Document:

rmax_8-K_1-7-16_Exhibit 10.1

		

			 

		

		
			Exhibit 10.1
		

		
			 
		

		
			SEPARATION AND TRANSITION AGREEMENT AND GENERAL RELEASE
		

		
			 
		

		
			DAVID M.K. METZGER
		

		
			 
		

		
			This Separation and Transition Agreement and General Release (“Agreement”) is hereby entered into as of the Effective Date as defined in paragraph 18) between RE/MAX Holdings, Inc. (“Holdings”), RIHI, Inc. f/k/a RE/MAX International Holdings, Inc. (“RIHI”), RMCO, LLC and RE/MAX, LLC, (which together with their affiliates and their respective shareholders, directors, officers, employees, representatives, predecessors, successors, assigns and/or any person who acted on behalf of RIHI and/or RE/MAX, LLC or on instruction from RIHI and/or RE/MAX, LLC are collectively referred to as  “RE/MAX” or “Company”) and DAVID M. K. METZGER (hereinafter “Employee”), who are collectively referred to herein as the “Parties” and each as a “Party.”
		

		
			WHEREAS, Employee is employed with RE/MAX; 
		

		
			WHEREAS, Employee and RE/MAX entered into an Employment Agreement (“Employment Agreement”) effective as of March 1, 2010 which is currently in effect; 
		

		
			WHEREAS, Employee and Holdings entered into an Indemnification Agreement dated on or about October 1, 2013 (the “Indemnification Agreement”); 
		

		
			WHEREAS, Holdings has provided Employee with a Notice of Restricted Stock Award dated October 9, 2013, accompanied by a Restricted Stock Unit Agreement (“First RSU Agreement”) both of which were acknowledged by the Executive as of October 10, 2013, granting Employee an award of 11,364 restricted stock units (“Restricted Stock Units”) of which 3,788 will be unvested on the Separation Date, with one share of Class A common stock of Holdings (the “Common Stock”) issuable for each Restricted Stock Unit in accordance with the terms of the First RSU Agreement;
		

		
			WHEREAS, Holdings has provided Employee with a Notice of Restricted Stock Award dated March 11, 2015, accompanied by a Restricted Stock Unit Agreement (“Second RSU Agreement”) both of which were acknowledged by the Executive as of April 6, 2015, granting Employee an award of 8,321 Restricted Stock Units, all of which will be unvested on the Separation Date, with one share of Common Stock issuable for each Restricted Stock Unit in accordance with the terms of the Second RSU Agreement;
		

		
			WHEREAS, Employee is eligible to receive an annual performance-based bonus (the “Performance Bonus”) based upon the performance of the Company and/or upon the performance of Employee against a plan and/or goals adopted by the Company for 2015; 
		

		
			WHEREAS, the parties have agreed that the Employment Agreement and Employee’s employment will be terminated pursuant to Section 3(b)(i) of the Employment Agreement and to provide the consideration set forth herein; and  
		

		
			WHEREAS, RE/MAX has agreed to employ Employee through March 31, 2016 and to provide him with pay and benefits, which he would not otherwise receive, as consideration for Employee entering into this Agreement as well as an additional severance agreement pursuant to which Employee and RE/MAX agree to settle, fully and finally, all matters between them.
		

		
			

		 

		

			1

		

 

		

			 

		

THEREFORE, in consideration of the terms and promises made in this Agreement, which Employee agrees are sufficient consideration to him in exchange for signing and not revoking this Agreement, the Parties agree as follows:
		

			
	
			
				 1.
			Incorporation of Recitals.  The above recitals are incorporated herein by reference.

			
	
			
				 2.
			Employee’s Separation. Employee’s employment with the Company will terminate effective as of March 31, 2016 (the “Separation Date”). Employee hereby resigns, effective as of the Separation Date, all positions, duties, authorities and responsibilities with, arising out of or relating to his employment with the Company and its subsidiaries and affiliates and agrees to use his commercially reasonable efforts to execute any and all additional documents that may be required to effectuate such resignation. Unless otherwise provided specifically herein, the Employment Agreement is hereby terminated as of the Effective Date and the Parties shall thereafter have no further obligations to each other thereunder except as specifically provided in this Agreement. 

			
	
			
				 3.
			Transition Period.  From the Effective Date of this Agreement through the Separation Date, Employee agrees that he will have the interim title of Holdings Co-Chief Financial Officer. 

			
	
			
				 4.
			Consideration for Agreement.  In consideration of his signature and non-revocation of this Agreement, Holdings shall provide to Employee the following separation benefits: 

			
	
			
				 (a)
			Salary Continuation.  Continued payment of his current base salary at the annual rate of Five Hundred Seventy-Five Thousand Dollars ($575,000) (“Base Salary”) from the Effective Date (as defined in paragraph 16) through March 31, 2016; 

			
	
			
				 (b)
			Performance Bonus.Employee will continue to be eligible for the Performance Bonus for 2015 to which Employee would otherwise be eligible pursuant to his 2015 Performance and Incentive Plan.  Once the amount, if any, is determined, it shall be paid in a lump sum at the time bonuses are paid to officers of the Company, but in no event later than March 1, 2016.

			
	
			
				 (a)
			401(k) Participation.Nothing contained in this Agreement will disqualify Employee from participation in the Company’s 401(k) plan through the Separation Date.

			
	
			
				 5.
			Consideration for Second Release.  In consideration of his signature and non-revocation of a second release, attached hereto as Exhibit “A” (to be executed not before March 31, 2016 and no later than April 22, 2016), (“Second Release”), Holdings shall provide Employee the following additional benefits: 

			
	
			
				 (a)
			Separation Pay. Within ten days following the Effective Date of the Second Release, Holdings will pay Employee five hundred and seventy-five thousand dollars ($575,000.00); and 

		 

		

			2

		

 

		

			 

		

			
	
			
				 (b)
			Restricted Stock Units.    Upon the Effective Date of the Second Release, the 12,109 Restricted Stock Units that otherwise would be unvested on the Separation Date shall automatically vest. The shares of Common Stock for all of the foregoing Restricted Stock Units shall be issued to the Employee as soon as practicable after the Effective Date of the Second Release.  Holdings shall provide for all tax payments under Section 5 of the Restricted Stock Agreement by share withholding unless the Employee provides written notice to Holdings, to the attention of its General Counsel, no later than March 20, 2016, that the Employee wishes to make other arrangements for the satisfaction of such tax payments; 

		
			The adequacy of the consideration for this Agreement, including without limitation that provided for in paragraph 4 above (“Salary Continuation”), as well as the adequacy of the consideration to be given in exchange for the Second Release, including without limitation that provided for in paragraph 5 above (“Separation Benefits”) is hereby acknowledged.  Employee agrees that he is not otherwise entitled to the Salary Continuation and Separation Benefits and acknowledges that, except as expressly provided in this Agreement, he will not receive any additional severance or benefits.   Payment of the Salary Continuation shall be made in accordance with the normal payroll schedule of RE/MAX, LLC beginning with the first regularly scheduled pay date following the Effective Date.
		

		
			RE/MAX shall treat such payment(s) as income to Employee from which ordinary federal, state and local withholding and taxes shall be deducted.  Employee will indemnify and hold RE/MAX harmless from any cost, liability or expense, including reasonable attorney’s fees, arising from the taxation, if any, of any amounts received by Employee pursuant to this Agreement, including but not limited to any penalties or administrative expenses.
		

		
			PLEASE READ CAREFULLY.  THESE SECTIONS INCLUDE A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
		

			
	
			
				 6.
			General Release. 

			
	
			
				 (a)
			General Release.  Employee agrees that, in consideration of the Salary Continuation as well as the Separation Benefits described in paragraph 4, above, he will, and hereby does, forever and irrevocably release and discharge RE/MAX, its officers, directors, employees, independent contractors, agents, affiliates, parents, subsidiaries, divisions, predecessors, employee benefit plans, purchasers, assigns, representatives, successors and successors in interest (herein collectively referred to as “Releasees”) from any and all claims, actions, agreements causes of action, damages of any kind, demands, debts, defenses, grievances, obligations, contracts, complaints, promises, judgments, expenses, costs, attorneys’ fees, compensation, and liabilities, known or unknown, whatsoever which he now has, has had, or may have, whether the same be at law, in equity, or mixed, in any way arising from or relating to any act, occurrence, or transaction on or before the date of this Agreement, including without limitation his employment and separation of employment from RE/MAX.  This is a General Release.  Employee expressly acknowledges that this General Release includes, but is not limited to, Employee’s intent to release RE/MAX from any claim relating to his employment at RE/MAX, including, but not limited to, tort and contract claims, claims for contribution or indemnity, wrongful discharge claims, pension claims, workers compensation claims, defamation claims, emotional distress claims, employee benefit claims, severance benefits 

		 

		

			3

		

 

		

			 

		

	(except to the extent explicitly provided in this Agreement), arbitration claims, statutory claims, injunction claims, claims for damages, claims under any state, local or federal wage and hour law or wage payment or collection law, and claims of discrimination, retaliation or harassment based on age, race, color, sex, religion, handicap, disability, national origin, ancestry, citizenship, marital status, sexual orientation, genetic information or any other protected basis, or any other claim of employment discrimination, retaliation or harassment under the Family and Medical Leave Act (“FMLA”) (29 U.S.C. §§ 2601 et seq.), the Americans With Disabilities Act (42 U.S.C. §§ 12101 et seq.), the Rehabilitation Act of 1973 (29 U.S.C. §§ 701 et seq.), the Age Discrimination In Employment Act (including the Older Workers Benefit Protection Act) (29 U.S.C. §§ 626 et seq., “ADEA”), Title VII of the Civil Rights Acts of 1964 and 1991 as amended (42 U.S.C. §§ 2000e et seq., “Title VII”), the Employee Retirement Income Security Act (29 U.S.C. §§ 1001 et seq.), the Consolidated Omnibus Budget Reconciliation Act of 1985 (29 U.S.C. §§ 1161 et seq.), the Genetic Information Nondiscrimination Act of 2008 (42 U.S.C. §§ 2000ff et seq.), the Fair Labor Standards Act (29 U.S.C. §§ 201 et seq.), the Colorado Anti-Discrimination Act, or any other federal, state, or local law, regulation or ordinance prohibiting employment discrimination or governing employment, or the failure of any compensation, benefit, severance, or retirement plan or arrangement of RE/MAX to which Employee is a participant, party, or beneficiary (including this Second Release) to fail to comply with or be operated in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, or any similar state or local tax law.  The Parties agree that this General Release provision, and the covenant not to sue provision below, survives and remains in full force and effect in the event RE/MAX or any Releasee institutes an action or proceeding against Employee for breach of any provision of this Agreement.  The Parties agree that this General Release does not release any claims arising out of an alleged breach of this Agreement.

			
	
			
				 7.
			Agreement Not to Sue.  Employee represents and agrees that he has not, by himself or on his behalf, instituted, prosecuted, filed, or processed any litigation, claims or proceedings against RE/MAX or any Releasees.  Employee agrees, to the maximum extent permitted by law, not to make or file any lawsuits, complaints, or other proceedings against RE/MAX or any Releasee or to join in any such lawsuits, complaints, or other proceedings against RE/MAX or Releasees concerning any matter relating to his employment with RE/MAX or that arose on or prior to the date of this Agreement.  The Parties agree that to the extent, if any, Employee may have a non-waivable right to file or participate in a claim or charge against RE/MAX or Releasees, this Agreement shall not be intended to waive such a right to file or participate.  Employee further agrees, to the maximum extent permitted by law, that he shall not obtain, and hereby waives any right or entitlement to obtain, any relief or damages (whether legal, monetary, equitable, or other) from such a non-waivable claim or charge, whether the same is filed by Employee or on his behalf or by another.  Employee further agrees and covenants that, to the maximum extent permitted by law, he will not encourage or voluntarily assist or aid in any way others in making or filing any lawsuits, complaints, or other proceedings against RE/MAX, or any other Releasee.    

