Document:

Subscription Agreement

 Exhibit 10.32 
 SUBSCRIPTION AGREEMENT 
 SUBSCRIPTION AGREEMENT (this “Subscription
Agreement”) dated as of November 30, 2010 between OmniComm Systems, Inc., a Delaware corporation, with its principal offices at 2101 W. Commercial Blvd., Suite 3500, Fort Lauderdale, FL, 33331 (“Company”) and Cornelis F. Wit (the
“Subscriber”). 
 WHEREAS, the Subscriber, the Company’s chief executive officer and a member of the
Company’s board of directors, currently owns an aggregate of 4.3% of our issued and outstanding shares of common stock; $3,097,500 principal amount of the Company’s promissory notes (“Notes”); $7,560,000 principal amount of the
Company’s convertible promissory notes (“Convertible Notes”) and $1,100,000 principal amount of the Company’s secured convertible notes (“Secured Convertible Notes”); 

WHEREAS, the Company desires to offer and sell to the Subscriber and the Subscriber desires to acquire from the Company 250,000 shares of
Series D Preferred Stock, which shares provides super-voting rights in the amount of 100,000,000 votes and containing the rights, preferences and limitations set forth in the certificate of designation attached hereto as Exhibit A
(“Shares”), in exchange for a $1,000,000 Note originally issued by the Company to Mr. Wit September 30, 2010 which would have matured December 31, 2011 (“Purchase Price”). 

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby
agree as follows: 
 Section 1. Subscription for the Shares. On the terms and subject to the conditions
hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Company, the Shares in exchange for the Purchase Price. Notwithstanding the minimum amount required, the Company reserves the right to accept subscriptions
for lesser amounts. The Purchase Price is payable contemporaneously with the execution and delivery of this Subscription Agreement to the Company. Following the execution of this Subscription Agreement a stock certificate representing the Shares
will be delivered by the Company to Subscriber no later than (10) days following the date hereof. 
 Section 2.
Representations, Warranties and Covenants of Subscriber. Subscriber hereby represents, warrants and covenants to the Company that: 
 2.1 Subscriber recognizes that the purchase of the Shares involves a high degree of risk in that (i) an investment in the Company is highly speculative and only investors who can afford the loss of
their entire investment should consider investing in the Company and the Shares; (iii) an investor may not be able to liquidate his investment; (iv) transferability of the Shares is restricted pursuant to the terms of the Shares; and
(v) a Subscriber could sustain the loss of his entire investment. 
 2.2 Subscriber is an “accredited investor” as
such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), and that he is able to bear the economic risk of an investment in the Shares. 

 2.3 Subscriber has prior investment experience, including investment in non-listed and
non-registered securities, or has employed the services of an investment advisor, attorney or accountant to read all of the documents furnished or made available by the Company to Subscriber and to evaluate the merits and risks of such an investment
on his behalf, and that Subscriber recognizes the highly speculative nature of this investment. 
 2.4 The Company is a
corporation subject to the reporting requirements of Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Company has made available to Subscriber copies of all filings made by the Company with the
Securities and Exchange Commission (“SEC”) since its inception (collectively, the "SEC Reports"). Subscriber has received and has fully read and considered the SEC Reports in making the decision to purchase the Shares. In evaluating the
suitability of an investment in the Company, Subscriber has not relied upon any representations or other information (whether oral or written) received from the Company, its officers, directors, agents, employees or representatives, except
information set forth in the SEC Reports, herein or obtained from the Company to verify such information. Subscriber has been given the opportunity to ask questions and receive answers concerning the terms and conditions of this offering of Shares
and to obtain such additional information as Subscriber deemed necessary for an investment in the Shares. 
 2.5 Subscriber
acknowledges that the offering of the Shares may involve tax consequences and that he must retain his own professional advisors to evaluate the tax and other consequences of an investment in the Shares. 

