Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

CONSULTING AGREEMENT 

This CONSULTING AGREEMENT (the “Agreement”) is entered into on May 21, 2018 and is effective as of May 8, 2018 (the
“Effective Date”), by and between Altimmune, Inc. (the “Company”), and Will Brown, an individual resident in Colorado (“Consultant”). 

WHEREAS, the Company desires to retain Consultant to act as the Company’s interim principal financial officer and principal accounting
officer (as defined in the rules under the Securities Exchange Act of 1934), and Consultant desires to serve in that capacity; and 

WHEREAS, in that role Consultant will serve as the Company’s Acting Chief Financial Officer and will perform all functions related
thereto; 
 NOW, THEREFORE, in consideration of the mutual promises and obligations herein, and other valuable consideration, the receipt
and sufficiency of which are acknowledged, the parties agree as follows: 
 1. Consulting Services. 

(a) During the term of this Agreement, Consultant will provide the Services (as defined below), as the Company’s Acting Chief Financial
Officer. The Services under this Agreement will all be performed by Will Brown and may not be subcontracted or assigned to other persons. Consultant will provide the Services on a full-time basis. The Consultant will perform all duties and fulfill
the responsibilities typically completed or required of a Chief Financial Officer of a public company in the United States, including, but not limited to, oversight of the Company’s accounting and finance organization (including Treasury and
Tax functions), financial and accounting compliance functions, preparing the Company’s financial statements and signing the Company’s reports to be filed with the Securities and Exchange Commission (for instance on Forms 10-Q, 10-K and 8-K), communicating with shareholders, assisting in financing or other strategic transactions, coordinating with the
Company’s independent public accountants with respect to quarterly reviews and annual audits, coordinating with the Chairman of the Audit Committee and providing all information necessary, appropriate or required for the Audit Committee, and
such other duties reasonably requested by the Company’s corporate officers or Board of Directors, consistent with the position of Chief Financial Officer (the “Services”). Consultant shall exercise reasonable skill and care in
providing the Services hereunder, and shall perform the Services in a professional manner, consistent with industry standards. 
 (b) If and
to the extent requested by the CEO or Board of Directors, following the termination of this Agreement, Consultant will provide such assistance and certifications as may be requested or necessary in order to enable the Company to make timely filing
of its next succeeding quarterly or annual report on Form 10-Q or 10-K, respectively, required to be filed by the Company following the termination of this Agreement. To
the extent that Consultant is requested to provide such assistance and certifications, Consultant shall be compensated at the same rate as for the Services as described herein, pro-rated based on the time
spent in so doing, and for purposes of this Agreement, such additional assistance and services shall be deemed to be part of the Services hereunder. 

(c) Consultant will report directly to the CEO. 

 2. Consultant’s Fees and Expenses. 

(a) During the term of this Agreement, the Company shall pay Consultant a fee of $27,000 for each full month that Consultant provides
Services. Consultant shall be paid a pro-rata fee for any partial months occurring during the term of this Agreement. Consultant shall be paid on the first business day of each month following service. 

(b) In addition, during the term of this Agreement, the Company shall pay to Consultant a monthly stipend of $1,000 to cover the
Consultant’s expenses incurred in connection with the Consultant’s travel from Colorado to the Company’s offices in Gaithersburg, Maryland, including, but not limited to, lodging and meal costs. This stipend shall be paid on the first
business day of each month following service. With respect to any other travel by Consultant made at the request of the Company, the Company shall reimburse the Consultant for all reasonable and pre-approved out-of-pocket expenses which are incurred in connection with such travel, consistent with the Company’s expense reimbursement policy. 

(c) The Consultant is solely responsible for the payment of all income, social security, employment-related, or other taxes incurred as a
result of the performance of the Services by Consultant under this Agreement and for all obligations, reports, and timely notifications relating to such taxes. The Company shall have no obligation to pay or withhold any sums for such taxes. 

3. Term & Termination. This Agreement shall commence on the Effective Date and shall continue until terminated as set forth
below. 
  

	 	(a)	 Termination for Convenience. Consultant may terminate this Agreement at any time for any or for no
reason by giving the Company thirty (30) days’ prior written notice of termination; the Company may terminate this Agreement at any time for any or for no reason by giving Consultant fifteen (15) days’ prior written notice of
termination. 

