Document:

EXHIBIT
      10.2

     

    FORM
      OF NOTE OF ADVAXIS, INC.

     

    

      THIS
NOTE
        AND THE COMMON STOCK REFERENCED HEREIN HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES
        ACT
        OF 1933, AS AMENDED (THE "1933 ACT"), OR UNDER THE
        PROVISIONS OF ANY APPLICABLE STATE SECURITIES LAWS, BUT HAS BEEN ACQUIRED
        BY THE
        REGISTERED HOLDER HEREOF FOR PURPOSES OF INVESTMENT AND IN RELIANCE ON STATUTORY
        EXEMPTIONS UNDER THE 1933 ACT, AND UNDER ANY APPLICABLE
        STATE SECURITIES LAWS. NEITHER
        THE NOTE NOR THE COMMON STOCK MAY BE SOLD, PLEDGED, TRANSFERRED OR ASSIGNED
        EXCEPT IN A TRANSACTION WHICH IS EXEMPT UNDER PROVISIONS OF THE 1933 ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR PURSUANT
        TO AN
        EFFECTIVE REGISTRATION STATEMENT; AND IN THE CASE OF AN EXEMPTION, ONLY IF
        THE
COMPANY
        HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY
        THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION OF THIS NOTE.

    

     

    This
      note
      is one of a series issued August 2007 in the aggregate principal amount of
      $_________.

     

    ADVAXIS,
      INC.

     

    
      	___________ __, 2007	
              $_________________

            

    

     

    12%
      CONVERTIBLE PROMISSORY NOTE

     

    Advaxis,
      Inc., a Delaware company (the “Company”), for value received, hereby promises to
      pay to _________________ or registered assigns (the “Holder”) on [August 31],
      2008, the “Maturity Date”), at the principal offices of the Holder, the
      principal sum of
      [FIFTY] THOUSAND DOLLARS ($___,___)
      in such coin or currency of the United States of America as at the time of
      payment shall be legal tender for the payment of public and private debts,
      and
      to pay interest on the outstanding principal sum hereof at the rate of twelve
      percent (12%) per annum. Any principal payment or interest payment on the unpaid
      principal amount of this Note not paid when due, whether at the Maturity Date,
      on the effective date of an Early Termination Event, by acceleration or
      otherwise, shall bear interest at twelve percent (15%) or the maximum rate
      permissible by law, whichever is less. Payment of Principal and accrued
      interest, if any, shall be payable on the Maturity Date in like coin or currency
      to the Holder hereof at the address of the Holder designated above or at such
      other place as the Holder shall have notified the Company in writing at least
      five (5) days before the Maturity Date, provided that any payment otherwise
      due
      on a Saturday, Sunday or legal Bank holiday may be paid on the following
      business day. 

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    1. Transfers
      of Note to Comply with the 1933 Act

     

    The
      Holder agrees that this Note may not be sold, transferred, pledged, hypothecated
      or otherwise disposed of except as follows: (1) to a person whom the Note may
      legally be transferred without registration and without delivery of a current
      prospectus under the 1933 Act with respect thereto and then only against receipt
      of an agreement of such person to comply with the provisions of this Section
      1
      with respect to any resale or other disposition of the Note; or (2) to any
      person upon delivery of a prospectus then meeting the requirements of the 1933
      Act relating to such securities and the offering thereof for such sale or
      disposition, and thereafter to all successive assignees.

     

    2. Prepayment;
      Repayment Upon Consolidation or Merger

     

    (a) The
      principal amount of this Note may be prepaid by the Company, in whole or in
      part
      without premium or penalty, at any time. Upon any prepayment of the entire
      principal amount of this Note, all accrued, but unpaid, interest shall be paid
      to the Holder on the date of prepayment. The date upon which the Company prepays
      the principal plus all accrued and unpaid interest due on this Note shall be
      hereinafter referred to as the "Prepayment Date." 

     

    (b) This
      Note
      shall be paid in full, without premium, in the event the Company consolidates
      or
      merges with another corporation, unless (i) the Company shall be the surviving
      corporation in such consolidation or merger or (ii) the other corporation
      controls, is under common control with or is controlled by the Company
      immediately prior to the consolidation or merger whether or not the Company
      shall be the surviving corporation in such consolidation or merger, in which
      event this Note shall remain outstanding as an obligation of the consolidated
      or
      surviving corporation.

     

    
      
        
        

      

      
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    3. Conversion
      of Note

     

    (a)
      At
      the sole option of the Holder, this Note may be converted into shares of Common
      Stock par value $0.001 of the Company upon the closing by the Company of a
      sale
      of its equity securities aggregating $3,000,000 or more in gross proceeds to
      the
      Company at the conversion rate which shall be the greater of the price at which
      such equity securities are sold or the Closing Bid Price, and upon such
      conversion the entirety of the debt shall be applied to purchase of Common
      Stock
      at such price.

     

    (b)
      The
      Holder shall have the right from time to time, and at any time on or prior
      to
      the Maturity Date, to convert all or any part of the entirety of the debt then
      outstanding under this Note into fully paid and non-assessable shares of Common
      Stock, as such Common Stock exists on the issue date, or any shares of capital
      stock or other securities of the Company into which such Common Stock shall
      hereafter be changed or reclassified at a conversion price equal to or the
      Closing Bid Price per share;

     

    (c)
      Notwithstanding the foregoing, in the event that any sums due under this Note
      are not repaid on the Maturity Date, the Holder will have the option to convert
      the entirety of the debt then outstanding under this Note into fully paid and
      non-assessable shares of Common Stock, as such Common Stock exists on the issue
      date, or any shares of capital stock or other securities of the Company into
      which such Common Stock shall hereafter be changed or reclassified at a
      conversion price equal to the number of shares derived by dividing the sum
      of
      such debt and accrued and unpaid interest by the Closing Bid Price.

     

    (d)
      As
      used herein, “Closing Bid Price” means the price per share of the last reported
      trade of the Common Stock on the market on which the Common Stock is then
      listed, as quoted by Bloomberg, LP.

