Document:

Exhibit 10.56

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made as of the DATE by and between NAME, on the one hand (the “Executive”),
and VBI Vaccines (Delaware) Inc., a Delaware corporation (the “Company”), on the other hand.

 

WHEREAS,
the Company and the Executive desire to set forth, in a definitive employment agreement, their respective rights and obligations
with respect to the Executive’s employment by the Company;

 

WHEREAS,
the Executive’s employment by the Company shall commence at the effective time (the “Effective Time”);
and

 

WHEREAS,
the Executive will be a key employee of the Company with significant access to information concerning the Company, its subsidiaries
and their respective businesses, and the disclosure or misuse of such information or the engaging in competitive activities by
the Executive would cause substantial harm to the Company.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree
as follows:

 

1.
Employment. The Company agrees to employ the Executive, and the Executive agrees to accept such employment, upon the terms
and conditions hereinafter set forth.

 

2.
Term. The Executive’s employment shall commence at the Effective Time and shall continue until termination by either
party in accordance with Section 10 of this Agreement.

 

3.
Duties. The Executive will serve as TITLE of the Company and shall have such duties of a senior executive nature as the Company’s
Board of Directors (the “Board”) shall determine from time to time. The Executive shall report to the Chief
Executive Officer.

 

4.
Full Time; Best Efforts. The Executive shall use the Executive’s best efforts to promote the interests of the Company,
and shall devote the Executive’s full business time and efforts to its business and affairs. The Executive shall not engage
in any other activity which could reasonably be expected to interfere with the performance of the Executive’s duties, services
and responsibilities hereunder without the approval of the Board in its sole discretion.

 

5.
Compensation and Benefits. During the term of the Executive’s employment under this Agreement, the Executive shall be
entitled to compensation and benefits as follows:

 

(a)
Base Salary. The Executive shall receive a salary at the rate of $SALARY annually (the “Base Salary”),
payable in accordance with regular payroll practices of the Company.

 

(b)
Bonus. The Executive shall be eligible to be considered for an annual cash bonus of up to PERCENTAGE percent (xx%) of the
Executive’s then applicable Base Salary (the “Bonus”), commencing with the YEAR calendar year (and pro-rated
with respect to FIRST YEAR). Bonus entitlement shall be based on the Executive’s meeting of certain performance objectives,
which shall be mutually established by the Executive and the Board within thirty (30) days after the Effective Time and shall
be re-established on an annual basis thereafter. Bonus eligibility and entitlement will be at the sole discretion of the Board
and will be contingent upon the Executive remaining actively employed with the Company through the date any Bonus is paid. The
Bonus will be paid in March of the following calendar year. The Executive shall not be entitled to any portion of any Bonus that
might otherwise have been awarded for any calendar year during which the Executive’s employment terminates for any reason.
All determinations regarding any Bonus will be made by the Board in its sole discretion.

 

    	 

    	 

    

 

EXECUTION
VERSION

 

(c)
Benefits/Business Expense Reimbursement. In addition to the Base Salary and the Bonus, the Executive shall be entitled to
receive customary benefits that are generally available to employees of the Company in accordance with the then-existing terms
and conditions of its benefits policies. The Executive’s benefits will include (i) four (4) weeks of paid vacation per year,
which will accrue monthly, (ii) term life insurance with a death benefit in the amount of the Base Salary payable to a beneficiary
designated by the Executive, (iii) standard short and long term disability benefits, (iv) standard health insurance benefits,
and (v) participation in the Company’s 401(k) plan. Other than the 401(k) plan, the Company shall not be required to provide
any pension or retirement benefits to the Executive. In the event the Executive receives payments from the disability insurer,
the Company shall have the right to offset such payments against the Base Salary otherwise payable to Executive during the period
for which such payments are made. The Executive represents and warrants that he has no reason to believe that he is not insurable
with a reputable insurance company for the limits of the coverage discussed herein. If the Executive is deemed to be uninsurable
for any of the coverage discussed herein, the Company shall not be deemed to be in breach of this Agreement for failing to provide
such coverage. The Company may change any benefits contractor, in its sole discretion, and any such change will not be a breach
of this Agreement. The Executive shall be entitled to reimbursement of all reasonable expenses incurred in the ordinary course
of business on behalf of the Company, subject to the presentation of appropriate supporting documentation, expense statements,
vouchers and/or such other supporting documentation as approved by or in accordance with policies established by the Board.

 

(d)
Withholding. The Company may withhold from any compensation payable to the Executive all applicable U.S. withholding and employment
taxes and other statutory deductions.

