Document:

Exhibit
10.9

 

FINAL

 

Intellicheck,
Inc.

Severance
Agreement

 

Intellicheck,
Inc., a Delaware corporation (“Company”) and Billy J. White (“Employee”) enter into this
Severance Agreement (“Agreement”) dated as of December 3, 2020.

 

RECITALS

 

	A.	Employee
    is a key and valued employee of Company.
	 	 
	B.	Company
    recognizes that the possibility of the involuntary termination of Employee’s employment by Company (or a successor)
    or a material change by Company (or a successor) to the terms of Employee’s employment can result in significant distractions
    to Employee.
	 	 
	C.	Company
    desires to provide fixed severance benefits for Employee.

 

TERMS
AND CONDITIONS

 

Based
upon the consideration of the mutual covenants in this Agreement, and other good and valuable consideration, the sufficiency and
receipt of which are acknowledged, the parties agree as follows:

 

	1.	Term
    of Agreement. This Agreement will be effective from the date of its execution until the third anniversary of its execution,
    at which time it will terminate and have no continuing effect unless Employee and an authorized representative of Company
    agree in writing to an extension of its term.
	 	 
	2.	At-Will
    Employment. Employee understands and agrees that Employee’s employment with Company will continue to be at will
    and for no specific term, and either Employee or Company may terminate the employment relationship at any time, with or without
    reason, with or without cause, notice, pre-termination warning or discipline, or other pre- or post-termination procedures
    of any kind, subject only to the provisions of Section 3 regarding payments upon termination. Any representations to the contrary,
    whether written, verbal, or implied by any Company communication, conduct, or practice, are unauthorized and void unless contained
    in a formal written employment contract signed by Company’s Chairman of the Board or the Chief Executive Officer, at
    the direction of the Board of Directors of Company (“Board”) and Employee. Except as otherwise noted in
    this Agreement, Employee will not be entitled to any further compensation or benefits, other than compensation earned through
    the termination date of Employee’s employment, accrued, unused vacation, and vested benefits, if any exist, regardless
    of the reason for termination.
	 	 
	3.	Termination.
    In addition to the provisions in Sections 3.1 through 3.5, if and as applicable, upon termination of Employee’s
    employment by Company or Employee for any reason, Company will pay Employee (a) salary earned on or before the Separation
    Date, (b) any earned but unpaid quarterly incentive award for any prior completed quarter, (c) unpaid expenses for any legitimate
    business expenses incurred by Employee before the Separation Date, (d) accrued, unused vacation, and (e) vested benefits,
    if any exist, which vested benefits will be handled in accordance with their controlling plans and documents (collectively,
    “Final Pay”). Employee’s last day of employment, regardless of the reason for termination (or no
    reason) is the “Separation Date.”
	 	 	 
	 	3.1	Termination
    by Company For Cause or Resignation by Employee. Company will have the right to terminate immediately Employee’s
    services and this Agreement for Cause (as defined below) upon notice of termination. Upon termination of Employee’s
    employment hereunder for Cause, or if Employee terminates Employee’s employment for any reason, all compensation described
    herein will cease as of the Separation Date, and Employee will have no rights to any other compensation or payments, other
    than the Final Pay. Any assignment of this Agreement by Company will not constitute a termination for Cause for purposes of
    this Section 3.1.

 

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	 	3.2	Termination
    by Company Without Cause. Company will have the right to terminate immediately Employee’s services and this Agreement
    without Cause and without Employee’s consent upon notice of termination, subject to the provisions of this Section 3.2.
    If Company terminates Employee’s employment without Employee’s consent and without Cause, Company will provide
    Employee the Severance, subject to the conditions below. “Severance” means the following:
	 	 	 	 
