Document:

Exhibit 10.40

 

 

Separation Agreement and
General Release

 

THIS SEPARATION AND GENERAL RELEASE
AGREEMENT (hereinafter, “this Agreement”) is entered into this 13th day of November 2018, by and between
Howard Bank, a Maryland chartered trust company (the “Company”) and James D. Witty (the “Executive” or
the “Employee”). Collectively, the Company and the Executive shall be referred to as the “Parties”.

 

RECITALS

 

WHEREAS, the Executive has been employed
by the Company in the capacity of Executive Vice President and Chief Lending Officer;

 

WHEREAS, the terms of the Executive’s
employment by the Company are governed by an Executive Employment Agreement dated April 29, 2016, as amended on May 24, 2017, by
and between the Parties (collectively the “Employment Agreement);

 

WHEREAS, the current Term of the
Employment Agreement (as defined therein) expires on March 31, 2019;

 

WHEREAS, the Executive has elected
to terminate the Executive’s employment, for Good Reason, pursuant to Section 3.2.2(a) of the Employment Agreement and the
Parties have agreed that such termination shall be effective as of November 16, 2018 (the “Termination Date”).

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth in this Agreement, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.                 
Recitals Incorporated; Certain Defined Terms. The recitals set forth above are incorporated herein by this
reference and shall be deemed terms and provisions hereof with the same force and effect as if fully set forth in this Section
1. Capitalized terms that are not otherwise defined herein shall be deemed to have the same meanings herein as are ascribed to
such terms in the Employment Agreement.

 

2.                 
 Termination. The Executive’s election to resign for Good Reason shall be effective as of the Termination
date, at which time (i) the Executive’s Role as an employee of the Company shall cease, and (ii) the Executive shall return
to the Company all Company property, materials and Confidential Information in the Executive’s possession.

 

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3.                 
Severance Payments; Equity:

 

		(a)	Commencing December 7, 2018, and continuing on each of the Company’s regular payroll dates
thereafter through and including the (25th) regular payroll date thereafter (which the Parties estimate to be November
22, 2019) the Company shall pay to the Executive the sum of Thirteen Thousand Nine Hundred Twenty Two and 89/100 dollars ($13,922.89)
(each, a “Subsequent Payment” and collectively, the “Subsequent Payments”). The schedule of Subsequent
Payments is attached hereto as Exhibit A.

 

		(b)	The Parties intend for the total payments to be made by the Company to the Executive pursuant to
Section 3.7 (a) of the Employment Agreement, as confirmed by Section 3(a) of this Agreement, to be Three Hundred Sixty One Thousand
Nine Hundred Ninety Five and 12/100 dollars ($361,995.14).

 

		(c)	The Executive’s right to receive any installment payments as set forth in this Agreement
shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment shall at all
times be considered a separate and distinct payment as permitted under Section 409A of the Code (as defined in the Employment Agreement).

 

		(d)	The Parties acknowledge and agree that the effect of Section 3.7(a) of the Employment Agreement
shall be to cause all issued stock awards, including restricted stock units of Howard Bancorp, Inc. to vest in favor of the Executive
immediately upon the Termination Date. The Executive shall be paid in accordance with the terms of any grant agreement issuing
restricted stock units to the Executive under the time-based vesting component (as opposed to the performance vesting component)
of the Howard Bancorp, Inc. 2013 Equity Incentive Plan.

 

		(e)	Except as provided in Section 3 of this Agreement, the Parties agree that the Executive shall not
be entitled to receive from the Company any other payment as a result of the termination of his employment by the Company, whether
pursuant to Section 3.7(a) of the Employment Agreement or otherwise.

 

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		(b)	Release of Claims: 

 

