
under the terms as hereinafter set forth, three million five hundred thousand (3,500,000) fully paid and non-assessable shares
of the Company’s Common Stock, par value $0.001 per share (the “Common Stock”), at a purchase price per share
of one-tenth of one cent ($0.001) (the “Warrant Price”), pursuant to the terms and conditions set forth in this warrant
(this “Warrant”). The number of shares of Common Stock issued upon exercise of this Warrant (“Warrant Shares”)
and the Warrant Price are subject to adjustment in certain events as hereinafter set forth. 

 

This Warrant is issued to the Holder as consideration for
the Holder returning [three million five hundred thousand (3,500,000)] Common Stock owned by the Holder to the Company pursuant
to a Return to Treasury Agreement, of even date, between the Holder and the Company (the “Retired Shares”) substantially
in the form attached to this Warrant as Exhibit C. The Company and the Holder have determined that the return of 3,500,000 of the
Common Stock owned by the Holder to the Company’s treasury is in the best interest of the Company and its shareholders because
the Retired Shares are needed by the Company to raise funds in a proposed private placement of up to $3,000,000 of Common Stock
to select accredited investors subsequent to the Holder returning the Retired Shares to the Company (the “Private Placement”);

 

1.Exercise of Warrant.

 

(a)Subject to Section 3 hereof, the Holder may exercise
this Warrant according to the terms and conditions set forth herein by delivering to the Company, at the address set forth in Section
10 prior to 5:00 p.m., Eastern Time, at any time prior to the Expiration Date (such date of exercise, the “Exercise Date”)
(i) this Warrant, (ii) the Subscription Form attached hereto as Exhibit A (the “Subscription Form”) (having then been
duly executed by the Holder), and (iii) cash, a certified check or a bank draft in payment of the purchase price, in lawful money
of the United States of America, for the number of Warrant Shares specified in the Subscription Form. 

 

(b)This Warrant may be exercised in whole or in part
so long as any exercise in part hereof would not involve the issuance of fractional Warrant Shares. If exercised in part, the Company
shall deliver to the Holder a new Warrant, identical in form to this Warrant, in the name of the Holder, evidencing the right to
purchase the number of Warrant Shares as to which this Warrant has not been exercised, which new Warrant shall be signed by the
President or Chief Executive Officer of the Company. The term Warrant as used herein shall include any subsequent Warrant issued
as provided herein. 

 

    	4

    	 

    

 

(c)No fractional Warrant Shares or scrip representing
fractional Warrant Shares shall be issued upon the exercise of this Warrant. The Company shall pay cash in lieu of such fractional
Warrant Shares. The price of a fractional Warrant Share shall equal the product of (i) the closing price of the Common Stock on
the exchange or market on which the Common Stock is then traded (if the Common Stock is not then publicly traded, then upon the
fair market value per share of the Common Stock (as determined by the Company’s Board of Directors)), and (ii) the applicable
fraction.

 

(d)In the event of any exercise of the rights represented
by this Warrant, a certificate or certificates for Warrant Shares so purchased, registered in the name of the Holder on the stock
transfer books of the Company, shall be delivered to the Holder within 90-days after such rights shall have been so exercised.
The person or entity in whose name any certificate for Warrant Shares is issued upon exercise of the rights represented by this
Warrant shall for all purposes be deemed to have become the holder of record of such Warrant Shares immediately prior to the close
of business on the date on which the Warrant was surrendered and payment of the Warrant Price and any applicable taxes was made,
irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when
the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the
opening of business on the next succeeding date on which the Company’s stock transfer books are open. Except as provided
in Section 4 hereof, the Company shall pay any and all documentary stamp or similar issue payable in respect of the issue or delivery
of Warrant Shares on exercise of this Warrant.

 

(e)The Company will not close its stockholder books or
records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

 

2.Disposition of Warrant Shares and Warrant.

