Document:

Separation Agreement between Registrant and Raymond J. Tesi, M.D.

 Exhibit 10.23 
 

 
 December 2, 2010 
 Raymond J. Tesi, M.D. 
 188 Ludlow Street, Apt 14A 

New York, NY 10002 

Re:    Transition from Coronado Biosciences, Inc. 
 Dear RJ: 
 This letter sets forth the substance of the separation agreement (the
“Agreement”) that Coronado Biosciences, Inc. (the “Company”) is offering to you to aid in your employment transition. 
 1. FINAL DATE OF EMPLOYMENT. Your final date of employment with the Company was September 7, 2010 (the “Separation
Date”). You acknowledge that the Company has paid you in full for all accrued salary and other amounts earned through the Separation Date. 
 2. RELEASE AND WAIVER. As consideration for the benefits provided to you by this Agreement, and as a condition precedent to the receipt of any and all
such benefits, you must execute, deliver to the Company, and allow to become effective the general release and waiver attached as Exhibit 1 to this Agreement (the “Release”). 

3. SEVERANCE PAYMENTS. Contingent upon your timely execution of this Agreement and provision of an
effective Release, the Company will pay you severance in the form of salary continuation (at the Base Salary in effect as of the Separation Date) for a period of six (6) months following the effective date of the Release (the
“Effective Date of the Release”). These payments will be subject to standard payroll deductions and withholdings and will be made on the Company’s regular payroll cycle; provided, however, that any payments scheduled to
occur prior to the Effective Date of the Release shall instead accrue and be paid on the first regular payroll date that follows the Effective Date of the Release. You understand that your right to receive these payments is conditioned upon your
continued compliance with the terms of this Agreement, your proprietary information and inventions agreement (“PIIA”), and the nonsolicitation and noncompetition obligations specified in your employment agreement with the
Company dated June 1, 2010 (the “Employment Agreement”). 
 As of the Separation Date, you have had
a “separation from service” from the Company for purposes of Section 409A of the Internal Revenue Code. Each installment of severance benefits is a separate “payment” for purposes of Treas. Reg.
Section 1.409A-2(b)(2)(i), and the severance benefits are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). The severance
benefits are intended to qualify for an exemption from application of Section 409A or comply with its requirements to the extent necessary to avoid adverse personal tax consequences under Section 409A, and any ambiguities herein shall be
interpreted accordingly. 

 Raymond J. Tesi, M.D. 
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 4. STOCK OPTIONS. Contingent upon your timely
execution of this Agreement and provision of an effective Release, effective as of the Effective Date of the Release the vesting of one-third of the shares subject to the stock option granted to you on October 5, 2010 (the
“Option”), shall accelerate and such shares shall become immediately exercisable. In that event, the exercisability of such shares shall continue for the three (3) month period following the date of your resignation from
the Board, subject to and in accordance with the terms and conditions of the Company’s 2007 Stock Incentive Plan and your stock option agreement thereunder. The non-vested portion of the Option shall automatically terminate effective
retroactively to the date of your resignation from the Board. 
 5. EXPENSE REIMBURSEMENTS.
You hereby confirm that you have submitted any and all outstanding expense reimbursement requests to the Company. The Company will reimburse you for all reasonable and proper business expenses, assuming they are properly documented, in
accordance with its expense reimbursement policy. You understand that no reimbursement will be made for any rent payments, including rent payments for your New York City apartment. 