     

    4. Covenants
      of Company

     

    The
      Company covenants and agrees that, so long as any principal of, or interest
      on,
      this Note shall remain unpaid, unless the Holder shall otherwise consent in
      writing, it will comply with the following terms:

     

    (a)
      Reporting
      Requirements.
      The
      Company will furnish to the Holder:

     

    (i)
      as
      soon as possible, and in any event within ten (10) days after obtaining
      knowledge of the occurrence of (A) an Event of Default, as hereinafter defined,
      (B) an event which, with the giving of notice or the lapse of time or both,
      would constitute an Event of Default, or (C) a material adverse change in the
      condition or operations, financial or otherwise, of the Company, taken as whole,
      the written statement of the Chief Executive Officer or the Chief Financial
      Officer of the Company, setting forth the details of such Event of Default,
      event or material adverse change and the action which the Company proposes
      to
      take with respect thereto;

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (ii)
      promptly after the sending or filing thereof, copies of all financial
      statements, reports, certificates of its Chief Executive Officer, Chief
      Financial Officer or accountants and other information which the Company or
      any
      subsidiary sends to any holders (other than the Notes) of its
      securities;

     

    (iii)
      promptly after the commencement thereof, notice of each action, suit or
      proceeding before any court or other governmental authority or other regulatory
      body or any arbitrator as to which there is a reasonable possibility of a
      determination that would (A) materially impact the ability of the Company or
      any
      subsidiary to conduct its business, (B) materially and adversely affect the
      business, operations or financial condition of the Company taken as a whole,
      or
      (C) impair the validity or enforceability of the Notes or the ability of the
      Company to perform its obligations under the Notes;

     

    (iv)
      promptly upon request, such other information concerning the condition or
      operations, financial or otherwise, of the Company as the Holder from time
      to
      time may reasonably request.

     

    (b) Taxes.
      The
      Company has filed or will file all federal, state and local tax returns required
      to be filed or sent or has obtained extensions thereof. Except as otherwise
      disclosed, the Company has timely paid or made provision for all taxes shown
      as
      due and payable on its tax returns required to be filed prior to the date hereof
      and all assessments received by the Company and will timely pay all taxes that
      will be shown as due and payable on its tax returns required to be filed after
      the date hereof, except to the extent that the Company shall be contesting
      such
      taxes and assessments in good faith by appropriate proceedings.

     

    (c) Compliance
      with Laws. The
      Company will comply, in all material respects with all applicable laws, rules,
      regulations and orders, except to the extent that noncompliance would not have
      a
      material adverse effect upon the business, operations or financial condition
      of
      the Company taken as a whole.

     

    (d) Keeping
      of Records and Books of Account.
      The
      Company will keep adequate records and books of account, with complete entries
      made in accordance with generally accepted accounting principles, reflecting
      all
      of its financial and other business transactions.

     

    (e) Negative
      Covenants. The
      Company covenants and agrees that while this Note is outstanding it will not
      directly or indirectly:

     

    
      	(i)  	
              Guaranty
                or otherwise in any way become or be responsible for indebtedness
                for
                borrowed money, or for obligations, in either case of any of its
                officers,
                directors or principal stockholders or any of their affiliates,
                contingently or otherwise, other than such guaranties existing as
                of the
                date hereof, or in any way fail to comply with the provisions of
                the
                Sarbanes-Oxley Act of 2002;

            

    

     

    
      
        
        

      

      
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      	(ii)  	
              Declare
                or pay cash dividends;

            

    

     

    
      	(iii)  	
              Sell,
                transfer or dispose of, any of its assets other than in the ordinary
                course of its business and for fair
                value;

            

    

     

    
      	(iv)  	
              Purchase,
                redeem, retire or otherwise acquire for value any of its capital
                stock now
                or hereafter outstanding; or

            

    

     

    5. Events
      of Default and Remedies

     

    (a)
      Any
      one or more of the following events which shall have occurred and be continuing
      shall constitute an event of default (Event of Default):

     

    (i)
      Default in the payment of the principal or accrued interest on this Note or
      upon
      any other indebtedness of the Company after the date hereof that is greater
      than
      $100,000, as and when the same shall become due, whether by default or
      otherwise, which Event of Default shall have continued for a period of five
      (5)
      business days; or 

     

    (ii)
      Any
      representation or warranty made by the Company or any officer of the Company
      in
      the Notes, or in any agreement, report, certificate or other document delivered
      to the Holder pursuant to the Notes shall have been incorrect in any material
      respect when made which shall not have been remedied ten (10) days after written
      notice thereof shall have been given by the Holder; or

     

    (iii)
      The
      Company shall fail to perform or observe any affirmative covenant contained
      in
      Section 4 of this Note or any of the Notes and such Default, if capable of
      being
      remedied, shall not have been remedied ten (10) days after written notice
      thereof shall have been given by the Holder; or

     

    (iv)
      The
      Company or any subsidiary (A) shall institute any proceeding or voluntary case
      seeking to adjudicate it bankrupt or insolvent, or seeking dissolution,
      liquidation, winding up, reorganization, arrangement, adjustment, protection,
      relief or composition of it or its debts under any law relating to bankruptcy,
      insolvency or reorganization or relief of debtors, or seeking the entry of
      any
      order for relief or the appointment of a receiver, trustee, custodian or other
      similar official for such the Company or any subsidiary or for any substantial
      part of its property, or shall consent to the commencement against it of such
      a
      proceeding or case, or shall file an answer in any such case or proceeding
      commenced against it consenting to or acquiescing in the commencement of such
      case or proceeding, or shall consent to or acquiesce in the appointment of
      such
      a receiver, trustee, custodian or similar official; (B) shall be unable to
      pay
      its debts as such debts become due, or shall admit in writing its inability
      to
      apply its debts generally; (C) shall make a general assignment for the benefit
      of creditors; or (D) shall take any action to authorize or effect any of the
      actions set forth above in this subsection 5(a)(iv); or

     

    
      
        
        

      

      
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    (v)
      Any
      proceeding shall be instituted against the Company seeking to adjudicate it
      a
      bankrupt or insolvent, or seeking dissolution, liquidation, winding up,
      reorganization, arrangement, adjustment, protection, relief of debtors, or
      seeking the entry of an order for relief or the appointment of a receiver,
      trustee, custodian or other similar official for the Company or for any
      substantial part of its property, and either such proceeding shall not have
      been
      dismissed or shall not have been stayed for a period of sixty (60) days or
      any
      of the actions sought in such proceeding (including, without limitation, the
      entry of any order for relief against it or the appointment of a receiver,
      trustee, custodian or other similar official for it or for any substantial
      part
      of its property) shall occur; or

     

    (vi)
      One
      or more final judgments, arbitration awards or orders for the payment of money
      in excess of $100,000 in the aggregate shall be rendered against the Company,
      which judgment remains unsatisfied for thirty (30) days after the date of such
      entry.