2.6 Subscriber acknowledges that the Offering has not been reviewed by the SEC and that the Shares are being offered without registration
under the Securities Act in reliance upon the exemption from registration afforded by Section 4(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder and without registration under any state securities laws. Subscriber is
purchasing the Shares for its own account for the purpose of investment and not with a view to or for sale in connection with, or for purposes of, any “distribution” thereof within the meaning of Section 2(11) of the Securities Act,
and no other person has or will have a direct or indirect beneficial interests in the Shares. Subscriber agrees that it will not sell or otherwise transfer the Shares without providing the Company a right of first refusal and will not sell or
otherwise transfer the Shares unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration is available. 

2.7 Subscriber understands that the Company has no obligation to register the Shares and the Company is under no obligation to register
any of the Shares. Subscriber further understands that the Company has no obligation to assist Subscriber in complying with any exemption from the registration of the Shares. Subscriber understands that there is no public market for the Shares and
there is no intent that a public market will ever exist for the Shares. Subscriber agrees to hold the Company and its directors, officers and controlling persons and their respective heirs, representatives, successors and assigns harmless and to
indemnify them against all liabilities, costs and expenses incurred by them as a result of any misrepresentation made by Subscriber contained herein or any sale or distribution of the Shares by Subscriber in violation of any securities laws.

 2.8 Subscriber consents to the placement of one or more legends on any certificate or other document evidencing the Shares
stating that they have not been registered under the Securities Act or any applicable state securities laws and setting forth or referring to the restrictions on transferability and sale thereof. 

2.9 Subscriber’s address set forth on the signature page hereto is the principal residence of Subscriber. 

2.10 Subscriber is not subscribing for the Shares as a result of, or subsequent to, any advertisement, article, notice or other
communication published in any newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or general meeting. 
 2.11 Subscriber understands that the Company is relying upon the truth and accuracy of the representations, warranties and agreements of Subscriber set forth herein in making its determination that the
offering and sale of the Shares is exempt from registration under the Securities Act and state securities laws. 
 2.12 The funds
provided for this investment, underlying the Note, are either separate property of Subscriber, community property over which Subscriber has the right of control or are otherwise funds as to which Subscriber has the sole right of management.

 2.13 Subscriber has all requisite legal and other power and authority to execute and deliver this Subscription Agreement and
to carry out and perform Subscriber’s obligations under the terms of this Subscription Agreement. This Subscription Agreement constitutes a valid and legally binding obligation of Subscriber, enforceable in accordance with its terms, subject to
laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief or other general principals of equity, whether such enforcement is considered in a proceeding
in equity or law. 

 2.14 This Subscription Agreement does not contain any untrue statement of a material fact or
omit any material fact concerning Subscriber. 
 2.15 There are no actions, suits, proceedings or investigations pending against
Subscriber or Subscriber’s assets before any court or governmental agency (nor, to Subscriber’s knowledge, is there any threat thereof) which would impair in any way Subscriber’s ability to enter into and fully perform
Subscriber’s commitments and obligations under this Subscription Agreement or the transactions contemplated hereby. 
 2.16
The execution, delivery and performance of and compliance with this Subscription Agreement and the issuance of the Shares will not result in any violation of, or conflict with, or constitute a default under, any agreement to which Subscriber is a
party or by which it is bound, nor result in the creation of any mortgage, pledge, lien, encumbrance or charge against any of the assets or properties of Subscriber or the Shares. 

2.17 Subscriber represents that the Shares were not offered through a registered broker/dealer and no commission was paid to any
broker-dealer or other persons by the Subscriber. 
 2.18 With respect to the United States Patriot Act: 

(i) Subscriber represents, warrants and covenants that Subscriber: 

