Document:

Exhibit

Exhibit 10.37

LANDLORD CONSENT TO SUBLEASE
THIS LANDLORD CONSENT TO SUBLEASE (“Consent Agreement”) is entered into as of December  18, 2015, by and among THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation (“Landlord”), AVAYA INC., a Delaware corporation (“Sublandlord”), and TELENAV, INC., a Delaware corporation (“Subtenant”).
RECITALS:
		
	A.
	Landlord, as landlord, and Sublandlord, as tenant, are parties to that certain Lease Agreement dated August 25, 2011 (as the same may have been amended, the “Lease”), pursuant to which Landlord has leased to Sublandlord certain premises containing approximately 257,155 rentable square feet (the “Premises”) comprised of the following: (i) approximately 41,900 rentable square feet described as Suite No. 100; (ii) approximate 52,268 rentable square feet described as Suite No. 200, (iii) approximate 54,635 rentable square feet described as Suite No. 300, (iv) approximate 53,717 rentable square feet described as Suite No. 400, and (v) approximate 54,635 rentable square feet described as Suite No. 500, of the building located at 4655 Great America Parkway, Santa Clara, California (the “Building”).

		
	B.
	Sublandlord and Subtenant have entered into that certain Sublease dated as of November 11, 2015 attached hereto as Exhibit A (the “Sublease”) pursuant to which Sublandlord has agreed to sublease to Subtenant certain premises described as follows:  Suite No. 300 of the Building, comprising approximately 54,635 rentable square feet (the “Sublet Premises”) constituting a part of the Premises.

		
	C.
	Sublandlord and Subtenant have requested Landlord’s consent to the Sublease.

		
	D.
	Landlord has agreed to give such consent upon the terms and conditions contained in this Consent Agreement.

NOW THEREFORE, in consideration of the foregoing preambles which by this reference are incorporated herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord hereby consents to the Sublease subject to the following terms and conditions, all of which are hereby acknowledged and agreed to by Sublandlord and Subtenant:

		
	1.
	Sublease Agreement.  Sublandlord and Subtenant hereby represent that a true and complete copy of the Sublease is attached hereto and made a part hereof as Exhibit A, and Sublandlord and Subtenant agree that the Sublease with respect to Landlord and/or the Sublet Premises shall not be modified without Landlord’s prior written consent, which consent shall not be unreasonably withheld.

		
	2.
	Representations.  Sublandlord hereby represents and warrants that Sublandlord (i) has full power and authority to sublease the Sublet Premises to Subtenant, (ii) has not transferred or conveyed its interest in the Lease to any person or entity collaterally or otherwise, and (iii) has full power and authority to enter into the Sublease and this Consent Agreement.  Subtenant hereby represents and warrants that Subtenant has full power and authority to enter into the Sublease and this Consent Agreement.

		
	3.
	Indemnity and Insurance.  Subtenant hereby assumes, with respect to Landlord, all of the indemnity and insurance obligations of the Sublandlord under the Lease with respect to the Sublet Premises, provided that the foregoing shall not be construed as relieving or releasing Sublandlord from any 

    

Exhibit 10.37

such obligations.  Notwithstanding the foregoing, to the extent the same is legally permissible, Sublandlord may satisfy such insurance obligation for itself and on behalf of Subtenant.
		
	4.
	No Release.  Nothing contained in the Sublease or this Consent Agreement shall be construed as relieving or releasing Sublandlord from any of its obligations under the Lease, it being expressly understood and agreed that Sublandlord shall remain liable for such obligations notwithstanding anything contained in the Sublease or this Consent Agreement or any subsequent assignment(s), sublease(s) or transfer(s) of the interest of the tenant under the Lease.  Sublandlord shall be responsible for the collection of all rent due it from Subtenant, and for the performance of all the other terms and conditions of the Sublease, it being understood that Landlord is not a party to the Sublease and, notwithstanding anything to the contrary contained in the Sublease, is not bound by any terms, provisions, representations or warranties contained in the Sublease, including, without limitation, Section 29 of the Sublease, and is not obligated to Sublandlord or Subtenant for any of the duties and obligations contained therein.  