     

    (vii)
      Delisting of the Common Stock from the principal market or exchange on which
      the
      Common Stock is listed for trading; Company’s failure to comply with the
      conditions for listing; or notification that the Company is not in compliance
      with the conditions for such continued listing.

     

    (viii)
      The issuance of an SEC stop trade order or an order suspending trading of the
      Common Stock from the principal market or exchange on which the Common Stock
      is
      listed for trading for longer than five (5) trading days.

     

    (ix)
      The
      failure by the Company to issue
      shares of Common Stock to the Holder upon exercise by the Holder of the
      conversion rights of the Holder in accordance with the terms of this Note,
      or
      the failure to transfer or cause its transfer agent to transfer (electronically
      or in certificated form) any certificate for shares of Common Stock issued
      to
      the Holder upon conversion of or otherwise pursuant to this Note as and when
      required by this Note, or the failure to remove any restrictive legend (or
      to
      withdraw any stop transfer instructions in respect thereof) on any certificate
      for any shares of Common Stock issued to the Holder upon conversion of or
      otherwise pursuant to this Note as and when required by this Note, and any
      such
      failure shall continue uncured for ten (10) days after the Company shall have
      been notified thereof in writing by the Holder;

     

    
      
        
        

      

      
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    (x)
      A
      default by the Company of a material term, covenant, warranty or undertaking
      of
      any other agreement to which the Company and Holder are parties, or the
      occurrence of an event of default under any such other agreement;
      or

     

    (b) In
      the
      event of and immediately upon the occurrence of an Event of Default, the Note
      shall become immediately due and payable without any action by the Holder and
      the Note shall bear interest until paid at the rate of 15% per annum or such
      amount as shall be allowed by law (the “Default Interest Rate”). If an Event of
      Default occurs and is continuing, Holder may pursue any available remedy to
      collect the payment of all amounts due under the Note or to enforce the
      performance of any provision of the Note. No waiver of any default under the
      Note shall be construed as a waiver of any subsequent default, and the failure
      to exercise any right or remedy thereunder shall not waive the right to exercise
      such right or remedy thereafter.

     

    (c) The
      Company covenants that in case the principal of, and accrued interest on, the
      Note becomes due and payable by declaration or otherwise, then the Company
      will
      pay in cash to the Holder of this Note, the whole amount that then shall have
      become due and payable on this Note for principal or interest, as the case
      may
      be, and in addition thereto, such further amount as shall be sufficient to
      cover
      the costs and expenses of collection, including reasonable fees and
      disbursements of the Holder's legal counsel. In case the Company shall fail
      forthwith to pay such amount, the Holder may commence an action or proceeding
      at
      law or in equity for the collection of the sums so due and unpaid, and may
      prosecute any such action or proceeding to judgment or final decree against
      Company or other obligor upon this Note, wherever situated, the monies
      adjudicated or decreed to be payable.

     

    (d) The
      Company agrees that it shall give notice to the Holder at its registered address
      by facsimile, confirmed by certified mail, of the occurrence of any Event of
      Default within ten (10) days after such Event of Default shall have
      occurred.

     

    6. Waiver
      of Automatic Stay

     

    The
      Company acknowledges and agrees that should a proceeding under any bankruptcy
      or
      insolvency law be commenced by or against the Company, or if any of the
      Collateral (as defined in the Security Agreement) should become the subject
      of
      any bankruptcy or insolvency proceeding, then the Holder should be entitled
      to,
      among other relief to which the Holder may be entitled under the Note,
      Subscription Agreement and any other agreement to which the Company and Holder
      are parties, (collectively "Loan Documents") and/or applicable law, an order
      from the court granting immediate relief from the automatic stay pursuant to
      11
      U.S.C. Section 362 to permit the Holder to exercise all of its rights and
      remedies pursuant to the Loan Documents and/or applicable law. THE COMPANY
      EXPRESSLY WAIVES THE BENEFIT OF THE AUTOMATIC STAY IMPOSED BY 11 U.S.C. SECTION
      362. FURTHERMORE, THE COMPANY EXPRESSLY ACKNOWLEDGES AND AGREES THAT NEITHER
      11
      U.S.C. SECTION 362 NOR ANY OTHER SECTION OF THE BANKRUPTCY CODE OR OTHER STATUTE
      OR RULE (INCLUDING, WITHOUT LIMITATION, 11 U.S.C. SECTION 105) SHALL STAY,
      INTERDICT, CONDITION, REDUCE OR INHIBIT IN ANY WAY THE ABILITY OF THE HOLDER
      TO
      ENFORCE ANY OF ITS RIGHTS AND REMEDIES UNDER THE LOAN DOCUMENTS AND/OR
      APPLICABLE LAW. The Company hereby consents to any motion for relief from stay
      which may be filed by the Holder in any bankruptcy or insolvency proceeding
      initiated by or against the Company and, further, agrees not to file any
      opposition to any motion for relief from stay filed by the Holder. The Company
      represents, acknowledges and agrees that this provision is a specific and
      material aspect of the loan hereunder, and that the Holder would not agree
      to
      the terms of this Note if this waiver were not a part of this Note. The Company
      further represents, acknowledges and agrees that this waiver is knowingly,
      intelligently and voluntarily made, that neither the Holder nor any person
      acting on behalf of the Holder has made any representations to induce this
      waiver, that the Company has been represented (or has had the opportunity to
      be
      represented) in the signing of this Note and in the making of this waiver by
      independent legal counsel selected by the Company and that the Company has
      had
      the opportunity to discuss this waiver with counsel. The Company further agrees
      that any bankruptcy or insolvency proceeding initiated by the Company will
      only
      be brought in courts within the geographic boundaries of State of New
      Jersey.

     

    
      
        
        

      

      
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    7. Failure
      to Pay Upon Maturity

     

    In
      the
      event that the sum due under the Note is not repaid on the Maturity Date, the
      Holder will have the option to either have the Note accrue interest at 15%
      or
      such amount as legally allowed until paid, or to convert the entirety of the
      debt then outstanding under the Note into the number of Shares derived by
      dividing the sum of such debt by the dollar value equal to 80% of the closing
      [ask] price of the Common Stock on the last trading day immediately preceding
      the Maturity Date as reported on the market upon which the Shares shall then
      be
      trading, provided, however, that the conversion price shall never be less than
      Closing Bid Price per share. Any Shares acquired thereby shall carry with them
      the piggy back registration rights granted to the Holder hereby.