 

(e)
Stock Options. While the Executive remains an employee of the Company, option grants to the Executive may be granted at such
times as the Board shall deem appropriate. The amount and vesting terms related to any such grant shall be in the discretion of
the Board. Any options granted to the Executive shall be subject to the terms and conditions of the equity incentive plan of the
Company pursuant to which such options are granted and the applicable award agreement thereunder (if any), save and except that
(A) the vesting of any such option shall accelerate fully if the Executive is terminated without Cause, is terminated during the
period that begins when negotiations with an unrelated third party for a Change of Control begin and ends on the twelve (12) month
anniversary of the closing of the Change of Control transaction (“Change of Control Termination”) or terminates
his employment for Good Reason, and (B) if the Executive is terminated for Cause under clause (v) of the definition of Cause hereunder
(i.e. failure to meet performance expectations of the Board), the Executive shall have a period of three (3) months following
such termination to exercise any outstanding vested options before the exercise period of such vested options expires.

 

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EXECUTION
VERSION

 

6.
Confidentiality; Intellectual Property. The Executive agrees that during the Executive’s employment with the Company,
whether or not under this Agreement, and at all times thereafter:

 

(a)
The Executive will not at any time, directly or indirectly, disclose or divulge any Confidential Information (as hereinafter
defined), except as required in connection with the performance of the Executive’s duties for the Company, and except to
the extent required by law (but only after the Executive has provided the Company with reasonable notice and opportunity to take
action against any legally required disclosure). As used herein, “Confidential Information” means all trade
secrets and all other information of a business, financial, marketing, technical or other nature relating to the business of the
Company including, without limitation, any customer or vendor lists, prospective customer names, financial statements and projections,
know-how, pricing policies, operational methods, methods of doing business, technical processes, formulae, designs and design
projects, inventions, computer hardware, software programs, business plans and projects pertaining to the Company and including
any information of others that the Company has agreed to keep confidential; provided, however, that Confidential Information shall
not include any information that has entered or enters the public domain through (i) no fault of the Executive, and (ii) no breach
by any other current or former employee of his/her confidentiality obligations to the Company.

 

(b)
The Executive shall make no use whatsoever, directly or indirectly, of any Confidential Information at any time, except as
required in connection with the performance of the Executive’s duties for the Company.

 

(c)
Upon the Executive’s termination of employment for any reason, and upon the request of the Company at any time and for
any reason, the Executive shall immediately deliver to the Company all materials (including all electronic and hard copies) in
the Executive’s possession which contain or relate to Confidential Information.

 

(d)
All inventions, modifications, discoveries, designs, developments, improvements, processes, software programs, works of authorship,
documentation, formulae, data, techniques, know-how, secrets or intellectual property rights or any interest therein (collectively,
the “Developments”) made by the Executive, either alone or in conjunction with others, at any time or at any
place during the Executive’s employment with the Company, whether or not reduced to writing or practice during such period
of employment, which relate to the business in which the Company is engaged or in which the Company intends to engage, shall be
and hereby are the exclusive property of the Company, without any further compensation to the Executive. In addition, without
limiting the generality of the prior sentence, all Developments which are copyrightable work by the Executive are intended to
be “work made for hire” and shall be and hereby are the property of the Company.

 

(e)
The Executive shall promptly disclose any Developments to the Company. If any Development is not the property of the Company
by operation of law, this Agreement or otherwise, the Executive will, and hereby does, assign to the Company all right, title
and interest in such Development, without further consideration, and will assist the Company and its nominees in every way, at
the expense of the Company, to secure, maintain and defend its rights in such Development. The Executive shall sign all instruments
necessary for the filing and prosecution of any applications for, or extension or renewals of, letters patent (or other intellectual
property registrations or filings) of the United States, Canada or any other country in which the Company desires to file and
that relates to any Development. The Executive hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents as such Executive’s agent and attorney-in-fact (which designation and appointment shall be deemed coupled
with an interest and shall survive the Executive’s death or incapacity), to act for and on the Executive’s behalf
to execute and file any such applications, extensions or renewals and to do all other lawfully permitted acts to further the prosecution
and issuance of such letters patent, other intellectual property registrations or filings, or such other similar documents with
the same legal force and effect as if executed by the Executive.