  

	 	(b)	 Termination for Cause. The Company may immediately terminate Consultant’s engagement for Cause upon
written notice of termination to Consultant, with the particular Cause being specified in such notice. “Cause” means any of the following in the Company’s judgment: (a) Consultant’s conduct, failure or omission which has, or
may have, an adverse effect on the Company; (b) Consultant’s act or acts amounting to gross negligence or willful misconduct to the detriment of the Company; (c) Consultant’s fraud or embezzlement of funds or property; or
(d) Consultant’s breach of any covenant or agreement in Section 4 or 5 of this Agreement. 

  
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 4. Work Product. All Work Product (defined below) shall be work made for hire by Consultant and owned
by the Company. If any of the Work Product may not, by operation of law or otherwise, be considered work made for hire by Consultant for the Company, or if ownership of all right, title, and interest to the legal rights therein shall not otherwise
vest exclusively in the Company, Consultant hereby assigns to the Company, and upon the future creation thereof automatically assign to the Company, without further consideration, the ownership of all Work Product. The Company shall have the right
to obtain and hold in its own name copyrights, patents, registrations, and any other protection available in the Work Product. Consultant agrees to perform, during or after termination of Consultant’s engagement, such further acts as may be
necessary or desirable to transfer, perfect, and defend the Company’s ownership of the Work Product as requested by the Company. For purposes of this letter, “Work Product” means the data, materials, formulas, research,
documentation, computer programs, communication systems, audio systems, system designs, inventions (whether or not patentable), and all works of authorship, including all worldwide rights therein under patent, copyright, trade secret, confidential
information, moral rights and other property rights, created or developed in whole or in part by Consultant, while engaged by the Company and its affiliates, within the scope of Consultant’s engagement or that otherwise relates in any manner to
the business or projected business of the Company and its affiliates. 
 5. Confidentiality/
Non-Disparagement/ Non-Solicitation/ Non-Competition/ Company Policies. 

(a) The Consultant acknowledges that during the engagement he will have access to and become acquainted with various confidential or
proprietary information, including pending or potential transactions, financial information concerning the Company, its business plans, personnel and strategies, trade secrets, inventions, innovations, processes, information, records and
specifications owned or licensed by the Company and/or used by the Company in connection with the operation of its business including, without limitation, the Company’s business and product processes, methods, customer lists, accounts and
procedures. 
 The Consultant agrees that Consultant will not disclose any of the aforesaid confidential or proprietary information,
directly or indirectly, or use any of them in any manner, either during the term of this Agreement or at any time thereafter, except as required in the course of this engagement with the Company. To the extent permitted by law and subject to
Section 10 below, upon receipt of any subpoena, court order, or other legal process compelling the disclosure of confidential or proprietary information, Consultant agrees to give prompt written notice to the Company so as to permit the Company
to protect its interests in confidentiality to the fullest extent possible. All files, records, documents, blueprints, specifications, information, letters, notes, media lists, original artwork/creative, notebooks, and similar items relating to the
business of the Company, whether prepared by the Consultant or otherwise coming into Consultant’s possession, shall remain the exclusive property of the Company. Consultant shall not retain any copies of the foregoing without the Company’s
prior written permission. Upon the termination of this Agreement, or whenever requested by the Company, Consultant shall immediately deliver to the Company all such files, records, documents, specifications, information, and other items in
Consultant’s possession or under Consultant’s control. 

  
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 (b) Consultant agrees that for so long as Consultant is engaged by the Company or any of its
affiliates hereunder and at all times thereafter, Consultant will not disparage the Company or its officers, directors, or affiliates in any way, or through any medium. Consultant agrees to provide full cooperation and assistance in assisting the
Company to investigate such statements if the Company reasonably believes that Consultant is the source of any such statements. The foregoing shall not apply to statutorily privileged statements made to governmental or law enforcement agencies. 