6. ADDITIONAL OBLIGATIONS. You hereby acknowledge and affirm your commitment to abide by the
obligations specified in your PIIA and by the noncompetition and nonsolicitation obligations specified in your Employment Agreement. If you did not sign the Company’s updated form of PIIA during your employment as required by the Employment
Agreement, then as a condition to receiving the benefits described in this Agreement you must execute a copy of the PIIA and return it to the Company on or before the Effective Date of the Release. In that event, you hereby acknowledge the
retroactive effectiveness of the PIIA to the date of the Employment Agreement. If you did sign the Company’s updated form of PIIA during your employment as required by the Employment Agreement, then as a condition to receiving the benefits
described in this Agreement you must deliver a copy of the executed PIIA to the Company on or before the Effective Date of the Release. 
 7. OTHER COMPENSATION OR BENEFITS. You acknowledge that, except as expressly provided in this Agreement, you will not receive any
additional compensation, severance, or benefits from the Company after the Separation Date. 
 8. RETURN
OF PROPERTY. You hereby represent that you have returned to the Company all documents (and all copies thereof) belonging to the Company and all other property belonging to the Company that you have in your
possession, including, but not limited to, all files, notes, drawings, records, business plans and forecasts, financial information, specifications, computer-recorded information, tangible property (including, but not limited to, computers), credit
cards, entry cards, identification badges, and keys; and, any materials of any kind that contain or embody any proprietary or confidential information of the Company (and all reproductions thereof). 

 Raymond J. Tesi, M.D. 
  Page
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 9. CONFIDENTIALITY. The provisions of this
Agreement will be held in the strictest confidence by you, and you will not publicize or disclose them in any manner whatsoever, provided, however, that you may disclose this Agreement: (a) in confidence to your immediate family members,
attorneys, accountants, auditors, tax preparers, and financial advisors; and (b) insofar as such disclosure may be necessary to enforce its terms or as otherwise required by law. In particular, and without limitation, you agree not to disclose
the terms of this Agreement to any current or former consultant or employee of the Company. 
 10.
NONDISPARAGEMENT. You agree not to disparage the Company, or its officers, directors, employees, shareholders, or agents, in any manner likely to be harmful to its or their businesses, business reputations, or personal
reputations, provided that you will respond accurately and fully to any question, inquiry or request for information when required by legal process. The Company agrees not to disparage you in any manner likely to be harmful to your business or
personal reputation, provided that it will respond accurately and fully to any question, inquiry or request for information when required by legal process. You understand and agree that the Company’s obligation extends only to its current
officers and board of directors, and only for so long as they remain officers or directors of the Company. 
 11.
NO ADMISSIONS. You understand and agree that the promises and payments in consideration of this Agreement shall not be construed to be an admission of any liability or obligation by the Company to you or to any
other person, and that the Company makes no such admission. 
 12. MISCELLANEOUS. This Agreement, along
with Exhibit 1 hereto and the PIIA, constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to its subject matter. It is entered into without reliance on any promise or representation,
written or oral, other than those expressly contained herein, and it supersedes any other such promises, warranties or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized
officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, and your and its heirs, successors and assigns. If any
provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified so as to be rendered enforceable.
This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of New York as applied to contracts made and to be performed entirely within New York. Any ambiguity in this
Agreement shall not be construed against either party as the drafter. Any waiver of a breach of this Agreement shall be in writing and shall not be deemed to be a waiver of any successive breach. This Agreement may be executed in counterparts and
facsimile signatures will suffice as original signatures. 

 Raymond J. Tesi, M.D. 
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 Please confirm your agreement to the foregoing by signing and returning a copy of this Agreement to me
along with an executed copy of the Release attached as Exhibit 1, and permitting it to become effective in accordance with its terms. We wish you the best in your future endeavors. 
 Sincerely, 
  

			
	CORONADO BIOSCIENCES, INC.
		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	

 Acknowledged and agreed: 
  

							
	Dated:1/11/11	 		 		 	 /s/ Raymond J. Tesi

		 		 		 	Raymond J. Tesi, M.D.

