Document:

BREAN CAPITAL, LLC

        570 Lexington Avenue

        New York, NY 10022-6822

        212/702-6500

        www.breancapital.com

 

April 19, 2013

 

STRICTLY PRIVATE

AND CONFIDENTIAL

 

Mr. Art Agolli

Chief Executive Officer

Petrosonic Energy, Inc.

Suite 300, 714-1Street SE

Calgary, AB T2G 2G8

Canada

 

Dear Art:

 

This is to acknowledge and confirm the
terms of our corporate finance representation agreement (the “Agreement”) as follows:

 

		1.	Petrosonic Energy, Inc., its subsidiaries
                                                                and affiliates (the “Company”) hereby engages Brean
                                                                Capital, LLC (“Brean”), and Brean hereby agrees to
                                                                render services to the Company, on an exclusive basis as the Company’s
                                                                corporate finance advisor or placement agent in a strategic investment
                                                                by a potential strategic investor or industry investor (or any
                                                                other investor accepted by the Company), subject to satisfactory
                                                                completion of due diligence by Brean and market conditions.

 

Brean agrees to provide general
financial advice to the Company and undertake specific investment banking transactions and/or advisory assignments undertaken
by the Company during the term of this Agreement, including but not limited to public or private offerings of debt or equity securities,
acquisitions, mergers or the partial or complete sale of the stock or assets of the Company or any of its divisions or subsidiaries,
joint ventures, strategic alliances or any other financing transactions and the preparation of any fairness opinions required
in connection with any transactions or other matter. Notwithstanding anything herein to the contrary, this Agreement excludes,
and shall not apply to joint ventures, strategic alliances or investments by and into the Company, or similar transactions, relating
to persons or entities in Kuwait.

 

Upon the Company’s request,
Brean will endeavor to: assist the Company in its due diligence review of any investor or company and other matters, if any, pertinent
to a transaction; work with the Company and its management in preparing any offering memoranda or similar documents describing
the Company and its operations for use in discussions with any investor or company; assist in preparing any financial projections
or modeling in respect of a transaction; assist in structuring and negotiating the transaction; and undertake certain investigations
and reviews with regard to the possible rendering of an opinion as to the fairness, from a financial point of view, of the consideration
to be paid or received by the shareholders of the Company in a transaction where such an opinion is required.

 

In order to coordinate the efforts
to complete a transaction satisfactory to the Company, during the period of Brean’s engagement hereunder, only Brean will
have the authority to initiate discussions with prospective investors. In the event the Company or its management receives an
inquiry from, or are otherwise in contact with, a party concerning the availability of the Company for a transaction, they will
promptly refer the party to Brean in order that Brean may continue such discussions, and that party will be identified and included
under this Agreement. In addition, should the Company have been contacted by prospective investors prior to Brean’s engagement,
they will likewise be identified and included under this Agreement. All prospective investors required to be referred pursuant
to this paragraph and not so referred shall nevertheless be included under the terms of this Agreement.

 

    	 

    	 

    

 

Mr. Art Agolli

April 19, 2013

Page 2

 

Additionally, Brean agrees to:
develop with the Company a program to introduce the Company to institutional investors; arrange, organize, assist in preparation
for and participate in an institutional road show consisting of group and one-on-one meetings and/or telephone calls with institutional
investors, the timing of which shall be mutually agreeable to the Company and Brean; update and review with the Company the institutional
investors who have expressed interest in the Company; and follow up with the institutional investors as required.

 

Brean conducts institutional
investor conferences from time to time for its various industry sectors. Brean agrees to invite the Company to participate in
relevant institutional investor conferences for which its participation or attendance will be beneficial to the Company in Brean’s
opinion.

 

If the Company so desires, Brean
agrees to act as the Company’s Designated Advisor for Disclosure (“DAD”) for the purpose of sponsoring the Company’s
publicly traded common stock on the OTCQX exchange. In its capacity as the Company’s DAD, Brean will assist the Company
in all of the actions required to cause the listing to be maintained in good standing, including but not limited to performing
any required due diligence on the Company.

 

The Company will ensure the
accuracy of any information provided to Brean during the term of this Agreement and that it will not contain any untrue statement
of a material fact or omit to state a material fact required to make the information not misleading. The Company will advise Brean
immediately of the occurrence of any event or any other change known to the Company which results in the information containing
an untrue statement of a material fact or omitting to state a material fact required to be stated or necessary to make the information
not misleading.

 

The Company agrees that Brean
may rely upon, and are a third party beneficiary of, the representations and warranties, and applicable covenants, set forth in
any agreements with investors in the offering completed pursuant to this Agreement.

 

		2.	The term of this engagement shall be
                                                          for a period of twelve months (the “Engagement Period”)
                                                          commencing with the execution of this Agreement by the Company (the
                                                          “Effective Date”) subject to extension by mutual written
                                                          agreement of the parties at any time subsequent to the end of the initial
                                                          Engagement Period,.

 

		3.	On the Effective Date, the Company agrees
                                                          to remit to Brean 150,000 shares of the Company’s common stock
                                                          (the “Retainer Shares”) and a warrant for the purchase of
                                                          up to 150,000 shares of common stock (the “Retainer Warrants”)
                                                          with an exercise price of 75 cents and a five year term. The Retainer
                                                          Shares will bear piggyback registration rights. The share numbers and
                                                          exercise price above in this paragraph shall be appropriately adjusted
                                                          in the event of a stock split or similar event.