	 	 	a.	a
    gross amount equal to two years of Employee’s base monthly salary (at the annual rate then in effect), subject to applicable
    deductions and withholdings, payable as salary continuation for a period equivalent to 24 months (“Severance Payments”)
    in accordance with Company’s regular payroll schedule. The Severance Payments will commence within 60 days after the
    Separation Date provided that Employee has satisfied the conditions below and further provided that if the 60-day period begins
    in one taxable year and ends in a subsequent taxable year, Severance Payments will commence in the subsequent taxable year;
	 	 	b.	notwithstanding
    any provision of an award agreement or governing plan to contrary, Company will accelerate the vesting of all outstanding
    but unvested stock options or other equity incentives, which will remain exercisable for a period of no less than three months
    after the Separation Date (unless subject to a Company black out period, which will extend the exercise period), subject to
    the maximum original term of such options, and the lapse of all restrictions on stock-based awards (such as restricted stock
    awards.);
	 	 	c.	for
    a period of up to 24 months following the Separation Date or, if shorter, until such time as Employee becomes eligible for
    health benefits provided by a subsequent employer or otherwise ceases to be eligible for COBRA coverage, Company will (i)
    either directly pay Employee’s monthly premiums for continuation of health coverage pursuant to COBRA (including medical,
    dental and vision benefits, if Employee is covered under such benefits as of the Separation Date) or provide to Employee a
    monthly payment in an amount equivalent to Employee’s monthly premiums for such COBRA coverage; provided Employee is
    eligible and timely elects COBRA coverage and (ii) provide premium payments or an amount equivalent to the then-existing premiums
    on Employee’s term life insurance. All amounts paid pursuant to this subsection (c) will be paid on an after-tax basis.
    If Employee becomes eligible under another employer’s group health plan during the 12-month period following the Separation
    Date, Employee must immediately notify Company of such event and Company will cease payment of the COBRA premiums; and
	 	 	d.	a
    lump sum payment equal to the sum of (1) any quarterly bonus target applicable to Employee during the quarter in which his
    employment is terminated, if any, and (2) if Employee is terminated following the end of a completed quarter but before the
    determination of any bonus for the completed quarter, the target bonus amount for the completed quarter.
	 	 	 	 
	 	 	Severance
    is expressly conditioned upon (a) Employee’s timely execution and delivery to Company of a separation agreement in a
    form acceptable to Company, which will include a full waiver and release of all claims by Employee against Company, its affiliates,
    and their officers, directors, employees, and agents; (b) Employee not rescinding or revoking the separation agreement; and
    (c) Employee being and remaining in full compliance with this Agreement and all other obligations to Company (including those
    under the Employee Invention Assignment and Confidentiality Agreement dated April 12, 2012 (“Confidentiality Agreement”)).
    Except as provided in this Section 3.2, upon termination by Company without Employee’s consent and without Cause, Employee
    will not be entitled to any further compensation, payments, or severance other than the Final Pay.
	 	 	 	 
	 	3.3	Death
    or Disability. Employee and Company acknowledge that Employee’s ability to perform the duties specified in Section
    1 or as otherwise communicated by Company are of the essence of this Agreement. This Agreement and Employee’s employment
    hereunder will terminate automatically upon the death or Total Disability (as defined below) of Employee. If Employee’s
    employment is terminated as a result of Employee’s death or Total Disability, this Agreement will terminate without
    further obligations to Employee, other than the Final Pay.

 

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	 	3.4	Limitations.
    Employee agrees that this Section 3 details the sole consideration to which Employee may be entitled in the event of the
    termination of Employee’s employment. Employee expressly waives and relinquishes any claim to other or further consideration.
    If any consideration is owed to Employee in connection with Employee’s termination of employment under any arrangement
    or law (including the federal Workers Adjustment and Retraining Notification Act or other state or local laws), then amounts
    owed to Employee under this Section 3 will be less the amount of all such sums to the extent permitted by law.
	 	 	 