(c) Consultant agrees that for so long as Consultant is engaged by the Company or any of its affiliates hereunder and for a period of 12
months after the date Consultant ceases to be engaged by the Company and its affiliates for any reason, neither Consultant nor any company or other entity controlled by Consultant (whether currently existing or hereafter acquired or formed) shall,
directly or indirectly, in any capacity, (i) solicit or induce, or attempt to solicit or induce, any person who accepts employment with the Company and its affiliates to leave the employ of the Company or any of its affiliates for any reason
whatsoever, or (ii) hire or employ any person who accepts employment with the Company and its affiliates. 
 (d) Consultant agrees that
for so long as Consultant is engaged by the Company or any of its affiliates hereunder, neither Consultant nor any company or other entity controlled by Consultant (whether currently existing or hereafter acquired or formed) shall, directly or
indirectly, in any capacity, engage in any employment or business activity for a company that competes with the business of the Company and its affiliates, in any country in which the Company or any of its affiliates does business. Consultant agrees
that, given the nature of the business of the Company and its affiliates and Consultant’s position, the foregoing geographic scope is appropriate and reasonable. 

(e) Consultant agrees that Consultant has read and reviewed, understands and will comply with all Company policies, including the
Company’s Code of Business Conduct and Ethics Policy, Insider Trading Policy and Related Party Transaction Policy, and Consultant will comply with all applicable laws, rules and regulations in the performance of the Services. 

6. Conflicts of Interest. The Consultant represents that Consultant is free to enter into this Agreement and that this engagement does not violate the
terms of any agreement between the Consultant and any third party. Further, the Consultant, in rendering Consultant’s duties, shall not utilize any invention, discovery, development, improvement, innovation, or trade secret in which Consultant
does not have a proprietary interest. 
 7. Indemnification and D&O Insurance. The Company agrees to defend, indemnify (including, without
limitation, by providing for the advancement of expenses and reasonable attorneys’ fees) and hold harmless Consultant for any and all acts taken or omitted to be taken by Consultant hereunder (except for bad faith, gross negligence or willful
misconduct) as if Consultant was an officer of the 

  
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Company. This defense, indemnity, and hold harmless obligation shall apply to Consultant to the extent provided in the charter and bylaws of the Company in accordance with the same terms,
conditions, limitations, standards, duties, rights and obligations as are applicable to an officer. The provisions of this Section shall survive any termination of this Agreement. The Company agrees to have Consultant added as an additional insured
under Company’s directors and officers (D&O) insurance policy to cover Consultant for the Services provided under this agreement. Company shall provide written confirmation of such to Consultant. 

8. Independent Consultant. This Agreement shall not render Consultant an employee, partner, agent of, or joint venturer with the Company for any
purpose. Consultant is and will remain an independent contractor in his relationship to the Company. The Company shall not be responsible for withholding taxes with respect to the Consultant’s compensation hereunder. Consultant shall have no
claim against the Company hereunder or otherwise for vacation pay, sick leave, retirement benefits, social security, worker’s compensation, health or disability benefits, unemployment insurance benefits, or employee benefits of any kind, except
as provided by Section 7 above. 
 9. Remedies. Consultant acknowledges that breach of the provisions of Sections 4 and 5 would result in
irreparable injury and permanent damage to the Company and its affiliates, which prohibitions or restrictions Consultant acknowledges are both reasonable and necessary under the circumstances, singularly and in the aggregate, to protect the
interests of the Company and its affiliates. Consultant recognizes and agrees that the ascertainment of damages in the event of a breach of Sections 4 and 5 would be difficult, and that money damages alone would be an inadequate remedy for the
injuries and damages that would be suffered by the Company and its affiliates from breach by Consultant. Consultant therefore agrees: (i) that, in the event of a breach of Sections 4 or 5, the Company, in addition to and without limiting any of
the remedies or rights that it may have at law or in equity or pursuant to this Agreement, shall have the right to injunctive relief or other similar remedy to specifically enforce the provisions hereof; and (ii) to waive and not to
(A) assert any defense to the effect that the Company has an adequate remedy at law with respect to any such breach, (B) require that the Company submit proof of the economic value of any trade secret, or (C) require that the Company
post a bond or any other security. Nothing contained herein shall preclude the Company from seeking monetary damages of any kind, including reasonable fees and expenses of counsel and other expenses, in a court of law. Consultant and the Company
agree to the exclusive jurisdiction of the courts located in Baltimore, MD for all matters arising under this Agreement. 
 10. Reports to Government
Entities. Nothing in this Agreement shall restrict or prohibit Consultant from initiating communications directly with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible
violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory authority or a government agency or entity, including the U.S. Equal Employment Opportunity Commission, the Department of
Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General (collectively, the “Regulators”), or from making other disclosures that are
protected under the whistleblower provisions of state or federal 

