Document:

Exhibit 10.102

  

Execution Counterpart

 

MANUFACTURING

SERVICES
AGREEMENT

 

THIS
AGREEMENT is entered into by and between IDT
and ADVAXIS, as of the date indicated below.

 

Attached
to this Agreement, incorporated by reference herein and made an integral part hereof are the following:

 

	PART
    I:	INTRODUCTORY
    STATEMENT, DEFINITIONS AND VARIABLE TERMS AND CONDITIONS
	 	 
	PART
    II:	STANDARD
    TERMS AND CONDITIONS
	 	 
	PART
    III:	EXHIBITS

 

For
and in consideration of the mutual covenants herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged by the Parties, the Parties hereto agree to perform and to be bound by their respective
obligations and shall have the respective rights set forth in this Agreement.

 

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of September 8, 2014.

 

	IDT	 	ADVAXIS
	 	 	 	 	 
	IDT
    Biologika GmbH	 	Advaxis,
    Inc.
	 	 	 	 	 
	By:
	/s/
    Dr. Ralf firmann	 	By:	/s/
    Daniel J O’Connor
	 	Dr.
    Ralf firmann	 	 	Daniel
    J O’Connor
	 	CEO	 	 	President

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page 1 
of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

Table
of Contents

 

	PART
    I: INTRODUCTORY STATEMENT, DEFINITIONS AND VARIABLE TERMS AND CONDITIONS	 	3
	 	 	 
	1.
    DEFINITIONS	 	3
	2.
    PERFORMANCE OF SERVICES	 	10
	3.
    DELIVERY, SHIPMENT AND STORAGE	 	13
	 	 	 
	PART II: STANDARD
    TERMS AND CONDITIONS	 	14
	 	 	 
	4.
    FEES AND PAYMENT	 	14
	5.
    REGULATORY MATTERS	 	16
	6.
    CHANGES	 	17
	7.
    AMENDMENTS TO THE AGREEMENT	 	18
	8.
    NON-CONFORMING PRODUCTS AND SERVICES	 	20
	9.
    CONFIDENTIALITY	 	22
	10.
    INTELLECTUAL PROPERTY RIGHTS	 	23
	11.
    WARRANTIES	 	27
	12.
    INDEMNITY	 	28
	13.
    INSURANCE	 	29
	14.
    TERM AND TERMINATION	 	30
	15.
    DISPUTE RESOLUTION	 	31
	16.
    ALLIANCE MANAGERS	 	32
	17.
    STEERING COMMITTEE	 	 
	18.
    MISCELLANEOUS	 	 
	 	 	 
	PART III: EXHIBITS	 	36

 

	 	EXHIBIT A	WORK
    PLAN (SCOPE OF WORK) CONSISTING OF SERVICE FEES, WORK PLAN SUMMARY, WORK PACKAGES	 	37
	 	EXHIBIT B	QUALITY AGREEMENT	 	38
	 	EXHIBIT C	EQUIPMENT	 	39
	 	EXHIBIT D	ADVAXIS MATERIALS	 	40
	 	EXHIBIT E	STORAGE FEES	 	41
	 	EXHIBIT F	FURTHER DEFINITIONS	 	42
	 	EXHIBIT G:	PRODUCT SCOPE	 	44

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
2 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

PART
I: INTRODUCTORY STATEMENT, DEFINITIONS AND VARIABLE TERMS AND CONDITIONS

 

This
Agreement sets forth the understanding of the Parties with respect to ADVAXIS’s project and describes the project-related
Services to be performed by IDT pursuant to the Work Plan, and the ordering and payment procedures for such Services by ADVAXIS,
as well as other matters, all as more specifically set forth in the terms and provisions of this Agreement.

 

ARTICLE
1: DEFINITIONS

 

	1.1	Definitions.
    The following terms, whether used in the singular or plural,
    shall have the meanings assigned to them below for the purposes of this Agreement. Further definitions to be used in the performance
    of the Services, and between the Parties during their relationship hereunder, including but not limited to Exhibits, Work
    Packages and Manufacturing Specifications, are set forth in Exhibit F hereto.

 

	 	1.1.1	“ADVAXIS”
    means Advaxis, Inc, and its permitted successors and assigns.
	 	 	 
	 	1.1.2	“ADVAXIS
    Arising IP” shall have the meaning set forth in Section 9.5.
	 	 	 
	 	1.1.3	“ADVAXIS
    Materials” shall mean the materials as set forth in Exhibit D hereto and information supplied by or on behalf of ADVAXIS
    to IDT for use in connection with the development of the Process and the development and Manufacture of Product.
	 	 	 
	 	1.1.4	“Affiliate”
    means any corporation, partnership, or other entity Controlling, Controlled by, or under common Control with (directly or
    indirectly) either Party.
	 	 	 
	 	1.1.5	“Agreement”
    means this Manufacturing Services Agreement including the signature page, Part I - Introductory Statement, Definitions and
    Variable Terms and Conditions, Part II - Standard Terms and Conditions; and Part III - Exhibits, and all amendments to this
    Agreement that have been properly executed by the Parties in accordance with the provisions of Section 6.1.4.
	 	 	 
	 	1.1.6	“Alliance
    Manager(s)” has the meaning set forth in Section 14.1.
	 	 	 
	 	1.1.7	“Amendment
    Procedures” has the meaning set forth in Section 6.1.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
3 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	 	1.1.8	“Applicable
                                         Law” means: all United States of America, European Union, and German applicable
                                         laws, rules, regulations, guidelines and standards in effect during performance of this
                                         Agreement, including, without limitation, GMP, relating to the Services, the Product,
                                         and the facilities where any Services occur.

	 	 	 
	 	1.1.9	“Arising
    IP” shall have the meaning set forth in Section 9.5.
	 	 	 
	 	1.1.10	“Batch”
    means a lot resulting from a single run of Product Manufactured by a single execution of the manufacturing instructions specified
    in the Master Production Record.
	 	 	 
	 	1.1.11	“Business
    Day” means a day other than a Saturday or Sunday on which banking institutions in both, Dessau-Rosslau, Germany and
    Princeton, New Jersey, USA are open for business.
	 	 	 
	 	1.1.12	“Claim”
    means any claim, personal injury claim, demand, liability (including any and all liabilities, actions, proceedings, claims
    and demands), product liability claim, suits, expenses, action, proceeding, and all damages, losses, costs and expenses (including
    without limitation reasonable legal and other professional adviser’s fees).
	 	 	 
	 	1.1.13	“CM
    Agreement” means the commercial manufacturing agreement to be negotiated and signed by the Parties in accordance with
    the provisions of Section 2.11.
	 	 	 
	 	1.1.14	“Confidential
    Information” shall have the meaning set forth in Section 8.1.
	 	 	 
	 	1.1.15	“Consent”
    means the consent or approval, in writing, of an authorized representative of a Party to do the act or thing for which such
    consent or approval is solicited, or the act of granting such written consent or approval, as the context may require, which
    consent or approval shall not be unreasonably withheld or delayed.
	 	 	 
	 	1.1.16	“Control”
    and its derivatives, “Controlling” and “Controlled”, refer to the possession, directly or indirectly,
    of the power to direct, or cause the direction of, the management or policies of either Party, whether through the ownership
    of voting securities, by contract or otherwise, including, without limitation, the ownership of fifty percent (50%) or more
    of the voting stock of such Party.
	 	 	 
	 	1.1.17	“Defective
    Product” has the meaning set forth in Section 7.1.
	 	 	 
	 	1.1.18	“Deliverable”
    means the reports, data and other deliverables, including Products, to be delivered by IDT to ADVAXIS pursuant to the Work
    Packages.
	 	 	 
	 	1.1.19	“Delivery”
    has the meaning set forth in Section 3.1.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
4 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	 	1.1.20	“Development
    Product” has the meaning set forth in Section 2.10.
	 	 	 
	 	1.1.21	“Drug
    Product” means vials containing the formulated vaccine, unlabeled and visually inspected. This definition of “Drug
    Product” includes, in addition to vials, any other presentation or primary container form of the vaccine for which ADVAXIS
    may seek Regulatory Approval.
	 	 	 
	 	1.1.22	“Drug
    Substance” means the unformulated vaccine contained, for example, in bags or other forms of primary containers.
	 	 	 
	 	1.1.23	“Effective
    Date” means the date set forth on the signature page of this Agreement.
	 	 	 
	 	1.1.24	“Equipment”
    has the meaning set forth in Section 2.7.1.
	 	 	 
	 	1.1.25	“Exhibits”
    mean those documents and materials attached to this Agreement as Exhibits in Part III hereof, incorporated in this Agreement
    by reference and made an integral part hereof.
	 	 	 
	 	1.1.26	“Final
    Drug Product” means any form of the vaccine, which can be sold to the final market, and which may comprise, among others,
    primary or secondary container or formulation forms or components, water-for-injection to reconstitute the vaccine, user information
    leaflet, blister packaging, paper box and country-specific packaging identification features.
	 	 	 
	 	1.1.27	“First
    Regulatory Approval Date” means the date on which the first Regulatory Approval is granted by any Regulatory Authority
    for the use, distribution or sale of any Product in the respective end market, for which such Regulatory Approval has been
    granted.
	 	 	 
	 	1.1.28	“cGMP”
    means (a) the current Good Manufacturing Practice regulations as promulgated by the EU Guidelines for Good Manufacturing Practice
    for medicinal products (Eudralex Vol. 4 and Annexes thereto), (b) any other relevant EU or national legislation and guidance
    documents, and (c) current Good Manufacturing Practice regulations promulgated by the FDA published at 21 CFR Part 210 et
    seq., as any such above regulation may be amended from time to time.
	 	 	 
	 	1.1.29	“IDT”
    means IDT Biologika GmbH and its permitted successors and assigns.
	 	 	 
	 	1.1.30	“IDT
    Production Facilities” means the Manufacturing facilities of IDT located in Dessau-RoBlau, Germany.
	 	 	 
	 	1.1.31	“Intellectual
    Property” includes, without limitation, rights in patents, patent applications, formulae, processes, data, know-how,
    trademarks, trademark applications, trade names, Inventions, copyrights, and industrial designs, or any rights in material
    derived from any of the foregoing.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
5 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	 	1.1.32	“Invention”
    means any data, innovation, improvement, development, discovery, computer program, device, trade secret, method, know-how,
    process, technique or the like, whether or not written or otherwise fixed in any form or medium, regardless of the media on
    which it is contained and whether or not patentable or copyrightable, or any material derived from any of the foregoing.
	 	 	 
	 	1.1.33	“Licensee”
    shall mean any Third Party to which ADVAXIS granted rights and licenses in and to a Product for commercial use, sale or distribution,
    including but not limited to, licensees, partners or joint developers.
	 	 	 
	 	1.1.34	“Manufacture”
    and “Manufacturing” means all steps and activities necessary to produce the Product, including, without limitation,
    the manufacturing, processing, quality control, quality assurance, testing, release and storage of the Product in compliance
    with the terms and conditions of this Agreement. For purposes of this Agreement and subject to the provisions of Section 2.10,
    the aforesaid terms may be included, as required and agreed in writing by the Parties in such Services as are set forth in
    the Work Plan.
	 	 	 
	 	1.1.35	“Manufacturing
    Specifications” means those specifications as approved by the Parties in writing for (i) the Manufacturing of the Products
    or performance of Services relating to Manufacturing, and (ii) the quality control of the Product/s and of the required Starting
    Materials. Said Manufacturing Specifications are or will be set forth in documents relating to the performance of the respective
    Work Package. For the sake of clarity, the term “Manufacturing Specifications” includes specifications for Services
    other than Manufacturing.
	 	 	 
	 	1.1.36	“Master
    Production Record” means the IDT provided documentation that contains the detailed description of the Process and instructions
    for Product manufacture, as approved by ADVAXIS in writing and as set forth in the Work Plan and any applicable Work Package.
	 	 	 
	 	1.1.37	“Notice”
    means a writing containing the information required or permitted by this Agreement to be communicated by either Party to the
    other Party, sent by registered or certified mail, confirmed air courier or telefax to such Party at the address or telefax
    number set forth in Section 16.1, as the case may be; the date of registry thereof or the date of the certification or receipt
    thereof as evidenced by postal or air courier records or the date of personal delivery (or refusal thereof during normal business
    hours) or the date of telefax answer-back confirmation being the date of receipt of Notice, provided, however, that any such
    writing sent to, and received by, a Party shall constitute Notice for all purposes of this Agreement. Notwithstanding the
    foregoing, reports and communications related to technical aspects of the Services may be sent as electronic mail using appropriate
    tools to assure the confidentiality of such information. “Notify” means the act of giving a Notice.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
6 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	 	1.1.38	“Party”
    means IDT or ADVAXIS as the context dictates and “Parties” means both IDT and ADVAXIS.
	 	 	 
	 	1.1.39	“Process”
    means the Manufacturing process for the Product as provided by ADVAXIS and further developed under this Agreement.
	 	 	 