(A)(I) is subscribing for the Shares for Subscriber’s own account, own risk and own beneficial interest, (II) is not
acting as an agent, representative, intermediary, nominee or in a similar capacity for any other person or entity, nominee account or beneficial owner, whether a natural person or entity (each such natural person or entity, an “Underlying
Beneficial Owner”) and no Underlying Beneficial Owner will have a beneficial or economic interest in the Shares (whether directly or indirectly, including without limitation, through any option, swap, forward or any other hedging or derivative
transaction), (III) if it is an entity, including, without limitation, a fund-of-funds, trust, pension plan or any other entity that is not a natural person (each, an “Entity”), has carried out thorough due diligence as to and established
the identities of such Entity’s investors, directors, officers, trustees, beneficiaries and grantors (to the extent applicable, each a “Related Person” of such Entity), holds the evidence of such identities, will maintain all such
evidence for at least five years from the date of Subscriber’s resale or other disposition of the Shares, will request such additional information as the Company may require to verify such identities as may be required by applicable law, and
will make such information available to the Company upon its request, and (IV) does not have the intention or obligation to sell, pledge, distribute, assign or transfer all or a portion of the Shares to any Underlying Beneficial Owner or any other
person; or 
 (B)(I) is subscribing for the Shares as a record owner and will not have a beneficial ownership
interest in the Shares, (II) is not acting as an agent, representative, intermediary, nominee or in a similar capacity for one or more Underlying Beneficial Owners (as defined in (i)(A)(I) above), and understands and acknowledges that the
representations, warranties and agreements made in this 

 
Agreement are made by Subscriber with respect to both Subscriber and the Underlying Beneficial Owner(s), (III) has all requisite power and authority from the Underlying Beneficial Owner(s) to
execute and perform the obligations under the Subscription Agreement, (IV) has carried out thorough due diligence as to and established the identities of all Underlying Beneficial Owners (and, if an Underlying Beneficial Owner is not a natural
person, the identities of such Underlying Beneficial Owner’s Related Persons (to the extent applicable)), holds the evidence of such identities, will maintain all such evidence for at least five years from the date of Subscriber’s resale
or other disposition of all the Shares, and will make such information available to the Company upon its request and (V) does not have the intention or obligation to sell, pledge, distribute, assign or transfer all or a portion of the Shares to
any person other than the Underlying Beneficial Owner(s). 
 (ii) Subscriber hereby represents and warrants that the proposed
investment in the Company that is being made on its own behalf or, if applicable, on behalf of any Underlying Beneficial Owners does not directly or indirectly contravene United States federal, state, local or international laws or regulations
applicable to Subscriber, including anti-money laundering laws (a “Prohibited Investment”). 
 (iii) Federal
regulations and Executive Orders administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) prohibit, among other things, the engagement in transactions with, and the provision of services to, certain
foreign countries, territories, entities and individuals. The lists of OFAC prohibited countries, territories, persons and entities can be found on the OFAC website at www.treas.gov/ofac. Subscriber hereby represents and warrants that neither
Subscriber nor, if applicable, any Underlying Beneficial Owner or Related Person, is a country, territory, person or entity named on an OFAC list, nor is Subscriber nor, if applicable, any Underlying Beneficial Owner or Related Person, a natural
person or entity with whom dealings are prohibited under any OFAC regulations. 
 (iv) Subscriber represents and warrants that
neither Subscriber nor, if applicable, any Underlying Beneficial Owner or Related Person, is a senior foreign political figure, or any immediate family member or close associate of a senior foreign political figure within the meaning of, and
applicable guidance issued by the Department of the Treasury concerning, the U.S. Bank Secrecy Act (31 U.S.C. §5311 et seq.), as amended, and any regulations promulgated thereunder. 

(iv) Subscriber agrees promptly to notify the Company should Subscriber become aware of any change in the information set forth in
paragraphs (A) through (D). 
 (v) Subscriber agrees to indemnify and hold harmless the Company, its affiliates, their
respective directors, officers, shareholders, employees, agents and representatives (each, an “Indemnitee”) from and against any and all losses, liabilities, damages, penalties, costs, fees and expenses (including legal fees and
disbursements) (collectively, “Damages”) which may result, directly or indirectly, from Subscriber’s misrepresentations or misstatements contained herein or breaches hereof relating to subparagraphs (i) through (iv) of this
Section. 
 (vi) Subscriber understands and agrees that, notwithstanding anything to the contrary contained in any document
(including any side letters or similar agreements), if, following Subscriber’s investment in the Company, it is discovered that the investment is or has become a Prohibited Investment, such investment may immediately be redeemed by the Company
or otherwise be subject to the remedies required by law, and Subscriber shall have no claim against any Indemnitee for any form of Damages as a result of such forced redemption or other action. 

