Document:

Stout Separation Agreement

SEPARATION AGREEMENT
    

THIS SEPARATION AGREEMENT is entered into by and between Solera National Bank, a national banking association (the “Employer”), and Kathleen A. Stout (“Employee”) for good and valuable consideration, the sufficiency of which is hereby acknowledged.

1.    Employee and Employer agree that Employee’s termination of employment with Employer is effective as of December 13, 2013 (the “Separation Date”).  Employer agrees to consult with Employee regarding the wording of appropriate press releases and/or inter-company announcements to be issued by Employer.

2.    Regardless of whether Employee signs this Separation Agreement, subject to regulatory approval to the extent required, Employee will be paid all compensation Employee has earned through the Separation Date, Employer will reimburse Employee for reasonable business expenses incurred through the Separation Date upon submission by Employee of expense reports in accordance with the Employer’s policy, and Employee will have the right to elect to continue her health insurance coverage pursuant to the federal law regarding continuation of insurance coverage, known as COBRA. 

3.    In exchange for Employee's agreement to this Separation Agreement, Employer agrees to provide Employee with the following additional severance benefits:

(A)      severance pay in the aggregate gross amount of ninety thousand dollars ($90,000), less applicable withholding taxes, payable as follows: payable in six equal monthly installments; and  

(B)    provided Employee elects continuation coverage of health insurance in accordance with COBRA, Employer will pay the premiums for such coverage for six months from when Employee’s coverage would otherwise end, or until such earlier date as Employee’s eligibility for such coverage ends.

Employee acknowledges that she would not be entitled to receive the severance benefits described above if she did not agree to all of the terms of this Separation Agreement.  Payment of the severance benefits described above shall commence as soon as practicable after the Effective Date of this Agreement, as described in paragraph 10 hereof.  Employee agrees to return to Employer on or before the Effective Date any and all property and documents of Employer.  Employee agrees to cooperate with the Employer to resolve all other issues relating to Employee’s separation from employment. Employee agrees that she is not entitled to any other compensation or benefits except as expressly provided herein. 

4.    Employee hereby releases Employer and its parent, subsidiary, and sister companies, and their respective officers, directors, agents, shareholders, employees, and benefit plans (collectively “Released Persons”) of and from any and all past, present, or future actions, causes of actions, claims, demands, damages, expenses, charges, complaints, obligations and liability of any nature or kind whatsoever on account of, or in any way growing out of, her employment with or separation from employment with Employer, whether such liability or damages are accrued or unaccrued, known or unknown at this time.  This release includes, without limitation, any and all rights or claims under any common law theory such as defamation, intentional infliction of emotional distress, outrageous conduct, breach of contract, invasion of privacy, wrongful discharge, breach of implied covenant, and any claim of discrimination on the basis of sex, race, creed, religion, age, disability, sexual orientation, or national origin under any municipal ordinance or under any statute of the United States or Colorado, including without limitation, any claim under Title VII of the 1964 Civil Rights Act, The Civil Rights Acts of 1866 and 1871, the Americans with Disabilities Act,  the Colorado Civil Rights Act (C.R.S. Sections 24-34-301 et seq. and 24-34-401 et seq.), and the Age Discrimination in Employment Act of 1967 as amended, which is codified beginning at 29 U.S.C. Section 621.  

5.    The release in paragraph 4 does not include a release or waiver of the following:

(A)    any rights of Employee which are already vested as of the Separation Date to benefits under Employer’s 401(k) Plan;

(B)    any rights: (i) to elect continuation coverage under Employer's group health plan in accordance with the terms of COBRA, or (ii) to otherwise maintain coverage under Employer’s group health plan if the plan so provides at the time of Employee’s separation from employment; and

(C)    any claims which Employee may have under Colorado statutes for workers compensation benefits and/or unemployment compensation benefits; and

(D)    any rights or claims arising under the Age Discrimination in Employment Act after the date that Employee signs this Separation Agreement.

