Document:

Exhibit 10.5
    

    
      SECURITY AGREEMENT
    

    
      This SECURITY AGREEMENT (“Agreement”), is effective
      as of April 14, 2009 (this “Agreement”), between
      Opexa Therapeutics, Inc., a Texas corporation (the “Company”),
      and the Investors on the signature pages hereto, and their respective
      successors and assigns (the “Investors”).
    

    
      1.  Purpose.  This Agreement is granted by the
      Company in favor of the Investors under the Unit Purchase Agreement,
      effective as of the date hereof (the “Purchase Agreement”),
      and the convertible secured promissory notes issued to Investors by the
      Company under the Purchase Agreement (as may be amended, restated,
      modified or replaced from time to time, the “Notes”).  Under
      the Purchase Agreement and the Notes, Investors may loan the Company up
      to the sum of $2,000,000.  The Company has agreed to secure all debt of
      the Company to Investors in accordance with the terms and conditions of
      this Agreement.  Capitalized terms not defined in this Agreement have
      the meaning set forth under the Purchase Agreement.
    

    
      2.  Grant of Security Interest.  The Company
      hereby grants to Investors a continuing security interest in and
      continuing lien on the “Collateral” described in
      Section 3 below to secure the prompt and complete payment of all amounts
      due under the Notes and all other loans and advances (including all
      renewals, modifications and extensions thereof) from Investors to the
      Company, the obligations under the Purchase Agreement, and all
      obligations of any and every kind and nature, whether arising prior to,
      under or after this Agreement, however incurred or evidenced, whether
      primary, secondary, contingent or otherwise, whether arising under this
      Agreement, under any other security agreements, mortgages, leases,
      instruments, documents, contracts, or similar agreements, or by oral
      agreement or created by operation of law plus all interest, costs,
      expenses, and reasonable attorneys’ fees, which may be made or incurred
      by Investors in the disbursement, administration, and collection of such
      amounts, and in the protection, maintenance, and liquidation of the
      Collateral (collectively, “Liabilities”).  This
      Agreement shall be and become effective when, and continue in effect, as
      long as any Liabilities of the Company to Investors are outstanding and
      unpaid, and the Company will not sell, assign, transfer, pledge or
      otherwise dispose of or encumber any Collateral to any third party while
      this Agreement is in effect without the prior written consent of
      Investors.
    

    
      3.  Collateral.  The “Collateral”
      covered by this Agreement is all of the Company’s right, title and
      interest in, to and under all assets of the Company, real and personal,
      tangible and intangible, which it now owns or shall hereafter acquire or
      create, immediately upon the acquisition or creation thereof, and
      includes, but is not limited to, the following:
    

    
        3.1.  Accounts.  Accounts, documents,
      money, instruments, policies and certificates of insurance, chattel
      paper, rights to payment evidenced by chattel paper, health-care
      insurance receivables, deposit accounts, commercial tort claims,
      investment property, letter of credit rights, contract rights, general
      intangibles, intellectual property (including, without limitation, all
      US and foreign patents, patent applications, copyrights, trademarks,
      trademark applications, service marks, inventions, and discoveries),
      chooses in action, including any right to any refund of any taxes
      heretofore or hereafter paid to any governmental authority
      (collectively, the “Accounts”).
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
        3.2.  Inventory.  All inventory and goods,
      now owned or hereafter acquired, including but not limited to, raw
      materials, work in process, finished goods, leased goods, tangible
      property, stock in trade, wares, and merchandise used in or sold in the
      ordinary course of business, including goods whose sale, lease or other
      disposition by the Company has given rise to any Accounts and which
      goods have been returned to, or repossessed by, or stopped in transit by
      the Company.
    

    
        3.3.  Equipment.  All equipment and
      fixtures, including all machinery, furniture, furnishings, and vehicles,
      together with all accessions, parts, attachments, accessories, tools and
      dies, or appurtenances thereto, or appertaining, attached, kept, used,
      or intended for use in connection therewith, and all substitutions,
      improvements and replacements thereof and additions thereto.
    

    
        3.4.  Fixtures.  All fixtures, whether now
      or to be hereafter attached, to any real property in which the Company
      has an interest.
    

    
        3.5.  Software.  All computer programs and
      supporting information provided in connection with a transaction
      relating to such program(s).
    

    
        3.6.  Intellectual Property.  All patents,
      patent applications, inventions, disclosures, tradenames, registered
      trademarks or registered service marks, applications for registrations
      therefore, and registered copyrights and applications therefore, in
      which the Company has an interest.
    

    
        3.7.  Proceeds, Etc.  Proceeds, and
      proceeds of hazard insurance and eminent domain or condemnation awards
      of all of the foregoing described properties or interests in properties,
      including all products of, and accessions to, such properties or
      interests in properties, and all cash or other property which were
      proceeds and are received by a bankruptcy trustee or otherwise as a
      preferential transfer to the Company.
    

    
        3.8.  Exceptions.  Notwithstanding the
      foregoing, any equipment or fixtures subject to a lien in favor of Wells
      Fargo Bank, N.A. existing as of the date hereof and any equipment or
      fixtures acquired in the future and subject to a purchase lien, shall
      not be a part of the Collateral so long as such other liens are in
      effect.
    

    
      4.  Perfection of Security Interest.  The
      Company shall execute and deliver to Investors at the request of
      Investors, concurrently with the Company’s execution of this Agreement
      and at any time or times hereafter (and pay the cost of filing or
      recording same in all public offices deemed necessary by Investors), all
      financing statements, assignments, certificates of title, applications
      for vehicle titles, affidavits, reports, notices, schedules of Accounts,
      designations of inventory, letters of authority and all other documents
      that Investors may reasonably request, in form satisfactory to
      Investors, to perfect and maintain perfected Investors’ security
      interests in the Collateral.  In addition, the Company irrevocably
      authorizes Investors, their agents, attorneys, and representatives, to
      file financing statements, and amendments thereto, at the Company’s
      expense, necessary to establish and maintain Investors’ perfected
      security interest in the Collateral. Any such financing statement to be
      filed may describe the assets and property to be encumbered hereby in a
      generic description such as “all assets of the debtor,” or words of
      similar effect. In order to fully consummate all of the transactions
      contemplated hereunder, the Company shall make appropriate entries on
      its books and records disclosing Investors’ security interests in the
      Collateral.
    