 

The Company
agrees that should it consummate a financing transaction with a strategic investor or industry investor (or any other investor
accepted by the Company) from the Effective Date through a period lasting until termination of the Agreement with any party or
parties, or for one year after the termination of the Agreement, with investors with whom Brean has been in contact, and has been
obtained through the efforts of Brean, directly or indirectly, or through the use of any work product or materials prepared by
Brean, in addition to the compensation set forth above, the Company shall pay to Brean, or cause Brean to be paid, at the closing
of such transaction, a USD cash fee equal to 8% of the gross proceeds raised and a warrant (the “Agent’s Warrant”)
allowing it to purchase, at its option, such number of shares or principal amount of a security with pricing and terms identical
to the security or securities purchased by investors in a transaction covered under this Agreement, in an amount that is equal
to 10% of the gross proceeds and firm commitments received by the Company pursuant to any such transaction.

 

    	 

    	 

    

 

Mr. Art Agolli

April 19, 2013

Page 3

 

The Agent’s Warrant will
be exercisable at any time before the fifth anniversary of the date of issue and will, among other things: (i) be transferable
or issuable (at Brean’s option) to employees, officers and directors of Brean, or their affiliates, or designees of Brean,
(ii) carry piggyback registration rights, (iii) be non-callable and (iv) contain such other terms as are customarily included
in warrants of this type. Also, Brean will be afforded customary indemnification protections granted to the investors as part
of the agreement governing the registration of the investor securities sold in the transaction, as a third party beneficiary to
such provisions.

 

The Company agrees that should
it consummate a transaction in which there is a change in control of the company (a “Sale Transaction”) from the Effective
Date through a period lasting until termination of the Agreement with any party or parties, or for one year after the termination
of the Agreement with parties with whom Brean has been in contact and has been obtained through the efforts of Brean, directly
or indirectly, or through the use of any work product or materials prepared by Brean, the Company shall pay to Brean, or cause
Brean to be paid, at the closing of such transaction, a fee equal to 5% of the gross proceeds received by the Company. For the
purposes of this Agreement, “gross proceeds” shall mean any and all cash, notes and securities received by the Company
in the Sale Transaction, whether in lump sum or in installments, and including items of such nature which are received by the
Company as contingent payments.

 

The Company agrees that should
it consummate a non-financing strategic transaction (such as a joint venture) from the Effective Date through a period lasting
until termination of the Agreement, or for one year after the termination of the Agreement, with a party or parties first introduced
by and obtained through the efforts of Brean, directly or indirectly, or through the use of any work product or materials prepared
by Brean, the Company and Brean agree to enter into a separate agreement setting forth compensation to Brean in connection with
such transaction, which according to the parties’ intentions would generally consist of a 1.5% equity or royalty interest
in the joint venture or similar value or arrangement, provided however the terms shall be agreed case-by-case depending on the
circumstances.

 

		4.	Any fees not paid when due will accrue
                                                          interest to the extent permitted by applicable law, at a rate of 10%
                                                          per year and the Company will be responsible for any reasonable legal
                                                          fees incurred by Brean in collecting such fees. The Retainer Shares
                                                          will be forwarded by the Company for receipt by Brean within ten business
                                                          days of the Effective Date.

 

		5.	The Company will reimburse Brean for
                                                          reasonable out-of-pocket expenses, including but not limited to travel,
                                                          meals, lodging and legal fees, incurred in connection with its representation
                                                          and services hereunder. Reimbursement for out-of-pocket expenses will
                                                          be paid by the Company within ten (10) days of receipt of invoice from
                                                          Brean, except for the significant expenses of the institutional road
                                                          show (including, without limitation, travel, lodging and institutional
                                                          lunches) which will be paid directly by the Company. The Company’s
                                                          obligation to Brean for reimbursement of out-of-pocket expenses will
                                                          survive any cancellation of this Agreement.

 

For the twelve month period
commencing on the closing of a transaction pursuant to this Agreement, if the Company proposes to effect any Sale Transaction,
any public offering, any Rule 144A offering, or any private placement of securities or if the Company elects to proceed with a
non-strategic financing during the term of this Agreement, the Company agrees to offer to engage Brean as no less than co-lead
managing underwriter and bookrunner, co-lead placement agent or co-lead financial advisor, as the case may be, and the Company
agrees that Brean will have the right to place no less than 25% of any non-strategic financing transaction and will receive a
fee equal to the percentage of the transaction placed, and in any event Brean will receive no less than 15% of the fee in any
non-strategic financing transaction, on terms and conditions customary to Brean on similar transactions, provided, however, that
Brean may decline such engagement in its sole and absolute discretion at such time. Brean’s election to exercise its right
with respect to a particular proposed transaction will not adversely affect its rights hereunder with respect to any proposed
transaction of the Company during the twelve month period referred to above.

 

    	 

    	 

    

 

Mr. Art Agolli

April 19, 2013

Page 4

 

		6.	Indemnification is incorporated by reference
                                                          to Addendum I.

 

		7.	The benefits of this Agreement shall
                                                          inure to the parties hereto and their respective successors and assigns,
                                                          and the obligations and liabilities assumed in this Agreement shall
                                                          be binding upon the parties hereto and their respective successors and
                                                          assigns. Notwithstanding anything contained herein to the contrary,
                                                          the Company shall not assign to an unaffiliated third party any of its
                                                          rights or obligations hereunder without the express written consent
                                                          of Brean.