	 	3.5	Definitions.
    For purposes of this Agreement, the following definitions apply:
	 	 	 	 
	 	 	(a)	“Cause”
    means a good faith determination by Company that: (i) Employee has engaged in conduct that constitutes gross negligence, flagrant
    disloyalty to Company, material dishonesty, fraud, theft, embezzlement, or unprofessional conduct; (ii) Employee has failed
    to perform assigned job duties or willfully or repeatedly failed to carry out the directions of Employee’s supervisor
    or his designee; (iii) Employee engaged in insubordination or willful dereliction of his duties hereunder; (iv) Employee has
    falsified any Company record or violated any law or regulation related to performance of Employee’s duties; (v) Employee
    has engaged in conduct in violation of material policies of Company or its Affiliates, including policies pertaining to compliance
    with the laws prohibiting unlawful discrimination, harassment, or insider trading; (vi) Employee has been convicted of or
    entered a plea of nolo contendere to any crime involving fraud, embezzlement, or any other act of moral turpitude or
    any felony; (vii) Employee has breached the terms of any agreement signed in connection with Employee’s employment with
    Company or any of its Affiliates (including this Agreement and the Confidentiality Agreement); (viii) Employee’s employment
    with Company or performance of duties within that employment violates any obligation of employee to any third party not to
    engage in such employment or duties; or (ix) Employee has done any other thing that would constitute cause under the laws
    of the State of Washington.
	 	 	 	 
	 	 	(b)	“Total
    Disability” means Employee’s inability (with or without such accommodation as may be required by law protecting
    persons with disabilities and that places no undue burden on Company) as determined in good faith by the Board or its designee,
    to perform Employee’s duties hereunder for a period or periods aggregating 90 calendar days in any 12-month period as
    a result of physical or mental illness.
	 	 	 	 
	4.	Noncompetition,
    Nonsolicitation, and Nondisparagement.
	 	 	 	 
	 	4.1	Noncompetition.
    During Employee’s employment with Company and for a period of 12 months after the Separation Date, Employee will
    not, directly or indirectly, except for on behalf of Company or except with the prior written approval of Company, engage
    in, carry on, provide advisory services in connection with, or otherwise assist with or be interested economically in the
    Business of Company within the Restricted Territory (as defined below), including without limitation by seeking, soliciting,
    or accepting employment by or agreeing to provide advisory services to any person or entity, or being interested economically
    in any entity, that is at that time engaged in, or that has plans for future engagement in the Business of Company within
    the Restricted Territory.
	 	 	 
	 	4.2	Nonsolicitation.
    During Employee’s employment with Company and for a period of 12 months after the Separation Date, Employee will
    not, directly or indirectly, except for on behalf of Company or except with the prior written approval of Company: (a) accept
    or solicit (or assist in the solicitation of) any person or business who was a customer or active prospect of Company or any
    of its Affiliates during Employee’s employment with Company with respect to the Business of Company within the Restricted
    Territory; (b) contact any person or business who was a supplier, customer, or active prospect of Company or any of its Affiliates
    during Employee’s employment with Company for the purpose of soliciting an order or establishing a relationship for
    any business enterprise that engages or that has plans for future engagement in the Business of Company within the Restricted
    Territory; (c) encourage any customer, client, or business party of Company to cease doing business with Company or to terminate
    or limit an existing relationship or arrangement with Company; (d) solicit or otherwise encourage any employee, contractor,
    or consultant of Company or its Affiliates (“Covered Workers”) to terminate any employment or contractual
    relationship with Company or its Affiliates; or (e) otherwise interfere with the performance of current or former Covered
    Workers of their obligations or responsibilities to Company or its Affiliates.

 

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	 	4.3	Nondisparagement.
    After the Separation Date, to the maximum extent permitted by law, Employee will not, directly or indirectly, disparage
    Company, its Affiliates, or any of its or their officers, directors, or employees (“Covered Group”). This
    includes, but is not necessarily limited to, not saying or doing anything that portrays Covered Group in a negative light.
    Despite the foregoing, nothing in this Agreement is intended to prevent Employee from testifying truthfully in response to
    any lawfully issued subpoena, court order, or arbitral order, or providing truthful information in response to any governmental
    or administrative agency investigation, as long as Employee has received a subpoena, court order, or arbitral order (a “Disclosure
    Demand”) to do so with respect to Employee’s employment with Company. Also, Employee must provide the Disclosure
    Demand to Company within three business days of receiving it and cooperate with Company and its Affiliates to the extent any
    of them wish to object to or challenge the Disclosure Demand. Even if Employee has not received a Disclosure Demand, Employee
    may participate in or cooperate with the Equal Employment Opportunity Commission or similar agency.
	 	 	 
