Document:

CONFIDENTIAL
SEPARATION AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is entered into as of the Effective Date, as defined in Paragraph 8 hereof, by
and between Advaxis, Inc. (the “Company”) and Sara Bonstein (“Executive”). Together, the
Company and Executive may be referred to hereinafter as the “Parties”.

 

In
consideration of the payments, covenants and releases described below, and in consideration of other good and valuable consideration,
the receipt and sufficiency of all of which is hereby acknowledged, the Company and Executive agree as follows:

 

1.
Separation from Employment. Executive hereby confirms her resignation as Chief Financial Officer and from all other positions
within the Company and all of its subsidiaries, effective May 1, 2018 (the “Termination Date”).

 

2.
Separation Obligations of the Company. In consideration of Executive’s promises contained in this Agreement, the
Company agrees as follows:

 

a.
Severance Pay. The Company will pay to Executive a lump sum of One Hundred and Fifty Thousand Dollars ($150,000), less
withholding for taxes and other similar items, payable with the next company payroll following the Termination Date provided Executive
properly executes and does not revoke this Agreement.

 

b.
Reimbursement of COBRA Premiums. If Executive elects to continue participation in any group medical plan benefits to which
Executive and/or Executive’s eligible dependents would be entitled under Section 4980B of the Internal Revenue Code (COBRA),
then for a period not to exceed twelve (12) months (the “Health Benefits Continuation Period”), the Company
shall pay to the insurer of the Company’s medical plan (or to the Executive if the insurer will not accept partial payment
from the Company) a monthly amount equal to the Company-paid portion of health benefit premiums as if Executive was actively employed;
provided, however, that (i) that if Executive becomes eligible to receive group health benefits under a program
of a subsequent employer or otherwise (including coverage available to Executive’s spouse), or if Executive otherwise ceases
to be eligible for COBRA continuation coverage, the Company’s obligation to pay the cost of health coverage as described
herein shall cease; and (ii) the Health Benefits Continuation Period shall run concurrently with any period for which Executive
is eligible to elect health coverage under COBRA.

 

c.
Reimbursement for Financial Planning. For a period of twelve (12) months following the Termination Date, the Company shall
reimburse Executive for financial planning services in an amount not to exceed $15,000.

 

d.
Treatment of Equity Awards. The Parties agree that Exhibit A to this Agreement accurately reflects all outstanding
awards of stock options (“Options”) and restricted stock units (“RSUs”) held by Executive
as of the Effective Date. As of the Effective Date, (i) all of Executive’s unvested Options shall expire and any vested
options shall remain outstanding and exercisable until the earlier of (1) the expiration date on the option agreement evidencing
the grant thereof, or (2) May 1, 2020; and (ii) all of Executive’s RSUs shall become vested and shall be settled as of the
Termination Date in shares of Company common stock.

 

e.
Other Payments and Obligations. The Company will pay Executive for all accrued and unused vacation days that have accrued
as of the Termination Date as well as reimbursement for expenses for which expense reports have been provided to the Company prior
to the Effective Date, all in accordance with Company policies.

 

f.
Reimbursement of Legal Fees. The Company will reimburse Executive for the reasonable legal fees incurred by Executive in
connection with her departure and this Agreement.

 

The
Company’s obligation to provide the payments and benefits set forth in this Paragraph 2 is expressly contingent on Executive
executing and not revoking this Agreement pursuant to Paragraph 8 below. The Company’s obligation to make the payment set
forth herein shall cease upon Executive’s breach of any of her continuing contractual obligations to the Company, including,
without limitation, Sections 5, 6, 7 and 9 of the Employment Agreement (as defined herein) and any other intellectual property
agreement, covenant not to disclose or use the Company’s confidential or trade secret information, or covenant not to compete
with the Company.

