Document:

EX-4.3

 Exhibit 4.3 

DATED 9 MARCH 2015 

 
  

ISSUER 
 MOODY’S
CORPORATION 
 PAYING AGENT 

ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH 

TRANSFER AGENT 
 ELAVON
FINANCIAL SERVICES LIMITED, UK BRANCH 
 REGISTRAR 

ELAVON FINANCIAL SERVICES LIMITED 

- AND - 

TRUSTEE 
 WELLS FARGO BANK,
NATIONAL ASSOCIATION 
 AGENCY AGREEMENT 

relating to Notes issued under a prospectus dated July 30, 2013, as 

supplemented by a prospectus supplement dated February 27, 2015 

 THIS AGREEMENT is made on March 9, 2015 

BETWEEN: 
  

	 	(1)	MOODY’S CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware, having its principal office at 7 World Trade Center at 250 Greenwich Street, New York, New York 10007 (the
“Issuer”); 

  

	 	(2)	ELAVON FINANCIAL SERVICES LIMITED, a limited liability company registered in Ireland with the Companies Registration Office (registered number 418442), with its registered office at Block E, Cherrywood Business Park,
Loughlinstown, Dublin, Ireland acting through its UK Branch (registered number BR009373) from its offices at Fifth Floor, 125 Old Broad Street, London EC2N 1AR, United Kingdom, as Paying Agent (the “Paying Agent” which expression
shall include any successor paying agent appointed in accordance with this Agreement); 

  

	 	(3)	ELAVON FINANCIAL SERVICES LIMITED, a limited liability company registered in Ireland with the Companies Registration Office (registered number 418442), with its registered office at Block E, Cherrywood Business Park,
Loughlinstown, Dublin, Ireland acting through its UK Branch (registered number BR009373) from its offices at Fifth Floor, 125 Old Broad Street, London EC2N 1AR, United Kingdom, as Transfer Agent (the “Transfer Agent” which
expression shall include any successor transfer agent appointed in accordance with this Agreement); 

  

	 	(4)	ELAVON FINANCIAL SERVICES LIMITED, a limited liability company registered in Ireland with the Companies Registration Office (registered number 418442), with its registered office at Block E, Cherrywood Business Park,
Loughlinstown, Dublin, Ireland as Registrar (the “Registrar” which expression shall include any successor registrar appointed in accordance with this Agreement); and 

 

	 	(5)	WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association organized and in good standing under the laws of the United States of America as Trustee (the “Trustee”). 

WHEREAS: 
  

	 	(A)	The Issuer has agreed to issue €500,000,000 aggregate principal amount of 1.75% senior notes due on 2027 (the “Notes”). 

 

	 	(B)	The Notes are to be constituted by an Indenture, dated as of August 19, 2010, by and among the Issuer, as issuer, and the Trustee, as trustee, as supplemented by the First Supplemental Indenture, the Second
Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, and the Fifth Supplemental Indenture (the “Indenture”), as set out in Appendix 1. 

 

	 	(C)	The Issuer hereby appoints the Paying Agent, the Transfer Agent and the Registrar in accordance with the terms of this Agreement and the Indenture. 

IT IS AGREED: 

 

	1.	INTERPRETATION 

  

	1.1	Unless the context otherwise requires: 

  

	1.2	References in this Agreement to the payment of principal or interest in respect of any Note shall be deemed to include any additional amounts which may become payable in respect thereof pursuant to the Notes and the
Indenture. 

  
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	1.3	All references in this Agreement to an agreement, instrument or other document (including this Agreement, the Indenture and the Notes) shall be construed as a reference to that agreement, instrument or document as the
same may be amended, modified, varied, supplemented or novated from time to time. 

  

	1.4	Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties to this Agreement and their respective permitted successors, and shall not be deemed to give, either
expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever. 

  

	2.	APPOINTMENT OF THE REGISTRAR 

  

	2.1	Pursuant to Section 2.12 of the Fifth Supplemental Indenture, the Issuer has initially appointed the Registrar to act at its specified office as registrar in relation to the Notes in accordance with the provisions
of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

  

	2.2	On the date of this Agreement, the Registrar shall provide to the Paying Agent a complete and correct copy of the register maintained by the Registrar in respect of the holders of Notes and the outstanding principal
amount of Notes held by each holder of Notes. 

  

	2.3	The Registrar shall from time to time provide to the Paying Agent a complete and correct copy of the register of Notes maintained by it as soon as reasonably practicable following any transfer or exchange of any Notes,
and promptly on request therefor by the Paying Agent. 

  

	2.4	The Paying Agent shall be entitled to treat as conclusive the most recent copy of the register provided to it by the Registrar in accordance with this Agreement. 

 

	3.	APPOINTMENT OF THE TRANSFER AGENT 

  

	3.1	Pursuant to Section 2.12 of the Fifth Supplemental Indenture, the Issuer has initially appointed the Transfer Agent to act as Transfer Agent for the purposes specified in this Agreement, the Indenture and the
Notes, including, inter alia, completing, authenticating, holding and delivering Notes, upon the terms and subject to the conditions specified herein, the Indenture and in the Notes, and the Transfer Agent hereby accepts such appointment.

  

	4.	APPOINTMENT OF PAYING AGENT 

  

	4.1	Pursuant to Section 2.12 of the Fifth Supplemental Indenture, the Issuer has initially appointed the Paying Agent to act at its specified office as paying agent in relation to the Notes in accordance with the
provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

  

	4.2	The Paying Agent is appointed hereunder for the purposes of: 

  

	 	(a)	paying sums due on the Notes referred to in Section 6.01 of the Indenture; and 

  

	 	(b)	otherwise fulfilling its duties and obligations as set out in this Agreement and the Indenture. 

  

	5.	PAYMENT 

 Subject always to the Indenture and, in
particular, any restrictions on the Issuer following delivery of a notice of an Event of Default: 
  

	 	(a)	 The Issuer shall, not later than 10.00 am (London time) on the Business Day prior to which any payment in respect of the Notes becomes due, pay
to such account 

  
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of the Paying Agent as the Paying Agent shall specify in Euros in immediately available funds on each due date for the payment of principal and/or interest and/or other amounts referred to in
Article 2 of the Indenture in respect of the Notes, an amount sufficient (together with any funds then held by the Paying Agent and available for the purpose) to pay all principal and interest and/or other amounts referred to in Article 2 of the
Indenture due in respect of the Notes on such date; provided that if any such date is not a Business Day such payment shall be made on the next succeeding date which is a Business Day. As used in this Agreement, “Business Day” shall have
the meaning as set forth in the Indenture. 

  

	 	(b)	The Issuer hereby authorises and directs the Paying Agent from funds so paid to the Paying Agent to make payment of all amounts due on the Notes in accordance with the terms of the Notes, the Indenture and the
provisions of this Agreement. If any payment provided for in clause 5(a) is after the date specified therein but otherwise in accordance with the provisions of this Agreement, the Paying Agent shall nevertheless make payments in respect of the Notes
as aforesaid following receipt by the Paying Agent of such payment. 

