Document:

Exhibit 10.2

Exhibit 10.2
CONFIDENTIAL

EMPLOYMENT AGREEMENT
Employment Agreement (the “Agreement”), dated as of January 14, 2015, by and between Urban Edge Properties, a Maryland real estate investment trust (together with its affiliates, the “Company”), with its principal offices at 888 Seventh Avenue, New York, New York 10106 and Robert Minutoli (“Executive”). 
Recitals
Vornado Realty Trust, a Maryland real estate investment trust (together with its affiliates, “Vornado”) formed Urban Edge Properties on June 18, 2014; 
Vornado expects to contribute a substantial portion of Vornado’s retail portfolio to Urban Edge Properties and to distribute the shares of Urban Edge Properties to Vornado’s stockholders, causing Urban Edge Properties to be a new, independent publicly-traded company (a “Separation Event”); and
The Company and Executive desire to set forth the terms upon which the Executive will enter into employment with the Company.
NOW, THEREFORE, in consideration of the premises and the mutual covenants set forth below, the parties hereby agree as follows:
Agreement
1.Employment.  The Company hereby agrees to employ Executive, and Executive hereby accepts such employment, on the terms and conditions hereinafter set forth.

2.Term. The term of Executive’s employment hereunder by the Company will commence on the date of a Separation Event (the “Effective Date”) and will continue for three years thereafter (the “Initial Period”). Following the Initial Period, the term will automatically renew for one year periods unless either party notifies the other party of nonrenewal at least 90 days prior to the end of such one year period (the Initial Period and any subsequent renewal periods, the “Employment Period”).  If a Separation Event has not occurred prior to December 31, 2015, this Agreement shall be null and void.

3.Position and Duties. During the Employment Period, Executive will serve as Executive Vice President and Chief Operating Officer of the Company and will report to the Company’s Chief Executive Officer. Executive will have those powers and duties normally associated with the position of Executive Vice President and Chief Operating Officer and such other powers and duties as may be prescribed by or at direction of the Chief Executive Officer or the board of directors of the Company (the “Board”), provided that such other powers and duties are consistent with Executive’s position as Executive Vice President and Chief Operating Officer of the Company. Executive will devote substantially all of his working time, attention and energies during normal business hours (other than absences due to illness or vacation) to the performance of his duties for the Company and its affiliates. Without the consent of the Board, during the Employment Period, Executive will not serve on the board of directors, trustees or any similar governing body of any for-profit entity (with the exception of any entity which has been disclosed to the Company on a list provided to the Company by the Executive coincident with the execution of this Agreement).  Notwithstanding the above, Executive will be permitted, to the extent such activities do not substantially interfere with the performance by Executive of his duties and responsibilities hereunder or violate Section 11(a), (b) or (c) of this Agreement, to (i) manage Executive’s (and his immediate family’s) personal, financial and legal affairs, and (ii) serve on civic or charitable boards or committees (it being expressly understood and agreed that Executive’s continuing to serve on the board and/or committees on which Executive is serving, or with which Executive is otherwise associated, as of the Effective Date (each of which has been disclosed to the Company on a list provided to the Company by the Executive coincident with the execution of this Agreement), will be deemed not to interfere with the performance by Executive of his duties and responsibilities under this Agreement).

4.Place of Performance. The place of employment of Executive will be at the Company’s offices in Manhattan, New York and Paramus, New Jersey and the Executive shall allocate his working time between such offices in his discretion.

5.Compensation and Related Matters. 

(a)Base Salary.  During the Employment Period, the Company will pay Executive a base salary at the rate of not less than $500,000 per year (“Base Salary”). Executive’s Base Salary will be paid in approximately equal installments in accordance with the Company’s customary payroll practices. If Executive’s Base Salary is increased by the Company, such increased Base Salary will then constitute the Base Salary for all purposes of this Agreement. 

(b)Annual Bonus (Annual Incentive Awards). During the Employment Period, Executive will be entitled to receive an annual target bonus of not less than 100% of Base Salary, payable 100% in cash.

(c)Long-Term Incentive Awards. During the Employment Period, Executive will receive annual grants under the Company’s long-term incentive compensation plans of a number of long-term incentive partnership units equal to $350,000 divided by the fair market value of the Company’s stock on the date of grant.  Such long-term incentive partnership units will vest ratably over three years from the grant date, subject to continued employment with the Company through each vesting date.  

(d)One-Time Equity Awards following Effective Date. 

(i)Vested LTIP Units.  As soon as reasonably practicable after the Effective Date, the Company will grant Executive a number of fully vested long-term incentive partnership units (the “Initial Vested LTIP Units”) equal to $2,000,000, divided by the volume-weighted average trading price (the “Average UE Price”) of the Company’s stock on the New York Stock Exchange for the twenty trading days following (but not including) the Effective Date.  

(ii)Restricted LTIP Units.  As soon as reasonably practicable after the Effective Date, the Company will grant Executive a number of long-term incentive partnership units (the “Initial Restricted LTIP Units”) equal to $600,000, divided by the Average UE Price.  The Initial Restricted LTIP Units will vest ratably over four years from the grant date, subject to continued employment with the Company through each vesting date.  

(e)Welfare, Pension and Incentive Benefit Plans.  During the Employment Period, Executive will be entitled to participate in such 401(k) and employee welfare and benefit plans and programs of the Company as are made available to the Company’s senior level executives or to its employees generally, as such plans or programs may be in effect from time to time, including, without limitation, health, medical, dental, long-term disability and life insurance plans. Additionally, the Company will within 30 days following receipt from Executive of written evidence of premiums paid by Executive for life, disability and/or similar insurance policies, reimburse Executive for the amount of such premiums in an amount not to exceed $30,000 in any calendar year. 