 

    	 

     

    

 

3.
General Release of Claims and Covenant Not To Sue.

 

a.
General Release of Claims. In consideration of the payments made to her by the Company and the promises contained in this
Agreement, Executive on behalf of himself and her agents and successors in interest, hereby UNCONDITIONALLY RELEASES AND DISCHARGES
the Company, its successors, subsidiaries, parent companies, assigns, joint ventures, and affiliated companies and their respective
agents, legal representatives, shareholders, attorneys, employees, members, managers, officers and directors (collectively, the
“Releasees”) from ALL CLAIMS, LIABILITIES, DEMANDS AND CAUSES OF ACTION which she may by law release, as well
as all contractual obligations not expressly set forth in this Agreement, whether known or unknown, fixed or contingent, that
she may have or claim to have against any Releasee for any reason as of the date of execution of this Agreement. This Release
and Covenant Not To Sue includes, but is not limited to, claims arising under federal, state or local laws prohibiting employment
discrimination; claims arising under severance plans and contracts; and claims growing out of any legal restrictions on the Company’s
rights to terminate its employees or to take any other employment action, whether statutory, contractual or arising under common
law or case law. Executive specifically acknowledges and agrees that she is releasing any and all rights under federal, state
and local employment laws including without limitation Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 1981, the Americans
With Disabilities Act, the Family and Medical Leave Act, the Genetic Information Nondiscrimination Act, the anti-retaliation provisions
of the Fair Labor Standards Act, the Employee Retirement Income Security Act, the Equal Pay Act, the Occupational Safety and Health
Act, the Worker Adjustment and Retraining Notification Act, the Employee Polygraph Protection Act, the Fair Credit Reporting Act,
the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act, the New Jersey Family Leave Act,
and any and all other local, state, and federal law claims arising under statute or common law. It is agreed that this is a general
release and it is to be broadly construed as a release of all claims, except those that cannot be released by law.

 

b.
Covenant Not to Sue. Except as expressly set forth in Paragraph 5 below, Executive further hereby AGREES NOT TO FILE A
LAWSUIT or other legal claim or charge to assert against any of the Releasees any claim released by this Agreement.

 

c.
Acknowledgement Regarding Payments and Benefits. Executive acknowledges and agrees that she has been paid all wages and
accrued benefits to which she is entitled through the date of execution of this Agreement. Other than the payments set forth in
this Agreement, the Parties agree that the Company owes no additional amounts to Executive for wages, back pay, severance pay,
bonuses, damages, accrued vacation, benefits, insurance, sick leave, other leave, or any other reason.

 

d.
Other Representations and Acknowledgements. This Agreement is intended to and does settle and resolve all claims of any
nature that Executive might have against the Company arising out of their employment relationship or the termination of employment
or relating to any other matter, except those that cannot be released by law. By signing this Agreement, Executive acknowledges
that she is doing so knowingly and voluntarily, that she understands that she may be releasing claims she may not know about,
and that she is waiving all rights she may have had under any law that is intended to protect her from waiving unknown claims.
Executive warrants that she has not filed any notices, claims, complaints, charges, or lawsuits of any kind whatsoever against
the Company or any of the Releasees as of the date of execution of this Agreement. This Agreement shall not in any way be construed
as an admission by the Company or any of the Releasees of wrongdoing or liability or that Executive has any rights against the
Company or any of the Releasees. Executive represents and agrees that she has not transferred or assigned, to any person or entity,
any claim that she is releasing in this Paragraph 3.

 

4.
Non-Disparagement.

 

a.
Agreement of Executive. Executive agrees that she will not, directly or indirectly, make any statement, oral or written,
or perform any act or omission which disparages or casts in a negative light the Company, its products, its employees, or any
of the Releasees. This Paragraph 4 shall not in any way limit any of the Protected Rights contained in Paragraph 5 of this Agreement,
or Executive’s ability to provide truthful testimony pursuant to a subpoena, court order or as otherwise required by law.