 

(a)The Holder hereby acknowledges that: (i) this Warrant
and any Warrant Shares purchased pursuant hereto are not being registered (A) under the Securities Act of 1933 (the “Act”)
on the ground that the issuance of this Warrant is exempt from registration under Section 4(2) of the Act as not involving any
public offering, or (B) under any applicable state securities law because the issuance of this Warrant does not involve any public
offering; and (ii) that the Company’s reliance on the registration exemption under Section 4(2) of the Act and under applicable
state securities laws is predicated in part on the representations hereby made to the Company by the Holder. The Holder represents
and warrants that he, she or it is acquiring this Warrant and will acquire Warrant Shares for investment for his, her or its own
account, with no present intention of dividing his, her or its participation with others or reselling or otherwise distributing
this Warrant or Warrant Shares.

 

(b)The Holder hereby agrees that he, she or it will not
sell, transfer, pledge or otherwise dispose of (collectively, “Transfer”) all or any part of this Warrant and/or Warrant
Shares unless and until he, she or it shall have first have given notice to the Company describing such Transfer and furnished
to the Company (i) a statement from the transferee, whereby the transferee represents and warrants that he, she, or it is acquiring
this Warrant and will acquire Warrant Shares, as applicable, for investment for his, her or its own account, with no present intention
of dividing his, her or its participation with others or reselling or otherwise distributing this Warrant or Warrant Shares, as
applicable, and either (ii) an opinion, reasonably satisfactory to counsel for the Company, of counsel (competent in securities
matters, selected by the Holder and reasonably satisfactory to the Company) to the effect that the proposed Transfer may be made
without registration under the Act and without registration or qualification under any state law, or (iii) an interpretative letter
from the U.S. Securities and Exchange Commission to the effect that no enforcement action will be recommended if the proposed sale
or transfer is made without registration under the Act.

 

    	5

    	 

    

 

(c)If, at the time of issuance of Warrant Shares, no
registration statement is in effect with respect to such shares under applicable provisions of the Act, the Company may, at its
election, require that (i) the Holder provide written reconfirmation of the Holder’s investment intent to the Company, and
(ii) any stock certificate evidencing Warrant Shares shall bear legends reading substantially as follows:

 

“THE SALE, TRANSFER, PLEDGE OR OTHER DISPOSITION OF
THE SHARES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO CERTAIN RESTRICTIONS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE
SHARES WERE PURCHASED FROM THE COMPANY. COPIES OF SUCH RESTRICTIONS ARE ON FILE AT THE PRINCIPAL OFFICES OF THE COMPANY. NO TRANSFER
OF SUCH SHARES OR OF THIS CERTIFICATE (OR OF ANY SHARES OR OTHER SECURITIES (OR CERTIFICATES THEREFOR) ISSUED IN EXCHANGE FOR OR
IN RESPECT OF SUCH SHARES) SHALL BE EFFECTIVE UNLESS AND UNTIL THE TERMS AND CONDITIONS SET FORTH IN THE WARRANT HAVE BEEN COMPLIED
WITH.”

 

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE
OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) OR AN OPINION OF COUNSEL SATISFACTORY
TO THE ISSUER OF THIS CERTIFICATE THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.”

 

In addition, so long as the foregoing legend may remain on
any stock certificate evidencing Warrant Shares, the Company may maintain appropriate “stop transfer” orders with respect
to such certificates and the shares represented thereby on its books and records and with those to whom it may delegate registrar
and transfer functions.

 

3.Reservation of Shares. The Holder and the Company understand
that following the Private Placement, the Company will not have sufficient number of authorized shares for issuance if this Warrant
is exercised by the Holder. As such, the Company agrees to, within a reasonable time following the Private Placement, seek shareholder
approval to increase the number of authorized shares by at least seven million (7,000,000) shares, such that the Holder can exercise
this Warrant in its entirety and any other shareholders who return shares to the Company’s treasury and are issued warrants
similar to this Warrant are able to exercise such other warrants in its entirety. Upon obtaining shareholder approval, the Company
shall immediately file a certificate of amendment to the Company’s Articles of Incorporation with the Nevada Secretary of
State to effectuate the increase in the number of shares of Common Stock that are duly authorized (the “Certificate of Amendment”).