		
	5.
	Administrative Fee.  Sublandlord shall pay to Landlord the sum equal to Landlord’s reasonable attorneys’ fees, incurred in consideration for Landlord’s review of the Sublease and the preparation and delivery of this Consent Agreement, pursuant to Section 18.3 of the Lease.  Landlord shall notify Sublandlord of such amount and Sublandlord shall pay such amount to Landlord, as Additional Rent under the Lease, within ten (10) days of such notice from Landlord.  

		
	6.
	No Transfer.  Subtenant shall not further sublease the Sublet Premises, assign its interest as the Subtenant under the Sublease or otherwise transfer its interest in the Sublet Premises or the Sublease to any person or entity without the written consent of Landlord, which Landlord may withhold in its sole discretion.

		
	7.
	Lease.  The parties agree that the Sublease is subject and subordinate to the terms of the Lease, and all terms of the Lease, other than Sublandlord’s obligation to pay Monthly Rent, are incorporated into the Sublease.  In no event shall the Sublease or this Consent Agreement be construed as granting or conferring upon the Sublandlord or the Subtenant any greater rights than those contained in the Lease nor shall there be any diminution of the rights and privileges of the Landlord under the Lease, nor shall the Lease be deemed modified in any respect.  Nothing set forth in this Consent Agreement shall be construed as a consent or approval by Landlord of any alterations, additions or improvements that Subtenant intends to perform pursuant to the Sublease and any such alterations, additions or improvements, including, without limitation, the “Subtenant Improvements” referenced in Section 38 of the Sublease, are subject to the prior approval of Landlord, and full compliance with the terms of the Lease, including without limitation, Article 15 of the Lease.    Without limiting the generality of the foregoing, Landlord shall have the right to require Tenant to remove any alterations, additions or improvements installed in the Sublet Premises in accordance with the terms of Section 16.2 of the Lease.  It is hereby acknowledged and agreed that any provisions in the Sublease which limit the manner in which Sublandlord may amend the Lease are binding only upon Sublandlord and Subtenant as between such parties.  Landlord shall not be bound in any manner by such provisions and may rely upon Sublandlord’s execution of any agreements amending or terminating the Lease subsequent to the date hereof notwithstanding any contrary provisions in the Sublease.  

		
	8.
	Parking and Services. Any parking rights granted to Subtenant pursuant to the Sublease shall be satisfied out of the parking rights, if any, granted to Sublandlord under the Lease.  Sublandlord hereby authorizes Subtenant, as agent for Sublandlord, to obtain services and materials for or related to the Sublet Premises, and Sublandlord agrees to pay for such services and materials as additional 

    

Exhibit 10.37

rent under the Lease upon written demand from Landlord.  However, as a convenience to Sublandlord, Landlord may bill Subtenant directly for such services and materials, or any portion thereof, in which event Subtenant shall pay for the services and materials so billed upon written demand, provided that: (a) such billing shall not relieve Sublandlord from its primary obligation to pay for such services and materials, and (b) Subtenant shall reimburse Sublandord in accordance with Section 15 of the Sublease, and indemnify and hold Sublandlord harmless in accordance with Section 8(d) of the Sublease.
		
	9.
	Attornment.  If the Lease or Sublandlord's right to possession thereunder terminates for any reason prior to expiration of the Sublease, Subtenant agrees, at the written election of Landlord, to attorn to Landlord upon the then executory terms and conditions of the Sublease for the remainder of the term of the Sublease.  In the event of any such election by Landlord, Landlord will not be (a) liable for any rent paid by Subtenant to Sublandlord more than one month in advance, or any security deposit paid by Subtenant to Sublandlord, unless same has been transferred to Landlord by Sublandlord; (b) liable for any act or omission of Sublandlord under the Lease, Sublease or any other agreement between Sublandlord and Subtenant or for any default of Sublandlord under any such documents which occurred prior to the effective date of the attornment; (c) subject to any defenses or offsets that Subtenant may have against Sublandlord which arose prior to the effective date of the attornment; (d) bound by any changes or modifications made to the Sublease without the written consent of Landlord; (e) obligated in any manner with respect to the transfer, delivery, use or condition of any furniture, equipment or other personal property in the Sublet Premises which Sublandlord agreed would be transferred to Subtenant or which Sublandlord agreed could be used by the Subtenant during the term of the Sublease; or (f) liable for the payment of any improvement allowance, or any other payment, credit, offset or amount due from Sublandlord to Subtenant under the Sublease.  If Landlord does not elect to have Subtenant attorn to Landlord as described above, the Sublease and all rights of Subtenant in the Sublet Premises shall terminate upon the date of termination of the Lease or Sublandlord’s right to possession thereunder.  It is all parties' expressed intent that, should the Lease terminate for any reason whatsoever, including the voluntary surrender of same by Sublandlord and the acceptance thereof by Landlord, then the Sublease shall terminate.  This provision is entered into with full knowledge of the case of Buttner v. Kasser (1912) 19 Cal.App. 755, and it is the parties' express intent that the holding of Buttner and similar cases shall not apply to the Sublease. The terms of this Section 9 supercede any contrary provisions in the Sublease.