  

	 	(c)	If the Paying Agent has not, on the date on which any payment is due to be made to the Paying Agent pursuant to clause 5(a), received the full amount payable in respect thereof on such date but receives such full amount
later, together with accrued interest (if any) in accordance with the Indenture, it shall forthwith so notify the Issuer and the Trustee. Unless and until the full amount of any such principal or interest payment has been made to it, the Paying
Agent will not be bound to make such payments. 

  

	 	(d)	Without prejudice to clause 5(b), if the Paying Agent pays out on or after the due date therefor (other than as a result of its own gross negligence or wilful misconduct) to persons entitled thereto, or becomes
liable to pay out, any amounts on the assumption (which is not negated by reasonable evidence to the contrary) that the corresponding payment by the Issuer has been or will be made, the Issuer shall on demand reimburse the Paying Agent for the
relevant amount, and pay interest to the Paying Agent on such amount from (and including) the date on which it is paid out to (but excluding) the date of reimbursement at the rate per annum equal to the cost to the Paying Agent of funding the amount
paid out, as certified by the Paying Agent and expressed as a rate per annum. 

  

	 	(e)	Payment of only part of the amount payable in respect of a Note may only be made at the discretion of the relevant Noteholder(s) (except as the result of a withholding or deduction for or on account of any taxes
permitted by the Indenture). If at any time a Paying Agent makes a partial payment in respect of any Note presented to it, it shall inform the Registrar of the same such that the Registrar may record the same on the register of Notes.

  

	6.	REPAYMENT 

 Any sums paid by, or by arrangement with the
Issuer to the Paying Agent pursuant to the terms of this Agreement shall not be required to be repaid to the Issuer unless and until the Notes in respect of which such sums were paid shall have been purchased or redeemed by the Issuer or any other
subsidiary of the Issuer and cancelled, but in any of these events the Paying Agent shall (provided that all other amounts due under this Agreement shall have been duly paid) upon written request by the Issuer forthwith repay to the Issuer sums
equivalent to the amounts which would otherwise have been payable on the relevant Notes together with any fees previously paid to the Paying Agent in respect of such Notes. Notwithstanding the foregoing, the Paying Agent shall not be obliged to make
any repayment to the Issuer so long as any amounts which under this Agreement should have been paid to or to the order of the Paying Agent by the Issuer shall remain unpaid. The Paying Agent shall not, however, be otherwise required or entitled to
repay any sums properly received by it under this Agreement. 

  
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	7.	PREPAYMENT; NOTICE OF WITHHOLDING OR DEDUCTION 

 

	7.1	The Issuer shall provide to the Paying Agent a copy of all notices of prepayment delivered under the Indenture in respect of the Notes that it serves on the holders of the Notes including, without limitation, details of
the date(s) on which such prepayments in respect of the Notes are to be made, all amounts required to be paid by the Issuer in respect thereof in accordance with the Indenture and the manner in which such prepayment will be effected.

  

	7.2	If: 

  

	 	(a)	the Issuer, in respect of any payment; or 

  

	 	(b)	the Paying Agent, in respect of any payment of principal of or any premium or interest on the Notes, 

is required to withhold or deduct any amount for or on account of Tax, 

 

	 	(c)	the Issuer shall give notice thereof to the Paying Agent and the Trustee as soon as it becomes aware of such requirement and shall give to the Paying Agent such information as the Paying Agent requires to enable it to
make such deduction or withholding; and 

  

	 	(d)	except where such requirement arises as a result of prepayment of the Notes in accordance with the Indenture or by virtue of the relevant holder failing to satisfy any certification or other requirement in respect of
its Notes, the Paying Agent shall give notice thereof to the Issuer and the Trustee as soon as it becomes aware of the requirement to withhold or deduct. 

  

	8.	RECORDS 

 The Paying Agent shall: 

 

	 	(a)	keep a full and complete record of all payments made by it in respect of the Notes; and 

  

	 	(b)	make such records available at all reasonable times to the Issuer and any persons authorised by it, and the Trustee for inspection and for the taking of copies thereof. 

 

	9.	FEES AND EXPENSES 

  

	9.1	The Issuer will pay to the Paying Agent, Transfer Agent and Registrar such fees and expenses in respect of the Paying Agent, Transfer Agent and Registrar’s services under this Agreement as agreed to in the fee
letter dated February 12, 2015 from the Paying Agent, Transfer Agent and Registrar to, and countersigned by the Issuer. 

  

	9.2	 The Issuer will also pay on demand, against presentation of such invoices and receipts as it may reasonably require, all properly-incurred
out-of-pocket expenses (including necessary advertising, facsimile and telex transmission, postage and insurance expenses and, subject to prior approval by the Issuer as set forth below, the fees and expenses of legal advisers) properly incurred by
the Paying Agent, Transfer Agent and Registrar in connection with the services under this Agreement, together with any applicable value added tax or similar tax properly chargeable thereon. Payment by the Issuer to the Paying Agent, Transfer Agent
and Registrar of such properly-incurred out-of-pocket expenses 

  
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shall be a good discharge of the obligations of the Issuer in respect thereof. Where the advice of legal counsel is sought by the Paying Agent, Transfer Agent or Registrar, the fees of any such
counsel shall be agreed to by the Issuer (acting reasonably) in advance. 

  

	10.	INDEMNITY 

  

	10.1	The Issuer undertakes to indemnify and hold harmless, the Paying Agent, Transfer Agent, Registrar and each of its respective directors, officers, employees or agents (each an “Indemnified Party”) on
demand by such Indemnified Party against any losses, liabilities, costs, fees, expenses, claims, actions, damages or demands (including, but not limited to, all reasonable costs, charges and expenses paid or incurred in disputing or defending the
foregoing and the properly incurred fees and expenses of legal advisers) which such Indemnified Party may incur or which may be made against it, as a result of the exercise of or performance of its powers and duties under this Agreement, except such
as may result from its own gross negligence, wilful misconduct or fraud or that of its directors, officers, employees or agents. 

  

	10.2	The indemnity contained in clause 10.1 above shall survive the termination and expiry of this Agreement. 

  

	11.	CONDITIONS OF APPOINTMENT 

  

	11.1	The Paying Agent shall (a) hold all sums received from Issuer in accordance with this Agreement and the Indenture for payment of principal of or any premium or interest on the Notes in trust for the benefit of
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided in this Agreement and the Indenture; (b) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in
the making of any payment of principal of or premium or interest on the Notes; and (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held by it in trust
for payment in respect of the Notes. 

  

	11.2	No monies held by the Paying Agent need be segregated except as required by law. 

  

	11.3	In acting under this Agreement and in connection with the Notes, the Paying Agent, Transfer Agent and Registrar shall act solely as agent of the Issuer and, save solely in respect of its obligations under clause 11.1
hereof, shall not have any obligations towards or relationship of agency or trust with any of the holders of the Notes or the Trustee. 