 

    	2

     

    

 

b.
Agreement of Company. The Company agrees that, except as may be required by law, court order, or a valid request by a government
agency, the Company will not make any written statement, and no officer of the Company or member of the Board of Directors of
the Company will, directly or indirectly, make any statement, oral or written, or perform any act or omission which disparages
Executive or casts Executive in a negative light. This Paragraph 4(b) shall not in any way limit the ability of the Company or
any member of the Board of Directors to provide truthful testimony or information in response to a subpoena, court order, or valid
request by a government agency, or as otherwise required by law.

 

5.
Protected Rights. Nothing in this Agreement is intended to limit Executive’s right to file a charge with the Equal
Employment Opportunity Commission or to make disclosures to, or participate in communications with, the Securities and Exchange
Commission or any other government agency regarding possible violations of law, without prior notice to the Company. Based on
Executive’s release of claims set forth in Paragraph 3 of this Agreement, however, Executive understands that she is releasing
all claims that she may have, as well as, to the extent permitted by applicable law, her right to recover monetary damages or
obtain other relief for an alleged injury or legal right that is personal to Executive.

 

6.
Acknowledgment. Executive acknowledges and agrees that she fully understands that this Agreement is final and binding,
that it contains a full release of all claims and potential claims, and that the only promises or representations she has relied
upon in signing this Agreement are those specifically contained in the Agreement itself. Executive acknowledges and agrees that
she is signing this Agreement voluntarily, with the full intent of releasing the Company from all claims covered by Paragraph
3.

 

7.
Cooperation. Following the Termination Date, the Executive shall cooperate with the Company and be reasonably available
to the Company and its attorneys with respect to continuing and/or future matters related to the Executive’s employment
period with the Company and/or its subsidiaries or affiliates, whether such matters are business-related, legal, regulatory or
otherwise (including, without limitation, the Executive appearing at the Company’s request to give testimony without requiring
service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company
all relevant documents which are or may come into the Executive’s possession). The Company shall reimburse the Executive
for all reasonable out of pocket expenses incurred by the Executive in rendering such services that are approved by the Company,
including reasonable attorney’s fees and costs. In addition, if more than an incidental cooperation is required at any time
after the termination of the Executive’s employment, the Executive shall be paid (other than for the time of actual testimony)
a per day fee based on her base salary as of the Termination Date.

 

8.
Effective Date. This Agreement shall be effective and enforceable as of the date it is executed by Executive (the “Effective
Date”).

 

9.
Return of Materials. In further consideration of the promises and payments made by the Company hereunder, Executive agrees
that on or before the Termination Date, she will return all documents, confidential information, other information, materials,
equipment (including, but not limited to, cell phones, pagers, laptops, computers, or other personal computing devices) and other
things in her possession or control provided to her by the Company, created during her employment with the Company or otherwise
relating to or belonging to the Company, without retaining or providing to anyone else copies, summaries, excerpts, portions or
other representations thereof. To the extent that Executive has electronic files or information in her possession or control that
relate to or belong to the Company or contain confidential information belonging to the Company (specifically including but not
limited to electronic files or information stored on personal computers, mobile devices, electronic media, or in cloud storage),
Executive agrees that she will immediately, and before receiving payment under this Agreement: (a) provide the Company with an
electronic copy of all of such files or information (in an electronic format that readily accessible by the Company); (b) after
doing so, delete all such files and information, including all copies and derivatives thereof, from all non-Company-owned computers,
mobile devices, electronic media, cloud storage, or other media, devices, or equipment, such that such files and information are
permanently deleted and irretrievable; and (c) provide a written certification to the Company that the required deletions have
been completed.

 

10.
Termination of Employment Agreement; Survival of Restrictive Covenants. Executive acknowledges and agrees that the Employment
Agreement originally executed by the Parties on or about March 24, 2014 (the “Employment Agreement”) is hereby
terminated, without further action by the Parties, as of the Termination Date and shall be of no further force and effect, and
that except as expressly set forth in this Agreement, the Company shall have no continuing obligations to Executive under the
Employment Agreement; provided, however, that Sections 5 (Restrictive Covenant), 6 (Confidentiality), 7 (Works for Hire) and 8
(Indemnification) of the Employment Agreement shall survive and remain in full force and effect in accordance with their terms.