	 	1.1.40	“Product”
    means the vaccines set forth in Exhibit G as amended from time to time, including any variation, presentation or form (i.e.
    all bulk drug substance, intermediate stage and final drug forms) of each such vaccine (i) for use worldwide in clinical trials,
    or (ii) for commercial use worldwide.
	 	 	 
	 	1.1.41	“Product
    Specifications for Development Use” means those specifications set forth in Attachment B to the Quality Agreement, or
    alternatively, as a part of Schedule 1 to any respective Work Package, specifically for Development Products to which said
    Work Package relates.
	 	 	 
	 	1.1.42	“Quality
    Agreement” means the Quality Assurance Framework Agreement, attached hereto as Exhibit B.
	 	 	 
	 	1.1.43	“Rejection
    Notice” has the meaning set forth in Section 7.1.
	 	 	 
	 	1.1.44	“Regulatory
    Approval” means (i) any and all approvals (including any applicable supplements, amendments, pre- and post-approvals),
    licenses, registrations, or authorizations of any Regulatory Authority necessary for the performance of any obligation of
    IDT or of ADVAXIS, as the case may be, under this Agreement and (ii) pursuant to application of ADVAXIS, any such Regulatory
    Approval for the use, sale or distribution of the Product in any market of the world.
	 	 	 
	 	1.1.45	“Regulatory
    Authority” means any national (such as the FDA), supra- national (such as the European Medicines Agency/EMA and World
    Health Organization/WHO), or other national, supra-national, regional, state, or local regulatory agency, department, bureau,
    commission, council, or other governmental entity with authority and/or jurisdiction over any aspect of Product, which among
    other matters may grant Regulatory Approval of the Product, including precertification by WHO.
	 	 	 
	 	1.1.46	“Service
    Fees” means the fees for Services and for all Products Delivered under this Agreement by IDT pursuant to each Work Package
    set forth as part of the Work Plan attached hereto as Exhibit A, and is synonymous with the term “Work Package Price”.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
7 of 44

  

    	 

    	 

    

 

Execution
Counterpart

 

	 	1.1.47	“Services”
    means, generally, any Manufacturing and supply of Product to ADVAXIS, or other work to be performed by IDT specified under
    the Work Plan.
	 	 	 
	 	1.1.48	“Specifications”
    means those specifications for the Product as set forth in an appropriate attachment to the Quality Agreement, or alternatively,
    as a part of Schedule 1 to any respective Work Package as part of the Manufacturing Specifications.
	 	 	 
	 	1.1.49	“Starting
    Materials” means any equipment, process consumables, materials or other tangible property, either purchased by IDT or,
    if ADVAXIS Materials, provided by ADVAXIS free of charge, if any, to be used by IDT in the performance of any Work Package
    or Manufacture of Product. The term Starting Materials is used synonymously with the term Raw Materials.
	 	 	 
	 	1.1.50	“Term”
    has the meaning set forth in Section 13.1 of this Agreement.
	 	 	 
	 	1.1.51	“Third
    Party” means a person or entity other than IDT or ADVAXIS or their respective Affiliates.
	 	 	 
	 	1.1.52	“Work
    Plan” means the initial SOW (Scope of Work) attached hereto as Exhibit A including all additional Work Packages Consented
    to by the Parties under this Agreement as the same are firmly ordered by ADVAXIS, and are to be performed by IDT. Each Work
    Package may designate certain Products as “Development Products” that are subject to the provisions of Section
    2.10. The term “Scope of Work (SOW)” is used synonymously with the term “Work Plan”.
	 	 	 
	 	1.1.53	“Work
    Package” means the document, Consented to by the Parties, that contains the description of the work and Services as
    well as Deliverables of the Parties: With respect to IDT, for example, but not limited to, Product quantities and Manufacturing
    Instructions, Delivery date/s (i.e. release date/s), reports, data and any other documentation or work results as set forth
    by the Parties in said Work Package; and with respect to ADVAXIS, for example, but not limited to, materials, documentation
    and approvals to be provided and the respective timelines related thereto, payment terms and other relevant terms and conditions.
    Each such Work Package shall contain the following sections: (i) Title and Date; (ii) Scope, Summary of Deliverables of both
    ADVAXIS and IDT; (iii) Performance Timelines; (iv) Detailed Description of Deliverables by ADVAXIS; (v) Detailed Description
    of Services and Deliverables by IDT; (vi) Amendments to this Agreement as required under and solely intended for the performance
    of such Work Package, if any; (vii) Amendments to the Quality Agreement as required and solely intended for the performance
    of such Work Package, if any; (viii) Service Fees or prices, Invoicing, Payment as far as not governed by the prevailing provisions
    of this Agreement; and (ix) other terms and conditions.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
8 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	 	1.1.54	“Work Package
    Value” means the aggregate Service Fees or prices, including up-charges, to be paid by ADVAXIS to IDT for Services to
    be performed by IDT under any Work Package.

 

	1.2	Interpretation.
    The interpretation and construction of this Agreement shall
    be subject to the following provisions:

 

	 	1.2.1	the
    words “including” and “include” and words of similar effect shall not be deemed to limit the general
    effect of the words which precede them such that “including” means “including without limitation”;
	 	 	 
	 	1.2.2	where
    the context requires, (i) all pronouns used herein will be deemed to refer to the masculine, feminine or neuter gender as
    the context requires, and (ii) the singular context will include the plural and vice versa;
	 	 	 
	 	1.2.3	reference
    to any agreement, contract, document or deed shall be construed as a reference to it as varied, supplemented or amended;
	 	 	 
	 	1.2.4	words
    importing persons shall include firms, companies and bodies, authorities, corporate and vice versa; words importing the singular
    shall include the plural and vice versa; words importing any one gender shall include either other gender;
	 	 	 
	 	1.2.5	construction
    of this Agreement shall ignore the headings which are for reference only;
	 	 	 
	 	1.2.6	references
    to a numbered Article, Section, Exhibit or paragraph are references to the Article, Section, Exhibit or paragraph of or to
    this Agreement so numbered;
	 	 	 
	 	1.2.7	any
    reference to any legislative provision shall be deemed to include any subsequent re-enactment or amending provision; and
	 	 	 
	 	1.2.8	In
    the event of a conflict between the provisions of this Agreement and the Quality Agreement regarding any issue not related
    solely to a quality practice matter, the provisions of this Agreement shall take precedence. The provisions of the Quality
    Agreement will take precedence regarding any issue solely related to a quality practice matter. For the sake of clarity, if
    there is uncertainty as to whether the provisions of this Agreement or the provisions of the Quality Agreement prevail, any
    such uncertainty shall be resolved by giving precedence to the provisions in this Agreement.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
9 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	 	1.2.9	Subject
    to the provisions of Section 1.2.8, in the event of a conflict between the provisions of this Agreement and the provision
    of any Exhibit, the provisions of this Agreement shall take precedence.

 

ARTICLE
2: PERFORMANCE OF SERVICES

 

	2.1	IDT
    General. During the Term, IDT shall undertake the performance
    of the Services in accordance with the Work Plan and the terms and conditions of this Agreement and Applicable Law.
	 	 
	2.2	Quality
    Agreement. Subject to the provisions of Sections 1.2.8 and
    2.10, the Quality Agreement attached hereto as Exhibit B shall govern all quality practice related matters pertaining to each
    Party’s obligations under this Agreement.
	 	 
	2.3	ADVAXIS
    General. ADVAXIS shall pay the Service Fees as set forth
    in the Work Plan and its applicable Work Packages for the Services and perform its obligations in accordance with the Work
    Plan and the terms and conditions of this Agreement and Applicable Law.
	 	 
	2.4	Work
    Plan. The Parties have given their Consent to the Work Plan
    attached as Exhibit A. Said Work Plan and the respective Work Packages included as part thereof shall constitute a firm and
    binding order, and may only be amended in a writing signed by both Parties pursuant to the provisions of Section 6.1.4. Without
    prejudice to the definition of Work Package, a detailed description of all development work required by ADVAXIS, its Affiliates,
    licensees, permitted assigns and successors, to apply for and to successfully obtain marketing registrations for the Product
    worldwide shall be set forth in said Work Plan, including, without limitation, phase 3 consistency and validation Batches.
    The Parties may from time to time during the Term, amend the Work Plan by mutual agreement by adding Work Packages to the
    Work Plan. Each new Work Package added to the Work Plan shall be Consented to by the Parties and shall be in the form defined
    in Section 1.1.53.
	 	 
	2.5	Manufacture
    Compliance. Subject to the provisions of Section 2.10 relating
    to Development Product, all of the Manufacturing performed by IDT shall be in accordance with: (a) cGMP; (b) the applicable
    Specifications; (c) this Agreement; and (d) the Quality Agreement.
	 	 
	2.6	Subcontracting.
    IDT will Manufacture the Product at the IDT Production Facilities,
    and may not subcontract any performance of Services without ADVAXIS’s prior Consent. In the event that, ADVAXIS Consents
    to any subcontractor, IDT shall (i) identify each subcontractor in writing in advance to ADVAXIS; (ii) require the subcontractor
    to agree in writing to comply with the applicable provisions of this Agreement and the Quality Agreement, which shall include
    written confidentiality obligations at least as stringent as those set forth in Article 8; (iii) be solely responsible for
    such subcontractor’s performance of any part of the Services and any non-compliance by the subcontractor with the terms
    of this Agreement or the Quality Agreement; and (iv) ensure the rights of ADVAXIS to audit such subcontractors in accordance
    with this Agreement and the Quality Agreement.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
10 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	2.7	New
    Equipment. ADVAXIS and IDT agree that it is not currently
    contemplated that any new capital equipment is required by IDT. In the event that, pursuant to the Work Plan, any new capital
    equipment is required by IDT in order to perform the Manufacture or the Services, both ADVAXIS and IDT will negotiate in good
    faith and mutually agree upon the terms for procurement of such equipment. For such new equipment procured, the following
    provisions shall apply:

 

	 	2.7.1	The
    details and costs of said new capital equipment, including the purchase price of the equipment and ancillary costs relating
    to installation, qualification and start-up of said equipment, shall be listed in Exhibit C (hereinafter referred to as “Equipment”).
	 	 	 
	 	2.7.2	ADVAXIS
    shall be the owner of said Equipment and reimburse IDT for the costs of said Equipment as further specified in Exhibit C within
    thirty (30) days of receipt of an invoice from IDT for said costs.
	 	 	 
	 	2.7.3	During
    such time period that said Equipment is the property of ADVAXIS, IDT shall maintain and repair said Equipment in accordance
    with said Equipment’s maintenance schedule and IDT’s standard equipment maintenance and repair procedures. IDT
    shall provide to ADVAXIS an estimate of the costs associated with the repair or maintenance of the Equipment and obtain ADVAXIS’s
    Consent prior to incurring any Equipment-related expenses. ADVAXIS shall pay the reasonable costs of such maintenance and
    repair within thirty (30) days of receipt from IDT of an invoice for the same, any such invoice being issued by IDT to ADVAXIS
    not more often than quarter-annually.
	 	 	 
	 	2.7.4	At
    the expiration or termination of this Agreement, the items of said Equipment that are installed as part of an IDT production
    line shall be retained and be owned by IDT and IDT shall pay to ADVAXIS the depreciated book value of said items of Equipment,
    which payment shall be made within thirty (30) days after the expiration or termination of this Agreement. With respect to
    the items of Equipment that are not so installed at the expiration or termination of this Agreement in an IDT production line,
    the Parties shall mutually agree to either (a) ship to ADVAXIS, at ADVAXIS’s expense, said items of Equipment; (b) dispose,
    at ADVAXIS’s expense, of said items of Equipment, or (c) continue to retain the items of said Equipment as ADVAXIS property
    to be used for Manufacturing of the Product in commercial quantities under the CM Agreement, or (d) pay to ADVAXIS the depreciated
    book value of said items of Equipment and thereafter retain and own said items of Equipment, which payment shall be made within
    thirty (30) days after the date of the option notice referenced above.

 

	2.8	Facilities/Personnel.
    At all times during the Term, IDT Production Facilities
    used in connection with Manufacturing under this Agreement shall comply with all Applicable Laws. IDT shall employ such competent
    personnel with sufficient knowledge and experience for the performance of Services and Manufacturing and as are required pursuant
    to the Work Plan or under Applicable Law.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
11 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	2.9	Audits.
    ADVAXIS shall have the right, upon reasonable advance Notice
    and during IDT’s normal business hours, to inspect the IDT Production Facilities including on-site audit of the facility
    which will cover those portions of the IDT Production Facilities used to Manufacture or to perform Services. ADVAXIS shall
    also have the right, and IDT shall ensure that ADVAXIS is permitted, to audit any/all ADVAXIS approved non-IDT laboratories
    and facilities utilized for the performance of any Services. Any work or corrective measures specific to ADVAXIS required
    to be undertaken by IDT as a consequence or result of such due diligence audits and quality assurance audits shall be covered
    by a proposal from IDT and acceptance by ADVAXIS set forth in a Work Package signed by the Parties
	 	 
	2.10	Development
    Product. Certain of the Products are designated in the Work
    Plan as “Development Products”. Product resulting from Engineering Runs shall be considered as Development Product.
    Notwithstanding any other provision herein set forth, the following terms and conditions apply to Development Products:

 

	 	2.10.1	The
    Parties acknowledge and agree that due to the nature of the Work Plan Deliverables relating to any Development Product, IDT
    cannot and does not guarantee or warrant, and shall provide no indemnity with respect to, any such Work Plan Deliverables
    or any such Development Product. Notwithstanding the foregoing, IDT warrants that any reports, comprised in the Work Plan
    Deliverables, will be materially accurate and complete and not misleading.
	 	 	 