     

    
      
        
        

      

      
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    8. Unconditional
      Obligation; Fees, Waivers, Other

     

    (a) The
      obligations to make the payments provided for in this Note are absolute and
      unconditional and not subject to any defense, set-off, counterclaim, rescission,
      recoupment or adjustment whatsoever.

     

    (b) If,
      following the occurrence of an Event of Default, Holder shall seek to enforce
      the collection of any amount of principal of and/or interest on this Note,
      there
      shall be immediately due and payable from the Company, in addition to the then
      unpaid principal of, and accrued unpaid interest on, this Note, all costs and
      expenses incurred by Holder in connection therewith, including, without
      limitation, reasonable attorneys' fees and disbursements.

     

    (c) No
      forbearance, indulgence, delay or failure to exercise any right or remedy with
      respect to this Note shall operate as a waiver or as an acquiescence in any
      default, nor shall any single or partial exercise of any right or remedy
      preclude any other or further exercise thereof or the exercise of any other
      right or remedy.

     

    (d) This
      Note
      may not be modified or discharged (other than by payment or conversion) except
      by a writing duly executed by the Company and Holder. 

     

    (e) Holder
      hereby expressly waives demand and presentment for payment, notice of
      nonpayment, notice of dishonor, protest, notice of protest, bringing of suit,
      and diligence in taking any action to collect amounts called for hereunder,
      and
      shall be directly and primarily liable for the payment of all sums owing and
      to
      be owing hereon, regardless of and without any notice, diligence, act or
      omission with respect to the collection of any amount called for hereunder
      or in
      connection with any right, lien, interest or property at any and all times
      which
      the Company had or is existing as security for any amount called for hereunder.
      

     

    9. Miscellaneous

     

    (a)  The
      headings of the various paragraphs of this Note are for convenience of reference
      only and shall in no way modify any of the terms or provisions of this
      Note.

     

    (b)  This
      Note
      has been issued by the Company pursuant to authorization of the Board of
      Directors of the Company.

     

    All
      notices required or permitted to be given hereunder shall be in writing and
      shall be deemed to have been duly given when personally delivered or sent by
      registered or certified mail (return receipt requested, postage prepaid),
      facsimile transmission or overnight courier to the address of the intended
      recipient as set forth in the preamble to this Note or at such other address
      as
      the intended recipient shall have hereafter given to the other party hereto
      pursuant to the provisions of this Note.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (c) The
      Company may consider and treat the entity in whose name this Note shall be
      registered as the absolute owner thereof for all purposes whatsoever (whether
      or
      not this Note shall be overdue) and the Company shall not be affected by any
      notice to the contrary. Subject to the limitations herein stated, the registered
      owner of this Note shall have the right to transfer this Note by assignment,
      and
      the transferee thereof shall, upon his registration as owner of this Note,
      become vested with all the powers and rights of the transferor. Registration
      of
      any new owners shall take place upon presentation of this Note to the Company at
      its principal offices, together with a duly authenticated assignment. In case
      of
      transfer by operation of law, the transferee agrees to notify the Company of
      such transfer and of his address, and to submit appropriate evidence regarding
      the transfer so that this Note may be registered in the name of the transferee.
      This Note is transferable only on the books of the Company by the holder hereof,
      in person or by attorney, on the surrender hereof, duly endorsed. Communications
      sent to any registered owner shall be effective as against all holders or
      transferees of the Note not registered at the time of sending the
      communication.

     

    (d) Payments
      of principal and interest shall be made as specified above to the registered
      owner of this Note. No interest shall be due on this Note for such period of
      time that may elapse between the maturity of this Note and its presentation
      for
      payment. 

     

    (e) The
      Holder shall not, by virtue, hereof, be entitled to any rights of a shareholder
      in the Company, whether at law or in equity, and the rights of the Holder are
      limited to those expressed in this Note.

     

    (f) Upon
      receipt by the Company of evidence reasonably satisfactory to it of the loss,
      theft, destruction or mutilation of this Note, and (in the case of loss, theft
      or destruction) of reasonably satisfactory indemnification, and upon surrender
      and cancellation of this Note, if mutilated, the Company shall execute and
      deliver a new Note of like tenor and date. 

     

    (g) This
      Note
      shall be construed and enforced in accordance with the laws of the State of
      New
      York, without giving effect to the conflicts of law principles thereof or the
      actual domiciles of the parties. The Company and the Holder hereby consent
      to
      the jurisdiction of the Courts of the State of New York and the United States
      District Courts situated therein in connection with any action concerning the
      provisions of this Note instituted by the Holder against the
      Company.

     

    FURTHER,
      THE COMPANY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION TO ENFORCE THIS NOTE
      AND
      IN CONNECTION WITH ANY DEFENSE, COUNTERCLAIM OR CROSSCLAIM ASSERTED IN ANY
      SUCH
      ACTION.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (h) No
      recourse shall be had for the payment of the principal or interest of this
      Note
      against any incorporator or any past, present or future stockholder officer,
      director, agent or attorney of the Company, or of any successor corporation,
      either directly or through the Company or any successor corporation, otherwise,
      all such liability of the incorporators, stockholders, officers, directors,
      attorneys and agents being waived, released and surrendered by the Holder hereof
      by the acceptance of this Note.

     

    (i) This
      Note
      shall bind the Company and its successors and assigns.

     

    [THIS
      SPACE INTENTIONALLY LEFT BLANK]

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned has duly executed and delivered this Note
      as of
      the day and year first above written.

     

    
      	 	 	 
	 	ADVAXIS,
              INC.
	 
 	 
 	 
 
	
            	By:  	
            
	 	
              

              Name:

            
	 	
              Title:

            

    

     

    
      
        
        

      

      
        12EXHIBIT
      10.3

     

    EMPLOYMENT
      AGREEMENT

     

    This
      EMPLOYMENT AGREEMENT was executed on August 21, 2007, by and between Advaxis,
      Inc., a Delaware corporation (the “Company”).
      and
      Thomas Moore (“Executive”).

     

    WITNESSETH:

     

    WHEREAS,
      Executive and the Company desire to set forth in this Agreement the terms and
      conditions of Executive’s employment with the Company;

     

    NOW,
      THEREFORE, in consideration of the premises and the mutual covenants and
      promises contained herein and for other good and valuable consideration, the
      Company and Executive hereby agree as follows:

     

    16.  Agreement
      to Employ; No Conflicts

     

    Upon
      the
      terms and subject to the conditions of this Agreement, the Company hereby agrees
      to employ Executive, and Executive hereby accepts employment with the Company.
      Executive represents that (a)
      Executive is entering into this Agreement voluntarily and that Executive’s
      employment hereunder and compliance with the terms and conditions hereof will
      not conflict with or result in the breach by Executive of any agreement to
      which
      Executive is a party or by which Executive is bound, (b)
      Executive has not, and in connection with Executive’s employment with the
      Company will not, violate any non-solicitation, non-competition or other similar
      restrictive covenant by which Executive is bound, and (c)
      in
      connection with Executive’s employment with the Company Executive will not use
      any confidential or proprietary information Executive may have obtained in
      connection with employment with any prior employer in violation of any
      nondisclosure covenant or agreement by which Executive is bound. 

