Document:

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”)
is effective as of March 24, 2014, by and between Advaxis, Inc., a Delaware corporation (the “Company”),
and Sara Bonstein (“Executive”).

 

WHEREAS,
the Company and Executive desire to enter into this Agreement pursuant to which the Company will employ Executive in the capacity,
for the period, and on the terms and conditions set forth herein;

 

NOW,
THEREFORE, in consideration of the premises and mutual covenants and agreements herein contained, the parties hereby
agree as follows:

 

1. EMPLOYMENT
AND DUTIES. The Company hereby employs Executive and Executive hereby accepts such employment
in the capacity of Chief Financial Officer, Senior Vice President, and agrees to act in accordance with the terms and conditions
hereinafter set forth. During the Term (as defined below), Executive agrees that she will devote time, attention and skills to
the operation of the Business (as defined below) of the Company and that she will perform such duties, functions, responsibilities
and authority in connection with the foregoing as are customarily assigned to individuals serving in such position and such other
duties consistent with Executive’s title and position as the Company’s Board of Directors (the “Board”)
or Chief Executive Officer specify from time to time. For purposes of this Agreement, the “Business”
of the Company shall be defined as the development and commercialization of immunotherapy drug candidates and related technology
based products.

 

Executive
represents and warrants that she is not bound by the terms of any agreement with any previous employer or other party that would
limit her abilities to perform her duties and obligations hereunder. In connection with Executive’s employment, Executive
further represents and warrants that she will not use any confidential or proprietary information of any previous employer.

 

2. TERM.
The term of this Agreement shall commence on the date hereof and shall continue for a period of one (1) year (the “Initial
Term”). Thereafter, this Agreement shall be automatically renewed for one year periods (“Renewal
Terms”), unless otherwise terminated by the Company or Executive upon written notice to the other given not less
than ninety (90) days prior to the expiration of the Initial Term or the applicable Renewal Term of the Agreement. The Initial
Term and any Renewal Terms thereof shall be referred to herein as the “Term.”

 

3. COMPENSATION.
In consideration of all the services to be rendered by Executive to the Company hereunder, the Company hereby agrees to pay or
otherwise provide Executive the following compensation and benefits. It is furthermore understood that the Company shall have the
right to make any applicable deductions or withholdings as agreed to by the parties or required by applicable law (including but
not limited to Social Security payments, income tax withholding and other required deductions not in effect or which may become
effective by law any time during the Term) from the following compensation.

 

    	 

    	 

    

 

(a) SALARY.
Executive shall receive an annual salary of Two Hundred Twenty-Five Thousand Dollars ($225,000.00), plus annual cost of living
(COLA—as determined by the Social Security Administration) salary increases commencing on the one-year anniversary of the
execution of this Agreement (“Base Salary”).
The applicable Base Salary shall be reviewed by the Chief Executive Officer and the Compensation Committee of the Board (the “Compensation
Committee”) immediately following the end of the Company’s fiscal year to determine the annual increase, or decrease
consistent with the Company’s decrease in the base salaries of other senior executives, to the applicable year’s Base
Salary; provided, however, that in no event shall such annual increase be less than the cost of living increase. The Base Salary
shall be paid in two components, as follows: (a) Ninety Two and One-Half percent (92.5%) of the Base Salary shall be paid in cash
(the “Cash Component”),
and (b) Seven and One-Half percent (7.5%) of the Base Salary shall be paid in common stock (“Common
Stock”) of the Company (the “Stock
Component”) as set forth below.

 

(i) The
applicable Cash Component will be paid in equal installments not less frequently than bi-monthly in accordance with the Company’s
salary payment practices and employment tax withholding obligations in effect from time to time for senior executives of the Company.

 

(ii) On
the last business day of each fiscal quarter (if Executive has provided services to the Company in accordance with the Agreement
through such date) (each such date, a “Grant
Date”), the Company shall grant to Executive, in accordance with the terms and provisions of the Company’s
2011 Omnibus Incentive Plan (as such plan is amended from time- to-time), a number of whole shares of Common Stock equal to the
quotient of one-quarter of the Stock Component divided by the Fair Market Value (as such term is defined in the 2011 Omnibus Incentive
Plan) of the Common Stock on the Grant Date (i.e., No. shares =
l/4 Stock Component/FMV). In the event Executive’s employment is terminated prior to the
last business day of any fiscal quarter, on the last business day of the applicable fiscal quarter, the Company shall grant to
Executive a number of whole shares of Common Stock equal to (A) the sum of (i) the applicable percentage of the fiscal quarter
that Executive provided services prior to termination, multiplied by (ii) one-quarter of the Stock Component, divided by (B) the
Fair Market Value of the Common Stock on the Grant Date (i.e., No. shares = [l/4
Stock Component x the % of quarter services provided]/FMV). The shares issued pursuant to each such grant shall be
fully vested and non-forfeitable on the Grant Date. Any fractional share amount resulting from each such grant calculation shall
be promptly paid by the Company to Executive in cash. As soon as administratively feasible following each Grant Date, Executive
shall receive stock certificates evidencing the grant. Such stock certificates shall be issued to Executive as of the Grant Date
and registered on the books and records of the Company in Executive’s name. Except as otherwise set forth herein, the grants
shall be made in accordance with the terms and conditions of the 2011 Omnibus Incentive Plan.