	 	2.10.2	IDT’s
    obligation in respect of its performance of any work or Services in connection with any Development Product is limited to
    performance of such work or Services in a diligent manner, with reasonable skill and care applying its professional standards
    and using its reasonable endeavors to meet the estimated timelines and goals set out in the applicable Work Packages.
	 	 	 
	 	2.10.3	cGMP
    shall not apply to the development, Manufacture, or Product Specifications for development use or any other aspect of any
    Development Product or to any Work Plan Deliverables relating thereto.

 

	2.11	Commercial
    Manufacturing Agreement. Following the execution of this
    Agreement, the Parties shall enter into good faith negotiations regarding the terms and conditions of a commercial manufacturing
    agreement (“CM Agreement”) and shall work to execute said CM Agreement by no later than June
    30th, 2015. Neither Party shall have any liability if, despite their respective good faith efforts,
    the Parties do not reach an agreement regarding the CM Agreement.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
12 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	2.12	Capacity Reservation
    & Advance Payment

 

	 	2.12.1	Capacity
    Reservation. IDT shall reserve the necessary resources and capacities to perform the Services including, without limitation,
    meeting the respective Deliverables and timeline obligations as are set forth in the Work Plan as amended from time to time
    and in the individual Work Packages contained therein ordered by ADVAXIS, and pursuant to the provisions of this Agreement.
	 	 	 
	 	2.12.2	Advance
    Payment. In consideration of IDT’s resource and capacity reservation commitment as set forth in Section 2.12.1, ADVAXIS
    shall pay the amounts set forth below to IDT pursuant to the following payment schedule:
	 	 	 
	 	2.12.3	For
    any additional Work Package ordered by ADVAXIS, ADVAXIS shall pay to IDT a fee equal to fifty per cent (50%) of said Work
    Package value as set forth in an invoice to be issued by IDT to ADVAXIS on the date the Parties Consent to such Work Package.
	 	 	 
	 	2.12.4	The
    balance of amounts of Service Fees due by ADVAXIS to IDT shall be paid in the manner and at the time set forth in the relevant
    Work Package if therein so provided, or if not provided in said Work Package, then as set forth in this Agreement.
	 	 	 
	 	2.12.5	In
    the event that this Agreement is terminated by ADVAXIS pursuant to Sections 13.2 or 13.4, IDT shall reimburse to ADVAXIS an
    amount equal to the Service Fees as paid by ADVAXIS upon orders as set forth in the Work Packages, minus the full value of
    the Services invoiced as well as to be invoiced to ADVAXIS for Deliverables completed by IDT prior to the date of said termination.

 

ARTICLE
3: DELIVERY, SHIPMENT AND STORAGE OF PRODUCT

 

	3.1	Delivery.
    Delivery of each Deliverable shall occur upon completion
    thereof as is set forth in the applicable Work Package (“Delivery”). Risk of loss of and title to each Deliverable
    shall transfer from IDT to ADVAXIS on Delivery. Subject to the provisions of Section 2.12, on the date of Delivery, IDT shall
    submit an invoice to ADVAXIS for amounts then due pursuant to the Work Package and the provisions of this Agreement. Payment
    by ADVAXIS to IDT of said invoiced amounts shall be made pursuant to the provisions of Sections 5.2 through 5.4.
	 	 
	3.2	Delays
    caused by IDT. If, for reasons under its control, IDT will
    not be able to Deliver a Deliverable, as set forth in and being unchanged under the Work Plan, within two (2) weeks of the
    date set forth in the applicable Work Package, IDT shall Notify ADVAXIS in advance, in which event IDT and ADVAXIS, may reschedule
    Delivery as soon as possible with IDT making commercially reasonable efforts to expedite the relevant Work Package by providing
    a swing shift, weekend hours, additional personnel, etc. at no charge to ADVAXIS until the timeline is recovered.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
13 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	3.3	Shipment.
    Upon written request from ADVAXIS, IDT shall ship the Product
    as specified in the Work Package and in connection therewith render such services and provide such assistance as are set forth
    by ADVAXIS or, as applicable, in accordance with the instructions for shipping and packaging specified in the applicable Work
    Package. Each such shipment shall be Ex Works (EXW) IDT Dessau-Rosslau (Incoterms 2010), unless otherwise agreed by the Parties.
    ADVAXIS shall reimburse or pay directly the price as offered by IDT and accepted by ADVAXIS for insurance, freight, and duties.
    A bill of lading will be furnished to ADVAXIS with respect to each shipment of Product. In no event shall IDT’s liability
    arising in connection with any shipping services rendered by IDT for ADVAXIS under this Agreement exceed the fees paid by
    ADVAXIS for said shipping services.
	 	 
	3.4	Storage.
    IDT shall, at ADVAXIS’s request, provide storage of
    Product at IDT for at least sixty (60) days after Delivery at no charge to ADVAXIS. Storage of Product longer than said time
    period shall be subject to IDT’s standard storage fees as set forth in Exhibit D hereto, which ADVAXIS shall pay on
    a quarter- annual basis within thirty (30) days of receipt of IDT’s invoice for such fees. IDT shall store the Products
    as set forth in the respective Specifications and sampling plans.

 

PART
II: STANDARD TERMS AND CONDITIONS

 

ARTICLE
4: REGULATORY MATTERS

 

	4.1	ADVAXIS
    Responsibility. Unless otherwise agreed in writing by the
    Parties, ADVAXIS shall be entitled to and have the sole right and responsibility for filing all documents with applicable
    Regulatory Authorities and taking any other actions that may be required or necessary in order to obtain Regulatory Approval
    from said Regulatory Authorities for the use of the Product in clinical trials or in order to obtain marketing authorization
    for the Product. IDT shall, upon request provide ADVAXIS with reasonable assistance and cooperation in connection with making
    such filings with Regulatory Authorities, to include authoring such parts of the filing as relate to IDT Production Facilities.
    IDT shall be responsible for all communications with any Regulatory Authority or other governmental authority or agency relating
    to maintaining facility licensure.
	 	 
	4.2	Within
    three (3) Business Days of any contact with, or after receipt of any communication from, a Regulatory Authority that relate
    to the Manufacture of the Product or that portion of the IDT Production Facility used to Manufacture the Product, each Party
    shall without undue delay forward to the other Party a copy or description of the same and shall confer with the other Party
    with respect to the best means to comply with any new or modified requirements of such Regulatory Authority. IDT shall provide
    ADVAXIS with a copy of all draft responses for comment as soon as possible, but within the proscribed timelines from the Regulatory
    Authority, and shall consider ADVAXIS’s comments in good faith. ADVAXIS shall submit any comments on said draft responses
    within five (5) Business Days or within such longer period of time as agreed by the Parties. IDT shall also provide ADVAXIS
    with a copy of all final responses for review and approval, which shall not be unreasonably withheld or delayed, at least
    five (5) Business Days prior to submission thereof, but no longer than the proscribed timelines from the Regulatory Authority.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
14 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	4.3.	IDT
    will Notify ADVAXIS of each Batch quality investigation following and resulting from a deviation resulting from the Manufacture
    of Product and will provide ADVAXIS with access to details of said investigation as more specifically set forth in the Quality
    Agreement.
	 	 
	4.4	Documents.
    IDT shall maintain records of documents, information, data
    and materials used or generated in performance of the Manufacture in a professional manner so as to permit ADVAXIS to review
    such records in accordance with this Section 4.4 without disclosing to ADVAXIS any Third Party Confidential Information. Designated
    representatives of ADVAXIS shall, at a mutually agreeable time not more often than once per calendar year, except “for
    cause” e.g. critical deviations, negative regulatory inspections and upon reasonable Notice to IDT, have access to and
    shall be permitted to review all such records during the term of this Agreement and during the applicable retention period
    specified in Section 4.5. Upon ADVAXIS’s request, IDT will provide to ADVAXIS an inventory of records and record types
    pertaining to any Work Package or Services, and upon request, a copy of any and all such records at ADVAXIS’s expense.
	 	 
	4.5	Document
    Retention. Subject to the provisions of Article 8, IDT may
    retain in its possession copies of any and all data, documents or information related to the performance of this Agreement
    solely as required for regulatory, legal or insurance purposes. Except as expressly set forth in any SOWs, IDT shall maintain:

 

	 	a.	all
    such records that relate in any way to the Product until the latter of (i) five (5) years after completion of the Work Package
    and (ii) expiration of the minimum retention period required by applicable laws, rules and regulations; and
	 	 	 
	 	b.	all
    other records relating to the Services under any Work Package until the latter of (i) five (5) years after completion of such
    Work Package; and (ii) expiration of the minimum retention period required by laws, rules, and regulations.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
15 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	 	IDT
    shall not destroy any such records without ADVAXIS’s prior Consent. At ADVAXIS’s written request, IDT shall continue
    to maintain any such records beyond the applicable period specified above, or alternatively, shall transfer such records to
    ADVAXIS or its designee, at ADVAXIS’s expense.
	 	 
	4.6	Regulatory
    Inspections. IDT will permit Regulatory Authorities to conduct
    inspections relating to the Services and will cooperate fully in connection with such inspections. IDT shall Notify ADVAXIS
    within three (3) Business Days of receipt from any Regulatory Authority of any notice of inspection which specifically includes
    (a) the Products or Services (e.g. pre-approval inspection); (b) IDT Production Facilities where the Products are being Manufactured;
    (c) any warehouse or distribution center where the Products are stored; or (d) any other facility handling testing, regulatory
    and development activities, product complaints or other administrative activities directly related to the Products. IDT shall
    allow ADVAXIS, to the extent practicable, to participate in or observe such inspections if ADVAXIS so chooses, and shall provide
    ADVAXIS with copies of all correspondence, reports, results, findings and other material pertinent to such inspections (including
    all Form-FDA 483s), whether oral or written, without undue delay (but in any event within five (5) Business Days) after they
    are received, or produced, by or on behalf of IDT from or to the FDA or any Regulatory Authority in accordance with the Quality
    Agreement; provided, however, IDT reserves the right to redact correspondence, reports, results, findings and other material
    with respect to other IDT products and/or proprietary information. For all other regulatory inspections relating specifically
    to the Product or Services, e.g. routine GMP inspections, IDT will Notify ADVAXIS of the results of the inspection.

 

ARTICLE
5: FEES AND PAYMENT

 

	5.1	General.
    Subject to the provisions of Section 2.12 and 3.1 ADVAXIS
    agrees to pay to IDT the respective Service Fees/Work Package Value in the amounts and in accordance with the provisions (i)
    as set forth in the applicable Work Package; (ii) if not set forth in said Work Package, then as set forth herein below. Each
    such invoice for such Service Fees shall reference this Agreement. In case a Work Package does not provide for specific details
    on payments to be made, then ADVAXIS shall pay any remaining balance of Service Fees due and not paid earlier, upon IDT’s
    respective invoice after the last Delivery under such Work Package.
	 	 
	5.2	VAT
    and Taxes. The Service Fees/Work
    Package prices and other amounts to be paid by ADVAXIS do not include VAT or other taxes to be paid by ADVAXIS, if any. Notwithstanding
    the foregoing, IDT agrees that it is responsible for compliance with German federal, state and local tax requirements relating
    to payments made by ADVAXIS to IDT under this Agreement.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
16 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	5.3	Payment
    Time. Subject to the provisions of Section 2.12, payment
    of all invoices issued by IDT to ADVAXIS shall be made by ADVAXIS to IDT by bank wire transfer to IDT’s bank account
    within thirty (30) days following the date of ADVAXIS’s receipt of each invoice from IDT. ADVAXIS shall be entitled
    to a two per cent (2%) discount on all Services Fees/Work Package Prices paid effectively to IDT’s bank account within
    fourteen (14) days following the date of ADVAXIS’ receipt of such invoice from IDT.
	 	 
	5.4	Late
    Payment Fee. ADVAXIS shall have the right to withhold payment
    of the portion of any invoice that is disputed in good faith until such dispute has been resolved. IDT may charge a late fee
    equal to the current base rate established by the German Federal Bank plus eight per cent (8%) annually calculated on a daily
    basis, on all undisputed amounts past due under any invoice issued by IDT to ADVAXIS under this Agreement.

