Document:

Exhibit 10.35

 

March 9, 2016

	Re:	Separation Agreement and Release of All Claims

Dear Georgia:

	1.	This letter will confirm our agreement (“Agreement”) concerning your separation from employment with Asterias Biotherapeutics, Inc. (“Asterias” or “Company”).

	2.	Your employment with Asterias will terminate on March 10, 2016. (“Separation Date”) Your Employment Agreement will also terminate on your Separation Date. Your termination of employment will be treated as a resignation.

	3.	There is no material dispute between the parties.

	4.	Within five (5) business days of the Effective Date of this Agreement, Asterias will pay you Severance in the amount of $82,500, less withholding.

	5.	Within five (5) business days of the Effective Date of this Agreement, Asterias will also pay you $27,500, less withholding, which represents your total potential bonus opportunity.

	6.	On your Separation Date you will be paid all accrued but unpaid wages ($11,423.08) and accrued but unused vacation ($6,598.57), all less withholding, irrespective of whether you sign this Agreement.

	7.	On or before March 31, 2016, you will deliver to Asterias’ Chief Executive Officer an expense report for reasonable and necessary business expenses you have incurred since you submitted your last expense report. The expense report shall have attached supporting documentation. Such reasonable and necessary business expenses shall be paid to you within ten (10) business days of your delivery of the expense report to the Chief Executive Officer.

	8.	The parties agree that they will not interfere with existing or prospective business relationships of the other.

6300 Dumbarton Circle, Fremont, CA 94555

Tel: (510) 456-3800

	9.	Within two (2) business days of your Separation Date, you will return all equipment and other property belonging to Asterias and its related companies, and all originals and copies of confidential information (in any and all media and formats, and including any document or other item containing confidential information) in your possession or control, and all of the following (in any and all media and formats, and whether or not constituting or containing confidential information) in your possession or control: (a) lists and sources of customers; (b) proposals or drafts of proposals for any research grant, research or development project or program, marketing plan, licensing arrangement, or other arrangement with any third party; (c) reports, job or laboratory notes, specifications, and drawings pertaining to the research, development, products, patents, and technology of Asterias and its related companies; (d) any and all intellectual property developed by you during the course of employment; and (e) the Asterias employment manual and memoranda related to the Company’s policies and procedures.

	10.	In consideration for the payment in paragraph 3 above, you fully release Asterias and its related and/or affiliated companies, their past and present agents, employees, officers, directors and representatives (“Releasees”) from all rights, claims and actions of any kind which you have or may have against Releasees arising out of your employment with or separation from Asterias, through action of law, statute, constitution or contract, including, but not limited to, claims for wrongful discharge and claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Employee Retirement Income Security Act, the Fair Employment and Housing Act, and the California Labor Code. The foregoing statutory and common-law theories are recited only as examples. This release extends to all claims, which may be lawfully released by you, whether included in the list or not.

	11.	You agree not to file any suit or complaint against Releasees relating to your employment with Asterias, the severance of that relationship, or any cause of action or event that arose prior to the date of this Agreement or that is contemplated by this Agreement. Nothing in this Agreement is intended to prevent you from filing charges with administrative agencies such as the Equal Employment Opportunity Commission (“EEOC”), or the Securities & Exchange Commission (“SEC”) or from participating in any investigation by such an agency. You agree, however, that this Agreement precludes any subsequent individual non-governmental legal action by you or on your behalf against Releasees and that the payments received pursuant to this Agreement constitute a full accord and satisfaction of any individual claims against Releasees. Nothing in this Agreement shall prevent you from bringing claims that may not be individually released by you.

	12.	You expressly waive all rights under section 1542 of the California Civil Code, which reads as follows:

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

 

	13.	You affirm that you have no pending legal actions against Asterias or Releasees and that you have not sustained any workplace injuries or illnesses that are not the subject of a previously filed workers' compensation claim.

	14.	You acknowledge and agree that during your employment, and with the payments provided in paragraphs 4, 5, 6 and 7, above, you have received all of the pay and benefits to which you were entitled under Asterias policy and by law, that you have been reimbursed for all business expenses you incurred during your employment with Asterias, and that you are not entitled to any other compensation, benefits or payments.

	15.	Nothing in this Agreement shall be considered as an admission of fault by any party or construed as an admission of liability on the part of any of the parties to this Agreement.

	16.	You agree to waive any and all rights to reinstatement of employment with Asterias and its related or affiliated companies and agree that Asterias and its related or affiliated companies may reject without cause any application for employment made by you.

	17.	You fully understand that if any facts with respect to this Agreement, or your prior treatment by, relationship with or employment with Asterias, be found in the future to be other than or different from the facts now assumed by you to be true, you expressly accept and assume the risk of such possible difference of facts and agree that this Agreement shall remain effective notwithstanding such difference in facts or belief.