 

		8.	Any dispute between the parties to this
                                                          Agreement shall be settled by arbitration before the facilities of the
                                                          Financial Industry Regulatory Authority (“FINRA”) in the
                                                          City of New York and will be conducted pursuant to applicable federal
                                                          laws, the laws of the State of New York, without regard to conflicts
                                                          of laws, and the rules of the selected arbitral facility. The parties
                                                          understand that the award of the arbitrators, or of a majority of them,
                                                          will be final and that a judgment upon any award rendered may be entered
                                                          in any court having jurisdiction. Notwithstanding the foregoing, if
                                                          FINRA declines or is otherwise unavailable to arbitrate a dispute arising
                                                          under this Agreement, the parties agree that such dispute shall be resolved
                                                          through a federal court residing in the City of New York, pursuant to
                                                          applicable federal laws, the laws of the State of New York, without
                                                          regard to conflicts of laws.

 

		9.	All notices provided hereunder shall
                                                          be given in writing and either delivered personally or by overnight
                                                          courier service or sent by certified mail, return receipt requested,
                                                          if to Brean, to 570 Lexington Avenue, New York, New York 10022, Attention:
                                                          William J. McCluskey; and if to the Company, to 205 Suite 204, Calgary,
                                                          AB T2G OR3, Canada, Attention: Art Agolli.

 

		10.	The Company represents and warrants
                                                           to Brean that Art Agolli is the Chief Executive Officer of the Company
                                                           and is authorized on behalf of the Company to execute the Agreement,
                                                           and the execution of this Agreement will not conflict with or breach
                                                           the certificate or articles of incorporation or by-laws of the Company
                                                           or any agreement to which the Company is a party.

 

		11.	The Agreement
                                                           sets forth the entire understanding of the parties relating to the
                                                           subject matter hereof, and supersedes and cancels any prior communications,
                                                           understandings and agreements between the parties. This Agreement cannot
                                                           be modified, or changed, nor can any of its provisions be waived, except
                                                           by written agreement signed by all parties.

 

Please confirm that the foregoing is in
accordance with your understanding by signing and returning this letter to Brean and keeping a duplicate for your files. This
Agreement shall be effective after your acceptance below and its receipt by Brean at its address set forth on this letter.

 

	 	Sincerely,
	 	 
	 	BREAN CAPITAL, LLC
	 	 	 
	 	By:	/s/
    William J. McCluskey
	 	William J. McCluskey

 

Accepted and agreed to as of the 19th day of April,
2013.

 

    	 

    	 

    

 

Mr. Art Agolli

April 19, 2013

Page 5

 

	PETROSONIC
    ENERGY, INC.	 
	 	 	 
	By:	/s/ Art Agolli	 
	 	Art Agolli	 

 

    	 

    	 

    

 

Mr. Art Agolli

April 19, 2013

Page 6

 

Addendum I - Indemnification

 

The Company shall:

 

		a.	Indemnify Brean, its parents, affiliates
                                                          and/or subsidiaries and each of their respective officers, directors,
                                                          employees and agents (collectively, the "Indemnified Parties")
                                                          and hold them harmless against any losses, claims, damages, expenses
                                                          or liabilities to which the Indemnified Parties may become subject arising
                                                          in any manner out of or in connection with the rendering of services
                                                          by Brean hereunder unless it is finally judicially determined, without
                                                          any further right to appeal, that such losses, claims, damages, expenses
                                                          or liabilities resulted primarily from the gross negligence, bad faith
                                                          or willful misconduct of Brean; and

 

		b.	Reimburse the Indemnified Parties for
                                                          any legal or other expenses reasonably incurred by them in connection
                                                          with investigating, preparing to defend or defending lawsuits, claims
                                                          or other proceedings arising in any manner out of or in connection with
                                                          the rendering of services by Brean hereunder; provided, however, that
                                                          in the event a final judicial determination is made to the effect specified
                                                          in subparagraph (a) above, the Indemnified Parties will remit to the
                                                          Company any amount reimbursed under this paragraph (b).

 

The Company agrees that the indemnification
and reimbursement commitments set forth in this paragraph shall apply whether or not the Indemnified Parties are a formal party
of any such lawsuits, claims or other proceedings, that the Indemnified Parties are entitled to retain separate counsel of their
choice in connection with any of the matters to which such commitments relate and that such commitments shall extend upon the
terms set forth in this paragraph to any Indemnified Party.

 

Further, the Company and Brean agree that
if any indemnification or reimbursement sought by Brean of the Company is finally judicially determined to be unavailable then,
whether or not Brean is entitled to indemnification or reimbursement, the Company and Brean shall contribute to the losses, claims,
damages, liabilities and expenses for which such indemnification is held unavailable in such proportion as is appropriate to reflect
the relative benefits to the Company on the one hand, and Brean on the other, in connection with the transactions to which such
indemnification or reimbursement related, and other equitable considerations; provided, however, that in no event shall the amount
to be contributed by the Indemnified Parties exceed the amount of the fee actually received by Brean hereunder. The provisions
hereof shall survive any termination of this Agreement.EXHIBIT 10.1

 

CONSULTING AGREEMENT BETWEEN THOMAS
A. MOORE AND ADVAXIS, INC.

 

THIS CONSULTING AGREEMENT (the “Agreement”)
is made and entered into with an effective date of August 19, 2013 (the “Effective Date”) by and between Advaxis,
Inc., (the “Company”), and Thomas A. Moore (“Consultant”).

 

WITNESSETH:

 

WHEREAS, the Company desires to engage
Consultant pursuant to the terms of this Agreement; and

 

WHEREAS, Consultant desires to be
so engaged pursuant to the terms of this Agreement.