 

(iii) At
the time of issuance of the Common Stock as described in Section 3(a)(ii) above, or any time thereafter as determined by the Company
to be necessary or appropriate, Executive authorizes withholding of all applicable tax obligations from payroll and any other amounts
payable to Executive, and otherwise agrees to make adequate arrangements, as approved at the discretion of the Company, for the
applicable tax obligations in connection with the issuance of the Common Stock. Subject to compliance with applicable law, the
Company, at its sole discretion, may permit Executive to satisfy all or any portion of the tax obligations by deducting from shares
of Common Stock to be issued to Executive a number of whole shares having a fair market value, as determined by the Company, not
in excess of the amount of the tax obligations determined by the applicable minimum statutory withholding rates.

 

    	 

    	 

    

 

(iv) Executive
acknowledges and agrees that as of the date hereof, the Company has not filed a Registration Statement on Form S-8 (or any other
registration form) that covers the shares of Common Stock issued or issuable under the Company’s 2011 Omnibus Incentive Plan.
Executive further acknowledges and agrees that the shares of Common Stock received by Executive pursuant to this Section 3(a) may
not be sold by Executive except pursuant to an applicable registration or exemption from registration. No Common Stock shall be
issued in connection with a grant hereunder unless and until all legal requirements applicable to the issuance of such Common Stock
have been complied with. Each grant made shall be conditioned on Executive’s undertaking in writing to comply with such restrictions
on his subsequent disposition of such shares of Common Stock, and certificates representing such shares may be legended to reflect
any such restrictions. Certificates representing shares of Common Stock issued or transferred hereunder will be subject to such
stop transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any
requirement that a legend be placed thereon.

 

(v) Executive
shall not have voting or any other rights as a stockholder of the Company with respect to any shares of Common Stock issuable hereunder
until immediately following the issuance of any such shares of Common Stock in accordance herewith and the Company’s 2011
Omnibus Incentive Plan.

 

(vi) Executive
understands and agrees that the Company has not advised Executive regarding Executive’s income tax liability in connection
with the issuance of stock as contemplated hereunder. Executive has reviewed with Executive’s own tax advisors the federal,
state, local and foreign tax consequences of an investment in the Common Stock and the transactions contemplated hereby. Executive
is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. Executive
understands that, except as otherwise specifically provided in the Agreement, Executive (and not the Company) shall be responsible
for Executive’s own tax liability that may arise as a result of an investment in the Common Stock or the transactions contemplated
by this Agreement.

 

(vii) Notwithstanding
any language in this Amendment to the contrary, in the event that there are not sufficient shares of Common Stock authorized and
available for issuance under the Company’s 2011 Omnibus Incentive Plan to allow for all, or any portion, of the Stock Component
to be paid in shares of Common Stock on any applicable Grant Date, the Company shall pay the Stock Component (or applicable portion
thereof) in cash. In furtherance of the foregoing, in the event it is known to the Company in advance of an anticipated Grant Date
under Section 3(a)(ii) that they will not have sufficient shares to pay all or a portion of the Stock Component in shares of Common
Stock, the Company shall pay the (applicable portion of the) Stock Component in cash at the same time as payment of the Cash Component,
in accordance with the Company’s salary payment practices.

 

(b) BONUS
PAYMENT.

 

(i) At
the end of each fiscal year of the Company, in addition to the Base Salary then in effect, Executive shall be eligible to receive
a bonus payment (the “Bonus Payment”) of between 10 and 50% of the applicable year’s Base Salary (the “Bonus
Percentage”). The Bonus Payment, if any, will be paid in accordance with the Company’s bonus payment practices in effect
from time to time for senior executives of the Company. It will be awarded in the sole discretion of the Compensation Committee
based on a mutually agreed set of goals established during the first month of each fiscal year, in consultation with the Chief
Executive Officer. Determinations as to whether Executive has met these mutually agreed upon set of goals will be determined in
the sole discretion of the Compensation Committee. Executive must be employed by the Company, without the occurrence of any of
the Events of Termination, as that term is defined below, and without having tendered notice to the Company of an anticipated Event
of Termination, at the time that the Bonus Payment is to be paid to Executive.

 

    	 

    	 

    

 

(c) BENEFIT
PLANS. As of the date hereof, Executive shall be eligible to participate in the Company’s
group health insurance plan and any other benefit plan applicable to the Company’s senior executives.

 

(d) INSURANCE.
The Company may secure, in its own name, or otherwise, and at its own expense, life, health, accident and other insurance covering
Executive or Executive and others. Executive agrees to assist the Company in procuring such insurance by submitting to the usual
and customary medical and other examinations and by signing, as the insured, such applications and other instruments in writing
as may be reasonably required by the insurance companies to which application is made pursuant to such insurance. Executive agrees
that she shall have no right, title, or interest in or to any insurance policies or to the proceeds thereof which the Company many
so elect to take out or to continue on the Executive’s life.

 

(e) PURCHASE
OF COMPANY STOCK.