	18.	You acknowledge access to and receipt of confidential business and proprietary information regarding Asterias and its clients while working for the Company. This information may be in a variety of paper and electronic forms. You agree not to make any such information known to any member of the public and to comply with all applicable ethical responsibilities.

	19.	You agree to cooperate with Releasees regarding any pending or subsequently filed litigation claims or other disputes involving Releasees that relate to matters within your knowledge or responsibility and in which you are not a party. Without limiting the foregoing, you agree (i) to meet with Releasees’ representatives, their counsel or other designees at mutually convenient times and places with respect to any items within the scope of this provision; (ii) to provide truthful testimony regarding same to any court, agency, or other adjudicatory body; and (iii) to provide Asterias with notice of contact by any adverse party or such adverse party’s representative, except as may be required by law. Asterias will reimburse you for reasonable expenses in connection with the cooperation described in this paragraph.

	20.	By signing this Agreement you acknowledge that:

		(a)	You understand that you have twenty-one (21) days from the date you received this Agreement to consider whether to enter into this Agreement. You may enter into this Agreement before the 21-day consideration period expires, but by doing so you acknowledge that Asterias has in no way pressured or encouraged you to do so.

 

		(b)	Any changes, whether material or immaterial, to this Agreement do not restart the twenty-one (21) day period.

		(c)	You have been advised in writing to have counsel of your choice review this Agreement.

		(d)	The lump sum payment described in Paragraph 3 above is in addition to anything to which you are otherwise entitled.

		(e)	You intend to release all potential claims of discrimination, including age discrimination.

		(f)	You intend that this Agreement is a binding waiver of claims against Releasees.

	21.	You have seven (7) calendar days following the execution of this Agreement to revoke this Agreement. This Agreement will not become effective or enforceable until the revocation period has expired. The eighth (8th) calendar day following your execution of this Agreement and your delivery of the Agreement to the Company’s Chief Executive Officer will be the Effective Date of this Agreement. If you seek to revoke within seven

(7) calendar days following your execution of this Agreement, such revocation must be in writing and delivered to the Company’s Chief Executive Officer, by the seventh (7th) calendar day following your execution of this Agreement.

	22.	This Agreement constitutes the complete and total agreement between you and Asterias regarding your employment or separation from employment and supersedes any other agreements between the Parties. If any provision or term of this Agreement is found to be invalid or unenforceable, the validity of the remaining provisions or terms shall not be affected.

	23.	You understand that the release of claims described in this Agreement extends to matters which have occurred up until you sign this Agreement and to matters which are contemplated by this Agreement, including your separation from employment.

	24.	Provided you fully understand and agree to the terms of this Agreement, please sign this letter in the space provided below and return it to the Company’s Chief Executive Officer at 6500 Dumbarton Circle, Fremont, CA 94555.

	
/s/ Stephen L. Cartt

	 
	
Stephen L. Cartt

	 
	
President and Chief Executive Officer

	
Asterias Biotherapeutics, Inc.

I have read and understand the foregoing, and agree to its terms.

 

	Date:	
March 21, 2016

	 
	 	 	 
	
/s/ Georgia Erbez

	 
	
Georgia ErbezEX-10.1

 Exhibit 10.1 
  

 
 March 24, 2016 

Mr. A.J. Cederoth 
 Dear A.J., 

I am pleased to extend an offer to you for the position of Senior Vice President & Chief Financial Officer with Career Education Corporation, with a
hire date of April 1, 2016, reporting directly to me. This offer is contingent upon successful completion of reference and background checks, and as per our standard protocol for senior officers, final approval by the Compensation Committee of
the Board of Directors and the execution of a non-compete agreement. The terms of our offer are as follows: 
  

	 	1.	The salary for the position will initially be $425,000.00 on an annualized basis. This salary amount may be increased from time to time by the Compensation Committee. 

 

	 	2.	You will earn vacation at a rate of 20 days per year, earned ratably over the course of the calendar year. 

  

	 	3.	You will be eligible to participate in the benefit programs available to our senior executive employees as soon as you meet the eligibility requirement of each plan. Eligibility begins on the first day of the month
following thirty days of employment for most of our benefits plans. You will receive information about the process for enrolling in these benefits, which must be completed within the first 30 days of employment. 

 

	 	4.	You will be eligible to participate in the 2016 Annual Incentive Award Program (AIP) with a target opportunity of no less than 75% of your eligible earnings for 2016 with a minimum guaranteed payout of $239,062.50.
Eligible earnings are based on base earnings for the performance period, and therefore your 2016 AIP payout determined in accordance with the program will reflect your partial year of service to the Company, subject to the minimum guaranteed payout
set forth in the prior sentence. To be eligible for this bonus, you must be an employee through December 31, 2016. Eligibility for the Annual Incentive Award Program as well as the award target and payout are subject to approval annually by the
Compensation Committee. 