6.    Employee agrees that she will not file, cause to be filed, or prosecute any civil suit in any court for any claims which are released in Paragraph 4.  In the event that Employee breaches this paragraph, all Released Persons shall be entitled to recover from Employee all reasonable attorney fees and costs incurred as a result of such breach, provided, however, that Employee's obligation to pay attorney fees and costs shall apply to claims asserted under the Age Discrimination in Employment Act or the Older Workers Benefit Protection Act only as specifically authorized by federal law.

7.    Employee agrees and covenants that at no time will she use, disclose, communicate, or transmit to other persons any Confidential Information of Employer.  For purposes of this Agreement, “Confidential Information” shall mean any information or material of a confidential nature or proprietary to Employer which is not generally available to the public, to which Employee obtained knowledge or access as a result of Employee’s employment with Employer.  Confidential Information includes all information designated as such by Employer, but the absence of such a designation shall not prevent information from being Confidential Information if it is not generally available to the public. Employee agrees that the terms, amount, and fact of this Agreement are also confidential information.  Employee represents that she has not disclosed such confidential information to any other person or entity, except to her attorneys, tax advisors, and spouse.  Employee agrees that hereafter she will not disclose any such confidential information to any other person or entity, except to her attorneys, tax advisors, spouse, or as required by law or court order.   Any disclosure of such confidential information by Employee's attorneys, tax advisors, or spouse will be deemed to be a disclosure by Employee. 

8.    During any time period that Employee is receiving severance payments from Employer as described in paragraph 3 above she shall provide transitional assistance or information as may be requested from time to time by Employer, provided that Employee shall not be required to spend more than 20 hours per month providing such assistance 

9.    This Separation Agreement constitutes the entire agreement between Employee and Employer concerning her employment with Employer and her separation from employment with Employer and supersedes all prior agreements relating thereto, and there are no other promises, understandings, or agreements relating thereto except as may be provided herein.   Both Parties agree and acknowledge that they have not relied upon any representation, whether written or oral, of the other Party in connection with entering into this Separation Agreement.  Nothing in this Agreement shall be construed as an admission of liability or wrongdoing by either Party.  The purpose of this Agreement is solely to amicably resolve all issues relating to Employee's employment and separation from employment with Employer and to provide transitional assistance to Employee.  No rules of construction based upon which party drafted any portion of this Agreement shall be applicable in the event of any dispute over its meaning or interpretation.  This Agreement shall be construed and enforced in accordance with the law of the State of Colorado.  If any provision of this Agreement is found to be invalid or unenforceable by a court of competent jurisdiction, the remaining terms of this Agreement will remain in full force and effect, and any Court having jurisdiction shall modify any such invalid or unenforceable provision to the extent necessary for it to be valid and enforceable. 

10.    Employee understands that this is an important legal document.  Employee is advised to consult with an attorney before signing this Separation Agreement.  Employee has 21 days after receiving this Separation Agreement to consider it, and if Employee chooses to agree to the terms of this Separation Agreement, Employee understands that she must sign and return this Separation Agreement to Employer within that 21-day period.  If Employee signs this Separation Agreement, she will then have the right to revoke this Separation Agreement by delivering written notice of revocation, but such notice must be received by Employer within seven days after the date that Employee signed this Separation Agreement.  If this Separation Agreement is not signed and delivered within 21 days, or if it is revoked within the seven day period, neither Employee nor Employer will have any rights or obligations under this Separation Agreement.  The Effective Date of this Separation Agreement is the eighth day after Employee signs it, unless Employee revokes it as described above. 

11.    It is expressly understood that Employee has read and reviewed this Separation Agreement and every word of it, that Employee has had an opportunity to discuss this Separation Agreement with an attorney if he chose to do so, and that Employee understands this Separation Agreement.  By signing below, Employee represents that this Separation Agreement has been entered into voluntarily and knowingly and is binding upon her, her heirs, and personal representatives, and shall inure to the benefit of Employer, its successors and assigns.

[signatures on following page]

Signature page to Separation Agreement

The duly authorized parties have caused this Separation Agreement to be executed as of the date first set forth above.