(f)Expenses. The Company will promptly reimburse Executive for all reasonable business expenses upon the presentation of reasonably itemized statements of such expenses in accordance with the Company’s policies and procedures now in force or as such policies and procedures may be modified with respect to all senior executive officers of the Company.   

(g)Vacation. Executive will be entitled to four weeks of vacation annually.

(h)Tax Treatment.  The parties agree that all equity awards contemplated by this Agreement will be structured in a mutually agreeable tax efficient way, including by structuring the awards through the operating partnership.

6.Reasons for Termination. Executive’s employment hereunder may or will be terminated during the Employment Period under the following circumstances: 

(a)Death. Executive’s employment hereunder will terminate upon his death. 

(b)Disability. If, as a result of Executive’s incapacity due to physical or mental illness, Executive shall have been substantially unable to perform his duties hereunder for a continuous period of 180 days, the Company may terminate Executive’s employment hereunder for “Disability”. During any period that Executive fails to perform his duties hereunder as a result of incapacity due to physical or mental illness, Executive will continue to receive his full Base Salary set forth in Section 5(a) until his employment terminates. 

(c)Cause. The Company may terminate Executive’s employment for Cause. For purposes of this Agreement, the Company will have “Cause” to terminate Executive’s employment upon Executive’s: 

(i)conviction of, or plea of guilty or nolo contendere to, a felony; 

(ii)willful and continued failure to use reasonable best efforts to substantially perform his duties hereunder (other than such failure resulting from Executive’s incapacity due to physical or mental illness or subsequent to the issuance of a Notice of Termination by Executive for Good Reason) that Executive fails to remedy to the reasonable satisfaction of the Company within 30 days after written notice is delivered by the Company to Executive that sets forth in reasonable detail the basis of Executive’s failure to use reasonable best efforts to substantially perform his duties hereunder; or

(iii)willful misconduct (including, but not limited to, a willful breach of the provisions of Section 11) that is or may reasonably be expected to have a material adverse effect on the reputation or interests of the Company. 
For purposes of this Section 6(c), no act, or failure to act, by Executive will be considered “willful” if taken or omitted in the good faith belief that the act or omission was in, or not opposed to, the best interests of the Company. 
(d)Good Reason. Executive may terminate his employment for “Good Reason” within 90 days after Executive has actual knowledge of the occurrence, without the written consent of Executive, of one of the following events that has not been cured within 30 days after written notice thereof has been given by Executive to the Company setting forth in reasonable detail the basis of the event (provided that such notice must be given to the Company within 30 days of the Executive becoming aware of such condition): 

(i)a material reduction by the Company in Executive’s Base Salary, annual bonus opportunity or the aggregate level of employee benefits made available to Executive under this Agreement;

(ii)a material diminution in Executive’s position, authority, duties or responsibilities; 

(iii)a relocation of Executive’s location of employment to a location outside of Manhattan, New York or, for the Paramus, New Jersey office, a location more than 30 miles outside Paramus, New Jersey; or

(iv)the Company’s material breach of any provision of this Agreement, which will be deemed to include (a) the Executive not holding the title of Chief Operating Officer of the Company, (b) delivery by the Company of a notice of non-renewal of this Agreement, (c) failure of a successor to the Company to assume this Agreement in accordance with Section 13(a) below and (d) a material change in the Executive’s reporting relationship such that Executive no longer reports to the Chief Executive Officer of the Company.

Executive’s continued employment during the 90-day period referred to above in this paragraph (d) shall not constitute consent to, or a waiver of rights with respect to, any act or failure to act constituting Good Reason hereunder.
(e)Without Cause. The Company may terminate Executive’s employment hereunder without Cause by providing Executive with a Notice of Termination (as defined in Section 7). This means that, notwithstanding this Agreement, Executive’s employment with the Company will be “at will.”

(f)Without Good Reason. Executive may terminate his employment hereunder without Good Reason by providing the Company with a Notice of Termination. 

7.Termination Procedure.

(a)Notice of Termination. Any termination of Executive’s employment by the Company or by Executive during the Employment Period (other than termination pursuant to Section 6(a)) will be communicated by written Notice of Termination to the other party hereto in accordance with Section 14. For purposes of this Agreement, a “Notice of Termination” means a notice which shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Executive’s employment under the provision so indicated if the termination is based on Sections 6(b), (c) or (d). 

(b)Date of Termination. “Date of Termination” means (i) if Executive’s employment is terminated by his death, the date of his death, (ii) if Executive’s employment is terminated pursuant to Section 6(b) (Disability), the date set forth in the Notice of Termination, and (iii) if Executive’s employment is terminated for any other reason, the date on which a Notice of Termination is given or any later date (within 30 days after the giving of such notice) set forth in such Notice of Termination; provided, however, that if such termination is due to a Notice of Termination by Executive, the Company shall have the right to accelerate such notice and make the Date of Termination the date of the Notice of Termination or such other date prior to the Executive’s intended Date of Termination as the Company deems appropriate, which acceleration shall in no event be deemed a termination by the Company without Cause or constitute Good Reason. 

(c)Removal from any Boards and Position. Upon the termination of Executive’s employment with the Company for any reason, he shall be deemed to resign (i) from the board of trustees or directors of any subsidiary of the Company and/or any other board to which he has been appointed or nominated by or on behalf of the Company (including the Board), and (ii) from any position with the Company or any subsidiary of the Company, including, but not limited to, as an officer and director of the Company and any of its subsidiaries.

8.Compensation upon Termination. This Section provides the payments and benefits to be paid or provided to Executive as a result of his termination of employment. Except as provided in this Section 8, Executive shall not be entitled to anything further from the Company as a result of the termination of his employment, regardless of the reason for such termination.

