Document:

Exhibit 10.2

EMPLOYMENT
AGREEMENT BETWEEN

REGEN
BIOPHARMA, INC.

AND

David
R. Koos 

THIS EMPLOYMENT
AGREEMENT (the "Agreement") dated as of February 11, 2015 is entered into between Regen BioPharma,
Inc., a Nevada corporation, (the "Company") and David R. Koos ("Employee").

 

WITNESSETH:

WHEREAS, Employee
and the Company desire to enter into an agreement providing for the employment by the Company of Employee
upon the terms provided herein.

REPRESENTATIONS AND WARRANTIES

 

A) Company
hereby represents and warrants to Employee as follows;

(i)
Corporate Existence of Company. Company:

(a)
is a corporation duly formed, validly existing and in good standing under the laws of the State of Nevada and

(b)
has all requisite power and authority, and has all governmental licenses, authorizations, consents and approvals necessary to
execute and deliver this Agreement and to consummate the transactions contemplated by this Agreement.

 

(ii) No
Conflicts. None of the execution, delivery and performance of this Agreement by Company, or the consummation
or the transactions contemplated hereby and thereby

 

(a)
constitutes or will constitute a violation of the organizational documents of Company,

 

(b)
constitutes or will constitute a breach or violation of, or a default (or an event which, with notice
or lapse of time or both, would constitute such a default) under, any indenture, mortgage,
deed of Company, loan agreement, lease or other agreement or instrument to which Company is a
party or by which Company or any of its properties may be bound,

 

(c)
violates or will violate any statute, law or regulation or any order, judgment, decree or injunction of any court
or Governmental Authority directed to Company or any of its properties in a proceeding to which
its property is or was a party.

 

(B) Employee hereby represents
and warrant to Company as follows:

(i)
No Conflicts. None of the execution, delivery and performance of this Agreement by Employee, or the consummation of the transactions
contemplated hereby and thereby

(a)
constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both,
would constitute such a default) under, any indenture, mortgage, deed of Trust, loan agreement, lease or other agreement or instrument
to which Employee is a party or by which Employee or any of its properties may be bound,

(b)
violates or will violate any statute, law or regulation or any order, judgment, decree or injunction of any court or Governmental
Authority directed to Employee or any of their properties in a proceeding to which its property is or was a party.

AGREEMENT:

NOW,
THEREFORE, in consideration of the foregoing and the mutual promises and agreements set forth herein, the parties hereto, intending
to be legally bound, hereby agree as follows:

1.
Employment. During the Employment Period (as defined in Section 2), the Company hereby employs Employee and Employee hereby accepts
employment.

2.
Term. The Term of this Agreement shall commence on February 11, 2015 and shall expire on February 11, 2018 unless sooner terminated
in accordance with the provisions of Section 6 hereof; provided, however, that the term of this Agreement may be extended by mutual
agreement. The period from the commencement of the term of this Agreement to the date of its expiration or sooner termination
shall be considered to be the “Employment Period" hereunder.

3.
Duties. Employee shall be granted the title of Chief Executive Officer of the Company subject to the authority of the Company's
Board of Directors (the “BoD”). Employee shall perform such duties commensurate with his office and as directed the
BoD such duties to include, but not be limited to:

See Schedule 1.

During the Employment
Period, Employee shall perform his duties hereunder in a diligent manner, subject to the provisions of Schedule 1 of this Agreement;
devoting such amount of his business time, attention and efforts to the affairs of the Company within the scope of his employment
as is necessary for the proper rendition of such service and shall use his best efforts to promote the best interests of the Company.
Employee's services shall be rendered when and as required by the Board and in accordance with his instructions, direction and
control.

It is agreed that Employee
will only devote such time as to effectively conduct duties and responsibilities associated with this position pursuant to this
Agreement.

4. Compensation
Salary.

 

During the Employment Period, Company shall pay Employee salary at the rate of (i) $15,000 per month prorated for
any partial employment month ("Salary"). Salary shall be paid on a monthly basis (“Payday”) or, in the event
that Payday falls on a Saturday, Sunday or holiday, on the next business day. Salary may be paid, at the Company’s sole
discretion, either in

 

(a)        cash,
or

(b)        shares
of the Company’s common stock (“Stock Payment”)

 

Employee acknowledges
that any Stock Payments issued pursuant to this Agreement that are not registered pursuant to the Securities Act of 1933
shall constitute “restricted securities” as that term is defined in Rule 144 promulgated under the Securities Act
of 1933, and shall contain the following restrictive legend:

 

THESE SECURITIES
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR SECURITIES LAWS OF ANY STATE
AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE
ACT OR SUCH LAWS AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY
THAT THE PROPOSED TRANSFER IS EXEMPT FROM THE ACT OR SUCH LAWS.

 

The Company
may register any Stock Payment pursuant to the Securities Act of 1933, but is not obligated to do so pursuant to this Agreement.

 

5. Benefits.

a.
During the Employment Period, Employee shall be entitled to participation in any profit sharing plan, retirement plan, group life
insurance plan or other insurance plan, medical expense plan, medical and dental insurance and other benefit arrangements maintained
by the Company for its employees generally and, if applicable, their family members. In addition, Employee shall be entitled to
two weeks paid vacation (“Vacation”) subject to (i) the completion of 12 full months of employment pursuant to this
Agreement and (ii) having given fourteen days prior notice to the Company of Employee’s intent to Vacation.

b.
Stock Compensation.  Employee shall receive 9,000,000 newly issued common shares of the Company upon execution of this agreement
(“Signing Shares”).  The shares shall be subject to a vesting schedule (See Schedule 2)

Employee
acknowledges that any Signing Shares  issued pursuant to this Agreement will not be  registered pursuant to the Securities
Act of 1933 , shall constitute “restricted securities” as that term is defined in Rule 144 promulgated under the Securities
Act of 1933 and shall contain the following restrictive legend:

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR SECURITIES LAWS OF
ANY STATE AND MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, TRANSFERRED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION
UNDER THE ACT OR SUCH LAWS AND, IF REQUESTED BY THE COMPANY, UPON DELIVERY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE COMPANY THAT THE PROPOSED TRANSFER IS EXEMPT FROM THE ACT OR SUCH LAWS.