(vii) Upon the written request from the Company, Subscriber agrees to provide all information to the Company to enable the Company to
comply with all applicable anti-money laundering statutes, rules, regulations and policies, including any policies applicable to a portfolio investment held or proposed to be held by the Company. Subscriber understands and agrees that the Company
may release confidential information about Subscriber and, if applicable, any Underlying Beneficial Owner(s) or Related Person(s) to any person, if the Company, in its sole discretion, determines that such disclosure is necessary to comply with
applicable statutes, rules, regulations and policies. 
 Section 3. Representations and Warranties of the
Company. The Company represents and warrants to the Subscriber that: 
 3.1 The Company is a corporation duly organized,
existing and in good standing under the laws of the State of Delaware and has the power to conduct the business which it conducts and proposes to conduct. 

 3.2 The execution, delivery and performance of this Subscription Agreement by the Company
have been duly approved by its Board of Directors and all other actions required to authorize and effect the offer and sale of the Shares have been duly taken and approved. Upon the acceptance by the Company of the subscription made hereby, this
Subscription Agreement will constitute a valid and binding obligation of the Company enforceable against it in accordance with its terms. 
 Section 4. Miscellaneous. 
 4.1 Any notice or other
communication required, permitted or provided for hereunder (each, a “Notice”) shall be effective as between the parties only if given in writing and sent by (a) personal delivery, (b) registered or certified mail (return receipt
requested); or (c) internationally recognized express delivery service, to the Company at 2101 W. Commercial Blvd., Suite 3500, Fort Lauderdale, FL, 33331, and to the Subscriber at his address indicated on the signature page of this
Subscription Agreement. Notice shall be deemed to have been duly given and received (i) if personally delivered, on the date of such delivery, (ii) if mailed, on the date set forth on the return receipt, or (iii) if delivered by
express delivery, on the date of such delivery (as evidenced by the receipt provided to the express delivery service). If Notice cannot be delivered because of a changed address of which no Notice was given, or the refusal to accept delivery, the
Notice shall be deemed received on the date it is sent (as evidenced by the affidavit of the sender). 
 4.2 This Subscription
Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and assigns. This Subscription Agreement sets forth the entire agreement and understanding between the
parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them. 
 4.3 Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the Company and Subscriber hereby: (a) agree that all questions concerning the
construction, validity, enforcement and interpretation of this Subscription Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of Florida, without regard to the principles of conflicts of law
thereof, and (b) all legal proceedings concerning the interpretation, enforcement and defense of this Subscription Agreement shall be commenced in the Courts of the State of Florida or the courts of the United States of America, in each case
located in Broward County, Florida, and appellate courts from any thereof (the “Courts”), (c) irrevocably submit to the exclusive jurisdiction of the Courts for the adjudication of any dispute hereunder (including with respect to the
enforcement of this Subscription Agreement); (d) irrevocably waive and agree not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any of such Courts, or that such suit, action or
proceeding is improper; (e) irrevocably waive personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to the other at the address in effect for notices to it under this Subscription Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof (nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted by law); and (f) irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Subscription Agreement or the transactions contemplated hereby. 
 4.4 This Subscription Agreement may be
executed in counterparts. Upon the execution and delivery of this Subscription Agreement by the Subscriber, this Subscription Agreement shall become a binding obligation of the Subscriber with respect to the purchase of Shares as herein provided;
subject, however, to the right hereby reserved to the Company to enter into the same agreements with other subscribers and to add and/or to delete other persons as subscribers. 
 4.5 If any provision of this Subscription Agreement is declared by a court of competent jurisdiction to be in any way invalid, illegal or unenforceable, the balance of this Subscription Agreement shall
remain in effect, and if any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances. 

 4.6 No term or provision contained herein may be modified, amended or waived except by
written agreement or consent signed by the party or parties to be bound thereby. It is agreed that a waiver by either party of a breach of any provision of this Subscription Agreement shall not operate, or be construed, as a waiver of any subsequent
breach by that same party. 
 4.7 The parties agree to execute and deliver all such further documents, agreements and instruments
and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Subscription Agreement. 
 4.8 All references in this Subscription Agreement to the “Subscriber” shall include all parties (other than the Company) who execute this Subscription Agreement. 