 

NOW, THEREFORE, the parties agree
as follows:

 

		1.	Consulting Services.

 

The Company agrees to engage Consultant
and Consultant agrees to be engaged by the Company pursuant to the terms of this Agreement to assist the Company's development
of its veterinary program, as may be requested from time-to-time by the Company, and to perform the duties assigned to Consultant
by the Company’s Chief Executive Officer, the Company’s Chairman of the Board, and/or its Board of Directors related
to the Company’s strategic planning and business development, or any other matter so delegated.

 

Consultant shall be able to commit a minimum
of twenty (20) hours per week to his performance of consulting services for the Company, in accordance with the terms and conditions
of this Agreement, during the Engagement Period, as that term is defined below.

 

		1.1	Previous Employment Agreement.

 

The parties voluntarily consent to the termination,
upon the Effective Date, of any prior oral or written employment agreement, including the parties’ Employment Agreement Between
Thomas A. Moore and Advaxis, Inc. which was executed on August 21, 2007 (the “2007 Agreement”), and agree that,
upon the Effective Date, the Company shall have no future obligations to Consultant under the terms of any prior employment agreement
or renewal or amendment of any employment agreement.

 

Upon termination of the 2007 Agreement,
Consultant shall receive: (i) any accrued but unused vacation time as of the Effective Date; (ii) any reasonable expenses incurred
prior to the Effective Date, upon submission of evidence, reasonably satisfactory to the Company, of the incurrence and purpose
of each such expense and otherwise in accordance with the Company’s business travel and expense reimbursement policy as in
effect from time to time; and (iii) Consultant’s accrued salary prior to his resignation, in accordance with Section 1.2
of this Agreement. The foregoing payments shall be payable in accordance with and on the dates set forth in “Schedule
A” to this Agreement.

 

    	 

    	 

    

 

CONFIDENTIAL

 

Consultant acknowledges and agrees that,
except for the compensation and benefits set forth in this Agreement, he has received all compensation and benefits due to him
under any prior employment agreement, including the 2007 Agreement, or renewal or amendment of employment agreement, including
payment of all compensation and accrued but unused vacation earned as of the Effective Date.

 

1.2Voluntary Resignation From Previous
Employment.

 

Consultant agrees that prior to the Effective
Date, he shall voluntary resign, and shall take all steps and actions necessary to cause, effectuate, and implement such resignation,
from his positions as Chief Executive Officer of the Company and Chairman of the Company’s Board. Consultant also agrees
that following his voluntary resignation from these positions, and unless otherwise requested by the Company, Consultant shall
no longer hold himself out as holding such positions for the Company.

 

		2.	Term.

 

The term
of this Agreement shall begin on the Effective Date and shall end on the first anniversary thereof (the “Initial Term”).
Upon the expiration of the Initial Term, the Agreement shall be rendered null, void, and terminated without restriction or exception
(subject to the terms and conditions of Section 11.6 of this Agreement), unless the Company tenders to Consultant, at any time
prior to the expiration of the Initial Term, written notice of its intent to renew the Agreement, upon such terms and conditions
as the parties shall agree in writing. If the Company elects to continue the term of the Agreement for any period beyond the expiration
of the Initial Term, either Consultant or the Company may thereafter terminate the Agreement at any time and for any reason, with
or without cause, upon tendering to the other party, ninety (90) days prior to the anticipated termination date, written notice
of its intent to the terminate the Agreement. The cumulative period during which Consultant is engaged by the Company pursuant
to this Agreement shall be referred to as the “Engagement Period.”

 

		3.	Compensation.

 

		3.1	Consulting Fee.

 

During the Engagement Period, Consultant
shall receive an annualized consulting fee of Three Hundred and Fifty Thousand Dollars ($350,000.00), payable on a monthly basis
on the 20th day of the month during which the consulting fee is earned (unless the 20th day of the month falls on a Saturday, Sunday,
or a holiday, in which case the payment will be made on the next business day following the 20th day of the month), except that
the first payment required by this Section 3.1 of the Agreement shall be tendered on or before September 20, 2013, with interest
to accrue at a rate of twelve percent (12%) per annum for any payments not made in accordance with the terms of this Section 3.1.
Failure by the Company to tender to Consultant timely payment of the consulting fee prescribed by this Section 3.1 of the Agreement,
either in whole or in part, shall not be deemed a material breach of this Agreement.

 

		3.2	COBRA.

  

    	-2-

    	 

    

 

CONFIDENTIAL

 

During
the Engagement Period, the Company shall reimburse Consultant for any costs associated with or incurred by Consultant’s participation
in a group health plan authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”).

 

		3.3	Travel.

 

The Company
shall reimburse Consultant for reasonable travel, meeting, lodging, meal and other reasonable expenses incurred by Consultant in
connection with Consultant’s performance of services hereunder, upon submission of evidence, reasonably satisfactory to the
Company, of the incurrence and purpose of each such expense and otherwise in accordance with the Company’s business travel
and expense reimbursement policy applicable to its consultants as in effect from time to time. All expenses in an amount equal
to or exceeding Two Hundred Fifty Dollars ($250.00) shall require the prior written approval of a director or officer of the Company
authorized to issue such approval in order to be subject to the reimbursement provisions of this Section 3.3 of the Agreement.
Any such expense for which Consultant does not obtain or procure prior written approval will not be reimbursed by the Company,
regardless of the reasonableness or necessity of the expense.