6. Termination.

a.
Employee's employment hereunder shall terminate upon the earlier of:

(i)
the expiration of the Employment Period,

(ii)
the death of Employee,

(iii)
the expiration of a continuous period of thirty (30) calendar days during which Employee is unable to perform his material duties
due to physical or mental incapacity,

(iv)
termination by the Company due to “just cause,”

(v)
termination by Employee due to a material breach of this Agreement by the Company . The exercise of the right of the Company or
Employee to terminate this Agreement pursuant to clauses (iv) or (v) hereof, as the case may be, shall not abrogate the rights
and remedies of the terminating party in respect of the breach giving rise to such termination.

b.
"Just cause" hereunder shall be defined and limited to mean:

(i)
Employee's failure or refusal, as determined by either the BoD in his sole discretion, to perform specific directives of the BoD
which are consistent with the scope and nature of Employee's duties and responsibilities as set forth herein (including the duties
described in Section 3), which failure or refusal continues after notice thereof and a reasonable time to cure; such reasonable
time to be determined by the BoD.

(ii)
Employee's conviction for a felony or any crime involving moral turpitude, fraud, or misrepresentation, or the presentation of
proof satisfactory to the BoD in the exercise of his reasonable judgment of Employee's misappropriation or embezzlement of funds
or assets from the Company;

(iii)
any intentional act having the purpose and effect of injuring the reputation, business or business relationships of the Company
in any material respect; and

(iv)
any breach by Employee of any material provision of this Agreement, including, without limitation, the restrictive covenants contained
in Section 7 hereof.

c.
In the event of any dispute regarding the existence of Employee's incapacity hereunder, the matter will be resolved by the determination
of a physician qualified to practice medicine in California selected by the BoD. For this purpose, Employee will submit to appropriate
medical examinations.

d.
If Employee's employment hereunder is terminated pursuant to Section 6, the Company shall have no further obligations or liabilities
hereunder.

7. Restrictive
Covenant.

a.
Non-disclosure. Employee has, and during the Employment Period will have, access to confidential information and trade secrets
of the Company and its subsidiaries (the "Confidential Information") that may include, among other things:

(i)
Financial information

(ii) Supply and services
information

(iii) Marketing information

(iv) Personnel information

(v) Customer information

(vi) Product information

(vii) The Company’s
procedures, systems, policies and processes of operation.

Employee
shall at all times during his employment by the Company and thereafter hold in strictest confidence any and all Confidential Information
that may have come or may come into Employee's possession or within Employee's knowledge. Employee agrees that neither he nor
any person or entity, directly or indirectly, controlled by or under common control with the Employee (an "Affiliate")will
for any reason, except in the course of performing his duties hereunder, for himself or any other person, use or disclose to anyone,
exclusive of Company employees, agents, representatives, or independent consultants to the Company or any of its subsidiaries
or Affiliates of the Company, any Confidential Information; provided, however, that Employee may disclose Confidential Information
which (i) has become generally available to the public other than as a result of a breach of this Agreement by Employee or (ii)
Employee is compelled to disclose pursuant to subpoena or an order by a court competent jurisdiction; provided that, if Employee
is so required to disclose any Confidential Information pursuant to the foregoing clause (ii), Employee shall provide advance
written notice to the Company, to the extent possible, to allow the Company to seek an appropriate protective order therefore
(iii) Potential advisors, employees, or investors of the Company where there is a reasonable expectation of confidentiality. All
Confidential Information shall remain the Company's property and shall be returned (or, at the Company's option, destroyed) upon
the Company's written request.

b.
Non-Solicitation of Employees. Employee agrees that from the date hereof and continuing for a period of three years following
the termination of this Agreement for whatever reason (the "Non-Compete Period"), neither Employee nor any Affiliate
of Employee will solicit or hire for employment any officer, director or employee of the Company who was employed by the Company
at any time within twelve months prior to the act of solicitation.

c.
Non-Competition. Employee agrees that, other than with the approval of the BoD, which approval shall not be unreasonably withheld,
during the Employment Period, neither Employee nor any Affiliate of Employee will, directly or indirectly, become a shareholder,
director, officer, agent, partner or employee of, or otherwise hold any ownership interest in, any person, firm or entity engaged
in any Competitive Business (as defined below), engage as a sole proprietor in any Competitive Business, act as a consultant to
or assist any of the foregoing or otherwise engage or participate in any Competitive Business; provided, however, that the foregoing
shall not prohibit the ownership by Employee of less than ten percent (10%) of the outstanding shares of the stock of any corporation
engaged in any Competitive Business, which shares are regularly traded on a national securities exchange or in any over-the-counter
market. For the purpose hereof, "Competitive Business" means the ownership, operation, development, marketing of the
services related to, or management of cellular therapeutics within the United States.