	 	4.4	For
    purposes of this Agreement, the following definitions apply:
	 	 	 	 
	 	 	(a)
    	“Business
    of Company” means the business that Company conducts or is planning to conduct, or any aspect thereof, during the
    term of this Agreement, including, without limitation, the design, development, sale, promotion, production, marketing, licensing
    or distribution of products, services or technologies relating to Identification verification software, applications, devices
    and services.
	 	 	 	 
	 	 	(b)	“Restricted
    Territory” means any geographical region in which Company engages in business or reasonably anticipates engaging
    in business, including but not limited to (i) North America, and (ii) every other place in which Company, during Employee’s
    employment with Company or in the 12 months before Employee commenced employment, has had customers or employees.
	 	 	 	 
	 	4.5	Nothing in this Section 4 will prohibit Employee from (a) working in the industry, engaging in academic research or teaching, or using Employee’s skills and experience, in each case in compliance with the restrictions contained in this Agreement, or (b) holding up to one percent of the issued and outstanding securities of any class of securities of any entity that is publicly traded and quoted on a recognized securities exchange, so long as Employee does not, directly or indirectly, exercise any management or control with respect to, or have any active participation in the business of, such entity.
	 	 	 	 
	5.	Disclosure.
    Employee agrees fully and completely to reveal the terms of Section 4 of this Agreement to any new or prospective employee,
    business partner, or investor of Employee and authorizes Company, at its election, to make such disclosure and provide a copy
    of this Agreement to any new or prospective employee, business partner, or investor.
	 	 
	6.	Remedies
    for Breach and Right to Injunction. Any breach of Section 4 of this Agreement may cause Company irreparable harm for which
    there is no adequate remedy at law and, as a result, Company will be entitled to the issuance by a court of competent jurisdiction
    of an injunction, restraining order, or other equitable relief in favor of itself, without the necessity of posting a bond,
    restraining Employee from committing or continuing to commit any such violation. Any right to obtain an injunction, restraining
    order, or other equitable relief under this Agreement will not be considered a waiver of any right to assert any other remedy
    Company may have at law or in equity. Nothing in this Agreement will limit the remedies available to Company. Rather, the
    terms of this Agreement supplement, and do not replace, any other obligations Employee has have under the Confidentiality
    Agreement and applicable law, including the UTSA and other laws regarding confidentiality, non-disclosure, assignment of inventions,
    or the protection of intellectual property or business interests. The UTSA is fully applicable and includes all definitions
    and remedies in the event of a violation of the Act. The restrictions in this Agreement are independent of any other provision
    of this Agreement and will be enforceable whether or not Employee may have or purport to have any claim against Company.

 

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	7.	Miscellaneous.
	 	 	 
	 	7.1	Fees.
    In any suit or action brought to enforce this Agreement, or to obtain an adjudication, declaratory or otherwise, of rights
    hereunder, the losing party will pay to the prevailing party reasonable attorneys’ fees and all other costs and expenses
    that may be incurred by the prevailing party in such suit or action.
	 	 	 
	 	7.2	Assignability.
    This Agreement will be binding upon Employee, Employee’s heirs, personal representatives, and permitted assigns and
    on Company, its successors, and assigns. During Employee’s employment hereunder, this Agreement may not be assigned
    by either party without the written consent of the other; provided, however, that Company may in its sole discretion assign
    its rights and obligations under this Agreement, without Employee’s consent, to an Affiliate or a successor by sale,
    merger, or liquidation.
	 	 	 
	 	7.3	Notices.
    Any notice required or permitted to be given hereunder will be sufficient if in writing, by registered or certified mail,
    addressed to Employee at: his address of record with the Company, or such other address as Employee may provide to
    Company in writing; or addressed to Company to the attention of Chief Executive Officer, 535 Broad Hollow Road, Suite B51,
    Melville, NY 11747 or such other address as may be provided in writing by Company. Notices to Employee may, at the discretion
    of Company, alternatively be hand delivered to Employee.
	 	 	 