Solera National Bank

                        
/s/ Kathleen A. Stout                                             By: /s/ John P. Carmichael                     
Kathleen A. Stout                            

                        

STATE OF COLORADO            )
) ss.
COUNTY OF DENVER            )

The foregoing Separation Agreement was acknowledged before me this 2nd day of January, 2014, by Kathleen A. Stout

WITNESS my hand and official seal.
My commission expires:  2/2/14
/s/ Sara A. Schwenner                   
Notary Public
STATE OF COLORADO            )
) ss.
COUNTY OF DENVER            )

The foregoing Separation Agreement was acknowledged before me this 7th day of January, 2014, by John  Carmichael as Pres. of Solera National Bank, on behalf of said corporation.

WITNESS my hand and official seal.
My commission expires: 4.24.2016
/s/Denise M. Welham                     
Notary PublicOhr Pharmaceutical, Inc. 8-K

Exhibit
10.37

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement is made and
entered into effective as of January 8, 2014 (the “Effective Date”), by and between Ohr Pharmaceutical, Inc., a
Delaware Corporation with a place of business at 489 5th avenue, 28th floor, New York, NY 10017 (the
“Company”) and Irach B. Taraporewala of White Plains, NY (the “Employee”).

 

WHEREAS, the Company and
the Employee entered into an Employment Agreement effective as of March 9, 2012 (the “2012 Employment Agreement”);
and

 

WHEREAS, the Company and
the Employee wish to establish new terms, covenants, and conditions for the Employee’s continued employment with the Company
through this agreement (“Employment Agreement”).

 

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

 

	 	1.	Duties.	From and after the Effective Date, and based upon the terms and conditions set forth herein, the Company agrees to employ the Employee and the Employee agrees to be employed by the Company, as the Company’s President, CEO, and Director. During the Term of this Employment Agreement (as defined in Section 2 below), the Employee agrees to devote substantially all of his working time to the position he holds with the Company and to faithfully, industriously, and to the best of his ability, experience and talent, perform the duties that are assigned to him.  The Employee shall observe and abide by the reasonable corporate policies and decisions of the Company in all business matters disclosed to employee.

 

	 	2.	Term of this Employment Agreement.   Subject to Sections 4 and 5 hereof, the Term of this Employment Agreement shall be for one year period of time commencing on January 1, 2014.

 

	 	3.	Compensation.   During the Term of this Employment Agreement, the Company shall pay, and the Employee agrees to accept as full consideration for the services to be rendered by the Employee hereunder, compensation consisting of the following:

 

	A.  	Salary.   Beginning on the first day of the Term of this Employment Agreement, and applied retroactively to January 1, 2014, the Company shall pay the Employee a salary of Two Hundred Forty Five Thousand Dollars ($245,000) per year, payable in semi-monthly or monthly installments as requested by the Employee.  Further, the Company agrees to review the Employee’s base salary on an annual basis.

 

    	 

    	 

    

 

	B.  	Bonus.   The Compensation, Nominating and Governance Committee (the “Committee) of the Board of Directors will, on an annual basis, review the performance of the Company and of the Employee and will pay such bonus, as it deems appropriate, in its discretion, to the Employee based upon such review.  Such review and bonus shall be consistent with any bonus plan adopted by the Committee, which covers the executive officers and employees of the Company generally.

 

	C.  	Benefits.
      During the Term of this Employment Agreement, the Employee will receive such employee benefits as are generally
    available to all employees of the Company other than healthcare insurance.

 

	D.  	Stock Options.   The Committee of the Board of Directors may, from time-to-time, grant stock options, restricted stock purchase opportunities and such other forms of stock-based incentive compensation as it deems appropriate, in its discretion, to the Employee.  The terms of the relevant award agreements shall govern the rights of the Employee and the Company thereunder in the event of any conflict between such agreement and this Employment Agreement.

 

	E.  	Expenses.   The Company shall reimburse the Employee for all reasonable out-of-pocket expenses incurred by him in the performance of his duties hereunder, including expenses for travel, entertainment and similar items, promptly after the presentation by the Employee, from time-to-time, of an itemized account of such expenses.

