Document:

Separation Agreement

 Exhibit 10.28 
  
 Today’s date: October 11, 2006 
  
 SEPARATION AGREEMENT, RELEASE AND WAIVER 
  
 THIS AGREEMENT IS by and between Dean E. Cherry (“Employee”) on behalf of himself, his agents,
representatives, heirs, executors, attorneys, administrators, assigns and anyone claiming through him, and R.R. Donnelley & Sons Company, its subsidiaries, affiliates, predecessors, successors and assigns (the “Company” or
“RR Donnelley”) in connection with Employee’s termination of employment with the Company. 
  
 IN CONSIDERATION OF the payments, covenants, obligations and promises set forth in this agreement (the “Separation Agreement”) and
pursuant to the terms of the employment letter between Employee and the Company dated November 5, 2002 (as such letter was further amended on December 13, 2002, October 3, 2003 and April 29, 2005, the “Letter
Agreement”) Employee and the Company agree as follows: 
  

	 	1.	Date of Separation Agreement. This Separation Agreement is entered into on this date of October 11, 2006. 

  

	 	2.	Separation Date. Employee agrees that he shall be separated from employment with the Company effective as of October 31, 2006 (the “Separation Date”). Employee
will be relieved of the duties as Group President, Integrated Print Communications & Global Solutions and as an officer of the Company and its subsidiaries effective as of that date. Employee’s last day in office will be
October 11, 2006. 

  

	 	3.	Representations. Employee agrees that he is not aware of any fraudulent or other misconduct at the Company related to the Company’s financial statements, audit or
accounting procedures, internal control functions, or otherwise and represents that he has not complained of or reported any such issues to anyone within or outside of the Company. 

  

	 	4.	Cooperation with Transition. Through the Separation Date, Employee agrees to fully cooperate with the orderly transfer of his responsibilities as the Company may direct.
Employee further agrees to make himself reasonably available even after his employment with the Company ends, upon reasonable notice from the Company in connection with any and all claims, disputes, negotiations, investigations, lawsuits or
administrative proceedings involving the Company, to provide information or documents, provide declarations or statements to the Company, meet with attorneys or other representatives of the Company, prepare for and give depositions or testimony,
and/or otherwise cooperate in the investigation, defense or prosecution of such matters. Employee understands that the Company will reimburse Employee for all reasonable, documented out-of-pocket expenses he incurs, in accordance with the
Company’s normal policies and practices in complying with the obligations of this provision. In the event Employee is asked to provide services after the 18-month anniversary of the Separation Date, the Company agrees to compensate Employee for
such services at a reasonable rate. 

  
  

	 	5.	Return of Company Property. Employee agrees to return to the Company prior to the Separation Date, all Company documents, files, electronic information, equipment, and other
property currently in Employee’s possession and all Company property in Employee’s possession, including notebooks, reports, manuals, programming data, listings and materials, engineering or patent drawings, patent applications, any other
documents, files or materials which contain, mention or relate to Confidential Information (as defined below), and all copies and summaries of such materials, whether in human- or machine-readable-only form, that Employee has. Employee also agrees
to promptly transfer to the Company any and all subscriptions, season tickets and memberships (except as otherwise provided in this Separation Agreement) currently in Employee’s name that are paid for by the Company. 

 

	 	6.	Confidential Information 

  

	 	a.	Definition of Confidential Information. Employee agrees that the confidentiality obligations set forth in the Company’s policies shall continue in full force and effect
from and after the date hereof. In addition, Employee realizes that his/her position with the Company created a relationship of high trust and confidence with respect to Confidential Information owned by the Company, its customers or suppliers that
may have been learned or developed by Employee while employed by the Company. For purposes of this Agreement, “Confidential Information” means all information that meets one or more of the following three conditions: (a) it has not
been made available generally to the public either by RR Donnelley or by a third party with RR Donnelley’s consent, (b) it is useful or of value to RR Donnelley’s current or anticipated business or research and development activities
or those of a customer or supplier of RR Donnelley, or (c) it either has been identified as confidential to Employee by RR Donnelley (orally or in writing) or it has been maintained as confidential from outside parties and is recognized as
intended for internal disclosure only. Confidential Information includes, but is not limited to, “Trade Secrets” to the full extent of the definition of that term under Illinois law. It does not include “general skills, knowledge and
experience” as those terms are defined under Illinois law. 

  

	 	b.	Examples of Confidential Information. Confidential Information includes, but is not limited to: computer programs, unpatented inventions, discoveries or improvements;
marketing, manufacturing, organizational research and development, and business plans; company policies; sales forecasts; personnel information (including the identity of RR Donnelley employees, their responsibilities, competence and abilities, and
compensation); medical information about employees; pricing and nonpublic financial information; current and prospective customer lists and information on customers or their employees; information concerning planned or pending acquisitions or
divestitures; and information concerning purchases of major equipment or property. 

  
  

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	 	c.	General Skills, Knowledge and Experience. Employee may take and use the general skills, knowledge and experience that Employee has learned or developed in Employee’s
position or positions with the Company. 