    
      
        

        

      

      
        
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      5.  Warranties.  The Company warrants and agrees
      that, except as set forth on Schedule 5, while any of the
      Liabilities remain unperformed and unpaid:  (a) the Company is the owner
      of the Collateral free and clear of all liens or security interests
      except Permitted Liens and all chattel paper constituting Collateral
      evidences a perfected security interest in the goods covered by it, free
      from all other liens and security interests except for Permitted Liens,
      and no financing statement other than that of Investors is on file
      covering the Collateral or any of it and if Inventory is represented or
      covered by documents of title, the Company is the owner of the
      documents, free of all liens and security interest other than Investors’
      security interest; (b) the Company’s exact legal name is as set forth
      above; (c) the Company is an organization of the type and organized in
      the jurisdiction set forth above, (d) the address of the Company’s
      principal office is as set forth above, while the addresses of the
      Company’s other places of business where Collateral is now or may in the
      future be located, and the Company’s business locations shall not be
      changed without the prior written consent of Investors, and the Company
      further warrants that the Collateral, wherever located, is covered by
      this Agreement; (e) the Collateral will not be used, nor will the
      Company permit the Collateral to be used, for any unlawful purpose,
      whatever; (f) the Company shall at all times maintain the Collateral in
      first class condition and repair; (g) the Company will indemnify and
      hold Investors harmless against claims of any persons or entities not
      party to this Agreement concerning disputes arising over the Collateral;
      and (h) the Collateral is or will be located at the following address:
      2635 North Crescent Ridge Drive, The Woodlands, Texas 77381.
    

    
      6.  Covenants Concerning the Company’s Legal Status.  The
      Company covenants with the Investors as follows: (a) without providing
      at least thirty (30) days prior written notice to the Investors, the
      Company will not change its name, its place of business or, if more than
      one, chief executive office, or its mailing address or organizational
      identification number if it has one, (b) if the Company does not have an
      organizational identification number and later obtains one, the Company
      shall forthwith notify the Investors of such organizational
      identification number, and (c) the Company will not change its type of
      organization, jurisdiction of organization or other legal
      structure.  The Company agrees that all documents, instruments and
      agreements demanded by Investors in response to any of the changes
      described in this Section shall be prepared, filed and recorded at the
      Company’s expense prior to the effective date of such change.  
    

    
      7.  Insurance, Taxes, Etc.  The Company shall
      (a) pay all taxes, levies, assessments, judgments and charges of any
      kind upon or relating to the Collateral, to the Company’s business, and
      to the Company’s ownership or use of any of its assets, income or gross
      receipts; (b) at its own expense, keep and maintain all of the
      Collateral insured against loss or damage by fire, theft, explosion and
      other risks in such amounts, with such companies, under such policies
      and in such form as determined by the Company’s Board of Directors,
      which policies shall expressly provide that loss thereunder shall be
      payable to Investors as their interest may appear (and Investors shall
      have a security interest in the proceeds of such insurance and may apply
      any such proceeds which may be received by them toward payment of the
      Liabilities, whether or not due, in such order of application as
      Investors may determine); (c) maintain at its own expense public
      liability and property damage insurance in such amounts with such
      companies, under such policies and in such form as determined by the
      Company’s Board of Directors; and, upon Investors’ request, shall
      furnish Investors with such policies and evidence of payment of premiums
      thereon.  If the Company at any time hereafter should fail to obtain or
      maintain any of the policies required above or pay any premium in whole
      or in part relating thereto, or shall fail to pay any such tax,
      assessment, levy, or charge or to discharge any such lien or
      encumbrance, then Investors, without waiving or releasing any obligation
      or default of the Company hereunder, may at any time hereafter (but
      shall be under no obligation to do so) make such payment or obtain such
      discharge or obtain and maintain such policies of insurance and pay such
      premiums, and take such action with respect thereto as Investors deems
      advisable.  All sums so disbursed by Investors, including reasonable
      attorneys’ fees, court costs, expenses, and other charges relating
      thereto, shall be part of the Company’s Liabilities, secured hereby, and
      payable on demand.
    

    
      
        

        

      

      
        
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      8.  Sale, Collections, Etc.
    

    
        8.1.  Until an Event of Default (as that term is defined below), each
      Investor authorizes and permits the Company to collect Accounts from
      Account debtors.  This privilege may be terminated by Investors at any
      time upon the occurrence of an Event of Default as set forth in this
      Agreement, and Investors thereupon shall be entitled to and have all of
      the ownership, title, rights, securities and guarantees of the Company
      in respect of Accounts, and in respect to the property evidenced
      thereby, including the right of stoppage in transit, and Investors may
      notify any Account debtor of the assignment of Accounts and collect the
      same; thereafter the Company will receive all payments on Account as
      agent of and for Investors and will transmit to Investors, on the day of
      receipt thereof, all original checks, drafts, acceptances, notes and
      other evidence of payment received in payment of or on account of
      Accounts, including all cash monies, similarly received by the
      Company.  Until such delivery, the Company shall keep all such
      remittances separate and apart from the Company’s own funds, capable of
      identification as the property of Investors, and shall hold the same in
      trust for Investors.
    

    
        8.2.  Until an Event of Default and until such time as Investors have
      notified the Company of the revocation of such power and authority the
      Company may (i) only in the ordinary course of its business, at its own
      expense, sell, lease or furnish under contracts of service any of the
      Inventory normally held by the Company for such purpose; (ii) use and
      consume any raw materials, work in process or materials, the use and
      consumption of which is necessary in order to carry on the Company’s
      business; and the Company shall, at its own expense, endeavor to
      collect, as and when due all amounts due with respect to any of the
      Collateral, including the taking of such action with respect to such
      collection as Investors may reasonably request or, in the absence of
      such request, as the Company may deem advisable.  A sale in the ordinary
      course of business does not include a transfer in partial or total
      satisfaction of a debt.
    

    
      9.  Waiver.  The Company waives all defenses and
      setoffs which could hinder or reduce the obligations of the Company
      under this Agreement. In addition, except as expressly prohibited by
      law, the Company waives any right it has to require Investors to give
      notice of the details of any public or private sale of personal property
      security held from the Company or pursue any remedy available to
      Investors.
    

    
      
        

        

      

      
        
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      10.  Information.  The Company shall permit
      Investors or their agents upon reasonable request to have access to and
      to inspect all the Collateral and from time to time verify Accounts and
      chattel paper, inspect, check, make copies of or extracts from the
      books, records and files of the Company, and the Company will make same
      available at any time for such purposes.  In addition, the Company shall
      promptly supply Investors with financial and such other information
      concerning its affairs and assets as Investors may request from time to
      time.
    