			
	
			
				 8.
			No Admission of Liability; Reporting.  Employee agrees that the above-mentioned consideration is not to be construed as an admission of any wrongdoing or liability on the part of RE/MAX under any statute or otherwise.  Employee further agrees that he is not a prevailing party and that he is not entitled to any costs, expenses or attorney's fees from RE/MAX.  Further, Employee represents that he has reported in writing to the Company’s General Counsel any and 

		 

		

			4

		

 

		

			 

		

	all concerns he has regarding known or suspected ethical or compliance issues or violations of law or regulations by the Company or any of its officers, directors, employees, representatives or agents and will report any such concerns that may arise before the Separation Date.

			
	
			
				 9.
			Restrictive Covenants.

			
	
			
				 (a)
			Confidentiality.  In the course of his employment by the Company, Employee had access to Confidential Information (as defined below) of the Company and its affiliates, subsidiaries and franchisees.  Employee agrees to maintain the strict confidentiality of all Confidential Information.  For purposes of this Agreement, “Confidential Information” shall mean all non-public information and materials of the Company, including information and materials received by the Company from third parties, concerning the Company’s business practices and operations.  Confidential Information shall include, but not be limited to, information or data contained in the Company’s financial records, regional and franchise agreements, media and marketing techniques and arrangements, contemplated products and services, purchasing information and other business, strategic and operational data of the Company and its affiliates, subsidiaries and franchises.  Confidential Information includes all other information and materials which are of a proprietary or confidential nature, even if they are not marked as such.  Upon his Separation Date, Employee shall promptly return all Company property, including but not limited to all Confidential Information, retaining no copies.  This provision shall survive the termination of this Agreement indefinitely.

			
	
			
				 (b)
			Intellectual Property.  Employee recognizes and agrees that all copyrights, trademarks, patents, and other intellectual property rights to works or marks arising in, from or in connection with Employee’s employment by the Company, and that were within the scope of Employee’s employment by the Company, are the sole and exclusive property of the Company.  Employee agrees not to assert any such rights against the Company or any third party.  Employee agrees to assign, and hereby does assign, to the Company all rights, if any, in or to such works or marks that may have accrued to Employee during his employment.

			
	
			
				 (c)
			Agreement Not to Solicit Employees.  For a period of twelve (12) months following the Separation Date, Employee shall not, either directly or indirectly, on his own behalf or in the service of or on behalf of others, solicit or recruit (or attempt to solicit or recruit) any person employed by the Company to end their employment with the Company or to provide services to Employee or any other business, organization, program, or activity.

			
	
			
				 (d)
			Agreement Not to Solicit Clients / Franchisees.  For a period of twelve (12) months following the Separation Date, Employee shall not directly or indirectly solicit any RE/MAX master franchisee, RE/MAX franchisee, RE/MAX sales associate or RE/MAX vendor, approved supplier or marketing partner to cease doing business with the Company or to otherwise do business with Employee or any entity that directly competes with the Company  in the areas of franchising real estate brokerages, real estate brokerage, insurance brokerage (hereinafter the "Company's Business"). Employee shall not advise or consult with any RE/MAX Master Franchisee or RE/MAX Franchisee, for the benefit of such master franchisee or franchisee in any way that is adverse to RE/MAX or on the terms of any contract or relationship between such master franchisee or franchisee and RE/MAX. 

		 

		

			5

		

 

		

			 

		

			
	
			
				 (e)
			Agreement Not to Compete.  For a period of twelve (12) months immediately following the Separation Date, Employee shall not, either directly or indirectly, accept employment or perform services on behalf of himself or any individual or entity that directly competes with the Company in the Company’s Business.

			
	
			
				 (f)
			Non-Disparagement.  Employee agrees to represent the Company in a positive light and not to disparage or in any way communicate to any person or entity any negative information or opinion concerning the Company, its subsidiaries and affiliates, or any of their its past, present or future partners, members, family members, shareholders, officers, directors, employees, franchisees or agents, or any of them.   This provision shall not prohibit Employee from making any statements or taking any actions required by law, or reporting any actions or inactions Employee believes to be unlawful.  This provision shall not be interpreted to require or encourage Employee to make any misrepresentations.

			
	
			
				 (g)
			Reasonableness of Covenants.  Employee acknowledges and agrees that the Company conducts the Company’s Business throughout the United States and internationally, that the above covenants cannot be meaningfully restricted geographically, and that the covenants reasonably restrict Employee from competing in any market – domestic or foreign – in which the Company conducts the Company’s Business.

			
	
			
				 (h)
			Enforcement Provisions.  

			
	
			
				 i.
			The covenants stated above are intended to be separate and divisible provisions, and if, for any reason, any one or more of such provisions shall be held to be invalid or unenforceable, in whole or in part, it is agreed that the invalidity or unenforceability of such provision(s) shall not be held to affect the validity or enforceability of any other provision set forth in this Agreement.

			
	
			
				 ii.
			By signing below, Employee acknowledges and agrees that breach of any of the above covenants will cause the Company irreparable injury that cannot be reasonably or adequately compensated by damages in an action at law.  Accordingly, the Company shall be entitled to injunctive relief for any breach, or anticipated breach, of the covenants in addition to any other rights or remedies the Company may have.

			
	
			
				 iii.
			If Employee breaches any provision of the covenants during the term of any of the Separation Benefits, the Company shall provide Employee notice of its contention that such breach has occurred together with a description of the manner in which the Company contends that Employee breached, and shall thereafter have no further obligation to pay the Separation Benefits, without waiver of any other remedy.   

			
	
			
				 (i)
			Agreement Freely Entered.  Employee agrees that he has read the above covenants in their entirety and understands all of their terms and conditions, that he has had the opportunity to consult with any individuals of his choice regarding his agreement to the provisions contained herein, including legal counsel of his choice, that he is entering into these covenants of his own free will, without coercion from any source.  Employee agrees that such provisions are reasonable and necessary to protect the interests of the Company.

		 

		

			6

		

 

		

			 

		

			
	
			
				 10.
			Indemnification and D&O Coverage.

			
	
			
				 (a)
			Indemnification.  The Company agrees that if Employee is made a party, or is threatened to be made a party, to any threatened or actual action, suit or proceeding, whether civil, criminal, administrative, investigative, appellate or other (“Proceeding”) by reason of the fact that he was a director, officer, executive, agent, manager, consultant or representative of the Company or was serving at the request of the Company or in connection with his duties hereunder as a director, officer, member, executive, agent, manager, consultant, trustee or representative of another person, or if any claim, demand, request, investigation, dispute, controversy, threat, discovery request, or request for testimony or information (“Request”) is made, or threatened to be made, that arises out of or relates to and concerns lawful actions of the Employee taken in the scope of Employee’s employment with the Company or in any of the foregoing capacities, then the Employee shall promptly be indemnified and held harmless by the Company to the fullest extent legally permitted or authorized by the Company’s by-laws or Board resolutions or, if greater, by applicable law, against any and all costs, claims, causes of action expenses, liabilities and losses (including, without limitation, attorney’s fees, judgments, interest, expenses of investigation, penalties, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement) incurred or suffered by Employee in connection with a Proceeding or Request.  Such indemnification shall continue as to Employee even after he has ceased to be a director, member, executive, employee, officer, agent, manager, consultant, trustee or representative of the Company or other person and shall inure to the benefit of Employee’s heirs, executors and administrators.  The Company shall advance to Employee all costs and expenses incurred by him in connection with any Proceeding or Request within fifteen (15) days after receiving written notice from Employee requesting an advance.  Employee’s notice shall include, to the extent required by applicable law, an undertaking by Employee to repay the amount advanced if he is ultimately determined not to be entitled to indemnification against such costs and expenses.

			
	
			
				 (b)
			D&O Insurance.  For such period as may be necessary under applicable statutes of limitation, the Company shall keep in place a directors and officers liability insurance policy (or policies) providing coverage to Employee for claims relating to or arising out of his employment with the Company.

			
	
			
				 (c)
			Indemnification Agreement.  The Indemnification Agreement shall remain in full force and effect.

		 

		

			7

		

 

		

			 

		

			
	
			
				 11.
			Employee Cooperation.  Employee agrees to cooperate with RE/MAX regarding any pending or subsequently filed litigation, proceeding, claim or other disputed item involving RE/MAX that relates to matters within the knowledge or responsibility of Employee during his employment.  Without limiting the foregoing, Employee agrees: (i) to meet with RE/MAX's representatives, its counsel or other designees at mutually convenient times and places with respect to any items within the scope of this paragraph; (ii) to provide truthful testimony to any court, agency or other adjudicatory body; (iii) to notify RE/MAX within three (3) business days if Employee is contacted by any adverse party or by any representative of an adverse party; and (iv) not to assist any adverse party or any adverse party's representatives, except as may be required by law.  Employee shall be entitled to reimbursement for all properly documented expenses reasonably incurred in connection with rendering services under the Section, including but not limited to, reimbursement for all reasonable travel, lodging, meal expenses and legal fees and Employee shall be entitled to a per diem amount for his services equal to his annualized Base Salary under this Agreement divided by two hundred and forty (240).

			
	
			
				 12.
			Non-Disparagement.  The Company agrees to cause its Section 16 Officers only to represent Employee in a positive light and not to disparage or in any way communicate to any person or entity any negative information or opinion concerning the Employee.  This provision shall not prohibit the Company from making any statements or taking any actions required by law, or reporting any actions or inactions the Company believes to be unlawful.  This provision shall not be interpreted to require or encourage the Company to make any misrepresentations.

			
	
			
				 13.
			Tax Liability.  Except as otherwise required by applicable law, Employee agrees that he will be exclusively liable for the payment of any taxes, including without limitation, federal, state or local income taxes, social security taxes, or any other taxes, arising out of or resulting from the consideration and/or other benefits paid to him hereunder other than applicable federal, state and local taxes that are normally payable by an employer from the employer’s funds, such as FUTA/SUTA and the employer’s portion of FICA, and Employee hereby represents that he will pay any such taxes which may be due at the time and in the amount required.  RE/MAX will have the right to deduct from any compensation payable to Employee under this Agreement all federal, state and local income taxes, social security taxes and such other mandatory deductions as may now be in effect or may be enacted or required after the Effective Date of this Agreement.

		
			Employee agrees to indemnify, defend and hold RE/MAX harmless from payment of any taxes (excluding federal and state unemployment taxes and RE/MAX’s share of social security taxes) which any government agency determines should have been deducted from any consideration paid to Employee by RE/MAX and which were not in fact withheld.
		

		 

		

			8

		

 

		

			 

		

			
	
			
				 14.
			Section 409A.

			
	
			
				 (a)
			In General.  The intent of the Parties hereto is that this Agreement comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and that the payments and benefits under this Agreement not be subject to any additional tax or interest imposed by Section 409A and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted in accordance with such intentions.  At the request of the Company, Employee shall perform any act or refrain from any act reasonably required to comply with any correction procedure under Section 409A.  For purposes of this Agreement, the payments described in Section 4 and 5 are intended to be exempt or excepted from Section 409A to the maximum extent provided under Section 409A as follows:  (i) each payment that is scheduled to be made following Employee's date of termination of employment or otherwise upon the lapse of a substantial risk of forfeiture and within the applicable 2 1/2 month period specified in Treas. Reg.§ 1.409A-1(b)(4) is intended to be a short-term deferral described in Treas. Reg. § 1.409A-1 (b)(4); and (ii) each payment, or the portion of any payment, that is not otherwise a short-term deferral is intended to be separation pay due to involuntary separation from service described in Treas. Reg. § 1.409A-1 (b)(9)(iii), separation pay described in Treas. Reg.§ 1.409A-l(b)(9)(v)(D), or otherwise excluded from Section 409A.  Employee shall have no right to designate the year of payment of any amount payable under this Agreement.