  

	 	d.	Confidentiality Obligations. Employee will not (a) disclose, directly or indirectly, any Confidential Information to anyone outside of the Company or to any employees of
the Company not authorized to receive such information or (b) use any Confidential Information other than as may be necessary to perform Employee’s obligations under this Separation Agreement. In no event will Employee disclose any
Confidential Information to, or use any Confidential Information for the benefit of, any current or future competitor, supplier or customer of the Company, whether Employee any subsequent employer, or any other person or entity.

  

	 	e.	Duration. With respect to Trade Secrets, Employee’s obligations under paragraph 6(d) shall continue indefinitely or until such Trade Secret information has been made
available generally to the public either by the Company or by a third party with the Company’s consent or is otherwise not considered a Trade Secret under Illinois law. With respect to Confidential Information that is not a Trade Secret
(hereinafter referred to as “Proprietary Information”), Employee’s obligations under paragraph 6(d) shall continue in duration until the first to occur of the following: (a) five years has elapsed since the Separation Date or
(b) the Proprietary Information has been made available generally to the public either by the Company or by a third party with the Company’s consent. 

  

	 	7.	Noncompetition and Non-Solicitation of Customers and Employees. 

  

	 	a.	 Noncompetition. In consideration of the covenants and agreements of the Company herein contained, the payments to be made by the Company pursuant to this
Separation Agreement, the positions of trust and confidence Employee occupied with the Company and the information of a highly sensitive and confidential nature obtained as a result of such positions, Employee agrees that, from the Separation Date
and for 18 months thereafter, Employee will not, directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, stockholder, corporate officer, director or in any other individual or representative capacity, engage
in any business which is competitive with any portion of RR Donnelley’s business that has more than $25 million of revenues on the Separation Date, in the geographic areas covered by such businesses. The Company agrees that Employee may,
however, own stock or the rights to own stock in a company, whether or not a competitor, that is publicly owned and regularly traded on any national exchange or in the over-the-counter market, so long as (i) Employee’s holdings of stock or
rights to own stock do not exceed 1% of the capital stock entitled to vote in the election of directors and (ii) the combined value of the 

  

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stock or rights to acquire stock does not exceed Employee’s gross annual earnings from RR Donnelley. 

  

	 	b.	Importance of Customer Relationships. Employee recognizes that the Company’s relationship with the customers that Employee served, and Employee’s
relationships with other employees, are special and unique, based upon the development and maintenance of good will resulting from the customers’ and other employees’ contacts with the Company and its employees, including Employee. As a
result of Employee’s position and customer contacts, Employee recognizes that he/she gained valuable information about (i) the Company’s relationship with its customers, their buying habits, special needs, purchasing policies,
(ii) the Company’s pricing policies, purchasing policies, profit structures, and margin needs, (iii) the skills, capabilities and other employment-related information about the Company’s employees, and (iv) and other matters
which Employee would not otherwise have known and which is not otherwise readily available. Such knowledge is essential to the business of RR Donnelley and Employee recognizes that upon Employee’s termination, the Company will be required to
rebuild that customer relationship to retain the customer’s business. Employee recognizes that during a period following termination of Employee’s employment, the Company is entitled to protection from Employee’s use of the
information and customer and employee relationships with which Employee has been entrusted by the Company during his/her employment. 

  

	 	c.	Nonsolicitation of Customers. Employee acknowledges and agrees that any injury to the Company’s customer relationships, or the loss of those relationships, would
cause irreparable harm to the Company. Accordingly, Employee agrees that he/she shall not, for a period of 18 months from the Separation Date, directly or indirectly, either on Employee’s own behalf or on behalf of any other person, firm or
entity, solicit or provide services which are the same as or similar to the services the Company provided or offered while Employee was employed by the Company to any customer or prospective customer of the Company (i) with whom Employee had
direct contact during the last two years of his/her employment with the Company or about whom Employee learned confidential information as a result of Employee’s employment with the Company or (ii) with whom any person over whom Employee
had direct supervisory authority at any time had direct contact during the last two years of Employee’s employment with the Company or about whom such person learned confidential information as a result of his or her employment with the
Company. 

  

	 	d.	 Nonsolicitation of Employees. Employee shall not for a period of 18 months from the Separation Date, either directly or indirectly solicit, induce or
encourage any RR Donnelley employee(s) to terminate their employment with 

  

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the Company or to accept employment with any other employer, nor shall Employee cooperate with any others in doing or attempting to do so. As used herein,
the term “solicit, induce or encourage” includes, but is not limited to, (i) initiating communications with an employee of the Company employee relating to possible employment, (ii) offering bonuses or additional compensation to
encourage employees of the Company to terminate their employment with RR Donnelley and accept employment with any other employer, or (iii) referring RR Donnelley employees to personnel or agents employed by competitors, suppliers or customers
of RR Donnelley. 

  

	 	e.	Geographic Scope. Employee understands that the Company has sales and manufacturing facilities throughout the United States and in a number of foreign countries, that it
purchases equipment and materials from suppliers located throughout the world, and that it expects to expand the scope of its international activities in the future. Employee therefore agrees that his/her obligations under paragraph 7 shall extend
worldwide. 