 

	 	4.  	Termination.

 

	A.  	For Cause.   The Company may terminate the employment of the Employee prior to the end of the Term of this Employment Agreement “for cause.” Termination “for cause” shall be defined as a termination by the Company of the employment of the Employee occasioned by the failure by the Employee to cure a willful breach of a material duty imposed on the Employee under this Employment Agreement within 15 days after written notice thereof by the Company or the continuation by the Employee after written notice by the Company of a willful and continued neglect of a duty imposed on the Employee under this Employment Agreement.  In the event of termination by the Company “for cause,” all salary, benefits and other payments shall cease at the time of termination, and the Company shall have no further obligations to the Employee.

 

	B.  	Resignation.   If the Employee resigns for any reason, all salary, benefits and other payments (except as otherwise provided in paragraph G of this Section 4 below) shall cease at the time such resignation becomes effective.  At the time of any such resignation, the Company shall pay the Employee the value of any accrued but unused vacation time, and the amount of all accrued but previously unpaid base salary through the date of such termination.  The Company shall promptly reimburse the Employee for the amount of any expenses incurred prior to such termination by the Employee as required under paragraph F of Section 3 above.

 

	C.  	Disability, Death.   The Company may terminate the employment of the Employee prior to the end of the Term of this Employment Agreement if the Employee has been unable to perform his duties hereunder or a similar job for a continuous period of six (6) months due to a physical or mental condition that, in the opinion of a licensed physician, will be of indefinite duration or is without a reasonable probability of recovery for a period of at least six (6) months.  The Employee agrees to submit to an examination by a licensed physician of his choice in order to obtain such opinion, at the request of the Company, made after the Employee has been absent from his place of employment for at least six (6) months.  The Company shall pay for any requested examination.  However, this provision does not abrogate either the Company’s or the Employee’s rights and obligations pursuant to the Family and Medical Leave Act of 1993, and a termination of employment under this paragraph C shall not be deemed to be a termination for cause.

 

    	 

    	 

    

  

If during the Term of this Employment
Agreement, the Employee dies or his employment is terminated because of his disability, all salary, benefits and other payments
shall cease at the time of death or disability, provided, however, that the Company shall provide such health, dental and similar
insurance or benefits as were provided to Employee immediately before his termination by reason of death or disability, to Employee
or his family for the longer of twelve (12) months after such termination or the full un-expired Term of this Employment Agreement
on the same terms and conditions (including cost) as were applicable before such termination.  In addition, for the first
six (6) months of disability, the Company shall pay to the Employee the difference, if any, between any cash benefits received
by the Employee from a Company-sponsored disability insurance policy and the Employee’s salary hereunder in accordance with
paragraph A of Section 3 above.  At the time of any such termination, the Company shall pay the Employee, the value of
any accrued but unused vacation time, and the amount of all accrued but previously unpaid base salary through the date of such
termination.  The Company shall promptly reimburse the Employee for the amount of any expenses incurred prior to such
termination by the Employee as required under paragraph F of Section 3 above.

 

Notwithstanding the foregoing, if
the Company reasonably determines that any of the benefits described in this paragraph C may not be exempt from federal income
tax, then for a period of six (6) months after the date of the Employee’s termination, the Employee shall pay to the Company
an amount equal to the stated taxable cost of such coverages. After the expiration of the six-month period, the Employee shall
receive from the Company a reimbursement of the amounts paid by the Employee.

 

	D.	Termination without Cause.   A termination without cause is a termination of the employment of the Employee by the Company that is not “for cause” and not occasioned by the resignation, death or disability of the Employee.  If the Company terminates the employment of the Employee without cause, (whether before the end of the Term of this Employment Agreement or, if the Employee is employed by the Company under paragraph E of this Section 4 below, after the Term of this Employment Agreement has ended) the Company shall, at the time of such termination, pay to the Employee the severance payment provided in paragraph F of this Section 4 below together with the value of any accrued but unused vacation time and the amount of all accrued but previously unpaid base salary through the date of such termination and shall provide him with all of his benefits under paragraph C of Section 3 above for the longer of six (6) months or the full un-expired Term of this Employment Agreement.  The Company shall promptly reimburse the Employee for the amount of any expenses incurred prior to such termination by the Employee as required under paragraph F of Section 3 above.