 

The Company and Holder agree that the Holder shall have a
right of first refusal to exercise the Warrant in its entirety prior to the Company issuing any shares of Common Stock to anyone
in any transaction subsequent to the completion of the Private Placement. The Holder’s right to exercise this Warrant shall
remain effective for a four-year period following shareholder authorization of the Newly Authorized Shares. The Holder understands
and acknowledges that (i) the Company shall not reserve any shares of the Company’s Common Stock for issuance upon exercise
of this Warrant unless and until the Certificate of Amendment has been duly filed and is effective, and (ii) the Warrant cannot
be exercised unless and until the Certificate of Amendment has been duly filed and is effective. 

 

    	6

    	 

    

 

The Company hereby agrees that at all times following effectiveness
of the Certificate of Amendment, there shall be reserved for issuance a sufficient number of shares to allow for the exercise of
this Warrant in full. The Company hereby represents and warrants that upon effectiveness of the Certificate of Amendment, all Warrant
Shares will be duly authorized and will, upon issuance and payment of the exercise price therefor, be validly issued, fully paid
and non assessable, free from all taxes, liens, charges and encumbrances with respect to the issuance thereof, other than taxes,
if any, in respect of any transfer occurring contemporaneously with such issuance and other than transfer restrictions imposed
by federal and state securities laws. Except and to the extent as waived or consented to by the Holder, the Company shall not by
any action, including, without limitation, amending its certificate or articles of incorporation or through any reorganization,
transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek
to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying
out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder
as set forth in this Warrant. Without limiting the generality of the foregoing, the Company will (a) not increase the par value
of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (b)
take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and
nonassessable Warrant Shares upon the exercise of this Warrant, and (c) use commercially reasonable efforts to obtain all such
authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof as may be necessary to enable
the Company to perform its obligations under this Warrant.

 

Before taking any action which would result in an adjustment
in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such
authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having
jurisdiction thereof.

 

4.Exchange, Transfer or Assignment of Warrant. Subject
to Section 2 and Section 3, this Warrant is exchangeable, without expense, at the option of the Holder, upon presentation and surrender
hereof to the Company or at the office of its stock transfer agent, if any, for other Warrants of the Company (“Warrants”)
of different denominations, entitling the Holder or Holders thereof to purchase in the aggregate the same number of Warrant Shares
purchasable hereunder. Subject to Section 2 and Section 3, upon surrender of this Warrant to the Company or at the office of its
stock transfer agent, if any, together with (a) the Assignment Form attached hereto as Exhibit B (the “Assignment Form”)
duly executed, (b) an opinion of counsel to the Holder (if required by the Company), in a form reasonably acceptable to the Company,
that registration under the Securities Act is not required, and (c) funds sufficient to pay any transfer tax, the Company shall,
without charge, execute and deliver a new Warrant in the name of the assignee named in the Assignment Form and this Warrant shall
promptly be canceled. Subject to Section 2 and Section 3, this Warrant may be divided or combined with other Warrants that carry
the same rights upon presentation hereof at the office of the Company or at the office of its stock transfer agent, if any, together
with a written notice specifying the names and denominations in which new Warrants are to be issued and signed by the Holder hereof.

 

5.Capital Adjustments. This Warrant is subject to the
following further provisions:

 