			
	
			
				 (b)
			Separation from Service.  Any compensation or benefit payable under this Agreement that is payable upon Employee's termination of employment shall be payable only upon Employee's “separation from service” within the meaning of Section 409A.

			
	
			
				 (c)
			Specified Employee.  If, at the time of a Separation from Service of the Employee, the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) (a “Specified Employee”), then any payments and benefits that are nonqualified deferred compensation  within the meaning of 409A that would otherwise have been payable as a result of, and within the first six (6) months following, the Employee’s “separation from service” within the meaning of Section 409A, and not by reason of another event under IRC Section 409A(a)(2)(A), will become payable six (6) months and one (1) day following the date of the Employee’s separation from service or, if earlier, the date of Employee’s death.

			
	
			
				 (d)
			Stock-Based Awards.  The vesting of any stock-based compensation awards that are nonqualified deferred compensation within the meaning of Section 409A and are held by the Employee, if the Employee is a Specified Employee, shall be accelerated in accordance with this Agreement to the extent applicable; provided, however, that the payment in settlement of any such awards shall occur on the date that is six (6) months and one (1) day following the date of the Employee’s separation from service.

			
	
			
				 (e)
			Installments.  Employee's right to receive any installment payments payable hereunder shall be treated as a right to receive a series of separate payments, and  each payment hereunder shall at all times be considered a separately identified, determinable, designated and/or distinct payment for purposes of Section 409A.

		 

		

			9

		

 

		

			 

		

			
	
			
				 (f)
			Reimbursements.  To the extent that any reimbursements payable to Employee pursuant to this Agreement are subject to the provisions of Section 409A, such reimbursements shall be paid to Employee no later than December  31 of the year following the year in which the cost was incurred; the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year; and Employee's right to reimbursement under this Agreement will not be subject to liquidation or exchange for another benefit.

			
	
			
				 15.
			Binding Upon Successors.  The Parties further agree that this Agreement shall be binding upon and inure to the benefit of the personal representatives, heirs, executors, and administrators of Employee and the heirs, executors, administrators, affiliates, successors, predecessors, subsidiaries, divisions, officers, purchasers, agents, assigns, representatives, directors and employees of RE/MAX. RE/MAX agrees that, in the event the Company is acquired or sold, the obligations of paragraphs 4,  5,  6, 7,  9,  10 and 17 shall continue in full force and effect. 

			
	
			
				 16.
			Governing Law.  The Parties agree that this Agreement and the rights and obligations hereunder shall be governed by, and construed in accordance with, the laws of Colorado regardless of any principles of conflicts of laws or choice of laws of any jurisdiction.  The Parties agree that the federal and state courts located in Colorado shall have sole and exclusive jurisdiction and venue to hear and determine any dispute or controversy arising under or concerning this Agreement. In any dispute arising out of this Agreement, the prevailing party shall be entitled to recover reasonable attorney fees and costs.

			
	
			
				 17.
			Severability; Interpretation of Agreement.  If any terms of the above provisions of this Agreement are found null, void or inoperative, for any reason, the remaining provisions will remain in full force and effect.  The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the Parties.

			
	
			
				 18.
			Time to Consider Agreement; Revocation.  Employee understands that he has twenty-one (21) days from the date of his receipt of this Agreement to consider his decision to sign it, and that he may unilaterally waive this period at his election.  Employee’s signature on this Agreement constitutes an express waiver of the twenty-one (21) day period.  The Parties agree that any revisions or modifications to this Agreement, whether material or immaterial, will not and did not restart this time period.  Employee acknowledges that he may revoke this Agreement for up to and including seven (7) days after his execution of this Agreement.  Therefore, the “Effective Date” of this Agreement shall be the eighth day following Employee’s execution of the same.

			
	
			
				 19.
			Full and Complete Agreement.  The Parties agree and understand that no promises, covenants, representations, understandings or warranties have been made other than those expressly contained herein, and that this Agreement constitutes the entire agreement between the Parties except for those portions of the Indemnification Agreement and the First and Second RSU Agreements referenced above.  The Parties agree that this Agreement shall not be modified except in writing signed by each of the Parties hereto.

		 

		

			10

		

 

		

			 

		

			
	
			
				 20.
			Agreement Freely Entered.  Employee represents that he has carefully read this Agreement, that he understands all of its terms, that he had a reasonable amount of time to consider his decision to sign it, that he has been advised in writing and has had the opportunity to discuss all the terms of this Agreement with an attorney of his choice, that in executing this Agreement he does not rely and has not relied upon any representation or statement made by any of RE/MAX’s agents, representatives, or attorneys with regard to the subject matter, basis, or effect of the Agreement, and that he enters into this Agreement voluntarily, of his own free will, without any duress and with knowledge of its meaning and effect.

		
			IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the dates set forth below.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						/s/ David M. K. Metzger

					
						David M. K. Metzger

					
					
						 January 7, 2016

					
						Date

				
	
					
						/s/ David L. Liniger

					
						David L. Liniger, Chairman and CEO

					
						For: RE/MAX Holdings, Inc.

					
					
						 January 7, 2016

					
						Date

				
	
					
						/s/ David L. Liniger

					
						David L. Liniger, Chairman and CEO

					
						For: RE/MAX, LLC

					
					
						 January 7, 2016

					
						Date

				
	
					
						/s/ David L. Liniger

					
						David L. Liniger, Chairman and CEO

					
						For: RIHI, Inc.

					
					
						 January 7, 2016

					
						Date

				

		
			 
		

		
			
		

		
			

		 

		

			11

		

 

		

			 

		

 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			Exhibit A
		

		
			Second Release Agreement
		

		
			 
		

		
			

		 

		

			12

		

 

		

			 

		

SECOND RELEASE AGREEMENT
		

		
			DAVID M.K. METZGER
		

		
			 
		

		
			This Second Release Agreement ("Second Release") is hereby entered into as of the Effective Date (as defined in paragraph 11) between RE/MAX Holdings, Inc. (“Holdings”), RIHI, Inc. f/k/a RE/MAX  International  Holdings, Inc. (“RIHI”), RMCO, LLC and RE/MAX, LLC, (which together with their affiliates and their respective shareholders, directors, officers, employees, representatives, predecessors, successors, assigns and/or any person who acted on behalf of RIHI and/or RE/MAX, LLC or on instruction from RIHI and/or RE/MAX, LLC are collectively  referred to as  “RE/MAX” or the “Company”) and DAVID M. K. METZGER  (hereinafter “Employee”), who are collectively referred to herein as the “Parties” and each as a “Party.”
		

		
			WHEREAS, Employee’s employment with the Company ended effective at the close of business on March 31, 2016 (the “Separation Date”);
		

		
			WHEREAS, Employee executed a Separation and Transition Agreement and General Release (“Transition Agreement”) which contained terms and promises as well as the requirement that Employee sign this Second Release (“Second Release”) to receive the consideration referenced in Section 5(a) and 5(b) in the Transition Agreement.  
		

		
			THEREFORE, in consideration of the terms and promises made in the Transition Agreement as well as in the Second Release, which Employee agrees are sufficient consideration to him in exchange for signing and not revoking this Second Release, the Parties agree as follows:
		

			
	
			
				 1.
			Incorporation of Recitals.  The above recitals as well as the terms and promises of the Transition Agreement are incorporated herein by reference.

			
	
			
				 2.
			Payment of all Earned Compensation. Employee acknowledges and declares that, he has been fully compensated for all work performed and time he has worked while employed by RE/MAX, and that he is not owed any compensation, wages, salary, payments, bonus, equity interest, remuneration or income from RE/MAX of any kind, except as provided in this Second Release.

			
	
			
				 3.
			Consideration for Second Release.  In consideration of his signature and non-revocation of this Second Release, RE/MAX shall provide to Employee the benefits referenced in Section 5(a) and 5(b) of the Transition Agreement.

		
			The adequacy of the consideration for this Second Release is hereby acknowledged. Employee agrees that he would not otherwise be entitled to the Benefits in the Second Release, and that he will not receive any additional severance or benefits, other than as provided for in this Second Release and the Transition Agreement.  
		

		
			 
		

		
			

		 

		

			1

		

 

		

			 

		

PLEASE READ CAREFULLY.  THESE SECTIONS INCLUDE A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
		

			
	
			
				 4.
			General Release. 

			
	
			
				 (a)
			General Release.    Employee agrees that, in consideration  of the payments described in paragraph  3,  above, he will, and hereby does, forever and irrevocably release and discharge RE/MAX, its officers, directors, employees, independent contractors, agents, affiliates, parents, subsidiaries, divisions,  predecessors, employee benefit plans, purchasers, assigns, representatives, successors and successors in interest (herein collectively  referred to as "Releasees") from any and all claims, actions, Agreements causes of action, damages of any kind, demands, debts, defenses, grievances, obligations, contracts, complaints, promises, judgments, expenses, costs, attorneys' fees, compensation, and liabilities, known or unknown, whatsoever which he now has, has had, or may have, whether the same be at law, in equity, or mixed, in any way arising from or relating to any act, occurrence, or transaction on or before the date of this Second Release, including without limitation his employment  and separation of employment  from RE/MAX.  THIS IS A GENERAL RELEASE.  Employee expressly acknowledges that this General Release includes, but is not limited to, Employee's intent to release RE/MAX from any claim relating to his employment at RE/MAX, including,  but not limited to, tort and contract claims, claims for contribution or indemnity, wrongful discharge claims, pension claims, workers compensation claims, defamation claims, emotional distress claims, employee benefit claims, severance benefits (except to the extent explicitly provided in this Second Release), arbitration claims, statutory claims, injunction claims, claims for damages, claims under any state, local or federal wage and hour law or wage payment or collection  law, and claims of discrimination, retaliation  or harassment  based on age, race, color, sex, religion, handicap, disability, national origin, ancestry, citizenship, marital status, sexual orientation, genetic information  or any other protected basis, or any other claim of employment discrimination, retaliation or harassment under the Family and Medical Leave Act ("FMLA") (29 U.S.C. §§ 2601 et seq.), the Americans With Disabilities Act (42 U.S.C. §§ 12101 et seq.), the Rehabilitation  Act of 1973 (29 U.S.C. §§ 701 et seq.), the Age Discrimination In Employment Act (including  the Older Workers Benefit Protection Act) (29 U.S.C. §§ 626 et seq. "ADEA''), Title VII of the Civil Rights Acts of 1964 and 1991 as amended (42 U.S.C. §§ 2000e et seq. "Title VII"), the Employee Retirement Income Security Act (29 U.S.C. §§ 1001 et seq.), the Consolidated Omnibus Budget Reconciliation Act of 1985 (29 U.S.C. §§ 1161 et seq.), the Genetic Information Nondiscrimination Act of 2008 (42 U.S.C. §§ 2000ff et seq.), the Fair Labor Standards Act (29 U.S.C. §§ 201 et seq.), the Colorado Anti-Discrimination Act, or any other federal, state, or local law, regulation or ordinance prohibiting employment discrimination or governing employment, or the failure of any compensation, benefit, severance, or retirement plan or arrangement of RE/MAX to which Employee is a participant, party, or beneficiary (including this Second Release) to fail to comply with or be operated in accordance with Section 409A of the Internal Revenue Code of 1986, as amended, or any similar state or local tax law.  The Parties agree that this General Release provision, and the covenant not to sue provision below, survives and remains in full force and effect in the event RE/MAX or any Releasee institutes an action or proceeding against Employee for breach of any provision of this Second Release.   The Parties agree that this General 

		 

		

			2

		

 

		

			 

		

	Release does not release any claims arising out of any alleged breach of this Second Release.