 

		4.	Warrants/Options.

 

Consultant and the Company agree and understand,
and relinquish their respective rights to dispute, that Consultant shall be classified as a “non-employee Director”
for purposes of the Company’s practices and procedures concerning the compensation of non-employee Directors, subject to
the terms and conditions of this Section 4 of the Agreement. Consultant and the Company further agree and understand that Consultant
hereby waives his right to receive any compensation, including any retainer payment(s), that may be awarded by the Company to other
Directors during the Engagement Period, except that Consultant shall receive attendance fees on terms and conditions substantially
similar to those pursuant to which other non-employee Directors may, from time-to-time, receive attendance fees, consistent with
the Company’s practices and procedures concerning the compensation of non-employee Directors.

 

In addition to the foregoing, the committee
established by the Board of Directors of the Company to administer the Company’s 2011 Omnibus Incentive Plan (the “Equity
Plan”) shall grant to Consultant, on or around November 1, 2013, a one-time award of 30,000 nonqualified stock options under
the Equity Plan, or any successor plan.

 

Consultant and the Company further agree
and understand that any and all warrants and/or stock options that were granted or awarded to Consultant prior to the Effective
Date shall continue with full force and effect in accordance with their terms and conditions, and the terms thereof shall not be
accelerated, vested, or otherwise affected solely by virtue of Consultant’s execution or the terms and conditions of any
provision of this Agreement. To avoid ambiguity or doubt, Consultant and the Company agree and understand that warrants and/or
stock options granted or awarded to Consultant prior to the Effective Date, as identified on the schedule annexed as “Schedule
B” to this Agreement, shall be governed by and in accordance with the terms and conditions of the Equity Plan and the
controlling grant agreement, and that Consultant shall be deemed to be in “Continuous Service,” as that term is defined
in the Equity Plan, through the term of the options identified in Schedule B.

 

    	-3-

    	 

    

 

CONFIDENTIAL

 

		5.	Repayment.

 

Consultant shall receive a one-time payment
in an amount equal to One Hundred Thousand Dollars ($100,000.00) within two business days following the first instance, subsequent
to the Effective Date, in which the Company closes any financing greater than $5,000,000.00, so long as such closing occurs during
the Initial Term. This payment may be increased, in the Company’s sole discretion, up to an amount equal to Four Hundred
Twenty-Nine Thousand Seventy-Six Dollars and Fifty-Nine Cents ($429,076.59) in the event that the closing financed exceeds $15,000,000.00.

 

Consultant and the Company agree and understand
that any payment made by the Company pursuant to this Section 5 of the Agreement shall represent a partial repayment (or, if such
payment fully satisfies all of the Company’s outstanding obligations, a complete repayment) of the Company’s cumulative
outstanding financial obligations, if any, to Consultant pursuant to the terms and conditions of any monetary loans or loans of
operating funds extended by Consultant to the Company, and of any notes or other financial instruments executed by and between
Consultant and the Company, including but not limited to the Moore Notes, the October 2011 offering, and the May 2011 offering,
as those terms are defined in the Company’s Form S-1, and shall correspondingly reduce by the amount of the payment made
pursuant to this Section 5 the remaining balance(s), if any, of such loans, notes, and instruments, as applicable.

 

In the event that the Company closes any
financing equal to or greater than $15,000,000.00 during the Initial Term but does not fully satisfy its cumulative outstanding
financial obligations, if any, to Consultant pursuant to the terms and conditions of any monetary loans or loans of operating funds
extended by Consultant to the Company, and of any notes or other financial instruments executed by and between Consultant and the
Company, including but not limited to the Moore Notes, the October 2011 offering, and the May 2011 offering, then the remaining
balance of any such outstanding financial obligations shall be payable on the earlier of: (i) six months from the date of closing;
or (ii) upon the completion of an underwritten public offering (not currently contemplated).

 

		6.	Compensation Upon Termination of the Agreement.

 

		6.1	General.

 

If, during the Engagement Period, Consultant
or the Company terminate this Agreement, or if the Agreement automatically terminates upon the expiration of the Initial Term,
in accordance with Section 2 of the Agreement, thereby terminating Consultant’s engagement by the Company, Consultant shall
be entitled to receive: (i) any earned or accrued but unpaid compensation earned during the calendar year in which Consultant’s
engagement with the Company is terminated, in accordance with Section 3.1 of this Agreement, through the date of termination of
the Agreement; and (ii) provided that, within forty (40) days following the termination of the consulting relationship, Consultant
executes and does not revoke a Separation Agreement and General Release provided by the Company, and provided further that the
Revocation Period (as that term is defined in the Separation Agreement and General Release) expires within the 40-day period, a
disengagement payment in the amount of $350,000.00. Such disengagement payment shall be paid in one lump sum payment following
the effective date of the Separation Agreement and General Release (as that term is defined in the Separation Agreement and General
Release), subject to all applicable withholdings and deductions, and which payment shall be made no later than the 45th day following
the termination of the consulting relationship. If, after the termination of this Agreement, the Board elects to retain Consultant
as an Independent Board Member, and Consultant accepts, Consultant shall be eligible to receive the Independent Board Member compensation
in effect as of that date. No other compensation shall be paid to or demanded by Consultant upon termination.

 

    	-4-

    	 

    

 

CONFIDENTIAL

 

		7.	Restrictive Covenants.

 

7.1Restrictive
Covenants.