 

    	3

     

    

 

11.
Final Agreement. This Agreement contains the entire agreement between the Company and Executive with respect to the subject
matter hereof, and supersedes all prior agreements between the Parties, except as set forth in Paragraph 10 above. The Parties
agree that this Agreement may not be modified except by a written document signed by both Parties. The Parties agree that this
Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of this Agreement and
all of which, when taken together, will be deemed to constitute one and the same agreement.

 

12.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of New Jersey
without giving effect to its conflict of law principles.

 

13.
Waiver. The failure of either party to enforce any of the provisions of this Agreement shall in no way be construed to
be a waiver of any such provision. Any waiver of any provision of this Agreement must be in a writing signed by the party making
such waiver. No waiver of any breach of this Agreement shall be held to be a waiver of any other or subsequent breach.

 

14.
Code Section 409A. This Agreement shall be interpreted and administered in a manner so that any amount or benefit payable
hereunder shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”) and applicable Internal Revenue Service guidance
and Treasury Regulations issued thereunder. The tax treatment of the benefits provided under the Agreement is not warranted or
guaranteed to Executive, who is responsible for all taxes assessed on any payments made pursuant to this Agreement, whether under
Section 409A of the Code or otherwise. Neither the Company nor its directors, officers, employees or advisers shall be held liable
for any taxes, interest, penalties or other monetary amounts owed by Executive as a result of the application of Section 409A
of the Code. Executive’s right to receive any installment payments as Severance Pay shall be treated as a right to receive
separate and distinct payments for purposes of Section 409A of the Code.

 

The
Parties hereby signify their agreement to these terms by their signatures below.

 

	EMPLOYEE	 
	 	 
	/s/ Sara
    Bonstein	 
	Sara
    Bonstein	 
	 	 	 
	Date:
    	April 23, 2018	 
	 	 	 
	ADVAXIS,
    INC.	 
	 	 	 
	By:
    	/s/ Kenneth Berlin	 
	Name:	Kenneth Berlin   	 
	Date:
    	April
    23, 2018	 

 

    	4

     

    

 

Exhibit
A

 

Outstanding
Stock Options and Restricted Stock Units

 

Share Units (RSU)

 

	Vested	 	 	Unvested	 
	 	123,862	 	 	 	129,720	 

 

Options
(NQ)

 

	Grant Price	 	 	Granted	 	 	Vested	 	 	Unvested	 
		$13.44
                                         USD	 	 	 	251,130	 	 	 	188,347	 	 	 	62,783	 
		$12.81
                                      USD	 	 	 	160,000	 	 	 	106,666	 	 	 	53,334	 
		$7.71
                                      USD	 	 	 	68,906	 	 	 	22,969	 	 	 	45,937	 
		$3.19
                                      USD	 	 	 	100,000	 	 	 	-	 	 	 	100,000	 
	 	 	 	 	 	580,036	 	 	 	317,982	 	 	 	262,054	 

 

    	5Exhibit

Exhibit 10.1

AGREEMENT AND RELEASE

SLM Corporation and its subsidiaries, predecessors, and affiliates (collectively “SLM”) and I, Christine Rocha, as the Personal Representative of the last Will and Testament of Charles P. Rocha (the “Decedent”) (hereinafter, in such capacity, the “Personal Representative”), have reached the following understanding and agreement.  In exchange for the Plan Benefits (as defined below) and other consideration listed below, the Personal Representative agrees to comply fully with the terms of this Agreement and Release (“Agreement and Release”).  In exchange for the Personal Representative’s agreement herein, SLM agrees to provide the Personal Representative with the Plan Benefits and other consideration listed below, to which the Personal Representative is not otherwise entitled. 