			
	
			
				 (b)
			Effective as of the Separation Date, the Company forever releases and discharges the Employee, the Employee's heirs, beneficiaries, devisees, executors, administrators, attorneys, personal representatives, successors and assigns, from any and all claims of any kind arising out of, or related to, Employee's employment and separation from employment with the Company and the Company Affiliated Entities, which the Company now has or may have against the Employee, whether known or unknown to the Company, and whether vicarious, derivative, or direct (the “Employee Release”).  Notwithstanding anything else herein to the contrary, this Section 4(b) shall not affect and does not release any claims that arise after the date the Company executes this Second Release.

			
	
			
				 5.
			Agreement Not to Sue.  

			
	
			
				 (a)
			Employee represents and agrees that he has not, by himself or on his behalf, instituted, prosecuted, filed, or processed any litigation, claims or proceedings against RE/MAX or any Releasees.  Employee agrees, to the maximum extent permitted by law, not to make or file any lawsuits, complaints, or other proceedings against RE/MAX or any Releasee or to join in any such lawsuits, complaints, or other proceedings against RE/MAX or Releasees concerning any matter relating to his employment with RE/MAX or that arose on or prior to the date of this Second Release.  The Parties agree that to the extent, if any, Employee may have a non-waivable right to file or participate in a claim or charge against RE/MAX or Releasees, this Second Release shall not be intended to waive such a right to file or participate. Employee further agrees, to the maximum extent permitted by law, that he shall not obtain, and hereby waives any right or entitlement to obtain, any relief or damages (whether legal, monetary, equitable, or other) from such a non-waivable claim or charge, whether the same is filed by Employee or on his behalf or by another. Employee further agrees and covenants that, to the maximum extent permitted by law, he will not encourage or voluntarily assist or aid in any way others in making or filing any lawsuits, complaints, or other proceedings against RE/MAX, or any other Releasee.

			
	
			
				 (b)
			 RE/MAX represents and agrees that it has not instituted, prosecuted, filed, or processed any litigation, claims or proceedings against Employee.  RE/MAX agrees, to the maximum extent permitted by law, not to make or file any lawsuits, complaints, or other proceedings against Employee or to join in any such lawsuits, complaints, or other proceedings against Employee concerning any matter relating to his employment with RE/MAX or that arose on or prior to the date of this Second Release. 

			
	
			
				 6.
			No Admission of Liability; Reporting.  Employee agrees that the above-mentioned consideration is not to be construed as an admission of any wrongdoing or liability on the part of RE/MAX under any statute or otherwise.  Employee further agrees that he is not a prevailing party and that he is not entitled to any costs, expenses or attorney's fees from RE/MAX.  Further, Employee represents that he has reported in writing to the Company’s General Counsel any and all concerns he has regarding known or suspected ethical or compliance issues or violations of law or regulations by the Company or any of its officers, directors, employees, representatives or agents.

		 

		

			3

		

 

		

			 

		

			
	
			
				 7.
			Section 409A.

			
	
			
				 (a)
			In General.  The intent of the Parties hereto is that this Second Release comply with Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder (collectively, “Section 409A”) and that the payments and benefits under this Second Release not be subject to any additional tax or interest imposed by Section 409A and, accordingly, to the maximum extent permitted, this Second Release shall be interpreted in accordance with such intentions.  At the request of the Company, Employee shall perform any act or refrain from any act reasonably required to comply with any correction procedure under Section 409A.  For purposes of this Second Release, the payments described in Section 3 are intended to be exempt or excepted from Section 409A to the maximum extent provided under Section 409A as follows:  (i) each payment that is scheduled to be made following Employee's date of termination of employment or otherwise upon the lapse of a substantial risk of forfeiture and within the applicable 2 1/2 month period specified in Treas. Reg.§ 1.409A-1(b)(4) is intended to be a short-term deferral described in Treas. Reg. § 1.409A-1 (b)(4); and (ii) each payment, or the portion of any payment, that is not otherwise a short-term deferral is intended to be separation  pay due to involuntary separation from service described in Treas. Reg. § 1.409A-1 (b)(9)(iii), separation  pay described  in Treas. Reg.§ 1.409A-l(b)(9)(v)(D), or otherwise excluded from Section 409A.  Employee shall have no right to designate the year of payment of any amount payable under this Second Release.

			
	
			
				 (b)
			Separation from Service.  Any compensation or benefit payable under this Second Release that is payable upon Employee's termination of employment shall be payable only upon Employee's “separation from service” within the meaning of Section 409A.

			
	
			
				 (c)
			Specified Employee.  If, at the time of a Separation from Service of the Employee, the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) (a “Specified Employee”), then any payments and benefits that are nonqualified deferred compensation  within the meaning of 409A that would otherwise have been payable as a result of, and within the first six (6) months following, the Employee’s “separation from service” within the meaning of Section 409A, and not by reason of another event under IRC Section 409A(a)(2)(A), will become payable six (6) months and one (1) day following the date of the Employee’s separation from service or, if earlier, the date of Employee’s death.

			
	
			
				 (d)
			Stock-Based Awards.  The vesting of any stock-based compensation awards that are nonqualified deferred compensation within the meaning of Section 409A and are held by the Employee, if the Employee is a Specified Employee, shall be accelerated in accordance with this Second Release to the extent applicable; provided, however, that the payment in settlement of any such awards shall occur on the date that is six (6) months and one (1) day following the date of the Employee’s separation from service.

			
	
			
				 (e)
			Installments.  Employee's right to receive any installment payments payable hereunder shall be treated as a right to receive a series of separate payments, and each payment hereunder shall at all times be considered a separately identified, determinable, designated and/or distinct payment for purposes of Section 409A.

		 

		

			4

		

 

		

			 

		

			
	
			
				 (f)
			Reimbursements.  To the extent that any reimbursements payable to Employee pursuant to this Second Release are subject to the provisions of Section 409A, such reimbursements shall be paid to Employee no later than December 31 of the year following the year in which the cost was incurred; the amount of expenses reimbursed in one year shall not affect the amount eligible for reimbursement in any subsequent year; and Employee's right to reimbursement under this Second Release will not be subject to liquidation or exchange for another benefit.

			
	
			
				 8.
			Binding Upon Successors.  The Parties further agree that this Second Release shall be binding upon and inure to the benefit of the personal  representatives, heirs, executors, and administrators of Employee and the heirs, executors, administrators, affiliates, successors, predecessors, subsidiaries, divisions, officers, purchasers, agents, assigns, representatives, directors and employees of RE/MAX. RE/MAX agrees that, in the event it is acquired or sold, the parties’ obligations in the Transition Agreement as well as this Second Release shall continue in full force and effect. 

			
	
			
				 9.
			Governing Law.  The Parties agree that this Second Release and the rights and obligations hereunder shall be governed by, and construed in accordance with, the laws of Colorado regardless of any principles of conflicts of laws or choice of laws of any jurisdiction.  The Parties agree that the federal and state courts located in Colorado shall have sole and exclusive jurisdiction and venue to hear and determine any dispute or controversy arising under or concerning this Second Release. In any dispute arising out of this Second Release, the prevailing party shall be entitled to recover reasonable attorney fees and costs.

			
	
			
				 10.
			Severability; Interpretation of Agreement.  If any terms of the above provisions of this Second Release are found null, void or inoperative, for any reason, the remaining provisions will remain in full force and effect.  The language of all parts of this Second Release shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against either of the Parties.

			
	
			
				 11.
			Time to Consider Agreement; Revocation.  Employee understands that he has twenty-one (21) days from the date of his receipt of this Second Release to consider his decision to sign it, and that he may unilaterally waive this period at his election.  Employee's signature on this Second Release constitutes an express waiver of the twenty-one (21) day period.  The Parties agree that any revisions or modifications to this Second Release, whether material or immaterial, will not and did not restart this time period.  Employee acknowledges that he may revoke this Second Release for up to and including seven (7) days after his execution of this Second Release.   Therefore, the “Effective Date” of this Second Release shall be the eighth day following Employee's execution of the same.

			
	
			
				 12.
			Full and Complete Agreements.  The Parties agree and understand that no promises, covenants, representations, understandings or warranties have been made other than those expressly contained in the Transition Agreement or as contained herein, and that the Transition Agreement and the Second Release together constitute the entire Agreement between the Parties. The Parties agree that the Transition Agreement and the Second Release shall not be modified except in writing signed by each of the Parties hereto. The parties agree that all provisions of the Transition Agreement shall survive the execution of the Second Release.

			
	
			
				 13.
			Agreement Freely Entered.  Each Party represents to the other Parties that it carefully read this Second Release, that it understands all of the terms hereof, that it had a 

		 

		

			5

		

 

		

			 

		

	reasonable amount of time to consider its decision to sign this Second Release, that it has been advised in writing and has had the opportunity to discuss all the terms of this Second Release with an attorney of its choice, that in executing this Second Release it does not rely and has not relied upon any representation or statement made by any other Party nor the agents, representatives or attorneys of such Party with regard to the subject matter, basis, or effect of the Second Release, and that it enters into this Second Release voluntarily, of its own free will, without any duress and with knowledge of its meaning and effect.

			
	
			
				 14.
			Agreement Null and Void.  Employee understands that if Employee does not sign this Agreement by the 22nd day after Employee’s Separation Date, this Agreement shall be deemed null and void, and the offer set forth herein shall be withdrawn.

		
			IN WITNESS WHEREOF, the Parties have duly executed this Agreement as of the dates set forth below.
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						

					
						David M. K. Metzger

					
					
						 April, 2016

					
						Date

				
	
					
						

					
						David L. Liniger, Chairman and CEO

					
						For: RE/MAX Holdings, Inc.

					
					
						 April, 2016

					
						Date

				
	
					
						

					
						David L. Liniger, Chairman and CEO

					
						For: RE/MAX, LLC

					
					
						 April, 2016

					
						Date

				
	
					
						

					
						David L. Liniger, Chairman and CEO

					
						For: RIHI, Inc.

					
					
						 April, 2016

					
						Date

				

		
			 
		

		
			 
		

		 

		

			6Exhibit No.
10.57

 

CONFIDENTIAL
TREATMENT REQUESTED. Confidential portions of this document have been redacted and have been separately filed with the Commission.

 

 

 

License
Agreement

 

This
License Agreement (this “Agreement”) is made effective as of August 25, 2015 by and between Advaxis, Inc.,
a corporation formed under the laws of Delaware (“Advaxis”) having its place of business at 305 College Road
East, Princeton, NJ 08540, and Knight Therapeutics Inc. (“Knight” and together with Advaxis, the “Parties”)
and located at 376 Victoria Avenue, Suite 220, Montreal, Quebec, Canada, H3Y 1C3.

 

RECITALS

 

WHEREAS,
Knight has expertise in obtaining regulatory approvals for pharmaceutical products in Canada and commercializing those products;

 

WHEREAS,
Advaxis has developed ADXS-HPV, ADXS-HER2, and ADXS-PSA and may develop additional products and owns certain information, proprietary
data, know-how and other intellectual property (i.e., patents, methods, techniques, specifications, formulae and the like) necessary
to develop, manufacture and register the Products (the “Information”);

 

WHEREAS,
Advaxis seeks to grant an exclusive, non-transferable license to register and commercialize the Products in the Territory
for use in the Field;

 

WHEREAS,
Advaxis will supply the Products to Knight for use in the commercialization of the Products in the Territory under an Advaxis
brand in the Territory and Knight will, in turn, pay a license fee and such other payments as noted herein;

 

NOW
THEREFORE, in consideration of the payments and the mutual promises and conditions set forth herein, the sufficiency and adequacy
of which are hereby acknowledged, the parties hereto agree as follows:

 

1.
Definitions

 

	 	1.1.	“Affiliate”
    means any Person that, directly or indirectly, controls, is controlled by or is under common control with a Party for so long
    as such control exists, where “control” means the decision-making authority as to such Person and, further, where
    such control shall be presumed to exist where a Person owns more than fifty percent (50%) of the equity (or such lesser percentage
    which is the maximum allowed to be owned by a foreign corporation in a particular jurisdiction) entitled to vote regarding
    composition of the board of directors or other body entitled to direct the affairs of the entity.
	 	 	 