 

Consultant and the Company agree that the
Company would suffer irreparable harm and incur substantial damage if Consultant were to enter into Competition (as defined herein)
with the Company. Therefore, in order for the Company to protect its legitimate business interests, Consultant agrees as follows:

 

(a) Without the prior written consent of
the Company, Consultant shall not, during the period of engagement by the Company for any reason, directly or indirectly, invest
or engage in any business that is Competitive (as defined herein) with the Business of the Company or accept employment or render
services to a Competitor (as defined herein) of the Company as a director, officer, agent, employee or consultant or solicit or
attempt to solicit or accept business that is Competitive with the Business of the Company, except that Consultant may own up to
five percent (5%) of any outstanding class of securities of any company registered under Section 12 of the Securities Exchange
Act of 1934, as amended.

 

(b) Without the prior written consent of
the Company and upon any termination of Consultant's engagement by the Company for any reason and for a period of twelve (12) months
thereafter, Consultant shall not, either directly or indirectly, (i) invest or engage in any business that is Competitive (as defined
herein) with the Business of the Company, except that Consultant may own up to five percent (5%) of any outstanding class of securities
of any company registered under Section 12 of the Securities Exchange Act of 1934, as amended; (ii) accept employment with or render
services to a Competitor of the Company as a director, officer, agent, employee or consultant unless he is serving in a capacity
that has no relationship to that portion of the Competitor's business that is Competitive with the Business of the Company; or
(iii) solicit, attempt to solicit or accept business Competitive with the Business of the Company from any of the customers of
the Company at the time of his termination or within twelve (12) months prior thereto or from any person or entity whose business
the Company was soliciting at such time.

 

(c) Upon termination of his engagement by
the Company for any reason, and for a period of twelve (12) months thereafter, Consultant shall not, either directly or indirectly,
engage, hire, employ or solicit in any manner whatsoever the employment of an employee of the Company.

 

(d) For purposes of this Agreement, a business
or activity is in "Competition" or "Competitive" with the Business of the Company if it involves,
and a person or entity is a "Competitor", if that person or entity is engaged in, or about to become engaged in,
the research, development, design, manufacturing, marketing or selling of a specific product or technology that resembles, competes,
or is designed to compete, with, or has applications similar to any product or technology for which the Company has obtained or
applied for a patent or made disclosures, or any product or technology involving any other proprietary research or development
engaged in or conducted by the Company during the term of Consultant's engagement by the Company.

 

    	-5-

    	 

    

 

CONFIDENTIAL

 

		7.2	Confidential Information.

 

Consultant acknowledges and agrees that
all nonpublic information concerning the business of the Company or any of its affiliates, including, without limitation, nonpublic
information relating to its or its affiliates’ products, customer lists, pricing, trade secrets, patents, business methods
and cost data, business plans, strategies, drawings, designs, nonpublic information regarding product development, marketing plans,
sales plans, manufacturing plans, management organization (including but not limited to nonpublic data and other information relating
to members of the Board, the Company or any of their affiliates or to management of the Company or any of its affiliates), operating
policies or manuals, financial records, design or other nonpublic financial, commercial, business or technical information: (i)
relating to the Company or any of its affiliates or (ii) that the Company or any of its affiliates may receive belonging to suppliers,
customers or others who do business with the Company or any of its affiliates (collectively, the “Confidential Information”)
is and shall remain the property of the Company. Consultant recognizes and agrees that all of the Confidential Information, whether
developed by Consultant or made available to Consultant, other than: (i) information that is generally known to the public, (ii)
information already properly in Consultant’s possession on a non-confidential basis from a source other than the Company
or its affiliates, which source to Consultant’s knowledge is not prohibited from disclosing such information by a legal,
contractual or other obligation of confidentiality to the Company or its affiliates, or (iii) information that can be demonstrated
by Consultant to have been independently developed by Consultant without the benefit of Confidential Information from the Company
or its affiliates, is a unique asset of the business of the Company, the disclosure of which would be damaging to the Company.
Accordingly, Consultant agrees to use such Confidential Information only for the benefit of the Company. Consultant agrees that
during the Engagement Period and until the sixth anniversary of the date of termination or expiration of Consultant’s engagement
by the Company or its affiliates, Consultant will not directly or indirectly, disclose to any person or entity any Confidential
Information, other than information described in clauses (i), (ii) and (iii) above, except as may be required in the ordinary course
of business of the Company or as may be required by law or government authority. If disclosure of any Confidential Information
is requested or required by legal process, civil investigative demand, formal or informal governmental investigation or otherwise,
Consultant agrees: (i) to notify the Company promptly in writing so that the Company may seek a protective order or other appropriate
remedy, and to cooperate fully, as may be reasonably requested by the Company, in the Company’s efforts to obtain such a
protective order or other appropriate remedy, and (ii) shall comply with any such protective order or other remedy if obtained.
Information concerning the business of the Company or any of its affiliates that becomes public as a result of Consultant’s
breach of this Paragraph 7.2 shall be treated as Confidential Information under this Paragraph 7.2. Notwithstanding any provision
herein to the contrary, Consultant may disclose the terms of this Agreement to the extent necessary to enforce its rights under
this Agreement.

 

		7.3	Works for Hire.

 

Consultant acknowledges and agrees that
all services performed for the Company during the Engagement Period are provided on a work for hire basis (as that term is used
in the United States Copyright Act), and that Consultant has no right, claim or title, and expressly disavows any such right, claim,
or title, to any such work. If, for any reason, the foregoing is ineffective to confirm the absolute, irrevocable and unconditional
ownership by, or rights of, the Company in any materials created by Consultant in connection with such services, or if it should
ever be determined that any of such materials are not a “work-made-for-hire” exclusively owned and authored by the
Company, Consultant hereby absolutely, irrevocably and unconditionally assigns (or, to the extent such assignment is or may be
prohibited or limited by any applicable law, hereby absolutely, irrevocably and unconditionally licenses, royalty-free) exclusively
to the Company all of such materials, throughout the universe in perpetuity, without condition, exclusion, limitation or reservation.