		
	10.
	Payments Under the Sublease.  If at any time Sublandlord is in default under the terms of the Lease, Landlord shall have the right to contact Subtenant and require Subtenant to pay all rent due under the Sublease directly to Landlord until such time as Sublandlord has cured such default.  Subtenant agrees to pay such sums directly to Landlord if requested by Landlord, and Sublandlord agrees that any such sums paid by Subtenant shall be deemed applied against any sums owed by Subtenant under the Sublease.  Any such sums received by Landlord from Subtenant shall be received by Landlord on behalf of Sublandlord and shall be applied by Landlord to any sums past due under the Lease, in such order of priority as required under the Lease or, if the Lease is silent in such regard, then in such order of priority as Landlord deems appropriate.  The receipt of such funds by Landlord shall in no manner be deemed to create a direct lease or sublease between Landlord and Subtenant.  If Subtenant fails to deliver its Sublease payments directly to Landlord as required herein following receipt of written notice from Landlord as described above, then Landlord shall have the right to remove any signage of Subtenant, at Subtenant’s cost, located outside the Premises or in the Building lobby or elsewhere in the Building and to pursue any other rights or remedies available to Landlord at law or in equity.  

    

Exhibit 10.37

		
	11.
	Excess Rent.  If Landlord is entitled to any excess rent from Sublandlord pursuant to the terms of the Lease, then, in addition to all rent otherwise payable by Sublandlord to Landlord under the Lease, Sublandlord shall also pay to Landlord the portion of the excess rent to which Landlord is entitled under the Lease, in the manner described in the Lease.  Landlord’s failure to bill Sublandlord for, or to otherwise collect, such sums shall in no manner be deemed a waiver by Landlord of its right to collect such sums in accordance with the Lease.  

		
	12.
	ERISA.  Sublandlord and Subtenant each hereby represents, warrants and covenants to Landlord that, as of the date hereof and throughout the term of the Lease, it is not (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), that is subject to Title I of ERISA, (ii) a “plan” as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the “Code”), that is subject to Section 4975 of the Code, or (iii) an entity deemed to hold “plan assets” of any such employee benefit plan or plan.  In addition, Sublandlord and Subtenant each represents, warrants and covenants to Landlord that it is not a “governmental plan” as defined in Section 3(32) of ERISA and is not subject to State statutes regulating investments of and fiduciary obligations with respect to government plans which would be violated by the transactions contemplated by the Lease or this Consent Agreement.

		
	13.
	Authority.  Each signatory of this Consent Agreement represents hereby that he or she has the authority to execute and deliver the same on behalf of the party hereto for which such signatory is acting.  Neither Sublandlord nor Subtenant is, and shall not during the term of the Lease become, a person or entity with whom Landlord is restricted from doing business under the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (commonly known as the “USA Patriot Act”) and Executive Order Number 13224 on Terrorism Financing, effective September 24, 2001 and regulations promulgated pursuant thereto (collectively, “Anti-Terrorism Laws”), including without limitation persons and entities named on the Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List (collectively, “Prohibited Persons”). Neither Sublandlord nor Subtenant is currently engaged in any transactions or dealings, or otherwise associated with, any Prohibited Persons in connection with the use or occupancy of the Sublet Premises. Sublandlord and Subtenant will not, during the Term of the Lease, engage in any transactions or dealings, or be otherwise associated with, any Prohibited Persons in connection with the use or occupancy of the Sublet Premises.  Sublandlord’s or Subtenant’s breach of any representation or covenant set forth in this Section shall constitute a breach of the Lease, entitling Landlord to any and all remedies hereunder, or at law or in equity (including the right to terminate the Lease, if required by law, without affording Sublandlord or Subtenant notice or cure period ). 