 

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EXECUTION
VERSION

 

(f)
Attached hereto as Exhibit A is a list of all inventions, modifications, discoveries, designs, developments, improvements,
processes, software programs, works of authorship, documentation, formulae, data, techniques, know-how, secrets or intellectual
property rights or any interest therein made by the Executive prior to the date of this Agreement (collectively, the “Prior
Inventions”), which belong to the Executive and which relate to the business or reasonably anticipated business of the
Company and which are not assigned to the Company hereunder; or, if no such list is attached, the Executive represents that there
are no such Prior Inventions. If in the course of the Executive’s employment with the Company, the Executive incorporates
into a Company product, process, or machine a Prior Invention owned by the Executive or in which the Executive has an interest,
then 1) the Executive will notify the Company in writing at least 60 days before efforts are made to develop or commercialize
such Prior Inventions, and 2) the Company is hereby granted a 60 day right of first negotiation to license the Prior Invention(s)
on terms mutually agreeable to relevant parties. If the Company elects to pursue negotiations, the parties agree to negotiate
exclusivity for a period of 90 days.

 

(g)
The Executive waives in whole all moral rights which he may have in the Developments, including the right to the integrity
of the Developments, the right to be associated with the Developments, the right to restrain or claim damages for any distortion,
mutilation or other modification of the Developments, and the right to restrain use or reproduction of the Developments in any
context and in connection with any product, service, cause or institution. The Executive agrees to confirm such waiver from time
to time as requested by the Company.

 

7.
Non-competition. The Executive acknowledges and agrees that the consideration for the following covenants is the Company’s
agreement to provide Severance (as defined in Section 10 below) in the event of the Executive’s termination without Cause
(other than as a result of the death or Disability of the Executive) or by the Executive for Good Reason.

 

The
Executive agrees that, during the Executive’s employment with the Company and for one year thereafter, irrespective of whether
the Executive resigns or is terminated either with or without Cause, the Executive will not, directly or indirectly, individually
or as a consultant to, or an employee, officer, director, manager, stockholder (except as a stockholder owning less than one percent
(1%) of the shares of a corporation whose shares are traded on a national securities exchange), partner, member, or other owner
or participant in any business entity other than the Company:

 

(a)
carry on, participate in, or engage in any business that competes directly with the Business of the Company in the United
States or Canada. For purposes of this Agreement, the term “Business of the Company” means the research, development
or commercialization of virus-like particle vaccines for prophylactic and therapeutic use in both humans and animals;

 

(b)
solicit, employ, hire, endeavor to entice away from the Company, or offer employment or any consulting arrangement to, any
person or entity who is, or was within the one-year period immediately prior thereto, employed by, or a consultant to, the Company;
or

 

(c)
solicit or endeavor to entice away from the Company, any person or entity who is, or was within the one-year period immediately
prior thereto, a customer or client of, supplier to, or other party having material business relations with the Company;

 

provided,
however; that if the Executive is terminated for Cause under clause (v) of the definition of Cause hereunder (i.e. failure
to meet performance expectations of the Board), the non-competition requirement of this Section 7 shall not apply.

 

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EXECUTION
VERSION

 

8.
Remedies. Without limiting the remedies available to the Company, the Executive acknowledges that a breach of any of the covenants
contained in Sections 6 or 7 herein could result in irreparable injury to the Company for which there might be no adequate remedy
at law, and that, in the event of such a breach or threat thereof, the Company shall be entitled to obtain a temporary restraining
order and/or a preliminary injunction and a permanent injunction restraining the Executive from engaging in any activities prohibited
by Sections 6 or 7 herein or such other equitable relief as may be required to enforce specifically any of the covenants of Sections
6 or 7 herein. For purposes of Sections 6, 7, and 8 of this Agreement, the term “Company” shall include Variation
Biotechnologies, Inc., a corporation incorporated under the Canada Business Corporation Act, the Company, their respective subsidiaries
and affiliated companies, and the respective successors and assigns of each of the foregoing.

 

9.
Review of Agreement; Reasonable Restrictions. The Executive: (a) has carefully read and understands all of the provisions
of this Agreement and has had the opportunity for this Agreement to be reviewed by counsel; (b) is voluntarily entering into this
Agreement; (c) has not relied upon any representation or statement made by the Company (or its subsidiaries, affiliates, equity
holders, agents, representatives, employees, or attorneys) with regard to the subject matter or effect of this Agreement; (d)
acknowledges that the duration, geographical scope, and subject matter of Sections 6, 7, and 8 of this Agreement are reasonable
and necessary given the Executive’s unique position within the Company and special knowledge of the Company and its customers;
(e) acknowledges that the duration, geographical scope, and subject matter of Sections 6, 7, and 8 of this Agreement are reasonable
and necessary to protect the goodwill, customer relationships, legitimate business interests, and Confidential Information of
the Company and its affiliates, and that the Company would not have entered into this Agreement without the benefit of such provisions;
(f) acknowledges the significant consideration which he is receiving for entering into this Agreement; and (g) will be able to
earn a satisfactory livelihood without violating this Agreement.