	 	1.2.	“Clinical
    IP” shall mean (i) all preclinical and clinical protocols, studies, data, results, study-related forms, materials and
    reports (e.g., investigator brochures, informed consent forms, data safety monitoring board related documents, patient recruitment
    related materials, biocompatibility studies, animal studies, safety studies, and chemistry, manufacturing and control data)
    resulting from any preclinical or clinical study or trial of any Product in the Field that is conducted by or under the direction
    of Advaxis or its permitted partners.

 

    	 

    	 	 	 

    

 

	 	1.3.	“Field”
    means * and any other or future indications to be approved in the Territory.
	 	 	 
	 	1.4.	 “Inability
    to Supply” means the failure of Advaxis to supply the volumes of Products indicated in an accepted order within thirty
    (30) days after the agreed upon delivery date for such volumes set forth in such accepted order, for any reason whatsoever,
    including Product does not meet the applicable specifications.
	 	 	 
	 	1.5.	“Intellectual
    Property Rights” means those patent and other intellectual property and proprietary rights owned or licensed by Advaxis
    and embodied in Products which, absent the license granted in Section 2.1, would be infringed by Knight’s activities
    contemplated under this Agreement.
	 	 	 
	 	1.6.	“Long
    Term Inability to Supply” means an Inability to Supply that lasts for more than ninety (90) days.
	 	 	 
	 	1.7.	 “Marketing
    Authorization Approval” means approval by the applicable regulatory authority for marketing and sale of the Products
    in the Field in the Territory.
	 	 	 
	 	1.8.	“Net
    Sales” means, with respect to any period, the total amount billed or invoiced on sales of the Product during such period
    anywhere in the Territory by Knight and its associated parties to unaffiliated third parties in bona fide arm’s length
    transactions, less the following deductions, in each case to the extent reasonable and customarily provided to unaffiliated
    entities and actually allowed and taken with respect to such sales:

 

(i)credits,
price adjustments or allowances for damaged products, returns or rejections of the Product;

 

(ii)normal
and customary trade, cash and quantity discounts, allowances and credits (other than price discounts granted at the time of invoicing
which have already been included in the gross amount invoiced);

 

(iii)chargeback
payments, repayments and rebates (or the equivalent thereof) granted to or imposed by group purchasing organizations, managed
health care organizations or federal, state/provincial, local and other governments, including any or all of their regulatory
authorities, agencies, review boards or tribunals, or trade customers;

 

(iv)sales,
value-added (to the extent not refundable in accordance with applicable law), and excise taxes, tariffs and duties, and other
taxes directly related to the sale (but not including taxes assessed against the income derived from such sale).

 

(v)stocking
allowances; and

 

(vi)any
other payment which reduces gross revenue and is permitted to be deducted in calculating net sales in accordance with Canadian
GAAP.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

  

	 	 	Net
    Sales shall include the amount or fair market value of all other consideration received by Knight and its associated parties
    in respect of sales of the Product, whether such consideration is in cash, payment in kind, exchange, or other form. Net Sales
    shall not include sales between or among Knight or its associated Parties unless any such associated party is the end user.
    Subject to the above, Net Sales shall be calculated in accordance with the standard internal policies and procedures of Knight,
    which shall at all times be in accordance with IFRS.
	 	 	 
	 	1.9.	“Party”
    or “Parties” means individually Knight or Advaxis and collectively Knight and Advaxis.
	 	 	 
	 	1.10.	“Person”
    means any natural person, corporation, general partnership, limited partnership, limited liability company, joint venture,
    proprietorship or other de jure entity organized under the laws of any jurisdiction.
	 	 	 
	 	1.11.	“Products”
    means Advaxis * including * and any and all improvements made to such products.
	 	 	 
	 	1.12.	“Short
    Term Inability to Supply” means an Inability to Supply that lasts longer than thirty (30) days but no more than ninety
    (90) days.
	 	 	 
	 	1.13.	“Term”
    has the meaning assigned thereto in Section 9.1.
	 	 	 
	 	1.14.	“Territory”
    means Canada.

 

2.Appointment;
Responsibilities and Activities

 

2.1
Exclusive Appointment and License. During the Term of and subject to all other terms and conditions of this Agreement, Advaxis
hereby appoints Knight as an independent, exclusive distributor of Products in the Field in the Territory and Knight hereby accepts
such appointment. Advaxis will not, and will ensure that none of its Affiliates sell Products to any third party in the Territory
for the Field or appoint any third party as distributor of the Products for the Field in the Territory. During the Term and subject
to all other terms and conditions of this Agreement, Advaxis hereby grants Knight an exclusive non-transferable right and license,
under the Intellectual Property Rights, to use, have used, register, have registered, commercialize, have commercialized, sell,
have sold, import and distribute, market and promote Products in the Field and the Territory.

 

2.2Knight’s
responsibilities. Knight agrees to utilize its license rights described herein to carry out the activities described in this Agreement
with the aim to: (1) obtain and maintain Marketing Authorization Approval; and (2) commercialize the Products in the Territory
for use in the Field under an Advaxis brand, subject to applicable laws in the Territory. Advaxis shall have the right (but not
the obligation) to participate with Knight in any discussions with a regulatory authority regarding matters related to the regulatory
approval or commercialization activities in the Territory. Knight shall notify Advaxis immediately upon receipt of regulatory
authority request for any such discussions, inspections or investigations relating to commercialization of the Products in the
Territory. For marketing authorization outside the Territory, Advaxis will have sole responsibility for obtaining necessary regulatory
authorizations, registrations, licenses, or approvals as may be necessary from regulatory authorities outside the Territory or
any institutional review board or ethics committees overseeing such trial and shall have sole responsibility for any other development
activities to obtain marketing authorization outside the Territory.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

2.3
Advaxis responsibilities. Advaxis shall provide to Knight, at its expense, those portions of any application previously submitted
by Advaxis for regulatory approval of the Products in the Field in and outside the Territory that are required to be included
in Knight’s applications for regulatory approval in the Territory. In addition, Advaxis hereby grants Knight a right to
reference to all data and information contained or referenced in any regulatory filings for the Products and to all Clinical IP.
Knight hereby grants Advaxis a right of reference to all data and information contained or referenced in Knight’s regulatory
filings for the Products.

 

2.4Knight
shall advise Advaxis, by written or oral communications, as and when requested, of the progress and status of its regulatory and
commercial activities and shall advise Advaxis promptly, by written or oral communications, of all significant developments.

 

2.5Supply.

 

2.5.1
Upon approval of the first Product, and for each such later Product, Knight will provide Advaxis a rolling twenty-four (24) month
forecast of Product supply needed, with a three (3) month frozen period.

 

2.5.2
Advaxis shall supply and deliver finished Products to Knight in finished packaged format, manufactured in compliance with the
specifications and all applicable laws in the Territory on a cost plus goods sold basis not to exceed * U.S. dollars
($*(US)) per unit. Such cost shall be invoiced at the time of delivery. Invoices shall be paid within thirty (30) days
of receipt and shall be deducted by Knight from the Net Sales Royalty payable under Section 3.2. Knight will supply Advaxis with
labeling for the Products and Knight will be solely responsible for ensuring such labeling is compliant with the applicable laws,
regulations, guidelines, and standards of each jurisdiction within the Territory. 

 

2.5.3
Knight will handle and store all Products supplied by Advaxis in accordance with applicable laws and regulations and generally
accepted industry standards. All arriving packages will be thoroughly inspected upon receipt for correct labeling and packaging
integrity. Knight will contact Advaxis, no later than ten (10) business days, via phone or email about any receipt issues, including
nonconformances, modifications in shipping conditions, or conditions of the Products which may delay processing, use, sale or
distribution. Should any Products received be deemed unacceptable for processing, Knight promptly will communicate with Advaxis
about the nature of the issue. More specific handling requirements and all quality requirements and specifications of the Products
with related responsibilities will be set forth in the quality agreement to be mutually agreed upon by the Parties in writing
and executed within ninety (90) days after Marketing Authorization Approval of the first Product (“Quality Agreement”).
A certificate of analysis shall accompany each shipment of Products to Knight and Knight shall be responsible for any failure
of the Products to meet specifications to the extent caused by shipping, storage or handling conditions occurring after delivery
to Knight. Replacement of Products found to be nonconforming due to circumstances occurring after delivery to Knight will be at
Knight’s sole expense. Advaxis shall have the right to investigate any nonconformances reported by Knight.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

2.5.4.
Advaxis shall use commercially reasonable efforts to ensure that there is a sufficient quantity of the fully finished Products
to cover the requirement of Knight’s promotion and distribution of the Products. All the quality requirements and specifications
of the Products with related responsibilities will be detailed in the Quality Agreement.

 

2.5.5.
Inability to supply.

 

(i)
In the event of a partial inability to supply Product for which an order has been accepted by Advaxis, Advaxis shall allocate
inventory to Knight for the Territory on a pro-rata basis when compared to other markets, including the US.

 

(ii)
In the event of a Short Term Inability to Supply, Advaxis shall pay Knight an amount equal to *% of the gross amount
which would have been invoiced by Knight for the sale of the Products according to the forecast provided by Knight to Advaxis.

 

(iii)
in the event of a Long Term Inability to Supply, the Parties agree to act in good faith and make reasonable efforts to find a
mutually acceptable solution. If a mutually acceptable solution is not agreed within thirty (30) days, Knight will have the right
to terminate this Agreement by giving notice to Advaxis. In addition to its termination rights, Knight will be entitled to cease
all payments to Advaxis and purchase the Products directly from a third party. For greater certainty, Advaxis hereby grants Knight
the non-exclusive license to use Intellectual Property Rights to have the Products manufactured by a third party and Advaxis shall
assist Knight in sourcing Products from a third party.

 

2.6Each
Party agrees to act in good faith in performing its obligations under this Agreement and shall notify the other Party as promptly
as possible in the event of any delay that is likely to adversely affect its performance under this Agreement.

 

2.7Knight
represents that, to its knowledge, no person who will perform activities under this Agreement has been suspended, debarred or
subject to temporary denial of approval, nor is under consideration to be suspended, debarred or subject to temporary denial of
approval, by the U.S. Food and Drug Administration from working in or providing services, directly or indirectly, to any applicant
for approval of a drug product or any pharmaceutical or biotechnology company under the Generic Drug Enforcement Act of 1992,
as amended. In the event that during the term of this Agreement, Knight becomes aware that person who is or was involved in the
performance of any activities on behalf of Knight under this Agreement becomes disbarred, or is in the process of disbarment,
or are otherwise listed in the FDA’s Clinical Investigator Disqualification Proceedings database or has a hearing pending
for disqualification, Knight will promptly notify the Advaxis in writing. Knight further represents that, to its knowledge, no
person who will perform activities under this Agreement has been (i) convicted of an offense related to any Federal or State healthcare
program, including (but not limited to) those within the scope of 42 U.S.C. § 1320a-7(a); (ii) excluded, suspended or is
otherwise ineligible for Federal or State healthcare program participation, including (but not limited to) persons identified
on the General Services Administration’s List of Parties Excluded from Federal Programs or the HHS/OIG List of Excluded
Individuals/Entities; or is otherwise ineligible for Federal or State healthcare program participation or (iii) debarred from
or under any Federal or State healthcare program (including, but not limited to debarment under Section 306 of the Federal Food,
Drug and Cosmetic Act (21 USC 335a). In the event any of the foregoing occurs or is in the process of occurring Knight will promptly
notify Advaxis.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

2.8
Intentionally omitted.

 

2.9Intentionally
omitted.