  

	 	f.	Remedies. Employee acknowledges that in the event of a breach or threatened breach of Employee’s obligations hereunder, the Company will be irreparably harmed and shall
not have an adequate remedy at law. Accordingly, in the event of any breach or threatened breach of my obligations, the Company shall be entitled to such equitable and injunctive relief as may be available to restrain Employee and any business,
firm, partnership, individual, corporation or entity participating in the breach or threatened breach from the violation of these provisions. Nothing in this Separation Agreement shall be construed as prohibiting the Company from pursuing any other
remedies available at law or in equity for breach or threatened breach of these provisions, including the recovery of damages. 

  

	 	8.	Payments and Benefits. In consideration for signing this Separation Agreement and signing the Release attached hereto as Exhibit A and not revoking either document within the
applicable revocation periods, and provided that Employee is in compliance with all of the terms of and conditions of the Separation Agreement and has not breached Employee’s obligations hereunder, Employee will receive the following separation
benefits. 

  

	 	a.	Separation payments totaling $1,825,200, payable $608,400 on the date which is six months and one day after the Separation Date and the remaining $1,216,800 payable in semi-monthly
installments of $50,700 over the following 12 months (so that all payments will be made within 18 months after the Separation Date). 

  

	 	b.	 All 65,800 unvested restricted stock units and 11,812 unvested restricted shares held by Employee will fully vest on the Separation Date and the 

  

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126,000 vested stock options will remain exercisable for the period specified in the stock option award agreement or underlying equity plan.

  

	 	c.	All amounts due Employee in respect of the 25,000 Company Performance Unit Awards held by Employee pursuant to the Employee Performance Unit Award (2004 PIP) dated March 25,
2004 and modified and clarified on March 24, 2005 (as modified, the “PSU Award Agreement”), will be calculated as if Employee had remained employed through the date of payment, except as follows: the measurement date for purposes of
calculating the number of shares of Company common stock payable (1) in respect of the performance units that are linked to Cost Savings (as defined in the PSU Award Agreement) will be the Separation Date and (2) in respect of the
performance units that are linked to Normalized Earnings Per Share (as defined in the PSU Award Agreement) will be March 31, 2007. Payment of the Company Performance Unit Awards will be made at the time payment is made to other holders of the
Company performance unit awards. 

  

	 	d.	A lump sum payment of $55,384.62 in lieu of all accrued but unused vacation as of the Separation Date. 

  

	 	e.	An additional lump sum severance payment in the amount of $720,000.00, payable six months and one day after the Separation Agreement, subject to the Company achieving its 2006
Earnings per Share goal. 

  

	 	f.	Employee’s short-term and long-term disability, group life insurance, accidental death and dismemberment insurance and FSA coverage will end on the Separation Date. Employee
will have the option to continue group life insurance coverage by converting to an individual policy by applying through the life insurance carrier (Minnesota Life) within 30 days of the Separation Date. The Company will continue payment of premiums
on Employee’s supplemental executive life insurance policy and supplemental executive disability insurance policy for a period of 18 months following the Separation Date. 

  

	 	g.	A COBRA premium subsidy for a period of 18 months, as follows: During the initial 12-month period, the Company will invoice Employee for the employee portion of COBRA coverage.
Employee must pay the Company’s invoices in a timely manner in order to continue COBRA coverage. Subsequently, during the remaining 6 months of COBRA coverage, the Hewitt Benefits Center will invoice Employee for the full COBRA premium (not
just the employee portion). Employee must submit monthly payments to Hewitt for the premium, and must submit proof of such payments to the Company. Upon receipt of proof of payment, the Company will reimburse Employee for all but the employee
portion of the monthly premiums. 

  
  

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	 	h.	The Company will provide Employee with outplacement services consistent with such services provided to other departing Company employees at Employee’s level, up to a maximum
expenditure of $20,000. Employee must contact Andrew Panega, Senior Vice President of Human Resources, to initiate the outplacement process. 

  

	 	i.	The Company will reimburse Employee for tax and financial planning services in accordance with past practice incurred during the 18-month following the Separation Date, up to a
maximum expenditure of $18,000. 

  

	 	j.	The Company agrees to provide Employee with either (i) access to a club membership which is similar to Employee’s currently provided club membership during the 18-month
period following Separation Date or (ii) a lump sum payment of $30,000 in lieu of such club membership. Employee must notify the Company of which option he elects by the Separation Date. 

  

	 	k.	Employee’s rights of indemnification under the Company’s organizational documents, any plan or agreement at law or otherwise and Employee’s rights thereunder to
directors’ and officers’ liability insurance coverage for, in both cases, actions as an officer of the Company shall survive the Separation Date. 

  

	 	l.	All payments made pursuant to this Separation Agreement shall be reduced by applicable tax withholdings. All separation payments made under this Separation Agreement shall be
payable in accordance with the Company’s regular payroll practices, beginning on the first applicable paydate after the revocation period set forth in this Separation Agreement expires. 