    
      11.  Event of Default.
    

    
       11.1.  An Event of Default shall exist as and when provided under the
      Notes.
    

    
       11.2.  Upon the occurrence of an Event of Default, the Notes and all
      other Liabilities may (notwithstanding any provisions thereof) at the
      option of the Investor holding the Notes with the largest aggregate
      principal (the “Lead Note Holder”) and without demand or notice of any
      kind, be declared, and thereupon immediately shall become due and
      payable, and the Lead Note Holder may exercise from time to time any
      rights and remedies, including the right to immediate possession of the
      Collateral, available to the Investors under applicable law. The Company
      agrees, in case of an Event of Default, to assemble, at its expense, all
      the Collateral at a convenient place acceptable to the Lead Note Holder
      and to pay all costs of Investors of collection of the Notes and all
      other Liabilities, and enforcement of rights hereunder, including
      reasonable attorneys’ fees and legal expenses, including participation
      in bankruptcy proceedings, and expense of locating the Collateral and
      expenses of any repairs to any realty or other property to which any of
      the Collateral may be affixed or be a part.  If any notification of
      intended disposition of any of the Collateral is required by law, such
      notification, if mailed, shall be deemed reasonably and properly given
      if sent at least seven days before such disposition, postage prepaid,
      addressed to the undersigned either at the address shown below, or at
      any other address of the undersigned appearing on the records of the
      Lead Note Holder.  Notwithstanding the foregoing, the Lead Note Holder
      shall not be obligated to declare the Notes and other Liabilities due
      or, having done so, to take any action authorized hereunder or by law
      with respect to the collateral.  If the Lead Note Holder fails to take
      any action pursuant to this Section 11.2  within sixty (60) days of
      being notified in writing of an Event of Default, any Investor may, at
      its option, exercise the rights granted to the Lead Note Holder under
      this Section 11.2 or by law. Provided, however, that any amounts
      realized from the sale of Collateral or otherwise hereunder shall first
      be distributed to reimburse the costs and expenses, including but not
      limited to legal expenses and commissions, of the Lead Note Holder and
      the Investors in enforcing the rights hereunder and, second, to all
      Investors pro-rata based upon the amount owed to each Investor pursuant
      to the Notes held by the Investor.  Except as provided in the
      immediately preceding sentence with respect to proceeds of sale, the
      Lead Note Holder and any Investor exercising rights pursuant to this
      Section 11.2 shall not be liable to the Company or other Investors for
      any action taken or not taken with respect to the Collateral other than
      willful misconduct.
    

    
       11.3.  THE COMPANY AGREES THAT INVESTORS SHALL, IN THE EVENT OF ANY
      DEFAULT, HAVE THE RIGHT TO PEACEFULLY TAKE POSSESSION OF ANY OF THE
      COLLATERAL. THE COMPANY WAIVES ANY RIGHT IT MAY HAVE, IN SUCH INSTANCE,
      TO A JUDICIAL HEARING PRIOR TO SUCH RETAKING.
    

    
      
        

        

      

      
        
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      12.  General.  The Company hereby irrevocably
      appoints the Investors as the Company’s attorney-in-fact, with full
      authority in the place and stead of the Company and in the name of the
      Company, the Investors, from time to time in the Investors’ discretion
      to take any action and to execute any instrument that the Investors may
      deem reasonably necessary or advisable to accomplish the purposes of
      this Agreement.
    

    
      Time shall be deemed of the very essence of this Agreement.  Except as
      otherwise defined in this Agreement, all terms in this Agreement shall
      have the meanings provided by the Delaware UCC, as amended, revised or
      replaced or any successor laws hereafter enacted (“Delaware
      Uniform Commercial Code”).  Investors shall be deemed to have
      exercised reasonable care in the custody and preservation of any
      Collateral in their possession if they take such action for that purpose
      as the Company requests in writing, but failure of Investors to comply
      with any such request shall not of itself be deemed a failure to
      exercise reasonable care, and failure of Investors to preserve or
      protect any rights with respect to such Collateral against any prior
      parties or to do any act with respect to the preservation of such
      Collateral not so requested by the Company shall not be deemed a failure
      to exercise reasonable care in the custody and preservation of such
      Collateral.  Any delay on the part of Investors in exercising any power,
      privilege or right hereunder, or under any other instrument executed by
      the Company to Investors in connection herewith shall not operate as a
      waiver thereof, and no single or partial exercise thereof, or the
      exercise of any other power, privilege or right shall preclude other or
      further exercise thereof, or the exercise of any other power, privilege
      or right.  The waiver by Investors of any Event of Default by the
      Company shall not constitute a waiver of any subsequent Events of
      Default, but shall be restricted to the Event of Default so waived.  All
      rights, remedies and powers of Investors hereunder are irrevocable and
      cumulative, and not alternative or exclusive, and shall be in addition
      to all rights, remedies and powers given hereunder or in or by any other
      instruments or by the Delaware Uniform Commercial Code, or any laws now
      existing or hereafter enacted.
    

    
      This Agreement shall be construed in accordance with the laws of the
      State of Texas without giving effect to any applicable principles of
      conflicts of laws.  Whenever possible each provision of this Agreement
      shall be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this Agreement 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 provision or the remaining provisions
      of this Agreement.  The rights and privileges of Investors hereunder
      shall inure to the benefit of their successors and assigns and this
      Agreement shall be binding on all heirs, executors, administrators,
      assigns and successors of the Company.
    

    
      Any notice required or permitted by this Agreement shall be in writing
      and shall be deemed sufficient if given in accordance with section 9.4
      of the Purchase Agreement.
    

    
      This Agreement constitutes the entire understanding of the parties with
      respect to the subject matter hereof and supersedes all prior written
      and oral communications or understandings.  This Agreement may be
      amended or supplemented only by a writing signed on behalf of both
      parties.  The Company acknowledges receipt of a true and complete copy
      of this Agreement.  This Agreement may be executed in two or more
      counterparts, each of which shall be deemed an original and all of which
      together shall constitute one instrument.
    

    
      
        

        

      

      
        
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      INVESTORS AND THE COMPANY ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS
      A CONSTITUTIONAL RIGHT, BUT ONE THAT MAY BE WAIVED. AFTER CONSULTING (OR
      HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE,
      KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, PURCHASER AND
      THE COMPANY WAIVE ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION
      REGARDING THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO,
      THIS AGREEMENT.
    

    
      [Signature Page Follows]
    

    
      

      

      

    

    
      
        

        

      

      
        
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      The parties have executed this Security Agreement as of the date first
      written above.
    

    
    	
           
        	
          COMPANY:
        
	

        	

        	
           
        
	

        	
          OPEXA THERAPEUTICS, INC.
        