  
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law or regulation. Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade
secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law,
or in connection with a lawsuit for retaliation for reporting a suspected violation of the law. Consultant does not need the prior authorization of the Company to engage in such communications with the Regulators, respond to such inquiries from the
Regulators, provide confidential information or documents to the Regulators, or make any such reports or disclosures to the Regulators. Consultant is not required to notify the Company that Consultant has engaged in such communications with the
Regulators. 
 11. Successors and Assigns. All of the provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective heirs, if any, successors, and permitted assigns. 
 12. Choice of Law. The laws of the state of Maryland shall govern
the validity of this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties hereto. 
 13. Arbitration.
Except as provided in Section 9, any controversies arising out of the terms of this Agreement or its interpretation shall be settled in Gaithersburg, MD in accordance with the rules of the American Arbitration Association, and the judgment
upon award may be entered in any court having jurisdiction thereof. 
 14. Headings. Section headings are not to be considered a part of this
Agreement and are not intended to be a full and accurate description of the contents hereof. 
 15. Waiver. Waiver by one party hereto of breach of
any provision of this Agreement by the other shall not operate or be construed as a continuing waiver. 
 16. Assignment. The Consultant shall not
assign any of his rights under this Agreement, or delegate the performance of any of his duties hereunder, without the prior written consent of the Company. 

17. Notices. Any and all notices, demands, or other communications required or desired to be given hereunder by any party shall be in writing and shall
be validly given or made to another party if personally served, or if deposited in the United States mail, certified or registered, postage prepaid, return receipt requested. If such notice or demand is served personally, notice shall be deemed
constructively made at the time of such personal service. If such notice, demand or other communication is given by mail, such notice shall be conclusively deemed given five days after deposit thereof in the United States mail addressed to the party
to whom such notice, demand or other communication is to be given as follows: 
  

			
	If to the Consultant:	  	Will Brown
		  	[Address on file with the Company]

  

			
	If to the Company:	  	Altimmune, Inc.
		  	910 Clopper Road, Suite 210-S
		  	Gaithersburg, MD 20878
		  	Attention: Chief Executive Officer

  
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 Any party hereto may change its address for purposes of this paragraph by written notice given in the manner
provided above. 
 18. Modification or Amendment. No amendment, change or modification of this Agreement shall be valid unless in writing signed by
the parties hereto. 
 19. Entire Understanding. This document and any exhibit attached constitute the entire understanding and agreement of the
parties, and any and all prior agreements, understandings, and representations are hereby terminated and canceled in their entirety and are of no further force and effect. 

20. Unenforceability of Provisions. If any provision of this Agreement, or any portion thereof, is held to be invalid and unenforceable, then the
remainder of this Agreement shall nevertheless remain in full force and effect. 
 21. Survival. The covenants and agreements of the Consultant
contained Sections 4, 5, 7, 8, 9, 12, and 13 above shall survive the termination of this Agreement. 
 IN WITNESS WHEREOF the undersigned
have executed this Agreement as of the day and year first written above. The parties hereto agree that facsimile signatures shall be as effective as if originals. 
  

									
	ALTIMMUNE, INC.	 		 	
					
	By:	 	/s/ William Enright	 		 		 	/s/ Will Brown
		 	William Enright	 		 		 	Will Brown

									
	Title:	 	President and CEO	 		 		 	

  
 7EX-10.4

 Exhibit 10.4 

Execution Version 

GENERAL RELEASE 

GENERAL RELEASE (the “Release”), by Elizabeth A. Czerepak (the “Executive”) in favor of Altimmune,
Inc. (the “Company”) and the Company Releasees (as hereinafter defined), dated as of May 29, 2018. 
 Capitalized
terms used herein but not specifically defined shall have the meanings set forth in the Employment Agreement between the Executive and the Company, dated as of December 7, 2015, as amended by the First Amendment to the Employment Agreement,
effective as of January 18, 2017 (together, the “Employment Agreement”). 
 1. Termination. In connection with
the Executive’s resignation of employment without Cause, effective on May 8, 2018, the Executive hereby confirms her resignation from all positions with the Company and its affiliates, including as an officer, director, employee, or
fiduciary of the Company or any affiliate. The Executive will execute such letters or documents that the Company or any affiliate deems necessary and proper to effect the foregoing resignations. 