  

	 	9.	Nondisparagement. Employee agrees for himself and others acting on his behalf, that he (and they) have not and will not disparage, make negative statements about or act in
any manner which is intended to or does damage to the good will of, or the business or personal reputations of the Company or any of their incumbent or former officers, directors, agents, consultants, employees, successors and assigns. Employee
agrees that he shall refer all requests for employment references to Mark A. Angelson, CEO, and that, unless otherwise agreed between Employee and Mr. Angelson, Mr. Angelson shall provide only neutral information including Employee’s
dates of employment, last job title, last salary, and employee benefits. Mr. Angelson (or his successor or designee) shall be the sole individual who is authorized to speak on behalf of the Company with respect to Employee. Nothing in this
Section 9 shall prevent Employee from requesting personal references from other employees of the Company. 

  

	 	10.	 Release of Claims. For and in consideration of the separation payments and other things of value to be provided pursuant to this Separation Agreement,
Employee agrees, knowingly and voluntarily, that by executing this Separation Agreement that he releases and forever discharges the Company and the current and former 

  

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shareholders, employees, officers, directors, benefit plans, benefit plan fiduciaries, benefit plan administrators, consultants, representatives and agents
thereof, of and from any and all claims, liabilities, demands or causes of action known and unknown, that Employee has had or now has, arising through the date of this Separation Agreement, with respect to any and all of the following, except
Employee does not hereby waive any claims that cannot be waived under applicable law. This Separation Agreement does not waive or otherwise impair any vested rights Employee may have under the terms of any tax-qualified retirement plan, stock option
plan or any other equity award agreement. Employee hereby acknowledges that it is his responsibility to review any equity award agreement(s) to determine termination dates of his rights thereunder. 

  

	 	a.	claims against the Company based upon the common law, including but not limited to, emotional distress; injury to personal reputation; defamation (including libel or slander);
invasion of privacy; denial of employment in contravention of common law or any federal, state, local or public policy, law or regulation; 

  

	 	b.	claims against the Company based upon any alleged written or oral employment agreement (including the Letter Agreement), policy, plan or procedure of the Company and/or any alleged
understanding or arrangement between Employee and the Company; 

  

	 	c.	claims against the Company based upon alleged violation(s) of any statute, regulation, or ordinance, whether federal, state or local, or based on any other federal, state or local
law, including but not limited to, any and all claims under the Americans with Disabilities Act, 42 U.S.C. § 12101 (including the Older Workers Benefit Protection Act), et seq.; the Age Discrimination in Employment Act, as amended,
29 U.S.C. § 621, et seq.; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e, et seq.; the Civil Rights Act of 1991, P.L. 102-166, 105 Stat. 1071, et seq.; 42 U.S.C. § 1981;
the Fair Labor Standards Act, 29 U.S.C. § 201, et seq.; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1001, et seq.; the Equal Pay Act, 29 U.S.C. § 206(d), et seq.;
the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101, et seq.; Sarbanes Oxley Act of 2002, 18 U.S.C. § 1514, et. seq.; and any other federal, state, or local laws touching upon the employment
relationship; 

  

	 	d.	claims against the Company based upon the U.S. Constitution or any state constitution; and 

  

	 	e.	claims against the Company based upon any theory of alleged equitable entitlement to relief. 

  
  

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	 	11.	Inquiry. In the event any third party inquires about Employee’s employment or separation from employment with the Company, Employee agrees to respond that Employee was
treated fairly by the Company, its affiliates and subsidiaries. 

  

	 	12.	Nonadmission. This Separation Agreement is not intended, and shall not be construed, as an admission that the Company has violated any federal, state or local law (statutory
or decisional), ordinance or regulation, breached any contract or committed any wrong whatsoever against Employee. The Employee acknowledges and understands that the Company denies that it has engaged in any wrongful activity whatsoever in
connection with the Employee. 

  

	 	13.	Employee Acknowledgements. By signing this Separation Agreement Employee expressly acknowledges and agrees that: 

  

	 	a.	Employee has read and fully understands the terms of this Separation Agreement; 

  

	 	b.	Employee acknowledges and agrees that the payments, benefits and/or other things of value provided pursuant to this Separation Agreement: (i) are in full discharge of any and
all liabilities and obligations of the Company to Employee, monetarily or with respect to employee benefits, COBRA subsidies, perquisites or otherwise, including but not limited to any and all obligations arising under any alleged written or oral
employment agreement (including the Letter Agreement), policy, plan or procedure of the Company and/or any alleged understanding or arrangement between Employee and the Company; and (ii) exceed any payment, benefit, or other thing of value to
which Employee might otherwise be entitled under any employment agreement, policy, plan or procedure of the Company and/or any understanding or agreement between Employee and the Company; 

  

	 	c.	Employee understands that (i) this Separation Agreement sets forth the entire agreement between us, and fully supersedes any prior agreements or understandings between the
parties; and (ii) this Separation Agreement constitutes a release by Employee of all claims, known and unknown, which relate to Employee’s employment or separation from employment; 

  

	 	d.	The Company has hereby advised Employee to consult an attorney prior to signing this Separation Agreement; 

  

	 	e.	Employee has had adequate opportunity to request, and has received, all information Employee needs to understand this Separation Agreement and, in accordance with the Older Workers
Benefit Protection Act, has been offered at least 21 days to consider the terms of this Separation Agreement, and Employee agrees that any modifications, material or otherwise, made to this Separation Agreement shall not restart or affect in any
manner the original 21 day consideration period; 

  
  

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	 	f.	Employee has knowingly and voluntarily entered this Separation Agreement, without any duress, coercion or undue influence by anyone. 