 

10.
Termination.

 

(a)
General. The Executive’s employment with the Company may be terminated at any time by the Company with Cause or without
Cause. Any decision regarding termination of the Executive shall be made by the Board.

 

(b)
Disability. The Executive’s employment with the Company may be terminated at any time by the Company in the event of
the Disability of the Executive.

 

(c)
Change of Control. For purposes of this Agreement, the term “Change of Control” shall mean the sale or disposition
by Company to an unrelated third party of substantially all of its business or assets, or the sale of the capital stock of the
Company in connection with the sale or transfer of a controlling interest in the Company to an unrelated third party, or the merger
or consolidation of the Company with another corporation as part of a sale or transfer of a controlling interest in the Company
to an unrelated third party. For purposes of this definition, the term “controlling interest” means the sale or transfer
of the Company’s securities representing more 50% of the voting power.

 

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EXECUTION
VERSION

 

(d)
Definitions. As used herein, the following terms shall have the following meanings:

 

“Cause”
means that, in the good faith and reasonable determination of the Board, the Executive has (i) breached any fiduciary duty or
legal or contractual obligation to the Company or any of its subsidiaries or affiliates, where written notice is given to the
Executive and the Executive does not cure the breach within fourteen (14) days; (ii) engaged in gross negligence, willful misconduct,
fraud, embezzlement, acts of dishonesty, or a conflict of interest relating to the affairs of the Company or any of its subsidiaries
or affiliates; (iii) been convicted of or pleaded nolo contendere to: (A) any misdemeanor relating to the affairs of the Company
or any of its subsidiaries or affiliates (with the exception of minor misdemeanors not involving moral turpitude); or (B) any
felony or indictable offence; (iv) engaged in a violation of any federal or state laws (with the exception of minor misdemeanors
not involving moral turpitude), or federal or state securities laws; or (v) the Executive has materially failed to meet minimum
performance expectations of the Company’s Chief Executive Officer after reasonable notice of the material performance deficiency
and a reasonable opportunity to remedy such deficiency.

 

“Good
Reason” means (i) a material breach of any material provision of this Agreement, which breach is not cured by the Company
within thirty (30) days after receipt of written notice thereof from the Executive; (ii) the assignment of duties or responsibilities
to the Executive by the Board, which are inconsistent in a material and adverse respect with the Executive’s position with
the Company as of the date of this Agreement; or (iii) the relocation of the Executive, without the Executive’s prior consent,
by the Company to a work location more than fifty (50) miles from the location of the Company’s headquarters; provided
that, in the case of each of (i), (ii) and (iii), the Company shall have been given written notice by the Executive describing
in reasonable detail the occurrence of the event or circumstance for which the Executive believes the Executive may resign for
Good Reason within fifteen (15) days of the first occurrence thereof and the Company shall not have cured such event or circumstance
within thirty (30) days after the receipt of such notice.

 

“Disability”
means the Executive is unable to perform the Executive’s duties as an employee of the Company for a period of four (4) consecutive
months in any twelve-month period as a result of illness (mental or physical) or an accident.

 

“Severance”
means a lump sum payment equal to six (6) months of Base Salary (at the rate in effect on the date of termination) plus (ii) an
additional one (1) month’s payment of Base Salary for each full year served by the Executive following the Effective Time.

 

(e)
Effects of Termination.

 

(i)
Termination Without Severance. If the Executive’s employment is terminated during the term of this Agreement because
of the Executive’s death or Disability, or if the Company terminates the employment of the Executive with Cause, then the
Company shall have no further obligation to provide the Executive with notice or to make any payments or provide any benefits
(except for the continuation of benefits as and to the extent required by law under the Consolidated Budget Reconciliation Act
(“COBRA”), or applicable state equivalent laws, or the Employee Retirement Income Security Act of 1974,
as amended (“ERISA”)) to the Executive hereunder after the date of termination, except for payments
of Base Salary and properly documented expense reimbursement that had accrued but had not been paid prior to the date of such
termination, and payments for any accrued but unused vacation time.

 

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EXECUTION
VERSION

 

(ii)
Termination With Severance. If the Executive’s employment is terminated by the Company without Cause (other than as
a result of the death or Disability of the Executive), the termination is a Change of Control Termination, or the termination
is by the Executive for Good Reason, the Executive shall be entitled to payments of Base Salary and properly documented expense
reimbursement that had accrued but had not been paid prior to the date of such termination, payments for any accrued but unused
vacation time, and payments of the Severance.