  

	11.4	The Paying Agent, Transfer Agent and Registrar shall be obliged to perform such duties and only such duties as are specifically set out in this Agreement. No implied duties or obligations shall be read into such
document. The Paying Agent, Transfer Agent and Registrar shall not be obliged to perform any duties additional to or different from such duties resulting from any modification or supplement after the date hereof to any relevant documents (including,
without limitation, the Indenture), unless it shall have previously agreed to perform such duties. The Paying Agent, Transfer Agent and Registrar shall not be under any obligation to take any action hereunder which either party expects, and has thus
notified the Issuer in writing, will result in any expense or liability of such Paying Agent, Transfer Agent or Registrar, the payment of which within a reasonable time is not, in its opinion, assured to it. 

 

	11.5	Except as ordered by a court of competent jurisdiction or as required by law, the Paying Agent shall be entitled to treat the holder of any Note (as evidenced by the register of Notes maintained by the Registrar) as the
absolute owner thereof for all purposes (whether or not it is overdue and notwithstanding any notice to the contrary or any notice of ownership, trust or any interest in it, any writing on it, or its theft or loss) and shall not be required to
obtain any proof thereof or as to the identity of the bearer or holder. 

  
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	11.6	The Paying Agent, Transfer Agent and Registrar may consult with any legal or other professional advisers (who may be an employee of or legal adviser to the Issuer) selected by it, at the cost of the Issuer, provided
that the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance, and the opinion of such advisers shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in accordance
with the written opinion of such advisers. 

  

	11.7	The Paying Agent, Transfer Agent and Registrar shall be protected and shall incur no liability for or in respect of any action taken, suffered or omitted by it in reliance upon any instruction, request or order from the
Issuer or upon any Note, notice, resolution, direction, consent, certificate, affidavit, statement, telex, facsimile transmission or other document or information from any electronic or other source reasonably believed by it to be genuine and to
have been signed or otherwise given or disseminated by the proper party or parties, even if it is subsequently found not to be genuine or to be incorrect. 

  

	11.8	The Paying Agent, Transfer Agent and Registrar, whether acting for itself or in any other capacity, will not be precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Note or any
shares or other securities of the Issuer or any of its subsidiaries, holding or associated companies (each a “Connected Company”), with the same rights as it would have had if it were not acting as Paying Agent or from entering into
or being interested in any contracts or transactions with any Connected Company or from acting on, or as depositary, trustee or agent for, any committee or body of holders of any securities of any Connected Company and will not be liable to account
for any profit. 

  

	11.9	The Paying Agent shall not be required to make any payments to any holder of a Note if under any laws or regulations affecting the Paying Agent, such payment is not permitted. In the event of any such laws or
regulations affecting the Paying Agent coming to the attention of the Paying Agent it shall forthwith notify the Issuer and the Trustee. 

  

	11.10	The Issuer shall do or cause to be done all such acts, matters and things and shall make available all such documents as shall be necessary or desirable to enable the Paying Agent, Transfer Agent and Registrar to fully
comply with and carry out its respective duties and obligations hereunder. 

  

	11.11	In no event shall the Paying Agent, Transfer Agent or Registrar or any of its affiliates or any of their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent
Parties”) have any liability for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise), except to the extent the
liability of the Paying Agent, Transfer Agent or Registrar is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence, wilful misconduct or fraud of the Paying Agent,
Transfer Agent or Registrar or their Agent Parties. 

  

	11.12	 Notwithstanding anything contained in this Agreement to the contrary, the Paying Agent, Transfer Agent and the Registrar shall not incur any liability
for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control including, without limitation, (i) any governmental activity (whether de jure or de facto), act of authority (whether lawful or
unlawful), compliance with any governmental or regulatory order, rule, regulation or direction, curfew restriction, expropriation, compulsory acquisition, seizure, requisition, nationalisation or the imposition of currency or currency control
restrictions; (ii) any failure of or the effect of rules or operations of any funds transfer, settlement or clearing system, interruption, loss or malfunction of utilities, communications or computer services or the payment or repayment of any
cash or sums arising from the application of any law or regulation in effect now or in the future, or from the occurrence of any event in the country in which such cash is held which may affect, limit, prohibit or prevent the transferability,
convertibility, availability, payment or 

  
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repayment of any cash or sums until such time as such law, regulation or event shall no longer affect, limit, prohibit or prevent such transferability, convertibility, availability, payment or
repayment (and in no event, other than as provided in the Notes, shall the Paying Agent be obliged to substitute another currency for a currency whose transferability, convertibility or availability has been affected, limited, prohibited or
prevented by such law, regulation or event or be obliged to pay any penalty interest); (iii) any strike or work stoppage, go slow, occupation of premises, other industrial action or dispute or any breach of contract by any essential personnel;
(iv) any equipment or transmission failure or failure of applicable banking or financial systems; (v) any war, armed conflict including but not limited to hostile attack, hostilities, or acts of a foreign enemy; (vi) any riot,
insurrection, civil commotion or disorder, mob violence or act of civil disobedience; (vii) any act of terrorism or sabotage; (viii) any explosion, fire, destruction of machines, equipment or any kind of installation, prolonged breakdown
of transport, radioactive contamination, nuclear fusion or fission or electric current; (ix) any epidemic, natural disaster (such as but not limited to violent storm, hurricane, blizzard, earthquake, landslide, tidal wave, flood, damage or
destruction by lightning, or drought); or (x) any other act of God. 

  

	11.13	Pursuant to and in accordance with the procedures set forth in Article 12 of the Indenture (i) the Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any
other purpose, direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Paying Agent; and, upon such payment by
the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money and (ii) any money deposited with the Paying Agent in trust for the payment of the principal of or any premium or interest
on the Notes remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on the Issuer’s request and all liability of the Paying Agent with respect to such trust money shall
thereupon cease. 

  

	12.	CHANGES IN PAYING AGENT OR REGISTRAR AND SPECIFIED OFFICES

  

	12.1	The Issuer may at any time vary or terminate the appointment of the Paying Agent, Transfer Agent or the Registrar and appoint additional or other paying agents or registrars. 

Any variation or termination shall be made by giving to the Paying Agent, Transfer Agent or Registrar and (if different) to the paying agent,
transfer agent or registrar whose appointment is to be varied or terminated not less than 60 days’ written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payment in respect of Notes.

  

	12.2	Subject to clause 12.1, and pursuant to Section 2.12(c) of the Fifth Supplemental Indenture, the Paying Agent, Transfer Agent or Registrar may resign its appointment hereunder at any time by giving to the Issuer
not less than 90 days’ written notice to that effect, which notice shall expire not less than 45 days before or after any due date for any payments in respect of any Notes. 