2. Separation Benefits. In connection with the Executive’s resignation of employment, the Company has agreed to provide the
Executive with the amounts set forth in this Section 2 and—subject to the Executive’s timely execution, delivery, and failure to revoke this Release, and subject further to the Executive’s continued compliance with the
obligations described in Sections 11 and 12 of this Release—the following payments and benefits, all as set forth in the Employment Agreement and subject to the terms and conditions set forth therein: 

a. $270,000.00, as a cash severance payment, payable in equal monthly installments over the nine (9) month period following the date of
the Executive’s resignation in accordance with the Company’s regular payroll practices, except that the first installment will be paid on the Company’s regular payroll on June 29, 2018 and shall include payment of any
amounts that would otherwise be due prior thereto; and 
 b. subject to the Executive’s timely election, and the availability, of COBRA
continuation coverage, a monthly payment on the Executive’s behalf equal to $2,358.72 for COBRA continuation coverage for nine (9) months following the Executive’s resignation, which amount is equal to the monthly amount provided
under Section 6(b)(ii) of the Employment Agreement for COBRA Assistance, except that the first installment will be paid on the Executive’s behalf on the 60th day following the Executive’s resignation and shall include payment
of any amounts that would otherwise be due prior thereto, and provided further, however, that if at any time the Company determines that the COBRA Assistance would result in a violation of the
non-discrimination rules under Code Section 105(h)(2) or any other applicable laws, statute, or regulation of similar effect (including, but not limited to, the 2010 Patient Protection and Affordable Care
Act, as amended), then in lieu of providing the COBRA Assistance, the Company will instead pay the Executive fully taxable cash payments equal to, and paid at the same time as, the COBRA Assistance that would have otherwise been paid. 

  
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 Execution Version 

 

 Without limiting the generality of anything contained in this Release, the Executive
expressly agrees and acknowledges that (i) all of the Executive’s outstanding unvested stock option awards are immediately terminated and of no further force and effect as of the date of this Release, and (ii) all of the
Executive’s outstanding vested stock option awards shall be subject to the terms and conditions of the applicable plan document and stock option award agreements. 

3. No Other Compensation or Benefits. Executive’s participation in and rights under the Company’s 401(k) plans shall be
subject to the applicable terms of such plans. The Cash Severance Amount, Accrued Obligations, and other benefits set forth in Section Error! Reference source not found. of this Release shall constitute the entire, maximum, and only
obligation of the Company to Executive under this Release or otherwise, and Executive is not entitled to any other benefit payment or compensation in any form, including without limitation the payment of any expense reimbursement, personal holidays,
vacation or personal time off pay, bonuses, or health, welfare, or retirement benefits or rights, from the Company or any Company Releasees (as that term is defined below). 