 

(f)
Conditions and Limitations to Severance. Notwithstanding the foregoing, the obligation of the Company to make Severance payments
to the Executive shall be subject to the following provisions and conditions:

 

(i)
Release of Claims. If the Executive is entitled to Severance under this Agreement, the obligation of the Company to pay Severance
shall be contingent upon the Executive signing a general release of claims in the form attached hereto as Exhibit B.

 

(ii)
Consequences of Breach. If the Executive breaches the Executive’s obligations under Sections 6, 7, or 23 of this Agreement,
the Company may immediately cease payments of Severance and may recover all Severance paid to the Executive after the date of
such breach, subject to any statutory obligations which the Company has in respect of the payment of statutory notice and severance.
The cessation and recovery of these payments shall be in addition to, and not as an alternative to, any other remedies at law
or in equity available to the Company, including without limitation the right to seek specific performance or an injunction.

 

(g)
Survival. The provisions of Sections 6 through 23 of this Agreement shall survive the term of this Agreement and the termination
of the Executive’s employment with the Company and shall continue thereafter in full force and effect in accordance with
their terms.

 

11.
Enforceability, etc. This Agreement shall be interpreted in such a manner as to be effective and valid under applicable law,
but if any provision hereof shall be prohibited or invalid under any such law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating or nullifying the remainder of such provision or any other provisions
of this Agreement. If any one or more of the provisions contained in this Agreement shall for any reason be held to be excessively
broad as to duration, geographical scope, activity or subject, such provisions shall be construed by limiting and reducing it
so as to be enforceable to the maximum extent permitted by applicable law.

 

12.
Notices. Any notice, demand or other communication given pursuant to this Agreement shall be in writing and shall be personally
delivered, sent by nationally recognized overnight courier or express mail, or mailed by first class certified or registered mail,
postage prepaid, return receipt requested as follows:

 

	 	(a)	If
    to the Executive:

 

NAME

ADDRESS

 

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EXECUTION
VERSION

 

	 	(b)	If
    to the Company:

 

Variation
Biotechnologies (US), Inc.

222
Third Street, Suite 2241

Cambridge, MA 02142

Attention: Chief Financial Officer

 

or
at such other address as may have been furnished by such person in writing to the other party.

 

13.
Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Massachusetts,
without regard to their conflict-of-law provisions.

 

14.
Amendments and Waivers. This Agreement may be amended or modified only by a written instrument signed by the Company and the
Executive. No waiver of this Agreement or any provision hereof shall be binding upon the party against whom enforcement of such
waiver is sought unless it is made in writing and signed by or on behalf of such party. The waiver of a breach of any provision
of this Agreement shall not be construed as a waiver or a continuing waiver of the same or any subsequent breach of any provision
of this Agreement. No delay or omission in exercising any right under this Agreement shall operate as a waiver of that or any
other right.

 

15.
Binding Effect; Assignment. This Agreement shall be binding on and inure to the benefit of the Executive and the Executive’s
heirs, executors and administrators, and on the Company and its successors and assigns. The rights and obligations of the Executive
hereunder are personal and may not be assigned without the prior written consent of the Company.

 

16.
Entire Agreement. This Agreement constitutes the final and entire agreement of the parties with respect to the matters covered
hereby and replaces and supersedes all other agreements and understandings relating hereto and to the Executive’s employment.

 

17.
Counterparts. This Agreement may be executed in two counterparts, including counterpart signature pages or counterpart facsimile
signature pages, each of which shall be deemed an original, but both of which together shall constitute one and the same instrument.

 

18.
No Conflicting Agreements. The Executive represents and warrants to the Company that the Executive is not a party to or bound
by any confidentiality, non-competition, non-solicitation, employment, consulting or other agreement or restriction which could
conflict with, or be violated by, the performance of the Executive’s duties to the Company or obligations under this Agreement.

 

19.
Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit
or affect the scope or substance of any section of this Agreement.

 

20.
No Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In
the event an ambiguity or question of intent or interpretation arises under any provision of this Agreement, this Agreement shall
be construed as if drafted jointly by the parties thereto, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of authoring any of the provisions of this Agreement.

 

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EXECUTION
VERSION 

 

21.
Notification of New Employer. For or a period of up to one year after Executive’s termination, the Executive consents
to notification by the Company to the Executive’s new employer or its agents regarding the Executive’s rights and
obligations under this Agreement.

 

22.
Key Man Insurance. The Executive acknowledges that the Company may wish to purchase insurance on the life of the Executive,
the proceeds of which would be payable to the Company or an affiliate of same. The Executive hereby consents to such insurance
and agrees to submit to any medical examination and release of medical records required to obtain such insurance.