	

        	

        	
           
        
	

        	

        	
           
        
	
          
             
          

        	
          
            By:
          

        	
          /S/ NEIL K. WARMA
        
	
          
             
          

        	
          
            Name:
          

        	
          Neil K. Warma
        
	
          
             
          

        	
          
            Title:
          

        	
          President and Chief Executive Officer
        

    

    
      

      

      

      Company Signature Page to Security Agreement
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
    	
           
        	
          THE INVESTORS:
        
	

        	
           
        
	

        	

        	
           
        
	

        	
          
            By:
          

        	
          
             
          

        
	

        	
          
            Name:
          

        	
          
             
          

        
	

        	
          
            Title:
          

        	
          
             
          

        
	

        	
          
            Date:
          

        	
          
             
          

        

    

    

    

    

    

    
      

      

      

      Investor Signature Page to Security Agreement
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      SCHEDULE 5
    

    
      a)       $250,000 Non-Revolving Term Loan dated December 8, 2006 (the “Loan”)
      between Wells Fargo Bank, N.A. (the “Lender”) and
      Opexa Therapeutics, Inc. (the “Company”) pursuant to
      which the Company granted a first priority security interest in the
      Company’s furniture, fixtures and equipment acquired using the proceeds
      of the Loan and all proceeds of such furniture, fixtures and equipment
      (including insurance) in favor of the Lender.
    

    
      

      

      

      

      

      

      Schedule 5Exhibit 10.6
    

    
      EMPLOYMENT AGREEMENT
    

    
      This Employment Agreement (this “Agreement”) is entered into this 14th
      day of April, 2009 and shall be effective as of the 1st day
      of April, 2009, by and between Donna R. Rill (hereinafter referred to as
      “Employee”) and Opexa Therapeutics, Inc. (hereinafter referred to as
      “Opexa”).
    

    
      W I T N E S S E T H:
    

    
      WHEREAS, Employee is employed by Opexa;
    

    
      WHEREAS, Opexa desires to retain key executives and promote their
      dedication;
    

    
      WHEREAS, Opexa’s success requires the protection of its
      intellectual property, proprietary information and goodwill and Opexa is
      willing to enter into an employment agreement with Employee, subject to
      the terms and conditions below; and
    

    
      WHEREAS, the Employee and Opexa jointly wish to document their
      employment understanding.
    

    
      NOW, THEREFORE, for and in consideration of the employment by
      Opexa, the compensation and other remuneration paid and to be paid by
      Opexa and received and to be received by the Employee for such
      employment, and for other good and valuable consideration, the receipt
      and sufficiency of which are hereby acknowledged by Employee, it is
      agreed by and between the parties hereto as follows:
    

    
      1.  Employment
    

    
      Opexa agrees to employ the Employee, and Employee agrees that Employee
      will devote Employee’s full productive time, skill, and best efforts
      during Employee’s employment to such duties as may be reasonably
      assigned to Employee.  Employee will faithfully and diligently endeavor
      to further the best interests of Opexa during Employee’s employment. The
      foregoing, however, shall not preclude the Employee from (i)  engaging
      in appropriate civic, charitable, professional or trade association
      activities or (ii) subject to Board of Director written approval,
      serving on one or more other boards of directors of public or private
      companies, as long as such activities and services do not conflict with
      the responsibilities to Opexa.
    

    
      2.  Duties and Title
    

    
      Employee shall continue to have the title of and shall act as the Senior
      Vice President of Operations of Opexa.  Employee shall have the
      following responsibilities and duties as Senior Vice President of
      Operations: Employee shall report to Opexa’s chief executive officer and
      will have such other duties and responsibilities consistent with her
      position as Senior Vice President of Operations, as may reasonably be
      assigned to Employee by Opexa’s chief executive officer from time to
      time.
    

    

    

    
      
        

        

      

      
        
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      3.  Term of Employment
    

    
                The term of employment of Employee is for the one year period
      April 1, 2009 through March 31, 2010, subject to termination pursuant to
      Section 6.  
    

    
      4.  Compensation
    

    
      As compensation, Opexa shall pay Employee a salary of a minimum of
      $200,000 per year, paid consistent with the then payroll practices of
      Opexa.  
    

    
      5.  Benefits
    

    
      Opexa will provide Employee with the benefits and insurance coverage as
      generally provided by Opexa to its management employees, but only if and
      when such benefits and/or coverage are provided.  If provided, such
      benefits and insurance coverages may be changed by Opexa from time to
      time.
    

    
      6.        Termination
    

    
      The Employee’s employment hereunder may be terminated prior to the term
      provided for in Section 3 only under the following circumstances:  
    

    
                6.1       Death.  The
      Employee’s employment shall terminate automatically on the date of her
      death.
    

    
                6.2       Disability.  If
      a Disability (as defined below) occurs and is continuing, the Employee's
      employment shall terminate 180 days after Opexa gives the Employee
      written notice that it intends to terminate her Employment on account of
      that Disability, or on such later date as Opexa specifies in such
      notice. If the Employee resumes the performance of substantially all of
      her duties under this Agreement before the termination becomes
      effective, the notice of intent to terminate shall be deemed to have
      been revoked.  Disability of Employee shall not prevent Opexa from
      making necessary changes during the period of Employee’s Disability to
      conduct its affairs. “Disability” shall mean that the Employee, with
      reasonable accommodation, has been unable to perform her essential
      duties under this Agreement for a period of at least six consecutive
      months as a result of her incapacity due to injury or physical or mental
      illness, any disability as defined in a disability insurance policy
      which provides coverage for the Employee, or any disability as defined
      by the Americans with Disabilities Act of 1990, Public Law 101_336, 42
      U.S.C.A. § 12101 et seq.
    

    
                6.3       Employee’s
      Voluntary Termination.  The Employee may terminate her employment at
      any time upon 30 days’ prior written notice to Opexa.
    

    
      
        

        

      

      
        
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                6.4       Termination
      by Opexa Without Cause.  Upon written notice by Opexa, a majority of
      the Board of Directors of Opexa may terminate Employee’s employment
      without Cause (as defined below).  Upon termination without Cause the
      Employee shall be entitled to the following severance:
    

    
      (i)   six months base salary at the rate in effect (as provided for by
      Section 4 of this Agreement) at the time of such termination, to be paid
      monthly;
    

    
      (ii)  any annual bonus earned but not yet paid as of the date of
      termination;
    

    
      (iii)  any accrued vacation pay;
    

    
      (iv)  reimbursement for expenses incurred but not yet paid prior to such
      termination of employment;
    

    
      (v)  any other compensation and benefits, including deferred
      compensation, as may be provided in accordance with the terms and
      provisions of any applicable plans and programs of Opexa; and
    

    
      (vi) any and all stock options granted to Employee prior to termination
      shall provide that (a) all vesting schedules shall accelerate for a 12
      month period and (b) Employee shall have one year from termination to
      exercise any such stock options or other derivative securities granted
      pursuant to any then existing stock compensation plan.
    