 

(i) Upon
execution and delivery of this Agreement, Executive will be eligible to receive options to purchase shares of the Common Stock,
in an amount and at an exercise price determined by the Compensation Committee, which shall vest in accordance with, and which
shall be subject to the restrictions of, the Company’s 2011 Omnibus Incentive Plan, a copy of which is attached hereto as
Exhibit A, as such may be amended from time to time or any successor plan.

 

(ii) Executive
shall be permitted to participate in any capital raise conducted by the Company and purchase shares of Common Stock at a price
15% below the applicable offering price (or conversion price) of shares offered to investors during such capital raise or offering,
to the extent permitted by, and on terms consistent with, the Company’s 2011 Omnibus Incentive Plan, applicable law and the
rules and regulations of NASDAQ (or such other exchange on which the shares of Common Stock shall be listed from time-to-time).

 

(f) EXPENSES.
Executive shall be entitled to be reimbursed for all reasonable expenses incurred by her in connection with the fulfillment of
her duties hereunder, including all necessary continuing education and certification costs and related expenses; provided, however,
that Executive has obtained the Company’s prior written approval of such expenses and has complied with all policies and
procedures related to the reimbursement of such expenses as shall, from time to time, be established by the Company.

 

(g) VACATIONS
AND SICK LEAVE. Executive shall be entitled to four (4) weeks’ paid vacation annually
to be taken in accordance with the Company’s vacation policy in effect from time to time and at such time or times as may
be mutually agreed upon by the Company and Executive. Unused vacation time may not be carried over from year to year. Executive
shall also be entitled to sick leave in accordance with the Company’s sick leave policies in effect from time-to-time.

 

    	 

    	 

    

 

4. TERMINATION.

 

(a) EVENTS
OF TERMINATION. This Agreement and the employment relationship shall terminate on the earliest to occur of the following
events (the “Events of Termination”):

 

(i) expiration
of the Term;

 

(ii) written
mutual agreement of the Company and Executive;

 

(iii) the
voluntary resignation by Executive with Good Reason. “Good
Reason” shall be defined as: (a) the failure of the Company to pay Executive any compensation when due, save and
except for a disputed claim to compensation; (b) a significant adverse change in the nature or scope of the authority, powers,
functions, responsibilities, or duties attached to the positions of Executive with the Company as set forth herein; or (c) a material
breach by the Company or its successors of a term or condition of this Agreement.

 

(iv) the
voluntary resignation of Executive without Good Reason;

 

(v) the
death of Executive;

 

(vi) the
disability of Executive. Executive shall be deemed disabled if, as a result of Employee’s incapacity due to physical or mental
illness, Executive shall have been absent from her duties hereunder on a full time basis for a period of one (1) month or longer;

 

(vii) the
retirement of Executive;

 

(vii) the
termination of Executive’s employment by the Company for “Just Cause,” as determined by the Company in its sole
discretion. “Just Cause”
shall include: (a) the failure by Executive to substantially perform her assigned duties for the Company, which failure has continued
for a period of at least fifteen (15) days following written notice of demand for substantial performance, signed by an officer
or director of the Company, has been delivered to Executive specifying the manner in which Executive has failed to substantially
perform; (b) Executive engaging in conduct, which in the Company’s sole discretion, is demonstrably and materially injurious
to the Company, which Executive does not cease following Executive’s receipt of written notice from the Company specifying
the nature of such conduct; (c) behavior constituting gross negligence or willful misconduct by the Executive during the course
of her duties and the term of this Agreement; (d) the misappropriation of corporate assets or corporate opportunities by Executive
or any other acts of dishonesty or breach of Executive’s fiduciary obligation to the Company; or (e) the involvement of Executive
in a felony or a misdemeanor involving moral turpitude (including the entry of a plea of
nolo contendre); or

 

(viii) the
termination of Executive’s employment by the Company without “Just Cause.”

 

    	 

    	 

    

 

(b) EVENTS
OF TERMINATION TRIGGERING SEVERANCE PAYMENT. If the Company terminates Executive’s
employment without Just Cause, if Executive voluntarily resigns with Good Reason, or if Executive’s employment is terminated
due to disability, as that term is defined above, Executive shall be entitled to receive, provided Executive properly executes
and does not revoke a Confidential Separation and Release Agreement in the form provided by the Company at the time of separation
from her employment, in addition to the applicable Base Salary, plus any accrued but unused vacation time and unpaid expenses (in
accordance with Sections 3(e) and (f) hereof) that have been earned by the Executive as of the date of such termination (“Termination
Date”), the following severance payments (the “Severance
Payments”):

 

(i) equal
monthly installments at the applicable Base Salary rate then in effect, as determined on the first day of the calendar month immediately
preceding the day of termination, to be paid beginning on the first day of the month following such Termination Date and continuing
twelve (12) months following the Termination Date (the “Severance Period”). Whenever Severance Payments are payable
to Executive hereunder during a time when Executive is partially or totally disabled, and such disability would entitle her to
disability income payments according to the terms of any plan or policy now or hereafter provided by the Company, the Severance
Payments payable to Executive hereunder shall be inclusive of any such disability income and shall not be in addition thereto,
even if such disability income is payable directly to Executive by an insurance company under a policy paid for by the Company.