  

 EXHIBIT 1 

RELEASE AND WAIVER OF CLAIMS 

 RELEASE AND WAIVER OF CLAIMS 

As consideration for, and as a condition to receiving, the payments and other benefits set forth in the separation agreement of
December 2, 2010 (the “Separation Agreement”), to which this form is attached, I, Raymond J. Tesi, M.D., hereby furnish CORONADO BIOSCIENCES, INC. (the
“Company”), with the following release and waiver (“Release and Waiver”). 
 I
hereby generally and completely release the Company and its current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns
(collectively, the “Released Parties”) from any and all claims, liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to or on
the date that I sign this Agreement (collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a) all claims arising out of or in any way related to my employment with the Company, the
termination of that employment, or my service on the board of directors of the Company; (b) all claims related to my compensation or benefits from the Company, including but not limited to salary, bonuses, commissions, vacation pay, expense
reimbursements, moving expenses, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (c) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good
faith and fair dealing; (d) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (e) all federal, state, and local statutory claims, including claims for
discrimination, harassment, retaliation, misclassification, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990, the federal Age Discrimination in
Employment Act of 1967 (as amended) (the “ADEA”), the Washington Law against Discrimination, the Washington Equal Pay Law, the Washington Civil Rights Act, the New York Human Rights Act, the New York Law on Equal Rights, and
the New York Law on Equal Pay. Notwithstanding the foregoing, the following are not included in the Released Claims (the “Excluded Claims”): (a) any rights or claims for indemnification I may have pursuant to any written
indemnification agreement with the Company to which I am a party, the charter, bylaws, or operating agreements of the Company, or under applicable law; (b) any rights that are not waivable as a matter of law; or (c) any claims arising from
the breach of this Agreement. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any claims I have or might have against any of the Released Parties that are not included in the Released Claims. 

I also acknowledge that I expressly waive and relinquish any and all rights and benefits under any applicable law or statute providing,
in substance, that a general release does not extend to claims which a party does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her would have materially affected the terms of such
release. 
 I acknowledge that, among other rights, I am waiving and releasing any rights I may have under the ADEA, that this
Release and Waiver is knowing and voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I 

 
was already entitled. If I am 40 years of age or older upon execution of this Release and Waiver, I further acknowledge that I have been advised, as required by the Older Workers Benefit
Protection Act, that: (a) the Release and Waiver granted herein does not relate to claims under the ADEA that may arise after this Release and Waiver is executed; (b) I should consult with an attorney prior to executing the Separation
Agreement and this Release and Waiver; and (c) I have twenty-one (21) days in which to consider the Separation Agreement and this Release and Waiver (although I may choose voluntarily to execute the Separation Agreement and this Release
and Waiver earlier); (d) I have seven (7) days following the execution of this Release and Waiver to revoke my consent to this Release and Waiver; and (e) the Separation Agreement and this Release and Waiver shall not be effective
until the seven (7) day revocation period has expired without my having previously revoked this Release and Waiver (the “Effective Date”). I will not be entitled to receive any of the benefits specified by the Separation
Agreement unless this Release and Waiver becomes effective. 
 I acknowledge my continuing obligations under my Proprietary
Information and Inventions Agreement. Pursuant to the Proprietary Information and Inventions Agreement I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately
return all Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. 
 This Release and Waiver (along with the Separation Agreement to which it is attached and my Proprietary Information and Inventions Agreement) constitutes the complete, final and exclusive embodiment of
the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated herein. This Release and Waiver may only be modified by a writing
signed by both me and a duly authorized officer of the Company. 
  

							
	Date: 1/11/11	 		 	By:	 	 /s/ Raymond J. Tesi

		 		 		 	Raymond J. Tesi, M.D.Consulting Agreement between Registrant and Eric Rowinsky, M.D.

 Exhibit 10.24 
 CORONADO BIOSCIENCES, INC. 
 CONSULTING
AGREEMENT 
 THIS CONSULTING AGREEMENT
(the “Agreement”) is made and entered into as of September 21, 2010 (the “Effective Date”), by and between CORONADO BIOSCIENCES, INC. (the
“Company”) and ERIC ROWINSKY, M.D. (the “Advisor”). The Company and the Advisor may be referred to herein individually as a “Party” or
collectively, as “Parties.” 
 RECITAL 

The Company desires to retain Advisor to serve as the Vice Chairman of the Board of Directors (the “Board”) and
to provide additional consulting services to the Company on the terms set forth in this Agreement. 
 AGREEMENT

 In consideration of the mutual covenants set forth below, the Parties hereby agree as follows: 

1. Service as Vice Chairman of Board of Directors. 
 Effective as of October 1, 2010, pursuant to Board appointment, Advisor shall hold the position of Vice Chairman of the Board. 