		(a)	In exchange for the consideration extended to the Executive by the Company
in this Agreement, Executive, on behalf of Executive, Executive’s spouse, heirs, administrators, children, representatives,
executors, successors, assigns, and all other persons claiming through Executive, if any (collectively, “Releasers”),
does hereby release, waive, and forever discharge the Company, and each of its parent, subsidiary or affiliated entities, and each
of their respective current, former or future directors, officers, agents, employees, trustees, stockholders, investors, joint
ventures, and representatives, each of their predecessors, successors and assigns, and any of their directors, officers, partners,
members, agents and employees, both individually and in their official capacities (collectively, the “Releasees”) from,
and does fully waive any obligations of Releasees to Releasers for, any and all liability, actions, charges, causes of action,
demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses (including attorneys’ fees and
costs) of any kind whatsoever, whether known or unknown or contingent or absolute, which heretofore has been or which hereafter
may be suffered or sustained, directly or indirectly, by Releasers in consequence of, arising out of, or in any way relating to:
Executive’s employment with the Company or any of its subsidiaries or affiliates, including the termination of Executive’s
employment, or any other events occurring on or prior to the date of this Release. The release and discharge, waiver and covenant
not to sue in this Agreement includes, but is not limited to, (i) all claims for wages, salary, bonuses, incentive compensation,
stock, restricted stock, stock options, other equity incentive, severance pay, vacation pay or any other fees, compensation or
benefits (except for vested rights and benefits as of the date of termination under any Company compensation or benefit plan, including
without limitation accrued salary through the date of this Agreement and the right to reimbursement of business expenses incurred
through the date of this Agreement in accordance with the Company’s policy), (ii) all claims and any obligations or causes
of action arising from such claims under common law including wrongful or retaliatory discharge or breach of contract (including
but not limited to any claims under the Employment Agreement and any claims under any equity incentive arrangements between Executive
and the Company but excluding those claims set forth below as not covered by this release), (iii) any action arising in tort including
libel, slander, defamation or intentional infliction of emotional distress, and (iv) all claims or actions arising under any federal,
state or local statute including the Age Discrimination in Employment Act (including the Older Workers Benefit Protection Act)
(“ADEA”), Title VII of the Civil Rights Act of 1964, the Civil Rights Acts of 1866 and 1871 (42 U.S.C. § 1981),
the Civil Rights Act of 1991, the National Labor Relations Act, the Employee Retirement Income Security Act of 1974, the Americans
with Disabilities Act of 1990, the Rehabilitation Act of 1973, the Equal Pay Act of 1963, the Genetic Information Nondiscrimination
Act of 2008, Maryland Equal Pay Act, Title 20 of the State Government Article of the Maryland Annotated Code, the non-discrimination
ordinances of Baltimore City and Howard, Anne Arundel, Prince George’s, and Montgomery Counties, or the discrimination or
employment laws of any state or municipality, and/or any claims under any express or implied contract which Releasers may claim
existed with Releasees. This also includes a release of any claims for alleged physical or personal injury, emotional distress
relating to or arising out of Executive’s employment with the Company or any of its subsidiaries or affiliates. Notwithstanding
anything herein to the contrary, Releasers do not release, and this release and waiver does not apply to and shall not be construed
as to apply to: (A) any claim or right to receive the severance benefits set forth in Section 3.7 (Termination Payments) of the
Employment Agreement; (B) any claim or right to indemnification under the Employment Agreement or any other agreement or arrangement;
(C) any claim or right with respect to any vested interest under any equity or equity-based award plan of the Company; (E) any
claim or right to continuation of health plan coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (or
similar law); and (F) any claim or right arising after the date hereof.

 

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		(b)	Excluded from this Agreement are any claims which cannot be waived by law,
such as the right to make a claim for unemployment or worker’s compensation benefits. Nothing in this Agreement prevents,
or is intended to prevent, Executive from filing a charge of discrimination with the EEOC or with any other federal, state or local
civil rights agency, or from reporting possible violations of law to a governmental agency or entity or requires Executive to seek
authorization from the Company or to notify the Company if Executive makes such reports. Nor shall anything in this Agreement interfere
with Executive’s right to participate or cooperate in a proceeding with the EEOC or any other federal, state, or local government
agency investigating or enforcing discrimination, or any other violation of state or federal law. However, in the event that a
complaint is filed against the Company or its successors or assigns on Executive’s behalf or by Executive with an administrative
agency relating to any act or omission occurring prior to the date of this Agreement, Executive waives and relinquishes any claim
for damages or monetary recovery, except for any monetary award from a government-administered whistleblower program. Executive
represents and warrants that Executive has not filed any complaint, charge, or lawsuit against the Releasees with any government
agency or any court.

 

		(c)	Executive agrees never to seek personal recovery from Releasees in any forum
for any claim covered by the above waiver and release language, except that Executive may bring a claim under the ADEA to challenge
this Agreement. Nothing in this Agreement is intended to reflect any party’s belief that Executive’s waiver of claims
under ADEA is invalid or unenforceable, it being the intent of the parties that such claims are waived.

 

		(d)	Executive agrees that neither this Agreement, nor the furnishing of the
consideration for this Agreement, shall be deemed or construed at any time to be an admission by the Company, any Releasees or
Executive of any improper or unlawful conduct.