		
	14.
	CASp.  Pursuant to California Civil Code Section 1938, Landlord hereby notifies Subtenant that as of the date of this Consent, the Sublet Premises has not undergone inspection by a “Certified Access Specialist” to determine whether the Sublet Premises meet all applicable construction-related accessibility standards under California Civil Code Section 55.53.

		
	15.
	Limitation of Landlord’s Liability.  Redress for any claim against Landlord under this Consent Agreement shall be limited to and enforceable only against and to the extent of Landlord’s interest in the Building.  The obligations of Landlord under this Consent Agreement, if any, are not intended to be and shall not be personally binding on, nor shall any resort be had to the private properties of, any of its or its investment manager’s trustees, directors, officers, partners, beneficiaries, members, stockholders, employees, or agents, and in no case shall Landlord be liable to Sublandlord and/or 

    

Exhibit 10.37

Subtenant hereunder for any lost profits, damage to business, or any form of special, indirect or consequential damages.
		
	16.
	Waiver of Subrogation.  Landlord hereby agrees that Section 13.4 of the Lease is intended to benefit Subtenant as well as Sublandlord and that the waivers of recovery rights and subrogation rights as provided in Section 13.4 of the Lease shall apply as between Landlord and Subtenant to the same extent as between Landlord and Sublandlord.

		
	17.
	Monument Signage. Notwithstanding the terms of Section 32.4.3 of the Lease making Sublandlord’s signage rights under Section 32.4 personal to Sublandlord, Landlord agrees that Subtenant shall be allowed to place Subtenant’s identifying signage on the Building’s existing monument sign, subject to the requirements and conditions of the Lease and in accordance with Section 37 of the Sublease including, without limitation, Landlord’s right to consent to the size of such sign.  Without limiting the foregoing, any such Subtenant signage shall be constructed and installed (at no cost to Landlord) by Landlord’s signage vendor and may utilize space on the monument sign of an area comprising up to two (2) of the six (6) glass plates currently allocated to Tenant (and Tenant may continue to use the remaining area comprising an area covering four (4) glass plates).

[SIGNATURE PAGE FOLLOWS]

    

Exhibit 10.37

IN WITNESS WHEREOF, Landlord, Sublandlord and Subtenant have executed this Consent Agreement as of the date set forth above.

	
		
	 
	LANDLORD:

	 
	 

	 
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation by its authorized Signatory, Harvest Properties, Inc., a California corporation

By:   /s/ Jeffrey D. Mills              
Name:  Jeffrey D. Mills
Title:     Vice President
Dated:  December 18, 2015

	 
	 

	 
	SUBLANDLORD:

	 
	

AVAYA INC., 
a Delaware corporation 

By:   /s/ James M. Chinco Jr.   
Name:   James M. Chinco Jr.
Title:   EVP, Business Operations
Dated:  December 16, 2015

	 
	SUBTENANT:

	 
	

TELENAV, INC., 
a Delaware corporation 

By:   /s/Michael Strambi
Name:   Michael Strambi
Title:   Chief Financial Officer
Dated:  December 16, 2015

    

Exhibit 10.37

EXHIBIT A - SUBLEASE AGREEMENT

attached to and made a part of the Consent Agreement dated as of December 18, 2015 
between THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation, as Landlord, AVAYA INC., a Delaware corporation, as Sublandlord and 
TELENAV, INC., a Delaware corporation, as SubtenantExhibit 10.87

 

AMENDED AND RESTATED

SEVERANCE AGREEMENT, WAIVER AND RELEASE

 

This Agreement is made
and entered into as of this 12th day of January, 2016 by and among IsoRay Medical, Inc., a Delaware corporation (“Medical”),
IsoRay International LLC, a Washington limited liability company (“International”), IsoRay, Inc., a Minnesota corporation
(“IsoRay”) and the parent of Medical and International (collectively IsoRay and all of its subsidiaries, including
Medical and International, are referred to herein as the “Company”), and Dwight Babcock (“Employee”). This
Agreement amends and restates, in its entirety, the Severance Agreement, Waiver and Release dated January 6, 2016 by and between
Medical, IsoRay and Dwight Babcock.