 

2.10Knight
shall (i) use the Products solely for purposes of performing its obligations under this Agreement; (ii) not use the Product in
any manner inconsistent with this Agreement; and (iii) use, store, transport, handle, sell, distribute and dispose of the Products
in compliance with applicable law, as well as all reasonable instructions of Advaxis. Knight shall not reverse engineer, reverse
compile, disassemble or otherwise attempt to derive the composition or underlying information, structure or ideas of the Products,
and in particular shall not analyze the Products by physical, chemical or biochemical means except as necessary to perform its
obligations under the Agreement.

 

2.11Knight
shall commercialize, market, promote, advertise, price, sell and distribute the Products in the Territory in compliance with applicable
law.

 

2.12Recalls
of commercialized Product in the Territory shall be discussed and agreed upon by a meeting conducted with appropriate Knight and
Advaxis personnel. The Parties agree to enter into a Pharmacovigilance Agreement within ninety (90) days of receipt of a Marketing
Authorization Approval of the first Product (“PV Agreement”). The PV Agreement will cover the handling of adverse
events.

 

2.13Right
of First Refusal. During the Term of and subject to all other terms and conditions of this Agreement, Advaxis hereby grants to
Knight a right of first refusal (“Right of First Refusal”) with respect to the exclusive license and distribution
rights to the Products (excluding *), in the Field, for *. Knight shall advise Advaxis within fifteen (15)
business days of its receipt of a notice from Advaxis which details a bona fide unrelated third party offer related to such rights
for * (with a copy of such offer, with the name of the third party deleted or redacted), and whether it intends to
accept such terms and conditions. Thereafter, the Parties will enter into exclusive and good faith negotiations to conclude an
agreement on such proposed terms and conditions. If the Parties have not entered into a binding agreement with respect to the
exclusive license and distribution rights to the Products (excluding *) in the Field for *, confirming such
terms and conditions within thirty (30) business days of Knight’s exercise of its rights hereunder (during which period
Advaxis shall negotiate exclusively with Knight with respect thereto), then Advaxis shall be entitled to enter into an agreement
with the aforesaid third party on no less favorable terms and conditions provided in the notice to Knight.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

3.License;
License Fees; Royalties; Intellectual Property

 

3.1Subject
to the terms of this Agreement and the Securities Purchase Agreement entered into on the date hereof between Advaxis and Knight,
Knight shall subscribe for, and Advaxis shall immediately issue to Knight, $5,000,000 worth of freely tradable Advaxis shares.
As partial consideration for, and subject to, Knight’s agreement to subscribe for such Advaxis shares, Advaxis hereby grants
to Knight an exclusive, non-transferable license to use, have used, register, have registered, commercialize, have commercialized,
sell, have sold, import, distribute, market and promote the Products in the Field in the Territory under an Advaxis brand, subject
to applicable laws. Registration of the Products in the Territory shall be in the name of Knight and Knight shall exclusively
hold any marketing authorizations in the Territory. Subject to the terms and conditions of this Agreement, Advaxis retains the
exclusive right to manufacture the Products.

 

The
license granted herein includes the right for Knight to request sublicenses for third parties, which request Advaxis shall not
unreasonably withhold or delay, in accordance with the terms of this Agreement, for the purpose of performing the commercialization
activities within the Territory and Field. All sublicenses granted by Knight shall be subject to the terms and conditions of this
Agreement and Knight shall enter into a written sublicense agreement with each sublicensee which will contain terms and conditions
fully consistent with the terms and conditions contained in this Agreement. Knight shall use commercially reasonable efforts to
include in any sublicense agreement express permission to assign all of the rights and obligations under such agreement to Advaxis
without consent from the sublicensee. Knight shall provide to Advaxis a draft copy of each sublicense agreement intended to be
entered into by Knight and any sublicensee, in each case, for a period of 10 (ten) days before execution of such sublicense agreement
to allow Advaxis to ascertain if the terms and conditions set forth therein are fully consistent with the terms and conditions
contained in this Agreement, provided that Knight may redact in its entirety from such draft any sensitive, confidential or proprietary
information that is not necessary to ascertain Knight’s or a sublicensee’s compliance with the terms and conditions
of this Agreement (including, without limitation, Knight’s payment, notification, recordkeeping and reporting obligations
hereunder). Knight shall provide to Advaxis a true and complete copy of each sublicense agreement entered into by Knight and any
sublicensee, and of each amendment to any such sublicense agreement, in each case, within thirty (30) days after execution of
such sublicense agreement or amendment. In addition, Knight shall notify Advaxis in writing of the termination of any sublicense
agreement within thirty (30) days after such termination. No sublicense hereunder shall limit or affect the obligations of Knight
under this Agreement, and Knight shall remain fully responsible for each sublicensee’s compliance with the applicable terms
and conditions of this Agreement. Knight agrees to take diligent and all commercially reasonable efforts to enforce the terms
of each sublicense agreement against the relevant sublicensee in the event of a material breach thereof.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

Except
as expressly provided in this Agreement, no license or other right is or shall be created or granted hereunder by implication,
estoppel or otherwise.

 

3.2Royalty
and Sales Milestones. Upon commercialization of each Product (*, *, and *) in the Territory,
Knight will pay Advaxis a royalty (inclusive of cost of goods) of *% of Net Sales (“Royalty”) and
will retain *% of Net Sales. The Royalty will be payable to Advaxis by Knight on a quarterly basis whether such sales
are made by Knight or any sublicensee thereof. Further, Knight shall be entitled to deduct amounts paid for cost of goods sold
under Section 2.5.2 from such quarterly Royalty payments.

 

In
addition, Knight will pay sales milestones as detailed below.

 

Sales
milestones: Knight will pay the following sales milestones (“Sales Milestones”) for each Product

 

	 	● 	$*
    in the event annual Net Sales exceed $*
	 	 	 
	 	●	$*
    in the event annual Net Sales exceed $*
	 	 	 
	 	●	$*
    in the event annual Net Sales exceed $*
	 	 	 
	 	●	$*
    in the event annual Net Sales exceed $*
	 	 	 
	 	●	$*
    in the event annual Net Sales exceed $*
	 	 	 
	 	●	$*
    in the event annual Net Sales exceed $*
	 	 	 
	 	●	$*
    in the event annual Net Sales exceed $*
	 	 	 
	 	●	In
    no event shall Knight be required to pay any of the sales milestones payments for more than one (1) time for each Product.

 

Notwithstanding
anything herein to the contrary, Knight will only start paying Royalty and Sales Milestones after Knight has recovered $*.

 

3.3
Audit. Knight, and any of its subcontractors or sublicensees hereunder, shall maintain complete and accurate books and records
regarding Net Sales and Royalties due under the terms of this Agreement. During the Term of this Agreement, Advaxis shall have
the right to audit, no more than one time per year, such books and records, as directly related to the Products, by an independent
certified auditor selected by Advaxis and accepted by Knight, whose acceptance shall not be unreasonably withheld, to confirm
Net Sales and Royalties due hereunder. Such audit will take place during reasonable business hours and upon at least thirty (30)
days prior written notice, and shall not unduly interfere with Knight’s operations. Such auditor will execute a written
confidentiality agreement with Knight and will disclose to Advaxis only such information as is reasonably necessary to provide
Advaxis with information regarding any actual discrepancies between the amounts reported or paid and the amounts payable under
this Agreement. Such auditor will send a copy of its report to Advaxis within thirty (30) days of delivery of such report to Knight.
Such report will include the methodology and calculations used to determine the results. Prompt adjustments shall be made by the
Parties to reflect the results of such audit. Records to be available under an inspection shall include all relevant documents
pertaining to payments specified above, including all relevant documents received by Knight from sublicensees. Advaxis shall bear
the fees and expenses of such audit, provided that, if an underpayment of more than five percent (5%) of the payments due for
any calendar year is discovered in any inspection, then Knight shall bear all fees and expenses of that audit within thirty (30)
days after receipt of invoice from Advaxis.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

Without
limiting any other rights or remedies available to Advaxis, Knight shall pay Advaxis interest of *% on any royalty
payments that are not paid within * (*) days of the close of the quarter.

 

3.4Knight
shall notify Advaxis immediately in writing without delay if Knight can anticipate its inability to commercialize the Products
in the Territory.

 

3.5Knight
shall pay for all marketing authorization, commercialization, and registration costs in the Territory.

 

3.6Subject
to the terms and conditions of this Agreement, any Product patents, designs, methods, prototypes, finished product, clinical data,
product applications, formulas, technical processes, techniques, compounds, inventions, discoveries, improvements, technology
and know-how, whether or not patentable, that Knight conceives, develops or reduces to practice in the course of performing its
activities (collectively, the “Developments”) to research, develop, have developed, make, have made, offer
for sale, sell and have sold Products in the Territory will be exclusively owned by Advaxis. Advaxis shall be free to incorporate
the relevant data and results in any regulatory filings and use any such data or results in filing for additional Patents. Knight
agrees to and shall use reasonable care in inventorying, handling and safeguarding all Information, patents and Developments.

 

3.7Knight
understands and agrees that it shall have no ownership to any regulatory filing in the United States made by Advaxis in respect
of the Product.

 

3.8Knight
acknowledges that the Product shall be used exclusively for the performance of its obligations under this Agreement and shall
not be used for the benefit of any other party.

 

3.9All
payments by Knight to Advaxis under this Agreement shall be made in U.S. Dollars to the following account via wire transfer:

 

* 

ABA
#*

Account
Name: Advaxis, Inc.

Account
Number: *

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

3.10Currency
Conversion. The calculation of the amounts payable hereunder will first be determined in the currency of the country the transaction
was consummated and then converted into equivalent United States funds. The exchange rate will be the average of the rates over
the course of the applicable calendar quarter, as appropriate, as reported by the Board of Governors of the Federal Reserve System
during such calendar quarter as appropriate, provided that in the event that a reporting period is less than a full calendar quarter,
the exchange rate will be based on the average for the relevant time.

 

4.Intellectual
Property

 

4.1“Inventions”
shall mean all inventions and discoveries which are (i) made, developed, conceived, or first reduced to practice through the use,
without limitation, of the Products in the performance of the development and commercialization activities under this Agreement,
and/or (ii) made, developed, conceived, or first reduced to practice by a Party through the use of any data or study results developed
as a result of this Agreement. Any such Inventions shall be owned exclusively by Advaxis.

 

4.2
 Intentionally omitted.

 

4.3Advaxis
shall be free to incorporate the relevant data and results in any regulatory filings and use any such data or results in filing
for additional patents. Knight agrees to and shall use reasonable care in inventorying, handling and safeguarding all materials,
information, patents and Inventions.

 

4.4All
information and materials furnished by a Party pursuant to this Agreement and all associated intellectual property rights will
remain the exclusive property of the furnishing Party, including without limitation Advaxis’s ownership of the Products,
its license to its proprietary technology platform, and ownership of its drug candidates. All pre-existing or independently developed
technology and associated intellectual property rights used by Knight in conducting the Projects will remain the exclusive property
of Knight. No rights are granted by either Party to their pre-existing intellectual property except the limited licenses expressly
set forth herein. Knight will not attempt to reverse engineer, characterize, or ascertain the chemical structure of Advaxis’s
Products or other elements of the Advaxis proprietary technology platform except as necessary to perform its obligations under
the Agreement.

 

4.5Advaxis
shall own the brand name for the Product in the Territory and shall grant Knight an exclusive license within the Territory to
use Advaxis’ trademarks, marks and trade names (collectively, the “Trademarks”) to advertise, promote,
market and sell the Products in the Field in the Territory. Advaxis shall be solely responsible for all expenses associated with
filing and maintaining trademark registrations for the brand name in the Territory. In addition, Advaxis shall be solely responsible
for prosecution and enforcement of any infringement of the Advaxis Trademarks.