4. General Release. The Executive, for the Executive and for the Executive’s heirs, executors, administrators, successors, and
assigns (referred to collectively as “Releasors”) hereby irrevocably and unconditionally, and knowingly and voluntarily, waives, terminates, cancels, releases, and discharges forever the Company and its subsidiaries, affiliates, and
related entities and any and all of their respective predecessors, successors, assigns, and employee benefit plans, together with each of their respective owners, assigns, agents, general and limited partners, shareholders, directors, officers,
employees, attorneys, advisors, trustees, fiduciaries, administrators, agents, and representatives, and any of their predecessors and successors and each of their estates, successors, heirs and assigns (collectively, the “Company
Releasees”) from any and all charges, allegations, complaints, claims, liabilities, obligations, promises, agreements, causes of action, rights, costs, losses, debts, and expenses of any nature whatsoever, known or unknown, suspected or
unsuspected (collectively, “Claims”) which the Executive or the Releasors ever had, now have, may have, or hereafter can, will, or may have (either directly, indirectly, derivatively, or in any other representative capacity) by
reason of any matter, fact, or cause whatsoever against the Company or any of the other Company Releasees: (a) from the beginning of time to the date upon which the Executive signs this Release; (b) arising out of, or relating to, the
Executive’s employment with the Company and/or the termination of the Executive’s employment; or (c) arising out of or related to any agreement or arrangement between the Executive and/or any Company Releasees. This Release includes,
without limitation, all claims for attorneys’ fees and punitive or consequential damages and all claims arising under any federal, state, and/or local labor, employment, whistleblower, and/or anti-discrimination laws and/or regulations,
including, without limitation, the Age Discrimination in Employment Act of 1967 (“ADEA’), Title VII of the Civil Rights Act of 1964, the Employee Retirement Income Security Act of 1974, the Americans with Disabilities Act, the
Family and Medical Leave Act, the Civil Rights Act of 1991, the Equal Pay Act, the Immigration and Reform Control Act, the Uniform Services Employment and Re-Employment Act, the Rehabilitation Act of 1973,
Executive Order 11246, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Worker Adjustment Retraining and Notification Act, the Labor Management Relations Act, the National Labor Relations Act, Title 3 of
Maryland’s Labor and Employment Code, the Maryland Wage Payment and Collection Act, the anti-discrimination ordinances of Montgomery County (Montgomery Cty., Md., Code §§ 27- 

  
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 Execution Version 

 

 
11, et seq.), and any similar federal, Maryland or other state, or municipal act, statute, or ordinance, including all amendments to any of the aforementioned acts, statutes, or ordinances or
under any common law or equitable theory including, but not limited to, tort, breach of contract, fraud, fraudulent inducement, promissory estoppel, and defamation and violations of any other federal, state, or municipal fair employment acts,
statutes, or laws, including, without limitation, violations of any other act, statute, law, rule, regulation, or ordinance pertaining to employment, wages, compensation, hours worked, or any other matters related in any way to the foregoing;
provided, however, that nothing in this Release shall release or impair any rights that cannot be waived under applicable law. 
 5.
Surviving Claims. Notwithstanding anything herein to the contrary, this Release shall not: 
 a. limit or prohibit in any way the
Executive’s (or the Executive’s beneficiaries’ or legal representatives’) rights to bring an action to enforce the terms of this Release; 

b. release any claim for employee benefits under plans covered by the Employee Retirement Income Security Act of 1974, as amended, to the
extent that such claims may not lawfully be waived, or for any payments or benefits under any benefit plans of the Company and its affiliates in which the Executive was a participant as of the date of resignation of the Executive’s employment
that have accrued or vested in accordance with and pursuant to the terms of those plans; 
 c. waive or release any rights or claims
Executive may have to workers’ compensation or unemployment benefits; or 
 d. waive or release any other claims or rights which cannot
be waived by law. 
 6. Executive Representations. The Executive represents and warrants that no Releasor has filed any civil action,
suit, arbitration, administrative charge, complaint, lawsuit, or legal proceeding against any Company Releasee nor has any Releasor assigned, pledged, or hypothecated, as of the date hereof, Executive’s claim to any person and no other person
has an interest in the Claims that Executive is releasing. Executive further represents and warrants that Executive has no known workplace injuries or occupational diseases. 

7. Pursuit of Released Claims. Executive agrees and covenants not to file any suit, action, arbitration, or complaint against any of
the Company Releasees for claims released in this Release and, except as provided for in Section 10 of this Release, not to assist in any such action in any court or private proceeding with regard to any claim, demand, liability, or obligation
arising out of her employment with the Company or separation therefrom. Nothing in this Release shall interfere with Executive’s right to respond accurately and fully to any question, inquiry, or request for information when required by legal
process (e.g., a valid subpoena or other similar compulsion of law). 