d.
Consideration, Relief, Reformation; Severability. The Company has specifically bargained for the covenants set forth in this Section
6 in consideration for the compensation, experience, and information that Employee will gain or receive in connection with his
employment by the Company. Employee agrees that the covenants set forth herein will not preclude Employee from engaging in any
lawful profession, trade or business or from being gainfully employed necessary to provide Employee, his family members and dependents
a standard of living to which he and they have been accustomed and may expect. Employee acknowledges and agrees that the restrictive
covenants in this Section 6 have been specifically negotiated, are reasonable in all respects, including, without limitation,
their geographic scope and duration, and may be enforced by specific performance or otherwise. Employee shall not raise any issue
of reasonableness as a defense in any proceeding to enforce any of such covenants. Notwithstanding the foregoing, in the event
that a covenant included in this Agreement shall be deemed by any court to be unreasonably broad in any respect, it shall be modified
or limited in its geographic scope, duration or otherwise to the extent necessary to make it reasonable while preserving its restrictive
nature to the maximum degree possible and shall be enforced accordingly; provided however, that if, notwithstanding the foregoing,
a court of competent jurisdiction shall hold any of the covenants contained in Sections 7 (a), (b) or (c) to be unenforceable
(as so modified), then the unenforceable covenant shall be deemed eliminated from the provisions of this Agreement for the purpose
of those proceedings to the extent necessary to permit the remaining covenants to be enforced so that the validity, legality or
enforceability of the remaining provisions of this Agreement shall not be affected thereby.

8. Developments.

Employee
hereby assigns to the Company his entire right, title and interest in all know how, discoveries and improvements,
customer lists, trade secrets and ideas, writings and copyrightable material, which may be conceived by Employee
or developed or acquired by him during the term of this Agreement, which may pertain directly to the Company's business
and were developed with Company resources. Employee agrees to promptly and fully disclose in writing all such developments. Employee
will, upon the Company's request, execute, acknowledge and deliver to the Company all instruments
and do all other acts which are necessary or desirable to entitle the Company to all rights in the foregoing
and enable the Company to file and prosecute applications for, and to acquire, maintain and enforce all letters, trademark
registrations or copyrights with respect to the foregoing in all countries.

9. Remedies.

Employee
acknowledges that any material breach of this Agreement will cause irreparable harm to the Company, that such harm will be difficult
if not impossible to ascertain, and that the Company shall be entitled to equitable relief, including injunction, against
any actual or threatened breach hereof, without bond and without liability should such relief be denied, modified or vacated.
Neither the right to obtain such relief nor the obtaining of such relief shall be exclusive of or preclude the
Company from any other remedy.

10.
Legal Counsel.

Employee
acknowledges that Employee has carefully read this Agreement and understands all of the terms hereof and that Employee
has been given the opportunity to discuss this Agreement with Employee's private legal counsel and
has availed himself of that opportunity to the extent Employee wishes to do so.

11. Notices.

All
notices, requests and other communications under this Agreement shall be in writing and shall be deemed to have been received
five business days after having been deposited in the United States Mail and enclosed in a registered or certified post-paid
envelope; one day after having been sent by overnight courier on a business day or otherwise at the open of
business on the next succeeding business day; when personally delivered or sent by facsimile communications equipment
of the sending party on a business day or otherwise at the open of business on the next succeeding business day; and, in
each case, addressed to the respective parties at the addresses stated below or to such other changed addresses
that the parties may have fixed by notice in accordance herewith.

If to the Company:

Regen
BioPharma, Inc.

4700
Sprint Street, Suite 304

La Mesa,
CA 91942

Attn:
David Koos, CEO

 

 

If to Employee:

David
R. Koos

C/O
Regen BioPharma

4700
Spring Street, Suite 304

La
Mesa, CA 91942

 

12. Waiver of Breach.

A
waiver by the Company or Employee of a breach of any provision of this Agreement by the other party shall
not operate or be construed as a waiver of any subsequent breach by the other party.

13. Entire
Agreement.

This
instrument contains the entire agreement of the parties with respect to the subject matter hereof and supersedes any
prior agreements of the parties with respect to the subject matter hereof. It may be changed only
by an agreement in writing signed by a party against whom enforcement of any waiver, change,
modification, extension or discharge is sought.

 14.
Applicable Law.

 The
terms and conditions of this Agreement shall be governed by and construed in accordance with the laws of the State or
California. Any action to enforce this Agreement shall be brought in the state courts located in San Diego County, State
of California.

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

 

By:/s/David R. Koos

________________________ 

David R. Koos

Chief Executive Officer

 

 

By: David R. Koos

_________________________

David R. Koos

Employee 

    	 

    	 

    

Schedule
1.

Employer:
Regen BioPharma, Inc.

 

Location:
Company Headquarters and any remote offices

 

Description:

 

The Chief Executive
Officer day to day duties include:

 

		·	Coordinating
                                         the Company’s various fundraising initiatives.

		·	Overseeing
                                         the generation and maintenance of the Company’s financial records, including all
                                         audit and tax filings.

		·	Reviewing
                                         and executing all key contracts that the Company enter into in order to maximize opportunity
                                         and minimize risk for the Company.

		·	Analyzing
                                         both Company and Industry/Peer Group Financial Data;

		·	Coordinating
                                         the Company’s risk management program. for the Company.

		·	Management
                                         of the overall company and all its employees and consultants

		·	Set
                                         corporate policies, procedures and protocols

		·	Legal
                                         compliance oversight

		·	Corporate
                                         planning and implementation

		·	Corporate
                                         governance

		·	Develops
                                         public image and corporate brand

 

Position
Responsibilities:

 

		1.	This
                                         position reports directly to the Company’s Board of Directors and is solely responsible
                                         for implementing its policies, procedures and other such directives.

 

		2.	Provides
                                         oversight for the Company’s Board of Directors in all aspects of corporate governance.
                                         

 

		3.	Reviews
                                         and executes all key contracts and partnership agreements and assigns appropriate employees
                                         and consultants to assist in the vetting of such agreements.