 

    	-6-

    	 

    

 

CONFIDENTIAL

 

		7.4	Return of Documents.

 

In the event of the termination of Consultant’s
engagement for any reason, Consultant shall deliver to the Company: (i) all of the property of each of the Company and its affiliates
received at any time by Consultant (to the extent not previously returned to the Company) and (ii) all the documents and data of
any nature and in whatever medium of each of the Company and its affiliates received at any time by Consultant (to the extent not
previously returned to the Company), and Consultant shall not take any such property, documents or data or any reproduction thereof,
or any documents containing or pertaining to any Confidential Information; provided, however, the foregoing shall not limit any
rights or obligations with respect to any such property, documents, data or reproductions thereof that Consultant may have as a
shareholder, creditor, consultant and/or director of the Company.

 

		8.	Release.

 

In consideration for the promises made herein,
Consultant hereby irrevocably and unconditionally releases and forever discharges, for himself and for his heirs, executors, administrators,
successors and assigns, the Company and/or its affiliates, parents, subsidiaries, predecessors and successors, and all of their
past and present directors, officers, management committees, members, agents, employees, representatives, attorneys, shareholders,
benefit plan fiduciaries and administrators, and assigns, and all persons acting by, through, under, or in concert with any of
them (collectively, “the Advaxis Releasees”), from any and all rights, claims, charges, causes of action, liabilities,
costs and damages, known or unknown, suspected or not, fixed or contingent, and in law or in equity, which Consultant now has,
or may ever have had, concerning, relating to, or arising out of, directly or indirectly, his employment with the Company and/or
the separation therefrom.

 

This Release applies to federal, state or
local laws, civil rights laws, wage-hour, wage-payment, pension or labor laws, any benefits plans, stock options plans, rules and/or
regulations, constitutions, ordinances, public policy, contract or tort laws, or any claim arising under common law, or any other
action based upon any conduct occurring up to and including the date Consultant signs the Agreement.

 

Consultant further acknowledges and affirms
that he fully understands that he is waiving any right that he may have to claim or assert that the Company or any of the Advaxis
Releasees are in default of their repayment obligations, if any, with respect to any monetary loans or loans of operating funds
extended by Consultant to the Company, or any notes or other financial instruments executed by and between Consultant and the Company,
including but not limited to the Moore Notes, the October 2011 offering, and the May 2011 offering, as those terms are defined
in the Company’s Form S-1.

 

Notwithstanding the foregoing, by entering
into this Agreement, Consultant is not releasing claims that relate to any claims for enforcement of this Agreement.

 

    	-7-

    	 

    

 

CONFIDENTIAL

 

		9.	Non-Disparagement.

 

Except as otherwise required by law, Consultant
agrees that he will not make any false, negative or disparaging comments about, and that he will refrain from directly or indirectly
making any comments or engaging in publicity or any other action or activity which reflects adversely upon, the Company, its employees,
agents or representatives. This Non-Disparagement provision applies to comments made verbally, in writing, electronically or by
any other means, including, but not limited to blogs, postings, message boards, texts, video or audio files and all other forms
of communication. The Company will direct its executive officers not to make any false, negative, or disparaging comments about
Consultant.

 

		10.	Legal Representation.

 

Consultant acknowledges that he was advised
to consult with, and has had ample opportunity to receive the advice of, independent legal counsel before executing this Agreement,
and that the Company advised Consultant to do so and that Consultant has fully exercised that opportunity to the extent he desired.
Consultant acknowledges that he had ample opportunity to consider this Agreement and to receive an explanation from such legal
counsel of the legal nature, effect, ramifications, and consequences of this Agreement. Consultant warrants that he has carefully
read this Agreement, that he understands completely its contents, that he understands the significance, nature, effect, and consequences
of signing it, and that he has agreed to and signed this Agreement knowingly and voluntarily of his own free will, act, and deed,
and for full and sufficient consideration.

 

		11.	Miscellaneous

 

		11.1	Binding Effect; Assignment.

 

This Agreement
shall be binding on and inure to the benefit of the Company, and its respective successors and permitted assigns. This Agreement
shall also be binding on and inure to the benefit of Consultant and Consultant’s heirs, executors, administrators and legal
representatives. This Agreement shall not be assignable by any party hereto without the prior written consent of the other parties
hereto. The Company may effect such an assignment without prior written approval of Consultant upon the transfer of all or substantially
all of its business and/or assets (by whatever means), provided that the successor to the Company shall expressly assume and agree
in writing to perform this Agreement. 

  

    	-8-

    	 

    

 

CONFIDENTIAL

 

		11.2	Entire Agreement.

 

This Agreement
constitutes the entire agreement among the parties hereto with respect to the subject matter hereof. All prior correspondence and
proposals (including but not limited to summaries of proposed terms) and all prior promises, representations, understandings, arrangements
and agreements relating to such subject matter (including but not limited to those made to or with Consultant by any other person),
except for any monetary loans or loans of operating funds extended by Consultant to the Company, and any notes or other financial
instruments executed by and between Consultant and the Company, including but not limited to the Moore Notes, the October 2011
offering, and the May 2011 offering, as those terms are defined in the Company’s Form S-1, all of which shall survive the
execution of this Agreement, are merged herein and superseded hereby.