 

		(e)	The Parties acknowledge and agree that Executive’s obligations under
Section 5 (Company Information and Company Materials), Section 6 (Non-Competition), Section 7 (Non- Solicitation of Customers),
and Section 8 (Non-Solicitation of Employees) of the Employment Agreement survive the termination of employment and are incorporated
herein by reference. Executive affirms that the restrictive covenants in the Employment Agreement are reasonable and necessary
to protect the legitimate interests of the Company and its affiliates, and that Executive received adequate consideration in exchange
for agreeing to those restrictions and will abide by those restrictions. The Parties acknowledge and agree that Section 2 (Duties)
of the Employment Agreement expired as of the Termination Date and Section 5 Confidential Information shall survive for as long
as the information remains confidential. The Parties also acknowledge and agree that Section 6, Section 7 and Section 8 of the
Employment Agreement survive for a period of one (1) year following the Termination Date and shall therefore expire on November
16, 2019.

 

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		(f)	Executive represents and warrants that he has been paid all wages due and
owing as of the date of this Agreement, to which he would be entitled under the Fair Labor Standards Act, the Maryland Wage and
Hour Law, the Maryland Wage Payment and Collection Act, all other applicable federal, state or municipal laws or ordinances, and
the terms and conditions of any agreement or arrangement between Executive and the Company.

 

		(g)	Executive acknowledges and recites that:

 

		a.	Executive has executed this Agreement knowingly and voluntarily;

 

		b.	Executive has read and understands this Agreement in its entirety;

 

		c.	Executive has been advised and directed orally and in writing (and this
subparagraph (c) constitutes such written direction) to seek legal counsel and any other advice Executive wishes with respect to
the terms of this Agreement before executing it;

 

		d.	Executive’s execution of this Agreement has not been forced by any employee
or agent of the Company, is without coercion, duress, fraud, or undue influence of any kind and Executive has had an opportunity
to negotiate about the terms of this Agreement; and

 

		e.	Executive has been offered 45 calendar days after receipt of this Agreement to consider its terms
before executing it.

 

(c)               
Confidentiality: The Parties shall strictly maintain the confidentiality of the circumstances, negotiations,
terms, and conditions of this Agreement, sharing such information only with their counsel and accountant and as may be required
by judicial or other compulsory process and, in the Company’s case, with senior management and regulatory agencies with jurisdiction
over the Company only and, in Executive’s case, with Executive’s spouse and/or immediate family members (provided that
Executive will cause such family members to maintain the confidentiality of the circumstances, negotiations, terms, and conditions
of this Agreement). The Parties agree that either party will give written notice to the other party when compelled by judicial
or other compulsory process to disclose the terms and conditions of this Agreement. Notwithstanding anything contained herein to
the contrary, the Parties shall be entitled to disclose the terms and conditions of this Agreement in any judicial proceeding or
arbitration to enforce the provisions of this Agreement, and the Executive shall be entitled to disclose the terms and conditions
of this Agreement to any bank or other institution which extends credit to the Executive or to which the Executive applies for
an extension of credit. A breach of the confidentiality of the circumstances, negotiations, terms, and conditions of this Agreement
shall be deemed material.

 

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(d)              
Non-Disparagement: Neither of the Parties shall state nor infer that theirs was anything other than a separation
of mutual convenience from their employment relationship. Neither of the Parties shall disparage the other with respect to any
of the circumstances of employment. The Company shall respond to requests for information from Company Employees and third parties
regarding the circumstances of the Executive’s decision to “pursue other opportunities.”

 

(e)               
Governing Law and Venue:  This Agreement is intended to be effective and operate pursuant to the laws of the
State of Maryland. In the event litigation is filed to enforce rights under this Agreement, such suit will be filed in a state
or federal court located in Maryland or when the parties hereto consent to such venue.

 

(f)               
Severability: The separate provisions of this Agreement are severable. Should any provision or portion of
a provision of this Agreement be declared or determined by any Court of competent jurisdiction to be illegal, invalid or unenforceable,
the legality, validity and enforceability of the remaining parts, terms and provisions shall not be affected thereby, and said
illegal, unenforceable or invalid part, term or provision will be deemed not to be part of this Agreement.

 

(g)              
Modifications: No modification or waiver of any of the terms of this Agreement shall be valid unless made
in writing and signed by the Parties.

 

(h)              
Contractual Terms: The terms of this Agreement, including the Preamble and the Introductory Statement, are
contractual and not mere recital.