 

		4.	Coordinate
                                         the development of an Industry/Peer Group database of key information/contacts in order
                                         to maximize the Company’s strategic alliance opportunities.

 

		5.	Oversees
                                         the development and implementation of the Company’s risk management program, including
                                         all types of insurance, adherence to local, state or federal regulations, and internal
                                         risk management policies.

 

		6.	Perform
                                         other duties as required by the Board of Directors. 

 

		7.	Perform
                                         other responsibilities as mandated by pertinent local, state or federal regulations.

 

    	 

    	 

    

Schedule
2.

Vesting
Schedule for signing shares

Signing
Shares may not be sold, transferred, assigned, pledged or otherwise encumbered or disposed of by Employee (“Transfer Restriction”)
until 18 months of constant employment have expired from the date of the full execution of this agreement.WYN-EX10.17_2014.12.31-10K

Exhibit 10.17
EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”), dated as of November 13, 2014, is hereby made by and between Wyndham Worldwide Corporation, a Delaware corporation (the “Company”), and Gail Mandel (the “Executive”).
WHEREAS, the Company desires to employ the Executive, and the Executive desires to serve the Company, in accordance with the terms and conditions of this Agreement.
NOW THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:
SECTION I
EFFECTIVENESS
This Agreement will be deemed effective and enforceable by the parties hereto as of the Effective Date (as defined below).
SECTION II
EMPLOYMENT; POSITION AND RESPONSIBILITIES
During the Period of Employment (as defined in Section III below) the Company agrees to employ the Executive and the Executive agrees to be employed by the Company in accordance with the terms and conditions set forth in this Agreement. 
During the Period of Employment, the Executive will serve as the Chief Executive Officer of the Company’s exchange and rentals business (“WER”) and will report to, and be subject to the direction of, the Chief Executive Officer of the Company (the “Supervising Officer”).  The Executive will perform such duties and exercise such supervision with regard to the business of the Company as are associated with her position, such as exercising responsibility for the exchange and rentals segment results, as well as such reasonable additional duties as may be prescribed from time to time by the Supervising Officer. The Executive will, during the Period of Employment, devote substantially all of her time and attention during normal business hours to the performance of services for the Company, or as otherwise directed by the Supervising Officer from time to time. The Executive will maintain a primary office and generally conduct her business in Parsippany, New Jersey, except for customary business travel in connection with her duties hereunder.

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SECTION III
PERIOD OF EMPLOYMENT
The period of the Executive’s employment under this Agreement (the “Period of Employment”) will begin on November 13, 2014 (the “Effective Date”) and will end on November 13, 2017, subject to earlier termination as provided in this Agreement.  No later than 180 days prior to the expiration of the Period of Employment, the Company and the Executive will commence a good faith negotiation regarding extending the Period of Employment; provided, that neither party hereto will have any obligation hereunder or otherwise to consummate any such extension or enter into any new agreement relating to the Executive’s employment with the Company.  For the avoidance of doubt, the Executive will not be entitled to payments pursuant to Section VI of this Agreement by reason of the Company electing to not extend this Agreement or enter into a new agreement with the Executive to extend the Period of Employment.
SECTION IV
COMPENSATION AND BENEFITS

For all services rendered by the Executive pursuant to this Agreement during the Period of Employment, including services as an executive officer, director or committee member of the Company or any subsidiary or affiliate of the Company, the Executive will be compensated as follows:
A.    Base Salary.
During the Period of Employment, the Company will pay the Executive base salary at an annual rate equal to five hundred and twenty thousand dollars ($520,000) commencing effective on the Effective Date, subject to annual increases as the Compensation Committee (the “Committee”) of the Company’s Board of Directors (the “Board”), deems appropriate in its sole discretion (“Base Salary”).  Base Salary will be payable according to the customary payroll practices of the Company.
B.    Annual Incentive Awards.
The Executive will be eligible to earn an annual incentive compensation award in respect of each fiscal year of the Company during the Period of Employment, subject to the Committee’s discretion to grant such awards, based upon a target award opportunity equal to 100% of Base Salary earned during each such year, effective March 28, 2014 (and 50% prior to that date, with any Annual Incentive Award paid for fiscal 2014 to be prorated), and subject to the terms and conditions of the annual incentive plan covering employees of the Company, and further subject to attainment by the Company and/or the WER segment of such performance goals, criteria or targets established and certified by the Committee in its sole discretion in respect of each such fiscal year (each such annual incentive, an “Incentive Compensation Award”), provided that the Executive’s bonus targets relating to Incentive Compensation Awards will be based upon targets substantially equivalent to those applicable to other comparable senior executive officers (excluding the Supervising Officer).  