 

23.
Cooperation. The Executive agrees to cooperate fully with the Company in the defense or prosecution of any threatened or actual
claims, actions, arbitrations, audits, hearings, investigations, litigations or suits (whether civil, criminal, administrative,
judicial or investigative, whether formal or informal, whether public or private) commenced, brought, conducted or heard by or
before, or otherwise involving, any governmental body or self-regulatory organization (“Proceedings”) which
may be brought against or on behalf of the Company which relate to events that occurred or allegedly occurred during his employment
with the Company. The Executive’s full cooperation in connection with such claims or actions shall include, without implication
or limitation, being available to meet with counsel for the Company to prepare for discovery or trial and to testify truthfully
as a witness when reasonably requested by the Company at reasonable times designated by the Company. The Company agrees to reimburse
the Executive for any reasonable out-of-pocket expenses that he incurs in connection with cooperation pursuant to this section,
subject to the presentation of reasonable documentation.

 

[Remainder
of Page Intentionally Omitted]

 

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This
Agreement has been executed and delivered as of the date first above written.

 

	 	COMPANY:
	 	 
	 	VBI
    Vaccines Inc.
	 	 	 
	 	By	 
	 	Title:	Chief
Executive Officer
	 	 	 
	 	EXECUTIVE:
	 	 
	 	 
	 	NAME:	 

 

[SIGNATURE
PAGE TO EMPLOYMENT AGREEMENT

 

    	 

    	 

    

 

EXHIBIT
A

 

PRIOR
INVENTIONS

 

    	 

    	 

    

 

EXHIBIT
B

 

FORM
OF GENERAL RELEASE

 

 

In
consideration of the severance benefits (the “Severance”) offered to me by VBI Vaccines Inc.., a Delaware
corporation (the “Company”), pursuant to my Employment Agreement with the Company dated DATE (“Employment
Agreement”) and in connection with the termination of my employment, I agree to the following general release (the “Release”).

 

1.
On behalf of myself, my heirs, executors, administrators, successors, and assigns, I hereby fully and forever generally release
and discharge the Company, its current, former and future parents, subsidiaries, affiliated companies, related entities, employee
benefit plans, and their fiduciaries, predecessors, successors, officers, directors, shareholders, agents, employees and assigns
(collectively, the “Company”) from any and all claims, causes of action, and liabilities up through
the date of my execution of the Release. The claims subject to this release include, but are not limited to, those relating to
my employment with the Company and/or any predecessor to the Company and the termination of such employment. All such claims (including
related attorneys’ fees and costs) are barred without regard to whether those claims are based on any alleged breach of
a duty arising in statute, contract, or tort. This expressly includes waiver and release of any rights and claims arising under
any and all laws, rules, regulations, and ordinances, including, but not limited to: Title VII of the Civil Rights Act of 1964;
the Older Workers Benefit Protection Act; the Americans With Disabilities Act; the Age Discrimination in Employment Act; the Fair
Labor Standards Act; the National Labor Relations Act; the Family and Medical Leave Act; the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”); the Workers Adjustment and Retraining Notification Act; the Equal
Pay Act of 1963; and any similar laws of the state of Washington and/or any other state or governmental entity. The parties agree
to apply Washington law in interpreting the Release. This Release does not extend to, and has no effect upon, any benefits that
have accrued, and to which I have become vested, under any employee benefit plan within the meaning of ERISA sponsored by the
Company.

 

2.
In understanding the terms of the Release and my rights, I have been advised to consult with an attorney of my choice prior to
executing the Release. I understand that nothing in the Release shall prohibit me from exercising legal rights that are, as a
matter of law, not subject to waiver such as: (a) my rights under applicable workers’ compensation laws; (b) my right, if
any, to seek unemployment benefits; (c) my right to file a charge or complaint with a government agency such as but not limited
to the Equal Employment Opportunity Commission, the National Labor Relations Board, or any applicable state agency. To the fullest
extent permitted by law, any dispute regarding the scope of this general release shall be resolved through binding arbitration
pursuant to Section 9 below, and the arbitration provision set forth in my Employment Agreement.

 

3.
I understand and agree that the Company will not provide me with the Severance set forth in my Employment Agreement unless I execute
the Release. I also understand that I have received or will receive, regardless of the execution of the Release, all wages owed
to me together with any accrued but unused vacation pay, less applicable withholdings and deductions, earned through my termination
date.