 

(i)                
Full and Complete Settlement: This Agreement and the Employment Agreement, as clarified and amended hereby,
set forth the entire agreement between the Parties and, together, fully supersede any and all prior negotiations, agreements, or
understandings, whether written or oral, between the Parties pertaining to the subject matter of this Agreement and the Employment
Agreement.

 

(j)                
No Admission of Liability: It is expressly understood and agreed to that the making of this Agreement by the
Company, its affiliates or parent companies, is not an admission that any action taken or not taken with respect to the Executive
was improper or unjust, or that the Company, its affiliates, or any of its employees, officers, directors or agents acted in any
manner that violated any law or duty owed to the Executive arising out of the Executive’s employment with the Company, and
liability is expressly denied by the Company.

 

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(k)              
Construction: This Agreement shall be binding and inure to the benefit of the Parties hereto, their respective
successors, assigns, heirs, partners, agents, and representatives, as well as their officers, directors, shareholders, related
or affiliated companies or entities, subsidiaries, successors, predecessors, agents, and attorneys. Whenever used, the singular
shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders.

 

		(l)	Older Workers Benefit Protection Act: 

 

		(a)	The Executive represents, warrants, and acknowledges that he has carefully read this Agreement
and has had sufficient opportunity to review and deliberate the foregoing with counsel of his own choosing. By executing this Agreement,
the Executive is representing that he understands its contents, that he knowingly and voluntarily waives and releases, without
coercion, the claims described in this Agreement, specifically including claims under the ADEA, and signs this Agreement as his
free and independent act. The Executive further acknowledges that the waivers and releases he provides in this Agreement are made
with full appreciation that he is forever foreclosed from pursuing any of the rights so waived or released which arise on or before
the date of execution of this Agreement. In addition, the Executive also acknowledges that the consideration given for the waivers
and releases contained in this Agreement are in addition to anything of value to which the Executive was already entitled.

 

		(b)	The Executive further acknowledges that he has been advised by this writing that (i) he should
consult with an attorney prior to executing this Agreement and that he has, in fact, done so; (ii) he has up to forty five (45)
days from receipt of this Agreement to consider and accept it; and (iii) he has seven (7) days following his execution of this
Agreement to revoke any acceptance of this Agreement (“Revocation Period”). Should the Executive wish to revoke his
acceptance within the 7-day period, he must deliver a written notice of his intent to revoke acceptance by that date to:

 

Howard Bank

Attn: Chief Executive Officer

3301 Boston Street

Baltimore, MD 21224

 

Any written notice from the Executive intending
to rescind his release of claims must be received no later than the final day of the Revocation Period.

 

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		(c)	Notwithstanding the fact that the Executive has been given forty five (45) days to consider this
Agreement, he may, in his sole discretion, elect to execute this Agreement prior to the end of such forty five (45) day period,
then, by his signature below, the Executive represents and warrants that his decision to shorten this time was done knowingly and
voluntarily and was not induced by fraud, misrepresentation, or any threat to withdraw or alter the benefits provided by the Executive
herein, prior to end of such forty five (45) day consideration period. The parties agree changes, whether material or immaterial,
to this Agreement shall not restart the running of the forty five(45) day time period.

 

		(d)	The Executive acknowledges and agrees that no inducements, representations, or agreements have
been made or relied upon to make this Agreement except as expressly stated herein, and that he is waiving certain important rights
that he might otherwise have had.

 

		(m)	Execution:  The executed, signed copy of this Agreement shall be mailed or hand-delivered
by the Employee to:

 

Howard Bank

Attn: Chief Executive Officer

3301 Boston Street

Baltimore, MD 21224

 

 

		(n)	Binding Effect: This Agreement shall be binding upon and shall inure to the benefit
of the Company, the Employee, and their respective heirs, personal representatives, successors, and assigns, as the case may be.

 

 

PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS
A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

 

 

 

[Signature Page
Follows]

 

 

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IN WITNESS WHEREOF,
the Parties hereto, intending that this Agreement be under seal, have signed and sealed their Agreement.

 

	Attest:		HOWARD BANK	 
	 	 	 	 	 
	 	 	 	 	 
			By:	 	(Seal)  
	 		 	Mary Ann Scully	 
	 		 	CEO	 
	 	 	 	 	 
	Date Provided To Executive: 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Witness:		Terms Accepted:	 
	 	 	 	 	 
	 	 	 	 	 
			 	 	(Seal)
	 		 	Executive: James D. Witty	 

 

    9Exhibit 10.1

 

SEPARATION AGREEMENT

 

This SEPARATION AGREEMENT
(the “Agreement”), dated as of March 14, 2019 (the “Execution Date”) is made by and between
XpresSpa Group, Inc. (formerly FORM Holdings Corp.) (the “Company”) and Edward Jankowski (“Executive”).
Capitalized terms not herein defined shall have the definitions ascribed them in the Executive Employment Agreement between the
Company and Executive, dated January 20, 2017 (the “Employment Agreement”).