2. Consulting Services. 
 Commencing on the Effective Date, the Company hereby retains Advisor, and Advisor hereby agrees to serve, as a consultant to the Company to provide to the Company such consulting services with respect to
the Company’s business and operations as may be mutually agreed upon by the Parties including, without limitation, meeting or telephone consultation with Company management, consultants and other Board members, reviewing goals of the Company
and assisting in developing strategies for achieving such goals, and providing advice and support for the Company’s clinical product development activities as requested by the Company. Advisor agrees to exercise the highest degree of
professionalism and to utilize Advisor’s expertise and creative talents to the fullest in performing the Services. 
 3.
Compensation. 
 As full and complete compensation for the Services and for his service as Executive Chairman of the Board,
the Company shall pay Advisor a fee of twenty thousand eight hundred thirty three dollars and thirty three cents ($20,833.33) per month (pro-rated for any partial month of service as Vice Chairman). The fee will be guaranteed for the first twelve
months unless the Advisor terminates the agreement as provided in Section 9 below. In addition, subject to approval by the Board and subject to the terms of the Company’s Equity Incentive Plan (the “Plan”, following the
effective date Advisor will be granted an option (the “Option”) to purchase (193,490) shares of the Company’s Common Stock On each anniversary of the grant 

 
date of the Option, one-third (1/3) of the shares subject to the Option shall vest, subject to Advisor’s continued service as the Vice Chairman of the Board on each such vesting date.
The exercise price per share of the Option shall be equal to the fair market value of a single share of Common Stock on the date of the grant as determined in good faith by the Board. The Option shall be governed by the Company’s 2007 Stock
Incentive Plan and shall be granted pursuant to a separate stock option grant notice and stock option agreement. 
 4.
Expenses. Coronado will reimburse Advisor for all reasonable and necessary expenses, including, without limitation, domestic and foreign travel, lodging and meal expenses incurred by incurred by him in connection with his consulting
hereunder promptly following Coronado’s receipt of a request for reimbursement from the Advisor. The Advisor shall promptly provide Coronado with documentation supporting all such expenses. 

5. Independent Contractor. 
 Advisor’s relationship with the Company is that of an independent contractor, and nothing in this Agreement is intended to, or should be construed to, create a partnership, agency, joint venture or
employment relationship. Advisor will not be entitled to any of the benefits that the Company may make available to its employees, including, but not limited to, group health or life insurance, profit-sharing or retirement benefits. Advisor is not
authorized to make any representation, contract or commitment on behalf of the Company unless specifically requested or authorized in writing to do so by the Board. Advisor is solely responsible for, and will file, on a timely basis, all tax returns
and payments required to be filed with, or made to, any federal, state or local tax authority with respect to his work for the Company under this Agreement. No part of Advisor’s compensation will be subject to withholding by the Company for the
payment of any social security, federal, state or any other employee payroll taxes. The Company will regularly report amounts paid to Advisor by filing Form 1099-MISC with the Internal Revenue Service as required by law. 