 

WHEREAS, the
parties mutually wish to conclude the employment relationship on an amicable basis and set forth in this Agreement a resolution
of all matters pertaining to Employee’s employment by Company.

 

WHEREAS, Employee
is the owner of various IsoRay stock options, which may be issued with certain restrictions as outlined in the Non-Qualified Stock
Option Agreements between Employee and IsoRay, Inc.

 

WHEREAS, Employee
was employed by the Company in multiple capacities until his resignation from his employment in all capacities with IsoRay and
all of its subsidiaries as of the Effective Date (as defined below). He has also agreed to resign from the IsoRay Board and the
Medical Board.

 

WHEREAS, Employee
agrees, subject to the terms and conditions of this Agreement, to make the representations, warranties, and covenants contained
herein in exchange for the Company making certain payments as described herein.

 

NOW, THEREFORE,
and in consideration of the acts, payments, covenants, and mutual agreements herein described and agreed to be performed, the parties
agree as follows:

 

1.           Monetary Payment
to Employee.Upon the expiration of the applicable revocation period set forth below, and provided that Employee has not
revoked this Agreement, the Company will continue Employee’s current base salary from Effective Date through January 6,
2017 (the “Severance Period”), less applicable payroll tax and other withholding thereon as required by law. The Company
shall not continue to provide any welfare plan benefits to Employee after the Effective Date, and Employee acknowledges and agrees
that he shall not be entitled to vacation pay during the Severance Period.

 

Employee acknowledges
that this payment constitutes special consideration to Employee in exchange for Employee’s promises and agreements as set
forth in this Agreement and that Company was not otherwise obligated to make the above payment.

 

    	Company’s Initials
/s/ BR
	1	Employee’s Initials
/s/ DB

     

    

 

Employee agrees that
upon the performance of this Agreement, no further compensation is due or owing to Employee from the Company whether in the form
of cash or non-cash compensation with respect to any relationship between the Company and Employee.

 

2.           Separation of
Employment. Employee acknowledges that Employee’s employment relationship with Company ended on January 7, 2016 (“Effective
Date”).

 

3.           Stock Options.
Subject to the Non-Qualified Stock Option Agreements and the various IsoRay, Inc. Stock Option Plans pursuant to which the options
were granted, Employee has the time set forth in each option to exercise them before they expire as all options granted have vested.

 

		4.	Waiver, Release, And Discharge Of Claims.

 

a.           Expressly subject
to the limitation set forth in Section 4(e) below, Employee waives, releases, and discharges all of his existing rights to any
relief of any kind (known and unknown) from the Company, affiliates, divisions, directors, officers, members, managers, employees,
agents, successors, and assigns (all of whom are referred to herein collectively as the “Released Parties”), including
without limitation all claims that arise out of or that relate to his employment or his separation from employment with the Company,
all claims that arise out of or that relate to any of the statements or actions of any of the Released Parties, all claims that
arise under the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family
& Medical Leave Act, the Fair Labor Standards Act, the National Labor Relations Act, the Arizona Civil Rights Act, the Arizona
wage payment laws, or the Arizona Employment Protection Act (and any corresponding Washington statutes), all claims for relief
or other benefits under any other federal, state, or local statute, ordinance, regulation, rule of decision, or principle of common
law, all claims that any of the Released Parties engaged in conduct prohibited on any basis under any federal, state, or local
statute, ordinance, regulation, rule of decision, or principle of common law, and all claims for fees, costs, and disbursements
(all of which are referred to herein collectively as “Claims”).