 

	12.3	Notwithstanding clauses 12.1 and 12.2 no such termination of the appointment of, or resignation by, the Paying Agent, Transfer Agent or Registrar shall take effect until a successor has been appointed on terms approved
by the Issuer or the Issuer has otherwise approved such resignation without a successor being appointed. 

  

	12.4	 Notwithstanding any other provisions of clause 12.1, the appointment of the Paying Agent, Transfer Agent or Registrar shall forthwith terminate
if at any time such Paying Agent, Transfer Agent or Registrar becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the

  
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benefit of its creditors or consents to the appointment of a receiver, administrator or other similar official of it or of all or any substantial part of its property or admits in writing its
inability to pay or meet its debts as they mature or suspends payment thereof, or if a resolution is passed or an order made for its winding up or dissolution, or if a receiver, administrator or other similar official of it or of all or any
substantial part of its property is appointed, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer takes charge or
control of such Paying Agent, Transfer Agent or Registrar or its property or affairs for the purpose of rehabilitation, conservation, administration or liquidation or there occurs any analogous event under any applicable law. 

 

	12.5	On the date on which any such termination or resignation takes effect, the Paying Agent, Transfer Agent or Registrar shall (i) pay to or to the order of its successor (or, if none, the Issuer) any amounts held by
it in respect of the Notes which have become due and payable but which have not been presented for payment; and (ii) deliver to its successor (or, if none, the Issuer), or as it may direct, all records maintained by it, pursuant hereto.
Following such termination or resignation and pending such payment and delivery, the Paying Agent, Transfer Agent or Registrar shall hold such amounts, records and documents in trust for and subject to the order of its successor or, as the case may
be, the Issuer. 

  

	12.6	Any corporation into which any Paying Agent, Transfer Agent or Registrar may be merged or converted or any corporation with which such Paying Agent, Transfer Agent or Registrar may be consolidated or any corporation
resulting from any merger, conversion or consolidation to which such Paying Agent, Transfer Agent or Registrar shall be a party, or any corporation, including affiliated corporations, to which the Paying Agent, Transfer Agent or Registrar shall sell
or otherwise transfer: (a) all or substantially all of its assets or (b) all or substantially all of its corporate trust business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent
permitted by any applicable laws, be the successor Paying Agent, Transfer Agent or Registrar under this Agreement without any further formality, and after such effective date all references in this Agreement to such Paying Agent, Transfer Agent or
Registrar shall be deemed to be references to such corporation. Notice of any such merger, conversion, consolidation or transfer shall forthwith be given by the Paying Agent, Transfer Agent or Registrar to the Issuer and the Trustee.

  

	12.7	The Paying Agent, Transfer Agent or Registrar may change its specified office to another office in London at any time by giving to the Issuer and the Trustee not less than 60 days’ prior written notice to that
effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes, and which notice shall specify the address of the new specified office and the date upon which such change is to take
effect. 

  

	13.	NOTICES 

  

	13.1	If the Issuer arranges publication of any notice to the holders of the Notes, it shall at or before the time of such publication, send copies of each notice so published to the Paying Agent. 

 

	13.2	The Paying Agent, Transfer Agent and Registrar shall promptly forward any written notice received by it from any holders of the Notes to the Issuer and the Trustee. 

 

	14.	COMMUNICATIONS 

  
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	14.1	For the purposes of this clause, the address of each party at the date of this Agreement shall be the address set out below (including, where applicable, the details of the facsimile number, the person for whose
attention the notice or communication is to be addressed and the email address): 

 the Issuer: 

 

					
	 Moody’s Corporation:
	 	 	 	 
	 7 World Trade Center
 at 250 Greenwich
Street
 New York, New York 10007
  

As may be amended from time to time in accordance with this Agreement.
	 	 Fax:
 Attention:
	 	 212-553-0084

General Counsel

 the Paying Agent: 
  

					
	 Elavon Financial Services Limited, UK Branch
	 	 	 	 
	 125 Old Broad Street
 London

EC2N 1AR
 United Kingdom
	 	 Fax:
 Attention:

Email:
	 	 +44 (0)207 365 2577
 MBS Relationship
Management
 mbs.relationship.management@usbank.com

			
	As may be amended from time to time in accordance with this Agreement.	 		 	

 the Transfer Agent: 
  

					
	 Elavon Financial Services Limited, UK Branch
	 	 	 	 
	 125 Old Broad Street
 London

EC2N 1AR
 United Kingdom

 
 As may be amended from time to time in accordance with this Agreement.
	 	 Fax:
 Attention:

Email:
	 	 +44 (0)207 365 2577
 MBS Relationship
Management
 mbs.relationship.management@usbank.com

  
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 the Registrar: 
  

					
	 Elavon Financial Services Limited
		 		 
	 Block E
 Cherrywood Business Park

Loughlinstown, Co. Dublin
 Ireland

 
 As may be amended from time to time in accordance with this Agreement.
		 Fax:
 Attention:

Email:
		 +44 (0)207 365 2577
 MBS Relationship
Management
 mbs.relationship.management@usbank.com

 the Trustee: 
  

					
	 Wells Fargo Bank, National Association
		 		 
	 150 East 42nd Street, 40th floor
 New York, New
York 10017
		 Fax:
 Attention:
		 +1 917-260-1593
 Corporate Trust Services –
Administrator Moody’s Corp.

	As may be amended from time to time in accordance with the Indenture and notified by the Issuer to the Paying Agent.		Email:		yana.kislenko@wellsfargo.com

  

	15.	AMENDMENTS 

  

	15.1	For the avoidance of doubt, this Agreement may be amended in writing by the parties hereto. 

  

	15.2	The Issuer shall provide to the Paying Agent a copy of any amendment to the Indenture as soon as reasonably practicable following such amendment taking effect. Where reference is made in this Agreement to the Indenture,
such reference shall, for the purposes of the Paying Agent’s rights and obligations under this Agreement only, be deemed to refer to the most recent version of such document provided to the Paying Agent by the Issuer. 

 

	16.	TAXES 

  

	The	Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection with the execution, delivery, performance and enforcement of this Agreement. 

 

	17.	GOVERNING LAW AND JURISDICTION 

  

	17.1	This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York. 

 

	17.2	Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of
New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent permitted by applicable law, each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer irrevocably waives and agrees
not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

  
 10 

	17.3	Each of the Paying Agent, the Transfer Agent, the Registrar and the Issuer agrees, to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in
clause 17.2 brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the
jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 

  

	17.4	THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT. 

  

	18.	COUNTERPARTS 

 This Agreement may be executed in any number
of counterparts, each of which when executed and delivered shall be an original, but all of which when taken together shall constitute a single instrument. 

AS WITNESS the hands of the parties or their duly authorised agents the day and year first above written.