  
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 Execution Version 

 

 8. Nonadmission of Liability. Executive acknowledges that neither this Release and the
consideration offered in it, nor the Company’s performance hereunder, constitutes an admission by the Company or any of the Company Releasees of any violation of any federal, state, or local law, ordinance, regulation, public policy, or any
common law rule, breach of any contract, commission of any wrongdoing, or liability whatsoever. 
 9. Acknowledgements by Executive.
The Executive acknowledges and agrees that Executive has read this Release in its entirety and that this Release is a general release of all known and unknown rights and Claims, including, without limitation, of rights and Claims arising under ADEA.
The Executive further acknowledges and agrees that: 
 a. this Release does not release, waive, or discharge any rights or claims that may
arise for actions or omissions after the date the Executive executes this Release; 
 b. the Executive is entering into this Release and
releasing, waiving, and discharging rights or claims only in exchange for consideration that the Executive is not already entitled to receive; 

c. the Executive has been advised, and is being advised by this Release, to consult with an attorney before executing this Release, and the
Executive has consulted (or had an opportunity to consult) with counsel of the Executive’s choice concerning the terms and conditions of this Release; 

d. the Executive has been advised, and is being advised by this Release, that the Executive has
twenty-one (21) days within which to consider this Release, and the Executive hereby acknowledges that in the event that the Executive executes this Release before the expiration of the 21-day period, the Executive waives the balance of said period and acknowledges that the Executive’s waiver of such period is knowing, voluntary, and has not been induced by the Company or any Company Releasee
through fraud, misrepresentation, or threat; and 
 e. the Executive is aware that this Release shall become void if the Executive revokes
the Executive’s agreement to this Release within seven (7) days following the date of execution of this Release. The Executive may revoke this Release at any time during such seven-day period by
delivering (or causing to be delivered) to the Chief Executive Officer of the Company at 910 Clopper Road, Suite 201S, Gaithersburg, Maryland 20878 written notice of the Executive’s revocation of this Release no later than the seventh (7th)
full day following the date of execution of this Release. 
 10. Additional Agreements. Nothing in this Release shall prohibit the
Executive from filing a charge with, providing information to, or cooperating with any governmental agency and in connection therewith obtaining a reward or bounty, but the Executive agrees that should any person or entity file or cause to be filed
any civil action, suit, arbitration, or other legal proceeding seeking equitable or monetary relief concerning any claim released by the Executive herein, neither the Executive nor any Releasor shall seek or accept any such damages or relief from or
as the result of such civil action, suit, arbitration, or other legal proceeding filed by the Executive or any action or proceeding brought by another person, entity, or governmental 

  
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 Execution Version 

 

 
agency. In addition, nothing in this Release (including, without limitation, Section 12 below) shall be construed to prohibit the Executive from (a) reporting or disclosing information
under the terms of the Company’s policy concerning reporting suspected violations of law or (b) reporting possible violations of federal law or regulations, including any possible securities laws violations, to any governmental agency or
entity, including the U.S. Department of Justice, the U.S. Securities and Exchange Commission, the U.S. Congress, or any agency Inspector General; making any other disclosures that are protected under the whistleblower provisions of federal law or
regulations; otherwise fully participating in any federal whistleblower programs, including any such programs managed by the U.S. Securities and Exchange Commission; or receiving individual monetary awards or other individual relief by virtue of
participating in any such federal whistleblower programs (it being understood that prior authorization of the Company is not required to make any such reports or disclosures, and the Executive is not required to notify the Company that she has made
such reports or disclosures). 
 11. Restrictive Covenants, Assistance in Litigation, Tax Withholding, and Code § 409A
Compliance. The Executive expressly acknowledges and agrees that her obligations under Section 7 (Secrecy, Non-Solicitation and Non-Competition) and
Section 12 (Assistance in Litigation) of the Employment Agreement shall remain in full force and effect after the date hereof, notwithstanding anything to the contrary in this Release. In addition, for the avoidance of doubt, Sections 20 and 21
of the Employment Agreement concerning compliance with tax withholding and Code Section 409A shall apply to all payments referred to in this Release. 

12. No Disparagement. Subject to Section 10, the Executive agrees to refrain from any publication and any type of communication,
whether oral or written, of a defamatory or disparaging nature concerning the Company, its affiliates, or its past, present, and future officers, directors, agents, employees, or representatives. The Company agrees to instruct its directors and
executive officers to refrain from any publication and any type of communication, whether oral or written, of a defamatory or disparaging nature concerning the Executive. 