 

b.           Employee acknowledges
that he may later discover Claims, facts, or causes of action presently unknown, unsuspected, or different from those that he now
suspects or believes to be true. Employee expressly waives and assumes the risk that the facts or law may be other than he believes
them to be. Employee acknowledges and agrees that this Agreement is a general release of all Claims, known and unknown, regardless
of the discovery or existence of any additional or different facts or Claims at any time after he signs this Agreement.

 

c.           Employee will
not file or be a party to any lawsuit against any of the Released Parties that seeks to recover under or that arises out of any
Claim. If Employee breaches this covenant, he will immediately repay the full consideration that he is receiving in exchange for
this Agreement, regardless of the outcome of the lawsuit.

 

d.           Nothing in this
Agreement shall be construed to prohibit Employee from filing a charge or a complaint with or participating in any investigation
or proceeding conducted by a federal or state administrative agency charged with enforcement of law. This includes, but is not
limited to, the EEOC, OSHA, DOL, and the NLRB. Employee shall have a right to engage in protected activity.

 

    	Company’s Initials
/s/ BR
	2	Employee’s Initials
/s/ DB

     

    

 

e.           Nothing in this
Agreement including this Section 4 is intended to nor shall it in any way waive or limit Employee’s claims or rights under
any and all of the Company’s insurance policies including, but not limited to, any and all of the Company’s Directors’
and Officers’ insurance policies. Nothing in this Agreement or this Section 4 is intended to nor shall it in any way waive
Employee’s right to indemnification and/or advancement of defense expenses pursuant to the Company’s articles, bylaws,
indemnification agreements, applicable statute or common law, or otherwise. Nothing in this Agreement or this Section 4 is intended
to nor shall it in any way waive Employee’s actual or potential, present or future, claims or rights to indemnification or
contribution under applicable law against any person whether that person is defined in this Agreement as a “Released Party”
or otherwise. Nothing in this Agreement or this Section 4 is intended to nor shall it in any way waive or limit Employee’s
entitlement to the utilization or benefit of any exculpation provisions in the Company’s corporate documents.

 

		5.	Post-Employment Obligations.

 

a.     Notwithstanding
Employee’s separation from employment with the Company, Employee will make himself available for such communications and
consultations as the Company may reasonably request through the duration of the IsoRay securities class litigation, provided, however,
that such communications and consultations do not unduly interfere with his other business or personal arrangements.

 

b.     Employee acknowledges
that from time to time during his employment he was entrusted with or received access to certain confidential commercial information
of the Company and other entities owned and/or controlled by the Company’s ownership, including without limitation information
concerning the Company’s and their financial affairs, business dealings, assets and holdings, liabilities, contractual arrangements
with management, personnel, marketing programs, plans, and proposals, and other information about internal systems, processes,
concepts, practices, and procedures (“Confidential Information”). Employee further acknowledges that he has been instructed
by the Company to, and agrees that he will, preserve and maintain the confidentiality of all such Confidential Information.

 

c.     Employee acknowledges
that all documents and other tangible property relating in any way to the business of the Company that he developed or that came
into his possession during his employment are the property of the Company. On or before January 12, 2016, Employee will return
to the Company all Company-owned property, specifically including all keys and card key badges to company buildings or property,
all company-owned equipment, and all company documents and papers, including but not limited to trade secrets or confidential company
information. The parties acknowledge that Employee shall be provided with access to company email and documents on the Company’s
servers solely as necessary to fulfill his obligations as set forth in Section 5(a) above.

 

d.     Except as expressly
permitted in Section 5(c) above, Employee will not access or attempt to access, directly or indirectly, in any manner whatsoever,
the Company’s electronic equipment, network or files, including without limitation the Company’s email and voicemail
systems, the Company’s electronic document storage and retrieval systems, and the Company’s computer network servers
and related equipment.

 

    	Company’s Initials
/s/ BR
	3	Employee’s Initials
/s/ DB

     

    

 

e.     Employee will
not make any comments to any employees, vendors, suppliers, or business partners of the Company that disparage, derogate, defame,
besmirch, or reflect adversely upon the reputation, character, image, services, employees, management, or leadership of the Company;
provided, however, that this paragraph will not be construed to prevent Employee from making truthful statements in connection
with the fulfillment of any legally mandated reporting or disclosure obligations.