    
      6.5       Termination by Opexa
      With Cause.  Upon written notice by Opexa, a majority of the Board
      of Directors of Opexa may terminate Employee’s employment with
      Cause.  Upon termination with Cause, Employee shall not be entitled to
      any severance described in Section 6.4(i)-(vi).  Any written notice of
      termination for Cause shall specify the particular act or acts, or
      failure to act, which is or are the basis for the decision to so
      terminate the Employee's employment for Cause. “Cause” as used herein
      shall be limited to (i) the conviction of the Employee for a felony; or
      (ii) a finding of fact in a civil judgment, binding arbitration award or
      binding mediation award that the Employee breached the then existing
      Opexa’s Code of Ethics.  If such conviction or finding of fact is
      overturned on appeal, the Employee shall be entitled to the payments and
      the economic equivalent of the benefits that the Employee would have
      received as a result of a termination of the Employee’s employment by
      Opexa without Cause and shall be reimbursed all legal fees and expenses
      incurred by Employee in her defense of her actions that constituted the
      lawsuit, arbitration, mediation and/or appeal.
    

    
      6.6       Defacto Termination.  Opexa
      shall be deemed to have terminated Employee without Cause upon: (i)
      Opexa requiring Employee to move her principal place of residence from
      the Houston, Texas metropolitan area or to perform regular duties that
      could reasonably be expected to require either such move against her
      wish or to spend amounts of time each week outside of the Houston, Texas
      area which are unreasonable in relation to the duties and
      responsibilities of the Employee hereunder; (ii) any reduction in
      Employee’s duties or titles as set forth in Section 2 above; or (iii)
      any reduction in Employee’s salary as set forth in Section 4.
    

    
      
        

        

      

      
        
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               6.7       Change
      of Control. The effectiveness of a Change of Control (as defined
      below) shall be deemed a termination without cause.  Upon the
      effectiveness of a Change of Control, Opexa shall pay the Employee
      severance awarded pursuant to Section 6.4(i)-(v) above and any and all
      stock options granted to Employee prior to the Change of Control shall
      vest immediately upon the effectiveness of the Change of Control with a
      one-year period from the effective Change of Control date to exercise
      any such stock options or other derivative securities granted pursuant
      to any then existing stock compensation plan.
    

    
               “Change of Control” as used herein shall mean the occurrence of
      the following events:
    

    
      (i)      A sale, transfer, or other disposition by Opexa through a
      single transaction or a series of transactions occurring within a 90-day
      period of securities of Opexa representing Beneficial Ownership (as
      defined below) of fifty (50%) percent or more of the combined voting
      power of Opexa then outstanding securities to any “Unrelated Person” or
      “Unrelated Persons” acting in concert with one another.  For purposes of
      this definition, the term “Person” shall mean and include any
      individual, partnership, joint venture, association, trust corporation,
      or other entity [including a “group” as referred to in Section 13(d)(3)
      of the Securities Exchange Act of 1934, as amended (“1934 Act”)].  For
      purposes of this definition, the term “Unrelated Person” shall mean and
      include any Person other than the Employee, Opexa, a wholly-owned
      subsidiary of Opexa, an existing shareholder, or an employee benefit
      plan of Opexa; provided however, a sale of Opexa’s securities in a
      capital raising transaction shall not be a Change of Control.  
    

    
      (ii)     A sale, transfer, or other disposition through a single
      transaction or a series of transactions occurring within a 90-day period
      of all or substantially all of the assets of Opexa to an Unrelated
      Person or Unrelated Persons acting in concert with one another.
    

    
      (iii)    A change in the ownership of Opexa through a single transaction
      or a series of transactions occurring within a 90-day period such that
      any Unrelated Person or Unrelated Persons acting in concert with one
      another become the “Beneficial Owner,” directly or indirectly, of
      securities of Opexa representing at least fifty-one (51%) percent of the
      combined voting power of Opexa then outstanding securities.  For
      purposes of this Agreement, the term “Beneficial Owner” shall have the
      same meaning as given to that term in Rule 13d-3 promulgated under the
      1934 Act, provided that any pledgee of voting securities is not deemed
      to be the Beneficial Owner of the securities prior to its acquisition of
      voting rights with respect to the securities.
    

    
      
        

        

      

      
        
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      (iv)     Any consolidation or merger of Opexa with or into an Unrelated
      Person, unless (i) immediately after the consolidation or merger the
      holders of the common stock of Opexa immediately prior to the
      consolidation or merger are the beneficial owners of securities of the
      surviving corporation representing at least fifty-one (51%) percent of
      the combined voting power of the surviving corporation’s then
      outstanding securities
    

    
               6.8       Retirement
      Termination. Upon Employee reaching the age of 65, Employee shall
      then have the right to terminate this Agreement without cause, effective
      a date six months from the date she provides Opexa with written notice
      of her decision to terminate for retirement purposes. Upon the effective
      date of such termination, Opexa shall pay Employee severance awarded
      pursuant to Section 6.4 (ii)-(iv) above, provided that any and all stock
      options granted to Employee prior to the effective date of such
      termination shall vest immediately with a one-year period from the
      effective date of termination hereunder to exercise any such stock
      options or other derivative securities granted pursuant to any then
      existing stock compensation plan.
    

    
      7.        Confidential and
      Proprietary Information; Documents
    

    
      7.1       Opexa shall provide Employee with information deemed secret
      and confidential by Opexa.  Such secret or confidential information or
      know-how of Opexa  (referred to collectively as “Confidential
      Information”) shall include, without limitation, the following:  the
      status and plans for research and development; materials, cells,
      tissues, and other biological samples and specimens; cell banking
      methods, apparatus, and services; pending and planned patent
      applications (until published by the Patent Office); invention
      disclosures; research and technical data and information; methods of
      creating, preparing, and using stem cells and other biological
      materials; license, sublicense, and other agreements relating to
      intellectual property rights; Opexa’s plans; customer or contact
      information; contributor information; strategies, costs, prices, uses,
      applications of products and services; results of and data from
      investigations or experiments; all apparatus, products, processes,
      compositions, samples, formulas, computer programs, pricing policy,
      financial information, and methods of doing business; policy and/or
      procedure manuals, training and recruiting procedures; accounting
      procedures; the status and content of Opexa’s contracts with its
      contributors, clients, and customers; Opexa’s business philosophy, and
      servicing methods and techniques; all at any time used, developed, or
      investigated by Opexa, before or during the Employee’s tenure of
      employment, which are not generally available to the public or which are
      maintained as confidential by Opexa.
    