(1)    Plan Benefits and other consideration: 

(a)Pursuant to the SLM Corporation Executive Severance Plan for Senior Officers (“Plan”), SLM will pay the Personal Representative severance, in respect of the Decedent, in the following manner: a total amount of $2,051,613.38 less withholding taxes and other deductions required by law (the “Plan Benefits”).  Such severance payment will be made in a lump sum no earlier than the eighth (8th) calendar day after the Personal Representative’s signature on this Agreement and Release, on which date this Agreement and Release will become effective so long as it has not been revoked by either Party before that date (the “Effective Date”), and no later than the thirtieth (30th) calendar day after the Personal Representative’s signature. 

(b)Medical/Dental/Vision Continuation:  The Decedent’s medical, dental, and vision coverage were continued through the end of the month of January 2018.  Beginning on February 1, 2018, Christine Rocha and Bridget Rocha (the “Family”) have the right to continue medical, dental, and vision coverage through the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) for up to 36 months.  Under the Plan, if the Family properly elects COBRA continuation coverage, SLM will pay the employer portion of the total cost of the Family’s medical, dental and vision insurance premiums for the 36-month period of February 1, 2018 through January 31, 2021. 

(c)Benefit Programs:  The Family waives future coverage and benefits under all SLM disability programs, but this Agreement and Release does not affect the Family’s eligibility for other SLM medical, dental, life insurance, retirement, and benefit plans.  Whether the Personal Representative signs this Agreement and Release or not, the Family understands that its rights and continued participation in those plans will be governed by their terms, and that the Family generally will become ineligible for them shortly after January 17, 2018, after which the Family may be able to purchase continued coverage under certain of such plans. The Family understands that, except for the benefits that may be due under the 401(k) plans, deferred compensation, equity or pension plans to which it may be entitled under SLM’s standard employee benefit plans for similarly situated employees and executives, the Family will not receive any other wage, paid time off, or other similar payments from SLM or the entities discussed in Section 2. 

(d)For the purposes of this Agreement and Release, the Parties acknowledge that the “Amendment to Stock Option and Restricted/Performance Stock Terms” issued under the SLM Corporation Employee Stock Option Plan, SLM Corporation Management Incentive Plan, SLM Corporation Incentive Plan (as amended and restated October 2006), and SLM Corporation 2009 and 2012 Incentive Plan (collectively, the “Plans”) by SLM Corporation, and effective as of January 27, 2011, is applicable. 