 

ARTICLE
6: AMENDMENTS TO THIS AGREEMENT

 

	6.1	Amendments.
    Set forth in this Article 6 are the procedures to be followed
    by the Parties in connection with amendments to this Agreement and to its Exhibits, including, without limitation, the Work
    Packages (“Amendment Procedures”), except as may be expressly provided otherwise in this Agreement. For the sake
    of clarity, any provisions set forth in other Sections of this Agreement that modify or amend the Amendment Procedures shall
    prevail.

 

	 	6.1.1	The
    Party desiring an amendment shall send to the other Party a Notice containing an amendment proposal describing in reasonable
    detail said amendment and the reasons for it and including supporting documentation if appropriate or necessary to understand
    said amendment (“Amendment Proposal”). Each Amendment Proposal shall comply with any specific provisions that
    may be set forth in the Section of this Agreement under which the Amendment Proposal arises.
	 	 	 
	 	6.1.2	The
    Party receiving said Amendment Proposal shall respond to it with a Notice within thirty (30) calendar days from the date of
    receipt or within such longer period of time as the Parties mutually agree (“Proposal Response”). Said Proposal
    Response shall either accept the Amendment Proposal or set forth suggestions for changes desired by said receiving Party or
    reject the Amendment Proposal, provided, however, that no rejection shall occur unless the receiving Party has carefully considered
    the Amendment Proposal and discussed it with the offering Party.
	 	 	 
	 	6.1.3	Each
    receiving Party will use commercially reasonable efforts to comply with the request of the offering Party to make the amendment
    set forth in the Amendment Proposal received from said offering Party. Both Parties will negotiate the terms of any such Amendment
    Proposal in good faith.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
17 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	 	6.1.4	All amendments,
    including without limitation any amendment to the provisions of this Section 6.1, shall be in writing and signed by both Parties
    to be valid.

 

	6.2	Quality
    Matters. Notwithstanding the provisions set forth in Section
    6.1 above, amendments to the Quality Agreement relating to quality assurance or quality control shall be made in accordance
    with the applicable change control provisions set forth in the Quality Agreement.

 

 ARTICLE
7: NON-CONFORMING PRODUCTS AND SERVICES

 

	7.1	Defective
    Product. Subject to the provisions of Section 2.10, any
    Product produced by IDT under this Agreement that does not comply with Section 2.5 at the time of Delivery of such Product
    (“Defective Product”) may be rejected by ADVAXIS pursuant to a Notice sent by ADVAXIS to IDT (“Rejection
    Notice”) within thirty (30) days after ADVAXIS’s receipt of the alleged Defective Product and a copy of all such
    Batch documentation that is required to be submitted by ADVAXIS under the applicable Work Package, provided, however, that
    if the defects are not evident immediately to ADVAXIS at the time of Delivery, such Notice by ADVAXIS to IDT shall be made
    no later than fifteen (15) Business Days after said discovery by ADVAXIS.
	 	 
	7.2	Evaluation
    Report. The Rejection Notice shall be accompanied by a sample
    of the alleged Defective Product, if feasible. Within thirty (30) days after receipt of the Rejection Notice, IDT shall undertake
    an evaluation of the Defective Product and give to ADVAXIS a written report of the results of such evaluation. In the event
    that the Parties disagree upon whether or not any Product is a Defective Product, such disagreement shall be resolved as set
    forth in Section 7.5 of this Agreement.
	 	 
	7.3	Defects
    Caused by IDT. If Product is determined to be a Defective
    Product solely caused by IDT, including, without limitation, as a result of Starting Materials provided to IDT by its suppliers
    for whom IDT is responsible under the applicable provisions of the Quality Agreement, then IDT shall Manufacture and Deliver,
    at IDT’s expense, to ADVAXIS, as soon as commercially reasonable replacement of said Defective Product in accordance
    with an amended production plan reasonably agreed to in writing by the Parties (and, to the extent commercially reasonable,
    prior to the time ADVAXIS is obligated to deliver the Product to its customer). If the Defective Product had already been
    shipped to ADVAXIS or to a Third Party designated by ADVAXIS, the replacement of such Defective Product will be shipped at
    IDT’s expense. If ADVAXIS has paid for such Defective Product, IDT shall issue to ADVAXIS a refund or credit, at ADVAXIS’s
    option, in the amount of the Service Fees so paid by ADVAXIS. IDT shall be entitled to invoice ADVAXIS for the Service Fees
    of the replacement Product, provided that (i) ADVAXIS has received a refund for the Defective Product, and (ii) the Service
    Fees of the replacement Product shall not exceed the Service Fees that had been invoiced by IDT for the Defective Product,
    and ADVAXIS shall pay said invoice within thirty (30) days of receipt thereof. ADVAXIS shall supply IDT, at ADVAXIS’
    expense, any ADVAXIS Material necessary for IDT to Manufacture and Deliver the replacement Product.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
18 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	7.4	Defects
    Caused by ADVAXIS. If Product is rejected by ADVAXIS and
    is determined to be Defective Product solely caused by ADVAXIS, including without limitation, any Product being defective
    due to ADVAXIS’s provision of incomplete or inaccurate Specifications or due to improper handling of Product by ADVAXIS,
    by any Affiliate of ADVAXIS or by any Third Party or due to any defect in ADVAXIS Materials used in such Manufacture of Product,
    being used by IDT in the performance of the Manufacturing IDT shall Manufacture and Deliver to ADVAXIS, as soon as commercially
    reasonable, replacement Product in accordance with an amended production plan reasonably agreed to by the Parties (and, to
    the extent possible, prior to the time ADVAXIS is obligated to deliver the Product to its customer). ADVAXIS shall be required
    to pay the Service Fees of the Product determined to be Defective Product caused solely by ADVAXIS and the Service Fees of
    the replacement Product. ADVAXIS shall supply IDT, free of charge, any ADVAXIS Material necessary for IDT to Manufacture and
    Deliver the replacement Product.
	 	 
	7.5	Expert.
    If the Parties cannot agree as to whether Product is Defective
    Product within thirty (30) days after delivery of the aforesaid IDT evaluation report to ADVAXIS, the Parties shall submit
    the relevant materials to a mutually agreed upon independent testing laboratory or other appropriate expert acceptable to
    the Parties (“Expert”) for evaluation. The Parties shall cooperate fully and without undue delay with the Expert’s
    reasonable requests for assistance or information in connection with its evaluation hereunder. Within thirty (30) days thereafter,
    the Expert shall determine whether the Products are Defective Products and, if possible, the cause of the defect as soon as
    reasonably possible. The findings of the Expert shall be final, binding and determinative on the Parties, absent manifest
    error. In the event the Parties fail to agree on the choice of the Expert, the International Chamber of Commerce in Zurich
    shall be asked to select an appropriate Expert, and the decision of the ICC will be binding on the Parties. In the event the
    Expert is unable to determine the cause of the defect, the matter shall be treated as a dispute and may be referred by either
    Party for resolution pursuant to the provisions of Article 15.
	 	 
	7.6	Expenses
    of Expert. The expenses of the Expert(s) shall be borne by IDT if the Expert(s)
    determines that the defect in the Product was caused by IDT. If the Expert(s) determines that ADVAXIS caused the defect in
    the Product, ADVAXIS shall pay for the expenses of the Expert(s). If the Expert is unable to determine the cause of the defect,
    the Parties shall split the expenses of the Expert(s).
	 	 
	7.7	Defect
    Resolution. Both Parties shall employ commercially reasonable
    efforts to resolve any issues or disputes associated with a Defective Product.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
19 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	7.8	Sole
    Remedy for Defective Product. Without limiting the indemnity
    obligations under Article 11, the remedies for Defective Product caused by IDT pursuant to this Article 7 shall be the sole
    and exclusive remedies for the replacement of nonconforming Product available to ADVAXIS, to any Affiliate of ADVAXIS or to
    any Third Party.
	 	 
	7.9	Recall.
    Each Party shall give Notice to the other Party immediately
    upon learning of any event that would be expected to give rise to a recall of Product or other corrective measure related
    to the Product. ADVAXIS shall be responsible for all such recalls and actions, provided that IDT shall fully cooperate in
    the same. All costs of a Product recall or other corrective measure related to the Product shall be the sole responsibility
    of ADVAXIS except to the extent such recall is due to Defective Product caused by IDT under the provisions of Section 7.3
    above, in which event IDT shall also be liable for the direct costs of said recall. Direct costs under this Section 7.9 shall
    mean and are limited to costs of transport, destruction of Defective Product, travel and communication services for the handling
    of the recall and corrective measures. Product recalls shall be handled in accordance with the provisions addressing recalls
    as set forth in the Quality Agreement.

 

ARTICLE
8: CONFIDENTIALITY AND NON-USE

 

	8.1	Defined.
    As used in this Agreement, the term “Confidential
    Information” shall mean all information disclosed in writing or by oral communications by either Party to the other
    Party under this Agreement including any information relating to the Product, the Manufacturing Specifications, formulations
    and compositions; scientific know-how; chemical compound, biological material and composition data; Manufacturing processes;
    analytical methodology; Product applications including safety and efficacy data; current and future Product and marketing
    plans and projections; and other information of a technical or economic nature related to the Product, the Manufacture of
    the Product and the matters set forth in any Work Plan. The existence and content of this Agreement shall also be considered
    Confidential Information of both Parties.
	 	 
	8.2	Limited
    Disclosure. All Confidential Information disclosed hereunder
    shall remain the property of the disclosing Party and shall be maintained in confidence and not disclosed by the receiving
    Party to any person except to officers, employees, and consultants to whom it is necessary to disclose the information for
    the purpose specified above. Each Party shall take all steps it would normally take to protect its own Confidential Information
    to ensure that the received Confidential Information shall be maintained in confidence and not disclosed, but not less than
    reasonable care.
	 	 
	8.3	Use.
    Unless otherwise agreed in writing, all Confidential Information
    disclosed hereunder shall be used by that Party only to fulfill its obligations under this Agreement.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
20 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	8.4	Exceptions.
    The obligations of the Parties under this Article 8 shall
    not apply to:

 

	 	8.4.1	Information
    which, at the time of disclosure, is in the public domain or thereafter comes into the public domain other than as a result
    of breach of this Agreement; or
	 	 	 
	 	8.4.2	Information
    which the receiving Party can establish by contemporaneous written evidence was in its possession at the time of disclosure
    by the disclosing Party; or
	 	 	 
	 	8.4.3	Information
    which was received by the receiving Party from an Affiliate or from a Third Party not under an obligation of confidentiality
    towards the disclosing Party; or
	 	 	 
	 	8.4.4	Information
    which the receiving Party can establish by contemporaneous written evidence was independently developed without use or reference
    to Confidential Information received hereunder.

 

	8.5	Mandatory
    Disclosure. Notwithstanding the limitations above, each
    Party may disclose Confidential Information belonging to the other Party to the extent such disclosure is required by mandatory
    legal provisions, provided, however, in the event a Party is required to make a disclosure of the other Party’s Confidential
    Information pursuant to this Section 8.5, it will give reasonable advance Notice to the other Party of such disclosure obligation
    with sufficient time for such other Party to seek a protective order and will endeavor in good faith to limit the extent of
    such disclosure and to to cooperate with the other Party’s attempt to obtain such protective order or confidential treatment.
	 	 
	8.6	Return.
    Upon termination of this Agreement, each Party agrees to
    return to the other Party or destroy, at such other Party’s election, all written or other physical embodiments of the
    other Party’s Confidential Information, except for one (1) copy, which may be retained in a confidential manner exclusively
    for legal archival purposes. The obligations under this Article 8 shall be binding on any Affiliate, successor or assignee
    of IDT or ADVAXIS as if it was a Party to the Agreement.
	 	 
	8.7	Duration.
    The obligations of confidentiality and non-use of the Confidential
    Information under this Agreement shall continue throughout the Term of this Agreement and shall survive the termination or
    expiration of this Agreement for ten (10) years.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
21 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

ARTICLE
9: INTELLECTUAL PROPERTY RIGHTS

 

	9.1	Ownership.
    All Intellectual Property owned or controlled by IDT which
    relates to IDT’s business and not to the Products or any of ADVAXIS’s Intellectual Property
    shall remain the property of IDT. All Intellectual Property owned or controlled by ADVAXIS shall remain the property of ADVAXIS.
    For the sake of clarity, the Process and the Master Production Record are hereby the sole and exclusive property of ADVAXIS.
	 	 
	9.2	License
    to IDT. ADVAXIS
    grants to IDT a non-exclusive, royalty-free, license to use such of ADVAXIS’s Intellectual Property that ADVAXIS provides
    to IDT to perform the Services under this Agreement. The duration of said license shall be for the Term of this Agreement.
    In no event shall IDT be permitted to use ADVAXIS’s Intellectual Property for any other purpose or for any other customer
    of IDT without the prior Consent of ADVAXIS.
	 	 