IN WITNESS WHEREOF, this Subscription Agreement has been executed by Subscriber and by the Company on the respective dates set forth
below. 
  

			
	  

	Cornelis F. Wit	 	

			
		
	Address	 	  

			
	
	
 

			
		
	Telephone #	 	  

			
	Fax #	 	  

			
	Email:	 	  

			
	Social Security #	 	  

			
	Date:	 	  

Amount of Series D Preferred Stock Subscribed For: 250,000 Shares 

 

					
	Subscription Accepted:
	
	OmniComm Systems, Inc.
		
	By:	 	  

		 	Name:	 	Ronald Linares
		 	Title:	 	Chief Financial Officer
		
	Date:	 	November 30, 2010General Release Agreement

 Exhibit 10.1 
 GENERAL RELEASE AGREEMENT 
 This Severance and
General Release Agreement (“Agreement”) is entered into and effective as of the 29th day of November 2010 (the “Separation Date”), by and between Peter Waller (“Employee”), an individual, and Corinthian Colleges, Inc., a Delaware corporation (the “Company”).

 In consideration of the mutual covenants and releases contained in this Agreement, Employee and the Company hereby agree as
follows: 
 1. Resignation. Employee hereby resigns from employment by, and from any and all of his positions with
(including without limitation, as a member of the Board of Directors of the Company and as President and Chief Executive Officer of the Company), the Company and each of its affiliates effective immediately. Accordingly, the Company and Employee
acknowledge that any contractual (except as expressly provided herein) or employment relationship between them terminates immediately, and that they have no further contractual relationship (except as may arise out of or be expressly provided for in
this Agreement) or employment relationship hereafter. 
 2. Employment Prior to Separation Date. Prior to the Separation
Date, Employee will continue to diligently provide services to the Company as an employee, subject to the Company’s personnel and other policies, including without limitation, the Employment Agreement between Employee and the Company dated as
of March 17, 2008 (the “Employment Agreement”), as well as comply with all applicable laws, including without limitation, state and federal securities laws. Capitalized terms used but not defined herein have the meaning set
forth for such terms in the Employment Agreement. 
 3. Payments by the Company. The Company and Employee acknowledge and
agree that Employee’s employment is terminating pursuant to Section 5(d) of the Employment Agreement and accordingly, the sole payment due Employee under the Employment Agreement is the Lump Sum Payment. The Company shall pay Employee
within 60 days from the Separation Date, assuming Employee does not revoke this Agreement, the Lump Sum Payment consistent with the terms of Section 5(d) of the Employment Agreement. In addition, provided Employee does not revoke this
Agreement, the Company agrees to the following: 
 (a) The Company will reimburse Employee for his premiums
charged to continue medical coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), at the same or reasonably equivalent medical coverage for Employee (and, if applicable, Employee’s eligible dependents) as
in effect immediately prior to the Separation Date, to the extent that Employee elects such continued coverage; provided that the Company’s obligation to make any reimbursement pursuant to this Section 3(a) shall commence with continuation
coverage for the month following the month in which the Separation Date occurs and shall cease with continuation coverage for the eighteenth (18th) month following the month in which the Separation Date occurs (or, if earlier, shall cease upon the first to
occur of Employee’s death, the date Employee becomes eligible for coverage under the health plan of a future employer, or the date the Company ceases to offer group medical coverage to its active executive employees). To the extent Employee
elects COBRA coverage, he shall notify the Company in writing of such election prior to such coverage taking effect, complete any other continuation coverage enrollment procedures the Company may then have in place, and promptly notify the Company
of his premiums to continue such coverage to facilitate prompt reimbursement by the Company of any amounts due to Employee pursuant to this Section 3(a). To the extent that any reimbursement payment pursuant to this Section 3(a) is taxable
to Employee, any such payment due to Employee shall be paid to Employee on or before the last day of Employee’s taxable year following the taxable year in which the related expense was incurred. All payments and reimbursements contemplated by
this Agreement will be subject to any applicable tax withholding. 