 

(ii) during
the Severance Period, health benefits substantially similar to those which Executive was receiving or entitled to receive immediately
prior to termination.

 

(iii) all
stock options held by the Executive will be deemed fully vested and exercisable on the Termination Date and the exercise period
for such stock options will be increased by a period of two years from the Termination Date.

 

(iv) issuance
of all Common Stock earned by the employee that has not yet been issued within four business days of the Termination Date.

 

(v) removal
of all restrictive legends on shares held by the Executive that qualify for such treatment under Rule 144 of the Securities and
Exchange Act of 1934 within 10 business days of the presentation of such shares to the Company’s transfer agent.

 

(c) EVENTS
OF TERMINATION NOT TRIGGERING SEVERANCE PAYMENT. If Executive’s employment with
the Company is terminated for any reason other those specifically enumerated in Section 4(b) of this Agreement, including, but
not limited to, the expiration of the Term, written mutual agreement of the Company and Executive, the voluntary resignation of
Executive without Good Reason, the death or retirement of Executive, or the termination of Executive’s employment by the
company with “Just Cause,” Executive shall not be entitled to receive any compensation other than her accrued salary
through the effective date of such termination, plus any accrued but unused vacation time and unpaid expenses (in accordance with
Sections 3(e) and (f) hereof) that have been earned by the Executive as the date of such termination. Executive shall also be entitled
to the continuation of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq.
(commonly known as “COBRA”), provided, that, Executive shall be solely responsible for premiums, costs and expenses
associated therewith. The provisions of this Section 4(c) shall be in addition to, and not in lieu of, any other rights and remedies
the Company may have at law or in equity under any other provision of this Agreement in respect of such termination of employment.

 

    	 

    	 

    

 

(d) SECTION
409A. Notwithstanding anything to the contrary in this Agreement, no Severance Payments
or benefits to be paid or provided to Executive, if any, pursuant to this Agreement that, when considered together with any other
Severance Payments or separation benefits, are considered deferred compensation under Section 409A of the Internal Revenue Code
of 1986, as amended (together, the “Deferred Payments”) will be paid or otherwise provided until Executive has a “separation
from service” within the meaning of Section 409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination (other than due to death), then the Deferred Payments, if any, that are payable within
the first six (6) months following Executive’s “separation from service”, will become payable on the first payroll
date that occurs on or after the date six (6) months and one (1) day following the date of Executive’s “separation
from service”. All subsequent Deferred Payments, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following Executive’s “separation
from service”, but prior to the six (6) month anniversary of the “separation from service”, then any payments
delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date
of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable to
each payment or benefit. Each payment, installment and benefit payable under this Agreement is intended to constitute a separate
payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. For purposes of this Agreement, “Treasury Regulations”
shall mean the treasury regulations promulgated under the Internal Revenue Code of 1986, as amended.

 

(ii) Any
amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section
1.409A-1(b)(4) of the Treasury Regulations or qualifies as a payment made as a result of an involuntary separation from service
pursuant to Section 1.409A-1 (b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A limits will not constitute
Deferred Payments for purposes of clause (i) above.

 

(iii) The
Severance Payments provided under this Section 4 are intended to be exempt from or comply with the requirements of Section 409A
so that none of the Severance Payments and benefits to be provided hereunder will be subject to the additional tax imposed under
Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt or so comply. The Company and Executive
agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary,
appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under
Section 409A.

 

(e) PAYMENTS
IN CASH. For sake of clarity, the parties agree that any Bonus Payment under Section 3(b)
and any Severance Payment under Section 4(b) of the Agreement shall be paid solely in cash.

 

    	 

    	 

    

 

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

 

(a) Without
the prior written consent of the Company, Executive shall not, during the period of employment with 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 Executive 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 Executive’s employment with the Company for any reason
and for a period of twelve (12) months thereafter, Executive 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 Executive 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 she 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 her 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 her employment with the Company for any reason, and for a period of twelve (12) months thereafter, Executive 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 Executive’s
employment with the Company.

 

    	 

    	 

    

 

6. CONFIDENTIALITY.
Executive 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 it 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. Executive recognizes and agrees that all of the Confidential Information, whether
developed by Executive or made available to Executive, other than (i) information that is generally known to the public, (ii) information
already properly in Executive’s possession on a non-confidential basis from a source other than the Company or its affiliates,
which source to Executive’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 Executive to have
been independently developed by Executive 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, Executive
agrees to use such Confidential Information only for the benefit of the Company. Executive agrees that during the Employment Period
and until the sixth anniversary of the date of termination or expiration Executive’s employment with the Company or its affiliates,
Executive 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, Executive 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 Executive’s breach of this Section 6 shall be treated
as Confidential Information under this Section 6. Notwithstanding any provision herein to the contrary, Executive may disclose
the terms of this Agreement to the extent necessary to enforce its rights under this Agreement.

 

7. WORKS
FOR HIRE. Executive acknowledges and agrees that all services performed for the Company
during the Term are provided on a work for hire basis (as that term is used in the United States Copyright Act), and that Executive
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 Executive 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, Executive 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.