	9.3	IDT
    Intellectual Property and Third Party Intellectual Property.
    IDT shall not incorporate any of its IDT Intellectual Property or Third Party Intellectual Property into the Process or Master
    Production Record without the prior Consent of ADVAXIS.
	 	 
	9.4	IDT’s
    Proprietary Intellectual Property. IDT hereby agrees to
    use such of IDT’s Intellectual Property as is required in order to perform the Services under this Agreement. Said use
    shall be on a non-exclusive, royalty-free basis and only for the Term of this Agreement. IDT hereby grants to ADVAXIS an irrevocable,
    fully paid, non-exclusive worldwide license, with the right to grant and authorize sublicenses through multiple layers of
    sub-licensees, under any and all IDT Intellectual Property including without limitation any Arising IP that IDT incorporates
    pursuant to this Agreement and with the prior Consent of ADVAXIS into the Master Production Record or into the Specifications,
    to make, have made, use, have used, sell, offer for sale, have sold, import, have imported, export, have exported, develop,
    have developed, commercialize, and have commercialized any product.
	 	 
	9.5	Inventions.
    Any Intellectual Property that shall be created or conceived
    by IDT as a result of, or be derived from, the performance of the Services under this Agreement that is not ADVAXIS Arising
    IP and to the extent that it relates solely to any IDT Manufacturing processes of general applicability or to any other IDT
    Intellectual Property or IDT’s Confidential Information, which can be used without reference to the Products or ADVAXIS
    Confidential Information shall be owned by and be the sole and exclusive property of IDT (“Arising IP”). Any Arising
    IP relating to the Product or relating to, based on, or incorporating any other ADVAXIS Intellectual Property or ADVAXIS Confidential
    Information is hereby the sole and exclusive property of ADVAXIS (“ADVAXIS Arising IP”).
	 	 
	9.6	Other
    Acts. Each Party shall undertake all necessary or appropriate
    acts, including without limitation signing assignment, divisionalization or other documents to give effect to the provisions
    of this Article 9. IDT covenants to take all reasonable actions necessary to obtain all right, title and interest in and to
    any and all Inventions related to this Agreement that are conceived or reduced to practice by any of its employees or contractors
    including negotiation of any necessary agreement and payment of all amounts advisable or required under Applicable Law.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
22 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

ARTICLE
10: WARRANTIES

 

	10.1	IDT warrants
    that:

 

	 	10.1.1	IDT
    has the power, authority and legal right to enter into this Agreement and to perform its obligations hereunder. This Agreement
    has been duly executed and delivered on behalf of IDT, and constitutes a legal, valid, binding obligation, enforceable against
    IDT in accordance with its terms.
	 	 	 
	 	10.1.2	All
    necessary licenses, permits, consents, approvals and authorizations of all Regulatory Authorities required to be obtained
    by IDT in connection with this Agreement have been obtained or will be obtained as required prior to undertaking the Services.
    IDT shall adhere to all Applicable Laws in the performance of the Services
	 	 	 
	 	10.1.3	The
    Intellectual Property, if any, utilized by IDT, in connection with the performance of the Services to the knowledge of IDT,
    (i) may be lawfully used in connection therewith, and (ii) such use does not knowingly infringe any Third Party rights.
	 	 	 
	 	10.1.4	IDT
    has the necessary facilities, equipment, know-how and personnel to carry out the Services in accordance with this Agreement.
	 	 	 
	 	10.1.5	Subject
    to the provisions of Section 2.10, any Product Manufactured by IDT pursuant to this Agreement other than Development Product,
    at the time of Delivery conforms to the requirements of Section 2.5.
	 	 	 
	 	10.1.7	Neither
    IDT nor any of its officers, directors, agents, Affiliates, employees or subcontractors rendering services under this Agreement
    has been or is currently under investigation by the FDA for debarment action; or was or is presently debarred pursuant to
    Section 306 of the United States Food Drug and Cosmetic Act. In addition, IDT represents and warrants (i) that it has not
    been convicted of a crime related to health care; and (ii) that it is not listed by a federal agency as debarred, excluded
    or otherwise ineligible for participation in federally funded programs. IDT shall notify ADVAXIS immediately upon any inquiry
    or the commencement of any such investigation or proceeding or of any circumstance that would cause the foregoing statements
    under this Section 10.1.7 to become false or inaccurate.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
23 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	10.2	ADVAXIS warrants
    that:

 

	 	10.2.1	ADVAXIS
    has the power, authority and legal right to enter into the Agreement and to perform its obligations hereunder. This Agreement
    has been duly executed and delivered on behalf of ADVAXIS, and constitutes a legal, valid, binding obligation, enforceable
    against ADVAXIS in accordance with its terms.
	 	 	 
	 	10.2.2	All
    necessary licenses, permits, consents, approvals and authorizations of all Regulatory Authorities required to be obtained
    by ADVAXIS in connection with this Agreement have been obtained or will be obtained as required prior to undertaking Manufacturing.
    ADVAXIS shall adhere to all Applicable Laws.
	 	 	 
	 	10.2.3	The
    Intellectual Property provided by ADVAXIS, in connection with the Manufacturing to the knowledge of ADVAXIS, (i) may be lawfully
    used in connection with such Manufacture, and (ii) such use does not infringe any Third Party rights.
	 	 	 
	 	10.2.4	Neither
    ADVAXIX nor any of its officers, directors, agents, Affiliates, employees or subcontractors rendering services under this
    Agreement has been or is currently under investigation by the FDA for debarment action; or was or is presently debarred pursuant
    to Section 306 of the United States Food Drug and Cosmetic Act. In addition, ADVAXIS represents and warrants (i) that it has
    not been convicted of a crime related to health care; and (ii) that it is not listed by a federal agency as debarred, excluded
    or otherwise ineligible for participation in federally funded programs. ADVAXIS shall notify IDT immediately upon any inquiry
    or the commencement of any such investigation or proceeding or of any circumstance that would cause the foregoing statements
    under this Section 10.2. to become false or inaccurate.

 

THE
REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS ARTICLE 10 ABOVE AND ELSEWHERE IN THIS AGREEMENT ARE IN LIEU OF ALL OTHER REPRESENTATIONS
AND WARRANTIES NOT EXPRESSLY SET FORTH HEREIN AND EACH PARTY HEREBY EXPRESSLY DISCLAIMS ANY AND ALL OTHER REPRESENTATIONS AND
WARRANTIES OF ANY KIND, EXPRESSED OR IMPLIED, STATUTORY OR OTHERWISE, INCLUDING WITHOUT LIMITATION THE WARRANTIES OF MERCHANTABILITY
AND FITNESS FOR ANY PARTICULAR PURPOSE.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
24 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	10.3	LIMITATION
    OF LIABILITY. With respect to any damages owed by a Party to the
    other Party or to any Affiliate of the other Party or to any Third Party resulting from a breach by said Party of its obligations
    under this Agreement, the following provisions shall apply:

 

	 	10.3.1	IN
    NO EVENT SHALL EITHER PARTY BE LIABLE FOR SPECIAL, INDIRECT (INCLUDING WITHOUT LIMITATION LOSS OF PROFIT), INCIDENTAL OR CONSEQUENTIAL
    DAMAGES ARISING OUT OF THIS AGREEMENT BASED ON CONTRACT, TORT OR ANY OTHER LEGAL THEORY WHETHER OR NOT THE OTHER PARTY HAS
    BEEN ADVISED OF THE POSSIBILITY OF SUCH LOSS OR DAMAGE HOWEVER CAUSED.
	 	 	 
	 	10.3.2	FOR
    ANY CLAIM BASED ON ANY LEGAL THEORY OTHER THAN ALLEGED GROSS NEGLIGENCE, IDT’S MAXIMUM DIRECT AND INDIRECT LIABILITY
    FOR ANY SINGLE CLAIM WHICH IS BEYOND AMOUNTS PAID BY ONE OR MORE OF IDT’S INSURERS AND WHICH IS BROUGHT UNDER THIS AGREEMENT
    BY ADVAXIS, BY ANY AFFILIATE OF ADVAXIS AND/OR BY ANY THIRD PARTY SHALL NOT EXCEED, DIRECTLY OR INDIRECTLY, AN AMOUNT WHICH
    EQUALS FIFTY PER CENT (50%) OF THE SERVICE FEES RECEIVED BY IDT FOR THE PERFORMANCE OF THE SERVICES UNDER THE WORK PACKAGE
    RELATED TO SUCH CLAIM, PROVIDED THAT IDT’S MAXIMUM AGGREGATE LIABILITY FOR ALL SUCH CLAIMS WHICH ARE BEYOND AMOUNTS
    PAID BY ONE OR MORE OF IDT’S INSURERS AND WHICH ARE BROUGHT UNDER THIS AGREEMENT BY ADVAXIS, BY ANY AFFILIATE OF ADVAXIS
    AND/OR BY ANY THIRD PARTY SHALL NOT EXCEED, DIRECTLY OR INDIRECTLY, AN AMOUNT WHICH EQUALS FIVE PER CENT (5%) OF THE AGGREGATE
    SERVICE FEES FOR THE PERFORMANCE OF THE SERVICES RECEIVED OR TO BE RECEIVED IN THE CALENDAR YEAR TO WHICH ANY SUCH CLAIM OR
    GROUP OF CLAIMS UNDER THIS SECTION 10.3.2 RELATES. THE DELIVERY DATE OF THE PRODUCT OR OTHER DELIVERABLE SHALL DETERMINE THE
    YEAR TO WHICH ANY RESPECTIVE CLAIM RELATES.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
25 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

	 	10.3.3	FOR
    ANY CLAIM BASED ON ALLEGED GROSS NEGLIGENCE, IDT’S MAXIMUM DIRECT AND INDIRECT LIABILITY FOR ANY SINGLE CLAIM WHICH
    IS BEYOND AMOUNTS PAID BY ONE OR MORE OF IDT’S INSURERS AND WHICH IS BROUGHT UNDER THIS AGREEMENT BY ADVAXIS, BY ANY
    AFFILIATE OF ADVAXIS AND/OR BY ANY THIRD PARTY SHALL NOT EXCEED, DIRECTLY OR INDIRECTLY, AN AMOUNT WHICH EQUALS ONE HUNDRED
    AND FIFTY PER CENT (150%) OF THE SERVICE FEES RECEIVED BY IDT FOR THE PERFORMANCE OF THE SERVICES UNDER THE WORK PACKAGE RELATED
    TO SUCH CLAIM, PROVIDED THAT IDT’S MAXIMUM AGGREGATE LIABILITY FOR ALL SUCH CLAIMS WHICH ARE BEYOND AMOUNTS PAID BY
    ONE OR MORE OF IDT’S INSURERS AND WHICH ARE BROUGHT UNDER THIS AGREEMENT BY ADVAXIS, BY ANY AFFILIATE OF ADVAXIS AND/OR
    BY ANY THIRD PARTY SHALL NOT EXCEED, DIRECTLY OR INDIRECTLY, AN AMOUNT WHICH EQUALS FIFTEEN PER CENT (15%) OF THE AGGREGATE
    SERVICE FEES FOR THE PERFORMANCE OF THE SERVICES RECEIVED OR TO BE RECEIVED BY IDT IN THE CALENDAR YEAR TO WHICH ANY SUCH
    CLAIM OR GROUP OF CLAIMS UNDER THIS SECTION 10.3.3 RELATES. THE DELIVERY DATE OF THE PRODUCT OR OTHER DELIVERABLE SHALL DETERMINE
    THE YEAR TO WHICH ANY RESPECTIVE CLAIM RELATES.
	 	 	 
	 	10.3.4	THE
    LIABILITY LIMITATION PROVISIONS SET FORTH IN SECTIONS 10.3.2 AND 10.3.3 SHALL NOT APPLY TO CLAIMS BASED ON ALLEGED WILLFUL
    MISCONDUCT BY IDT.
	 	 	 
	 	10.3.5	For
    avoidance of doubt, payments made by any insurance provider shall not be included among IDT’s liability payments for
    purposes of determining whether the liability limitation herein has been reached, provided, however, that IDT shall not be
    liable for any part of any claim that is paid by insurance proceeds.
	 	 	 
	 	10.3.6	Notwithstanding
    any other provision in this Agreement, for the sake of clarity, the Parties expressly agree that any liability limitation
    in this Agreement will not limit potential recovery from any insurer of IDT for losses covered by policies issued by such
    insurer which are incurred in connection with Claims. The scope and extent of liability for IDT’s insurers shall be
    governed exclusively by the terms and limitations of the policies issued by such insurers.
	 	 	 