    
      7.2       Employee recognizes and acknowledges that Employee will have
      access to certain information of Opexa that is confidential and
      proprietary and constitutes valuable and unique property of
      Opexa.  Employee agrees that Employee will not at any time, either
      during or subsequent to Employee’s employment, disclose to others, use,
      copy or permit to be copied, except in pursuance of Employee’s duties on
      behalf of Opexa, its successors, assigns or nominees, any Confidential
      Information or know-how of Opexa (whether or not developed by the
      Employee) without Opexa’s prior written consent.  Employee further
      agrees to maintain in confidence any confidential information of third
      parties received as a result of Employee’s employment with Opexa.
    

    
      
        

        

      

      
        
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      7.3       Employee further agrees to deliver to Opexa at the termination
      of Employee’s employment all biological materials correspondence,
      memoranda, notes, records, drawings, sketches, plans, customer, client
      and/or contributor lists, product compositions, or other documents and
      all copies thereof (all of which are hereafter referred to as the
      “Documents”), made, composed or received by Employee, solely or jointly
      with others, and which are in Employee’s possession, custody, or control
      at such date and which are related in any manner to the past, present,
      or anticipated business of Opexa.  In this regard, Employee hereby
      grants and conveys to Opexa all right, title and interest in and to,
      including without limitation, the right to possess, print, copy, and
      sell or otherwise dispose of, any biological materials, reports,
      records, papers summaries, photographs, drawings or other documents, and
      writings, copies, abstracts or summaries thereof, or any other works of
      authorship, which may be prepared by Employee or under Employee’s
      direction or which may come into Employee’s possession in any way during
      the term of Employee’s employment with Opexa which relate in any manner
      to the past, present or anticipated business of Opexa.
    

    
      7.4       Employee further agrees that Employee will not, during
      Employee’s employment, receive from persons not employed by Opexa, any
      confidential information not belonging to Opexa, unless a valid
      agreement is signed by both an officer of Opexa and by the disclosing
      party that states that Opexa will not be in a confidential relationship
      with the disclosing party.  Employee further agrees that Employee will
      not use or disclose to other employees of Opexa, during Employee’s
      employment with Opexa, confidential information belonging to Employee’s
      former employers, or any other third parties unless written permission
      has been given by such persons to Opexa to use and/or disclose such
      information.
    

    
      7.5       In the event of a breach or threatened breach of any of the
      provisions of Section 7, Opexa shall be entitled to an injunction
      ordering the return of such Documents and any and all copies thereof and
      restraining Employee from using or disclosing, for Employee’s benefit or
      the benefit of others, in whole or in part, any Confidential
      Information, including but not limited to the Confidential Information
      which such Documents contain, constitute, or embody.  Employee further
      agrees that any breach or threatened breach of any of the provisions of
      Section 7 would cause irreparable injury to Opexa for which it would
      have no adequate remedy at law.  Nothing herein shall be construed as
      prohibiting Opexa from pursuing any other remedies available to it for
      any such breach or threatened breach, including the recovery of damages.
    

    
      8.  Noncompetition/No-Hire Agreement
    

    
      8.1       Employee agrees that, from the date hereof until a period of
      six months following the date of the termination of Employee’s
      employment (the “Noncompetition Period”), Employee will not directly or
      indirectly, either as an employee, employer, consultant, agent,
      principal, partner, corporate officer, director, or in any other
      individual or representative capacity, engage or participate in any
      “Competitive Business” anywhere in the United States of America (the
      “Noncompetition Territory”).  As used herein, a “Competitive Business”
      is defined as any business relating developing autologous cellular
      therapies to treat multiple sclerosis (MS).
    

    
      
        

        

      

      
        
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      8.2       Employee further agrees that from the date hereof until a
      period of one year following the date of the termination of Employee’s
      employment (the “Nonsolicitation Period”) and within the Noncompetition
      Territory Employee will not, directly or indirectly, either as an
      employee, employer, consultant, agent, principal, partner, corporate
      officer, director, or in any other individual or representative
      capacity, call on, solicit, recruit, or attempt to call on, solicit, or
      recruit, or attempt to hire any of the employees of Opexa, regardless of
      whether for the benefit of the Employee or for any other person, firm,
      or corporation.
    

    
      8.3       Employee shall not during the Nonsolicitation Period and
      within the Noncompetition Territory, either directly or indirectly (i)
      make known to any Competitive Business the names and addresses of any of
      Opexa’s customers or contacts or any other information pertaining to
      such persons or businesses or (ii) call on, solicit, or take away, or
      attempt to call on, solicit or take away any of the customers of Opexa
      with whom Employee became acquainted during Employee’s association with
      Opexa, regardless of whether for the benefit of the Employee or for any
      other person, firm or corporation.
    

    
      8.4       Employee agrees that the restraints created by the covenants
      in Section 8 are no greater than necessary to protect Opexa’s legitimate
      interests.  Furthermore, Employee agrees that such covenants of Section
      8 do not hinder, or otherwise cause hardship to Employee in finding and
      performing employment elsewhere upon termination of this
      Agreement.  Similarly, Employee agrees that Opexa’s need for the
      protection afforded by the covenants of Section 8 is not outweighed by
      either the hardship to Employee or any injury likely to the public.
    

    
      8.5       Employee agrees that this Section 8 is ancillary to this
      Agreement, and independent of any other agreement related to Employee’s
      employment with Opexa, and Employee acknowledges that the consideration
      given by Opexa for this Agreement includes Opexa’s agreement to provide
      to the Employee access to the Confidential Information, as well as
      employment.  Further, the existence of any claim or cause of action of
      Employee against Opexa or any officer, director, or employee of Opexa,
      whether predicated on this Agreement or otherwise, shall not constitute
      a defense to the enforcement by Opexa of Employee’s covenants contained
      in this Agreement.  In addition, this Agreement shall continue to be
      binding upon Employee in accordance with its terms, notwithstanding the
      termination of Employee’s employment.
    