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Solely for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), the Executive will continue to participate in the Global Annual Incentive Plan as a non-SEL level participant until the commencement of the performance period for any annual incentive plan that may be established for the 2015 fiscal year.  Any earned Incentive Compensation Award will be paid to the Executive at such time as will be determined by the Committee, but in no event later than the last day of the calendar year following the calendar year with respect to which the performance targets relate.
C.    Long Term Incentive Awards.
The Executive will be eligible for long term incentive awards as determined by the Committee, and the Executive will participate in such grants at a level commensurate with her position as a senior executive officer of the Company. For purposes of this Agreement, awards described in this paragraph are referred to as “Long Term Incentive Awards.” Any Long Term Incentive Awards will vest as determined by the Committee, including with respect to any performance-based conditions applicable to vesting, in its sole and absolute discretion, and will be subject to the terms and conditions of the Company’s 2006 Equity and Incentive Plan (restated as of February 27, 2014) and any amended or successor plan thereto (the “Equity Plan”) and the applicable agreement evidencing such award as determined by the Committee.
During the first quarter of 2015, the Executive will be awarded, subject to Committee approval, the following equity awards constituting her Long Term Incentive Awards for the 2015 fiscal year: (i) time-based restricted stock units (“RSU 2015 Annual Grant”), with the number of such units determined by dividing a grant value of no less than $1,500,000 by the closing market price of the Company’s common stock on the date of grant and (ii) an LTIP modifier award consisting of performance-vested restricted stock units, with the number of such units determined by dividing an amount equal to 50% of the grant value of her 2015 RSU Annual Grant by the closing market price of the Company’s stock on the date of grant, the vesting of which will be subject to attainment by the Company over the specified performance period of performance goals established and certified by the Committee in its sole discretion.  Each such award will be subject to the terms and conditions of the Equity Plan and the applicable agreement evidencing such award as determined by the Committee.
D.    Employee Benefits.
During the Period of Employment, the Company will provide the Executive with employee benefits generally offered to all eligible full-time employees of WER, and with perquisites generally offered to similarly situated senior executive officers of the Company, subject to the terms of the applicable employee benefit plans or policies of WER and/or the Company.
E.    Expenses.
During the Period of Employment, the Company will reimburse the Executive for reasonable business expenses incurred by the Executive in connection with the performance of her duties and obligations under this Agreement, subject to Executive’s compliance with such limitations and reporting requirements with respect to expenses as may be established by the Company from time 

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to time. The Company will reimburse all taxable business expenses to the Executive promptly following submission but in no event later than the last day of the Executive’s taxable year following the taxable year in which the expenses are incurred.
SECTION V
DEATH AND DISABILITY
The Period of Employment will end upon the Executive’s death. If the Executive becomes Disabled (as defined below) during the Period of Employment, the Period of Employment may be terminated at the option of the Executive upon notice of resignation to the Company, or at the option of the Company upon notice of termination to the Executive. For purposes of this Agreement, “Disability” will have the meaning set forth in Section 409A of the Code, and the rules and regulations promulgated thereunder (“Code Section 409A”). The Company’s obligation to make payments to the Executive under this Agreement will cease as of such date of termination due to death or Disability, except for Base Salary earned but unpaid and any Incentive Compensation Awards earned but unpaid for a prior completed fiscal year, if any, as of the date of such termination, which will be paid in accordance with the terms set forth in Sections IV-A and IV-B, respectively. Notwithstanding the foregoing, the Company will not take any action with respect to the Executive’s employment status pursuant to this Section V earlier than the date on which the Executive becomes eligible for long-term disability benefits under the terms of the Company’s long-term disability plan in effect from time to time. 
SECTION VI
EFFECT OF TERMINATION OF EMPLOYMENT
A.    Without Cause Termination and Constructive Discharge. If the Executive’s employment terminates during the Period of Employment due to either a Without Cause Termination or a Constructive Discharge (each as defined below), the Company will pay or provide the Executive, as applicable (or her surviving spouse, estate or personal representative, as applicable), subject to Section XIX:
i    a lump sum payment equal to 200% multiplied by the sum of (x) the Executive’s then current Base Salary, plus (y) an amount equal to the highest Incentive Compensation Award paid to the Executive with respect to the three fiscal years of the Company immediately preceding the fiscal year in which Executive’s termination of employment occurs, but in no event will the amount set forth in this subsection (y) exceed 100% of the Executive’s then current Base Salary;
ii.    subject to Section VI-D below, (x) all time-based Long Term Incentive Awards (including all stock options and stock appreciation rights) granted on or after the Effective Date which would have otherwise vested within one (1) year following the Executive’s termination of employment, will vest upon the Executive’s termination of employment; and (y) any performance-based Long Term Incentive Awards (including restricted stock units but excluding stock options and stock appreciation rights) granted on or after the Effective Date, will vest and be paid on a pro 

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rata basis (to the extent that the performance goals applicable to the Long Term Incentive Award are achieved), with such proration to be determined based upon the portion of the full performance period during which the Executive was employed by the Company plus 12 months (or, if less, assuming employment for the entire performance period), with the payment of any such vested performance-based Long Term Incentive Awards to occur at the time that the awards vest and are paid to employees generally. The provisions relating to Long Term Incentive Awards set forth in this Section will not supersede or replace any provision or right of the Executive relating to the acceleration of the vesting of such awards in the event of a change in control of the Company or the Executive’s death or disability, whether pursuant to an applicable stock plan document or award agreement;
iii.    a two year post-termination exercise period (but in no event beyond the original expiration date) for all vested and outstanding stock appreciation rights and options held by the Executive on the date of termination; and
iv.    any of the following amounts that are earned but unpaid through the date of such termination: (x) Incentive Compensation Award for a prior completed fiscal year and (y) Base Salary.
B.    Termination for Cause; Resignation. If the Executive’s employment terminates due to a Termination for Cause or a Resignation, Base Salary earned but unpaid as of the date of such termination will be paid to the Executive in accordance with Section VI-D below.  Outstanding stock options and other equity awards held by the Executive as of the date of termination will be treated in accordance with their terms.  
C.    For purposes of this Agreement, the following terms have the following meanings:
i.    “Termination for Cause” means a termination of the Executive’s employment by the Company due to (a) the Executive’s willful failure to substantially perform her duties as an employee of the Company or any of its subsidiaries (other than any such failure resulting from incapacity due to physical or mental illness) or material breach of the Company’s Code of Conduct, (b) any act of fraud, misappropriation, dishonesty, embezzlement or similar conduct against the Company or any of its subsidiaries, (c) the Executive’s conviction or plea of nolo contendere for a felony (or its state law equivalent) or any crime involving moral turpitude or dishonesty (which conviction, due to the passage of time or otherwise, is not subject to further appeal), (d) the Executive’s gross negligence in the performance of her duties or (e) the Executive purposely or negligently makes a false certification regarding the Company’s financial statements. The Company will provide written notice to the Executive of its intention to terminate the Executive’s employment and that such termination is a Termination for Cause, along with a description of the Executive’s conduct that the Company believes gives rise to the Termination for Cause, and provide the Executive with a period of fifteen (15) days to cure such conduct (unless the Company reasonably determines in its sole discretion that the Executive’s conduct is not subject to cure) and/or challenge the Company’s determination that such termination was a Termination for Cause; provided, however, that (i) the determination of whether such conduct has been cured and/or gives rise to a Termination for Cause will be made by the Company in its sole discretion and (ii) the Company will be entitled 

