Document:

SEPARATION
AND GENERAL RELEASE AGREEMENT

 

THIS
SEPARATION AND GENERAL RELEASE AGREEMENT (this “Separation Agreement”) is entered into between ABDEL FAWZY,
with an address at 1225 Colony Preserve Drive, Boynton Beach, FL 33436 (the “Employee”)
and MATINAS bIOPHARMA hOLDINGS, iNC., having an office at 1545 Route 206 South,
Suite 302, Bedminster, NJ 07921 (the “Employer”). Employer, together with its past, present and future direct
and indirect parent organizations, subsidiaries, affiliated entities, related companies and divisions and each of their respective
past, present and future officers, directors, employees, shareholders, trustees, members, partners, attorneys and agents (in each
case, individually and their official capacities), and each of their respective employee benefit plans (and such plans’
fiduciaries, agents, administrators and insurers, in their individual and their official capacities), as well as any predecessors,
future successors or assigns or estates of any of the foregoing, is collectively referred to in this Separation Agreement as the
“Released Parties.”

 

1.
Separation of Employment. Employee acknowledges that he was informed on January 29, 2018 that his employment would end
effective February 9, 2018 (the “Separation Date”). Employee further acknowledges that Employee has received
all compensation and benefits to which Employee is entitled as a result of Employee’s employment, except as otherwise provided
in this Separation Agreement. Employee understands that, except as otherwise provided in this Separation Agreement, Employee is
entitled to nothing further from the Released Parties, including reinstatement by Employer.

 

2.
Employee General Release of Released Parties. In consideration of the payment and benefits set forth in Section 4
below, Employee (on his own behalf and on behalf of his heirs, executors, administrators, trustees, legal representatives, successors
and assigns) hereby unconditionally and irrevocably releases, waives, discharges and gives up, to the full extent permitted by
law, any and all Claims (as defined below) that Employee may have against any of the Released Parties, arising on or prior to
the date of Employee’s execution and delivery of this Separation Agreement to Employer. “Claims” means
any and all actions, charges, controversies, demands, causes of action, suits, rights, and/or claims whatsoever for debts, sums
of money, wages, salary, severance pay, expenses, commissions, fees, bonuses, unvested stock options and/or other equity compensation,
vacation pay, sick pay, fees and costs, attorneys’ fees, losses, penalties, damages, including damages for pain and suffering
and emotional harm, arising, directly or indirectly, out of any promise, agreement, offer letter, contract (including but not
limited to that certain employment letter dated as of March 22, 2017), understanding, common law, tort, the laws, statutes, and/or
regulations of the States of New Jersey, Florida, or any other state or municipality and the United States, including, but not
limited to, federal and state wage and hour laws (to the extent waiveable), federal and state whistleblower laws, Title VII of
the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay Act, the Lilly Ledbetter Fair Pay Act of 2009, the Americans
with Disabilities Act, the Family and Medical Leave Act, the Employee Retirement Income Security Act (excluding COBRA), the Vietnam
Era Veterans Readjustment Assistance Act, the Fair Credit Reporting Act, the Age Discrimination in Employment Act (“ADEA”),
the Older Workers’ Benefit Protection Act, the Occupational Safety and Health Act, the Sarbanes-Oxley Act of 2002, the federal
False Claims Act, the New Jersey Law Against Discrimination, the New Jersey Family Leave Act, the New Jersey Civil Rights Act,
the New Jersey Conscientious Employee Protection Act, the New Jersey False Claims Act, the Florida Civil Human Rights Act, the
Florida ADIS Act, the Florida Wage Discrimination Law, the Florida Equal Pay Law, and the Florida Whistleblower Protection Law,
as each may be amended from time to time, whether arising directly or indirectly from any act or omission, whether intentional
or unintentional. This releases all Claims including those of which Employee is not aware and those not mentioned in this Separation
Agreement. Employee specifically releases any and all Claims arising out of Employee’s employment with Employer or termination
therefrom. Employee expressly acknowledges and agrees that, by entering into this Separation Agreement, Employee is releasing
and waiving any and all rights or Claims which have arisen on or before the date of Employee’s execution and delivery of
this Separation Agreement to Employer.