 

WHEREAS, the
Company and the Executive desire to provide for an amicable and mutually agreed separation in accordance with the terms and conditions
of this Agreement.

 

NOW THEREFORE,
in consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:

 

1.           Separation of Employment. Executive’s employment with the Company and its affiliates terminated effective
as of the close of business on February 13, 2019 (the “Separation Date”) in a separation that the Company and
Executive acknowledge and agree qualifies Executive for Separation Benefits under the Employment Agreement. As of the February
8, 2019, Executive shall be deemed to have resigned (and hereby memorializes such resignation) from each and every other office,
position or responsibility in which Executive served for the Company and each of its respective affiliates, subsidiaries or divisions,
including, without limitation, Executive’s position as a member of the Board of Directors of the Company (the “Board”)
and its subsidiaries. Executive acknowledges that from and after the Separation Date, Executive shall have no authority to, and
shall not represent himself as a current employee or director of the Company.

 

2.           Separation Benefits. Executive shall be paid the Accrued Obligations through the Separation Date. Further, in
exchange for the promises set forth in this Agreement and provided that Executive executes this Agreement (including the Release
of Claims herein) and provided that this Agreement becomes irrevocable, the Company agrees to pay or provide to Executive the compensation
and benefits (the “Separation Benefits”) described in Section 9(g) of the Employment Agreement, in accordance
with the terms and conditions of the Employment Agreement. For the avoidance of doubt, those Separation Benefits are described
on Exhibit A hereto. Payments and benefits hereunder are not subject to mitigation or offset. Executive acknowledges and
agrees that the Company does not guarantee the tax treatment or tax consequences associated with any payment or benefit arising
under this Agreement, including, without limitation, to consequences related to Section 409A of the Code. In no event whatsoever
will the Company be liable for any additional tax, interest or penalties that may be imposed on the Executive under Section 409A
of the Code.

 

3.           Continuing Obligations. Executive will continue to be subject to and comply with the Non-Disclosure and Non-Solicitation
Agreement between Executive and the Company, dated as of the date hereof (the “NDA”), an executed copy of which
is attached hereto as Exhibit B, and the obligations set forth in Section 10 of the Employment Agreement and that the Executive’s
obligations set forth in the NDA and Employment Agreement shall continue to apply pursuant to its terms following the Separation
Date.

 

4.           No Disparagement. 

 

(a)            The Executive will not make public statements or communications that would libel, slander, disparage, denigrate, ridicule
or criticize the Company or any of its businesses, services, products, affiliates or current, former or future directors and named
executive officers (in their capacity as such).

 

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(b)            Similarly, the Company shall not make, or cause to be made and shall direct those executive officers and members of the
Board (while such officers and members are in the Company’s or its affiliates’ service) not to make, any statement,
observation or opinion, or communicate any information (whether oral or written) which would or could disparage the Executive’s
reputation or otherwise libel, slander, denigrate, ridicule or criticize Executive or any of his controlled entities. Executive
acknowledges that the “Company” in this Section 4(b) refers to statements made by the Company’s named executive
officers and the members of the Board. The Executive acknowledges that the Company cannot control or direct the speech of its non-managerial
employees or third parties.

 

(c)            Notwithstanding anything in this Section to the contrary, this Section shall have no application to any statement, evidence
or testimony either party is compelled to provide by any court or government agency or to any statement the Executive or the Company
is required to make to comply with federal and state securities laws.

 

5.           Executive’s Release of Claims.

 