	 	7.4	Severability.
    If any provision of this Agreement or compliance by any of the parties with any provision of this Agreement will constitute
    a violation of any law, or be deemed unenforceable or void, then such provision, to the extent only that it is in violation
    of law, or is deemed void or unenforceable, will be deemed modified to the extent necessary so that it is no longer unenforceable,
    void or in violation of law and will be enforced to the fullest extent permitted by law. If such modification is not possible,
    said provision, to the extent that it is in violation of law, void or unenforceable, will be deemed severable from the remaining
    provisions of this Agreement, which provisions will remain binding on the parties.
	 	 	 
	 	7.5	Entire
    Agreement. This Agreement contains the entire agreement of the parties, and supersedes any prior or contemporaneous statements
    or understandings by or between the parties. Notwithstanding the foregoing, nothing in this Agreement supersedes or restricts
    any of Employee’s existing obligations to Company or under other agreements between Employee and Company (including
    all Employee’s obligations to protect the confidentiality of information of Company and to assign intellectual property
    rights to it or otherwise protect its intellectual property and/or business interests), which remain in full force and effect.
    This Agreement may be changed only by an agreement in writing signed by the party against whom enforcement of any waiver,
    change, modification, extension, or discharge is sought.
	 	 	 
	 	7.6	Governing
    Law/Jurisdiction. This Agreement will be governed by and construed in accordance with the laws of the State of Washington,
    excluding choice of law provisions. Each party irrevocably consents to exclusive jurisdiction and venue in the state and federal
    courts located in King County, Washington with respect to any action, claim, or proceeding arising out of or in connection
    with this Agreement, with the exception of requests for temporary or preliminary injunctive relief, which may be sought in
    any appropriate court with jurisdiction, but only if such relief could not be issued and made immediately binding against
    the party sought to be enjoined by the state and federal courts located in King County, Washington.
	 	 	 
	 	7.7	Third-Party
    Beneficiaries. Affiliates of Company are and will be third-party beneficiaries of this Agreement.
	 	 	 
	 	7.8	Survival.
    Sections 4, 5, 6, and 7 will survive the termination of this Agreement or Employee’s employment relationship with
    Company.

 

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	 	7.9	Nonwaiver.
    Failure of Company to insist upon strict adherence to any provision of this Agreement or to enforce any provision, on
    one or more occasions, will not be deemed to be a waiver of its right to enforce any provision in the future.
	 	 	 
	 	7.10
    	Code
    Section 409A. Company and Employee agree that this Agreement will be interpreted to comply with or be exempt from Section
    409A of the Code and the regulations and guidance promulgated thereunder to the extent applicable (collectively “Section
    409A”) and all provisions of this Agreement will be construed in a manner consistent with the requirements for avoiding
    taxes or penalties under Section 409A. Notwithstanding any other provision of this Agreement, payments provided under this
    Agreement may only be made upon an event and in a manner that complies with Section 409A or an applicable exemption. Any payments
    under this Agreement that may be excluded from Section 409A either as separation pay due to an involuntary separation from
    service or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section
    409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments to be made
    under this Agreement upon a termination of employment shall only be made if such termination of employment constitutes a “separation
    from service” under Section 409A. Notwithstanding the foregoing, Company makes no representations that the payments
    and benefits provided under this Agreement comply with Section 409A and in no event shall Company be liable for all or any
    portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance
    with Section 409A.
	 	 	 
	 	 	(a)	Notwithstanding
    any other provision of this Agreement, if at the time of Employee’s termination of employment, he is a “specified
    employee,” determined in accordance with Section 409A, any payments and benefits provided under this Agreement that
    constitute “nonqualified deferred compensation” subject to Section 409A that are provided to Employee on account
    of his separation from service shall not be paid until the first payroll date to occur following the six-month anniversary
    of Employee’s Separation Date (“Specified Employee Payment Date”). The aggregate amount of any payments
    that would otherwise have been made during such six-month period shall be paid in a lump sum on the Specified Employee Payment
    Date without interest and thereafter, any remaining payments shall be paid without delay in accordance with their original
    schedule. If Employee dies during the six-month period, any delayed payments shall be paid to Employee’s estate in a
    lump sum upon Employee’s death.
	 	 	 	 