 (b) The Company shall pay for reasonable outplacement services incurred by Employee over
the one year period following the Separation Date, up to a maximum cost to the Company of TWENTY FIVE THOUSAND DOLLARS ($25,000). 
 (c) To the extent the Company pays its executive officers bonuses with respect to its fiscal year ending June 30, 2011, the Company will in good faith consider Employee for a pro-rata bonus (based on
the bonus Employee would have received from the Company had Employee remained employed by the Company for the entire fiscal year, multiplied by a fraction, the numerator of which is the number of days Employee was employed by the Company in the
fiscal year and the denominator of which is 365). Any such pro-rata bonus shall be determined by the Compensation Committee of the Company’s Board of Directors and shall be paid to Employee at the same time the Company pays its bonuses to its
executive officers generally with respect to such fiscal year (but in no event later than December 31, 2011). 
 4.
Cooperation Following Separation. The Company and Employee agree to reasonably cooperate with each other following the Separation Date. Specifically, and without limiting the foregoing sentence, following the Separation Date, Employee will be
available as reasonably requested by the Company in order to assist in the orderly transition of business matters under Employee’s management and other matters in which Employee was involved during his or her employment with the Company. As
necessary, Employee also agrees to cooperate with the Company in connection with any litigation or arbitration matters or any regulatory inquiries in which the Company is or becomes involved and which concern matters in which Employee was involved
during his or her employment with the Company, for which Employee’s assistance is reasonably requested by the Company. In connection with any such assistance provided by Employee at the request of the Company pursuant to this Section 4
(other than providing testimony at a trial, deposition, or other proceeding), the Company will (a) pay any related, reasonable out-of-pocket expenses incurred by Employee, and (b) to the extent Employee provides such services on more than
ten (10) days after the Separation Date, compensate Employee at an hourly rate of THREE HUNDRED AND FIFTY DOLLARS ($350) per hour for each hour spent by Employee in performing such services after such first ten (10) days of services.
Promptly (and in all cases within ten (10) days) following each month in which Employee performs any such services, Employee shall provide the Company with a statement showing the services so performed by Employee during such month and a
reasonable breakdown of the time spent by Employee in performing such services. To the extent any payment is due to Employee pursuant to this Section 4, the Company shall make such payment to Employee not later than the end of the month
following the month in which the related services were performed by Employee. 
 5. Trade Secrets/Confidential Information,
Agreement not to Disclose, Property of Company, Unfair Competition, Solicitation of Employees. 
 (a) Employee acknowledges
and agrees that Employee continues to be bound by the terms of Sections 8, 9, 10, 11 and 12 (Trade Secrets/Confidential Information, Agreement Not to Disclose, Property of Company, Unfair Competition and Solicitation of Employees) of the Employment
Agreement, which survive the termination of Employee’s employment. 
 (b) Employee represents and agrees that the terms,
conditions, payments, benefits and the existence of this Agreement and settlement are strictly confidential and that Employee will not disclose any information concerning this Agreement and settlement to anyone except as required by applicable law,
or to legal counsel, immediate family, or financial advisors, all of whom will have first been informed of and agreed to be bound by this confidentiality provision. The parties acknowledge that this Agreement will be publicly filed by the Company
with the Securities and Exchange Commission within four business days of the Separation Date. 
 (c) Employee warrants and
represents that he has returned any and all property belonging to the Company and its affiliates to the Company. The Company and Employee agree that Employee may retain his cell phone and home office equipment (all of which has been separately
identified to the Company in writing in connection with this Agreement); provided, however, that Employee will be responsible for the costs of service as to any such equipment from and after the

 
Separation Date and Employee shall promptly return his home computer, Blackberry and similar equipment to the Company so that it can be mirrored and wiped clean by the Company’s IT
department of all Company information and material. 
 (d) Employee understands and agrees that any breach of this
Section 5 is a material breach of the Agreement. 
 6. Release by Employee. 