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to immediately and unilaterally restrict or suspend the Executive’s duties during such fifteen (15) day period pending such determination.

ii.    “Constructive Discharge” means, without the consent of the Executive, (a) any material breach by the Company of the terms of this Agreement, (b) a material diminution in Base Salary, (c) a material diminution in the Executive’s authority, duties or responsibilities, (d) a relocation of the Executive’s primary office to a location more than fifty (50) miles from her then current primary business office or (e) in connection with a transaction described in Section XII below, the failure of the acquiring company to assume this Agreement for any reason. The Executive will provide the Company a written notice that describes the circumstances being relied on for such termination with respect to this Agreement within thirty (30) days after the event, circumstance or condition giving rise to the notice. The Company will have thirty (30) days after receipt of such notice to remedy the situation prior to the termination for Constructive Discharge.

iii.    “Without Cause Termination” or “Terminated Without Cause” means termination of the Executive’s employment by the Company other than due to death, Disability, or Termination for Cause.

iv.    “Resignation” means a termination of the Executive’s employment by the Executive, other than in connection with a Constructive Discharge.

D.    Conditions to Payment and Acceleration. In the event of a termination under this Section VI, any earned but unpaid Base Salary as of the date of such termination will be paid in accordance with Section IV-A, and in the event of a Termination Without Cause or a Constructive Discharge, any earned but unpaid Incentive Compensation Award for a prior completed fiscal year as of the date of such termination will be paid in accordance with Section IV-B.  All payments due to the Executive under Sections VI-A(i) will be made to the Executive in a lump sum no later than the 60th day following the date of termination; provided however, that (i) all payments and benefits under Sections VI-A(i) - (iii) will be subject to, and contingent upon, the execution by the Executive (or her beneficiary or estate) of a release of claims against the Company and its affiliates in such reasonable form determined by the Company in its sole discretion and (ii) in the event that the period during which the Executive is entitled to consider the general release (and to revoke the release, if applicable) spans two calendar years, then any payment that otherwise would have been payable during the first calendar year will in no case be made until the later of (A) the end of the revocation period (assuming that the Executive does not revoke), or (B) the first business day of the second calendar year (regardless of whether the Executive used the full time period allowed for consideration), all as required for purposes of Code Section 409A. The payments due to the Executive under Section VI-A will be in lieu of any other severance benefits otherwise payable to the Executive under any severance plan of the Company or its affiliates. 

SECTION VII

OTHER DUTIES OF THE EXECUTIVE
DURING AND AFTER THE PERIOD OF EMPLOYMENT

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A.    The Executive will, with reasonable notice during or after the Period of Employment, furnish information as may be in her possession and fully cooperate with the Company and its affiliates as may be requested in connection with any claims or legal action in which the Company or any of its affiliates is or may become a party. After the Period of Employment, the Executive will cooperate as reasonably requested with the Company and its affiliates in connection with any claims or legal actions in which the Company or any of its affiliates is or may become a party. The Company agrees to reimburse the Executive for any reasonable out-of-pocket expenses incurred by Executive by reason of such cooperation, including any loss of salary due, and the Company will make reasonable efforts to minimize interruption of the Executive’s life in connection with her cooperation in such matters as provided for in this Section VII-A.
B.    The Executive recognizes and acknowledges that all information pertaining to this Agreement or to the affairs; business; results of operations; accounting methods, practices and procedures; members; acquisition candidates; financial condition; clients; customers or other relationships of the Company or any of its affiliates (“Information”) is confidential and is a unique and valuable asset of the Company or any of its affiliates. Access to and knowledge of certain of the Information is essential to the performance of the Executive’s duties under this Agreement. The Executive will not during the Period of Employment or thereafter, except to the extent reasonably necessary in performance of her duties under this Agreement, give to any person, firm, association, corporation, or governmental agency any Information, except as may be required by law. The Executive will not make use of the Information for her own purposes or for the benefit of any person or organization other than the Company or any of its affiliates. The Executive will also use her best efforts to prevent the disclosure of this Information by others. All records, memoranda, etc. relating to the business of the Company or its affiliates, whether made by the Executive or otherwise coming into her possession, are confidential and will remain the property of the Company or its affiliates.
C.
i.    During the Period of Employment (as may be extended from time to time) and the Post Employment Period (as defined below and, together with the Period of Employment, the “Restricted Period”), irrespective of the cause, manner or time of any termination, the Executive will not use her status with the Company or any of its affiliates to obtain loans, goods or services from another organization on terms that would not be available to her in the absence of her relationship to the Company or any of its affiliates.
ii.    During the Restricted Period, the Executive will not make any statements intended to or which reasonably could have the effect of in any way injuring the interests of the Company or any of its affiliates. During the Restricted Period, the Executive, will not, without the express prior written consent of the Company which may be withheld in the Company’s sole and absolute discretion, engage in, or directly or indirectly (whether for compensation or otherwise), own or hold any proprietary interest in, manage, operate, or control, or join or participate in the ownership, management, operation or control of, or furnish any capital to or be connected in any manner with, any party or business which competes with the business of the Company or any of its affiliates, as such business or businesses may be conducted from time to time, either as a general or limited partner, proprietor, common or preferred shareholder, officer, director, agent, employee, 