     

    17.  Term;
      Position and Responsibilities

     

    (a)  Term
      of Employment.
      Unless
      Executive’s employment shall sooner terminate pursuant to Section 4, the Company
      shall employ Executive for a term commencing as of December 15, 2006 (the
“Commencement
      Date”)
      and
      ending on the second anniversary thereof (the “Initial
      Term”).
      Effective upon the expiration of the Initial Term and of each Additional Term
      (as defined below), Executive’s employment hereunder shall be deemed to be
      automatically extended, upon the same terms and conditions (subject to any
      adjustment made pursuant to the terms hereof), for an additional 12-month period
      (each, an “Additional
      Term”),
      in
      each such case, commencing upon the expiration of the Initial Term or the then
      current Additional Term, as the case may be, unless, at least 90 days prior
      to
      the expiration of the Initial Term or such Additional Term, either party shall
      give written notice to the other (a “Non-Extension
      Notice”)
      of
      such party’s intention not to extend the term hereof. A Non-Extension Notice
      shall not constitute a notice of the termination of Executive’s employment by
      the Company unless such notice specifically provides for such termination of
      employment and the specific date thereof. The period during which Executive
      is
      employed pursuant to this Agreement shall be referred to as the “Employment
      Period”.

     

    
      
        
        

      

      
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    (b)  Position
      and Responsibilities.
      During
      the Employment Period, Executive shall serve as Chairman of the Board and Chief
      Executive Officer of the Company, shall
      be
      a member of the Board of Directors of the Company and shall have such duties
      and
      responsibilities as are customarily assigned to individuals serving in such
      positions and such other duties consistent with Executive’s titles and positions
      as the Company’s Board of Directors (the “Board”)
      specifies from time to time. Executive shall report directly to the Board.
      Executive shall devote all of Executive’s skill, knowledge and working time to
      the conscientious performance of the duties and responsibilities of such
      positions, all in a manner consistent with Executive’s position as a senior
      executive of the Company, except for authorized vacation or personal time,
      absence for sickness or similar disability, time spent as a Board member on
      private or public companies, as agreed with the Compensation Committee of the
      Board, and time spent performing services for any charitable, religious or
      community organizations so long as such services do not materially interfere
      with the performance of Executive’s duties hereunder.
      The
      Board has agreed to allow the Executive to serve on the following Boards:
      Alteon, MD Offices, Opt-e-scrip, Healogix, and Mayan Pigments (as
      Chairman).

     

    (c)  Additional
      Board Nominee.
      Executive may nominate one additional Board Member of his choice, and subject
      to
      Board agreement, which will not be unreasonably withheld, and subject to the
      bylaws of the Company and subject to the vote of shareholders in the annual
      election of members of the, such nominee shall join as a Board member. The
      right
      to nominate such additional Board member shall end when employee's employment
      term ends.

     

    (d)  Capital
      Investment.
      Employee will invest up to $500,000 personally in the Company, of which up
      to
      $300,000 shall be funded in year 2006 and up to $200,000 shall be invested
      by
      July 2007. 

     

    18.  Compensation.

     

    (a)  Base
      Salary.
      As
      compensation for the services to be performed by Executive during the Employment
      Period, the Company shall pay Executive a base salary at an annualized rate
      of
      two hundred fifty thousand dollars ($250,000), payable in installments on the
      Company’s regular payroll dates, but no less frequently than monthly (as the
      same may be adjusted from time to time as provided below, the “Base
      Salary”).
      Such
      Base Salary will be increased to $350,000 per annum upon the successful raise
      of
      $4,000,000 by the Company. The Board shall review Executive’s Base Salary
      annually to determine, in its sole discretion, whether and by what amount,
      if
      any, such Base Salary should be increased.

     

    
      
        
        

      

      
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    (b)  Stock
      Grants and Stock Options.
      Company
      shall grant Executive 1,500,000 common shares of which 750,000 common shares
      shall be granted upon the successful raise of $4,000,000 and 750,000 shares
      shall be granted upon a successful raise of an additional $6,000,000.

     

    Company
      shall grant Executive 2,400,000 options priced at the day price as of December
      15, 2006, to be vested at 100,000 shares per month over two years.

     

    The
      Company will grant Employee an additional grant of 1,500,000 shares if the
      Company stock price (adjusted for any splits) is $.40 or higher for 40
      consecutive business days.

     

    In
      the
      event of merger of the Company which is a change of control or a sale of the
      company while Executive is employed, all options will be awarded and
      vested..

     

    (c)  Employee
      Benefits.
      During
      the Employment Period, Executive shall be entitled to participate in the
      pension, retirement, savings, medical, disability and other welfare benefit
      plans maintained by the Company for its senior executives in accordance with
      the
      terms thereof, as the same may be amended and in effect from time to time.
      Family health insurance will be provided at no cost to the
      Executive.

     

    (d)  Expenses.
      The
      Company shall reimburse Executive for reasonable travel, lodging, meal and
      other
      reasonable expenses incurred by Executive in connection with Executive’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 senior executives as in effect from
      time
      to time. 

     

    (e)  Vacation.
      During
      the Employment Period, Executive shall be entitled to four weeks of paid
      vacation on an annualized basis, in accordance with the Company’s vacation
      policy for senior executives.

     

    19.  Termination
      of Employment.

     

    (a)  Termination
      Due to Death or Disability.
      Executive’s employment hereunder may be terminated by the Company in the event
      of Executive’s Disability (as defined below) and shall terminate upon
      Executive’s death. For purposes of this Agreement, “Disability” shall mean a
      physical or mental disability that prevents the performance by Executive of
      Executive’s duties hereunder for a period of 90 consecutive days or longer or
      for 180 days or more in any period of 24 consecutive months.