6. Confidentiality; Inventions. 
 Advisor recognizes that information relating to the Company and its research and development programs and strategic and business activities and operations is proprietary and of significant value to the
Company. Advisor agrees as follows: 
 (a) At all times during the term of Advisor’s association with
the Company and thereafter, Advisor will hold in strictest confidence and will not disclose or use any of the Proprietary Information (defined below), except to the extent such disclosure or use may be required in direct connection with the
Advisor’s work for the Company or is expressly authorized in writing in advance by the Board. 
 (b)
The term “Proprietary Information” shall mean any and all trade secrets, confidential knowledge, know-how, data or other proprietary information or materials of the Company, including, without limitation, the Inventions (as
defined below). By way of illustration but not limitation, Proprietary Information includes: (i) inventions, ideas, samples, 

 
processes, formulas, data, know-how, improvements, discoveries, developments, designs and techniques; (ii) information regarding plans for research, development, new products, marketing and
selling, business plans, budgets and unpublished financial statements, licenses, prices and costs, suppliers and customers; and (iii) information regarding the skills and compensation of employees or other consultants of the Company.

 (c) Advisor understands that Company has received and will in the future receive from third parties
confidential and/or proprietary information that is subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only for certain limited purposes (“Third Party Information”).
Advisor agrees to hold all such Third Party Information in confidence and to not use it or disclose it to anyone, except in connection with Advisor’s work for the Company or as expressly authorized in writing in advance by the Board.

 (d) Advisor agrees that any and all inventions, discoveries and know-how that the Advisor conceives,
reduces to practice or develops during the term of this Agreement, alone or in conjunction with others, in the course of or as a direct result of his work for the Company and all intellectual property rights therein (the
“Inventions”) shall be the sole and exclusive property of the Company. Advisor hereby assigns and agrees to assign to the Company his entire right, title and interest in and to all Inventions and designates the Company as his
agent for, and grants to the Company a power of attorney with full power of substitution, which power of attorney shall be deemed coupled with an interest, solely for the purpose of effecting such assignment. Advisor further agrees to cooperate and
provide reasonable assistance to the Company to obtain and from time to time enforce all intellectual property rights in the Inventions. 
 7. Noncompetition; Nonsolicitation. 
 (a) During the
Term (as defined below), Advisor agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by Advisor to be adverse or antagonistic to the Company, its business, or prospects, financial or
otherwise, or in any company, person, or entity that is, directly or indirectly, in competition with the business of the Company or any of its Affiliates (as defined below). Ownership by Advisor, in professionally managed funds over which the
Advisor does not have control or discretion in investment decisions, or as a passive investment, of less than two percent (2%) of the outstanding shares of capital stock of any corporation with one or more classes of its capital stock listed on
a national securities exchange or publicly traded on a national securities exchange or in the over-the-counter market shall not constitute a breach of this Section. For purposes of this Agreement, “Affiliate,” means, with
respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with such specified entity. 

(b) During the Term and for a period of twelve (12) months thereafter (the “Restricted
Period”), Advisor shall not engage in competition with the Company and/or any of its Affiliates, either directly or indirectly, in any manner or capacity, as adviser, principal, agent, affiliate, promoter, partner, officer, director,
employee, stockholder, owner, co-owner, 

 
consultant, or member of any association or otherwise, in any phase of the business of developing, manufacturing and marketing of products or services that involve the use of NK cells or related
cell therapies for the treatment of cancer, except with the prior written consent of the Board. 
 (c)
During the Restricted Period, Advisor shall not, directly or indirectly: (i) solicit or induce, or attempt to solicit or induce, any employee of the Company or its Affiliates to leave the employ of the Company or such Affiliate; or
(ii) solicit or attempt to solicit the business of any client or customer of the Company or its Affiliates with respect to products, services, or investments similar to those provided or supplied by the Company or its Affiliates. 

8. No Conflicting Obligations. 
 Advisor represents that Advisor’s performance of all of the terms of this Agreement, including the performing of the Services for the Company, do not and will not breach or conflict with any
agreement with any third party. The Parties acknowledge and agree that Advisor’s service on the boards of directors and management of Primrose Therapeutics Inc, Biogen-Idec and Neoprobe shall not constitute a breach of this Agreement, provided
that such service does not interfere with Advisor’s work for the Company as specified herein. 
 9. No Use of
Others’ Confidential Materials. 
 Advisor agrees not to bring to the Company or to use in the performance of his work
for the Company any materials or documents of a present or former employer of Advisor, or any materials or documents obtained by Advisor from any third party under an obligation of confidentiality, unless such materials or documents are generally
available to the public or Advisor has authorization from such present or former employer or third party for the possession and unrestricted use of such materials. Advisor understands that Advisor is not to breach any obligation of confidentiality
that Advisor has to any present or former employers or other third party. 
 10. Term and Termination. 