(a)Termination for Any Reason. Following the termination of Executive’s employment, regardless of the reason for such termination and including, without limitation, a termination of his employment by the Company for Cause or by Executive without Good Reason or upon expiration of the Employment Period, the Company will:

(i)pay Executive (or his estate in the event of his death) as soon as practicable following the Date of Termination (A) any earned but unpaid Base Salary, (B) any unpaid annual bonus for the year preceding the year of termination if the relevant measurement period for such bonus concluded prior to the Date of Termination, and (C) any accrued and unused vacation pay, through the Date of Termination;

(ii)reimburse Executive as soon as practicable following the Date of Termination for any amounts due Executive pursuant to Section 5(f) (unless such termination occurred as a result of misappropriation of funds); and

(iii)provide Executive with any compensation and/or benefits as may be due or payable to Executive in accordance with the terms and provisions of any employee benefit plans or programs of the Company.

Upon any termination of Executive’s employment hereunder, except as otherwise provided herein, Executive (or his beneficiary, legal representative or estate, as the case may be, in the event of his death) shall be entitled to such rights in respect of any equity awards theretofore made to Executive, and to only such rights, as are provided by the plan or the award agreement pursuant to which such equity awards have been granted to Executive or other written agreement or arrangement between Executive and the Company, provided that all vested stock options shall remain exercisable for 60 days following such termination (or if earlier, through the expiration of the scheduled term of such award).
(b)Termination by Company without Cause or by Executive for Good Reason. If Executive’s employment is terminated by the Company without Cause or by Executive for Good Reason, Executive will be entitled to the payments and benefits provided in Section 8(a) hereof and, in addition, the Company will, subject to the following paragraph, pay to Executive (i) a lump sum amount equal to the Severance Amount, (ii) the Pro Rata Bonus paid at the time bonuses are paid to similarly situated employees of the Company, (iii) the Medical Benefits, (iv) the Vesting Benefits, and (v) if the Initial Vested LTIP Units and the Initial Restricted LTIP Units have not been granted as of the Date of Termination, the Make-Whole Severance Payment.

(i)The “Severance Amount” will be equal to:

(A)if such termination is within three (3) months prior to or in connection with (and in each case subject to the consummation of), or within two years following, a Change in Control of the Company (a “Qualifying CIC Termination”), 2.5 times the sum of Executive’s: (x) current Base Salary, and (y) target annual incentive bonus; or 

(B)if such termination is not a Qualifying CIC Termination, 1.5 times the sum of Executive’s (x) current Base Salary, and (y) target annual incentive bonus. 

(ii)The “Pro Rata Bonus” will be equal to (A) if such termination is a Qualifying CIC Termination, the greater of Executive’s target annual incentive bonus or the annual incentive bonus earned in the year of termination based on actual performance or (B) if such termination is not a Qualifying CIC Termination, Executive’s annual incentive bonus earned in the year of termination based on actual performance; in either case multiplied by the number of days in the year up to and including the Date of Termination and divided by 365.

(iii)The “Medical Benefits” require the Company to provide Executive medical insurance coverage substantially identical to that provided to other senior executives of the Company (which may be provided pursuant to the Consolidated Omnibus Budget Reconciliation Act) for (A) if such termination is a Qualifying CIC Termination, two years following the Termination Date or (B) if such termination is not a Qualifying CIC Termination, one year following the Termination Date. If 

this agreement to provide benefits continuation raises any compliance issues or impositions of penalties under the Patient Protection and Affordable Care Act or other applicable law, then the parties agree to modify this Agreement so that it complies with the terms of such laws without impairing the economic benefit to Executive. 

(iv)The “Vesting Benefits” mean vesting of all service-based vesting conditions on Executive’s unvested equity awards on the Date of Termination; provided that such awards will remain subject to any performance-based vesting conditions.

(v)The “Make-Whole Severance Payment” means a lump sum cash payment equal to $2,600,000.

(vi)“Change in Control” shall mean:

(A)Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d‐3 promulgated under the Exchange Act) of 30% or more of either (1) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 8(b)(vi), the following acquisitions shall not constitute a Change of Control:  (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its affiliates or (iv) any acquisition by any corporation pursuant to a transaction that complies with Sections 8(b)(vi)(C)(1), 8(b)(vi)(C)(2) and 8(b)(vi)(C)(3);

(B)Any time at which individuals who, as of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board;

(C)Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless, following such Business Combination, (1) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common Stock and the Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (3) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

(D)Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company.

As a condition to the payments and other benefits pursuant to the preceding paragraph (other than payments and benefits provided in Section 8(a) hereof), Executive must execute a separation and general release agreement (the “Release”) in substantially the form typically used by the Company in connection with severance pay modified to reflect the terms of this Agreement. Subject to Section 9 hereof, the lump sum payments set forth above shall be paid to Executive within 30 days after such Release becomes effective; provided, however, that if Executive’s Date of Termination occurs on or after November 1 of a given calendar year, such payment shall, subject to Section 9 hereof, be paid in January of the immediately following calendar year.
(c)Disability. In the event Executive’s employment is terminated for Disability pursuant to Section 6(b), Executive will be entitled to the payments and benefits provided in Section 8(a) hereof and to vesting of the Initial Restricted LTIP Units on the Date of Termination (the “Death and Disability Vesting Benefits”). 

(d)Death. If Executive’s employment is terminated by his death, the Executive’s beneficiary, legal representative or estate, as the case may be, will be entitled to the payments and benefits provided in Section 8(a) hereof and the Death and Disability Vesting Benefits.

(e)Retirement after end of Initial Period.  If Executive retires after the Initial Period by (1) providing the Company at least 12 months’ advance written notice of such retirement and (2) actively assisting the Company during the notice period in transitioning Executive’s duties to a successor, then Executive will be entitled to the payments and benefits provided in Section 8(a) hereof and to vesting of all service-based vesting conditions on Executive’s unvested equity awards; provided that such awards will remain subject to any performance-based vesting conditions.