	 	 	(b)	To
    the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided
    in accordance with the following: (i) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during
    each calendar year cannot affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other
    calendar year; (ii) any reimbursement of an eligible expense shall be paid to Employee on or before the last day of the calendar
    year following the calendar year in which the expense was incurred; and (iii) any right to reimbursements or in-kind benefits
    under this Agreement shall not be subject to liquidation or exchange for another benefit.
	 	 	 	 
	 	7.11	Counterparts;
    Headings. This Agreement may be executed in one or more counterparts, each of which will be treated as an original, but
    all of which taken together will be treated as one and the same instrument. The headings in this Agreement are for reference
    purposes only and will not affect in any way the meaning or interpretation of this Agreement.

 

	EMPLOYEE	 	INTELLICHECK, INC.
	 	 	 	 	                          	 
	/s/
    Billy J. White	12/3/2020	 	By	/s/
    Guy Smith	12/3/2020
	Billy
    J. White	 	 	Guy
    Smith, Chairman of the Board of Directors

 

    	Page 6 of 6Exhibit 10.1

 

SEPARATION
AND RELEASE AGREEMENT

 

This
Separation and Release Agreement (“Agreement”) is entered into by and between Robert Discordia (“Employee”)
and Corbus Pharmaceuticals, Inc. (“Corbus”), on its own behalf and on behalf of its past and present parents, subsidiaries
and affiliates, and their respective past and present predecessors, successors, assigns, representatives, officers, directors,
insurers, agents, attorneys, and employees. The term “Corbus,” when used in this Agreement, includes Corbus Pharmaceuticals
Holdings, Inc., its past and present parents, subsidiaries and affiliates, and its respective past and present predecessors, successors,
assigns, representatives, officers, directors, insurers, agents, attorneys, and employees.

 

Whereas
Employee and Corbus are parties to an Amended and Restated Employment Agreement dated as of April 11, 2020 (the “Employment
Agreement”); and

 

Whereas,
Employee has resigned from Corbus for “Good Reason” pursuant to section 10.6, paragraph 2, subsection (iii) of the
Employment Agreement and Company has accepted Employee’s resignation for Good Reason causing employment with Corbus to end
as of November 2, 2020 (the “Separation Date’’); and

 

Whereas,
Employee and Corbus desire fully and finally to resolve any and all claims or disputes, whether known or unknown, that have been
made or could have been made by or on behalf of Employee against Corbus or by or on behalf of Corbus against Employee relating
to conduct or events occurring up to the date on which both parties execute this Agreement. Accordingly, the parties to this Agreement
hereby agree as follows:

 

1.
Separation Payment to Employee. In consideration for Employee timely signing and returning this Agreement, not revoking his acceptance,
as provided in Sections 16 and 1 7 of this Agreement and complying with all of its terms, Corbus agrees to provide Employee with
(a) the gross sum of Four Hundred Thousand Dollars ($400,000), less applicable payroll deductions and withholdings, payable in
twenty-six equal installments over a 52-week period, commencing on the next regular pay date after the Effective Date (as
defined in Section 17 below); (b) provided Employee timely elects COBRA, the Company
will pay the full cost of Employee’s COBRA premiums for twelve (12) months; and ( c) Company will grant Employee an extension
of the period of time that Employee may exercise any vested stock options as of the Separation Date, until December 31, 2021;
(d) _Company will pay to the outplacement firm(s) as employee relations and transition expenses (not compensation to Employee)
the fees expenses of such firm(s) for Employee’s outplacement. Employee agrees that except as provided herein, he is entitled
to no additional compensation or benefits of any kind.

 

    	 

     

    

 

2.
Unused, Earned Time-Off. Company will pay Employee for 37.73 hours of accrued and unused vacation (less regular payroll deductions)
as of the Separation Date regardless of whether Employee signs this Agreement.

 

3.
Withdrawal of Claims. Upon execution of this Agreement by Corbus, Employee agrees to withdraw and dismiss with prejudice any claims,
charges, or complaints that Employee has initiated or that others have initiated on Employee’s behalf against Corbus in
any forum. This release does not release Corbus from its obligations under this Agreement or from any claims Employee may have
for any future breach of this Agreement or from any and all obligations of indemnity or claims under officer and director insurance
coverage owed to Employee for the period of his service as an officer of the Company.