(2)    Release:  In consideration of the Plan Benefits and other considerations described above, the Personal Representative agrees to release SLM, and all of its subsidiaries, affiliates, predecessors, successors, and all related companies, and all of its former and current officers, employees, directors, and agents and employee benefit programs (and the trustees, administrators, fiduciaries, and insurers of such programs) of any of them (collectively “Released Parties”) from all actions, suits, charges, claims, complaints, debts, demands, damages or liabilities of any kind or character whatsoever, in law or in equity, known or unknown, which the Decedent, his family, his heirs or the Personal Representative ever had, now has or may have had through the date the Personal Representative signs this Agreement and Release, including, but not limited to, any actions, suits, charges, claims, complaints, debts, demands, damages or liabilities  that would otherwise be available to the Personal Representative or to the Decedent, his family or heirs or those arising out of or relating to (a) the SLM Management Incentive Plan and the SLM 2012 Omnibus Incentive Plan and any awards granted thereunder, (b) any event prior to or on the Effective Date or (c) the Decedent’s employment or termination therefrom.  The Parties intend this release to be broadly construed in favor of SLM but excepts claims that the law does not permit the Personal Representative to waive, and any rights and obligations of the Parties to fulfill their respective obligations under this Release and Agreement, by signing this Agreement and Release. The Personal Representative is releasing all common law contract, tort, or other claims the Decedent ever had, now has, or may have had, as well as all claims the Decedent ever had, now has, or may have had under the Age Discrimination in Employment Act (“ADEA”), the Worker Adjustment and Retraining Notification Act, Title VII of the Civil Rights Act of 1964, Sections 1981 and 1983 of the Civil Rights Act of 1866, National Labor Relations Act, the Americans with Disabilities Act (“ADA”), Family and Medical Leave Act, Genetic Information Non-discrimination Act (“GINA”) of 2008, the Employee Retirement Income Security Act of 1974 (“ERISA”), individual relief under the Sarbanes-Oxley Act of 2002, or individual relief under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or The American Recovery and Reinvestment Act of 2009, and any other federal, state or local laws, including, but not limited to, those pertaining to the employment relationship or pertaining to discrimination, harassment, or retaliation in employment, and any claims under common law, tort or contract law, including without limitation defamation, false light/invasion of privacy, injury to reputation, wrongful discharge, breach of contract (whether oral, written, express or implied from any source), breach of public policy, fraud or negligent misrepresentation (including without limitation fraud in the inducement), negligence (including without limitation negligent retention and negligent hiring), physical, mental or emotional distress or harm, pain and suffering, including any claims for damages, liquidated damages, punitive damages, equitable relief, counsel fees and costs which the Decedent ever had, now has, or may have had.  The Personal Representative further waives any right to payment of attorneys’ fees, which she may have incurred.  It is understood and agreed that by entering into this Agreement and Release, SLM does not admit any violation of law, or any of the Decedent’s rights, and has entered into this Agreement and Release solely in the interest of resolving finally all claims and issues relating to the Decedent’s employment. SLM and the Personal Representative, the Parties (“Parties”), expressly agree however, that nothing in this Agreement and Release shall preclude the Personal Representative’s participation as a member of a class in any suit or regulatory action brought against the Released Parties arising out of or relating to any alleged securities violations or diminution in the value of SLM securities. SLM agrees that the release under this Section 2 shall not cover, and the Personal Representative reserves and does not waive, her rights, directly or indirectly to seek further indemnification and/or contribution under the By-Laws of SLM.  SLM hereby reaffirms that the Personal Representative is entitled to indemnification for actions taken in the Decedent’s capacity as an officer of SLM Corporation or applicable SLM Corporation subsidiaries under the bylaws of the applicable subsidiary or SLM (subject to the provisions of the By-Laws, which limit indemnity in certain circumstances).

(3)    Covenant Not To Sue:  The Personal Representative agrees not to sue the Released Parties with respect to any actions, suits, charges, claims, complaints, debts, demands, damages or liabilities of any kind or character whatsoever, in law or in equity, known or unknown, released by this Agreement and Release.  

The Parties agree, however, that nothing contained in this covenant not to sue or elsewhere in this Agreement and Release shall: 

(a)prohibit or restrict the Personal Representative from: (i) making any disclosure of information required by law or solely for the purpose of reporting or investigating a suspected violation of law; (ii) filing a charge, initiating, making disclosures, testifying in, providing information to, or assisting in an investigation or proceeding brought by or to any governmental or regulatory body or official, or in any judicial or administrative action; (iii) making disclosures that are required or protected under the Sarbanes-Oxley Act of 2002, the Securities Exchange Act of 1934, and any other law, rule or regulation, subject to the jurisdiction of the Securities and Exchange Commission (“SEC”); (iv) testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal or state employment law or any federal law relating to fraud or any rule or regulation of the SEC, any other federal, state or local governmental agency or commission or self-regulatory organization (each, a “Governmental Agency”), without disclosure to SLM; (v) accepting any monetary award or other payment that the Personal Representative might become entitled to from  any Governmental Agency; or (vi) filing a charge of discrimination with the Equal Employment Opportunity Commission (“EEOC”) or a like charge or complaint with a state or local fair employment practice agency; provided that once this Agreement and Release becomes effective, the Personal Representative may not receive a monetary award or any other form of personal relief from SLM in connection with any such charge or complaint that the Personal Representative filed or is filed on her behalf.

Except with respect to the proviso in Section 2 regarding alleged securities violations and notwithstanding anything to the contrary in this paragraph, the Personal Representative hereby waives and releases any right to receive any personal relief (for example, money) as a result of any investigation or proceeding of the U.S. Department of Labor, EEOC, U.S. Department of Education, OIG, Consumer Financial Protection Bureau, SEC, or any federal, state, or local government agency or court.  Further, with her waiver and release of claims in this Agreement and Release, the Personal Representative specifically assigns to the Released Parties any right to recovery arising from any such investigation or proceeding.