 

If the Company terminates the employment
of the Employee because it has ceased to do business or substantially completed the liquidation of its assets or because it has
relocated to another city and the Employee has decided not to relocate also, such termination of employment shall be deemed to
be without cause.

 

	 
E.	End of the Term of this Employment Agreement.   Except as otherwise provided in paragraphs F and G of this Section 4 below, the Company may terminate the employment of the Employee at the end of the Term of this Employment Agreement without any liability on the part of the Company to the Employee but, if the Employee continues to be an employee of the Company after the Term of this Employment Agreement ends, his employment shall be governed by the terms and conditions of this Agreement, but he shall be an employee at will and his employment may be terminated at any time by either the Company or the Employee without notice and for any reason not prohibited by law or no reason at all.  If the Company terminates the employment of the Employee at the end of the Term of this Employment Agreement, the Company shall, at the time of such termination, pay to the Employee the severance payment provided in paragraph F of this Section 4 below together with the value of any accrued but unused vacation time and the amount of all accrued but previously unpaid base salary through the date of such termination. The Company shall promptly reimburse the Employee for the amount of any reasonable expenses incurred prior to such termination by the Employee as required under paragraph F of Section 3 above.

 

    	 

    	 

    

 

 

	  
F.	Severance.   If the employment of the Employee is terminated by the Company, at the end of the Term of this Employment Agreement or, without cause (whether before the end of the Term of this Employment Agreement or, if the Employee is employed by the Company under paragraph E of this Section 4 above, after the Term of this Employment Agreement has ended), the Employee shall be paid, as a severance payment at the time of such termination, the amount equal to 50% of the base salary in effect at the time of termination.

 

	G.	Change of Control Severance.   In addition to the rights of the Employee under the Company’s employee benefit plans (paragraphs C of Section 3 above) but in lieu of any severance payment under paragraph F of this Section 4 above, if there is a Change in Control of the Company (as defined below) and the employment of the Employee is concurrently or within 12 months of the Change of Control terminated (a) by the Company without cause, (b) by the expiration of the Term of this Employment Agreement, or (c) by the resignation of the Employee because he has reasonably determined in good faith that his titles, authorities, responsibilities, salary, bonus opportunities or benefits have been materially diminished, that a material adverse change in his working conditions has occurred, that his services are no longer required in light of the Company’s business plan, or the Company has breached this Employment Agreement, the Company shall pay the Employee, as a severance payment, at the time of such termination, the amount of Four Hundred Ninety Thousand Dollars ($490,000) together with the value of any accrued but unused vacation time, and the amount of all accrued but previously unpaid base salary through the date of termination and shall provide him with all of this benefits under paragraph C of Section 3 above for the longer of twelve (12) months or the full un-expired Term of this Employment Agreement. The Company shall promptly reimburse the Employee for the amount of any expenses incurred prior to such termination by the Employee as required under paragraph F of Section 3 above. Notwithstanding the foregoing, before the Employee may resign pursuant to Section 4(G)(c) above, the Employee shall deliver to the Company a written notice of the Employee’s intent to terminate his employment pursuant to Section 4(G)(c), and the Company shall have been given a reasonable opportunity to cure any such act, omission or condition within Thirty (30) days after the Company’s receipt of such notice.

 