9.409A and Termination. Notwithstanding the foregoing, if necessary to comply with the restriction in Section 409A(a)(2)(B) of the Internal Revenue Code of 1986, as amended (the “Code”) concerning payments to “specified employees” (as defined in Section 409A of the Code and applicable regulations thereunder, “Section 409A”) any payment on account of Executive’s separation from service that would otherwise be due hereunder within six months after such separation shall nonetheless be delayed until the first business day of the seventh month following Executive’s date of termination and the first such payment shall include the cumulative amount of any payments that would have been paid prior to such date if not for such restriction, together with interest on such cumulative amount during the period of such restriction at a rate, per annum, equal to the applicable federal short-term rate (compounded monthly) in effect under Section 1274(d) of the Code on the Date of Termination. Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment with the Company for purposes of Section 8 hereof unless he would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A. 

10.Section 280G. In the event that any payments or benefits otherwise payable to Executive (1) constitute “parachute payments” within the meaning of Section 280G of the Code, and (2) but for this Section 10, would be subject to the excise tax imposed by Section 4999 of the Code, then such payments and benefits will be either (x) delivered in full, or (y) delivered as to such lesser extent that would result in no portion of such payments and benefits being subject to excise tax under Section 4999 of the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income and employment taxes and the excise tax imposed by Section 4999 of the Code (and any equivalent state or local excise taxes), results in the receipt by Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such payments and benefits may be taxable under Section 4999 of the Code. Unless the Company and Executive otherwise agree in writing, any determination required under this Section 10 will be made in writing by Golden Parachute Tax Solutions, LLC or such other nationally-recognized accounting firm selected by Executive in his discretion (the “Accountants”), whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making the calculations required by this Section 10, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code. The Company and Executive agree to furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this provision. The Company will bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this provision. Any reduction in payments and/or benefits required by this provision will occur in the following order: (1) reduction of cash payments; (2) reduction of vesting acceleration of equity awards; and (3) reduction of other benefits paid or provided to Executive. In the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant for equity awards. If two or more equity awards are granted on the same date, each award will be reduced on a pro-rata basis.

11.Confidential Information, Ownership of Documents; Non-Competition; Non-Solicitation. 

(a)Confidential Information. During the Employment Period and thereafter, Executive shall hold in a fiduciary capacity for the benefit of the Company all trade secrets and confidential information, knowledge or data relating to the Company 

and its businesses and investments, which shall have been obtained by Executive during Executive’s employment by the Company and which is not generally available public knowledge (other than by acts by Executive in violation of this Agreement). Except as may be required or appropriate in connection with his carrying out his duties under this Agreement, Executive shall not, without the prior written consent of the Company or as may otherwise be required by law or any legal process, any statutory obligation or order of any court or statutory tribunal of competent jurisdiction, or as is necessary in connection with any adversarial proceeding against the Company (in which case Executive shall use his reasonable best efforts in cooperating with the Company in obtaining a protective order against disclosure by a court of competent jurisdiction), communicate or divulge any such trade secrets, information, knowledge or data to anyone other than the Company and those designated by the Company or on behalf of the Company in the furtherance of its business or to perform duties hereunder. 

(b)Removal of Documents; Rights to Products. Executive may not remove any records, files, drawings, documents, models, equipment, and the like relating to the Company’s business from the Company’s premises without its written consent, unless such removal is in the furtherance of the Company’s business or is in connection with Executive’s carrying out his duties under this Agreement and, if so removed, they will be returned to the Company promptly after termination of Executive’s employment hereunder, or otherwise promptly after removal if such removal occurs following termination of employment. Executive shall and hereby does assign to the Company all rights to trade secrets and other products relating to the Company’s business developed by him alone or in conjunction with others at any time while employed by the Company. In the event of any conflict between the provision of this paragraph and of any applicable employee manual or similar policy of the Company, the provisions of this paragraph will govern.

(c)Protection of Business. During the Employment Period and until the first anniversary of the applicable Date of Termination the Executive will not (i) engage in any Competing Business (as defined below) or pursue or attempt to develop any project known to Executive and which the Company is pursuing, developing or attempting to develop as of the Date of Termination (a “Project”), directly or indirectly, alone, in association with or as a shareholder, principal, agent, partner, officer, director, employee or consultant of any other organization, (ii) divert to any entity which is engaged in any business conducted by the Company any Project, corporate opportunity or any customer of the Company, or (iii) solicit any officer, employee (other than secretarial staff) or consultant of any of the Company to leave the employ of any of the Company. Notwithstanding the preceding sentence, Executive shall not be prohibited from owning less than 1% percent of any publicly-traded corporation, whether or not such corporation is in competition with the Company. If, at any time, the provisions of this Section 11(c) shall be determined to be invalid or unenforceable, by reason of being vague or unreasonable as to duration or scope of activity, this Section 11(c) shall be considered divisible and shall become and be immediately amended to only such duration and scope of activity as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter; and Executive agrees that this Section 11(c) as so amended shall be valid and binding as though any invalid or unenforceable provision had not been included herein. “Competing Business” means any business the primary business of which is being engaged in by the Company as a principal business of the Date of Termination (including, without limitation, the development, owning and operating of commercial real estate in the principal geographical markets in which the Company operates on the date of termination and the acquisition and disposition of commercial real estate in those markets for the purpose of development, owning and operating such real estate).

(d)Injunctive Relief. In the event of a breach or threatened breach of this Section 11, Executive agrees that the Company shall be entitled to injunctive relief in a court of appropriate jurisdiction to remedy any such breach or threatened breach, Executive acknowledging that damages would be inadequate and insufficient.