 

		11.3	Governing Law, Jurisdiction.

 

(i) This Agreement is made and entered into
in the State of New Jersey, and shall in all respects be interpreted, enforced, and governed by and continued and enforced in accordance
with the internal substantive laws (and not the laws of choice of laws) of the State of New Jersey applicable to contracts entered
into and to be performed in New Jersey.

 

(ii) Each Party to this Agreement hereby
irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement or any of the transactions
contemplated hereby may be brought in the courts of the State of New Jersey or in the United States District Court for the District
of New Jersey and hereby expressly submits to the personal jurisdiction and venue of such courts for the purposes thereof and expressly
waives any claim of improper venue and any claim that the such Courts are an inconvenient forum.

 

(iii) Each of the Parties waives its right
to a jury trial with respect to any action or claim arising out of any dispute in connection with this Agreement, any rights or
obligations hereunder or the performance of such rights and obligations. Each of the Parties hereto: (i) certifies that no representative,
agent or attorney of any other Party has represented, expressly or otherwise, that such other Party would not, in the event of
litigation, seek to enforce the foregoing waivers; and (ii) acknowledges that each such other Party has been induced to enter into
this Agreement and the other transaction documents to which it is party by, among other things, the waivers and certifications
contained herein.

 

		11.4	Taxes.

 

Notwithstanding
any provision to the contrary, the Company shall have the power to withhold from (and thereby reduce) any payments due to the Consultant
under this Agreement, or (to the extent that taxes are under-withheld on amounts previously paid by the Company to the Consultant
or taxes are due on income taxable to the Consultant without the receipt of sufficient cash) require Consultant to remit to the
Company promptly upon notification of the amount due, an amount, determined within the Company’s reasonable discretion and
upon written notice (including pay stubs) to Consultant, in each case as necessary to satisfy all of the Company’s obligations
regarding Federal, state, local and foreign withholding tax requirements (including, without limitation, social security, employment
and similar payroll deductions) with respect to Consultant’s compensation pursuant to this Agreement and/or with respect
to any payment of cash, or issuance or delivery of any other property hereunder to Consultant or any third party, for the account
or benefit of the Consultant, and the Company may defer any such payment of cash or issuance or delivery of such other property
for a reasonable period until such requirements are satisfied, at which time all deferred payments shall be promptly remitted to
the Consultant.

 

    	-9-

    	 

    

  

CONFIDENTIAL

 

		11.5	Amendments.

 

No provision
of this Agreement may be modified, waived or discharged unless such modification, waiver or discharge is approved by the Board
or a person authorized thereby and is agreed to in writing by Consultant and, in the case of any such modification, waiver or discharge
affecting the rights or obligations the Company, is approved by the Board or a person authorized thereby. No waiver by any party
hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement
to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at
any prior or subsequent time. No waiver of any provision of this Agreement shall be implied from any course of dealing between
or among the parties hereto or from any failure by any party hereto to assert its rights hereunder on any occasion or series of
occasions.

 

		11.6	Survival.

 

The obligations of Consultant under Sections
7, 8, and 9 hereof, and all subparts thereof, shall survive the termination of this Agreement.

 

		11.7	Severability.

 

The invalidity
of any provision of this Agreement under the applicable laws of the State of New Jersey or any other jurisdiction, shall not affect
the other provisions hereby declared to be severable from all other provisions. The intention of the parties, as expressed in any
provision held to be void or ineffective, shall be given such full force and effect as may be permitted by law.

 

		11.8	Notices.

 

Any notice
or other communication required or permitted to be delivered under this Agreement shall be: (i) in writing, (ii) delivered personally,
by courier service or by certified or registered mail, first-class postage prepaid and return receipt requested, (iii) deemed to
have been received on the date of delivery or, if so mailed, on the third business day after the mailing thereof, and (iv) addressed
as follows (or to such other address as the party entitled to notice shall hereafter designate in accordance with the terms hereof):

 

(i) If to the Company, to it at its then
current headquarters, Attention: Chairman of the Board.

 

(ii) if to Consultant, to Consultant at
Consultant’s residential address as then on file with the Company, with a copy to:

 

    	-10-

    	 

    

 

CONFIDENTIAL

 

Tel:

 

Fax:

 

Attn: Tom Moore

 

Copies of any notices or other communications
given under this Agreement, which shall not constitute notice to the Company in accordance with this Section 11.8 of the Agreement,
shall also be given to:

 

Tel: (212) 549-0378

 

Fax: (212) 521-5450

 

Attn: Yvan-Claude J. Pierre

 

		11.9	Headings.

 

The
section and other headings contained in this Agreement are for the convenience of the parties only and are not intended to be a
part hereof or to affect the meaning or interpretation hereof.

 

		11.10	Counterparts.

 

This
Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute
one and the same instrument.

 

  

    	-11-

    	 

    

 

CONFIDENTIAL

 

IN WITNESS WHEREOF the parties have
entered into this Agreement effective as of the date first written above.

 

ADVAXIS, INC. 

 

	BY:	/s/ James Patton                    	 	/s/ Thomas A. Moore
	NAME:  	James Patton	 	THOMAS A. MOORE (“Consultant”)
	TITLE:  	Chairman of the Board	 	 
	 	 	 	 

 

 

    	-12-

    	 

    

 

CONFIDENTIAL

 

SCHEDULE A

 

 

    	-13-

    	 

    

 

CONFIDENTIAL

 

SCHEDULE B

 

 

    	-14-

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