     

    
      
        
        

      

      
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    (b)  Termination
      by the Company for Cause.
      The
      Company may terminate Executive’s employment hereunder for Cause (as defined
      below) at any time. “Cause” shall mean (i)
      Executive having been convicted of, or entering a plea of guilty or nolo
      contendere to, a crime that constitutes a felony or a misdemeanor involving
      moral turpitude (or comparable crime in any jurisdiction that uses a different
      nomenclature), (ii)
      gross
      negligence or willful misconduct on the part of Executive in the performance
      of
      Executive’s duties hereunder, (iii)
      material breach by Executive of this Agreement, (iv)
      a
      material violation by Executive of a Company policy, (v)
      failure
      by Executive to timely comply in all material respects with a lawful direction
      or instruction given to Executive by the Board, or (vi)
      any
      other action that is willful on the part of Executive and materially detrimental
      to the Company or any of its affiliates;
      provided
      that, in
      the case of clauses (ii) through and including (vi) above, the Company shall
      have given Executive written notice of such event, which notice shall specify
      in
      reasonable detail the basis for such termination, and, if such event is
      reasonably capable of being cured, Executive shall not have cured such event
      to
      the reasonable satisfaction of the Company within 30 days from Executive’s
      receipt of such notice.

     

    (c)  Termination
      by Company Without Cause.
      The
      Company may terminate Executive’s employment hereunder Without Cause at any time
      by written notice to Executive. A termination “Without Cause” shall mean a
      termination of Executive’s employment by the Company other than as a result of
      Executive’s Disability or for Cause. A Non-Extension Notice delivered by the
      Company or Termination pursuant to Section 4(a) shall not constitute a
      termination of Executive’s employment hereunder by the Company Without Cause
      unless such notice specifically provides for such termination of employment
      and
      the specific date thereof.

     

    (d)  Termination
      by Executive.
      Executive may terminate Executive’s employment hereunder with or without “Good
      Reason” (as defined below); provided
      that
      Executive shall have given Company written notice, which notice shall, in the
      event of a termination with Good Reason, specify in reasonable detail the basis
      for, such termination. “Good Reason” shall mean the occurrence of any of the
      following events, without Executive’s consent, and the failure of the Company to
      correct any such event set forth in Executive’s notice of termination
      contemplated above within 30 days of the Company’s receipt of such notice:
      (i)
      the
      assignment to Executive of duties that are significantly different from, and
      that result in a material diminution of, the duties provided for in Section
      2(b), (ii)
      a
      breach by the Company of its obligations to pay compensation due to Executive
      under this Agreement, (iii)
      the
      Company’s ceasing to provide Executive with the title of Chief Executive
      Officer, (iv) the Company’s ceasing to provide Executive with the title of
      President unless the person then serving as President shall be obligated to
      report directly to Executive, (v) the Company’s requiring Executive to report to
      any person in the Company other than the Board, or (v) a relocation of
      Executive’s principal place of business to a place that is more than 50 miles
      from the greater New York City metropolitan area.

     

    
      
        
        

      

      
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    (e)  Notice
      of Termination.
      Any
      termination of Executive’s employment by Company pursuant to Section 4(b), 4(c)
      or 4(d), or by Executive pursuant to Section 4(e) shall be communicated by
      a
      written Notice of Termination addressed to the other party to this Agreement.
      A
“Notice of Termination” shall mean a notice stating that Executive’s employment
      with Company has been or will (subject to any applicable cure period) be
      terminated and the specific provisions of this Section 4 under which such
      termination is being effected.

     

    (f)  Date
      of Termination.
      As used
      in this Agreement, the term “Date of Termination” shall mean (i)
      if
      Executive’s employment is terminated by Executive’s death, the date of
      Executive’s death, (ii)
      if
      Executive’s employment is terminated by the Company, the latest of (A)
      the
      date on which Notice of Termination is given as contemplated by Section 4(e),
      (B)
      the
      date of termination specified in such notice and (C)
      the
      date any applicable cure period ends (if such matter is not cured within such
      period), (iii) if Executive’s employment is terminated by Executive without Good
      Reason, the date on which Notice of Termination is given as contemplated by
      Section 4(e), and (iv)
      if
      Executive’s employment is terminated by Executive for Good Reason, the date the
      cure period ends (if such matter is not cured within such period).

     

    (g)  Resignation
      upon Termination.
      Effective as of any Date of Termination, Executive shall resign, in writing,
      from all Board of Director memberships and other positions then held by
      Executive with the Company and its affiliates.

     

    (h)  Cessation
      of Professional Activity.
      Upon
      delivery of a Notice of Termination by any party, the Company may relieve
      Executive of Executive’s responsibilities and require Executive to immediately
      cease all professional activity on behalf of the Company. In addition, in the
      event that the Board reasonably believes that Executive has engaged in improper
      conduct that has or would cause substantial harm to the Company, the Board
      may
      relieve Executive of Executive’s responsibilities during the pendency of any
      investigation (but in no event more than 30 days) it commissions to determine
      whether Executive’s employment may be terminated for Cause. Prior to the
      relevant Date of Termination, the Company shall compensate the Executive in
      accordance with this Agreement during any period of cessation of the Executive’s
      professional activity in accordance with this Section 4(h), as if no such
      cessation occurred. 

     

    
      
        
        

      

      
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    20.  Payments
      Upon Certain Terminations.

     

    (a)  General.
      If,
      during the Employment Period, the Executive's employment terminates for any
      reason, the Executive (or Executive’s estate, beneficiaries or legal
      representative) shall be entitled to receive (i)
      any
      earned or accrued but unpaid Base Salary through the Date of Termination
      (including with respect to unused vacation time, other than in the case of
      a
      termination for Cause), (ii)
      (A)
      any
      earned but unpaid annual bonus with respect to any fiscal year of the Company
      ending prior to the Date of Termination, and (B)
      with
      respect to the fiscal year of the Company in which the Date of Termination
      occurs. Except as provided in paragraph (b) below, no other compensation shall
      be paid to Executive upon Termination.

     

    (b)  Limited
      Severance Payment.
      In the
      event of termination of Executive’s Employment hereunder by the Company
      following the $4 million raise, Employee will also receive 1 year's severance
      at
      his then payment level.

     

    (c)  No
      Duplication of Benefits.
      In the
      event of Executive’s termination of employment during the Employment Period for
      any reason, the sole payments or obligations of the Company are provided for
      in
      this Section 5. In the event that Executive is entitled to payment under any
      plan, policy, program or practice of the Company relating to severance, any
      such
      payment shall reduce the amounts otherwise payable hereunder.