(e)Continuing Operation. Except as specifically provided in this Section 11, the termination of Executive’s employment or of this Agreement shall have no effect on the continuing operation of this Section 11. 

12.Indemnification. 

(a)The Company agrees that if Executive is made a party to or threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that Executive is or was a trustee, director or officer of the Company or is or was serving at the request of the Company or any subsidiary or either thereof as a trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity as a trustee, director, officer, member, employee or agent while serving as a trustee, director, officer, member, employee or agent, Executive shall be indemnified and held harmless by the Company to the fullest extent authorized by applicable law (including the advancement of applicable, reasonable legal fees and expenses), as the same exists or may hereafter be amended, against all Expenses incurred or suffered by Executive in connection therewith, and such indemnification shall continue as to Executive even if Executive has ceased to be an officer, director, trustee or agent, or is no longer employed by the Company and shall inure to the benefit of his heirs, executors and administrators.  

(b)Executive will be entitled to coverage under the Company’s directors’ and officers’ liability insurance policy on the same terms as for the Company’s other officers.

13.Successors; Binding Agreement. 

(a)Company’s Successors. No rights or obligations of the Company under this Agreement may be assigned or transferred except that the Company will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

(b)Executive’s Successors. No rights or obligations of Executive under this Agreement may be assigned or transferred by Executive other than his rights to payments or benefits hereunder, which may be transferred only by will or the laws of descent and distribution. If Executive should die following his Date of Termination while any amounts would still be payable to him hereunder if he had continued to live, all such amounts unless otherwise provided herein shall be paid in accordance with the terms of this Agreement to such person or persons so appointed in writing by Executive, or otherwise to his legal representatives or estate. 

14.Notice. For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered either personally or by United States certified or registered mail, return receipt requested, postage prepaid, addressed as follows: 

If to Executive: 

Mr. Robert Minutoli
[Address on file with the Company]

If to the Company: 
Urban Edge Properties
888 Seventh Avenue
New York, New York 10106
Tel: 212-894-7000

Attention:  Jeffrey Olson and Donald Casey
15.Resolution of Differences Over Breaches of Agreement. The parties shall use good faith efforts to resolve any controversy or claim arising out of, or relating to this Agreement or the breach thereof, first in accordance with the Company’s internal review procedures, except that this requirement shall not apply to any claim or dispute under or relating to Section 11 of this Agreement. If despite their good faith efforts, the parties are unable to resolve such controversy or claim through the Company’s internal review procedures, then such controversy or claim shall be resolved by arbitration in Manhattan, New York, in accordance with the rules then applicable of the American Arbitration Association (provided that the Company shall pay the filing fee and all hearing fees, arbitrator expenses and compensation fees, and administrative and other fees associated with any such arbitration), and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. If any contest or dispute shall arise between the Company and Executive regarding any provision of this Agreement, the Company shall reimburse Executive for all legal fees and expenses reasonably incurred by Executive in connection with such contest or dispute, but only if Executive is successful in respect of substantially all of Executive’s claims brought and pursued in connection with such contest or dispute.  Additionally, the Company will reimburse Executive for reasonable legal fees and expenses incurred by Executive in connection with the negotiation and preparation of this Agreement (including, but not limited to, the term sheet between the parties) up to $15,000 as soon as reasonably practicable following the date hereof.

16.Miscellaneous. 

(a)Amendments. No provisions of this Agreement may be amended, modified, or waived unless such amendment or modification is agreed to in writing signed by Executive and by a duly authorized officer of the Company, and such waiver is set forth in writing and signed by the party to be charged. The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. 

(b)Full Settlement. The Company’s obligations to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder will not (absent fraud or willful misconduct or a termination for Cause) be affected by any set-offs, counterclaims, recoupment, defense, or other claim, right or action that the Company may have against Executive or others. After termination of the Employment Period, in no event will the Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts will not be reduced whether or not the Executive obtains other employment. 

(c)Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of New York without regard to its conflicts of law principles.

17.Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, term sheets, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto in respect of such subject matter. Any other prior agreement of the parties hereto in respect of the subject matter contained herein is hereby terminated and cancelled, other than any equity agreements or any compensatory plan or program in which the Executive is a participant on the Effective Date. 

18.409A Compliance. 

(a)This Agreement is intended to comply with the requirements of Section 409A. To the extent that any provision in this Agreement is ambiguous as to its compliance with Section 409A or to the extent any provision in this Agreement must be modified to comply with Section 409A (including, without limitation, Treasury Regulation 1.409A-3(c)), such provision shall be read, or shall be modified (with the mutual consent of the parties, which consent shall not be unreasonably withheld), as the case may be, in such a manner so that all payments due under this Agreement shall comply with Section 409A. For purposes of Section 409A, each payment made under this Agreement shall be treated as a separate payment. In no event may Executive, directly or indirectly, designate the calendar year of payment. 

(b)All reimbursements provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during Executive’s lifetime (or during a shorter period of time specified in this Agreement), (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for another benefit. 

(c)Executive further acknowledges that any tax liability incurred by Executive under Section 409A of the Code is solely the responsibility of Executive. 

19.Representations. Executive represents and warrants to the Company that he is under no contractual or other binding legal restriction which would prohibit his from entering into and performing under this Agreement or that would limit the performance his duties under this Agreement.

20.Withholding Taxes. The Company may withhold from any amounts or benefits payable under this Agreement income taxes and payroll taxes that are required to be withheld pursuant to any applicable law or regulation.

21.Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories. Photographic, faxed or PDF copies of such signed counterparts may be used in lieu of the originals for any purpose.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

	
				
	URBAN EDGE PROPERTIES
	 
	EXECUTIVE

	By:
	/s/ Jeffrey Olson
	 
	/s/ Robert Minutoli

	 
	Jeffrey Olson
Chief Executive Officer
	 
	Robert MinutoliExhibit 10.1

 

SEVION
THERAPEUTICS, Inc.