  

	 	14.	Severability. If any provision contained in this Agreement is finally held to be invalid, illegal or unenforceable (whether in whole or in part), such provisions shall be
deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such provisions shall not be affected thereby; provided, however, that if any provision is finally held to be invalid,
illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such provisions will be deemed to be modified to the minimum extent necessary to modify such scope in order to make
such provision enforceable hereunder. 

  

	 	15.	Remedies Upon Breach. Employee acknowledges that all the provisions of this Separation Agreement are reasonable and necessary and narrowly tailored to protect the
Company’s legitimate protectable interests in its Confidential Information, work force and customer, supplier and vendor relationships. In the event Employee breaches any obligation under this Separation Agreement (other than a breach which is
both de minimus and inadvertent and that is promptly cured by Employee upon notice from the Company), the Company will be entitled to terminate any remaining separation payments to Employee, recover from the Employee any equity vesting that occurred
in connection with this Separation Agreement, recover from Employee the full amount of past separation payments made by the Company to Employee for periods after the breach, and to obtain all other relief provided by law or equity. Employee agrees
that, if the Company is required to take any legal action to enforce Employee’s obligations under this Separation Agreement for any reason, Employee shall be responsible for all costs incurred by the Company to enforce Employee’s
obligations thereunder including, without limitation, reasonable attorneys fee and expenses. Since a breach of this Separation Agreement may not be compensated adequately by money damages, Employee agrees that the Company shall be entitled, in
addition to any other remedy available to it, to an injunction restraining an actual or threatened breach of this Separation Agreement and Employee consents and agrees to the issuance of such an injunction. Employee does hereby waive any proof that
such breach will cause irreparable injury to the Company or that the Company has no adequate remedy at law. In any proceeding, either at law or in equity, between the parties, Employee agrees that he shall not be entitled to raise as a defense
either: (1) that the period of time or the nature of the restrictions are unfair, unnecessary or unreasonable, or (2) that anything in this Separation Agreement is in restraint of trade. In addition, Employee agrees to repay to the Company
any payments received under this Separation Agreement prior to filing any lawsuit challenging the validity of the Separation Agreement. The release and waiver provisions shall continue and be in effect after the Company’s acceptance of any
repayment by Employee. 

  

	 	16.	 Notices. All notices or communications under this Separation Agreement must be in writing, addressed; (i) if to the Company, to the attention of the
Senior Vice 

  

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President, Human Resources, 111 South Wacker Drive, Chicago, IL 60606-4301 and (ii) if to Employee, at Employee’s last known address (or to any
other addresses as either party may designate in a notice duly delivered as described in this paragraph). Any notice or communication shall be delivered by fax (with proof of transmission), by hand or by courier (with proof of delivery). Notices and
communications may also be sent by certified or registered mail, return receipt requested, postage prepaid, addressed as above and the third business day after the actual date of mailing shall constitute the time at which notice was given.

  

	 	17.	Revocation Period. During the seven days after Employee signs this Separation Agreement, Employee may revoke it by giving written notice to the Company, in which event this
Separation Agreement will not go into effect. This Separation Agreement will become effective on the eighth day, however, if the last day of the revocation period is a Saturday, Sunday or legal holiday in the State of Illinois, then the revocation
period shall not expire until the next business day. 

  

	 	18.	Entire Agreement. Except as specified herein, this Separation Agreement and its Exhibits constitute a single, integrated written contract expressing the entire agreement
between Employee and the Company and it supersedes any and all other agreements between Employee and the Company, including but not limited to, those set forth in the Company’s policies. This Separation Agreement may not be modified except by
written, signed agreement executed by Employee and the Company. 

  

	 	19.	Arbitration and Governing Law. Except with respect to any actions by the Company to enforce its rights under Section 7 of this Separation Agreement, any controversy or
claim arising out of or relating to Employee’s employment with or termination of employment with the Company, this Separation Agreement or the breach of this Separation Agreement that cannot be resolved by Employee and the Company, shall be
determined by a single arbitrator in Chicago, Illinois, in accordance with the Commercial Arbitration Rules of the American Arbitration Association. The decision of the arbitrator, which shall be set forth in a reasoned opinion, detailing findings
of fact and conclusions of law, shall be final and binding and may be entered in any court of competent jurisdiction. Any expenses of the arbitrator shall be shared equally by the parties. Except as required by law, neither party nor the arbitrator
may disclose the existence, consent or results of any arbitration hereunder without the prior written consent of both parties. This Separation Agreement shall be governed by and interpreted in accordance with the laws of the State of Illinois,
without giving effect to the conflict of laws provisions thereof. In the event of any dispute hereunder the parties hereby consent to the exclusive jurisdiction of the courts of the State of Illinois and the Federal courts of the United States of
America located in the District of Illinois, and the parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit,
action or proceeding, and the parties agree not to plead or claim the same. 