(4)     Additional Representations and Promises:  Each of the Personal Representative, the Decedent’s surviving spouse Christine Rocha (on behalf of herself), and the Decedent’s surviving children Monica Asbeil, Mary-Claire Howart, Ellen James, and Bridget Rocha, (each, a “Paragraph 4 Party”) acknowledges and agrees that:

(a)They will return all SLM and Released Parties’ property in their possession or control to SLM.

(b)Other than previously disclosed to SLM’s General Counsel, Deputy General Counsel, or SLM’s Board of Directors, each Paragraph 4 Party hereby represents and warrants that she has not reported any illegal or potentially illegal conduct or activities to any supervisor, manager, department head, human resources representative, director, officer, agent or any other representative of SLM, any member of the legal or compliance departments, or to the Code of Business Conduct hotline and has no knowledge of any such illegal or potentially illegal conduct or activities.  Each Paragraph 4 Party has disclosed to SLM any information she has concerning any conduct involving SLM that she has reason to believe may be unlawful or that involves any false claims to the United States.  Each Paragraph 4 Party promises to cooperate fully in any investigation SLM undertakes into matters that occurred during the Decedent’s employment with SLM.  Each Paragraph 4 Party understands that nothing in this Agreement and Release prevents her from cooperating with any U.S. government investigation.  In addition, to the fullest extent permitted by law, each Paragraph 4 Party hereby irrevocably assigns to the U.S. government any right she may have to any proceeds or awards in connection with any false claims proceedings against SLM. 

(c)If any Paragraph 4 Party breaches any provisions of this Agreement and Release, she will pay for all costs incurred by any Released Parties, or any entities or individuals covered by this Agreement and Release, including reasonable attorneys’ fees, in defending against the Paragraph 4 Party’s claim and seeking to uphold this Agreement and Release. 

(d)Subject to Section 3, prior to the legally required disclosure of this Agreement and Release to the SEC, each Paragraph 4 Party agrees to keep the terms of this Agreement and Release completely confidential except as may be required or permitted by applicable law or court order. Notwithstanding the foregoing, a Paragraph 4 Party may disclose such information as permitted under Section 3 to her professional representatives, so long as they are informed and agree to be bound by this confidentiality clause.  Subject to Section 3, this Agreement and Release shall not be offered or received in evidence in any action or proceeding in any court, arbitration, administrative agency or other tribunal for any purpose whatsoever other than to carry out or enforce the provisions of this Agreement and Release. 

(e)Subject to Section 3, each Paragraph 4 Party further agrees not to disparage SLM, its business practices, products and services, or any other entity or person covered by this Agreement and Release. 

(f)Each Paragraph 4 Party is intentionally releasing claims that she does not know she might have.  She has not assigned or given away any of the claims she is releasing.

(5)    Arbitration of Disputes:  SLM and the Personal Representative agree to resolve any disputes they may have with each other through final and binding arbitration.  For example, the Personal Representative is agreeing to arbitrate any dispute about the validity of this Agreement and Release, which means that an Arbitrator and not a court of law will decide issues of arbitrability and of liability with respect to any claim the Personal Representative may bring; provided, however, that either party may pursue a temporary restraining order and/or preliminary injunctive relief, with expedited discovery where necessary, in a court of competent jurisdiction to protect common law or contractual trade secret or confidential information rights.  The Personal Representative also agrees to resolve through final and binding arbitration any disputes she has with SLM, its affiliates, or any current or former officers, employees or directors who elects to arbitrate those disputes under this subsection.  Arbitrations shall be conducted by JAMS (also known as Judicial Arbitration & Mediation Services) in accordance with its employment dispute resolution rules.  This agreement to arbitrate does not apply to government agency proceedings, but does apply to any lawsuit the Personal Representative might bring, including but not limited to any lawsuit related to a government agency proceeding. By agreeing to this Agreement and Release, the Personal Representative understands that she is waiving her right to a jury trial.
 