  
 11 

 SIGNATORIES 

ISSUER 
  

			
	MOODY’S CORPORATION
		
	By:		John J. Goggins
		
	By:		/s/ John J. Goggins
			John J. Goggins
			Executive Vice President and General Counsel

  
 12 

			
	PAYING AGENT
	
	Elavon Financial Services Limited, UK Branch
		
	By:		/s/ Hamyd Mazrae
		
	By:		/s/ Laurence Griffiths
	
	TRANSFER AGENT
	
	Elavon Financial Services Limited, UK Branch
		
	By:		/s/ Hamyd Mazrae
		
	By:		/s/ Laurence Griffiths
	
	REGISTRAR
	
	Elavon Financial Services Limited
		
	By:		/s/ Hamyd Mazrae
		
	By:		/s/ Laurence Griffiths
	
	TRUSTEE
	
	Wells Fargo Bank, National Association
		
	By:		/s/ Martin Reed

  
 13 

 APPENDIX 1 

Indenture 

  
 14SEVERANCE AGREEMENT

EXHIBIT 10.1

SEVERANCE AGREEMENT

 

THIS SEVERANCE AGREEMENT (the “Agreement”), dated as of March 9, 2015 (the “Execution Date”), between Matthew Czajkowski, an individual (the “Executive”), and Heat Biologics, Inc. (“Heat”), a Delaware corporation, recites and provides as follows:

 

WHEREAS, Executive served as the Chief Financial Officer of Heat pursuant to an Employment Agreement dated May 15, 2013, as amended on May 1, 2014 (the “Employment Agreement”); and

 

WHEREAS, Executive and Heat desire to terminate the Employment Agreement; and

 

WHEREAS, Heat and Executive have reached agreement on all matters relating to the employment of Executive by Heat and its subsidiaries and the termination of his Employment Agreement; and his membership on the board of directors of any subsidiary; and 

 

WHEREAS, Heat and Executive desire to set forth all of the terms and conditions of their agreement in this Agreement.

 

NOW, THEREFORE, based upon their mutual promises and other good and valuable consideration, Heat and Executive agree as follows:

 

1. 

RESIGNATION.  (a) Executive hereby irrevocably and voluntarily resigns from his position as Chief Financial Officer of Heat and from any position with any subsidiary or affiliate of Heat, including as a director (the “Resignation Date”). After the Resignation Date, Executive shall have no further obligation or authority to perform duties and functions on behalf of Heat and/or its subsidiaries or affiliates and shall refrain from performing such duties or functions.   Executive agrees to cooperate with and provide reasonable assistance to Heat and its legal counsel in connection with any litigation (including without limitation arbitration or administrative hearings) or investigations affecting Heat in which Executive’s assistance or cooperation is needed as determined. Heat agrees to pay Executive a fee equal to $250 per hour for such assistance and all of Executive’s reasonable expenses in connection therewith.  In addition, Executive shall provide reasonable assistance to the Company in connection with the transition of Executive’s duties.

b.     

NO CONTACT.  For a period of twelve months following the Effective Date Executive will not discuss Heat, Heat Related Parties and those entities’ respective businesses or operations with any third parties. 

2.       

SEVERANCE COMPENSATION.  In consideration of Executive’s undertakings contained in this Agreement, Heat:

 

a.     

acknowledges that Executive has been paid all of his accrued base salary, accrued vacation pay and expense reimbursements. 

 

b.    

On or before five (5) days after the Effective Date, shall pay Executive a lump sum of Forty Five Thousand Dollars ($45,000), net of all payroll, Medicare, Social Security, state and federal taxes and deductions which the Company is obligated to make as a severance payment.

 

3.     

RELEASES.

 

a.     

In consideration of Heat’s undertakings contained in this Agreement , Executive has executed the Release, which is attached hereto as Exhibit A and expressly incorporated in this Agreement (the “Release”), at the time of execution of this Agreement.  

b.     

In consideration of Executive’s undertakings contained in the Severance Agreement to which Heat is not otherwise entitled, from and after the Effective Date Heat releases Executive from, and promises and agrees not to sue Executive for or in respect of, any and all claims, charges, complaints, liabilities, obligations, promises, agreements, damages, actions and expenses (including attorney’s fees and costs) of any nature whatsoever, known or unknown, which Heat now has or claims to have against Executive from the beginning of time to the date of this Agreement, provided, however, that this release shall not bar or waive any claims arising out of business-related willful misconduct or criminal conduct.

4.     

NO BENEFITS NOT SET OUT IN THIS AGREEMENT.  No salary, benefits, bonus payment, vacation pay, sick pay or other payments or additional monies beyond the sums identified in Paragraph 2 and Paragraph 8 of this Agreement will be made by Heat to Executive or on Executive’s behalf and the parties agree that no salary, benefits, bonus payment or other payments beyond the sums identified in Paragraph 2 or Paragraph 8 are owing, except for any amounts that are owed to Executive pursuant to certain Letter Agreements dated December 18, 2014, January 30, 2015 and March 3, 2015 between the Company and Executive.

5.     

NO DISPARAGEMENT.

 

a.     

In consideration of Heat’s undertakings contained in this Agreement to which Executive is not otherwise entitled, Executive agrees that he and his agents, family and/or representatives shall refrain from: (i) all conduct, verbal or otherwise, which would materially damage the reputation, goodwill or standing in the community of Heat, its affiliates, subsidiaries, divisions, agents and related parties and their respective principals, owners (direct or indirect), members, directors, officers, agents, servants, employees, parties, attorneys and other professionals, successors and assigns (collectively, the “Heat Related Parties”); and (ii) referring to or in any way commenting on Heat and/or any of the other Heat Related Parties in or through the general media or any public domain (including without limitation, internet websites, blogs, chat rooms and the like), which would materially damage the reputation, goodwill or standing in the community of Heat and/or any of the other Heat Related Parties.

 

b. 

In consideration of Executive’s undertakings contained in this Agreement to which Heat is not otherwise entitled, Heat and its officers and directors  agree that they shall refrain from: (i) all conduct, verbal or otherwise, which would materially damage the reputation, goodwill or standing in the community of Executive, including without limitation in response to any requests for references and (ii) referring to or in any way commenting on Executive in or through the general media or any public domain (including without limitation, internet websites, blogs, chat rooms and the like), which would materially damage the reputation, goodwill or standing in the community of Executive.

 

6.     

TERMS ARE CONFIDENTIAL.  Until such time as Heat is required to disclose the existence and terms of this Agreement, Executive shall keep the terms and conditions of this Agreement strictly confidential.  Executive hereby agrees not to disclose the existence of this Agreement or any of the terms of this Agreement (including without limitation the amounts referred to in Paragraph 2) to any person, including without limitation, any current or former employee of or applicant for employment with Heat and/or any of the other Heat Related Parties, with the exception of Executive’s attorney, accountant, tax preparer or spouse or as compelled by legal process, provided Executive’s attorneys, accountants, tax preparers, or spouses are informed of this provision requiring confidentiality and such person agrees to be bound by its terms.