 

4.
As part of my existing and continuing obligations to the Company, I have returned to the Company all the Company documents (and
all copies thereof) and other the Company property that I have had in my possession at any time, including but not limited to
the Company files, notes, drawings, records, business plans and forecasts, financial information, specification, computer-recorded
information, tangible property (including, but not limited to, computers, laptops, pagers, etc.), credit cards, entry cards, identification
badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company
(and all reproductions thereof).

 

    	 

    	 

    

 

I
understand that, even if I did not sign the Release, I am still bound by the Company’s Proprietary Information, Invention,
Assignment and Noncompete Agreement signed by me in connection with my employment with the Company, pursuant to the terms of such
agreement.

 

5.
I represent and warrant that I am the sole owner of all claims relating to my employment with the Company and/or with any predecessor
of the Company, and that I have not assigned or transferred any claims relating to my employment to any other person or entity.

 

6.
I agree to keep the Severance set forth in my Employment Agreement and the provisions of the Release confidential and not to reveal
its contents to anyone except my lawyer, my spouse or other immediate family member, and/or my financial consultant, or as required
by legal process or applicable law.

 

7.
I understand and agree that the Release shall not be construed at any time as an admission of liability or wrongdoing by either
the Company or me.

 

8.
Any controversy or any claim arising out of or relating to the interpretation, enforceability or breach of the Release shall be
settled by arbitration in accordance with the arbitration provision set forth in my Employment Agreement. If for any reason this
arbitration provision is not enforceable, I agree to arbitration under the employment arbitration rules of the American Arbitration
Association or any successor hereto. The parties further agree that the arbitrator shall not be empowered to add to, subtract
from, or modify, alter or amend the terms of the Release. Any applicable arbitration rules or policies shall be interpreted in
a manner so as to ensure their enforceability under applicable state or federal law.

 

9.
I agree that I have had at least twenty-one (21) calendar days in which to consider whether to execute the Release, no one hurried
me into executing the Release during that period, and no one coerced me into executing the Release. I understand that the offer
of the Severance and the Release shall expire on the sixtieth (60th) calendar day after my employment termination date
if I have not accepted the Release and the Release has not become effective by that time. I further understand that the Company’s
obligations under the Release shall not become effective or enforceable until the eighth (8th) calendar day after the
date I sign the Release provided that I have timely delivered it to the Company (the “Effective Date”)
and that in the seven (7) day period following the date I deliver a signed copy of the Release to the Company I understand that
I may revoke my acceptance of the Release. I understand that the Severance will become available to me only if the Release becomes
effective, on the sixty-first (61st) calendar day after my termination date.

 

10.
In executing the Release, I acknowledge that I have not relied upon any statement made by the Company, or any of its representatives
or employees, with regard to the Release unless the representation is specifically included herein. Furthermore, the Release contains
our entire understanding regarding eligibility for and the payment of severance benefits and supersedes any or all prior representation
and agreement regarding the subject matter of the Release. Once effective and enforceable, this agreement can only be changed
by another written agreement signed by me and an authorized representative of the Company.

 

11.
Should any provision of the Release be determined by an arbitrator, court of competent jurisdiction, or government agency to be
wholly or partially invalid or unenforceable, the legality, validity and enforceability of the remaining parts, terms, or provisions
are intended to remain in full force and effect. Specifically, should a court, arbitrator, or agency conclude that a particular
claim may not be released as a matter of law, it is the intention of the parties that the general release and the waiver of unknown
claims above shall otherwise remain effective to release any and all other claims.

 

I
acknowledge that I have obtained sufficient information to intelligently exercise my own judgment regarding the terms of the Release
before executing the Release.

 

[Signature
Page to General Release Agreement Follows]

 

    	 

    	 

    

 

EMPLOYEE’S
ACCEPTANCE OF RELEASE

 

BEFORE
SIGNING MY NAME TO THE RELEASE, I STATE THE FOLLOWING: I HAVE READ THE RELEASE, I UNDERSTAND IT AND I KNOW THAT I AM GIVING UP
IMPORTANT RIGHTS. I HAVE OBTAINED SUFFICIENT INFORMATION TO INTELLIGENTLY EXERCISE MY OWN JUDGMENT. I HAVE BEEN ADVISED THAT I
SHOULD CONSULT WITH AN ATTORNEY BEFORE SIGNING IT, AND I HAVE SIGNED THE RELEASE KNOWINGLY AND VOLUNTARILY.

 

Date
delivered to employee ___________, ______.

 

Executed
this ___________ day of ___________, ______.