(a)Recapitalization, Reclassification and Succession.
If any recapitalization of the Company or reclassification of its Common Stock or any merger or consolidation of the Company into
or with a corporation or other business entity, or the sale or transfer of all or substantially all of the Company’s assets
or of any successor corporation’s assets to any other corporation or business entity (any such corporation or other business
entity being included within the meaning of the term “successor corporation”) shall be effected, at any time while
this Warrant remains outstanding and unexpired, then, as a condition of such recapitalization, reclassification, merger, consolidation,
sale or transfer, lawful and adequate provision shall be made whereby the Holder of this Warrant thereafter shall have the right
to receive upon the exercise hereof as provided in Section 1 and in lieu of the Warrant Shares immediately theretofore issuable
upon the exercise of this Warrant, such shares of capital stock, securities or other property as may be issued or payable with
respect to or in exchange for the number of outstanding shares of Common Stock equal to the number of Warrant Shares immediately
theretofore issuable upon the exercise of this Warrant had such recapitalization, reclassification, merger, consolidation, sale
or transfer not taken place, and in each such case, the terms of this Warrant shall be applicable to the shares of stock or other
securities or property receivable upon the exercise of this Warrant after such consummation. 

 

    	7

    	 

    

 

(b)Subdivision or Combination of Shares. If the Company
at any time while this Warrant remains outstanding and unexpired shall subdivide or combine its Common Stock, the number of Warrant
Shares purchasable upon exercise of this Warrant shall be proportionately adjusted.

 

(c)Stock Dividends and Distributions. If the Company
at any time while this Warrant is outstanding and unexpired shall issue or pay the holders of its Common Stock, or take a record
of the holders of its Common Stock for the purpose of entitling them to receive, a dividend payable in, or other distribution of,
Common Stock, then the number of Warrant Shares purchasable upon exercise of this Warrant shall be adjusted to the number of shares
of Common Stock that Holder would have owned immediately following such action had this Warrant been exercised immediately prior
thereto.

 

(d)Price Adjustments. Whenever the number of Warrant
Shares purchasable upon exercise of this Warrant is adjusted pursuant to Sections 5(a), 5(b) or 5(c), the then applicable Warrant
Price shall be proportionately adjusted.

 

(e)Certain Shares Excluded. The number of shares of Common
Stock outstanding at any given time for purposes of the adjustments set forth in this Section 5 shall exclude any shares then directly
or indirectly held in the treasury of the Company.

 

(f)Deferral and Cumulation of De Minimis Adjustments.
The Company shall not be required to make any adjustment pursuant to this Section 5 if the amount of such adjustment would be less
than one percent (1%) of the Warrant Price in effect immediately before the event that would otherwise have given rise to such
adjustment. In such case, however, any adjustment that would otherwise have been required to be made shall be made at the time
of and together with the next subsequent adjustment which, together with any adjustment or adjustments so carried forward, shall
amount to not less than one percent (1%) of the Warrant Price in effect immediately before the event giving rise to such next subsequent
adjustment. All calculations under this Section 5 shall be made to the nearest cent or to the nearest one-hundredth of a share,
as the case may be, but in no event shall the Company be obligated to issue fractional Warrant Shares or fractional portions of
any securities upon the exercise of the Warrant.

 

(g)Duration of Adjustment. Following each computation
or readjustment as provided in this Section 5, the new adjusted Warrant Price and number of Warrant Shares purchasable upon exercise
of this Warrant shall remain in effect until a further computation or readjustment thereof is required.

 

(h)Notwithstanding any other provision, the Company shall
have the right to increase the number of authorized shares and outstanding shares without the Holder receiving any additional Warrant
or Warrant Shares as a result thereof.

 

6. Notice to Holders.

 

(a)Notice of Record Date. In case:

 

(i)the Company shall take a record of the holders of
its Common Stock (or other stock or securities at the time receivable upon the exercise of this Warrant) for the purpose of entitling
them to receive any dividend (other than a cash dividend payable out of earned surplus of the Company) or other distribution, or
any right to subscribe for or purchase any shares of stock of any class or any other securities, or to receive any other right;

 

(ii)of any capital reorganization of the Company, any
reclassification of the capital stock of the Company, any consolidation with or merger of the Company into another corporation,
or any conveyance of all or substantially all of the assets of the Company to another corporation; or

 

    	8

    	 

    

  