  
  

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	 	20.	Assignment and Successors in Interest. Employee understands and agrees that the Company’s rights and obligations under this Separation Agreement shall inure to the
benefit of and shall be binding on any successor in interest and that the Company may, at any time and without further action by Employee, assign this Separation Agreement to any affiliate of the Company or to a purchaser or transferee of all or a
substantial part of the Company’s assets. Employee understands and agrees that he may not assign any rights or transfer any obligations he has under the Separation Agreement. Upon Employee’s death, any remaining obligations of the Company
shall be paid to Jacqueline G. Cherry or such other beneficiary legally designated by Employee. 

  

	 	21.	Execution. This Separation Agreement may be executed in counterparts, and any such executions will be held as if both the Company and Employee had signed the same, original
document. 

  

	 	22.	Section 409A. This Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code and the regulations promulgated thereunder
(“Section 409A”) so as not to subject Employee to the payment of interest or any additional tax under Section 409A. In furtherance thereof, if payment or provision of any amount or benefit hereunder that is subject to Section 409A at the
time specified in this Agreement would subject such amount or benefit to any additional tax under Section 409A, the payment or provision of such amount or benefit shall be postponed to the earliest commencement date on which the payment or
the provision of such amount or benefit could be made without incurring such additional tax (including paying any severance that is delayed in a lump sum upon the earliest possible payment date which is consistent with Section 409A). In addition, to
the extent applicable, Employee and the Company agree to interpret this Agreement in a manner consistent with Section 409A to prevent Employee being subject to the payment of interest or any additional tax under Section 409A.

  
  

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	AGREED AND ACCEPTED:
	
	/s/ Dean E. Cherry
	Dean E. Cherry
	
	 Acceptance Date: October 11, 2006

	
	R.R. DONNELLEY & SONS COMPANY
		
	By:	 	/s/ Andrew B. Panega
	 Name: Andrew B. Panega

	 Title: SVP, Human Resources

	
	 Receipt Date: October 11, 2006

  
  
  

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 Exhibit A 
  

RELEASE 
  
 Dean E. Cherry, hereinafter referred to as “Releasor,” executes this Release this 31st day of October, 2006. 
  
 This Release is made in favor of R. R. Donnelley & Sons Company, 111
South Wacker Drive, Chicago, Illinois (“Donnelley”) and its current and former officers, directors, employees, partners, benefit plans, benefit plan fiduciaries, benefit plan administrators, successors, assigns, agents, divisions, parents,
subsidiaries, affiliates, attorneys, and other related entities, including, but not limited to, Moore Wallace Incorporated, (“Released Parties”), on behalf of Releasor and Releasor’s heirs, executors, administrators, successors and
assigns. 
  
 For and in consideration of the separation payments
and other things of value to be provided pursuant to the Separation Agreement, Release and Waiver entered into between Donnelley and Employee, Employee agrees, knowingly and voluntarily, that by executing this Release he releases and forever
discharges the Company and the current and former shareholders, employees, officers, directors, benefit plans, benefit plan fiduciaries, benefit plan administrators, consultants, representatives and agents thereof, of and from any and all claims,
liabilities, demands or causes of action known and unknown, that Employee has had or now has, arising through the date of this Separation Agreement, with respect to any and all of the following, except Employee does not hereby waive any claims that
cannot be waived under applicable law. This Separation Agreement does not waive or otherwise impair any vested rights Employee may have under the terms of any tax-qualified retirement plan, stock option plan or any other equity award agreement.
Employee hereby acknowledges that it is his responsibility to review any equity award agreement(s) to determine termination dates of his rights thereunder. 
  

	 	a.	claims against the Company based upon the common law, including but not limited to, emotional distress; injury to personal reputation; defamation (including libel or slander);
invasion of privacy; denial of employment in contravention of common law or any federal, state, local or public policy, law or regulation; 

  

	 	b.	claims against the Company based upon any alleged written or oral employment agreement, policy, plan or procedure of the Company and/or any alleged understanding or arrangement
between Employee and the Company; 

  

	 	c.	 claims against the Company based upon alleged violation(s) of any statute, regulation, or ordinance, whether federal, state or local, or based on any other federal,
state or local law, including but not limited to, any and all claims under the Americans with Disabilities Act, 42 U.S.C. § 12101 (including the Older Workers Benefit Protection Act), et seq.; the Age Discrimination in 

	 	 
Employment Act, as amended, 29 U.S.C. § 621, et seq.; Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e,
et seq.; the Civil Rights Act of 1991, P.L. 102-166, 105 Stat. 1071, et seq.; 42 U.S.C. § 1981; the Fair Labor Standards Act, 29 U.S.C. § 201, et seq.; the Employee Retirement Income Security Act of 1974, as
amended, 29 U.S.C. § 1001, et seq.; the Equal Pay Act, 29 U.S.C. § 206(d), et seq.; the Worker Adjustment and Retraining Notification Act, 29 U.S.C. § 2101, et seq.; Sarbanes Oxley Act of 2002, 18
U.S.C. § 1514, et. seq.; and any other federal, state, or local laws touching upon the employment relationship; 

  

	 	d.	claims against the Company based upon the U.S. Constitution or any state constitution; and 

  

	 	e.	claims against the Company based upon any theory of alleged equitable entitlement to relief. 