 

    	 	 	 

     

    

 

3.
Representations; Covenant not to Sue. Employee hereby represents and warrants that (A) Employee has not filed, caused or
permitted to be filed any pending proceeding (nor has Employee lodged a complaint with any governmental or quasi-governmental
authority) against any of the Released Parties, nor has Employee agreed to do any of the foregoing, (B) Employee has not assigned,
transferred, sold, encumbered, pledged, hypothecated, mortgaged, distributed, or otherwise disposed of or conveyed to any third
party any right or Claim against any of the Released Parties that has been released in this Separation Agreement, and (C) Employee
has not directly or indirectly assisted any third party in filing, causing or assisting to be filed, any Claim against any of
the Released Parties. Except as set forth in Section 11 below, Employee covenants and agrees that Employee shall not encourage
or solicit or voluntarily assist or participate in any way in the filing, reporting or prosecution by himself or any third party
of a proceeding or Claim against any of the Released Parties.

 

4.
Payment and Benefits. Notwithstanding the language contained in the letter agreement between Employee and Employer dated
as of March 22, 2017, the parties have mutually agreed that, as good consideration for Employee’s execution and delivery
of this Separation Agreement, Employer shall provide Employee with the following:

 

(A)
continuation of Employee’s regular base salary in equal bi-monthly installments, subject to standard withholdings and deductions,
payable in accordance with Employer’s regular payroll practices, though June 9, 2018;

 

(B)
provided Employee elects COBRA, Employer will pay the employer portion of Employee’s continued health insurance coverage
through June 30, 2018; and

 

(C)
extend the period of time that Employee may exercise stock options granted to the Employee that have vested as of the Separation
Date (the “Vested Options”) from 90 days to two years after the Separation Date. Any Vested Options not exercised
on or before February 9, 2020 will be canceled and be of no further force or effect. Schedule 1 hereto sets forth the Vested
Options as of the Separation Date. Any stock options that were unvested as of the Separation Date will be canceled and be of no
further force or effect.

 

Employee
acknowledges that Employee is not otherwise entitled to receive the payment and benefits set forth in this Section 4 and
acknowledges that nothing in this Separation Agreement shall be deemed to be an admission of liability on the part of any of the
Released Parties. Employee agrees that Employee will not seek anything further from any of the Released Parties.

 

    	 	-2-	 

     

    

 

5.
Who is Bound. Employer and Employee are bound by this Separation Agreement. Anyone who succeeds to Employee’s rights
and responsibilities, such as the executors of Employee’s estate, is bound and anyone who succeeds to Employer’s rights
and responsibilities, such as its successors and assigns, is also bound.

 

6.
Cooperation.

 

(A)
Employee agrees that, prior to the Separation Date, he shall disclose in a form reasonably acceptable to Employer, all information
relevant to the formulation or manufacture of Employer’s products, including without limitation any and all information,
batch records, testing methods, formulation methods or development methods related to (1) taste-masking of the Company’s
products or (2) the development of a capsule formulation. The Employee shall collate and transcribe all information and shall
participate in calls with Employer’s Board of Directors and other employees of Employer to discuss and disclose any relevant
information. If Employee does not comply with this Section 6(A), as determined in Employer’s sole judgment and discretion,
the Employee may be subject to termination for Cause (as defined in the applicable plan documents), the Employer shall revoke
its offer to make the payments set forth in this Agreement, and Employee shall have no basis to receive any of the payments or
benefits set forth herein.