 

    	 

    	 	 	 

    

 

5.Confidentiality

 

5.1Both
Advaxis and Knight agree that, subject to the limitations set forth in Section 5.3 hereof, all information disclosed to the other
party, whether in oral, written or graphic form, shall be deemed “Confidential Information” of the disclosing
party. In particular, “Confidential Information” means any scientific, technical, trade or business information,
intellectual property, data or materials possessed by a Party which is treated by such Party as confidential or proprietary, including
information pertaining to strains, cells, antibodies, organisms, chemical compounds, products, formulations, technologies, techniques,
methodologies, algorithms, computer programs, computer security systems and processes, assay systems, procedures, tests, data,
documentation, reports, sources of supply, know-how, patent positioning, results, applications, documents, processes, compositions,
inventions, trade secrets, protocols, regulatory information, relationships with employees and consultants, business plans, business
developments, research, development, process development, manufacturing, commercialization, and marketing, and any other confidential
information about or belonging to a Party’s affiliates, suppliers, licensors, licensees, partners, collaborators, customers
or others, and is provided by one Party (the “Discloser”) to the other Party (the “Recipient”)
under this Agreement.

 

5.2Each
Party agrees that, except in connection with the performance of its obligations under this Agreement or the exercise of its rights
or licenses under this Agreement, it will not otherwise use in any way for its own account or the account of any third party,
nor disclose or transfer to any third party, any Confidential Information revealed to it by the other Party; provided, however,
that Confidential Information may be disclosed pursuant to a regulation, law, court order or rule of any applicable securities
exchange, but only to the minimum extent required to comply with such regulation, order, or rule and with advance written notice
to the Discloser; and provided further that a Recipient may disclose Confidential Information to its subsidiaries, affiliates,
professional advisors, consultants, agents provided that they are under confidentiality and use limitations consistent with those
in this Agreement and such Party will be liable for breaches of the restrictions set forth in this Agreement by all such persons.
Each Party will take commercially reasonable efforts to protect the confidentiality of the other Party’s Confidential Information,
such precaution not to be less than the precautions each Party takes to protect the confidentiality of its own Confidential Information
of the same kind.

 

5.3Both
Advaxis and Knight agree that, notwithstanding the above, the obligations of confidentiality shall not be deemed to apply to:

 

(a)Information
which at the time of disclosure is or thereafter becomes generally known or available to the public, through no wrongful act or
failure to act on the part of the receiving party.

 

(b)Information
that was known by or in the possession of the receiving party at the time of receiving such information from the disclosing party
as evidenced by written records.

 

(c)Information
obtained by the receiving party from a third party source who is not breaching a commitment of confidentiality to the disclosing
party by revealing such information to the receiving party.

 

    	 

    	 	 	 

    

 

(d)Information
that is the subject of a granted written permission to disclose that is issued by the disclosing party to the other party.

 

(e)Information
that is independently developed by the Recipient, outside the scope of any Project under this Agreement, without the use of and/or
reference to the Discloser’s Confidential Information.

 

(f)Information
that is required to be disclosed pursuant to the law, but only to the extent required to be disclosed; provided, however, the
disclosing party notifies the other party in writing and gives the other party reasonable time to comment on the same prior to
disclosure.

 

5.4During
the term of this Agreement and for a period of * (*) years thereafter, each party shall maintain all Confidential
Information in trust and confidence and shall not disclose any Confidential Information to any third party or use any such information
for any unauthorized purpose, other than as authorized in Section 5.3 hereof or as necessary to accomplish the purpose of this
Agreement subject to an appropriate binder of confidentiality as set forth in Section 5.5 hereof. Each party may use such Confidential
Information only to the extent required to accomplish the purposes of this Agreement. Confidential Information shall not be used
for any purpose or in any manner that is not consistent with this Agreement or that would constitute a violation of any laws or
regulations including, without limitation, the export control laws of the United States. Each party hereby agrees that it will
not in any way attempt to obtain, either directly or indirectly, any information regarding any Confidential Information from any
third party who has been employed by, provided consulting services to, or received in confidence information from, the other party.

 

5.5Both
parties shall make diligent efforts to ensure that all employees, consultants, agents, subcontractors and manufacturing contractors
who may have access to Confidential Information of the other party, and any other third parties who might have access to Confidential
Information, will use such information in a manner consistent with the terms of this Agreement and will be bound by the terms
set forth in this Section 5. No Confidential Information shall be disclosed to any employees, subcontractors, agents or consultants
who do not have a need to receive such information.

 

5.6To
the extent either party discloses Confidential Information of the other party to an employee, consultant, subcontractor, or other
third-party (collectively “Agents”) or permits an Agent to have access to such Confidential Information, such
party shall assign to the other party any claims it may have against the Agent as a result of the Agent further disclosing or
misusing such Confidential Information.

 

5.7To
the extent that either Party reasonably determines that it is required to make a filing or any other public disclosure with respect
to this Agreement or the terms or existence hereof to comply with the requirements, rules, laws or regulations of any applicable
stock exchange, TSX, NASDAQ or any governmental or regulatory authority or body (the “Requesting Body”), including,
without limitation, the U.S. Securities and Exchange Commission or the Canadian Securities Administrators (collectively, the “Disclosure
Obligations”), such Party shall promptly inform the other Party thereof and shall use reasonable efforts to maintain
the confidentiality of the other Party’s Confidential Information and terms of this Agreement in any such filing or disclosure.
Prior to making any such filing of a copy of this Agreement, the Parties shall mutually agree on the provisions of this Agreement
for which the Parties shall seek confidential treatment, it being understood that if one Party determines to seek confidential
treatment for a provision for which the other Party does not, then the Parties will use reasonable efforts in connection with
such filing to seek the confidential treatment of any such provision. The Parties shall cooperate, each at its own expense, in
such filing, including without limitation such confidential treatment request, and shall execute all documents reasonably required
in connection therewith. The Parties will reasonably cooperate in responding promptly to any comments received from the Requesting
Body with respect to such filing in an effort to achieve confidential treatment of such redacted form; provided that a Party shall
be relieved of such obligation to seek confidential treatment for a provision requested by the other Party if such treatment is
not achieved after the second round of responses to comments from the Requesting Body.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

5.8Except
as expressly provided in this Section 5, each Party agrees not to disclose any terms of this Agreement to any third party without
the prior written consent of the other Party (which shall not be unreasonably withheld or delayed). Each party (the “Providing
Party”) may, however, provide a copy of this Agreement or otherwise disclose its terms in connections with any financing
transaction, provided that the person or entity to whom a copy of this Agreement is provided or to whom the terms of this Agreement
are disclosed is bound to the Providing Party by reasonable confidentiality obligations, and provided further that the Providing
Party is responsible for breaches or confidentiality hereunder by such person or entity to whom a copy of this Agreement is provided
or to whom the terms of this Agreement are disclosed. Notwithstanding the foregoing and subject to Section 5.7, the Parties may
issue a mutually agreed upon press release announcing the execution of this Agreement and describing the relationship of the Parties
under the Agreement. In addition, each Party may disclose to third parties the information disclosed in such press release without
the need for further approval by the other Party, and Advaxis may disclose to third parties (via press releases or otherwise)
the achievement of any material milestones in connection with this Agreement without prior approval by Knight.

 

6.Publications
and Publicity

 

6.1Each
Party may include the other Party’s name and logo on its website and marketing materials so long as any such usage is limited
to reporting factual events or occurrences only (for example, referencing the existence of the licensing agreement) and does not
constitute a commercial endorsement of the products and services of the other Party.

 

6.2Advaxis
shall have the first right to present and/or publish any results, that may be generated by Knight under this Agreement. In any
such publication or presentation, Advaxis will acknowledge Knight’s contribution (including authorship if appropriate under
the circumstances and customary practice).

 

    	 

    	 	 	 

    

 

7.Covenants;
Representations and Warranties

 

7.1Knight
hereby covenants to Advaxis that:

 

(a)it
shall use commercially reasonable efforts to perform its obligations hereunder in a professional and competent manner and in accordance
with the terms of this Agreement; and

 

(b)it
warrants that all activities, services, and any goods rendered shall be provided in compliance with the applicable laws of the
Territory.

 

(c)Knight,
during the term of this Agreement, shall neither use nor have commercialized the Product other than in accordance with this Agreement.

 

7.2Advaxis
represents and warrants that:

 

(a)all
Product that it shall manufacture, store, ship or distribute to Knight shall be manufactured, stored, shipped or distributed in
compliance with all applicable laws and specifications as approved by Health Canada;

 

(b)it
is free to enter into this Agreement; and, it has, and will continue to have, the legal power, authority and right to perform
its obligations hereunder;

 

(c)
it has the full and unfettered right to grant to Knight all of the rights granted to it hereunder;

 

(d)
all the intellectual property licensed hereunder is valid and enforceable and is owned or validly licensed by Advaxis;

 

(e)
it has obtained all consents necessary to grant the rights to Knight hereunder;

 

(f)
it has provided or will provide Knight with all Intellectual Property Rights necessary for Knight to perform its obligations under
this Agreement;

 

(g)
it has informed Knight about all material information in its possession or control concerning the safety and efficacy of the Products,
and any material side effects, injury, toxicity or sensitivity reactions and incidents associated with all uses, studies, investigations
or tests involving the Products (animal or human) throughout the world; and

 

(h)
All clinical data used to support approval followed good clinical practices and all manufactured Product followed a validated
good manufacturing process.

 

7.3Each
of Advaxis and Knight represents and warrants to the other that it has the full right and authority to enter into this Agreement
and to perform its obligations hereunder.

 

7.4In
performing their respective obligations hereunder, the Parties acknowledge that their corporate policies require that each Party’s
business be conducted within the letter and spirit of the law. By signing this Agreement, each Party agrees to conduct the business
contemplated herein in a manner which is consistent with all applicable laws, including without limitation the U.S. Foreign Corrupt
Practices Act (or similar foreign laws as may be applicable) and good business ethics. Specifically, each Party agrees that it
has not, and covenants that it, its affiliates, and its and its affiliates’ directors, employees, officers, and anyone acting
on its behalf, will not, in connection with the performance of this Agreement, directly or indirectly, make, promise, authorize,
ratify or offer to make, or take any action in furtherance of, any payment or transfer of anything of value for the purpose of
influencing, inducing or rewarding any act, omission or decision to secure an improper advantage; or improperly assisting it in
obtaining or retaining business for it or the other Party, or in any way with the purpose or effect of public or commercial bribery.

 

    	 

    	 	 	 

    

 

7.5EXCEPT
AS EXPRESSLY PROVIDED HEREIN, ADVAXIS MAKES NO WARRANTIES, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE, WITH RESPECT TO THE PRODUCT.

 

8.Indemnification;
Limitation of Liability

 

8.1Knight
shall defend, indemnify and hold harmless Advaxis, Advaxis’s affiliates, their agents, employees, officers, directors and
permitted successors and assigns (each, an “Advaxis Indemnitee”), from any liabilities, losses, claims, actions,
demands, damages, costs, expenses, settlements made or reasonably approved by Knight, and judgments (including reasonable attorneys’
fees and other costs of litigation) (hereinafter referred to as “Liabilities”), directly arising out of or
related to the use, labeling, storage, handling, marketing, promotion, import, export, sale or distribution of Product by Knight
or the breach of any covenant, warranty or representation by Knight or Knight’s negligence, omissions or willful misconduct,
except to the extent that such Liabilities are directly attributable to the breach of this Agreement by Advaxis or any negligence
or willful misconduct by Advaxis.