    
      8.6       Employee agrees that Employee’s breach or violation, or threat
      thereof, of this covenant not to compete shall entitle Opexa, as a
      matter of right, to an injunction without the necessity of posting bond,
      issued by any court of competent jurisdiction, restraining any further
      or continued breach or violation of this covenant.  Such right to an
      injunction shall be cumulative and in addition to, and not in lieu of,
      any other remedies to which Opexa may show itself justly
      entitled.  Further, during any period in which Employee is in breach of
      this covenant not to compete, the time period of this covenant shall be
      extended for an amount of time that Employee is in breach.
    

    
      
        

        

      

      
        
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      9.  Inventions and Other Intellectual Property
    

    
      9.1       Employee agrees to hold in complete trust for the benefit of
      Opexa, and to disclose promptly and fully to Opexa in writing, and
      hereby assigns, and binds Employee’s heirs, executors, administrators,
      and all legal representatives to assign, to Opexa any and all
      inventions, discoveries, ideas, concepts, improvements, copyrightable
      works, biological materials, and other developments (all of the above
      are collectively referred to as the “Developments”) conceived, made,
      discovered or developed by him, solely or jointly with others, during
      Employee’s employment by Opexa, whether during or outside of usual
      working hours and whether on Opexa’s premises or not, which relate in
      any manner to the past, present or anticipated business of Opexa.  Any
      and all such Developments shall be the sole and exclusive property of
      Opexa, whether patentable, copyrightable, or neither, and Employee
      agrees that Employee will assist and fully cooperate in every way, at
      Opexa’s expense, in securing, maintaining, and enforcing, for the
      benefit of Opexa or its designee, patents, copyrights or other types of
      proprietary or intellectual property protection for such Developments in
      any and all countries.  Employee acknowledges and agrees that any and
      all such Developments conceived, created, or authored by him within the
      scope of Employee’s employment is a “work made for hire,” as defined by
      the federal copyright laws, and therefore all copyrights in and to such
      works are and will be owned by Opexa.  To the extent that Employee
      authors any copyrightable work in any medium during the Term of this
      Agreement which relates or pertains in any way to Opexa or any of the
      operations or activities of either and which was not prepared within the
      scope of Employee’s employment, Employee hereby assigns all right,
      title, and interest, including but not limited to all rights of
      copyright, in and to such works to Opexa.  Within six months following
      the termination of Employee’s employment, and without limiting the
      generality of the foregoing, any Development of the Employee relating to
      any Opexa subject matter on which Employee worked or was informed during
      Employee’s employment by Opexa shall be conclusively presumed to have
      been conceived and made prior to the termination of Employee’s
      employment (unless the Employee clearly proves that such Development was
      conceived and made following the termination of Employee’s employment),
      and shall accordingly belong, and be assigned, to Opexa and shall be
      subject to this Agreement.
    

    
      9.2       Without limiting the foregoing, Employee agrees at the request
      of Opexa (but without additional compensation from Opexa during
      Employee’s employment by Opexa) to execute any and all papers and
      perform all lawful acts which Opexa deems necessary for the preparation,
      filing, prosecution, and maintenance of applications for United States
      and foreign letters patent, or for United States and foreign copyrights,
      on the Developments, and to execute such instruments as are necessary or
      convenient to assign to Opexa, its successors, assigns or nominees, all
      of the Employee’s right, title, and interest in the Developments and the
      like, so as to establish, maintain or perfect, in Opexa, its successors,
      assigns or nominees, the entire right, title, and interest to the
      Developments, and also to execute any instruments necessary or which
      Opexa may deem desirable it connection with any continuation, renewal or
      reissue thereof, or in the conduct of any proceedings or litigation in
      regard thereto.
    

    
      
        

        

      

      
        
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      9.3       All expenses incurred by the Employee by reason of the
      performance of any of the obligations set forth in this Section 9 on
      Inventions shall be borne by Opexa.  Should the Employee’s assistance be
      requested by Opexa after termination of employment, Opexa would
      compensate the Employee at a reasonable rate.
    

    
      10.  Conflicts of Interest
    

    
      10.1      In keeping with Employee’s fiduciary duties to Opexa, Employee
      agrees that Employee shall not, directly or indirectly, become involved
      in any conflict of interest with reference to any transaction or
      opportunity including Opexa (“Conflict”), or upon discovery thereof,
      allow such a Conflict to continue. Moreover, Employee agrees that
      Employee shall promptly disclose to the Board of Opexa any facts which
      might involve any reasonable possibility of a Conflict.  Employee shall
      maintain the highest standards of conduct, and shall not do anything
      likely to injure the reputation or goodwill of Opexa, or embarrass or
      otherwise generate adverse publicity for or bring unwanted attention to
      Opexa.
    

    
      10.2      It is agreed that any direct or indirect interest in,
      connection with, or benefit from any outside activities, particularly
      commercial activities, which interest might in any way adversely affect
      Opexa or any of its subsidiaries or affiliates, involves a possible
      Conflict.  Circumstances in which a Conflict on the part of Employee
      would or might arise, and which should be reported immediately by
      Employee to an officer of Opexa, include, without limitation, the
      following: (a) ownership of a material interest in, acting in any
      capacity for, or accepting directly or indirectly any payments, services
      or loans from a supplier, contractor, subcontractor, customer or other
      entity with which Opexa does business; (b) misuse of information or
      facilities to which Employee has access in a manner which will be
      detrimental to Opexa’s interest; (c) disclosure or other misuse of
      information of any kind obtained through the Employee’s connection with
      Opexa; (d) acquiring or trading in, directly or indirectly, other
      properties or interests connected with the design, manufacture or
      marketing of products designed, manufactured or marketed by Opexa; (e)
      the appropriation to the Employee or the diversion to others, directly
      or indirectly, of any opportunity in which it is known or could
      reasonably be anticipated that Opexa would be interested; and (f) the
      ownership, directly or indirectly, of a material interest in an
      enterprise in competition with Opexa or its dealers and distributors or
      acting as a director, officer, partner, consultant, employee or agent of
      any enterprise which is in competition with Opexa or its dealers or
      distributors.
    

    
      11.  Activities Associated With Maintenance of Professional Status
      and Community Activities
    

    
      Opexa will reimburse Employee for the costs of activities associated
      with the maintenance of the Employee’s professional status, including
      the payment of licensing fees and required continuing education,
      expenses for professional/network meetings, as well as community
      activities.
    

    
      
        

        

      

      
        
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      12.  Prior Discoveries
    

    
      Employee does not have any unpatented inventions and discoveries made or
      conceived by Employee prior to Employee’s employment with Opexa and
      which are to be excluded from this Agreement.  
    