 

7.     

RETURN OF COMPANY PROPERTY.  All documents, records, data, equipment (including, without limitation: any computer or computers; any electronic storage device; computer hard drives; flash drives; discs and the like), Heat charge or credit cards, any Heat electronic communication devices (including cellular telephones, BlackBerry®, PDA and the like) and other physical property, whether or not pertaining to Confidential Information, which were furnished to Executive by Heat or were procured by Executive in connection with Executive’s services to Heat and/or is subsidiaries or affiliates will be and remain the sole property of Heat. Executive will return to Heat forthwith all such materials and property.   

 

2

8.     

STOCK SHARES AND OPTIONS. 

a. Heat acknowledges that Executive’s stock options exercisable for 26,149 shares of common stock (“Vested Options”) shall vest by March 9, 2015 and the Vested Options shall be exercisable any time prior to the ten year anniversary of the date of issuance (of the Vested Options, options exercisable for 23,441 shares of common stock have an exercise price of $8.81 per share and options exercisable for 2,708 shares of common stock have an exercise price of $8.62 per share) and that stock options exercisable for an additional 15,286 shares of common stock (“Resignation Date Options”) shall have accelerated vesting and shall vest on the Resignation Date and shall be exercisable at any time prior to the date that is ninety (90) days after the Resignation Date (of the Resignation Date Options, options exercisable for 12,786 shares of common stock have an exercise price of $8.81 per share and options exercisable for 2,500 shares of common stock have an exercise price of $8.62 per share.  

        

9.  

CONFIDENTIAL INFORMATION.

a.     

“Confidential Information” means any information concerning or referring in any way to the business of Heat and/or its subsidiaries and affiliates disclosed to or acquired by the Executive through or as a consequence of the Executive’s affiliation as an employee of Heat and/or member of it and/or its subsidiaries or affiliates. For purposes of this Agreement, Confidential Information consists of information proprietary to Heat and/or its subsidiaries and affiliates which is not generally known to the public and which in the ordinary course of business is maintained by Heat and/or its subsidiaries and affiliates as confidential. By way of example and without limitation, Confidential Information consists of computer software, trade secrets, patents, inventions, copyrights, techniques, designs, and other technical information in any way concerning or referring to scientific, technical or mechanical aspects of Heat’s and/or its subsidiaries’ and affiliates’ products, concepts, processes, machines, engineering, research and development. Confidential Information also includes, without limitation, information in any way concerning or referring to Heat’s and/or its subsidiaries’ and affiliates’ business methods, business plans, forecasts and projections, operations, organizational structure, finances, customers, funding, pricing, costing, marketing, purchasing, merchandising, sales, products, product information, suppliers, customers, employees or their compensation, data processing, software and all other information designated by Heat and/or its subsidiaries and affiliates as “confidential.” Confidential Information shall not include any information or material that is or becomes generally available to the public other than as a result of a wrongful disclosure by (a) a person otherwise bound to the provisions hereof, or (b) any person bound by a duty of confidentiality or similar duty owed to Heat and/or its subsidiaries and affiliates.

 

b.     

DUTY OF CONFIDENTIALITY. Executive will maintain in confidence and will not, directly or indirectly, disclose or use (or allow others to disclose or use) any Confidential Information belonging to Heat and/or its subsidiaries and affiliates, whether in oral, written, electronic or permanent form, except as directed in writing by the Board of Directors of Heat and/or its subsidiaries or affiliates.

 

c.     

Executive shall deliver forthwith to Heat and/or its subsidiaries and affiliates as the case may be all original Confidential Information (and all copies thereof) in Executive’s possession or control belonging to Heat and/or its subsidiaries and affiliates and all tangible items embodying or containing Confidential Information.

 

d.     This Agreement is in addition to the confidentiality and other provisions of any other agreement between the Executive and Heat and/or its subsidiaries and affiliates.

 

e.     INJUNCTIVE RELIEF. Executive acknowledges that a violation or attempted violation on Executive’s part of any agreement in this Paragraph 9 will  cause irreparable damage to Heat and/or its subsidiaries and affiliates, and accordingly, Executive agrees that Heat and/or its subsidiaries and affiliates as the case may be shall be entitled as a matter of right to an injunction from any court of competent jurisdiction restraining any violation or further violation of such agreement by Executive without the obligation of posting a bond; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies that 

3

Heat and/or its subsidiaries and affiliates may have.  The existence of any claim of Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Heat of the covenants contained in this Agreement.

 

f.    

ASSIGNMENT OF RIGHTS. Executive has disclosed to Heat any and all designs, intellectual property, software, inventions, discoveries, or improvements (individually and collectively, “Inventions”) made by Executive as a result or product of his employment relationship with Heat and/or its subsidiaries and affiliates. Executive hereby assigns to Heat or its relevant subsidiary or affiliate without additional compensation the entire worldwide right, title and interest in and to any such Inventions (whether disclosed or not), and related intellectual property rights and without limitation all copyrights, copyright renewals or reversions, trademarks, trade names, trade dress rights, industrial design, industrial model, inventions, priority rights, patent rights, patent applications, patents, design patents and any other rights or protections in connection therewith or related thereto, for exploitation in any form or medium, of any kind or nature whatsoever, whether now known or hereafter devised. To the extent that any work created by Executive can be a work for hire pursuant to U.S. Copyright Law, the parties deem such work a work for hire and Executive should be considered the author thereof. Executive shall, at the request of Heat or its relevant subsidiary or affiliate, without additional compensation execute, acknowledge and deliver to Heat or its relevant subsidiary or affiliate such instruments and documents as Heat or its relevant subsidiary or affiliate may require to perfect, transfer and vest in Heat or its relevant subsidiary or affiliate the entire right, title and interest in and to such inventions. In the event that Executive does not timely perform such obligations, Executive hereby makes Heat or its relevant subsidiary or affiliate and its officers his attorney-in-fact and gives them the power of attorney to perform such obligations and to execute such documents on Executive’s behalf. Executive shall cooperate with Heat or its relevant subsidiary or affiliate, upon Heat’s or its relevant subsidiary’s or affiliate’s request and at Heat’s or its relevant subsidiary’s or affiliate’s cost but without additional compensation, in the preparation and prosecution of patent, trademark, industrial design and model, and copyright applications worldwide for protection of rights to any Inventions.

 

10.    

NON-COMPETE; NON-SOLICITATION.

 

a.    

NON-COMPETE. For a period commencing on the Effective Date of this Agreement (as defined below) and ending nine months  after the Effective Date of this Agreement (the “Non-Competition Period”), Executive shall not, directly or indirectly, either for himself or any other person, own, manage, control, materially participate in, invest in, permit his name to be used by, act as consultant or advisor to, render material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise assist in any work of a similar nature to his work with Heat for any business which develops, markets, or sells any biologic or pharmaceutical product that is based upon heat shock protein-based cancer immunotherapy (collectively, a “Competitor”).  Nothing herein shall prohibit Executive from being a passive owner of not more than five percent (5%) of the equity securities of a Competitor which is publicly traded, so long as he has no active participation in the business of such Competitor.  Heat and Executive agree that this Section is in addition to Section 5 of the Employment Agreement.  