 

(B)
Employee agrees, upon Employer’s request, at all times through and the after the Separation Date, to reasonably cooperate,
by providing truthful information and/or testimony, in any Employer investigation, litigation, arbitration, or regulatory proceeding
regarding events that occurred during Employee’s tenure with Employer. Employee will make himself reasonably available to
consult with Employer’s counsel, to provide information, and to appear to give testimony. Employer will, to the extent permitted
by law and applicable court rules, reimburse Employee for his time spent in providing information and/or testimony as well as
reasonable out-of-pocket expenses Employee incurs in extending such cooperation, so long as Employee provides advance written
notice of Employee’s request for reimbursement and provides satisfactory documentation of the expenses.

 

7.
Non Disparagement, NDIAA and Confidentiality. Employee agrees not to make any defamatory or derogatory statements concerning
any of the Released Parties. Employee represents and warrants to Employer that, at all times during Employee’s employment
with Employer, Employee has complied with his obligations under the Nondisclosure, Invention Assignment and Non-Competition Agreement
between Employer and Employee dated October 22, 2012 (the “NDIAA”) and agrees to comply with such agreements.
The parties further agree that in each and every case where the term “Field” appears in the NDIAA, the definition
shall be expanded to include any information relevant to the cochleate technology, including any and all formulation, encapsulation,
development, manufacturing or other information related to lipid nanoparticle delivery. Employee acknowledges that his obligations
under the NDIAA survive the termination of his employment and remain in full force and effect following the Separation Date and
covenants and agrees to comply with his obligations under the NDIAA in accordance with the terms thereof. Without limitation of
his obligations under the NDIAA, Employee further agrees that he shall not reveal the amounts paid to Employee or the other terms
of this Separation Agreement to anyone, except to Employee’s immediate family, legal and financial advisors and then only
after securing the agreement of such individual to maintain the confidentiality of this Separation Agreement, or in response to
a subpoena or other legal process, after reasonable notice has been provided to Employer sufficient to enable Employer to contest
the disclosure.

 

    	 	-3-	 

     

    

 

8.
Employer Property. Without limitation of Employee’s obligations under the NDIAA, Employee represents and warrants
that, as of the Separation Date, Employee has returned to Employer all property in Employee’s possession, custody or control
belonging to Employer, including, but not limited to, all equipment, computers, pass codes, keys, swipe cards, credit cards, documents
or other materials, in whatever form or format, that Employee received, prepared, or helped prepare. Employee represents that
Employee has not retained any copies, duplicates, reproductions, computer disks, or excerpts thereof, of correspondence, memoranda,
reports, notebooks, drawings, photographs, or other documents relating in any way to the business or affairs of Employer or any
third parties associated with the Employer.

 

9.
Remedies. If Employee breaches any term or condition of this Separation Agreement or the NDIAA, or any representation made
by Employee in this Separation Agreement was false when made, it shall constitute a material breach of this Separation Agreement
and in addition to and not instead of the Released Parties’ other remedies hereunder, under the NDIAA or otherwise at law
or in equity, Employee shall be required to immediately, upon written notice from Employer, return the value of the payments under
Section 4 of this Separation Agreement, less $1,000.00. Employee agrees that if Employee is required to return the payments
as described herein, this Separation Agreement shall continue to be binding on Employee and the Released Parties shall be entitled
to enforce the provisions of this Separation Agreement as if the payments had not been repaid to Employer and Employer shall have
no further payment obligations to Employee hereunder. Further, in the event of a breach of this Separation Agreement, Employee
agrees to pay all of the Released Parties’ attorneys’ fees and other costs associated with enforcing this Separation
Agreement.