 

    	 

    	 

    

 

8. NOTICES.
Any notice or other communication required or permitted to be given hereunder shall be in writing and deemed to have been given
when delivered in person or when dispatched by telegram, electronic mail, or electronic facsimile transfer (confirmed in writing
by mail, registered or certified, return receipt requested, postage prepaid, simultaneously dispatched) to the addressees at the
addresses specified below.

 

	 	If to Executive: Sara Bonstein, 1578 Wrightstown
	 	Road, Newtown, PA 18940
	 	 
	 	If to the Company: Daniel J. O’Connor

	 	 	President and Chief Executive Officer
	 	 	Advaxis, Inc.
	 	 	305 College Road East
	 	 	Princeton, NJ 08540

 

or to
such other address or fax number as either party may from time to time designate in writing to the other.

 

9. NON-DISPARAGEMENT AGREEMENT. Except as otherwise required by law, Executive agrees that she will not make any false, negative or disparaging
comments about, and that she 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.

 

10. LEGAL
REPRESENTATION. Executive acknowledges that she 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 Executive to do so and that
Executive has fully exercised that opportunity to the extent she desired. Executive acknowledges that she 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. Executive warrants that she has carefully read this Agreement, that she understands completely
its contents, that she understands the significance, nature, effect, and consequences of signing it, and that she has agreed to
and signed this Agreement knowingly and voluntarily of her own free will, act, and deed, and for full and sufficient consideration

 

11. ENTIRE
AGREEMENT. This Agreement, together with Exhibit A, constitutes the entire agreement between
the parties hereto relating to the subject matter hereof, and supersedes all prior agreements and understandings, whether oral
or written, with respect to the same. No modification, alteration, amendment or revision of or supplement to this Agreement shall
be valid or effective unless the same is in writing and signed by both parties hereto.

 

12. GOVERNING
LAW. 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.

 

13. ASSIGNMENT.
The rights and obligations of the parties under this Agreement shall not be assignable without written permission of the other
party.

 

    	 

    	 

    

 

14. 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.

 

15. SURVIVAL.
The obligations of the Company or its successor to pay any Severance Payments required hereunder subsequent to the termination
of this Agreement and the obligations of Executive under Sections 5, 6, and 7 hereof, and all subparts thereof, shall survive the
termination of this Agreement.

 

16. REMEDIES.
Executive and the Company recognize that the services to be rendered under this Agreement by Executive are special, unique, and
of extraordinary character, and that in the event of the breach by Executive of the terms and conditions of Sections 5, 6, and
7 hereof, or any subpart thereof, the Company shall be entitled, if it so elects, to institute and prosecute proceedings in any
court of competent jurisdiction, to obtain damages for any breach thereof.

 

17. DISPUTE
RESOLUTION. Except for the right of either party to apply to a court of competent jurisdiction
for a temporary restraining order, a preliminary injunction, or other equitable relief to preserve the status quo or prevent irreparable
harm, any and all claims, disputes or controversies arising under, out of, or in connection with the Agreement, including any dispute
relating to production, use or commercialization, which the parties shall be unable to resolve within sixty (60) days, shall be
submitted to good faith mediation. The party raising such dispute shall promptly advise the other party of such claim, dispute
or controversy in a writing, which describes in reasonable detail the nature of such dispute. By not later than five (5) business
days after the recipient has received such notice of dispute, each party shall have selected for itself a representative who shall
have the authority to bind such party, and shall additionally have advised the other party in writing of the name and title of
such representative. By not later than ten (10) business days after the date of such notice of dispute, the party against whom
the dispute shall be raised shall select a mediation firm, company, or agency in New Jersey, or identify an individual mediator(s),
and such representatives shall schedule a date with such firm or mediator(s) for a mediation hearing. The parties shall enter into
good faith mediation and shall share the costs equally. If the representatives of the parties have not been able to resolve the
dispute within fifteen (15) business days after such mediation hearing, the parties shall have the right to pursue any other remedies
legally available to resolve such dispute in either the Courts of the State of New Jersey or in the United States District Court
for the District of New Jersey, to whose jurisdiction for such purposes Company and Executive each hereby irrevocably consents
and submits.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

 

	 	Advaxis,
    Inc,
	 	a Delaware corporation
	 	 
	 	By:	/s/
    Daniel J. O’Connor
	 	Name:	Daniel J. O’Connor
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	Executive:	 
	 	 	 
	 	/s/ Sara Bonstein
	 	Sara BonsteinExhibit 10.3

 

SEPARATION
AGREEMENT AND GENERAL RELEASE

 

THIS
SEPARATION AGREEMENT AND GENERAL RELEASE (the “Agreement”)
is made effective as of the 24th day of March, 2014, by and between Advaxis, Inc. (the “Company”) and Mark J. Rosenblum
(“Employee”) (collectively, “the parties”).

 

WHEREAS,
Employee has been employed by the Company as its Chief Financial
Officer, Senior Vice President and Secretary pursuant to an Employment Agreement dated as of September 4, 2013, as amended by
Amendment No. 1 thereto dated as of December 19, 2013 (as amended, the “Employment Agreement”); and

 

WHEREAS,
Employee’s employment with the Company will cease effective
as of the close of business on March 24, 2014 (the “Release Date”).