(iii)of any voluntary dissolution, liquidation or winding-up
of the Company;

then, and in each such case, the Company will mail or cause
to be mailed to the Holder hereof at the time outstanding a notice specifying, as the case may be, (i) the date on which a record
is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character of such dividend,
distribution or right, or (ii) the date on which such reorganization, reclassification, consolidation, merger, conveyance, dissolution,
liquidation or winding-up is to take place, and the time, if any, is to be fixed, as of which the holders of record of Common Stock
(or such stock or securities at the time receivable upon the exercise of this Warrant) shall be entitled to exchange their shares
of Common Stock (or such other stock or securities) for securities or other property deliverable upon such reorganization, reclassification,
consolidation, merger, conveyance, dissolution or winding-up. Such notice shall be mailed at least ten (10) calendar days prior
to the record date therein specified, or if no record date shall have been specified therein, at least ten (10) days prior to such
specified date.

 

(b)Certificate of Adjustment. Whenever any adjustment
shall be made pursuant to Section 5 hereof, the Company shall promptly make available and have on file for inspection a certificate
signed by its Chairman, Chief Executive Officer, President or a Vice President, setting forth in reasonable detail the event requiring
the adjustment, the amount of the adjustment, the method by which such adjustment was calculated and the Warrant Price and number
of Warrant Shares purchasable upon exercise of this Warrant after giving effect to such adjustment.

 

7.Loss, Theft, Destruction or Mutilation. Upon receipt
by the Company of evidence satisfactory to it, in the exercise of its reasonable discretion, of the ownership and the loss, theft,
destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, of indemnity reasonably satisfactory
to the Company and, in the case of mutilation, upon surrender and cancellation thereof, the Company will execute and deliver in
lieu thereof, without expense to the Holder, a new Warrant of like tenor dated the date hereof.

 

8.Warrant Holder Not a Stockholder. The Holder of this
Warrant, as such, shall not be entitled by reason of this Warrant to any rights whatsoever as a stockholder of the Company, including
but not limited to voting rights. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of
Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

 

9.Registration Rights. The Company shall include the
Warrant Shares in any registration statement the Company files with the Securities and Exchange Commission during the time the
Warrant remains outstanding, if applicable.

 

10.Notices. Any notice provided for in this Warrant must
be in writing and must be either personally delivered, mailed by first class mail (postage prepaid and return receipt requested),
or sent by reputable overnight courier service (charges prepaid) to the recipient at the address below indicated:

 

If to the Company:

Globalwise Investments, Inc.

2190 Dividend Drive, 

Columbus, OH 43228

Attention: William “BJ” Santiago

President and Chief Executive Officer

 

    	9

    	 

    

 

If to the Holder:

To the address of such Holder set forth on the books and
records of the Company, and to:

 

Steven L. Smith Esq

Attorney at Law

Shumaker, Loop & Kendrick LLP

Huntington Center

41 South High Street

Suite 2400

Columbus Ohio 43215-6104

614.628.4424 direct

 

 

or such other address or to the attention of such other person
as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Warrant will be
deemed to have been given (a) if personally delivered, upon such delivery, (b) if mailed, five days after deposit in the U.S. mail,
or (c) if sent by reputable overnight courier service, one business day after such services acknowledges receipt of the notice.

 

11.Choice of Law. THIS WARRANT IS ISSUED UNDER AND SHALL
FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OHIO, WITHOUT GIVING EFFECT TO ITS CONFLICTS
OF LAW RULES.

 

12.Submission to Jurisdiction. EACH OF THE HOLDER AND
THE COMPANY SUBMITS TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT SITTING IN THE COUNTY OF FRANKLIN, STATE OF OHIO, IN ANY
ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS WARRANT AND AGREES THAT ALL CLAIMS IN RESPECT OF THE ACTION OR PROCEEDING
MAY BE HEARD AND DETERMINED IN ANY SUCH COURT. EACH OF THE HOLDER AND THE COMPANY ALSO AGREE NOT TO BRING ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS WARRANT IN ANY OTHER COURT. EACH OF THE PARTIES WAIVES ANY DEFENSE OF INCONVENIENT FORUM TO
THE MAINTENANCE OF ANY ACTION OR PROCEEDING SO BROUGHT AND WAIVES ANY BOND, SURETY, OR OTHER SECURITY THAT MIGHT BE REQUIRED OF
ANY OTHER PARTY WITH RESPECT THERETO.