	 	10.3.5	The
    Parties’ respective liability shall be further limited as provided in Sections 12.3 and 12.4.
	 	 	 
	 	10.3.6	Except
    for Claims based on IDT’s willful misconduct, ADVAXIS expressly agrees that ADVAXIS will be liable for, and indemnify
    IDT against, all Claims of ADVAXIS, of any Affiliate of ADVAXIS and of any Third Party not satisfied by IDT’s insurance
    and/or by IDT’s limited liability set forth in this Section 10.3 above.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
26 of 44

 

    	 

    	 

    

 

Execution Counterpart

  

	ARTICLE
    11: INDEMNITY

 

	11.1	ADVAXIS’s
    Indemnity. ADVAXIS shall indemnify, defend and hold harmless IDT (except to the extent IDT is obligated to indemnify ADVAXIS
    as set forth below) from and against all Claims asserted by a Third Party to the extent arising out of:

 

	 	11.1.1	the
    distribution, marketing, sale, and/or use of any Deliverable or any Product, including without limitation, the use of any
    such Deliverable or Product in any clinical trials; or
	 	 	 
	 	11.1.2	any
    breach by ADVAXIS of its representations, warranties, covenants or obligations under this Agreement; or
	 	 	 
	 	11.1.4	ADVAXIS’s
    willful misconduct or negligence.

 

	11.2	IDT’s
    Indemnity.
    Subject to the provisions of Section 2.10, IDT shall indemnify, defend and hold harmless ADVAXIS and ADVAXIS’s Affiliates
    (except to the extent ADVAXIS is obligated to indemnify IDT as set forth above) against all Claims asserted by a Third Party
    to the extent arising out of:

 

	 	11.2.1	Any
    failure of Product supplied by IDT hereunder to conform to the requirements of Section 2.5 at Delivery;
	 	 	 
	 	11.2.2	any
    breach by IDT of its representations, warranties, covenants or obligations under this Agreement; or
	 	 	 
	 	11.2.3	IDT’s
    willful misconduct or negligence.

 

	11.3	Procedures.
    The Party seeking indemnification (“Indemnified Party”)
    pursuant to this Article 11 shall promptly provide Notice to the indemnifying Party (“Indemnifying Party”) of
    such Claim in reasonable detail, provided that the failure to provide such Notice shall not affect the obligations of the
    Indemnifying Party unless and only to the extent said Indemnifying Party is actually materially prejudiced thereby. The Indemnified
    Party shall furnish promptly to the Indemnifying Party copies of all papers and official documents received in respect of
    any Claim. Commencing within thirty (30) days after receipt of the aforesaid Notice, the Indemnifying Party shall undertake,
    conduct and control, through counsel of its own choosing (but reasonably acceptable to the Indemnified Party) and at its own
    expense, the settlement or defense of the Claim, provided that the Indemnified Party may participate in such settlement or
    defense through counsel chosen by the Indemnified Party and reasonably acceptable to the Indemnifying Party. The Indemnifying
    Party shall not, without the Consent of the Indemnified Party, settle or compromise any Claim, which requires payment or admits
    fault of the Indemnified Party. The Indemnifying Party and the Indemnified Party shall cooperate fully, at the Indemnifying
    Parly’s expense, in all aspects of any investigation, defense, pre- trial activities, trial, compromise, settlement
    or discharge of any Claim in respect of which indemnity is sought pursuant to this Article 11, including, but not limited
    to, providing the other Party with reasonable access to employees and officers (including as witnesses) and other information.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
27 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

ARTICLE
12: INSURANCE

 

	12.1	ADVAXIS
    General. ADVAXIS will either (i) maintain, at all times
    during the term of this Agreement and for three (3) years thereafter, which such three (3) year period may be satisfied with
    any combination of renewal policies, policy term extensions or an extended reporting period, a products liability insurance
    policy, with a per occurrence and aggregate limit of at least Ten Million Dollars ($10,000,000), with a reputable, internationally
    operating insurance company, or alternatively, (ii) certify to IDT that ADVAXIS is self-insured. ADVAXIS will provide IDT
    with at least thirty (30) days’ Notice prior to termination of, or reduction in coverage under, such insurance.
	 	 
	12.2	IDT
    General. IDT will maintain, at all times during the term
    of this Agreement and for three (3) years thereafter, a liability insurance policy, with a per occurrence limit of at least
    Ten Million Dollars US ($10,000,000) (or Euro equivalent) and an aggregate limit of at least Twenty Ten Million US Dollars
    ($20,000,000) (or euro equivalent) and, upon request by ADVAXIS will provide a certificate of insurance to ADVAXIS. IDT will
    provide ADVAXIS with at least thirty (30) days’ Notice prior to termination of or reduction in coverage under such IDT
    Insurance Policy. IDT’s insurance shall be primary and not excess or contributory with ADVAXIS’ insurance.
	 	 
	12.3	IDT’s
    Obligation. IDT shall use commercially reasonable efforts
    to maintain in force the insurance coverage referenced in Section 12.2 above, provided, however, that IDT shall have no liability
    in the event that its insurance provider reduces, cancels or denies any such insurance coverage. In the event that IDT is
    not able to procure or maintain the amount of insurance coverage as set forth in Section 12.2, IDT shall inform ADVAXIS without
    undue delay.
	 	 
	12.4	ADVAXIS’s
    Obligation. ADVAXIS shall use commercially reasonable efforts
    to maintain in force the insurance, or alternatively, self-insurance, coverage referenced in Section 12.1 above, provided,
    however, that ADVAXIS shall have no liability in the event that its insurance provider reduces, cancels or denies any such
    insurance coverage. In the event that ADVAXIS is not able to procure or maintain the amount of insurance coverage as set forth
    in Section 12.1, ADVAXIS shall inform IDT without undue delay.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
28 of 44

 

    	 

    	 

    

 

Execution Counterpart

 

 
ARTICLE 13: TERM AND TERMINATION

 

	13.1	Term.
    This Agreement shall commence on the Effective Date and
    shall remain in full force and effect for an initial period of (i) eighty four (84) months after the
    First Regulatory Approval (“Initial Term”), provided, however, that at the end of each consecutive twelve (12)
    month period after said First Regulatory Approval Date, the term of this Agreement shall be automatically extended by another
    rolling twelve (12) month period (“Renewal Term”), unless either Party shall have given at least thirty-six (36)
    months advance Notice to the other Party of termination of this Agreement at the expiration of the Initial Term or of the
    latest Renewal Term. The Initial Term and the Renewal Terms are herein called the “Term”. The Term may be terminated
    early as provided in Sections 13.2, 13.3 and 13.4. Notwithstanding the foregoing, in the event that no First Regulatory Approval
    Date occurs within thirty-six (36) months after the Effective Date, this Agreement shall terminate automatically at the end
    of said thirty-six (36) months period.
	 	
	13.2	Early
    Termination by ADVAXIS. ADVAXIS may terminate this Agreement
    or a Work Plan in whole or in part at any time with a prior Notice of termination in the event that:

 

	 	13.2.1	Termination
    for Default. IDT defaults in the performance of any material
    obligation set forth in this Agreement and fails to cure said default within sixty (60) days (unless extended by ADVAXIS in
    its sole discretion) after IDT receives a Notice from ADVAXIS specifying the basis for default.
	 	 	 
	 	13.2.2	Insolvency.
    In the event IDT enters into bankruptcy proceedings (whether
    voluntary or involuntary) or proceedings leading to bankruptcy, IDT agrees to send to ADVAXIS a Notice setting forth the details
    of such event. This Notice shall be furnished within ten (10) days of the initiation of the proceedings relating to the bankruptcy.
    This obligation remains in effect until final payment under this Agreement. Bankruptcy or insolvency is deemed to be a material
    breach of this Agreement and may, at the sole discretion of ADVAXIS, constitute the basis for a termination for default without
    further Notice.

 

	13.3	Early
    Termination by IDT. IDT may terminate this Agreement in
    whole or in part at any time with a prior Notice of termination, in the event that:

 

	 	13.3.1	Termination
    for Default. ADVAXIS defaults in the performance of any
    material obligation set forth in this Agreement and fails to cure said default within sixty (60) days (unless extended by
    IDT in its sole discretion) after ADVAXIS receives a Notice from IDT specifying the basis for default.
	 	 	 
	 	13.3.2	Insolvency.
    In the event ADVAXIS enters into bankruptcy proceedings
    (whether voluntary or involuntary) or proceedings leading to bankruptcy, ADVAXIS agrees to send to IDT a Notice setting forth
    the details of such event. This Notice shall be furnished within ten (10) days of the initiation of the proceedings relating
    to the bankruptcy. This obligation remains in effect until final payment under this Agreement. Bankruptcy or insolvency is
    deemed to be a material breach of this Agreement and may, at the sole discretion of IDT constitute the basis for a termination
    for default without further Notice.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
29 of 44

 

    	 

    	 

    

 

	 	Execution
    Counterpart
	 	 
	13.4	Other
    Termination. Either Party may terminate this Agreement upon
    Notice to the other Party, if either Party is not able to procure or maintain its respective amount of insurance coverage
    as set forth in Sections 12.3 or 12.4 or 16.10.5, as the case may be.

 

	13.5	Effects of
    Termination

 

	 	13.5.1	Accrued
    Rights. Termination of this Agreement for any reason will
    be without prejudice to any rights that have accrued to the benefit of a Party prior to such termination. Such termination
    will not relieve a Party of obligations that are expressly indicated to survive the termination of this Agreement.
	 	 	 
	 	13.5.2	Disposition
    of Remaining ADVAXIS Materials and Confidential Information.
    Upon termination or expiration of this Agreement, IDT will store any remaining ADVAXIS Materials and, at ADVAXIS’s option,
    return or destroy any ADVAXIS Confidential Information in the possession or control of IDT. Likewise, ADVAXIS will, at IDT’s
    option, return or destroy any IDT Confidential Information in the possession or control of ADVAXIS.

 

	13.6	No
    Liability. Neither Party shall incur any liability whatsoever
    for any damage, loss or expense of any kind suffered or incurred by the other (or for any compensation to the other) arising
    from or incident to any termination of this Agreement which complies with the terms of this Agreement whether or not such
    Party is aware of any such damage, loss or expense.
	 	 
	13.7	Survival
    of Certain Provisions. Termination or expiration this Agreement
    for any reason shall not affect the rights, obligations and responsibilities of the Parties pursuant to Sections 2.10 and
    2.12 and Articles 7, 8, 9, 10, 11, 12, 13, 15 and 16 all of which survive any termination, along with any additional terms
    in this Agreement necessary to give effect to such provisions.

 

ARTICLE
14: ALLIANCE MANAGER(S)

    

	14.1	Alliance
    Managers. Each Party shall, in writing, appoint one or more
    managers (“Alliance Manager(s)”) to serve as its point of contact for communications between the Parties on matters
    arising under this Agreement.
	 	 
	14.2	Responsibility.
    Each Party’s Alliance Manager(s) shall be primarily
    responsible for reporting to the other Party’s Alliance Manager(s) on the progress of the activities for which said
    Party is responsible as set forth in the Work Plan and each Alliance Manager shall in general provide the opportunity to exchange
    views and to discuss issues in relation to IDT’s and ADVAXIS’s obligations under this Agreement.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
30 of 44

 

    	 

    	 

    

 

	 	Execution
    Counterpart
	 	 
	14.3	Meetings.
    The Alliance Managers from IDT and ADVAXIS shall meet in
    person or by video or telephone conference not less than once every calendar month during the Term of this Agreement. Written
    minutes shall be kept of each meeting between the Alliance Managers from IDT and ADVAXIS.
	 	 
	ARTICLE
    15: DISPUTE RESOLUTION
	 	 
	15.1	Dispute
    Resolution Procedures. All disputes arising under or related
    to this Agreement shall be asserted pursuant to a Notice. The Notice must thoroughly describe the basis for the claim.

 

	 	15.1.1	Senior
    Executives. The Parties, through appropriately appointed
    representatives, who are authorized to resolve the dispute on behalf of their respective companies, shall first meet and attempt
    to resolve the dispute in face-to-face or telephonic negotiations. This first attempt at resolution shall occur within thirty
    (30) days of the time that one Party gives Notice of such dispute. If no resolution is reached through the representatives
    within thirty (30) days of the first attempt to resolve the dispute, each Party is entitled to have the dispute be resolved
    by binding arbitration before a panel of three (3) arbitrators (one arbitrator chosen by each of the Parties and the third
    arbitrator chosen by the first two). The Parties agree that the Arbitration shall take place only before the International
    Chamber of Commerce (and no other tribunal) and shall be under the rules of procedure of the ICC in conjunction with the Convention
    on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”). The Arbitration shall
    be conducted under the ICC Rules of Arbitration then in effect.
	 	 	 
	 	15.1.2	Venue.
    The venue for any arbitration under this Article shall be
    New York, New York and the language of the proceedings (including all documentation) shall be in English.
	 	 	 
	 	15.1.3	Damages.
                                         Damages shall be governed
                                         by the limitation of liability

        clause
        in Section 10.3.