 

NOW,
THEREFORE, in consideration of the mutual promises of the parties
to this Agreement, the receipt and sufficiency of which are hereby acknowledged, IT IS
HEREBY AGREED by and between Employee and the Company as follows:

 

1.
Employee for and in consideration of the commitments set forth in this Agreement, and intending to be legally bound, does hereby
REMISE, RELEASE AND FOREVER DISCHARGE the Company, its affiliates, subsidiaries and parents, and its officers, directors,
employees, attorneys, and agents, and its and their respective successors and assigns, heirs, executors, and administrators (collectively,
“Releasees”) of and from all manner of actions and causes of actions, suits, debts, claims and demands whatsoever
in law or in equity, which Employee ever had, now has or which Employee’s heirs, executors or administrators hereafter may
have from the beginning of time, up to and including the date of this Agreement, and particularly, but without limitation of the
foregoing general terms, any claims concerning or relating in any way to Employee’s employment relationship with RELEASEES,
including, but not limited to, any claims arising under the Employment Agreement, Title VII of the Civil Rights Act of 1964, 42
U.S.C. §2000e et seq., Section 1981 of the Civil Rights Act of 1870, 42 U.S.C. § 1981 et seq., the Americans
with Disabilities Act, 42 U.S.C. §12101 et seq. (“ADA”), the Age Discrimination in Employment Act, as
amended, 29 U.S.C. § 621 et seq. (“ADEA”), the Older Workers Benefit Protection Act, 29 U.S.C. §
621 et seq. (“OWBPA”), the Family and Medical Leave Act, 29 U.S.C. § 2601 et seq. (“FMLA”),
the Employee Retirement Income Security Act, 29 U.S.C. §1001 et seq. (“ERISA”), the Workers Adjustment
Retraining and Notification Act, 29 U.S.C. § 2101 et seq. (“WARN”), the New Jersey Law Against Discrimination,
N.J.S.A. 10:5-1 et seq. (“NJLAD”), the Conscientious Employee Protection Act, N.J.S.A. 34:19-1
et seq. (“CEPA”), the New Jersey Family Leave Act, N.J.S.A. 34:1 lb-1 et seq., the New Jersey
Equal Pay Act, N.J.S.A. 34:11-56.1 et seq., the New Jersey Wage and Hour Law, N.J.S.A. 34:1 -56a et seq.,
the New Jersey Wage Payment Act, N.J.S.A. 34:11-4.2 et seq., the New Jersey Constitution, the common law of the
State of New Jersey including, but not limited to, “Pierce claims,” the New Jersey wage and hour laws, and
any and all other federal, state, county, or local common laws, statutes, ordinances, or regulations, including, without limitation,
claims of unlawful discharge, retaliation, fraud, equitable fraud, negligent misrepresentation, breach of contract, promissory
estoppel, breach of the implied covenant of good faith and fair dealing, negligent supervision, quantum meruit, violation of public
policy, defamation, physical injury, emotional distress, or claims for additional compensation or benefits arising up until now,
and any claims for attorneys’ fees and costs.

 

    	 

    	 

    

 

2.
The Company for and in consideration of the commitments set forth in this Agreement and intending to be legally bound, also
does hereby REMISE, RELEASE AND FOREVER DISCHARGE the Employee, his heirs, executors, administrators, successors and assigns,
from all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, which the
Company (including its affiliates, subsidiaries, parents, officers, directors and agents, and its successors and assigns)
ever had, now has or hereafter may have from the beginning of time, up to and including the effective date of this Agreement,
and particularly, but without limitation of the foregoing terms, any claims concerning or relating in any way to
Employee’s employment relationship and regardless of whether the same arise out of federal, state, local or common law,
statutes, ordinances or regulations, up to now.

 

3.
In consideration for Employee’s execution of this Agreement, agreement to be legally bound by its terms, and
undertakings as set forth herein, and provided that Employee has not revoked the Agreement pursuant to Paragraph 18
herein:

 

(a)
During the period commencing on March 25, 2014 and terminating on March 24, 2015 (the “Compensation Period”), the
Company will pay to Employee an amount equal to his 2013 annual base salary of $275,000 in equal bi-weekly installments of
$10,576.92. the first such payment to be made on April 10, 2014, less all applicable federal, state and local
withholdings (consistent with the Company’s practices heretofore). The Company will report this payment on a Form W-2,
issued to Employee.

 

(b)
Immediately prior to the execution of this Agreement, the Company will pay to Employee in cash an amount equal to $40,000.00
to assist the Employee in the procurement of outplacement and transition services following the Release Date. The Employee
shall not be required to account for any such services to the Company. Employee acknowledges that in the event that this
Agreement is revoked by the Employee prior to the end of the Revocation Period pursuant to Paragraph 18 herein, Employee
shall be liable to the Company for the return of this cash payment.

 

(c)
Employee will continue to participate in the Company group medical plan Employee has selected on the same basis as active
employees through the end of the Compensation Period. Thereafter, Employee shall be eligible for up to eighteen (18) months
of medical coverage, at Employee’s expense as authorized by and consistent with 29 U.S.C.§1161
(“COBRA”). Information regarding Employee’s eligibility for COBRA benefits will be mailed to Employee under
separate cover.