(a) This Agreement shall commence on the Effective Date and shall continue until terminated as set forth herein
(the “Term”). 
 (b) Either Party may terminate this Agreement at any time and for
any reason by giving no less than thirty (30) days prior written notice to the other Party, however the Company agrees if such termination does not involve a material breach of this agreement the Company will be obligated to provide
compensation for the twelve months guaranteed fee. In addition, the Company shall have the right to terminate this Agreement immediately and without prior notice should Advisor materially breach any term of this Agreement. 

(c) Upon the termination of this Agreement for any reason, unless the Parties expressly agree otherwise in writing,
Advisor shall immediately resign from his position as Executive Chairman of the Board and from any other positions he may hold with the Company. 

 (d) Upon termination of this Agreement for any reason, Advisor shall
promptly deliver to the Company all Company property, documents and other materials of any nature in his possession, including but not limited to any documents or other items containing or pertaining to any Proprietary Information. 

(e) The obligations set forth in Sections 4, 5, 6, 9 and 10 will survive any termination or expiration of this
Agreement. 
 11. Miscellaneous. 
 (a) The rights and liabilities of the Parties hereto shall bind and inure to the benefit of their respective successors, heirs, executors and administrators, as the case may be; provided, however,
that, as the Company has specifically contracted for Advisor’s Services, Advisor may not assign or delegate Advisor’s obligations under this Agreement either in whole or in part without the prior written consent of the Company. The Company
may assign its rights and obligations hereunder to any person or entity who succeeds to all or substantially all of the Company’s business. 
 (b) Because Advisor may have access to and become acquainted with Proprietary Information, which has significant value to the Company, the Company shall have the right to enforce Sections 5 and/or
6 of this Agreement by injunction, specific performance or other equitable relief without prejudice to any other rights and remedies that the Company may have for a breach of Sections 5 and/or 6 of this Agreement. 

(c) This Agreement shall be governed by and construed according to the laws of the State of New York, without
regards to conflicts of laws rules. If any provision of this Agreement is found by a court of competent jurisdiction to be unenforceable, that provision shall be severed and the remainder of this Agreement shall continue in full force and effect.

 (d) This Agreement constitutes the final, exclusive and complete understanding and agreement of the
Parties with respect to the subjects addressed herein and supersedes all prior understandings and agreements between the Parties with respect to the subject matter hereof. Any waiver, modification or amendment of any provision of this Agreement
shall be effective only if in writing and signed by the Parties hereto. 
 (e) Any notices required or
permitted hereunder shall be given to the appropriate Party at the address specified below, or such other address as the Party shall specify in writing pursuant to this notice provision. Such notice shall be deemed given upon personal delivery to
the appropriate address or three days after the date of mailing if sent by certified or registered mail. 

(f) This Agreement may be executed in one or more counterparts each of which will be deemed an original, but all of
which together shall constitute one and the same instrument. 

 IN WITNESS WHEREOF, the Parties hereto
have executed this Agreement as of the date first written above. 
  

									
	CORONADO BIOSCIENCES, INC.	 		 	
					
	By:	 	/s/ Gary G. Gemignani	 		 		 	/s/ Eric Rowinsky
		 		 		 		 	ERIC ROWINSKY, M.D.
					
	Name:	 	Gary G. Gemignani	 		 		 	Address: 5 Robin Rd
	Title:	 	COO & CFO	 		 		 	                 Warren, NJ 07059

 Address: 45 Rockefeller Plaza, Suite 2000 

New York, NY 10111

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