  

	 	5.	You will receive long-term incentive grants with an aggregate target value at grant equal to 125% of your base salary, which is $531,250.00, subject to final approval by Career Education’s Compensation Committee.
This value will be delivered 30% in Stock Options, 20% in Restricted Stock Units (RSUs) and 50% in a Performance-based Award, with such value determined in accordance with the grant calculation methodology established by the Compensation Committee
for determining the size of long-term incentive awards made to other employees. In consideration of receiving these initial grants, and as a term and condition of your employment with Career Education, you will agree to be bound by a 12-month
non-compete agreement, the terms of which will be contained in the award agreements. The Performance-Based Award vests over a 3-year performance period subject to a relative TSR performance measure, the Stock Options and RSUs vest ratably over 4
years. The RSUs will be settled 50% in stock and 50% in cash. Awards will be made as soon as reasonably practical following the 2016 annual meeting of stockholders and in compliance with regulations established by the Securities and Exchange
Commission and Career Education Corporation’s policies (i.e., an award cannot be granted during a blackout period). 

  
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	 	6.	For 2017, you will be eligible to receive long-term incentive (LTI) awards with a target opportunity of no less than 125% of your base salary. LTI awards are made annually, typically during the first quarter.
Eligibility for LTI awards and grant amounts are subject to approval annually by the Compensation Committee. 

  

	 	7.	You will receive a cash sign-on bonus of $7,500.00. This payment will be made within 30 days of your start date and is contingent upon a start date of April 1, 2016. You must pay taxes on the entire bonus
amount.

  

	 	8.	As a senior officer of the company, you will be subject to the Company’s Stock Ownership Guidelines which require that you achieve and maintain a certain level of stock ownership (expressed as a multiple of your
base salary). We believe the guidelines help align the interests of the senior officer team with those of the Company’s stockholders. You will also be subject to the Company’s insider trading, ethics, compensation recovery and other
policies applicable to senior officers of the Company. Due to the nature of your role, you will become an executive officer of the Company subject to Section 16 of the Securities Exchange Act. 

 

	 	9.	You will be eligible to participate in the Career Education Executive Severance Plan (Executive Severance Plan). In the event you are involuntarily terminated (as defined in the Executive Severance Plan), you will
receive, in addition to any other benefits provided under the plan, no less than 12 months of base pay and partial subsidies of COBRA coverage for no less than 12 months, payable in the time and form specified by the terms of the Executive Severance
Plan and contingent upon the execution of a severance or separation agreement. In the event the Executive Severance Plan is amended, modified or replaced following the date of this letter, you will continue to be entitled to severance benefits that
are no less favorable than the benefits currently in effect under the terms of this letter and the Executive Severance Plan. Additionally, for purpose of clarity the definition of “Cause” with respect to your participation in the Executive
Severance Plan will be as defined below, and replace the definition therein. 

  

	 	  	“Cause” means, as reasonably determined by the Board, the occurrence of any one of the following by you: (a) any willful misconduct, gross negligence, willful abandonment of duty or material act of
dishonesty; (b) a violation of the Company’s Code of Ethics for the Executive Officers and Senior Financial Officers or the Company Code of Business Conduct & Ethics, each as amended, restated or superseded; (c) commission of
a felony or any other crime involving fraud or embezzlement; (d) a failure to reasonably cooperate in any investigation or proceeding concerning the Company; or (e) any violation of any non-compete, non-solicit or non-disclosure
restrictive covenant applicable to you. For all purposes, no act or omission to act by you shall be “willful” if such act or omission was conducted in good faith or with a reasonable belief such conduct was in the best interests of the
Company. 

  

	 	10.	Upon the commencement of your employment, the Company and you will enter into the Company’s then current form of Indemnification Agreement applicable to executive officers of the Company and will cover you as an
insured (including coverage after a termination of your employment respecting your acts and omissions occurring during your employment) under any contract of directors and officers liability insurance that covers executive officers as insureds.

  

	 	11.	Sections 9 through 14 of this letter shall survive and remain in effect following the date you terminate employment with the Company. 

 

	 	12.	This letter contains all agreements, and supersedes all other agreements, verbal and written, pertaining to your employment with Career Education Corporation. Employment at Career Education Corporation is at-will and
may be terminated at the will of either you or Career Education Corporation. 

  

	 	13.	The rights and obligations of you and the Company pursuant to this letter shall be governed by the laws of the State of Illinois. 

  
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	 	14.	The terms of this letter will inure to the benefit of and be enforceable by your legal representatives, including payment or provision of any unpaid amount or benefit due you immediately prior to your death. The terms
of this letter will inure to the benefit of and be binding upon the Company and its successors. 

 A.J., I am excited about the prospect of
you joining Career Education Corporation, and look forward to your contributions to our team and to our students. 
 Sincerely, 

Career Education Corporation 
  

			
		
	By:	 	/s/ Todd S. Nelson
		 	Todd S. Nelson
		 	President & Chief Executive Officer

 Accepted and Agreed to: 
  

					
			
	/s/ Andrew J. Cederoth	 		 	March 24, 2016
	A.J. Cederoth	 		 	Date

  
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