For the purpose of this Employment
Agreement, a Change in Control of the Company has occurred when:  (a) any person (defined for the purposes of this paragraph
G to mean any person within the meaning of Section 13 (d) of the Securities Exchange Act of 1934 (the “Exchange Act”)),
other than Ohr, an employee benefit plan created by its Board of Directors for the benefit of its employees, or a participant in
a transaction approved by its Board of Directors for the principal purpose of raising additional capital, either directly or indirectly,
acquires beneficial ownership (determined under Rule 13d-3 of the Regulations promulgated by the Securities and Exchange Commission
under Section 13(d) of the Exchange Act) of securities issued by Ohr having forty five percent (45%) or more of the voting power
of all the voting securities issued by Ohr in the election of Directors at the next meeting of the holders of voting securities
to be held for such purpose; (b) a majority of the Directors elected at any meeting of the holders of voting securities of Ohr
are persons who were not nominated for such election by the Board of Directors or a duly constituted committee of the Board of
Directors having authority in such matters; (c) the stockholders of Ohr approve a merger or consolidation of Ohr with another person
other than a merger or consolidation in which the holders of Ohr’s voting securities issued and outstanding immediately before
such merger or consolidation continue to hold voting securities in the surviving or resulting corporation (in the same relative
proportions to each other as existed before such event) comprising fifty one percent (51%) or more of the voting power for all
purposes of the surviving or resulting corporation; or (d) the stockholders of Ohr approve a transfer of substantially all of the
assets of Ohr to another person other than a transfer to a transferee, fifty one percent (51%) or more of the voting power of which
is owned or controlled by Ohr or by the holders of Ohr’s voting securities issued and outstanding immediately before such
transfer in the same relative proportions to each other as existed before such event.  The parties hereto agree that
for the purpose of determining the time when a Change of Control has occurred that if any transaction results from a definite proposal
that was made before the end of the Term of this Employment Agreement but which continued until after the end of the Term of this
Employment Agreement and such transaction is consummated after the end of the Term of this Employment Agreement, such transaction
shall be deemed to have occurred when the definite proposal was made for the purposes of the first sentence of this paragraph G
of this Section 4.

 

    	 

    	 

    

 

	H.	Benefit and Stock Plans.   In the event that a benefit plan or Stock Plan which covers the Employee has specific provisions concerning termination of employment, or the death or disability of an employee ( e.g., life insurance or disability insurance), then such benefit plan or Stock Plan shall control the disposition of the benefits or stock options.

 

	5.	Proprietary Information Agreement.   Employee has executed a Proprietary Information Agreement as a condition of employment with the Company.  The Proprietary Information Agreement shall not be limited by this Employment Agreement in any manner, and the Employee shall act in accordance with the provisions of the Proprietary Information Agreement at all times during the Term of this Employment Agreement.

 

	6.	Reserved    

 

	7.	Arbitration.   Any dispute or controversy arising under or in connection with this Employment Agreement shall be settled exclusively by arbitration in New York, NY, in accordance with the non-union employment arbitration rules of the American Arbitration Association (“AAA”) then in effect.  If specific non-union employment dispute rules are not in effect, then AAA commercial arbitration rules shall govern the dispute.  If the amount claimed exceeds $100,000, the arbitration shall be before a panel of three arbitrators.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.  The Company shall indemnify the Employee against and hold him harmless from any attorney’s fees, court costs and other expenses incurred by the Employee in connection with the preparation, commencement, prosecution, defense, or enforcement of any arbitration, award, confirmation or judgment in order to assert or defend any right or obtain any payment under paragraph C of Section 4 above or under this sentence; without regard to the success of the Employee or his attorney in any such arbitration or proceeding.

 

	8.	Governing Law.   The Employment Agreement shall be governed by and construed in accordance with the laws of the State of New York.

 

	9.	Validity.   The invalidity or unenforceability of any provision or provisions of this Employment Agreement shall not affect the validity or enforceability of any other provision of the Employment Agreement, which shall remain in full force and effect.

 

	10.	Entire
    Agreement.   This Employment Agreement constitutes the entire understanding between the parties with respect
    to     the subject matter hereof, superseding the employment agreement between the parties, dated August 9, 2013, and all
    negotiations,     prior     discussions, and     preliminary     agreements.  This     Employment Agreement may not
    be amended except     in     writing executed by the     parties     hereto.

 

	11.	Effect on Successors of Interest.   This Employment Agreement shall inure to the benefit of and be binding upon heirs, administrators, executors, successors and assigns of each of the parties hereto.  Notwithstanding the above, the Employee recognizes and agrees that his obligation under this Employment Agreement may not be assigned without the consent of the Company.

 

 

 

Signature Page Follows

 

    	 

    	 

    

 

 

IN WITNESS WHEREOF, the parties hereto
have executed and delivered this Employment Agreement as of the date first written above.

 

	 	Ohr
    Pharmaceutical, Inc.	 	EMPLOYEE
	 	 	 	 
	By:	
        /s/
        Ira Greenstein
	 	
        /s/
        Irach B. Taraporewala

		Chairman	 	Irach
    B. Taraporewala

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