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consultant, trustee, affiliate, or otherwise. The Executive acknowledges that the Company’s and its affiliates’ businesses are conducted nationally and internationally and agrees that the provisions in the foregoing sentence will operate throughout the United States and the world.  
iii.    During the Restricted Period, the Executive will not, without the express prior written consent of the Company which may be withheld in the Company’s sole and absolute discretion, directly or indirectly, request or advise any then current client, customer or supplier of the Company to withdraw, curtail or cancel its business with the Company or any of its affiliates, or solicit or contact any such client, customer or supplier with a view to inducing or encouraging such client, customer or supplier to discontinue or curtail any business relationship with the Company or any of its affiliates.  The Executive will not have discussions with any employee of the Company or any of its affiliates regarding information or plans for any business intended to compete with the Company or any of its affiliates.
iv.    During the Restricted Period, the Executive will not, without the express prior written consent of the Company which may be withheld in the Company’s sole and absolute discretion, interfere directly or indirectly with the employees or affairs of the Company or any of its affiliates, or directly or indirectly cause, solicit, entice or induce (or endeavor to cause, solicit, entice or induce) any present or future employee or independent contractor of the Company or any of its affiliates to leave the employ of, or otherwise terminate its relationship with, the Company or any of its affiliates or to accept employment with, provide services to or receive compensation from the Executive or any person, firm, company, association or other entity with which the Executive is now or may hereafter become associated.  The Executive hereby represents and warrants that the Executive has not entered into any agreement, understanding or arrangement with any employee of the Company or any of its subsidiaries or affiliates pertaining to any business in which the Executive has participated or plans to participate, or to the employment, engagement or compensation of any such employee.
v.    For the purposes of this Agreement, the term “proprietary interest” means legal or equitable ownership, whether through stock holding or otherwise, of an equity interest in a business, firm or entity, or ownership of any class of equity interest in a publicly-held company (unless such ownership of a publicly-held company is 5% or less); the term “affiliate” includes without limitation all subsidiaries and licensees of the Company; and the term, “Post Employment Period” means either (1) if the Executive’s employment terminates for any reason at such time following the expiration of the Period of Employment hereunder, a period of one year following the Executive’s termination of employment; or (2) if the Executive’s employment terminates during the Period of Employment hereunder, a period of two years following the Executive’s termination of employment.
D.    The Executive hereby acknowledges that damages at law may be an insufficient remedy to the Company if the Executive violates the terms of this Agreement and that the Company will be entitled, upon making the requisite showing, to preliminary and/or permanent injunctive relief in any court of competent jurisdiction to restrain the breach of or otherwise to specifically enforce any of the covenants contained in this Section VII without the necessity of posting any bond or showing any actual damage or that monetary damages would not provide an adequate remedy. 

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Such right to an injunction will be in addition to, and not in limitation of, any other rights or remedies the Company may have. Without limiting the generality of the foregoing, neither party will oppose any motion the other party may make for any expedited discovery or hearing in connection with any alleged breach of this Section VII.
E.    The period of time during which the provisions of this Section VII will be in effect will be extended by the length of time during which the Executive is in breach of the terms hereof as determined by any court of competent jurisdiction on the Company’s application for injunctive relief.
F.    The Executive agrees that the restrictions contained in this Section VII are an essential element of the compensation the Executive is granted hereunder and but for the Executive’s agreement to comply with such restrictions, the Company would not have entered into this Agreement.
SECTION VIII
INDEMNIFICATION
The Company will indemnify the Executive to the fullest extent permitted by the laws of the state of the Company’s incorporation in effect at that time, or the certificate of incorporation and by-laws of the Company, whichever affords the greater protection to the Executive (including payment of expenses in advance of final disposition of a proceeding as permitted by such laws, certificate of incorporation or by-laws).
SECTION IX
MITIGATION
The Executive will not be required to mitigate the amount of any payment provided for hereunder by seeking other employment or otherwise, nor will the amount of any such payment be reduced by any compensation earned by the Executive as the result of employment by another employer after the date the Executive’s employment hereunder terminates.
SECTION X
WITHHOLDING TAXES
The Executive acknowledges and agrees that the Company may directly or indirectly withhold from applicable payments under this Agreement all federal, state, city or other taxes that will be required pursuant to any law or governmental regulation.
SECTION XI
EFFECT OF PRIOR AGREEMENTS