	 	 	 
	 	15.1.4	Discovery.
    In any arbitration hereunder, subject to contrary direction
    by the arbitrator if, in his, her, or their judgment particular circumstances require broader pre-hearing disclosures and
    investigation, discovery prior to hearing shall presumptively be limited to one institutional deposition per side and to advance
    disclosure of witnesses that each side expects to call at the hearing and of all documents and other tangible things that
    each side expects to offer in evidence at the hearing, excluding only those materials that are expected to be used solely
    for purposes of impeachment.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
31 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	 	15.1.5	Final
    Judgment. The Parties irrevocably agree that a final judgment
    in any arbitration proceeding relating to this Agreement shall be conclusive (except for manifest error) and shall be enforceable
    in any court having jurisdiction thereof, provided, however, that the arbitrators shall not have authority to alter any explicit
    provision of this Agreement.
	 	 	 
	ARTICLE 16: MISCELLANEOUS

 

	16.1	Notices.
    Notices shall be sent:
	 	 
	 	If
                                         to IDT:

                                                          

                                                         IDT
                                         Biologika GmbH

                                                         Attn:
                                         CEO

                                                         Am
                                         Pharmapark

                                                         D-06861
                                         Dessau-Rosslau

                                                         Germany

        Fax:
        +49 (0) 34901 885 323

	 	 
	 	If
                                         to ADVAXIS:

                                                          

                                                         ADVAXIS
                                         Inc.

        Attn.:
        Daniel J. O’Connor, President & CEO

        305
        College Road East

        Princeton,
        NJ 08540

        Phone:
        609-452-9813

        Fax:
        609-452-9818

 

or
to such other address as the addressee shall have last furnished in writing to the addressor.

 

	16.2	Severability.
    In the event that any provision of this Agreement is judicially
    determined to be void or unenforceable, and such provision is construed to be severable from the other provisions of this
    Agreement, the other provisions of this Agreement shall remain in full force and effect. Notwithstanding the foregoing, if
    a provision is judicially determined to be void or unenforceable and that provision is essential to the purpose of the Agreement
    such that separating that provision from the Agreement would frustrate the original purpose of the Agreement, then there shall
    be no separation and the entirety of the Agreement shall be deemed void and unenforceable.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
32 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	16.3	Special Transactions.

 

	 	16.3.1	For
    purposes of this Section 16.3, (a) the assignment, by either Party of its rights and obligations under this Agreement to an
    Affiliate or, as part of a merger, consolidation, or a sale of all or substantially all of such Party’s assets, to a
    Third Party, (b) the sale by ADVAXIS to a Third Party of all of its business and/or all of its assets to which this Agreement
    relates, (c) the sale by ADVAXIS to a Third Party of all of its business and/or assets related to the Product, (d) the acquisition
    of Control, directly or indirectly, of either Party by a Third Party, and (e) the grant by ADVAXIS to any Licensee of a license
    or right to manufacture Product, are all referred to herein as “Special Transactions”.
	 	 	 
	 	16.3.2	Neither
    Party shall have a right, directly or indirectly, to assign this Agreement without the Consent of the other Party, provided,
    however, that each Party may engage in any Special Transaction, without the other Party’s Consent, subject to the provisions
    of Sections 16.3.3 and 16.3.4.
	 	 	 
	 	16.3.3	As
    part of any such Special Transaction, the Party engaged in such Special Transaction shall cause this Agreement in its entirety,
    without alteration, modification or amendment of any kind whatsoever (other than minor changes that are necessary to account
    for the assignment in connection with the Special Transaction), to be assigned or transferred or otherwise made part of the
    Special Transaction. Within ten (10) Business Days after the occurrence of any such Special Transaction, said Party engaged
    therein shall send to the other Party a Notice, signed by an officer of said Party, that: (a) informs the other Party of the
    date of the Special Transaction; (b) identifies the Third Party or the Affiliate involved in said Special Transaction, as
    applicable; and (c) certifies that this Agreement in its entirety, without alteration, modification or amendment of any kind
    whatsoever, has been assigned or transferred or otherwise made part of the Special Transaction, or that this Agreement has
    in no material manner been affected by said Special Transaction, as the case may be, and remains in full force and effect
    in accordance with its terms.
	 	 	 
	 	16.3.4	The
    assigning Party shall be liable for all damages incurred by the other Party for failure to comply with the provisions of Section
    16.3.2 and Section 16.3.3 above or in the event that, for any reason, the assignee or acquiring or purchasing Third Party
    or Affiliate in any such Special Transaction shall not be liable for, or refuse to assume, all the obligations of the assigning
    Party under this Agreement by reason of, or after, said Special Transaction or for any other reason whatsoever. The limitation
    of liability provisions set forth in Section 10.3 shall not apply to damages arising under the provisions of this Section
    16.3.4.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
33 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	16.4	Headings.
    All headings, titles, and captions in this Agreement are
    for convenience purposes only and shall not be of any force or substance.
	 	 
	16.5	Waiver.
    Failure by either Party to enforce any rights under this
    Agreement shall not be construed as a waiver of such rights nor shall a waiver by either Party in one or more instances be
    construed as constituting a continuing waiver or as a waiver in other instances. No waiver by any Party of any term, provision
    or condition contained in this Agreement (including any exhibit hereto), whether by conduct or otherwise, in any one or more
    instances, shall be deemed to be or construed as a further or continuing waiver of any such term, provision or condition or
    of any other term, provision or condition of this Agreement (including any exhibit hereto).
	 	 
	16.6	Public
    Disclosure. No Party shall disclose to any Third Party or
    originate any publicity, news release or public announcement, written or oral, whether to the public or the press, or otherwise,
    referring to the terms of this Agreement, the performance under it or any of its specific terms and conditions, except by
    such announcements as are: (i) mutually agreed upon by the Parties in
    writing; or (ii) required by law or regulation. If a Party believes a public announcement to be required by law or regulation
    with respect to this Agreement, it will give the other Party such notice as is reasonably practicable and an opportunity to
    comment upon the announcement.
	 	 
	16.7	Independent
    Contractor. Each Party is acting under this Agreement as
    an independent contractor and not as the partner, joint venturer, agent, or employee of the other Party. Each Party understands
    and agrees that it has no authority to assume any obligation on behalf of the other Parties and that it shall not hold out
    to Third Parties that it has any authority to act on any other Party’s behalf except as expressly permitted herein.
	 	 
	16.8	Performance
    by Affiliates. Each Party may have one or more Affiliates
    perform or otherwise act on its behalf under this Agreement (including Exhibits). Each Party shall be responsible for the
    compliance by its Affiliates performing or otherwise acting under this Agreement on its behalf with the terms and conditions
    of this Agreement.
	 	 
	16.9	Entire
    Agreement. This Agreement (including, without limitation,
    the Exhibits hereto) constitutes the entire Agreement between the Parties concerning the subject matter of said Agreement,
    and supersedes all written or oral Agreements or understandings with respect thereto.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
34 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	16.10	Force Majeure.

 

	 	16.10.1	Force
    Majeure. Any delay in the performance of any of the duties
    or obligations of either Party (except the payment of money hereunder) shall not be considered a breach of this Agreement;
    provided that such delay has been caused by or is the result of circumstances beyond the reasonable control of the relevant
    Party which may include acts of God, acts of the public enemy, war, civil commotion, terrorism, epidemic disease, quarantine
    restrictions, freight embargoes, unusually severe weather, insurrections, riots, embargoes, general labor disputes or strikes,
    fires, explosions, shortages of energy, accident, fire, flood, storm, earthquake, government action or inaction in its sovereign
    capacity (including acts of any country to which Product is supplied by ADVAXIS or Germany, and/or an act by any political
    subdivision thereof), or other unforeseen causes, in each case provided that such delay is beyond the reasonable control and
    without the fault or negligence of the Party so affected (each a “Force Majeure Event”). Notwithstanding the foregoing,
    in the event of a complete or partial regulatory shutdown of a facility or service or other act by a Regulatory Authority
    that (a) specifically impacts a Party’s operations (i.e., without shutting down facilities owned by Third Parties) and
    (b) is due to a Party’s gross negligence, willful misconduct or noncompliance with Applicable Laws, such shutdown shall
    not constitute a “Force Majeure Event”.
	 	 	 
	 	16.10.2	Notice.
    If either Party is affected by a Force Majeure Event, the
    affected Party shall Notify the other Party within five (5) days of the Force Majeure Event which caused, threatens to cause
    or will cause a delay in performance under this Agreement. The affected Party shall take reasonable actions to avoid, mitigate
    or remove the cause of the affected Party’s non-performance.
	 	 	 
	 	16.10.3	No Breach.
Neither Party shall be in breach of this Agreement, nor otherwise be liable to the other Party by reason of any delay in performance,
or non-performance, of any of its obligations hereunder to the extent that such delay or non-performance is due to any Force Majeure
Event of which it has notified the other Party and the time for performance of that obligation shall be extended accordingly.
	 	 	 
	 	16.10.3	Cooperation.
    The Parties shall cooperate in good faith to reschedule
    any Manufacture of Product that has been delayed or postponed by reason of a Force Majeure Event.
	 	 	 
	 	16.10.4	Termination.
    In the event that a Force Majeure Event continues for more
    than three (3) months, the Parties will use good faith efforts to work out a mutually agreeable solution. Should no mutually
    agreeable solution be found within a further period of three (3) months, either Party may terminate this Agreement upon Notice
    to the other Party.

 

	16.11	Counterparts.
    This Agreement shall be signed in two (2) counterparts each
    of which shall be deemed to be an original and both of which taken together
    shall constitute one and the same instrument. Facsimile or e-mail transmission of executed counterparts of this Agreement
    shall constitute evidence of the execution of this Agreement by the Parties.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
35 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	16.12	Governing
    Law. The arbitration undertaking provided for in Section 15.1 of this Agreement,
    above, shall be governed by and construed and interpreted in accordance with the New York Convention and the implementing
    U.S. legislation, 9 U.S.C. sections 101 et seq. All other provisions of this Agreement shall be governed by and construed
    and interpreted in accordance with the internal laws of the State of New York, USA. The 1980 U.N. Convention on the International
    Sale of Goods shall not apply. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY
    TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER IT BEING AGREED THAT ALL DISPUTES WILL BE RESOLVED PURSUANT TO THE DISPUTE
    RESOLUTION PROCEDURES SET FORTH IN ARTICLE 15 OF THIS AGREEMENT.
	 	 
	16.13	Exhibits.
    All exhibits referred to herein form an integral part of
    this Agreement and are incorporated into this Agreement by such reference.
	 	 
	16.14	No
    Presumption Against Drafter. For purposes of this Agreement,
    the Parties hereby waive any rule of construction that requires that ambiguities in this Agreement (including any exhibit
    hereto) be construed against the drafter.
	 	 
	PART
    III: EXHIBITS

 

	EXHIBIT
    A	WORK PLAN AND
    SERVICE FEES
	EXHIBIT B	QUALITY AGREEMENT
	EXHIBIT C	EQUIPMENT
	EXHIBIT D	ADVAXIS MATERIALS
	EXHIBIT E	STORAGE FEES
	EXHIBIT F	FURTHER DEFINITIONS
	EXHIBIT G:	PRODUCT SCOPE

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
36 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

Exhibit
A WORK PLAN

 

to
be added by the parties

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
37 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

Exhibit
B: Quality Agreement

 

to
be added by the parties

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
38 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

Exhibit
C: Equipment

 

At
the Effective Date, there is no Equipment within the meaning set forth in this Agreement.

 

to
be added by the parties

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
39 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

Exhibit
D: ADVAXIS Materials

 

The
specific materials set forth in the respective Work Packages for the Product referenced in Exhibit G, No. 1, ADXS-HPV. Said ADVAXIS
Materials may include, without limitation, cell banks, virus seeds and bulk drug substance.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
40 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

Exhibit
E: Storage Fees

 

	No.	 	Type
    of Storage	 	Price	 	Unit	 	Further
    Conditions
	 	 	 	 	 	 	 	 	 
	1	 	Standard 

    Storage: 15- 25°C	 	31,50	 	€/pallet/month	 	 
	 	 	 	 	 	 	 	 	 
	2	 	Cold

        Storage
        A: 2-8°C
	 	45,85	 	€/pallet/month	 	 
	 	 	 	 	 	 	 	 	 
	3	 	Cold

        Storage
        B: - 45 -15°C
	 	70,35	 	€/DS

        batch/month
	 	Up to 50 batch
    storage spaces available per deep freezing room.
	 	 	 	 	 	 	 	 	 
	4	 	Cold

        Storage
        C: ab -65 - 85°C
	 	137,85	 	€/Storage
                                         Shelf

        Space/month
	 	Up to 40 shelf
    spaces available per deep freezing room.

 

	Storage
                                         fees apply to all storage except as otherwise specifically provided in any Work Package
                                         or in the Agreement. Storage in IDT capacities as existing on the Effective Date.

	 
	No.
    3/4 type storage: For any storage beyond existing IDT capacities the storage fees apply, plus additional capital equipment.
	 