 

13.Warrant Register. The Company shall register this
Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the
record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner
hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice
to the contrary.

 

14.Miscellaneous.

 

(a)Remedies. Holder, in addition to being entitled to
exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under
this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a
breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific
performance that a remedy at law would be adequate.

 

(b)Successors and Assigns. Subject to applicable securities
laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors
of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit
of all Holders from time to time of this Warrant and shall be enforceable by any such Holder or holder of Warrant Shares.

 

(c)Amendment. This Warrant may be modified or amended
or the provisions hereof waived with the written consent of the Company and the Holder.

 

    	10

    	 

    

 

(d)Severability. Wherever possible, each provision of
this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this
Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition
or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

 

IN WITNESS WHEREOF, the Company has duly caused this Warrant
to be signed on its behalf, in its corporate name and by a duly authorized officer, as of this 15th day of February 2013.

 

GLOBALWISE INVESTMENTS, INC.

By:

William J. Santiago

President and Chief Executive Officer

 

    	11

    	 

    

 

EXHIBIT A

 

SUBSCRIPTION FORM

Globalwise Investments, Inc.

2190 Dividend Drive, 

Columbus, OH 43228

Attention: William “BJ” Santiago

President and Chief Executive Officer

 

1)The undersigned hereby elects to purchase ______________
shares of Warrant Stock of Globalwise Investments, Inc., a Nevada corporation, pursuant to the terms of the attached Warrant to
Purchase Common Stock, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes,
if any. 

2)Payment shall take the form of (check applicable box):

 ̈in lawful money of the United States; 

 ̈the cancellation of __________ Warrant Shares in order
to exercise this Warrant with respect to ____________ Warrant Shares (using a Fair Market Value of $______ for this calculation),
in accordance with the formula and procedure set forth in Section 1(c) of the Warrant; or

 ̈the cancellation of such number of Warrant Shares as
is necessary, in accordance with the formula and procedure set forth in Section 1(c) of the Warrant, to exercise this Warrant with
respect to the maximum number of Warrant Shares purchasable pursuant to a cashless exercise. 

3)Please issue a certificate or certificates representing
said shares of Warrant Stock in the name of the undersigned or in such other name as is specified below: 

 

The shares of Warrant Stock shall be
delivered to the following DWAC Account Number, if permitted, or by physical delivery of a certificate to: 

 

 

 

 

4)if such number of shares of Common Stock shall not
be all the shares receivable upon exercise of the attached Warrant, requests that a new Warrant for the balance of the shares covered
by the attached Warrant be registered in the name of, and delivered to:

 

 

 

 

5)In lieu of receipt of a fractional share of Common
Stock, the undersigned will receive a check representing payment therefor.

 

Dated: 

PRINT WARRANT HOLDER NAME

 

 

Name: 

Title: 

 

Witness:

 

    	12

    	 

    

 

EXHIBIT B

ASSIGNMENT FORM

 

Globalwise Investments, Inc.

2190 Dividend Drive, 

Columbus, OH 43228

Attention: William “BJ” Santiago

President and Chief Executive Officer

 

FOR VALUE RECEIVED, hereby sells, assigns and transfers
unto

(Please print assignee’s name, address and Social Security/Tax
Identification Number)

________________________________________________

________________________________________________

________________________________________________

the right to purchase shares of common stock, par value $0.001
per share, of Globalwise Investments, Inc., a Nevada corporation (the “Company”), represented by this Warrant to the
extent of shares as to which such right is exercisable and does hereby irrevocably constitute and appoint ____________________________,
Attorney, to transfer the same on the books of the Company with full power of substitution in the premises.

Dated: 

PRINT WARRANT HOLDER NAME

 

 

Name: 

Title: 

 

Witness:

 

    	13

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