     

    21.  Restrictive
      Covenants 

     

    (a)  Restrictive
      Covenants.
      Executive acknowledges and agrees that the Company has a legitimate interest
      in
      being protected from Executive’s being employed by, or providing services to, an
      entity that competes with the Company or its affiliates. Executive and the
      Company have considered carefully how best to protect the legitimate interests
      of the Company and its affiliates without unreasonably restricting the economic
      interests of Executive, and hereby agree to the following restrictions as the
      most reasonable and equitable under the circumstances. During the Employment
      Period and for a period of twelve (12) months following the date of termination
      or expiration of the Employment Period, or, if Executive’s employment is
      terminated by the Company for Cause or for Executive’s Disability, or by
      Executive without Good Reason or if Executive provides a Non-Extension Notice
      in
      accordance with the terms of Section 2(a), twelve (12) months following the
      date
      of termination or expiration of the Employment Period (the “Restriction
      Period”), Executive will not anywhere in the United States of America or
      anywhere else the Company or any of its affiliates does business, directly
      or
      indirectly (whether as sole proprietor, partner or venturer, stockholder,
      director, officer, employee or consultant or in any other capacity as principal
      or agent or through any person, subsidiary or employee acting as nominee or
      agent):

     

    
      
        
        

      

      
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    (i)  Engage
      in, or have any interest in any person, firm, corporation, business or other
      entity other than the Company (as an officer, director, employee, agent,
      stockholder, or other security holder, creditor, consultant or otherwise) that
      that are competitive with those being developed by or is otherwise engaged
      in
      the development and/or marketing of listeria based cancer vaccines, or other
      products offered by the Company or its affiliates on or prior to the date of
      termination or expiration of the Employment Period.

     

    (ii)  Solicit
      or hire employees of the Company or its affiliates (or persons who at any time
      within the six months preceding the date of termination or expiration of the
      Employment Period were employees of the Company or its affiliates), or solicit
      employees of the Company or its affiliates to terminate their employment with
      the Company or its affiliates. In entering into this agreement, the parties
      recognize and agree that it is necessary to maintain a stable workforce to
      enable the Company to maintain its business. 

     

    Notwithstanding
      anything to the contrary contained herein, (i) Executive, directly or
      indirectly, may own publicly traded stock constituting less than one percent
      (1%) of the outstanding shares of such class of stock of any corporation that
      engages in any business activity that is the same as, similar to or competitive
      with, the business of the Company or its affiliates, if, and as long as,
      Executive is not an officer, director, employee or agent of, or consultant
      or
      advisor to, or has any other relationship or agreement with such corporation,
      (ii) the Restriction Period shall end at any time, after the date of termination
      or expiration of the Employment Period, that (A) the Company shall have breached
      its obligation to make cash payments to Executive pursuant to the provisions
      of
      Section 5(a) or Section 5(b)(i) and such breach shall not have been cured by
      the
      Company within fifteen (15) days after the Company shall have received from
      Executive written notice of such breach (which notice shall specify the basis
      of
      such breach in reasonable detail) or (B) the Company is in breach in any
      material respect of any of its other obligations under Section 5, (iii) if
      the
      Company provides a Non-Extension Notice in accordance with the terms of Section
      2(a), the Restriction Period shall end on the last day of the Employment Period
      unless, at any time, the Company terminates Executive’s employment hereunder for
      Cause, and (iv) no provision contained in this Section 6(a) shall be interpreted
      in such a manner as would prohibit Executive from performing Executive’s duties
      (as an officer, director, employee, consultant or agent of the Company) owed
      to
      the Company during or after the Employment Period.

    

    (b)  Confidential
      Information.
      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 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. 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(b) shall be
      treated as Confidential Information under this Section 6(b).
      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. 

     

    
      
        
        

      

      
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    (c)  Ownership
      of Developments.
      Executive agrees that the Company shall own all right, title and interest
      (including patent rights, copyrights, trade secret rights, mask work rights
      and
      other rights throughout the world) in any inventions, works of authorship,
      mask
      works, ideas or information made or conceived or reduced to practice, in whole
      or in part, by Executive (either alone or with others) during the Employment
      Period (collectively “Developments”); provided, however, that the Company shall
      not own any right, title and/or interest in any Developments for which no
      equipment, supplies, facility or trade secret information of the Company or
      its
      affiliates was used and which were developed entirely on Executive’s time, and
      (A) which do not relate (I) to the business of the Company or its affiliates
      or
      (II) to the Company’s or its affiliates’ actual or demonstrably anticipated
      research or development, or (B) which do not result from any work performed
      by
      Executive for the Company or its affiliates. Subject to the foregoing, Executive
      will promptly and fully disclose to the Company, or any persons designated
      by
      it, any and all Developments made or conceived or reduced to practice or learned
      by Executive, either alone or jointly with others during the Employment Period.
      Executive hereby assigns all right, title and interest in and to any and all
      of
      these Developments owned by the Company in accordance with this paragraph to
      the
      Company. Executive shall further assist the Company, as reasonably requested
      by
      Company and at Company’s sole expense, to further evidence, record and perfect
      such assignments, and to perfect, obtain, maintain, enforce, and defend any
      rights specified to be so owned or assigned. Executive hereby irrevocably
      designates and appoints the Company and its agents as attorneys-in-fact to
      act
      for and on the Executive’s behalf to execute and file any document and to do all
      other lawfully permitted acts to further the purposes of the foregoing terms
      of
      this Section 6(c) with the same legal force and effect as if executed by the
      Executive. In addition, and not in contravention of any of the foregoing, the
      Executive acknowledges that all original works of authorship which are made
      by
      Executive (solely or jointly with others) for business use specifically by
      the
      Company or its affiliates during the Employment Period and which are protectable
      by copyright are “works made for hire,” as that term is defined in the United
      States Copyright Act (17 USCA, § 101).

     

    
      
        
        

      

      
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    (d)  Return
      of Documents.
      In the
      event of the termination of Executive’s employment for any reason, Executive
      shall deliver to the Company (i) all of the property of each of the Company
      and
      its affiliates received at any time by Executive (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 Executive (to the extent not
      previously returned to the Company), and Executive 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 Executive may have
      as a
      shareholder, creditor, consultant and/or director of the Company.

     

    (e)  Notification.
      Executive will inform any prospective subsequent employer during the Restriction
      Period of the substance of the terms and conditions of the restrictive covenants
      set forth in this Section 6.

     

    
      
        
        

      

      
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    (f)  Affiliates.
      Notwithstanding anything to the contrary in this Section 6, for the purposes
      of
      this Section 6, no stockholder of the Company, other than a stockholder that
      is
      a holding company of the Company, shall be deemed to be an “affiliate” of the
      Company.