(a) Except for those obligations created by or arising out of this Agreement, Employee, on behalf of Employee, and his descendants,
dependants, heirs, executors, administrators, assigns, and successors, and each of them, hereby fully releases and discharges and promises not to sue the Company and its parents, subsidiaries and affiliates, past and present, and each of them, as
well as its and their trustees, directors, officers, agents, attorneys, insurers, employees, stockholders, partners, representatives, assigns and successors, past and present, and each of them (collectively referred to as “Releasees”),
from and with respect to any and all claims, wages, rights, liens, demands, agreements, contracts, covenants, actions, suits, causes of action, obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of
whatever kind or nature, in law, equity or otherwise, whether now known or unknown, suspected or unsuspected, and whether or not concealed or hidden (collectively, “Claims”), which Employee now owns or holds or Employee has at any time
prior to the date of execution of this Agreement owned or held or may in the future hold as against any Releasee, arising out of or in any way connected with Employee’s employment relationship with, or separation from, the Company or any other
transactions, occurrences, acts or omissions or any loss, damage or injury whatever, known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of said Releasees, or any of them, committed or omitted prior to
the date of this Agreement including, without limiting the generality of the foregoing, any Claim under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the Family and Medical Leave Act, the Equal Pay Act, the Age
Discrimination in Employment Act, the California Fair Employment and Housing Act, the California Family Rights Act, or any other federal, state or local law, regulation or ordinance, or any Claim for severance pay, bonus, sick leave, holiday pay,
vacation pay, life insurance, health or medical insurance or any other fringe benefit, or disability. Notwithstanding the foregoing, nothing in this Agreement releases any of the following: (i) the Company from its obligation to indemnify and
hold harmless Employee for any expense, liability and loss of Employee by reason of being or having been a director or officer of the Company, consistent with the Bylaws of the Company or from its indemnity obligations under Section 13 of the
Employment Agreement; (ii) any rights or claims Employee may have under the directors and officers liability insurance policies maintained by the Company from time to time, and the Company will not take any action to exclude Employee from any
new policy or renewal of an existing policy; (iii) Employee’s rights with respect to his equity awards previously granted by the Company to the extent they are vested on the Separation Date (and subject to any limited post-termination
exercise periods and the other terms and conditions of the specific awards); and (iv) Employee’s right to his vested benefit under the Company’s Deferred Compensation Plan, which benefit will be paid in accordance with such plan and
any election(s) made by Employee thereunder. The Company has separately provided Employee with a schedule showing his outstanding equity awards previously granted by the Company and the approximate amount of his current account balance under the
Company’s Deferred Compensation Plan. 
 (b) It is the intent of Employee in executing this instrument that it be effective
as a bar to each and every claim, demand and cause of action herein specified. In furtherance of this intent, Employee hereby expressly waives any and all rights and benefits conferred by the provisions of Section 1542 of the California Civil
Code and expressly consents that this Agreement shall be given full force and effect according to each and all of its express terms and provision, including thus related to unknown and unsuspected claims, demands and causes of action, if any, as
well as those relating to any other claims, demands and causes of action specified herein. Section 1542 provides: 

“A general release does not extend to a claim which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 

 Employee acknowledges that he may hereinafter discover claims or facts in addition to or
different from those which he now knows or believes to exist with respect to the subject matter of this Agreement and which, if known or suspected at the time of executing this Agreement, may have materially affected this release. Nevertheless, it
is the intention of Employee that this release applies to any Claim that exists or might arise, even if based on Claims or facts in addition to or different from those which Employee currently knows or believes to exist, and the release will be a
bar to such claims. Employee acknowledges the significance and consequence of such release and such specified waiver of Section 1542. 
 (c) Without limiting the generality of the foregoing, Employee expressly acknowledges and agrees that, by entering into this Agreement, Employee is waiving any and all rights or claims that Employee may
have arising under the Age Discrimination in Employment Act of 1967, as amended, which have arisen on or before the date of execution of this Agreement. Employee also expressly acknowledges and agrees that: 