 

4.
Waiver and Release of Claims by Employee. Employee, on behalf of himself, his descendants, dependents, heirs, executors, administrators,
assigns, and successors, covenants not to sue, and fully, finally and forever releases and discharges Corbus, its past and present
parents, subsidiaries and affiliates, and their respective past and present predecessors, successors, assigns, representatives,
officers, directors, agents, attorneys and employees (the “Released Parties”), from any and all claims and rights
of any kind that he may have, whether now known or unknown, suspected or unsuspected, of any kind as of the date that Employee
signs and returns this Agreement. These claims and rights released include, but are not limited to, claims under M.G. L. c. 149,
§§ 148 and 150 (releasing all wage and hour claims under the Massachusetts Wage Act), Title VII of the Civil Rights
Act of 1964, 42 U.S.C. § 1981, the Equal Pay Act, the Americans With Disabilities Act, the Age Discrimination in Employment
Act, the National Labor Relations Act, The Fair Labor Standards Act, the Occupational Safety and Health Act, the Family and Medical
Leave Act, the WARN Act, the Fair Credit Reporting Act, the Sarbanes-Oxley Act of 2002, the federal False Claims Act, the Massachusetts
Maternity Leave Act, the Massachusetts Fair Employment Practices Act, Mass. G. L. Chapter 15 IB, et. seq., the Massachusetts Equal
Pay Act, G.L. Chapter 151B, sec. 105A, state fair employment statutes, and all other claims and rights under other federal, state,
and local statutory and common law, including but not limited to public policy, contract and tort and any and all claims for attorney’s
fees. Employee expressly acknowledges that this general release of claims includes any and all claims arising up to and including
the date that Employee signs and returns this Agreement which he has or may have against the Released Parties, whether such claims
are known or unknown, suspected or unsuspected, asserted or unasserted, disclosed or undisclosed. By signing this Agreement, Employee
expressly waives any right to assert that any such claim, demand, obligation or cause of action has, through ignorance or oversight,
been omitted from the scope of this release and Employee further waives any rights under statute or common law principles that
otherwise prohibit the release of unknown claims.

 

    	-2-

     

    

 

4.
Non-Interference and Covenant Not to Sue. Employee agrees not to initiate or file, or cause to be initiated or filed, any action,
lawsuit, complaint, arbitration proceeding, or other proceeding asserting any of the released claims against Corbus. Employee
further agrees not to be a member of any class or collective action in any court or in any arbitration proceeding seeking relief
against Corbus based on claims released by this Agreement, and that even if a court or arbitrator rules that Employee may not
waive a claim released by this Agreement, Employee will not accept any money damages or other relief. Employee agrees to promptly
reimburse Corbus for any legal fees that it incurs as a result of any breach of this paragraph by Employee. Nothing in this Agreement
is intended to or shall interfere with Employee’s right to file a charge or participate or cooperate in an investigation
or proceeding with the U.S. Equal Employment Opportunity Commission (“EEOC”),
the National Labor Relations Board (“NLRB”), or comparable state or local agencies. Employee retains the right to
participate in any such action, and retains the right to communicate with the EEOC, NLRB and comparable state or local agencies
and such communication shall not be limited by any provision in this Agreement, including without limitation
the confidentiality or non-disparagement provisions herein. In addition, nothing herein shall limit Employee’s protected
right to test in any court, under the Older Worker Benefit Protection Act, the validity of the waiver of rights under ADEA only.
Employee shall not, however, be entitled to receive any relief, recovery or monies in connection with any released claim brought
against Corbus, regardless of who filed or initiated any such complaint, charge or proceeding.

 

5.
Unemployment Benefits. Corbus agrees not to contest any claim by Employee for unemployment compensation benefits. Employee understands
and agrees, however, that the decision as to whether he is entitled to receive benefits is entirely within the discretion of the
Massachusetts Department of Unemployment Assistance, and not in Corbus’ discretion.