13. Waiver. The failure of either of the parties hereto to at any time enforce any of the provisions of this Release shall not be
deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Release or any term hereof or the right of either of the parties hereto thereafter to enforce each and every term of this Release. No waiver of
any breach of any of the terms of this Release shall be effective unless set forth in a written instrument executed by the party against whom or which enforcement of such waiver is sought, and no waiver of any such breach shall be construed or
deemed to be a waiver of any other or subsequent breach. 
 14. Company Property. Executive represents and warrants that she has
turned over to the Company all property of the Company, including without limitation all files, memoranda, keys, manuals, equipment, data, records, and other documents, including electronically recorded documents and data that Executive received
from the Company or its employees or that Executive generated in the course of her employment with the Company. Executive further represents she no longer retains, in paper or electronic format, any data, property, or documents that Executive
received from the Company or its employees or that Executive generated in the course of her employment with the Company. Executive represents and certifies that she has 

  
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permanently deleted any and all electronic data of the Company from all of Executive’s computers and electronic communications and storage devices, as well as Executive’s electronic
accounts, including but not limited to email and cloud-based computing accounts. 
 15. Governing Law. This Release is made and
entered into in the State of Maryland, and the laws of the State of Maryland shall govern its validity and interpretation, without regard to conflict of laws rules. 

16. Consent to Venue, Service, and Personal Jurisdiction. Any dispute, controversy, or claim arising out of this Release or the breach
thereof shall be brought in the state or federal courts located in the State of Maryland. The Executive irrevocably (a) accepts generally and unconditionally the exclusive jurisdiction and venue of state and federal courts located in the State
of Maryland; (b) waives any defense of forum non conveniens; (c) agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt requested, to the applicable
party at its address provided in Section 13 of the Employment Agreement; and (d) agrees that service as provided in clause (c) above is sufficient to confer personal jurisdiction over the Executive in any such proceeding in any such
court, and otherwise constitutes effective and binding service in every respect. 
 17. WAIVER OF JURY TRIAL. EACH PARTY HERETO
IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY DISPUTE, CONTROVERSY, OR CLAIM, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, AMONG THE PARTIES HERETO ARISING OUT OF OR RELATING IN ANY WAY TO THE EMPLOYMENT OF THE
EXECUTIVE OR TERMINATION THEREOF OR FOR ANY COUNTERCLAIM THEREIN. THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS RELEASE WITH ANY COURT OF COMPETENT JURISDICTION AS PROVIDED HEREIN AS WRITTEN EVIDENCE OF THE CONSENT OF THE
PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 18. Amendment. No provision of this Release may be modified,
changed, waived, or discharged unless such waiver, modification, change, or discharge is agreed to in writing and signed by the Company and the Executive. 

19. Entire Agreement. When read in conjunction with the surviving portions of the Employment Agreement referenced herein, this Release
constitutes the entire agreement with the parties relating to the Executive’s separation from and release of claims against the Company and the Company Releasees. 

20. Severability and Reformation. If a court finds any term of this Release invalid or unenforceable as applied to any circumstance,
the remainder of this Release and the application of such term shall be interpreted so as to best effect the intent of the parties hereto. The parties further agree and consent to the court replacing or revising any such void or unenforceable term
in this Release such that it is a valid and enforceable term that will achieve, to the extent possible, the economic, business, or other purposes of the void or unenforceable term. 

  
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 21. Counterparts. This Release may be executed in two or more counterparts, each of
which shall be deemed an original, but all of which shall together constitute one in the same Release. 
 Signature page follows. 

  
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 IN WITNESS WHEREOF, the Company and the Executive have signed this Release on the dates set
forth below. 
  

			
	EXECUTIVE
		
	By:	 	/s/ Elizabeth A. Czerepak
		
	Name:	 	Elizabeth A. Czerepak
		
	Date:	 	May 29, 2018

  

			
	ALTIMMUNE, INC.
		
	By:	 	/s/ William J. Enright
		
	Name:	 	William J. Enright
		
	Title:	 	Chief Executive Officer
		
	Date:	 	29 May 2018

  
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