 

f.     The IsoRay Board
of Directors will not make any comments to any employees, vendors, suppliers, or business partners of the Company that disparage,
derogate, defame, besmirch, or reflect adversely upon the reputation, character, or image of Employee; provided, however, that
this paragraph will not be construed to prevent the IsoRay Board of Directors from making truthful statements in connection with
the fulfillment of any legally mandated reporting or disclosure obligations.

 

g.     Employee will
not disclose any of the terms and conditions of this Agreement to any person or entity at any time, except as provided herein.
Employee may disclose this Agreement to his spouse, attorneys, accountants, or tax planners, provided that if he discloses the
Agreement to any such person, he must simultaneously inform that person that the person must keep the information strictly confidential
and that the person may not disclose the information to any other person without the advance written consent of the Company, and
provided further that any disclosure of this Agreement by any such person will constitute a disclosure by Employee.

 

h.     If the Company
determines that Employee has violated or has not satisfied any obligation imposed upon him under this Agreement, the Company, in
addition to any other rights or remedies which it may possess, and without prejudice thereto, may terminate its obligation to provide
the benefits set forth in Section 1, above, by submitting written notice to Employee of such termination. In such an event, and
upon written demand from the Company therefor, Employee also will immediately remit to the Company the value of the benefits that
the Company provided to him under Section 1, above, prior to such determination.

 

6.           Older Workers’
Benefit Protection Act. In accordance with the Older Workers’ Benefit Protection Act of 1990, Employee is aware of the
following with respect to the release of any claims under the Age Discrimination in Employment Act (“ADEA”):

 

a.           Employee has
the right to consult with an attorney before signing this Agreement, and is hereby advised to do so;

 

b.           Employee has
twenty-one (21) days to consider this Settlement Agreement and the release of any ADEA claim, which Employee may waive;

 

c.           Employee has
seven (7) days after signing this Agreement to revoke Employee’s release as to any ADEA claim, and the release will not be
effective as to any ADEA claim until the eighth day following Employee’s execution of this Agreement; and

 

d.           A portion of
the payment received under this Agreement is specifically to release any claims under the ADEA.

 

    	Company’s Initials
/s/ BR
	4	Employee’s Initials
/s/ DB

     

    

 

In the event Employee
elects to revoke this release pursuant to paragraph 6(c) above, Employee shall notify Company by hand-delivery notice of the revocation,
within seven (7) days after signing this Agreement to:

 

Jodi R. Bohr, Shareholder

Gallagher & Kennedy

2575 E. Camelback Road, Suite
1100

Phoenix, AZ 85016

 

In the event Employee
exercises the right to revoke this release pursuant to paragraph 6(c) above, any and all obligations of Company under this Agreement
shall be null and void, Employee agrees that if Employee signs this Agreement prior to the expiration of the twenty-one (21) day
period Employee has voluntarily waived the right to consider this Agreement for the full twenty-one (21) day period.

 

7.           No Admission
of Liability. Nothing contained in this Agreement shall be construed in any manner as an admission by either party that either
party has violated any statute, law or regulation, breached any contract or agreement, or has engaged in any wrongful conduct with
respect to Employee or with respect to Company. Company specifically disclaims any liability to or wrongful acts against Employee
or any other person, on the part of itself, its employees or its agents. Employee specifically disclaims any liability to or wrongful
acts against Company.

 

8.           Remedies.
In the event of default or breach by any party, any and all remedies set forth in the above paragraphs are intended to be non-exclusive,
and any party may, in addition to said remedies, seek any additional remedies available either at law or equity.

 

9.           Authority and
Reliance. Employee warrants and represents that: (i) Employee has relied upon Employee’s own judgment regarding the consideration
for and language of this Agreement; (ii) Employee has been given the opportunity to consult with legal counsel regarding the terms
of this Agreement; (iii) Employee understands this document and has obtained answers to questions that Employee has raised about
the document; and (iv) no statements made by Company have in any way coerced or unduly influenced Employee to execute this Agreement.
Employee acknowledges that this Agreement is written in a manner that is understandable to Employee and that Employee has read
all of the paragraphs of this Agreement. Employee further acknowledges that Employee is entering into this Agreement freely, knowingly,
voluntarily, and with a full understanding of its terms. Each party warrants and represents that the party is not relying on counsel
for any other party for the performance of any task, provision of any service or rendering of any advice for any purpose whatsoever,
but instead is relying solely and exclusively on the party’s own counsel for all matters relating to the terms of this Agreement.