 

10.
Construction of Agreement. In the event that one or more of the provisions contained in this Separation Agreement or the
NDIAA shall for any reason be held unenforceable in any respect under the law of any state of the United States or the United
States, such unenforceability shall not affect any other provision of this Separation Agreement or the NDIAA, but this Separation
Agreement and the NDIAA shall then be construed as if such unenforceable provision or provisions had never been contained herein
or therein. If it is ever held that any restriction hereunder or under the NDIAA is too broad to permit enforcement of such restriction
to its fullest extent, such restriction shall be enforced to the maximum extent permitted by applicable law. This Separation Agreement
and any and all matters arising directly or indirectly herefrom shall be governed under the laws of the State of New Jersey without
reference to choice of law rules. Employer and Employee consent to the sole jurisdiction of the federal and state courts of New
Jersey. EMPLOYER AND EMPLOYEE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY IN ANY ACTION CONCERNING THIS SEPARATION
AGREEMENT OR ANY AND ALL MATTERS ARISING DIRECTLY OR INDIRECTLY HEREFROM AND REPRESENT THAT THEY HAVE CONSULTED WITH COUNSEL OF
THEIR CHOICE OR HAVE CHOSEN VOLUNTARILY NOT TO DO SO SPECIFICALLY WITH RESPECT TO THIS WAIVER. 

 

    	 	-4-	 

     

    

 

11.
Acknowledgments. Employer and Employee acknowledge and agree that:

 

(A)
By entering in this Separation Agreement, Employee does not waive any rights or Claims that may arise after the date that Employee
executes and deliver this Separation Agreement to Employer;

 

(B)
This Agreement is not intended to, and shall not in any way prohibit, limit or otherwise interfere with Employee’s protected
rights under federal, state or local law to without notice to the Employer: (i) communicate or file a charge with a government
regulator; (ii) participate in an investigation or proceeding conducted by a government regulator; or (iii) receive an award paid
by a government regulator for providing information;

 

(C)
Nothing in this Separation Agreement shall preclude Employee from exercising Employee’s rights, if any (i) under Section
601-608 of the Employee Retirement Income Security Act of 1974, as amended, popularly known as COBRA or (ii) under Employer’s
401(k) plan; or (iii) with respect to Employer’s stock option plan.

 

12. Opportunity
for Review. Employee is hereby advised and encouraged by Employer to consult with his own independent counsel before
signing this Separation Agreement. Employee represents and warrants that Employee: (i) has had sufficient opportunity to
consider this Separation Agreement; (ii) has read this Separation Agreement; (iii) understands all the terms and
conditions hereof; (iv) is not incompetent or had a guardian, conservator or trustee appointed for Employee; (v) has entered
into this Separation Agreement of Employee’s own free will and volition; (vi) has duly executed and delivered this
Separation Agreement; (vii) understands that Employee is responsible for Employee’s own attorney’s fees and
costs; (viii) has had the opportunity to review this Separation Agreement with counsel of Employee’s choice or has
chosen voluntarily not to do so; (ix) understands the Employee has been given a reasonable amount of time to review this
Separation Agreement before signing this Separation Agreement and understands that he is free to use as much or as little of
the review time as he wishes or considers necessary before deciding to sign this Separation Agreement; (x) understands that
if Employee does not sign and return this Separation Agreement to Employer (Attn: Jerome D. Jabbour, Esq.,) on or before February
12, 2018, Employer shall have no obligation to enter into this Separation Agreement, Employee shall not be entitled to
the payment and benefits set forth in Section 4 of this Separation Agreement, and the Separation Date shall be
unaltered; and (xi) understands that this Separation Agreement is valid, binding and enforceable against the parties in
accordance with its terms.

 

[Signatures
appear on the following page]

 

    	 	-5-	 

     

    

 

Agreed
to and accepted on this 9th day of February, 2018.

 

	Witness:	 	EMPLOYEE:
	 	 	 
	/s/
    Gary R. Gaglione	 	/s/
    Abdel Fawzy
	 	 	ABDEL
    FAWZY

 

Agreed
to and accepted on this 12th day of February, 2018.

 

	 	MATINAS
    BIOPHARMA HOLDINGS, INC.
	 	 	 