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Upon the Effective Date, this Agreement will be deemed to have superseded and replaced each prior employment or consultant agreement between the Company (and/or its affiliates, including without limitation, Cendant and its respective predecessors) and the Executive.
SECTION XII
CONSOLIDATION, MERGER OR SALE OF ASSETS
Nothing in this Agreement will preclude the Company from consolidating or merging into or with, or transferring all or substantially all of its assets to, another corporation.  
SECTION XIII
MODIFICATION
This Agreement may not be modified or amended except in writing signed by the parties. No term or condition of this Agreement will be deemed to have been waived except in writing by the party charged with waiver. A waiver will operate only as to the specific term or condition waived and will not constitute a waiver for the future or act as a waiver of anything other than that which is specifically waived.
SECTION XIV
GOVERNING LAW
This Agreement has been executed and delivered in the State of New Jersey and its validity, interpretation, performance and enforcement will be governed by the internal laws of that state.
SECTION XV
ARBITRATION
A.    Any controversy, dispute or claim arising out of or relating to this Agreement or the breach hereof (other than with respect to the matters covered by Section VII for which the Company may, but will not be required to, seek injunctive relief) will be finally settled by binding arbitration in accordance with the Federal Arbitration Act (or if not applicable, the applicable state arbitration law) as follows: Any party who is aggrieved will deliver a notice to the other party setting forth the specific points in dispute. Any points remaining in dispute twenty (20) days after the giving of such notice may be submitted to arbitration in New Jersey, to the American Arbitration Association, before a single arbitrator appointed in accordance with the arbitration rules of the American Arbitration Association, modified only as herein expressly provided. After the aforesaid twenty (20) days, either party, upon ten (10) days notice to the other, may so submit the points in dispute to arbitration. The arbitrator may enter a default decision against any party who fails to participate in the arbitration proceedings.
B.    The decision of the arbitrator on the points in dispute will be final and binding, and judgment on the award may be entered in any court having jurisdiction thereof.

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C.    Except as otherwise provided in this Agreement, the arbitrator will be authorized to apportion its fees and expenses and the reasonable attorneys’ fees and expenses of any such party as the arbitrator deems appropriate. In the absence of any such apportionment, the fees and expenses of the arbitrator will be borne equally by each party, and each party will bear the fees and expenses of its own attorney.
D.    The parties agree that this Section XV has been included to rapidly and inexpensively resolve any disputes between them with respect to this Agreement, and that this Section XV will be grounds for dismissal of any court action commenced by either party with respect to this Agreement, other than post-arbitration actions seeking to enforce an arbitration award. In the event that any court determines that this arbitration procedure is not binding, or otherwise allows any litigation regarding a dispute, claim, or controversy covered by this Agreement to proceed, the parties hereto hereby waive any and all right to a trial by jury in or with respect to such litigation.
E.    The parties will keep confidential, and will not disclose to any person, except as may be required by law, the existence of any controversy hereunder, the referral of any such controversy to arbitration or the status or resolution thereof.
SECTION XVI
SURVIVAL
Sections VII, VIII, IX, XI, XII, XIII, XIV, XV, XVI will continue in full force in accordance with their respective terms notwithstanding any termination of the Period of Employment.
SECTION XVII
SEPARABILITY
All provisions of this Agreement are intended to be severable. In the event any provision or restriction contained herein is held to be invalid or unenforceable in any respect, in whole or in part, such finding will in no way affect the validity or enforceability of any other provision of this Agreement. The parties hereto further agree that any such invalid or unenforceable provision will be deemed modified so that it will be enforced to the greatest extent permissible under law, and to the extent that any court of competent jurisdiction determines any restriction herein to be unreasonable in any respect, such court may limit this Agreement to render it reasonable in the light of the circumstances in which it was entered into and specifically enforce this Agreement as limited.
SECTION XVIII
NO CONFLICTS
The Executive represents and warrants to the Company that she is not a party to or otherwise bound by any agreement or arrangement (including, without limitation, any license, covenant, or commitment of any nature), or subject to any judgment, decree, or order of any court or administrative agency, that would conflict with or will be in conflict with or in any way preclude, 

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limit or inhibit the Executive’s ability to execute this Agreement or to carry out her duties and responsibilities hereunder.
SECTION XIX
SECTION 409A OF THE CODE
A.    Section 409A. Although the Company does not guarantee to the Executive any particular tax treatment relating to the payments and benefits under this Agreement, it is intended that such payments and benefits be exempt from, or comply with, Code Section 409A and this Agreement will be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A.
B.    Separation From Service. A termination of employment will not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of amounts or benefits subject to Code Section 409A upon or following a termination of employment unless such termination is also a “Separation from Service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “termination of employment” or like terms will mean Separation from Service.
C.    Reimbursement. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A, (i) the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another benefit and (ii) the amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year will not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, provided, that the foregoing clause will not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject to a limit related to the period the arrangement is in effect.
D.    Specified Employee. If the Executive is deemed on the date of termination of employment to be a “specified employee” within the meaning of that term under Section 409A(a)(2)(B) of the Code and using the identification methodology selected by the Company from time to time, or if none, the default methodology, then:
i.    With regard to any payment, the providing of any benefit or any distribution of equity that constitutes “deferred compensation” subject to Code Section 409A, payable upon separation from service, such payment, benefit or distribution will not be made or provided prior to the earlier of (x) the expiration of the six-month period measured from the date of the Executive’s Separation from Service or (y) the date of the Executive’s death; and
ii.    On the first day of the seventh month following the date of the Executive’s Separation from Service or, if earlier, on the date of death, (x) all payments delayed pursuant to this Section XVIII will be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement will be paid or provided in accordance with the normal dates specified for them herein and (y) all distributions of equity delayed pursuant to this Section XVIII will be made to the Executive.

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E.    Company Discretion.  Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment will be made within 60 days following the date of termination”), the actual date of payment within the specified period will be within the sole discretion of the Company and the number of days referenced will refer to the number of calendar days.
F.    Compliance.  Notwithstanding anything herein to the contrary, in no event whatsoever will the Company or any of its affiliates be liable for any additional tax, interest or penalties that may be imposed on the Executive by Code Section 409A or any damages for failing to comply with Code Section 409A.

[Signature Page Follows]

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

WYNDHAM WORLDWIDE CORPORATION

By:  /s/ Mary R. Falvey    
Name:    Mary R. Falvey
Title:    Executive Vice President and 
Chief Human Resources Officer

/s/ Gail Mandel    
Gail Mandel

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