 

Consulting
Agreement

 

This Consulting Agreement
(this “Agreement”) is entered into as of January 9, 2015 (the “Effective Date”), by and between Sevion
Therapeutics, Inc., or successor thereof (the “Company”), and The David Stephen Group LLC, a limited liability company
with a primary address as set forth on the signature page hereto (“Consultant”).

 

WHEREAS, the Company wishes
to obtain the services of Consultant for certain purposes, and Consultant wishes to provide such services, all subject to the terms
and conditions of this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises hereinafter set forth, and intending to be legally bound, the Company and Consultant hereby agree as follows:

 

1.            Services
to be Provided. During the term of this Agreement, David Rector, a principal of Consultant, shall serve as the Company’s
interim President and Chief Executive Officer (the “Services”). Consultant acknowledges that the obligations of Consultant
shall also apply to Mr. Rector, as applicable.

 

2.            Term.
The initial term of this Agreement shall begin on the Effective Date and shall continue for a period ending twelve (12) months
from the Effective Date, unless terminated prior thereto pursuant to paragraph 7. This Agreement may be renewed upon mutual agreement
of the parties in writing.

 

3.            Compensation;
No Benefits.

 

(a)          As
compensation for Consultant’s performance of the Services to be performed pursuant to this Agreement, the Company shall pay
Consultant $10,000 per month, payable by the Company within five (5) business days of the first (1st) business day of each month.

 

(b)          Consultant
is not an employee of the Company and will not be entitled to participate in or receive any benefit or right as a Company employee
under any Company employee benefit and pension plans, including, without limitation, employee insurance, pension, savings and security
plans, as a result of entering into this Agreement. Consultant is responsible for all income taxes, employment taxes and workers’
compensation insurance associated with the compensation received under this Agreement and agrees that the Company will not withhold
or pay any of the foregoing in connection with Consultant’s services to the Company hereunder.

 

4.            Independent
Contractor; Performance.

 

(a)          Independent
Contractor Status. For purposes of this Agreement and all Services to be provided hereunder, Consultant shall not be considered
a partner, co-venturer, agent, employee or representative of the Company, but shall remain in all respects an independent contractor,
and neither party shall have any right or authority to make or undertake any promise, warranty or representation, to execute any
contract, or otherwise to assume any obligation or responsibility in the name of or on behalf of the other party.

 

    	1

    	 

    

 

(b)          Performance
Warranties. Consultant will perform all Services in a professional manner, consistent with industry standards. Consultant warrants
that each work product that is produced as a result of Consultant’s performance of the Services, in whatever medium, shall
be free from defects of material and workmanship under normal use and shall function properly and in conformity with the applicable
specifications for such work product, as agreed upon by Consultant and the Company, and shall continue to be free from such defects
and to so function during the one (1) year period beginning on the date that such work product is accepted by the Company. If during
such warranty period any defect of material or workmanship arises or manifests itself in such work product or such work product
fails to function properly and in conformity with the applicable specifications therefor, the Company will notify Consultant in
writing of such defect or failure. Promptly upon Consultant’s receipt of any such notice, Consultant shall correct such defect
or failure at Consultant’s sole cost and expense.

 

(c)          Survival.
The provisions of this paragraph 4 shall survive the expiration or earlier termination of this Agreement.

 

5.            Confidentiality.

 

(a)          Company
Information. Consultant agrees at all times during the term of this Agreement and thereafter to hold in strictest confidence,
and not to use, except in connection with Consultant’s performance of the Services, and not to disclose to any person or
entity without written authorization of the Chairman of the Board of Directors of the Company, any Confidential Information of
the Company. As used herein, “Confidential Information” means any Company proprietary or confidential information,
technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, customer
lists and customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering,
marketing, distribution and sales methods and systems, sales and profit figures, and financial and other business information disclosed
to Consultant by the Company, either directly or indirectly, in writing, orally or by drawings or inspection of documents or other
tangible property. However, Confidential Information does not include any information: (i) which was lawfully in the possession
of Consultant without any obligation of confidentiality prior to receiving such information from the Company; (ii) which is obtained
by Consultant from a source that is not prohibited from disclosing the information to Consultant by an obligation of confidentiality;
(iii) which is or becomes generally available to the public other than as a result of a disclosure by Consultant or its agents;
or (iv) which is developed independently by Consultant without use of the Confidential Information or reference thereto. In the
event that Consultant is ordered to disclose Confidential Information pursuant to a judicial or governmental request or an order
or in a judicial or governmental proceeding (“Required Disclosure”), Consultant shall: (i) immediately notify the Company;
(ii) take reasonable steps to assist the Company in contesting such Required Disclosure or otherwise protecting the Company’s
rights; and (iii) only disclose that portion of the Confidential Information specifically required to be disclosed pursuant to
such Required Disclosure.

 

    	2

    	 

    

 

(b)          Consultant-Restricted
Information. Consultant agrees that during the term of this Agreement Consultant will not improperly use or disclose any proprietary
or confidential information or trade secrets of any person or entity with whom Consultant has an agreement or duty to keep such
information or secrets confidential.

 

(c)          Third-Party
Information. Consultant recognizes that the Company has received and in the future will receive from third parties their confidential
or proprietary information 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. Consultant agrees at all times during the term of this Agreement and thereafter to
hold such information in strict confidence, and not to use such information, except in connection with Consultant’s performance
of the Services and as is consistent with the Company’s agreement with such third party, and not to disclose such information
to any person or entity without written authorization.

 

(d)          Survival.
The provisions of this paragraph 5 shall survive the expiration or termination of this Agreement.