	 	BY:	/s/
    Jerome D. Jabbour
	 	 	Jerome
    D. Jabbour

 

    	 	-6-Exhibit

Exhibit 10.71

FOURTH AMENDMENT TO OFFICE LEASE

This Fourth Amendment to Office Lease (the "Amendment"), effective December 1, 2017, is made by and between 932936, LLC, a Nevada limited liability company, whose principal place of   business for the purpose of the Amendment is 936 Southwood Blvd., Incline Village, Nevada 89451 ("Landlord"), and PDL BioPharma, Inc., a Delaware corporation, whose principal place of business is 932 Southwood Blvd., Suite 101, Incline Village, Nevada 89451 ("Tenant").

RECITALS

Whereas, Landlord and Tenant entered into that certain Office Lease dated March 28, 2012, as first amended April 11, 2014, and second amended May 13, 2015, and third amended April 24, 2017, (the "Lease") and the Premises of the Lease consist of approximately 4,812 square feet of rentable area in that certain building located at 932 Southwood Blvd, Incline Village, Nevada. The capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Lease.

Whereas, Landlord and Tenant desire to lease, in addition to the Premises, that certain office space consisting of approximately 1,104 square feet of rentable area designated as Suite 101, in that certain building located at 936 Southwood Blvd, Incline Village, Nevada ("Suite 101-936 Southwood").

Now, Therefore, in consideration of the foregoing, the mutual promises set forth herein, and other good and valuable consideration, the receipt and sufficiency of which the parties hereby 
Acknowledge, the parties agree as follows:

Article 1. Article 2(a) of the Lease shall be amended to add Suite 101-936 Southwood by adding the following sentences thereto:

"In addition, Landlord leases to Tenant and Tenant leases from Landlord, including rights to the Common Areas (as hereinafter defined), that certain office space consisting of approximately 1,104 square feet of rentable area designated as Suite 101, in that certain building located at 936 Southwood Blvd, Incline Village, Nevada (hereinafter referred to as "Suite 101-936 Southwood"). The Premises, Building and Common Areas set forth in Article 2 shall be expanded to include Suite 101-936 Southwood."

Article 2.  Article 3 of the Lease shall be amended by adding the following sentence:

"The term of the lease of Suite 101-936 Southwood shall start December 1, 2017, and shall expire May 31, 2020.

Article 3. The Monthly Rent set forth in Article 4 of the Lease shall be amended by added the following sentence:

“Tenant shall pay to Landlord, as monthly rent for Suite 101-936 Southwood, and on the first day of each month of the Term hereof, monthly payments of $2,484.00."

Article 4.  Article 24 of the Lease shall be amended by adding the following sentence:

“Tenant's share of the Common Area Operating Expenses for Suite 101-936 Southwood shall be 9.65% of the total expenses defined in Article 23 for the building located at 936 Southwood Blvd, Incline Village, Nevada.”

Article 5.  The Lease, except as amended by this Amendment, continues in full force and effect and embodies the entire agreement between the parties and supersedes all prior agreements and understandings relating to the subject matter hereof. The Lease may be further amended or supplemented only by an instrument in writing executed by Landlord and Tenant. This Amendment and the Lease, as amended hereby, shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. The capitalized terms used herein and not otherwise defined have the same meanings and definitions as set forth in the Lease.

Article 6.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one instrument  To facilitate execution of this Amendment, the parties may execute and exchange by facsimile or email counterparts of the executed signature pages.

Article 7.  This Amendment shall be construed and interpreted in accordance with the laws of the State of Nevada. The provisions of this Amendment shall be construed in accordance with the fair meaning of the language used and shall not be strictly construed against either party.

IN WITNESS HEREOF, the parties have caused this Amendment to be executed on the date set forth above pursuant to proper authority duly granted.

	
					
	LANDLORD
	 
	TENANT

	932936, LLC
	 
	PDL BioPharma, Inc.

	A Nevada limited liability company
	 
	A Delaware corporation

	By:
	/s/ Gregory S. Skinner
	 
	By:
	/s/ Peter S. Garcia

	Name:  Gregory S. Skinner
	 
	Name:  Peter S. Garcia

	Its:  Manager
	 
	Its:  Chief Financial Officer

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