     

    22.  Injunctive
      Relief with Respect to Covenants; Certain Acknowledgments; Etc.

     

    (a)  Injunctive
      Relief.
      Executive acknowledges and agrees that the covenants, obligations and agreements
      of Executive contained in Section 6 of this Agreement relate to special, unique
      and extraordinary matters and that a violation on the Executive’s part of any of
      the terms of such covenants, obligations or agreements will cause immeasurable
      and irreparable injury to the Company for which adequate remedies are not
      available at law. Therefore, Executive agrees that the Company shall be entitled
      to an injunction, restraining order or such other equitable relief (without
      the
      requirement to post bond unless required by applicable law) as a court of
      competent jurisdiction may deem necessary or appropriate to restrain Executive
      from committing any violation of such covenants, obligations or agreements.
      These injunctive remedies are cumulative and in addition to any other rights
      and
      remedies the Company may have.

     

    (b)  Blue
      Pencil.
      Executive agrees that in the event that any court of competent jurisdiction
      shall finally hold that any provision of Section 6 hereof is void or constitutes
      an unreasonable restriction against Executive, the provisions of such Section
      6
      shall not be rendered void but shall apply to such extent as such court may
      determine constitutes a reasonable restriction under the
      circumstances.

     

    (c)  Certain
      Acknowledgements.
      Executive acknowledges and agrees that Executive will have a prominent role
      in
      the management of the business, and the development of the goodwill, of the
      Company and its affiliates and will establish and develop relations and contacts
      with the principal customers and suppliers of the Company and its affiliates
      in
      the United States of America and the rest of the world, all of which constitute
      valuable goodwill of, and could be used by Executive to compete unfairly with,
      the Company and its affiliates and that (i)
      in the
      course of Executive’s employment with the Company, Executive will obtain
      confidential and proprietary information and trade secrets concerning the
      business and operations of the Company and its affiliates in the United States
      and the rest of the world that could be used to compete unfairly with the
      Company and its affiliates; (ii)
      the
      covenants and restrictions contained in Section 6 are intended to protect the
      legitimate interests of the Company and its affiliates in their respective
      goodwill, trade secrets and other confidential and proprietary information;
      (iii)
      Executive desires and agrees to be bound by such covenants and restrictions;
      and
      (iv)
      the
      compensation to be provided to Executive are adequate consideration for the
      restrictive covenants provided in Section 6.

     

    
      
        
        

      

      
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    23.  Miscellaneous

     

    (a)  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 Executive and Executive’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, except as provided pursuant to this Section 8(a). The Company
      may effect such an assignment without prior written approval of Executive 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.

     

    (b)  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 Executive
      by
      any other person) are merged herein and superseded hereby.

     

    (c)  GOVERNING
      LAW, JURISDICTION.
      

     

    (i)  THIS
      AGREEMENT SHALL BE GOVERNED BY, CONSTRUED IN ACCORDANCE WITH, AND ENFORCED
      UNDER, THE LAW OF THE STATE OF NEW JERSEY APPLICABLE TO AGREEMENTS OR
      INSTRUMENTS ENTERED INTO AND PERFORMED ENTIRELY WITHIN SUCH STATE. 

     

    (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 OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF
      NEW
      JERSEY IN NEWARK, 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. EACH PARTY HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF
      PROCESS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR
      PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
      POSTAGE PREPAID, TO ITS ADDRESS SET FORTH IN SECTION 8(h) HEREOF, SUCH SERVICE
      TO BECOME EFFECTIVE 10 DAYS AFTER SUCH MAILING.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (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.

     

    (d)  Taxes.
      Notwithstanding any provision to the contrary, the Company shall have the power
      to withhold from (and thereby reduce) any payments due to the Executive under
      this Agreement, or (to the extent that taxes are under-withheld on amounts
      previously paid by the Company to the Executive or taxes are due on income
      taxable to the Executive without the receipt of sufficient cash) require
      Executive 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 Executive, 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 the
      Executive’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
      Executive or any third party, for the account or benefit of the Executive,
      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
      Executive.

     

    (e)  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 Executive 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.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (f)  Insurance.
      

     

    (i)  The
      Company may at its discretion and at any time apply for and procure as owner
      and
      for its own benefit and at its own expense, insurance on the life of Executive
      in such amounts and in such form or forms as the Company may choose. Executive
      shall cooperate with the reasonable requests of the Company in procuring such
      insurance and shall, at the reasonable request of the Company, submit to such
      medical examinations, supply such information and execute such documents as
      may
      be required by the insurance company or companies to whom the Company has
      applied for such insurance. Executive shall have no interest whatsoever in
      any
      such policy or policies.

     

    (ii)  Beginning
      on the Commencement Date and thereafter through the remainder of the Employment
      Period, the Company shall provide Directors and Officers liability insurance
      coverage for the Executive similar to that provided to officers and directors
      of
      other portfolio companies of North Castle Partners III, L.P.

     

    (g)  Severability.
      In the
      event that any one or more of the provisions of this Agreement shall be or
      become invalid, illegal or unenforceable in any respect, the validity, legality
      and enforceability of the remaining provisions contained herein shall not be
      affected thereby.

     

    (h)  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
      Executive, to Executive at Executive’s residential address as then on file with
      the Company, with a copy to :

     

    Tel:
      

    Fax:
      

    Attn:
      

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    Copies
      of
      any notices or other communications given under this Agreement shall also be
      given to:

     

    Tel:
      

    Fax:
      

    Attn:
      

     

    and
      to:

     

    Fax:
      

    Attn:
      

    

    (i)  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.

     

    (j)  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.

    

    [REMAINDER
      OF THE PAGE INTENTIONALLY LEFT BLANK]

    

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

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

     

    
      	 	 	 
	 	
              ADVAXIS,
                INC.

            
	 
 	 
 	 
 
	
            	By:  	/s/
              Richard Berman
	 	
              
Name:
              Richard Berman
	 	
              Title:
                Chairman of Compensation Committee

            

    

    
       

      
        	 	       
                	 
	 	
                EXECUTIVE

              
	 	
                 

                /s/
                  Thomas Moore 

              
	 	
                
Thomas
                Moore
	
              	
                Chief
                  Executive Officer and Chairman of the
                  Board

              

      

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

    

     

    [SIGNATURE
      PAGE TO EMPLOYMENT AGREEMENT]

     

    
      
        
        

      

      
        16

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