  
 This Release shall be construed in accordance with the laws of the State of Delaware (the place of RR Donnelley’s
incorporation) and construed in accordance therewith without giving effect to principles of conflicts of laws. In the event of any dispute hereunder the parties hereby consent to the exclusive jurisdiction of the courts of the State of Delaware and
the Federal courts of the United States of America located in the District of Delaware, and the parties hereby waive, to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or
to the laying of venue of any such suit, action or proceeding, and the parties agree not to plead or claim the same. 
  
 Releasor agrees that the provisions of this Release are severable, and if any part is found unenforceable, the other parts shall remain fully valid and
enforceable. 
  
 In signing below, Releasor expressly
acknowledges that he or she has read this Release carefully, that he or she fully understands its terms and conditions, that he or she has been advised of his or her rights and has been advised to consult an attorney prior to executing this Release,
and that Releasor intends to be legally bound by the Release 
  
 RELEASOR ACKNOWLEDGES THAT HE OR SHE HAS HAD THE OPPORTUNITY TO HAVE AT LEAST 21 DAYS WITHIN WHICH TO DECIDE WHETHER OR NOT TO SIGN THIS RELEASE. RELEASOR FURTHER ACKNOWLEDGES THAT HE OR SHE HAS BEEN GIVEN THE RIGHT TO REVOKE THIS RELEASE
BY SERVING, WITHIN A SEVEN DAY PERIOD AFTER SIGNING, A WRITTEN NOTICE OF REVOCATION. THE RELEASE SHALL BECOME EFFECTIVE ON THE EIGHTH DAY FOLLOWING ITS EXECUTION BY RELEASOR. 
  
 If Releasor revokes the Release, Donnelley and/or the Released Parties shall have no obligation under it. 
  
  

 IN WITNESS WHEREOF, Releasor has signed this Release at
                                 (Place of execution). 
  

					
	 	  	 	  	 
	(Signature of Releasor)	  	 	  	 
	 	  	 	  	 
	 	  	 	  	 
	SOCIAL SECURITY NUMBER	  	 	  	EMPLOYEE ID NUMBERForm of Restricted Stock Agreement

 Exhibit 10.1 
 CELSION CORPORATION 
 2004 STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 
 THIS
STOCK AGREEMENT (this “Agreement”) is made and entered into as of the day of                     , by and between
CELSION CORPORATION (the “Corporation”), a Delaware corporation, and                     , an individual
employed by or performing services for the Corporation (“Grantee”). 
 ARTICLE 1 
 GRANT OF OPTION 
 Section 1.1 Grant of Restricted Stock. Subject to the provisions of this Agreement, and pursuant to the provisions of the Celsion Corporation 2004 Stock Incentive Plan (the “Plan”), the Corporation hereby grants
to Grantee, as of the Grant Date specified in Attachment A, a Restricted Stock (the “Grant”) of the type stated in Attachment A to require all or any part of the number and class of shares of Common Stock set forth on Attachment A
(“Shares”). 
 ARTICLE 2 
 VESTING 
 Section 2.1 Vesting Schedule. Subject to earlier termination or acceleration in accordance with
the remaining provisions of this Agreement, the Plan or otherwise, the Grant will vest on the dates (each, a “Vesting Date”), and with respect to the number of Shares, specified in Attachment A, provided that the Shares subject to
vesting on a particular Vesting Date shall so vest only if Grantee shall have been in the continuous employ of or affiliation (as a consultant or director) with the Corporation from the Grant Date through such Vesting Date. 
 Section 2.2 Acceleration Upon Change of Control. Notwithstanding any language to the contrary contained herein, if this Agreement
is in effect at the time of the occurrence of a “Change of Control” event, all Grant granted hereunder not then vested shall automatically fully vest and become immediately exercisable simultaneously with the occurrence of such Change of
Control event. For purposes of this Agreement, “Change of Control” event, means (A) if any Person, or combination of Persons (as hereinafter defined), or any affiliate of any of the above, is or becomes the “beneficial
owner” (as defined in Rule l3d-3 promulgated under the Securities Exchange Act of 1934) directly or indirectly, of securities of the Corporation representing twenty-five percent (25%) or more of the total number of outstanding shares
of common stock of the Corporation; (B) if individuals who, on the date of this Agreement, constitute the Board (the “Incumbent Directors”) cease, for any reason, to constitute at least a majority thereof, provided that any new
director whose election was approved by a vote of at least seventy-five percent (75%) of the Incumbent Directors (or directors theretofore approved by the Incumbent Directors) shall be treated as an Incumbent Director; or (C) the
Corporation sells substantially all of its assets to a purchaser other than a subsidiary. For purposes hereof, “person” shall mean any individual, partnership, joint venture, association, trust, or other entity, including a
“group” deemed to be so for purposes of Section 3(d)(3) of the Securities Exchange Act of 1934. 