 

	 	 
	 	Employee
    Signature
	 	 
	 	 
	 	Employee
    Name (Please Print)

 

[Signature
Page to General Release Agreement]Exhibit
10.57

 

AMENDMENT
TO CONSULTING AGREEMENT

 

This
Amendment to Consulting Agreement (the “Amendment”), effective as of January, 1th, 2018 (the “Effective
Date”), is by and between Variation Biotechnologies Inc., a corporation incorporated pursuant to the laws of Canada
(the “Company”) having an address of 310 Hunt Club Road East, Ottawa, Ontario K1V 1C1 and F. Diaz-Mitoma Professional
Corporation (Ontario corporation number 002356634) having an address of 210 Barrow Crescent, Kanata, Ontario K2L 2C7 (“Consultant”).
The Consultant and Company are sometimes referred to as a “Party” and are collectively referred to as the “Parties”.

 

WHEREAS,
the Company and Consultant are parties to a certain Consulting Agreement dated July 1, 2016, as amended as of January 1, 2017
(the “Consulting Agreement”);

 

AND
WHEREAS, the Consultant and the Company wish to amend the Consulting Agreement on the terms and conditions set out in this
Amendment;

 

NOW
THEREFORE, in consideration of the mutual covenants contained herein, the Parties agree as follows:

 

1.
Amendment to Section 1(a). As of the Effective Date, Section 1(a) of the Consulting Agreement shall be deleted in its entirety
and replaced with the following:

 

(a)
Term. This Agreement shall be in effect beginning on the Effective Date and, unless terminated earlier pursuant to the provisions
of this Section 1, shall continue until December 31, 2018 (the “Term”). This Agreement may be renewed any number
of times, with or without a short interruption in continuity of Services (as defined below), by written notice from the Company
which is accepted by signature of the Consultant.

 

2.
Amendment to Section 5(a). As of the Effective Date, Section 5(a) of the Consulting Agreement shall be deleted in its entirety
and replaced with the following:

 

5.
Payment for Consulting Services.

 

(a)
Consideration. As consideration for the Services, the Company shall pay Consultant a fee of CAD$42,257.00 per month (plus
any HST or GST payable).

 

3.
Replacement of Appendix C. As of the Effective Date, Appendix C of the Consulting Agreement shall be deleted in its entirety
and replaced with the version of Appendix C attached as Schedule A to this Amendment.

 

4.
Consulting Agreement to Remain in Full Effect. Except as amended by this Amendment, the Consulting Agreement shall continue
to be in full force and effect, without amendment, and is hereby ratified and confirmed. The Consulting Agreement shall henceforth
be read and construed in conjunction with this Amendment.

 

5.
Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the Province of Ontario and
the federal laws of Canada applicable therein.

 

6.
Further Assurances. Each Party shall do such further acts and execute such further documents as may be required to give effect
to this Amendment and carry out the intent thereof.

 

7.
Binding Effect. This Amendment shall be binding on and inure to the benefit of the Parites and their respective successors
and assigns.

 

8.
Execution and Counterparts. This Amendment may be executed in counterparts, including counterpart signature pages or counterpart
facsimile or scanned signature pages (each of which shall be deemed an original), all of which together shall constitute one and
the same instrument.

 

(Signature
page follows.)

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the
Parties hereto have caused this Amendment to be duly executed by their respective authorized officers on February 19, 2018
to take effect as of the Effective Date.

 

	 	VARIATION BIOTECHNOLOGIES INC.
	 	 	 
	 	 	/s/
    Jeff Baxter 
	 	Name:	Jeff
    Baxter
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	F. DIAZ-MITOMA PROFESSIONAL CORPORATION
	 	 	 
	 	 	/s/
    Francisco Diaz-Mitoma
	 	Name:	Francisco
    Diaz-Mitoma
	 	Title:	President

 

    	 

    	 

    

 

Schedule
A

 

Appendix
C – Performance Incentives

 

	 	1.	Bonus
    payable as of January 23, 2018 – CAD $108,697.30.
	 	 	 
	 	2.	The
    Company shall cause VBI Vaccines Inc., a British Columbia corporation (the “Parent”) to grant to Francisco
    Diaz-Mitoma, as designee of Consultant, 100,000 stock options (the “Options”), each Option exercisable
    for one common share of Parent, to be granted effective as of January 23, 2018, which was the date on which the board of directors
    of Parent approved such grant, and to be subject to the provisions of the Plan. Conditions regarding the Options and their
    exercise, including the exercise price, the term of the Options and the timing of vesting shall be set out in an Option Agreement
    between the Parent and Francisco Diaz-Mitoma. The common shares issuable upon exercise of the Options shall bear the appropriate
    legend to indicate such shares are “control securities” as defined in General Instruction C.1(a) of Form S-8.

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