 

b.     

NON-SOLICITATION. During the Non-Competition Period identified in Paragraph 10(a) above, Executive shall not, directly or indirectly: (i) induce or attempt to induce or aid others in inducing anyone working at Heat or its subsidiaries or affiliates to cease working at Heat or its subsidiaries or affiliates, or in any way materially interfere with the relationship between Heat or its subsidiaries or affiliates and anyone working at Heat or its subsidiaries or affiliates except in the proper exercise of Executive’s authority; or (ii) induce or in any way materially interfere with the relationship between Heat or its subsidiaries or affiliates and any customer, supplier, licensee or other business relation of Heat or its subsidiaries or affiliates. .

 

c.     

SCOPE.  If, at the time of enforcement of this Paragraph 10, a court shall hold that the duration, scope, area or other restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

4

d.     

INDEPENDENT AGREEMENT.  The existence of any claim or cause of action of Executive against Heat or any of its subsidiaries or affiliates, whether or not predicated upon the terms of this Agreement, shall not constitute a defense to the enforcement of these covenants.

 

e.     

INJUNCTIVE RELIEF.  Executive acknowledges that a violation or attempted violation on Executive’s part of any agreement in this Paragraph 10 will cause irreparable damage to Heat and/or its subsidiaries or affiliates, and accordingly, Executive agrees that Heat and/or its subsidiaries or affiliates shall be entitled as a manner of right to an injunction from any court of competent jurisdiction restraining any violation or further violation of such agreement by Executive without the obligation of posting a bond; such right to an injunction, however, shall be cumulative and in addition to whatever other remedies that Heat and/or its subsidiaries or affiliates may have. The existence of any claim of Executive, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by Heat and/or its subsidiaries or affiliates of the covenants contained in this Agreement.

 

11.     

ARBITRATION.  No dispute between one or more Heat Related Parties and Executive shall be the subject of a lawsuit filed in state or federal court. Instead, any such dispute shall be submitted to binding arbitration before the American Arbitration Association (“AAA”) or, if Heat and Executive agree in a separate writing, another individual or organization or an individual or organization that a court appoints. Notwithstanding the above, either Heat or Executive may file with an appropriate state or federal court a claim for injunctive relief in any case where the filing party seeks provisional injunctive relief or where permanent injunctive relief is not available in arbitration. The filing of a claim for injunctive relief in state or federal court shall not allow either party to raise any other claim outside of arbitration. It is understood that both sides are hereby waiving the right to a jury trial.

a. 

The arbitration shall be initiated in Durham County, North Carolina and shall be administered by AAA under its commercial arbitration rules before a single arbitrator that shall be mutually agreed upon by the parties hereto. If the parties cannot agree on a single arbitrator, then an arbitrator shall be selected in accordance with the rules of AAA. The arbitration must be filed within one year of the act or omission which gives rise to the claim. Each party shall be entitled to take one deposition, and to take any other discovery as is permitted by the Arbitrator. In determining the extent of discovery, the Arbitrator shall exercise discretion, but shall consider the expense of the desired discovery and the importance of the discovery to a just adjudication.

 

b. 

The Arbitrator shall render an award that conforms to the facts, as supported by competent evidence (except that the Arbitrator may accept written declarations under penalty of perjury, in addition to live testimony), and the law as it would be applied by a court sitting in the State of North Carolina. The cost of arbitration shall be advanced equally by the parties. Any party may apply to a court of competent jurisdiction for entry of judgment on the arbitration award.

 

c. 

PRIOR AGREEMENTS SUPERSEDED.  This Agreement supersedes all previous Agreements between the Executive and Heat, including the Employment Agreement.  To the extent that there is any conflict between this Agreement and any earlier agreement between Heat and Executive, this Agreement governs.

 

12.     

SUCCESSORS.

 

a.     

This Agreement is personal to Executive and shall not be assignable by Executive. 

b.     

This Agreement shall inure to the benefit of Heat and its successors and assigns. Heat may assign this Agreement to any successor or affiliated entity, subsidiary, sibling, or parent company, provided that such assignee is financially qualified to fulfill obligations hereunder and in the event of such assignment, Heat agrees to guarantee all obligations hereunder.

5

13.     MISCELLANEOUS

 a.     

 Executive shall notify Heat of any and all employment or other compensated work he obtains during the period from the Effective Date of this Agreement through and including December 31, 2015.

b..     

This Agreement shall be governed by and construed in accordance with the laws of the State of North Carolina, without reference to the principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.  This Agreement contains the full and complete understanding between the parties hereto and supersedes all prior understandings, whether written or oral, pertaining to the subject matter hereof. This Agreement may not be amended or modified otherwise than by written agreement executed by Executive and by the designated representative of the Board.

 

c.     

All notices and other communications hereunder shall be in writing and shall be given by hand delivery or, by reputable overnight courier (such as Federal Express or UPS), by facsimile, or by e-mail to such address as either party shall have furnished to the other in writing in accordance herewith. Notice may be given to Heat or Executive as follows:

 

			
	 

	For Heat:

	For Executive:

	 

	 
	 

	 

	801 Capitola Drive

Durham, NC 27713

	1083 Burning Tree Drive

Chapel Hill, NC 27517

 

	 

	With a Copy to:

	With a copy to:

 

	 

	Gracin & Marlow, LLP 

The Chrysler Building

405 Lexington Avenue, 26th Floor

New York, New York 10174

Attention: Leslie Marlow, Esq.

	The Worm Law Firm, PC

4706 St. Thomas Place

Raleigh, NC  27612

Attention:  Kathleen N. Worm, Esq.

d.     

The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

 

e.     

The failure of either party to insist upon strict compliance with any provision of this Agreement, or the failure to assert any right either party may have hereunder, shall not be deemed to be a waiver of such provision or right or any other provision or right of this Agreement.

 

f.     

Executive may revoke the Release during the seven-day period following his execution of the Release.  He may do so by providing written notice to Heat of his decision to revoke the Release which must be received by Heat prior to the eighth day. This Agreement shall become effective on the eighth day after the Executive executes the Release attached as Exhibit A to this Agreement, provided the Executive does not exercise his right to revoke the Release (“Effective Date”).  If Executive revokes the Release during such seven-day period, this Agreement shall not become effective.

6

IN WITNESS WHEREOF, Executive has hereunto set Executive’s hand and, pursuant to the authorization from its Board of Directors, Heat has caused these presents to be executed in its name on its behalf, all as of the day and year first above written.