(a)               
In consideration for the Separation Benefits, Executive, individually and on behalf of Executive’s heirs, executors,
administrators, attorneys or representatives, successors and assigns, hereby voluntarily, knowingly and willingly releases and
forever discharges the Company and each of its parents, subsidiaries and affiliates, together with each of the foregoing entities’
respective owners, principals, partners, officers, directors, employees, agents, members, managers, attorneys, employee benefits
plans and such plans’ administrators, fiduciaries, trustees, record keepers and service providers, and each of their respective
predecessors, successors, and assigns (hereinafter collectively referred to as the “Company Releasees”) from
any and all rights, claims, charges, actions, causes of action, complaints, grievances, sums of money, suits, debts, covenants,
contracts, agreements, promises, obligations, damages, demands or liabilities of every kind whatsoever, in law or in equity, whether
known or unknown, suspected or unsuspected (collectively, “Claims”) which Executive or Executive’s executors,
administrators, successors or assigns ever had, now have or may hereafter claim to have by reason of any matter, cause or thing
whatsoever, arising from the beginning of time up to the Execution Date including, but not limited to (1) any such Claims relating
in any way to Executive’s employment relationship with the Company or any other Company Releasee, or the termination thereof,
(2) any Claims arising under any agreement between the Company and Executive (including, without limitation, the Employment Agreement),
and (3) any such Claims arising under any federal, local or state statute or regulation, including, without limitation: the Age
Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act; Title VII of the Civil Rights
Act of 1964; the Americans with Disabilities Act of 1990; the Lilly Ledbetter Fair Pay Act; the Genetic Information Non-Discrimination
Act; the Employee Retirement Income Security Act of 1974; the Rehabilitation Act of 1973; the Family and Medical Leave Act of 1993,
as amended in 2009; the Civil Rights Act of 1866; the Civil Rights Act of 1872; and the Fair Labor Standards Act; and any state
or local laws governing the same subject matter, and any other federal, state, or local law prohibiting discrimination and/or harassment
on the basis of race, color, age, religion, sexual orientation, religious creed, sex, national origin, ancestry, alienage, citizenship,
nationality, mental or physical disability, denial of family and medical care leave, medical condition (including cancer and genetic
characteristics), marital status, military status, gender identity, harassment or any other basis prohibited by law; provided,
however, that notwithstanding the foregoing, nothing contained in this Section shall in any way diminish or impair: (A) any rights
Executive may have to vested benefits under employee benefit plans; (B) Executive’s right to enforce this Agreement or in
respect of the Accrued Obligations; (C) any Claims Executive may have that cannot be waived under applicable law, such as unemployment
benefits, workers’ compensation and disability benefits; (D) any Claims or rights to indemnification, contribution, exculpation
and insurance coverage as an officer, director, or employee of the Company or its affiliates and predecessors or successors, as
provided under the Company’s organizational documents, indemnification agreements (including, without limitation, Indemnification
Agreement dated as of the date hereof (an executed copy of which is attached hereto as Exhibit C) and/or any insurance policies
providing for such rights (all of which shall survive the Separation Date for so long as is necessary to cover the applicable period
of Executive’s service, and shall not be any less favorable to Executive than any other executive officer or director of
the Company or its affiliates or their respective predecessors or successors); (E) rights in respect of vested equity or equity
awards Executive (or his affiliates, estate planning trusts, and/or family members) holds as of the date hereof (whether
vested under any Company plan or purchased) in accordance with applicable governing documents, (F) rights as a shareholder in connection
with Executive’s equity ownership; or (G) rights to enforce or challenge the validity of this Agreement (collectively, the
“Excluded Claims”). 

 

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(b)               
Executive represents and warrants that, except with respect to the Excluded Claims and Accrued Obligations, the Company
and other Company Releasees have fully satisfied any and all obligations whatsoever owed to Executive arising out of Executive’s
employment with Company or any other Company Releasee, and that no further payments or benefits are owed to Executive by the Company
or any other Company Releasee. Executive has reported all hours worked to the Company and has been paid and has received all compensation,
including all wages, overtime, bonuses, incentive compensation, commissions, equity grants, benefits, sick pay, vacation pay, or
other compensation or payments or form of remuneration of any kind or nature, as well as reimbursement for all reasonable and necessary
business, travel and entertainment expenses incurred on behalf of the Company.

 

(c)                Executive further understands and agrees that, except for the Excluded Claims, Executive has knowingly relinquished, waived
and forever released any and all rights to any personal recovery in any action or proceeding that may be commenced on Executive’s
behalf arising out of the aforesaid employment relationship or the termination thereof, including, without limitation, claims for
back pay, front pay, liquidated damages, compensatory damages, general damages, special damages, punitive damages, exemplary damages,
costs, expenses and attorneys’ fees.

 

(d)                As a condition of the Company entering into this Agreement, Executive further represents that Executive has not filed against
the Company or any of the other Company Releasees, any complaints, claims or lawsuits with any court, administrative agency or
arbitral tribunal prior to the date hereof, and that Executive has not transferred to any other person any such complaints, claims
or lawsuits.