 

8.2Advaxis
shall defend, indemnify and hold harmless Knight, Knight’s affiliates, their agents, employees, officers, directors and
permitted successors and assigns (each, a “Knight Indemnitee”), from any liabilities, losses, claims, actions,
demands, damages, costs, expenses, settlements made or reasonably approved by Advaxis, and judgments (including reasonable attorneys’
fees and other costs of litigation), directly arising out of or related to (i) the breach of any covenant, warranty or representation
by Advaxis, (ii) Advaxis’s negligence, omissions or willful misconduct, or (iii) a claim or allegation by a third party
that Products infringe or misappropriate a patent, trademark or trade secret right of such third party. In addition, Advaxis shall
indemnify, defend and hold Knight Indemnitees harmless from and against any third party due to damage to property, personal injury
or death arising from a defect in the Products, except to the extent that such damage to property, personal, injury or death:
(a) are directly attributable to the breach of this Agreement by Knight, (b) result from any negligent or willful misconduct by
Knight, (c) result through no fault of Advaxis during shipment to Knight, (d) result by accident, negligence or misuse on the
part of anyone other than Advaxis, or (e) result from an alteration of the Product by any party other than Advaxis, except to
the extent that such Liabilities are directly attributable to the breach of this Agreement by Knight or any negligence or willful
misconduct by Knight.

 

8.3Intentionally
omitted.

 

8.4OTHER
THAN WITH RESPECT TO FRAUD, WILLFUL MISCONDUCT, GROSS NEGLIGENCE AND THE CONFIDENTIALITY OBLIGATIONS OF EACH PARTY HEREUNDER,
IN NO EVENT SHALL EITHER PARTY (OR ANY OF ITS AFFILIATES OR SUBCONTRACTORS) BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, INDIRECT,
INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS OR DAMAGES FOR LOST OPPORTUNITIES), WHETHER IN CONTRACT,
WARRANTY, NEGLIGENCE, TORT, STRICT LIABILITY OR OTHERWISE, ARISING OUT OF THE DEVELOPMENT OR SUPPLY OF PRODUCT OR ANY BREACH OF
OR FAILURE TO PERFORM ANY OF THE PROVISIONS OF THIS AGREEMENT OR ANY REPRESENTATION, WARRANTY OR COVENANT CONTAINED IN OR MADE
PURSUANT TO THIS AGREEMENT, EXCEPT THAT SUCH LIMITATION SHALL NOT APPLY TO DAMAGES PAID OR PAYABLE TO A THIRD PARTY BY AN INDEMNIFIED
PARTY FOR WHICH THE INDEMNIFIED PARTY IS ENTITLED TO INDEMNIFICATION HEREUNDER.

 

    	 

    	 	 	 

    

 

9.Term
and Termination

 

9.1Term.
This Agreement will commence on the date first set forth above and shall have an initial term of * (*) years
following the launch of each Product (the “Initial Term”). At the end of the Initial Term, this Agreement will
continue to automatically renew for additional * (*) year periods, unless this Agreement is terminated sooner
in accordance with this Section 9 (the “Renewal Term”). The Initial Term and the Renewal Term (if applicable)
are collectively referred to as the “Term”.

 

9.2Termination
for Breach. Either Party may terminate or suspend its performance under this Agreement in the event of a breach of a material
term of this Agreement by the other Party, which breach is not cured within thirty (30) business days after written notice by
the non-breaching Party to the breaching Party.

 

9.3
Termination for Bankruptcy or Insolvency. Either Party may terminate this Agreement immediately upon written notice to the other
Party in the event the other Party shall have become insolvent or bankrupt, or shall have made an assignment for the benefit of
its creditors, or there shall have been appointed a trustee or receiver of the other Party for all or a substantial part of its
property, or any case or proceeding shall have been commenced or other action taken by or against the other Party in bankruptcy
or seeking reorganization, liquidation, dissolution, winding-up, arrangement, composition or readjustment of its debts or any
relief under any bankruptcy, insolvency, reorganization or other similar act or law of any jurisdiction now or hereinafter in
effect (an “Insolvency Event”).

 

9.4Advaxis
Right to Not Renew Agreement. Advaxis may choose, it its sole discretion, not to renew the Agreement at the end of the Initial
Term or a Renewal Term by providing written notice to Knight during the period that is ninety (90) days prior to expiration of
the Initial Term or Renewal Term, as applicable. In the case of non-renewal, Advaxis shall pay Knight the greater of (1) $*
to Knight plus all costs incurred by Knight, including all payments made to Advaxis in performance of its obligations under
this Agreement, or (2) * (*) times the previous 12 months Net Sales of the Products in the Territory.

 

9.5Termination
by Advaxis. Except as otherwise agreed to between the Parties and notwithstanding anything to the contrary in this Agreement,
during a period of * (*) years following the execution of this Agreement, in the event that Advaxis is required
to repurchase the rights to the Products in the Territory granted under this Agreement, in order to secure and close a bona fide
global or North American licensing deal for the distribution of the Products, Advaxis may terminate this Agreement by written
notice given to Knight. The effective date of termination shall be ninety (90) days from the date the notice is given unless a
later date is specified in the notice. In the event that Advaxis terminates this Agreement pursuant to this Section 9.5, Advaxis
shall pay Knight an early termination fee of U.S. $* payable within thirty (30) days of the effective date of termination.

 

 

*
Confidential material redacted and filed separately with the Commission.

 

    	 

    	 	 	 

    

 

9.6Effect
of Termination. In the event of termination, Knight will pay all outstanding fees and expenses accrued through the effective date
of termination. In the event of termination of this Agreement, Knight may continue to distribute Products, in accordance with,
and subject to, the terms and conditions of this Agreement, until the earlier to occur of (i) the sale of all existing Product
in Knight’s possession at the time of termination or expiration, or (ii) a period of six months following the date of termination
or expiration (the “Phase Out Period”). Upon termination of this Agreement, all licenses granted under this
Agreement shall automatically terminate together with the Agreement.

 

10.Insurance

 

10.1Each
Party warrants that it maintains a policy or program of insurance at levels sufficient to support the indemnification obligations
assumed herein. Upon written request, a Party shall provide evidence of such insurance.

 

11.Notices

 

11.1
Any and all notices provided hereunder shall be sent to the respective parties by facsimile transmission, or mailed postage
prepaid by first-class certified or registered mail, or sent by a nationally recognized express courier service, or hand-delivered
to the following addresses:

 

	If to
    Advaxis:	Attention: President
    & Chief Executive Officer
	 	305 College Road East
	 	Princeton, NJ 08540
	 	Phone: 609-452-9813
	 	Fax: 609-452-9818
	 	 
	If to Knight:	Attention: President
    & CEO
	 	376 Victoria, Avenue,
    Suite 220
	 	Montreal, Quebec
	 	Canada, H3Z 1C3
	 	Phone: 514 484 4830
	 	Fax: 514 481 4116

 

Any
notice, if sent properly addressed, postage prepaid, shall be deemed made three (3) days after the date of mailing as indicated
on the certified or registered mail receipt, or on the next business day if sent by express courier service or on the date of
delivery or transmission if hand-delivered, electronically delivered or sent by facsimile transmission.

 

    	 

    	 	 	 

    

 

12.General
Provisions

 

12.1
This Agreement shall not be assignable by either Party without the prior express written consent of the other party, which
consent shall not be unreasonably withheld or delayed. Any assignment or attempt at same in the absence of such prior written
consent shall be void and without effect. For purposes of the provisions of this Section, a transfer by either Party of all or
substantially all of its stock or assets shall be deemed an assignment. As used in this Agreement, the term “affiliates”
means corporations, partnerships or other business entities, and the employees and agents thereof, which, directly or indirectly,
are controlled by, control, or are under common control with Advaxis or Knight. For purposes of this Agreement, “control”
is the power whether by contract or ownership of equity interests to select a majority of the board of directors or other supervisory
management authority of an entity, whether directly or indirectly through a chain of entities that are “controlled”
within the foregoing meaning.

 

12.2
This Agreement shall be binding upon and inure to the benefit of and be enforceable by the Parties hereto and their respective
successors and permitted assigns.

 

12.3
No delay or omission by either party to exercise any right under this Agreement shall impair any such right or power or be
construed to be a waiver thereof. A waiver by either of the Parties hereto of any of the covenants, conditions or agreements to
be performed by the other shall not be construed to be a waiver of any succeeding breach thereof or of any covenant, condition
or agreement herein contained. No waiver or discharge of any provisions of this Agreement shall be valid unless it is in writing
and is executed by the Party against whom such change or discharge is sought to be enforced.

 

12.4
If a judicial determination is made that any of the provisions contained in this Agreement constitute an unreasonable restriction
against either Party or are otherwise unenforceable, such provision or provisions shall be rendered void or invalid only to the
extent that such judicial determination finds such provisions to be unreasonable or otherwise unenforceable, and the remainder
of this Agreement shall remain operative and in full force and effect.

 

12.5This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware as though made and to be fully
performed in said State and any disputes shall be brought in the courts of Delaware.

 

12.6
At the request of the parties, this Agreement and the other ancillary agreements have been drafted in the English language and
will be or have been executed in the English language. Les soussignés ont expressément demandé que ce
document et tous les documents annexes soient rédigés en langue anglaise.

 

12.7
Headings. The headings contained in this Agreement do not form a substantive part of this Agreement and shall not be construed
to limit or otherwise modify its provisions.

 

    	 

    	 	 	 

    

 

12.8This
Agreement constitutes the entire Agreement between the Parties with respect to the subject matter hereof, and there are no related
understandings or agreements other than those that are expressed herein, and no change of any provision of this Agreement shall
be valid unless it is in writing and is executed by the party against whom such change is sought to be enforced. The Parties recognize
that, during the term of this Agreement, a purchase order, acknowledgement form or similar routine document (collectively “Forms”)
may be used to implement or administer provisions of this Agreement. Therefore, the Parties agree that the terms of this Agreement
prevail in the event of any conflict between this Agreement and the printed provisions of such Forms, or typed provisions of Forms
that add to, vary, modify or are at conflict with the provisions of this Agreement with respect to a Project Plan performed during
the term of this Agreement. No amendments, changes, additions, deletions or modifications to or of this Agreement shall be valid
unless reduced to writing and signed by the Parties hereto.

 

12.9Except
where the context otherwise requires, wherever used, the singular will include the plural, the plural the singular, the use of
any gender will be applicable to all genders, and the word “or” is used in the inclusive sense except where, by its
context, it is clear to be limitative (“or” and not “and”). Whenever this Agreement refers to a number
of days, unless otherwise specified, such number refers to calendar days. The captions of this Agreement are for convenience of
reference only and in no way define, describe, extend or limit the scope or intent of this Agreement or the intent of any provision
contained in this Agreement. The term “including” as used herein shall be deemed to be followed by the phrase “without
limitation” or like expression. The term “will” as used herein means shall. References to “Section”
and “amendment” are references to the numbered sections of this Agreement and any amendments to this Agreement, unless
expressly stated otherwise. Except where the context otherwise requires, references to this “Agreement” shall include
any amendments and appendices attached to this Agreement and any later executed Project Plans under this Agreement. The language
of this Agreement shall be deemed to be the language mutually chosen by the Parties and no rule of strict construction will be
applied against either Party hereto.

 

IN
WITNESS WHEREOF, the respective representatives of the Parties have executed this Agreement as of the Effective Date.

 

	KNIGHT
    THERAPEUTICS INC.	 	ADVAXIS,
    INC.
	 	 	 
	 /s/
    Amal Khouri	 	 /s/
    Daniel J. O’Connor
	Amal Khouri	 	Daniel
    J. O’Connor, Esq.
	VP Business Development	 	President
    & CEO
	Date:	 August
    25, 2015	 	Date:	 August
    25, 2015

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00253-of-00352.parquet"}]]