 

6.            Ownership
of Results.

 

(a)          Assignment
of Inventions. Consultant agrees that Consultant will promptly make full written disclosure to the Company, will hold in trust
for the sole right and benefit of the Company, and hereby assigns, transfers, and conveys to the Company, or its designee, all
of Consultant’s worldwide right, title, and interest in and to any and all inventions, original works of authorship, findings,
conclusions, data, discoveries, developments, concepts, improvements, trade secrets, techniques, processes and know-how, whether
or not patentable or registrable under copyright or similar laws, that Consultant may solely or jointly conceive or develop or
reduce to practice, or cause to be conceived or developed or reduced to practice, in the performance of the Services or that result,
to any extent, from use of the Company’s premises or property (collectively, the “Inventions”), including any
and all intellectual property rights inherent in the Inventions and appurtenant thereto including, without limitation, all patent
rights, copyrights, trademarks, know-how and trade secrets (collectively, “Intellectual Property Rights”). Consultant
further acknowledges and agrees that all original works of authorship that are made by Consultant (solely or jointly with others)
in the performance of the Services and that are protectable by copyright are “works made for hire” as that term is
defined in the United States Copyright Act. However, to the extent that any such work may not, by operation of any applicable law,
be a work made for hire, Consultant hereby assigns, transfers, and conveys to the Company all of its worldwide right, title, and
interest in and to such work, including all Intellectual Property Rights therein and appurtenant thereto.

 

    	3

    	 

    

 

(b)          Further
Assurances. Upon the request and at the expense of the Company, Consultant shall execute and deliver any and all instruments
and documents and take such other acts as may be necessary or desirable to document the assignment and transfer described in paragraph
6(a) or to enable the Company to secure its rights in the Inventions and any patents, trademarks, copyrights or other Intellectual
Property Rights relating thereto in any and all jurisdictions, or to apply for, prosecute, and enforce patents, trademark registrations,
copyrights or other Intellectual Property Rights in any and all jurisdictions with respect to any Inventions, or to obtain any
extension, validation, reissue, continuance or renewal of any such Intellectual Property Rights. Without limiting the foregoing,
Consultant shall disclose to the Company all pertinent information and data with respect thereto and shall execute all applications,
specifications, oaths, and all other instruments that the Company shall deem necessary in order to apply for and obtain such rights
and in order to assign and convey to the Company the sole and exclusive right, title, and interest in and to such Inventions, and
any patents, copyrights, trademarks or other Intellectual Property Rights relating thereto. Consultant further agrees that Consultant’s
obligation to execute or cause to be executed, when it is in Consultant’s power to do so, any such instruments or papers
shall continue after the termination of this Agreement. If the Company is unable for any reason to secure Consultant’s signature
to apply for or to pursue any application for any United States or foreign patent, trademark, copyright or other registration covering
Inventions assigned to the Company, then Consultant hereby irrevocably designates and appoints the Company and its duly authorized
officers and agents as Consultant’s agent and attorney-in-fact to act for Consultant, and on Consultant’s behalf and
stead to execute and file any such applications, and to do all other lawfully permitted acts to further the prosecution and issuance
of letters patent or trademark, copyright or other registrations thereon with the same legal force and effect as if executed by
Consultant.

 

(c)          Survival.
The provisions of this paragraph 6 shall survive the expiration or earlier termination of this Agreement.

 

7.            Termination.
Notwithstanding the provisions of paragraph 2, the Company may terminate the term of this Agreement: (i) for any reason whatsoever
upon ten (10) calendar days’ prior written notice to Consultant; or (ii) five (5) calendar days following written notice
to Consultant that the Services are being performed in an unsatisfactory manner, if the Services remain unsatisfactory after such
five (5) calendar day period. In the event of any termination of this Agreement, the Company shall be responsible for prompt payment
of any portion of the compensation owed to Consultant under paragraph 3 for any Services rendered prior to the effective date of
such termination. Within five (5) calendar days after any termination of this Agreement, Consultant shall deliver to the Company
all work product resulting from the performance of the Services.

 

8.            No
Conflicting Agreements; Nonexclusive Engagement.

 

(a)          Consultant
represents that Consultant is not a party to any existing agreement that would prevent Consultant from entering into and performing
this Agreement. Consultant will not enter into any other agreement that is in conflict with Consultant’s obligations under
this Agreement. Subject to the foregoing, Consultant may from time to time act as a consultant to, perform professional services
for, or enter into agreements similar to this Agreement with other persons or entities without the necessity of obtaining approval
from the Company.

 

(b)          The
Company may from time to time: (i) engage other persons and entities to act as consultants to the Company and perform services
for the Company, including services that are similar to the Services; and (ii) enter into agreements similar to this Agreement
with other persons or entities, in all cases without the necessity of obtaining approval from Consultant.

 

    	4

    	 

    

 

9.            Return
of Company Property. Promptly upon the expiration or earlier termination of this Agreement, and earlier if requested by the
Company in writing at any time, Consultant shall, at Consultant’s election, either destroy or deliver to the Company (and
will not keep in Consultant’s possession or deliver to anyone else) all Confidential Information of the Company and all devices,
records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment,
computer software, other documents or property, or reproductions of any aforementioned items developed by Consultant as part of
or in connection with the Services or otherwise belonging to the Company. Consultant shall not remove any Company property from
the Company’s premises without written authorization from the Company.

 

10.          Solicitation
of Employees. Consultant agrees that during the term of this Agreement and for the twelve (12) month period thereafter, Consultant
shall not for any reason, either directly or indirectly, on Consultant’s own behalf or in the service or on behalf of others,
solicit, recruit or attempt to persuade any person to terminate such person’s employment with the Company, whether or not
such person is a full-time employee or whether or not such employment is pursuant to a written agreement or is at will. Notwithstanding
the foregoing, Consultant shall not be precluded from hiring any person: (i) who responds to any general solicitation or advertisement;
(ii) who contacts Consultant on his or her own initiative without any direct or indirect solicitation or encouragement from Consultant,
other than any general solicitation or advertisement; (iii) whose employment with the Company is terminated by the Company; or
(iv) with whom the Consultant has not had any contact in connection with performance of the Services.