					
	HEAT BIOLOGICS, INC.,

a Delaware corporation

	 

	 

	EXECUTIVE

	

 

	 

	 

	 

	 

	By:

	/s/ Jeffrey Wolf

	 

	 

	/s/ Matthew Czajkowski

	 

	Jeffrey Wolf

	 

	 

	Matthew Czajkowski

 

 

7

EXHIBIT A

RELEASE

 

This Release dated as of March 9, 2015, between Matthew Czajkowski, an individual (the “Executive”), and Heat Biologics, Inc. (“Heat”), a Delaware corporation, recites and provides as follows:

 

WHEREAS, Executive serves or served as the Chief Financial Officer of Heat and as an officer and director of certain of  its subsidiaries pursuant to an Employment Agreement dated May 15, 2013, as amended on May 1, 2014 (the “Employment Agreement”); and

 

WHEREAS, Executive and Heat desire to terminate the Employment Agreement and Executive has resigned his employment with Heat, its subsidiaries and his  membership on the board of directors of Heat’s subsidiaries; and

 

WHEREAS, Heat and Executive have reached agreement on all matters relating to the employment of Executive by Heat and its subsidiaries, and the termination of his Employment Agreement with Heat and its subsidiaries; and his membership on the board of directors of Heat’s subsidiaries; and

 

WHEREAS, Heat and Executive have set the terms and conditions of their agreement in the Severance Agreement dated March 9, 2015 (“Severance Agreement”) to which this Release is Exhibit A; and

 

WHEREAS, the Severance Agreement obligates Executive to execute this Release.

 

NOW, THEREFORE, based upon their mutual promises and other good and valuable consideration contained in the Severance Agreement, Executive agrees as follows:

 

1. 

In consideration of Heat’s undertakings contained in the Severance Agreement to which Executive is not otherwise entitled, Executive releases Heat, its affiliates, subsidiaries, divisions, agents and related parties and their respective principals, owners (direct or indirect), members, directors, officers, agents, servants, employees, parties, attorneys and other professionals, successors and assigns (collectively, the “Heat Related Parties”) from, and promises not to sue Heat and/or any of the other Heat Related Parties for or in respect of, any and all claims, charges, complaints, liabilities, obligations, promises, agreements, damages, actions and expenses (including attorney’s fees and costs) of any nature whatsoever, known or unknown, which Executive now has or claims to have against Heat and/or any of the other Heat Related Parties jointly, severally or singly from the beginning of time to the date of this Agreement, including, without limitation, claims relating to Executive’s employment with Heat or the termination of his employment, claims based in contract, tort, constitutional, statutory or common law, and claims under any federal, state, or local statute, order, law or regulation, governing terms or conditions of employment, including but not limited to wages, benefits or discrimination in employment on the basis of any protected characteristic.  This release applies to rights and claims arising under the National Labor Relations Act, Age Discrimination in Employment Act of 1967 (29 U.S.C. §§621, et seq.), Title VII of the Civil Rights Act (“Title VII”), the Americans with Disabilities Act (“ADA”), Genetic Information Nondiscrimination Act of 2008 (“GINA”), Uniformed Services Employment and Reemployment Rights Act (“USERRA”), the Employee Retirement Income Security Act (“ERISA”) (excluding any claims for accrued, vested benefits), the North Carolina Fair Employment Practice Act (“FEPA”), and the North Carolina Wage Act.  This release does not release Heat or Heat Related Parties from obligations under the Severance Agreement.

 

2. 

Notwithstanding Paragraph 1 of this Release, Executive may bring a claim for breach of the Severance Agreement.  If any claim covered in Paragraph 1 of this Release, other than for a breach of the Severance Agreement or to enforce his rights under the Severance Agreement, is brought by Executive, to the greatest extent permitted by applicable law, Heat and/or the other Heat Related Parties shall be entitled to its and/or their attorney’s fees and costs upon prevailing on such claim.

 

3.  

Executive acknowledges the following:

 

a.  

He has read and understands this Release and the Severance Agreement;

 

b.  

Before executing this Release and the Severance Agreement, he has been offered at least 21 days to consider his rights and obligations under this Release and the Severance Agreement;

 

c.

The period of time he has to consider his rights and obligations under this Release and the Severance Agreement is reasonable;

 

d.   

Before executing this Release and the Severance Agreement, Heat advised him in writing to consult with an attorney and he has done so;

 

e.  

He has knowingly and voluntarily elected to enter into this Release and the Severance Agreement and releases Heat from any and all claims, subject to the stated limitations in this Release, in exchange for valuable consideration which is in addition to anything of value to which he is already entitled;

 

f. 

The Release constitutes a waiver of all rights and claims he may have under the Age Discrimination in Employment Act of 1967 (29 U.S.C. §§621, et seq.);

 

g.   

This Release does not waive any rights or claims by Executive that may arise after this Release is finally accepted and executed; and,

 

h.  

For a period of seven days following the execution of this Release and the Severance Agreement, Executive may revoke this Release and the Severance Agreement by sending written notice of same to Heat, addressed to Mr. Jeffrey Wolf, 801 Capitola Drive, Durham, North Carolina 27713.  For the revocation to be effective, Heat must receive the written notice by not later than the close of business on the seventh day after Executive signs this Release.  This Release shall not become effective or enforceable until this seven-day revocation period has expired without Executive having exercised his right to revoke.

i.

Nothing in this Release and Severance Agreement is intended to, or shall, interfere with Executive’s rights under federal, state, or local civil rights or employment discrimination laws (including, but not limited to, Title VII, the ADA, the ADEA, GINA, USERRA, or their state or local counterparts) to file or otherwise institute a charge of discrimination, to participate in a proceeding with any appropriate federal, state, or local government agency enforcing discrimination laws, or to cooperate with any such agency in its investigation, none of which shall constitute a breach of this Release and Severance Agreement. Executive shall not, however, be entitled to any relief, recovery, or monies in connection with any such action, charge or proceeding brought against Heat and/or the other Heat Related Parties, regardless of who filed or initiated any such complaint, charge, or proceeding.

  

2

 

					
	HEAT BIOLOGICS, INC.,

a Delaware Corporation

	 

	 

	EXECUTIVE

	 

	 

	 

	 

	 

	By:

	/s/ Jeffrey Wolf

	 

	 
	/s/ Matthew Czajkowski

	 

	Jeffrey Wolf

	 

	 

	Matthew Czajkowski

 

STATE OF NORTH CAROLINA:

COUNTY OF _________:

On the ____ day of March, in the year 2015 before me, the undersigned, personally appeared Jeffrey Wolf, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity and with the authority of Heat Biologics, Inc., and that by his signature on the instrument, the corporation upon which the individual acted executed the instrument.

 

		
	 

	 

	Notary Signature

	 

 STATE OF NORTH CAROLINA:

COUNTY OF _________:

 

 

On the ____ day of March in the year 2015 before me, the undersigned, personally appeared Matthew Czajkowski, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument the individual executed the instrument.

 

		
	 

	 

	Notary Signature

	 

 

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