(i) in return for this Agreement, Employee has received consideration, i.e., something of value, beyond that to which he or she was
already entitled before signing this Agreement; 
 (ii) Employee was advised orally and is hereby advised in writing to consult
with an attorney before signing this Agreement; 
 (iii) Employee was given a copy of this Agreement on November 29, 2010,
and informed that he had the right to take 21 days to review and execute this Agreement and if Employee signed the Agreement prior to the expiration of that time period, Employee acknowledges that he or she waived such right and voluntarily executed
this Agreement prior to the expiration of such time period; and 
 (iv) Employee was informed that he has seven (7) days
following the date of execution of the Agreement in which to revoke it. Any revocation of the Agreement must be in writing and hand delivered during the revocation period. This Agreement will become effective and enforceable seven (7) days
following the execution by Employee, unless it is revoked during the seven-day period. 
 7. No Transfer or Assignment.
Employee warrants and represents that he has not heretofore assigned or transferred to any person not a party to this Agreement any released matter or any part or portion thereof and Employee shall defend, indemnify and hold harmless Releasees from
and against any claim (including the payment of attorneys’ fees and costs, actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made, purported or claimed.

 8. No Reemployment. Employee waives any right to claim to reinstatement as an employee of Company and will not seek
employment in the future with Company or any Releasee. 
 9. Choice of Law. This Agreement shall be deemed to have been
executed and delivered within the State of California, and the rights and obligations of the parties hereunder shall be construed and enforced in accordance with, and governed by, the laws of the State of California without regard to the principles
of conflicts of law. 
 10. Drafting Cooperation. Each party has cooperated in the drafting and preparation of this
Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against any party on the basis that the party was the drafter. 
 11. Counterparts. This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original. Copies of such signed counterparts may be used
in lieu of the original for any purpose. 
 12. Advice of Counsel. In entering into this Agreement, the parties represent
that they have relied upon the advice of their own attorneys, who are attorneys of their own choice, and 

 
that the terms of this Agreement have been completely read and explained to them by their attorneys, and that those terms are fully understood and voluntarily accepted by them. 

13. Arbitration. In the event that either party is compelled to bring a Claim related to this Agreement, to enforce the provisions
of the Agreement, to recover damages as a result of a breach of the Agreement, or from any other cause, such Claim must be processed in the manner set forth below. 
 (a) THE SOLE AND EXCLUSIVE METHOD TO RESOLVE ANY CLAIM IS ARBITRATION. EACH PARTY WAIVES THE RIGHT TO A JURY TRIAL OR COURT TRIAL. Neither party shall initiate or prosecute any lawsuit in any way
related to any Claim covered by this Agreement. 
 (b) The arbitration shall be binding, and conducted before a single
arbitrator in accordance with the terms of Section 23 of the Employment Agreement. 
 14. Entire Agreement. This
instrument constitutes and contains the entire agreement and understanding concerning Employee’s employment with the Company, and termination from the same, and the other subject matters addressed herein, and supersedes and replaces all prior
negotiations and agreements, proposed or otherwise, whether written or oral, concerning the subject matters hereof, except Sections 8, 9, 10, 11, 12 and 13 of the Employment Agreement, plus Section 23 of the Employment Agreement which is
incorporated herein through Section 13 of this Agreement, except to the extent inconsistent with a specific term of this Agreement, in which case this Agreement shall control. This is a fully integrated document. 

15. Severability. If any provision of this Agreement or the application of any provision is held invalid, the invalidity shall not
affect other provisions or applications of the Agreement which can be given effect without the invalid provisions or applications and to this end the provisions of this Agreement are declared to be severable. 

16. Waiver. No waiver of any breach of any term or provision of this Agreement shall be construed to be, or shall be, a waiver of
any other breach of this Agreement. No waiver shall be binding unless in writing and signed by the party waiving the breach. 

17. Headings. The headings of the various sections in this Agreement are intended solely for convenience of reference and shall
not be deemed or construed to explain, modify or place any construction upon the sections. 
 The parties acknowledge that they
have read the foregoing Agreement and accept and agree to the provisions it contains and hereby execute it voluntarily with full understanding of its consequences. 
 I declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct. 

EXECUTED this 29th day of November 2010, at Orange County, California. 

 

	
	PETER WALLER
	
	/s/ Peter Waller
	

 EXECUTED this
29th day of November 2010, at Orange County, California.

  

			
	CORINTHIAN COLLEGES, INC.
		
	By:	 	/s/ Jack Massimino
		 	 Jack D. Massimino
 Chairman
of the Board

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