	For
    Product released by IDT for Delivery to ADVAXIS as ordered by ADVAXIS, the applicable fees are doubled after 120 days.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
41 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	Exhibit
    F: Further Definitions

 

	a.	 	“Bill
    of Materials” means a document generated by IDT and provided to ADVAXIS referencing all materials and supplies, including
    Raw Materials and process consumables, to be used by IDT in the performance of Manufacturing as outlined in an applicable
    Work Package. The Bill of Materials will indicate the Party responsible for the acquisition and delivery of such materials
    and supplies to IDT for use in the performance of the Services.
	 	 	 
	b.	 	“Engineering
    Run” means a non-cGMP Manufacturing run utilizing Master Production Records and intended to execute the series of unit
    operations in the specified order to evaluate whether or not the Manufacturing Process meets draft Product Specifications.
    For Engineering Runs raw materials and equipment will be used as for intended later cGMP manufacturing. Raw Materials for
    non-cGMP purpose do not require incoming goods controls, but QA release based on supplier certificates. Suppliers do not need
    to be audited at this stage. The Engineering runs are performed in the same cGMP clean rooms facilities and by the same trained
    personnel as for the intended later cGMP manufacturing. Engineering runs will not include deviations or OOS reporting in IDT’s
    Quality System. Engineering runs will include review by Production Record review team, QC record review team and QA, but no
    QP release. Product from Engineering Runs shall be considered as Development Product pursuant to Section 2.10.
	 	 	 
	c.	 	“Protocol”
    means a document outlining and describing in detail the approach, steps and experimental procedure to be undertaken for an
    applicable process. Protocols will not be considered final until mutually agreed in writing by the Parties.
	 	 	 
	d.	 	“Technical
    Summary Report” means a detailed report provided upon completion of various Services as further detailed in each individual
    Work Package. Technical Summary Reports will describe the experimental methods and justification for the Manufacturing Processes,
    including all data from experiments and analytical results. Technical Summary Reports will also outline any additional work
    that needs to be performed to complete Product or Process characterization and, if applicable, recommendations for the next
    steps.
	 	 	 
	e.	 	“Validation
    Master Plan” means a document detailing the equipment, systems or Processes to be qualified or validated, defining the
    Services to be performed, the approach to be used, the responsibility Party for such Services, and a timeline for the Services.

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
42 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

	Acronyms
	 	 	 
	f.	BDP	Bulk Drug Product
	 	 	 
	g.	BOM	Bill of Materials
	 	 	 
	h.	CofA	Certificate of
    Analysis
	 	 	 
	i.	CofC	Certificate of
    Compliance
	 	 	 
	j.	cGMP	Current Good Manufacturing
    Practices
	 	 	 
	k.	DS	Drug Substance
	 	 	 
	1.	DP	Drug Product
	 	 	 
	m.	IPC	In-Process Control
	 	 	 
	n.	MCB	Master Cell Bank
	 	 	 
	o.	MVS	Master Virus Stock
	 	 	 
	P.	OOS	Out of Specification
	 	 	 
	q.	QA	Quality Assurance
	 	 	 
	r.	QP	Qualified Person
    according to article 49, directive 2001/83/EG
	 	 	 
	s.	QC	Quality Control
	 	 	 
	t.	SOP	Standard Operating
    Procedure
	 	 	 
	u.	VMP	Validation Master
    Plan
	 	 	 
	V.	WCB	Working Cell Bank
	 	 	 
	w.	WVS	Working Virus
    Stock

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
43 of 44

 

    	 

    	 

    

 

Execution
Counterpart

 

EXHIBIT
G: Product Scope

 

1.
ADXS-HPV

 

to
be added by the parties

 

Advaxis
- IDT

Manufacturing
Services Agreement

Page
44 of 44EX-4.1

SECURED NON-NEGOTIABLE

PROMISSORY NOTE

Cap Note

$     

New York, NY

January 2, 2015

FOR VALUE RECEIVED, Ladenburg Thalmann Financial Services Inc., and its successors and assigns
(hereinafter called the “Maker”), unconditionally promise(s) to pay to        and any
successor thereto (hereinafter the “Holder”), the principal sum of        DOLLARS
($     ), together with interest on the principal balance hereof from time to time
outstanding, when and as set forth below:

1. Until the Maturity Date (as defined below)(unless the maturity is accelerated prior thereto
pursuant to the terms of this Note), the principal amount outstanding under this Note shall bear
interest at the rate per annum equal to one and seventy-four hundredths percent (1.74%), compounded
quarterly (the “Contract Rate”).

2. Interest shall be charged on the principal balance hereof from time to time outstanding and
shall be calculated on the basis of the actual number of days elapsed over a 365 day year.

3. Except as provided in Section 8.5 of the Stock Purchase Agreement by and among Securities
Service Network, Inc. (“SSN”), Renaissance Capital Corporation (“RCC”), the
shareholders of each of SSN and RCC and the Maker, dated as of September 21, 2014 (“SPA”),
principal and interest shall be payable in lawful money of the United States, by wire transfer, to
the account of the Holder which Holder shall designate in writing to the Maker from time to time.
Until the Maturity Date, or earlier if the maturity is accelerated prior thereto, principal and
interest shall be due and payable in sixteen (16) equal consecutive quarterly installments with
each such installment in the amount of $     . If not accelerated prior thereto in accordance
with the terms hereof, fifteen (15) quarterly installments of principal and accrued interest shall
be due and payable beginning on April 2, 2015 and the sixteenth (16th) installment, together with
all then accrued and unpaid interest hereon, shall be due and payable on the Maturity Date. If the
date upon which any payment hereunder is due is not a business day, such payment shall be made on
the next succeeding business day. Notwithstanding anything contained herein to the contrary (a) the
obligation of Maker to make any payments under this Note shall be subject to the off-set rights set
forth in Section 8.5 of the SPA, (b) Maker shall give written notice to Holder in advance of any
proposed offset and (c) an offset made in good faith by Maker in accordance with the terms of the
SPA shall not constitute an Event of Default; provided, however, in the event it is later
determined that there was not a proper basis for such offset, the amount so offset shall bear
interest at the Alternate Rate (as hereinafter defined) from the date such amount was due and
payable to Holder hereunder until actually paid to Holder.

4. If not accelerated or prepaid prior thereto in accordance with the terms hereof, the full
principal balance of this Note shall be due and payable on January 2, 2019 (the “Maturity
Date”).

5. The Maker waives presentment, demand, protest and notice of protest and all requirements
necessary to hold it liable as Maker. Any failure of the Holder to exercise any right hereunder
shall not be construed as a waiver of the right to exercise the same or any other right at any time
and from time to time thereafter.

6. This Note may be prepaid in full or in part at any time without premium or penalty;
provided, however, that any and all prepayments shall be applied first to any costs
and expenses then due to the Holder, then to accrued and unpaid interest, and then to outstanding
principal payments due, in the order of maturity.

7. Notwithstanding any provisions to the contrary herein contained, and subject to the
limitations relating to the maximum interest allowed to be charged under applicable law set forth
herein, during the period that an Event of Default (defined below) shall have occurred and be
continuing, at the option of the Holder, the Obligations (as defined below) shall accrue interest
at a rate per annum (the “Alternate Rate”) equal to four percent (4%) above the “Prime
Rate” noted in The Wall Street Journal Money Rates section on the first business day following the
occurrence of an Event of Default, or if less, any interest as may be lawfully charged under
applicable law, computed from the date of the occurrence of an Event of Default and continuing
until (i) in the event the Holder, in its sole discretion, elects to waive or postpone its right to
accelerate the Obligations, such Event of Default is cured to the sole and absolute satisfaction of
the Holder, or (ii) in the event the Holder, in its sole discretion, elects to accelerate the
Obligations, or any of them, such Obligations are fully paid and performed.

8. As used in this Note, the term “Obligations” shall mean (i) the principal balance
of and accrued interest on this Note; and (ii) all other obligations and liabilities arising under
this Note or the Stock Pledge Agreement executed pursuant to the terms of the SPA.

9. The following shall constitute an event of default (each an “Event of Default”):

(a) Any failure to make payment of principal or interest under this Note when due for more
than ten (10) business days after the giving of written notice to the Maker; or

(b) The Maker shall: (i) make an assignment for the benefit of creditors, file a petition in
bankruptcy, petition or apply to any tribunal for the appointment of a custodian, receiver or any
trustee, or a substantial part of any of its properties or assets, or shall commence any proceeding
under any bankruptcy, reorganization, arrangement, readjustment of debt, dissolution or liquidation
law or statute of any jurisdiction, whether now or hereafter in effect; or if there shall have been
filed any such petition or application, or any such proceeding shall have been commenced against
the Maker in which an order for relief is entered or which remains undismissed for a period of
ninety (90) days or more; or the Maker by any act or omission shall indicate its consent to,
approval of or fail to timely object to any such petition, application or proceeding or order for
relief or the appointment of a custodian, receiver, or any trustee for the Maker or any substantial
part of any of its properties or assets, or shall suffer any such custodianship, receivership or
trusteeship to continue undischarged for a period of ninety (90) days or more; (ii) generally not
pay its debts as such debts become due or admit in writing its inability to pay its debts as they
mature; or (iii) be “insolvent”, as such term is defined in the Bankruptcy Code, § 11 U.S.C. §
101(31).

(c) A material breach or other material violation of the terms of the Stock Pledge Agreement
executed pursuant to the terms of the SPA (the “Stock Pledge Agreement”) shall occur, and
such breach or other violation remains uncured for a period of ten (10) business days after the
giving of written notice to the Maker. Without limiting the generality of the preceding sentence,
a breach or violation of any of the provisions in Section 2 of the Stock Pledge Agreement that
remains uncured for such ten business day period after the giving of written notice to the Maker
shall be an Event of Default hereunder.

(d) An Event of Default shall occur under the other Transaction Notes (as defined below) or
the Short Term Notes (as defined below). Solely for the purposes of this paragraph (d), “Event of
Default” shall have the meaning set forth in such Transaction Note or Short Term Note.

(e) A Default shall occur under the Lease Agreement, dated as of March 1, 2010, as amended by
the amendment executed pursuant to the terms of the SPA, between Cogdill Capital, LLC and SSN (the
“Lease Agreement”), as a result of the failure by SSN to pay any Rent when due and after
the expiration of any applicable cure period. Solely for the purposes of this paragraph (e),
“Default” and “Rent” shall have the meanings set forth in the Lease Agreement.

Upon the occurrence of an Event of Default which shall be continuing, the Holder may take any
or all of the following actions: (i) declare the Obligations to be due and payable and (ii) take
any and all actions and pursue any and all remedies when and as may be permitted by this Note or by
applicable law.

10. EACH OF THE MAKER AND THE HOLDER HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES
ANY RIGHT IT OR THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION (INCLUDING BUT NOT
LIMITED TO ANY CLAIMS, CROSS-CLAIMS, OR THIRD PARTY CLAIMS) ARISING OUT OF, UNDER, OR IN CONNECTION
WITH THIS NOTE, OR THE TRANSACTIONS CONTEMPLATED HEREIN.

The Maker hereby specifically authorizes any action brought upon the enforcement of this Note
by the Holder to be instituted and prosecuted in the State or Federal courts located in Knox
County, Tennessee, at the election of the Holder. The Maker hereby consents and submits to the
personal jurisdiction of the State and Federal courts of Tennessee in any action instituted by the
Holder arising under or related to this Note.

11. This, and other notes of like tenor made this same day, are the “Transaction Notes”
referred to in the SPA.

12. This Note, the other Transaction Notes and the “Short Term Notes” referred to in the SPA
are secured by the Stock Pledge Agreement executed pursuant to the terms of the SPA.

13. This Note is to be construed and enforced according to the internal laws of the State of
Tennessee, without giving effect to principles of conflict of laws.

14. Each provision of this Note is intended to be severable and the invalidity or illegality
of any portion of this Note shall not affect the validity or legality of the remainder hereof.

15. This Note is not assignable or otherwise transferable by the Maker nor are its obligations
hereunder assumable without the prior consent of the Holder, unless the Maker agrees to remain
liable for all the Obligations. This Note is non-negotiable and may not be assigned or otherwise
transferred by the Holder without the prior consent of the Maker, except for in the case of a
Holder that is a natural person, the transfer of this Note by such Holder made for bona fide estate
planning purposes, either during his or her lifetime or on death by will or intestate to his or her
spouse, child (natural or adopted) or any other direct lineal descendent of such Holder or any
custodian or trustee of any trust, partnership or limited liability company for the benefit of, or
the ownership interests of which are owned wholly by such Holder and/or any such family members
and, in the case of the Trust (as defined in the SPA), the transfer of this Note to any of the
beneficiaries of the Trust.

(signature page follows)

MAKER:

Ladenburg Thalmann Financial Services Inc.

By:       

Name: Joseph Giovanniello

Title: Senior Vice President –

Corporate and Regulatory Affairs

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]