 

11.          Arbitration
and Equitable Relief.

 

(a)          Arbitration.
Except as provided in paragraph 11(b), Consultant and the Company agree that any dispute or controversy arising out of or relating
to any interpretation, construction, performance or breach of this Agreement shall be settled by arbitration to be held in New
York, New York, before a single arbitrator and in accordance with the Commercial Arbitration Rules then in effect of the American
Arbitration Association. Each party irrevocably and unconditionally consents to the jurisdiction of any such proceeding and waives
any objection that it may have to personal jurisdiction or the laying of venue of any such proceeding. The parties will cooperate
with each other in causing the arbitration to be held in as efficient and expeditious a manner as practicable. If the parties are
unable to appoint a mutually acceptable arbitrator within thirty (30) calendar days after a party gives written notice to the other
requesting resolution of a dispute in accordance with the provisions of this paragraph 11(a), the American Arbitration Association
shall appoint the arbitrator in accordance with such Commercial Arbitration Rules. The arbitrator may grant injunctions or other
relief in such dispute or controversy. The decision of the arbitrator shall be final, conclusive and binding on the parties to
the arbitration. Judgment may be entered on the arbitrator’s decision in any court having jurisdiction. The Company and Consultant
shall each pay one-half of the costs and expenses of such arbitration, and each party shall separately pay the fees and expenses
of its own counsel. Nothing herein shall prevent the parties from settling any dispute by mutual agreement at any time.

 

    	5

    	 

    

 

(b)          Equitable
Remedies. Consultant agrees that it would be impossible or inadequate to measure and calculate the Company’s damages
from any breach of the covenants set forth in paragraphs 5, 6, 9 and 10 of this Agreement. Accordingly, Consultant and the Company
agree that if Consultant breaches or is accused of breaching any of such covenants, the Company will have available, in addition
to any other right or remedy available, the right to seek an injunction from a court of competent jurisdiction restraining such
breach or threatened breach and to order specific performance of any such provision of this Agreement, and Consultant will have
available the right to seek declaratory relief from a court of competent jurisdiction regarding such alleged breach or threatened
breach. Consultant further agrees that no bond or other security shall be required in obtaining such equitable relief and Consultant
hereby consents to the issuance of such injunction and to the ordering of such specific performance.

 

12.          Entire
Agreement; Amendment and Assignment. This Agreement is the sole agreement between Consultant and the Company with respect to
the Services to be performed hereunder and supersedes all prior agreements and understandings with respect thereto, whether oral
or written. No modification to any provision of this Agreement shall be binding unless in writing and signed by both Consultant
and the Company. No waiver of any rights under this Agreement will be effective unless in writing signed by the party to be charged.
All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective
heirs, executors, administrators, legal representatives, successors, and assigns of the parties hereto, except that the duties
and responsibilities of Consultant hereunder are of a personal nature and shall not be assignable or delegable in whole or in part
by Consultant.

 

13.          Governing
Law. This Agreement shall be governed by and interpreted in accordance with the laws of California, without giving effect to
any conflict of laws provisions.

 

14.          Notices.
All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be
in writing and shall be deemed to have been given when hand-delivered or mailed by registered or certified mail, as follows (provided
that notice of change of address shall be deemed given only when received):

 

If to the Company, to:

 

Sevion Therapeutics, Inc.

4045 Sorrento Valley Blvd.

San Diego, CA 92121

Attention: Harlan W. Waksal, M.D.,
Chairman of the Board

 

If to Consultant, to Consultant’s
address specified on the signature page hereto.

 

or to such other names or addresses as the
Company or Consultant, as the case may be, shall designate by notice to the other entitled to receive notice in the manner specified
in this paragraph.

 

    	6

    	 

    

 

15.          Counterparts.
This Agreement shall become binding when any one or more counterparts hereof, individually or taken together, shall bear the signatures
of Consultant and the Company. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original, but all of which together shall constitute one and the same instrument.

 

16.          Severability.
If any provision of this Agreement or application thereof to anyone or under any circumstances is adjudicated to be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this
Agreement that can be given effect without such invalid or unenforceable provision or application in any other jurisdiction.

 

17.          Tax
Identification Number. Consultant certifies that Consultant’s tax identification number is set forth on the signature
page hereto. Consultant acknowledges that the Company will rely upon the foregoing certification in filing certain documents and
instruments required by law in connection with this Agreement, including, without limitation, Form 1099 under the Internal Revenue
Code of 1986, as amended, or any successor form.

 

[Signature
Page Follows]

 

    	7

    	 

    

 

IN WITNESS WHEREOF,
the undersigned, intending to be legally bound, have duly executed this Agreement as of the date first above written.

 

	 	COMPANY:
	 	 
	 	SEVION THERAPEUTICS, INC.
	 	 	 
	 	By:	/s/ Harlan Waksal
	 	Name:  Harlan Waksal, M.D.
	 	Title:  Chairman of the Board
	 	 
	 	CONSULTANT:
	 	 
	 	The david stephen group llc
	 	 	 
	 	By:	/s/ David Rector
	 	Name:  David Rector
	 	Title:  Principal

  

	 	David rector

 

	 	/s/ David Rector
	 	(signature)

 

	 	Address: 	 

 

	 	 
	 	 
	 	 

  

	 	Email: 	 

 

	 	Phone: 	 

 

	 	Tax Identification Number: 	 

 

 

[Signature
page to consulting agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]