(6)    Review Period:  The Personal Representative hereby acknowledges that (a) she initially received a copy of the original draft of this Agreement and Release on or before __________________; (b) she was offered a period of twenty-one (21) calendar days to review and consider it; (c) she understands she could use as much of the twenty-one (21) calendar day period as she wishes prior to signing; and (d) the Personal Representative was strongly encouraged to consult with an attorney in writing before signing this Agreement and Release, and understood whether or not to do so was her decision.  The Personal Representative waives any rights to further time to consider the Agreement and Release.

(7)    Revocation of Claims:  The Personal Representative understands she may revoke the waiver of the ADEA claims made in this Agreement and Release within seven (7) days of its signing.  The waiver and release of claims under ADEA shall not be effective or enforceable and she will not receive seventy percent (70%) of the cash Plan Benefits described in Section 1 above.  Revocation of claims can be made by delivering 

a written notice of revocation to Senior Vice President, Chief Human Resources Officer, SLM Corporation, 300 Continental Drive, Newark, DE 19713. 

(8)    The Personal Representative acknowledges that she has read and understands all of the provisions of this Agreement and Release.  This Agreement and Release represents the entire agreement between the Parties concerning the subject matter hereof and shall not be altered, amended, modified, or otherwise changed except by a writing executed by both Parties.  The Personal Representative understands and agrees that this Agreement and Release is final and binding when executed by the Personal Representative.  The Personal Representative signs this document freely, knowingly and voluntarily. The Personal Representative acknowledges that she has not relied upon any representation or statement, written or oral, not set forth in this Agreement and Release.  If any provision of this Agreement and Release is held by a court of competent jurisdiction or by an arbitrator to be unenforceable or contrary to law, the remainder of that provision and the remaining provisions of this Agreement and Release will remain in full force and effect to the maximum extent permitted by applicable law.  If this Agreement and Release is held to be unenforceable or contrary to law, the Personal Representative agrees to repay the Plan Benefit she received.  This Agreement and Release is governed by federal laws and the laws of the State of Delaware.

(9)    This Agreement and Release shall be binding upon and inure to the benefit of the Parties, in their individual, corporate and representative capacities, and upon their respective agents, representatives, heirs, successors, assigns, executors and affiliates.
 
Before signing this Agreement and Release, please read through each Section and carefully consider it.  SLM recommends that the Personal Representative discuss it with her attorney (any such attorney fees are not covered under the terms of this Agreement).  The Personal Representative has up to twenty-one (21) calendar days to consider this Agreement and Release.  By signing this Agreement and Release, any claims, whether known or unknown, are waived. 

__/s/ Christine Rocha______________________    3/20/2018____________________________
Name                            Date
Personal Representative of the estate of Charles P. Rocha

__/s/ Christine Rocha______________________    3/20/2018____________________________
Name                            Date
Christine Rocha
**Signing in her personal capacity for purposes of Sections 1(b), 1(c) and 4
__/s/ Monica Asbeil_______________________    3/10/2018____________________________
Name                            Date
Monica Asbeil
**Signing in her personal capacity for purposes of Sections 1(b), 1(c) and 4

__/s/ Mary-Claire Howarth_______________________    3/10/2018____________________________

Name                            Date
Mary-Claire Howart
**Signing in her personal capacity for purposes of Sections 1(b), 1(c) and 4

__/s/ Ellen James __________   __________________    3/10/2018____________________________

Name                            Date
Ellen James
**Signing in her personal capacity for purposes of Sections 1(b), 1(c) and 4
__/s/ Bridget Rocha  ____________________________    3/10/2018____________________________

Name                            Date
Bridget Rocha
**Signing in her personal capacity for purposes of Sections 1(b), 1(c) and 4
__/s/ Bonnie Rumbold____________________________    3/20/2018____________________________
Name                            Date
Senior Vice President, 
Chief Human Resources Officer
SLM Corporation

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