 

(e)                In consideration of Executive’s release of claims set forth in this Agreement and for good and other valuable consideration
set forth herein which the parties acknowledge and agree, the Company, on its behalf and on behalf of its parents, subsidiaries
and affiliates, together with each of the foregoing entities’ respective owners, principals, partners, officers, directors,
employees, agents, members, managers, attorneys, employee benefits plans and such plans’ administrators, fiduciaries, trustees,
record keepers and service providers, and each of their respective predecessors, successors, and assigns (collectively, the “Releasing
Parties”), voluntarily, knowingly, and willingly releases and forever discharges Executive and his heirs and each of
his heirs, executors, administrators, attorneys or representatives, successors and assigns from any and all Claims and such other
claims and rights of any nature whatsoever that the Releasing Parties now have, may have, or in the future may have against Executive;
provided, however, the foregoing release shall not waive any claims the Releasing Parties may have against Executive arising from
or related to: (i) Executive’s breach of this Agreement; (ii) Executive’s illegal or material bad faith acts; and (iii)
any claims for which Executive would not be eligible for indemnification under the Indemnification Agreement, applicable law, or
the Company’s governing documents. The Company acknowledges that as of the date hereof, the Company is not aware of any illegal
or material bad faith acts of Executive or any claims described in (iii) hereof.

 

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(f)                 Without limiting the rights and obligations set forth in the Indemnification Agreement, and in addition thereto, the Company
agrees to hold harmless and indemnify the Executive to the fullest extent authorized or permitted by the provisions of the Charter,
the Bylaws and the DGCL (each as defined in the Indemnification Agreement), as the same may be amended from time to time (but,
only to the extent that such amendment permits the Company to provide broader indemnification rights than the Charter, the Bylaws
or the DGCL permitted prior to adoption of such amendment) and on the same terms and conditions on which the Company indemnifies
its current directors and officers. The Company shall continue to maintain directors and officers insurance coverage, and will
not seek any exclusion for past directors and officers, including Executive.

 

6.             Cooperation. Except as described in the preceding Section, Executive agrees to reasonably cooperate with the
Company in connection with any action, suit, or proceeding, whether or not by or in the right of the Company and whether civil,
criminal, administrative, investigative or otherwise (other than actions, suits or proceedings, where Executive and the Company
or its affiliates are adverse). The Company’s request for “reasonable cooperation” shall take into consideration
Executive’s personal and business commitments and the amount of notice provided to Executive by the Company. The Company
will reimburse the Executive for reasonable out-of-pocket expenses that the Executive incurs in providing any requested cooperation,
so long as the Executive provides advance written notice to the Company of the Executive’s request for reimbursement and
provides satisfactory documentation of the expenses.

 

7.             Whistleblower.  Nothing in Sections 4, 5, or 6 or in any other agreement between the parties shall prohibit the
Executive from reporting possible violations of law or regulation to or filing charges with any governmental agency or entity including
but not limited to the United States Department of Justice, the Securities and Exchange Commission, the Equal Employment Opportunity
Commission, any Inspector General, or any similar state or local agency, or making other disclosures that are protected under the
whistleblower provisions of federal law or regulation. The Executive does not need the prior authorization of the Company to make
any such reports or disclosures and the Executive is not required to notify the Company that the Executive has made such reports
or disclosures. Executive understands that by signing this Agreement, Executive waives the right to any monetary recovery in connection
with a local, state or federal governmental agency proceeding and Executive waives the right to file a claim seeking monetary damages
in any court, administrative agency or arbitral tribunal. Notwithstanding the foregoing, nothing in this Agreement prohibits Executive
from seeking or obtaining a whistleblower award from the Securities and Exchange Commission (and not the Company Releasees) pursuant
to Section 21F of the Securities Exchange Act of 1934, as amended.

 

8.             Breach. If Executive materially breaches or threatens to materially breach any of Executive’s promises
in Sections 3, 4, 5, or 6 of this Agreement, or if any representation made by Executive in this Agreement was knowingly false when
made, Executive agrees that the Company shall be entitled to seek appropriate injunctive relief and that Executive (a) will forfeit
all right to future benefits paid in consideration for the breached promise, including, without limitation, the Separation Benefits
and (b) must repay all cash Separation Benefits (less $1,000) previously received on an after-tax basis for such promise upon a
determination by a court of competent jurisdiction of material breach in a final non-appealable order. If either party to this
Agreement breaches or threatens to breach this Agreement, and the other party prevails in a suit or claim enforcing this Agreement
(or settles such a claim), then the prevailing party shall reimburse the other party for 100% of his or its legal fees.