 

10.           Nature of the
Agreement. This Agreement and all provisions thereof, including all representations and promises contained herein, are contractual
and not a mere recital and shall continue in permanent force and effect. The terms and conditions contained herein, constitute
the entire agreements between the parties, and supersede all previous communications or agreements, either oral or written, between
the parties with respect to the subject matter of this Agreement, and no agreement or understanding varying or extending the terms
of this Agreement shall be binding upon either party unless in writing signed by or on behalf of such party. In the event that
any portion of this Agreement is found to be unenforceable for any reason whatsoever, the other enforceable provisions shall be
considered to be severable, and the remainder of the Agreement shall continue in full force and effect.

 

    	Company’s Initials
/s/ BR
	5	Employee’s Initials
/s/ DB

     

    

 

11.           Applicable
Law. This Agreement shall be governed by, interpreted under, and construed and enforced in accordance with the laws of the
State of Washington without giving effect to any choice or conflict of law provision or rule (whether of the State of Washington
or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Washington.
Any action or proceeding concerning this Agreement shall be commenced in Benton County, Washington and the parties irrevocably
consent to personal jurisdiction and venue in Benton County, Washington. The parties agree that if any party successfully resorts
to legal action to enforce its rights under this Agreement, the losing party shall be liable for reasonable attorneys’ fees
incurred by the other party.

 

12.           No
Construction Against Either Party. In the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local or
foreign statute shall be deemed to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.
The word “including” means including, without limitation. The parties intend that representations, warranties, and
covenants contained herein shall have independent significance. If any party has breached any representation, warranty, or covenant
contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject
matter (regardless of the relative levels of specificity) that the party has not breached shall not detract from or mitigate the
fact the party is in breach of the first representation, warranty or covenant.

 

Acknowledgements
and Certifications

 

a)           The parties are
signing this Agreement knowingly and voluntarily;

 

b)           Employee has
the right to consider the terms of this Agreement for twenty-one (21) days from the Effective Date (the “Review Period”);
however, Employee does not have to take all 21 days to consider it, and if Employee takes fewer than 21 days to review this Agreement
and Release, Employee expressly waives any and all rights to consider this Agreement for the balance of the 21-Day Review Period;
and

 

c)           Employee and
the Company agree that any changes that have been made to this Agreement from the version originally presented to Employee (if
any) do not extend the Review Period Employee has been given to consider this Agreement, whether those changes are deemed material
or non-material.

 

[Signature Page follows]

 

    	Company’s Initials
/s/ BR
	6	Employee’s Initials
/s/ DB

     

    

 

IF YOU SIGN THIS DOCUMENT,
IT BECOMES A LEGALLY ENFORCEABLE AGREEMENT.

 

	EMPLOYER:	EMPLOYEE:
	 	 
	IsoRay, Inc., a Minnesota corporation	Dwight Babcock
	 	 
	By:  Brien Ragle	/s/ Dwight Babcock
	 	Signature
	Its:  CFO	 
	 	Date: 1/12/16
	/s/ Brien Ragle	 
	Signature	 
	 	 
	Date: 1/12/16	 
	 	 
	IsoRay Medical, Inc., a Delaware corporation	 	 
	 	 	 
	By:  Brien Ragle	 	 
	Its:  CFO	 	 
	 	 	 
	/s/ Brien Ragle	 	 
	Signature	 	 
	 	 	 
	Date: 1/12/16	 	 
	 	 	 
	IsoRay International, LLC, a Washington limited liability company	 	 
	 	 	 
	By:  Brien Ragle	 	 
	Its:  CFO	 	 
	 	 	 
	/s/ Brien Ragle	 	 
	Signature	 	 
	 	 	 
	Date: 1/12/16	 	 

 

    	Company’s Initials
/s/ BR
	7	Employee’s Initials
/s/ DB

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