 

(d)
As of the Release Date, the Employee has certain vested and unvested stock options (“Options”), as set forth on
Exhibit A attached hereto. All Options that are unvested as of the Release Date will be deemed fully vested on the Release
Date. Such Options shall continue to be exercisable by the Employee until the respective expiration dates for such Options
set forth on Exhibit A. Exercise terms of the plans under which such Options were granted will govern the method of exercise
(i.e. including, without limitation, provisions for “cashless exercise”). Employee shall have full
flexibility with respect to the timing of any exercise of all or part of his options and the Company and/or its agents will
act promptly in the issuance of registered shares in response to the exercise of any Options.

 

    	2

    	 

    

 

(e)
Within four (4) business days following the end of the Revocation Period, the Company will issue shares of common stock
under the Company’s current S-8 in respect of the Employee’s 6,667 vested RSUs. Employee may elect to receive any
or all of such shares by the “net issuance” method. In addition, the Company shall issue 60,000 shares of
restricted stock in respect of the cancellation of the remaining unvested Restricted Stock Units (“RSUs”) issued
to the Employee prior to the Release Date within four (4) business days following the end of the Revocation Period. The
parties agree that the 60,000 shares will be subject to reduction for withholding of applicable taxes such that the Employee
will receive the net number of shares, with the valuation of such shares being the market price as of the close of business
on the business day immediately prior to the date of issuance. The Employee acknowledges that the remaining unvested RSUs
issued to the Employee shall be cancelled and forfeited following the end of the Revocation Period.

 

(f)
All restrictive legends on securities of the Company held by the Employee that qualify for such treatment under Rule 144
promulgated under the Securities Act of 1933, as amended, shall be removed within ten (10) business days of the presentation
of such securities to the Company’s transfer agent.

 

(g)
Any other provision of this Separation Agreement and General Release notwithstanding, this Separation Agreement and General
Release shall not become effective until the Company has fully complied with its obligations under Paragraph 3(b) and
(e).

 

4.
Employee understands and agrees that the Company’s undertakings as provided in Paragraph 3 of this Agreement are being
provided in consideration for Employee’s acceptance and execution of the Agreement and in reliance upon
Employee’s representations in the Agreement and, specifically, the general release in Paragraph 1 herein. In addition,
the Employee agrees that for the duration of the Compensation Period he shall cooperate fully with the Company and make
himself reasonably available to the Company, within normal business hours on normal work days, to respond to requests by the
Company relating to business conducted by the Company prior to the Release Date with respect to which the Employee had
first-hand knowledge or involvement as well as in connection with any threatened or pending litigation, arbitration,
regulatory proceeding or other proceeding involving facts or events relating to the Company that may be within
Employee’s knowledge. The Company agrees to reimburse the Employee for any reason reasonable and documented travel and
other out-of- pocket costs incurred by Employee in response to a request for assistance by the Company. At no time shall
Employee be required by the Company to state as fact assertions that Employee believes to be false or inaccurate, under oath
or otherwise.

 

5.
Employee expressly agrees that the Company does not have, and will not have, any obligation to provide Employee at any time
in the future with any payments, benefits, or consideration other than: those set forth in Paragraph 3 herein; any
salary compensation heretofore earned by Employee but unpaid, either in cash or stock; compensation for four weeks of
vacation days accrued and unused through the Release Date; and any vested benefits to which Employee may be entitled under
the terms of any of the Company’s benefit plans. The Company agrees that the paycheck for the pay period ended March
23, 2014 will be increased by $1,586.54 in respect of previous eductions for the purchase of common stock of the Company that
have not been delivered to the Employee. Except as otherwise provided herein, all other employee benefits shall cease as of
the Release Date. Employee expressly agrees that the Company has no further obligations under this Agreement except as set
forth herein.

 

    	3

    	 

    

 

6.
Employee and Company agree to be bound by the confidentiality, publication and intellectual property ownership terms of the
agreement which Employee executed and which terms are incorporated by reference herein. Employee and Company agree that on or
before the Release Date, to return all equipment, documents and other property, including by not limited to documents
containing proprietary and/or confidential information to the Disclosing Party, as the term is used in the confidentiality,
publication and intellectual property ownership terms referenced above.

 

7.
Employee agrees not to disclose the terms of this Agreement to anyone, except Employee’s spouse, if any, attorney and,
as necessary, tax/financial advisor.

 

8.
In response to any inquiry about Employee from a prospective employer or a third party on behalf of the same, the company
and or its employees, agents or management will not participate in any negative or disparaging information or activity about
the employee. The Company will provide the following information only: dates of Employee’s employment with Company and
position held. The Employee agrees that the Company shall publically disclose the departure of the Employee as its Chief
Financial Officer as necessary for the Company to achieve its reporting requirements under the applicable security laws,
rules and regulations, which disclosure shall be in language approved by Employee no later than the effective date of this
Separation Agreement and General Release.