 

    	 	4

     

    

 

9.           Entire Agreement and Amendment.  This Agreement (together with the Employment Agreement as referenced) embodies
the entire agreement and understanding of the parties hereto in respect of the subject matter of this Agreement. This Agreement
may be amended only by a written document signed by both parties to this Agreement. This Agreement shall be binding upon and inure
to the benefit of Executive and the Company and their respective successors and assigns. No party may assign this Agreement without
the prior written consent of the other, except to an unrelated thirty party purchaser on arm’s length basis of all or substantially
all of the assets of the Company and its affiliates, which purchaser expressly assumes this Agreement and the obligations hereunder.

 

10.         Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of
New York, excluding any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation
of the Agreement to the substantive law of another jurisdiction, and any action brought hereunder shall be brought in a court of
competent jurisdiction in the State of New York. The Company and the Executive do hereby submit to personal jurisdiction of the
federal and state courts located in the State of New York for purposes of any action brought hereunder. The undersigned hereby
WAIVE ALL RIGHTS TO TRIAL BY JURY.

 

11.         Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument. This Agreement will not become effective or enforceable until
each of the Company and Executive has executed this Agreement.

 

12.         Severability. If any section, subsection or provision hereof is found for any reason whatsoever to be invalid
or inoperative, that section, subsection or provision shall be deemed severable and shall not affect the force and validity of
any other provision of this Agreement. If any covenant herein is determined by a count to be overly broad thereby making the covenant
unenforceable, the parties agree and it is their desire that such court shall substitute a reasonable judicially enforceable limitation
in place of the offensive part of the covenant and that as so modified the covenant shall be as fully enforceable as if set for
the herein by the parties themselves in the modified form.

 

13.         Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient
if sent in accordance with the notice provisions set forth in the Employment Agreement.1

 

14.         Warranties. By signing this Agreement, Executive acknowledges the following:

 

(a)               
Executive has carefully read and understands this Agreement;

 

(b)               
The Company advised Executive to consult with an attorney, Executive did consult with an attorney, and reviewed this Agreement
in its final form;

 

(c)               
Executive has been given twenty-one (21) days to consider Executive’s rights and obligations under this Agreement
and to consult with an attorney about both;

 

(d)               
Executive understands that this Agreement is legally binding and by
signing it Executive gives up certain rights;

 

(e)               
Executive has voluntarily chosen to enter into this Agreement and has not been forced or pressured in any way to sign it;

 

 

________________________

1
       Austin S. Lilling, Esq. address has been changed to Stroock & Stroock & Lavan
LLP, 180 Maiden Lane, New York, NY 10038, alilling@stroock.com

    	 	5

     

    

 

(f)                
Executive has seven (7) days after Executive signs this Agreement to revoke it by notifying the Company in writing. This
Agreement will not become effective or enforceable until this seven (7) day revocation period has expired (such date, the “Effective
Date”); and

 

(g)               
This Agreement includes a waiver of all rights and claims Executive
may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §621 et seq.).

 

[Signature Page Follows]

 

 

    	 	6

     

    

 

IN WITNESS WHEREOF
the parties have executed this Agreement on the date first set forth above.

 

	 	XpresSpa Group, Inc.
	 	 	 
	 	 	 
	 	By: 	/s/
    Bruce Bernstein         
	 	Name: Bruce Bernstein 
	 	Title: Chairman of the Board of Directors 
	 	 	 
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Edward Jankowski      
	 	Edward Jankowski

 

    	 	7

     

    

 

EXHIBIT A

 

		·	$375,000 payable in substantially equal installments in cash commencing on the Company's next regular
payroll date following the Effective Date, provided, that the first payroll date payment will include all payments payable from
the Separation Date through and including the payroll date, with the remainder of the installments being paid on the regular payroll
schedule. The Company shall deduct, from all payments made hereunder, all applicable taxes, including income tax, FICA and FUTA,
and other required deductions; and
	 	 	 

		·	COBRA continuation coverage paid in full (directly to the insurer,
or if paid for by Executive, then reimbursement to Executive on a tax neutral basis) by the Company, so long as Executive has not
become actually covered by the medical plan of a subsequent employer during any such month and is otherwise entitled to COBRA continuation
coverage, with such payments for up to a maximum of twelve (12) months following the Separation Date. 

 

 

    	 	8

     

    

 

EXHIBIT B

NDA

 

 

    1

     

    

 

EXHIBIT C

INDEMNIFICATION AGREEMENT

 

 

    2

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