    
      13.  Publicity
    

    
      13.1      Employee agrees that Opexa may use, and hereby grants Opexa
      the nonexclusive and worldwide right to use, Employee’s name, picture,
      likeness, photograph, signature, or any other attribute of Employee’s
      persona (all of such attributes are hereafter collectively referred to
      as “Persona”) in any media for any advertising, publicity or other
      purpose at any time, either during or subsequent to Employee’s
      employment by Opexa.  Employee agrees that such use of Employee’s
      Persona will not result in any invasion or violation of any privacy or
      property rights Employee may have; and Employee agrees that Employee
      will receive no additional compensation for the use of Employee’s
      Persona.  Employee further agrees that any negatives, prints or other
      material for printing or reproduction purposes prepared in connection
      with the use of Employee’s Persona by Opexa shall be and are the sole
      property of Opexa.
    

    
      13.2      Employee further agrees that at no time shall Employee write,
      author, publish, distribute, or cause to be published or distributed any
      pictorial, graphic, or literary works, such as but without limitation,
      books, articles, stories, or pamphlets, in any medium of expression,
      tangible or intangible, that relate, describe, or pertain in any way to
      Opexa or to the operations, activities, or employees of Opexa without
      first obtaining the prior written consent of the Board of Directors of
      Opexa to do so and also the prior written approval of the contents of
      any such work by the Board of Directors of Opexa.
    

    
      14.       Indemnification
    

    
      Opexa shall, to the fullest extent permitted by the Texas Business
      Corporation Act, as amended, indemnify Employee if she is or was
      involved in any manner (including, but not limited to, as a party or a
      witness) in any threatened, pending, or completed investigation, claim,
      action, suit, or proceeding, whether civil, criminal, administrative, or
      investigative (including, but not limited to, any action, suit, or
      proceeding brought by or in the right of the corporation to procure a
      judgment in its favor) (a “Proceeding”) by reason of the fact that the
      Employee is or was a director, officer, or employee of Opexa, against
      all liabilities and expenses actually and reasonably incurred by
      Employee in connection with such proceeding. Such indemnification shall
      include the right to receive payment in advance of any expenses incurred
      by Employee in connection with any proceeding, consistent with the
      provisions of the Texas Business Corporation Act, as
      amended.  Notwithstanding the above, Employee shall not be indemnified
      in respect of:
    

    
      
        

        

      

      
        
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      (i)       a proceeding in which Employee is found liable on the basis
      that personal benefit was improperly received by him, whether or not the
      benefit resulted from an action taken in the person’s official capacity;
    

    
      (ii)      a proceeding in which Employee is found liable to Opexa; or
    

    
      (iii)     a finding of fact in a civil judgment, binding arbitration
      award or binding mediation award that the Employee breached the then
      existing Opexa’s Code of Ethics.
    

    
      15.  Remedies
    

    
      Employee and Opexa agree that, because damages at law for any breach or
      nonperformance of this Agreement by Employee, while recoverable, are and
      will be inadequate, this Agreement may be enforced in equity by specific
      performance, injunction, accounting or otherwise.
    

    
      16.  Miscellaneous
    

    
      16.1      This Agreement is made and entered into as of the date hereof
      and the rights and obligations of the parties hereto shall be binding
      upon the heirs and legal representatives of the Employee and the
      successors and assigns of Opexa.  This Agreement may be assigned by
      Opexa but is personal to the Employee and no rights, duties, and
      obligations of Employee hereunder may be assigned.
    

    
      16.2      No waiver or non-action with respect to any breach by the
      other party of any provision of this Agreement, nor the waiver or
      non-action with respect to any breach of the provisions of similar
      agreements with other employees shall be construed to be a waiver of any
      succeeding breach of such provision, or as a waiver of the provision
      itself.
    

    
      16.3      Should any portions hereof be held to be invalid or wholly or
      partially unenforceable, such holding shall not invalidate or void the
      remainder of this Agreement.  The portions held to be invalid or
      unenforceable shall be revised and reduced in scope so as to be valid
      and enforceable, or, if such is not possible, then such portions shall
      be deemed to have been wholly excluded with the same force and effect as
      if it had never been included herein.
    

    
      16.4      Employee’s obligations under this Agreement to Opexa shall
      survive the termination, for whatever reason, of Employee’s employment
      by Opexa.
    

    
      16.5      This Agreement supersedes, replaces and merges any and all
      prior and contemporaneous understandings, representations, agreements
      and discussions relating to the same or similar subject matter as that
      of this Agreement between Employee and Opexa and constitutes the sole
      and entire agreement between the Employee and Opexa with respect to the
      subject matter of this Agreement.
    

    
      
        

        

      

      
        
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      16.6      The laws of the State of Texas, excluding any conflicts of law
      rule or principle that might otherwise refer to the substantive law of
      another jurisdiction, will govern the interpretation, validity and
      effect of this Agreement without regard to the place of execution or the
      place for performance thereof, and Opexa and Employee agree that the
      appropriate courts in Montgomery County, Texas, shall have personal
      jurisdiction and venue over Opexa and Employee to hear all disputes
      arising under this Agreement.
    

    
      16.7      All notices and other communications required or permitted
      hereunder or necessary or convenient in connection herewith shall be in
      writing and shall be deemed to have been given when mailed by registered
      mail or certified mail, return receipt requested, as follows:
    

    
      If to Opexa, to:
2635 N. Crescent Ridge Drive
The
      Woodlands, TX  77381
Attn: Neil K. Warma
    

    
      If to Employee, to:
Ms. Donna R. Rill
91 E. Fairbranch
      Circle
The Woodlands, TX 77382
    

    
      or to such other addresses as either party may designate by notice to
      the other party hereto in the manner specified in this section 16.
    

    
      16.8      This Agreement may not be changed or terminated orally, and no
      change, termination or waiver of this Agreement or of any of the
      provisions herein contained shall be binding unless made in writing and
      signed by both parties, and in the case of Opexa, by an authorized
      officer of Opexa.  Any change or changes, from time to time, in
      Employee’s salary and/or duties shall not be, nor be deemed to be, a
      change, termination or waiver of this Agreement or of any of the
      provisions herein contained.
    

    
    	
          OPEXA THERAPEUTICS, INC.:
        	
           
        	
          EMPLOYEE:
        
	

        	

        	

        	

        	
           
        
	

        	

        	

        	

        	
           
        
	
          By:
        	
          /s/ Neil K. Warma
        	

        	
          
            By:
          

        	
          
            /s/ Donna R. Rill
          

        
	

        	
          Neil K. Warma
        	

        	

        	
          Donna R. Rill
        
	

        	
          President and CEO
        	

        	

        	

        

    

    
      

      

      

      Page 12 of 12

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