 

9.
Employee will not offer any negative or disparaging information about the Company or any of its employees, agents, or
management to anyone. The Company will not offer any negative or disparaging information about the Employee to anyone.
Nothing in this Agreement shall preclude either the Employee or the Company from communicating or testifying truthfully (i)
to the extent required or protected by law, (ii) to any federal, state, or local governmental agency, (iii) in response to a
subpoena to testify issued by a court of competent jurisdiction, or (iv) in any action to challenge or enforce the terms of
this Agreement.

 

10.
The parties acknowledge and agree that the Agreement by the Company described herein, and the settlement and release of any
asserted or unasserted claims against the Releasees, are not and shall not be construed to be an admission of any violation
of any federal, state or local statute or regulation, or of any duty owed, contractual or otherwise, by any of the Releasees
to Employee.

 

11.
This Agreement constitutes the entire agreement between Employee and the Company with respect to the subject matter hereof and
supersedes all prior negotiations and agreements, whether written or oral, relating to the subject matter hereof, other than as
expressly set forth herein. Employee agrees that this Agreement may not be altered, amended, modified, or otherwise changed in
any respect except by another written agreement signed by both Employee and the Company. If the terms of this Agreement differ
from or are in conflict with any prior negotiations and/or agreements, whether written or oral, relating to the subject matter
hereof, this Agreement shall control. Employee further acknowledges and agrees that except as set forth expressly herein, no promises
or representations have been made to Employee in connection with Employee’s separation from the Company or the terms of
this Agreement.

 

    	4

    	 

    

 

12.
This Agreement and the obligations of the parties hereunder shall be construed, interpreted and enforced in accordance with
the laws of the State of New Jersey.

 

13.
The parties agree that if any provision of this Agreement, other than Paragraph 1 or Paragraph 2 or Paragraph 3 shall be
held by a court of competent jurisdiction to be invalid, unenforceable, or void, the remainder of this Agreement shall remain
in full force and effect.

 

14.
This Agreement has been drafted jointly by the parties and there shall be no presumption of construction against any party.
The parties agree that the terms of all parts of the Agreement shall in all cases be construed as they hold, according to
their fair meaning, and not strictly for or against any party.

 

15.
This Agreement may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original
instrument, but all such counterparts together shall constitute but one agreement. This Agreement may be executed and
delivered by facsimile or e- mail.

 

16.
Except as expressly provided for therein, this Agreement, together with all attachments, constitutes the full and complete
understanding and agreement of the parties hereto and supersedes all prior understandings and agreements. The waiver by
either party of a breach of any provision of this Agreement by the other party must be in writing and shall not operate or be
construed as a waiver of any subsequent breach by such other party.

 

17.
If the Company or the Employee believes that the opposite party is in breach of this agreement, the party who believes there
is a breach will inform the other party of the breach and provide seven working days to cure the breach.

 

18.
Employee certifies and acknowledges as follows:

 

(a)
That Employee has read the terms of this Agreement and understands its terms and effects, including the fact that Employee
has agreed to RELEASE AND FOREVER DISCHARGE the Releasees from any legal action arising out of
Employee’s employment relationship with the Company and/or the termination of that relationship;

 

(b)
That Employee has signed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which
Employee acknowledges is adequate and satisfactory to him/her and which Employee acknowledges is in addition to any other
benefits to which he/she is otherwise entitled;

 

(c)
That Employee has been and is hereby advised in writing to consult with an attorney prior to signing this Agreement, and has
had the opportunity to do so;

 

(d)
That the Company has provided Employee with a period of twenty-one (21) calendar days within which to consider this
Agreement, and that Employee has signed on the date indicated below after concluding that this Agreement is satisfactory;
and

 

(e)
Employee acknowledges that he/she may revoke this Agreement within seven (7) calendar days after the date of his execution
of this Agreement appearing under his signature below (the “Revocation Period”), and it shall not become
effective until the expiration of such seven-day Revocation Period. In order to be effective, any revocation by Employee must
be in writing, directed to Daniel J. O’Connor and be received on or before the expiration of the Revocation Period. In
the event of a timely revocation by Employee, this Agreement will be deemed null and void and neither the Company nor
Employee will have any obligations hereunder.

 

    	5

    	 

    

 

EMPLOYEE
FURTHER STATES THAT HE/SHE HAS CAREFULLY READ AND FULLY UNDERSTANDS THE PROVISIONS OF THIS AGREEMENT AND RELEASE, INCLUDING THE
RELEASE OF ALL CLAIMS, AND FREELY AND VOLUNTARILY ASSENTS TO ALL THE TERMS AND CONDITIONS THEREOF, AND SIGNS THE SAME AS HIS/HER
OWN FREE ACT.

 

IN
WITNESS WHEREOF, and intending to be legally bound hereby, Advaxis, Inc. and Mark J. Rosenblum hereby execute the foregoing
Confidential Separation Agreement and General Release.

 

	 	/s/
    Mark J. Rosenblum	 
	Name:	Mark
    J. Rosenblum	 
	 	 	 
	Date:	24
    March, 2014	 

 

	Advaxis,
    Inc.	 
	 	 
	By:	/s/
    Daniel J.O’Connor	 
	Name:	Daniel
    J.O’Connor	 
	Title:	Chief
    Executive Officer	 
	 	 	 
	Date:	24
    March, 2014	 

 

    	6

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