 

6.
No Transfer of Claims. Employee represents and warrants that he has not assigned, transferred, or purported to assign or transfer,
to any person, firm, corporation, association or entity whatsoever, any released claim. Employee agrees to indemnify and hold
Corbus harmless against, any claims arising out of any such assignment or transfer.

 

7.
Non-Admission. This Agreement does not constitute an admission by Corbus of any violation of any law or statute, or wrongdoing
of any kind.

 

8.
No Disparagement. Except as otherwise provided in this Agreement, both parties acknowledge, represent and agree that they will
not make any statements that disparage the business or reputation of the other party respectively or any Released Party. Within
5 business days following execution of this Agreement, Corbus will issue a Form 8-K/A
in the form previously shown to and approved by Employee to disclose Employee’s resignation and separation from Corbus.

 

    	-3-

     

    

 

9.
Employment Verification. Corbus agrees that if it is contacted by any prospective employer of Employee to verify employment with
the Company, Corbus shall inform such employer that it is the company’s policy to provide only a former employee’s
dates of employment and position(s) held, and such information will be provided. No other information will be provided.

 

10.
Reference Checks. Corbus agrees that if it is contacted by any prospective employer of Employee for reference, it will respond
favorably to any inquires regarding Employee’s performance in role.

 

11.
Obligation to Be Bound By Surviving Terms in Employment Agreement. Employee acknowledges and agrees that he continues to be bound
and shall comply with all surviving terms of the Employment Agreement, namely 6, 7, 8, 9, and 11-19.

 

12.
Transition Assistance; Cooperation. The Employee shall be reasonably accessible on an as-needed basis to cooperate in the wind-down
and transition of the Employee’s duties and responsibilities.

 

13.
Entire Agreement. This Agreement and the surviving provisions in the Employment Agreement noted above contains the entire agreement
and understanding between Employee and Corbus and supersedes all other agreements between Employee and Corbus. This Agreement
shall not be amended unless in writing and signed by both Employee and Corbus.

 

14.
Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect or impair any other provisions,
which remain in full force and effect.

 

15.
Employee’s Acknowledgement. Employee acknowledges that no representation, promise or inducement has been made other than
as set forth in this Agreement, and that Employee enters into this Agreement without reliance upon any other representation, promise
or inducement not set forth herein. Employee further acknowledges and represents that he assumes the risk for any mistake of fact
now known or unknown, and that he understands and acknowledges the significance and consequences of this Agreement and represents
that its terms are fully understood and voluntarily accepted.

 

16.
ADEA Release. By signing this Agreement, Employee acknowledges expressly that (a) he is waiving all claims against Corbus, including
all claims under the Age Discrimination in Employment Act (“ADEA’’), through the date he signs this Agreement;
(b) this waiver is made in exchange for consideration in addition to that which Employee is otherwise entitled; (c)
Employee has been advised to consult with an attorney and has had the opportunity to do so prior to executing the terms of this
Agreement; and ( d) Employee has had at least forty-five (45) days to consider the
terms of this Agreement; and that the time provided to him is a reasonable period in which to consider the terms of this Agreement.

 

    	-4-

     

    

 

17. Revocation Period and Effective Date. Employee may revoke his acceptance of this Agreement after signing it by delivering a
written notice to Corbus of his decision to revoke within seven (7) days after he signs this Agreement. Any written notice of
revocation must be sent to Corbus, c/o Lynne Longa, Manager, HR Operations, 500 River Ridge Drive, Norwood, MA 02062, by hand-delivery,
overnight mail, or certified mail, return receipt requested. If Employee does not revoke his acceptance of this Agreement, the
“Effective Date” is the eighth day following the date that Employee signs and returns this Agreement.

 

18.
Headings. The headings contained in the Agreement are for reference purposes only and shall not in any way affect the meaning
or interpretation of this Agreement.

 

[Signature
Page Follows]

 

    	 -5-

    	 

    

 

	ROBERT
    DISCORDIA	 	CORBUS
    PHARMACEUTICALS, INC.
	 	 	 
	/s/
    Robert Discordia	 	/s/
    Yuval Cohen
	November
    23, 2020	 	November
    30, 2020

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