 ARTICLE 3 
 TERMINATION OF EMPLOYMENT 
 Section 3.1 Unvested Portion. Subject to earlier
termination in accordance with the remaining provisions of this Agreement, the Plan or otherwise, the unvested portion of the Grant shall terminate upon termination of Grantee’s employment by or affiliation (as a consultant or director) with
the Corporation for any reason. 
 ARTICLE 4 
 MISCELLANEOUS 
 Section 4.1 Non-Guarantee of Employment. Nothing in the Plan or
this Agreement shall be construed as an employment, consulting or similar services contract between the Corporation (or an affiliate) and Grantee, or as a contractual right of Grantee to continue as an employee or, consultant to the Corporation (or
an affiliate) or in any similar capacity, or as a limitation of the right of the Corporation (or an affiliate) to discharge Grantee at any time. 
 Section 4.2 No Rights of Stockholder. Grantee (or, in the case of death or disability, Grantee’s Representative or Guardian) shall not have any of the rights of a stockholder with respect to the Shares that may be
issued upon the exercise of the Grant until such Shares have been fully paid for and duly issued thereto upon the due exercise of the Grant. 
 Section 4.3 Withholding of Taxes. The Corporation or any affiliate shall have the right to deduct from any compensation or any other payment of any kind (including withholding the issuance of Shares) due Grantee the
amount of any federal, state or local taxes required by law to be withheld as the result of the vesting of the Grant or the disposition (as that term is defined in §424(c) of the Code) of Shares acquired pursuant to the vesting of the Grant. In
lieu of such deduction, the Committee may require Grantee to make a cash payment to the Corporation or an affiliate equal to the amount required to be withheld. If Grantee does not make such payment when requested, the Corporation may refuse to
issue any certificate for Shares until such time, if any, as arrangements satisfactory to the Committee for such payment have been made. 
 Section 4.4 Agreement Subject to Charter and Bylaws. This Agreement is subject to the Charter and Bylaws of the Corporation, and any applicable Federal or state laws, rules or regulations, including without limitation,
the laws, rules, and regulations of the State of Delaware. 
 Section 4.5 Gender and Number. Except as the context
otherwise requires, terms used herein in the singular shall extend to and include the plural, terms used in the plural shall extend to and include the singular and works used in either gender or the neuter shall extend to and include each other
gender or be neutral. 
 Section 4.6 Headings. Captions to and headings of the various provisions hereof are solely for
the convenience of the parties, are not a part of this agreement, and shall not be used for the interpretation of or determination of the validity of this Agreement or any term or provision hereof. 
 Section 4.7 Notices. All notices and other communications made or given pursuant to the Agreement shall be in writing and shall be
sufficiently made or given if hand delivered, sent by courier or reputable overnight delivery company, transmitted by facsimile, e-mail or other electronic means (provided that the party giving such notice or effecting such communication receives
confirmation of transmittal thereof), or mailed by certified mail, addressed to Grantee at the address or facsimile number contained in the records of the Corporation, or addressed to the Committee, care of the Corporation for the attention of its
Secretary at its principal office. Any notice or other communication shall be deemed given on the date of actual delivery, if hand delivered, on the business day next succeeding the date of dispatch, if sent by courier or delivery company or if
transmitted by facsimile, e-mail or similar electronic means, and on the third business day following dispatch if mailed. 

 Section 4.8 Entire Agreement; Modification. The Agreement, including Attachments A and
B hereto, which are incorporated herein by reference and made a part hereof, together with the Plan and any other agreement that makes reference hereto or to the Plan contains the entire agreement between the parties with respect to the subject
matter contained herein and may not be modified, except as provided in the Plan or in a written document signed by each of the parties hereto. 
 Section 4.9 Conformity with Plan. This Agreement is intended to conform in all respects with, and is subject to all applicable provisions of, the Plan, which is incorporated herein by reference. Unless stated otherwise
herein, capitalized terms in this Agreement shall have the same meaning as defined in the Plan. Inconsistencies between this Agreement and the Plan shall be resolved in accordance with the terms of the Plan. In the event of any ambiguity in the
Agreement or any matters as to which the Agreement is silent, the Plan shall govern including, without limitation, the provisions thereof pursuant to which the Committee has the power, among others, to (i) interpret the Plan and Grant
Agreements related thereto, (ii) prescribe, amend and rescind rules and regulations relating to the Plan, and (iii) make all other determinations deemed necessary or advisable for the administration of the Plan. The Grantee acknowledges by
signing this Agreement that he or she has received and reviewed a copy of the Plan. 
 IN WITNESS WHEREOF, the parties have executed
the Agreement as of the date first above written. 
  

					
	ATTEST:	    	CELSION CORPORATION
			
	  
	    	By	 	                                      
                                        
                             (SEAL)
	Name:	    	Name:	 	Anthony P. Deasey
	Title:	    	Title:	 	Executive Vice President and Chief Operating Officer
			
	WITNESS:	    	GRANTEE	 	
		
	  
	    	                                      
                                        
                     (SEAL)
		    	Name:                                     
                                        
                         

 ATTACHMENT A 
  

	
	 Grantee:

	
	 Type of Grant:

	
	 Grant Date:

	
	 Number and Class of Shares:

	
	 Vesting Schedule:
  
 The Option shall become vested and exercisable with respect to:
  

	 of the shares subject to Grant on 
  
 of the shares subject to Grant on
  
 of the shares subject to Grant on

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