Document:

EXHIBIT 10.2

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the "Agreement")
is effective as of August 19, 2013, by and between Advaxis, Inc., a Delaware corporation (the "Company"), and
Daniel J. O’Connor ("Executive").

 

WHEREAS, the Company and Executive
desire to enter into this Agreement pursuant to which the Company will employ Executive in the capacity, for the period, and on
the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants and agreements herein contained, the parties hereby agree as follows:

 

1. EMPLOYMENT AND DUTIES. The Company
hereby employs Executive and Executive hereby accepts such employment in the capacity of President and Chief Executive Officer
of the Company ("CEO"), and shall accept an appointment as a member of the Board of Directors of the Company (“the
Board”), and agrees to act in accordance with the terms and conditions hereinafter set forth. During the Term (as
defined below), Executive agrees that he will devote time, attention and skills to the operation of the Business (as defined below)
of the Company and that he will perform such duties, functions, responsibilities and authority in connection with the foregoing
as are customarily assigned to individuals serving in such positions and such other duties consistent with Executive’s titles
and positions as the Board specifies from time to time. For purposes of this Agreement, the “Business” of the
Company shall be defined as the development and commercialization of immunotherapy drug candidates and related technology based
products.

 

Executive represents and warrants that he
is not bound by the terms of any agreement with any previous employer or other party which would limit his abilities to perform
his duties and obligations hereunder. In connection with Executive’s employment, Executive further represents and warrants
that he will not use any confidential or proprietary information of any previous employer.

 

2. TERM. The term of this Agreement
shall commence on the date hereof and shall continue for a period of three (3) years (the “Initial Term”). Thereafter,
this Agreement shall be automatically renewed for one year periods (“Renewal Terms”), unless otherwise terminated
by the Company or Executive upon written notice to the other given not less than ninety (90) days prior to the expiration of the
Initial Term or the applicable Renewal Term of the Agreement. The Initial Term and any Renewal Terms thereof shall be referred
to herein as the "Term."

 

3. COMPENSATION. In consideration
of all the services to be rendered by Executive to the Company hereunder, the Company hereby agrees to pay or otherwise provide
Executive the following compensation and benefits. It is furthermore understood that the Company shall have the right to make any
applicable deductions or withholdings as agreed to by the parties or required by applicable law (including but not limited to Social
Security payments, income tax withholding and other required deductions not in effect or which may become effective by law any
time during the Term) from the following compensation.

 

    	 

    	 

    

 

(a) SALARY. Executive shall receive
an annual salary of Two Hundred and Ninety-Five Thousand Dollars ($295,000.00), plus annual cost of living (COLA—as determined
by the Social Security Administration) salary increases commencing on the one-year anniversary of the execution of this Agreement
("Base Salary"). The applicable Base Salary shall be reviewed by the Board immediately following the end of the
Company’s fiscal year to determine the annual increase, or decrease consistent with the Company’s decrease in the base
salaries of other senior executives, to the applicable year’s Base Salary; provided, however, that in no event shall such
annual increase be less than the cost of living increase. The applicable Base Salary will be paid in equal installments not less
frequently than bi-monthly in accordance with the Company's salary payment practices in effect from time to time for senior executives
of the Company. The Compensation Committee of the Board of Directors (the “Compensation Committee”) shall determine
in its sole discretion, on or before September 30, 2013, whether to pay a percentage, if any, of the Base Salary in the form of
Advaxis restricted stock unit awards. The percentage, if any, of such award is subject to increase or decrease in the sole direction
of the Compensation Committee.

 

(b) BONUS PAYMENT.

 

(i) In addition to Section 3(b)(ii)
of this Agreement, below, at the end of each fiscal year of the Company, in addition to the Base Salary then in effect, Executive
shall be eligible to receive a bonus payment (the "Bonus Payment") of between 10 and 50% of the applicable year’s
Base Salary (the "Bonus Percentage"). The Bonus Payment, if any, will be paid in accordance with the Company's
bonus payment practices in effect from time to time for senior executives of the Company. It will be awarded in the sole discretion
of the Compensation Committee based on a mutually agreed set of goals established during the first month of each fiscal year. Determinations
as to whether Executive has met these mutually agreed upon set of goals will be determined in the sole discretion of the Compensation
Committee. Executive must be employed by the Company, without the occurrence of any of the Events of Termination, as that term
is defined below, and without having tendered notice to the Company of an anticipated Event of Termination, at the time that the
Bonus Payment is to be paid to Executive.

 

(ii) A one-time payment in an amount to
be determined in the sole discretion of the Compensation Committee on or before September 30, 2013, will be paid to Executive within
two business days following the first instance, subsequent to the execution of this Agreement, in which the Company closes any
financing greater than $15,000,000, so long as such closing occurs during the Initial Term and Executive is still employed by the
Company, without the occurrence of any of the Events of Termination, as that term is defined below, and without having tendered
notice to the Company of an anticipated Event of Termination, at the time that the payment is to be paid to Executive. 50% of such
payment may be made in Advaxis Common Stock, at the Company’s sole discretion.

 

(c) BENEFIT PLANS. As of the date
hereof, Executive shall be eligible to participate in the Company’s group health insurance plan and any other benefit plan
applicable to the Company’s senior executives.

 

(d) INSURANCE. The Company may secure,
in its own name, or otherwise, and at its own expense, life, health, accident and other insurance covering Executive or Executive
and others. Executive agrees to assist the Company in procuring such insurance by submitting to the usual and customary medical
and other examinations and by signing, as the insured, such applications and other instruments in writing as may be reasonably
required by the insurance companies to which application is made pursuant to such insurance. Executive agrees that he shall have
no right, title, or interest in or to any insurance policies or to the proceeds thereof which the Company many so elect to take
out or to continue on the Executive's life.

 

    	 

    	 

    

 

(e) PURCHASE OF COMPANY STOCK.

 

(i) Upon execution and delivery of this
Agreement, Executive will be eligible to receive options to purchase shares of the Company's common stock, par value $.001 per
share (the "Common Stock"), in an amount and at an exercise price determined by the Compensation Committee, which
shall vest in accordance with, and which shall be subject to the restrictions of, the Company's 2011 Omnibus Incentive Plan, a
copy of which is attached hereto as Exhibit A.

 

(ii) Executive shall be permitted to
participate in any capital raise conducted by the Company and purchase shares of Common Stock at a price 15% below the applicable
offering price (or conversion price) of shares offered to investors during such capital raise or offering, consistent with the
Company's 2011 Omnibus Incentive Plan.

 

(f) EXPENSES. Executive shall be
entitled to be reimbursed for all reasonable expenses incurred by him in connection with the fulfillment of his duties hereunder,
including all necessary continuing education and certification costs and related expenses; provided, however, that Executive has
obtained the Company's prior written approval of such expenses and has complied with all policies and procedures related to the
reimbursement of such expenses as shall, from time to time, be established by the Company.

 

(g) VACATIONS AND SICK LEAVE. Executive
shall be entitled to four (4) weeks paid vacation annually to be taken in accordance with the Company's vacation policy in effect
from time to time and at such time or times as may be mutually agreed upon by the Company and Executive. Unused vacation time may
not be carried over from year to year. Executive shall also be entitled to sick leave in accordance with the Company’s sick
leave policies in effect from time-to-time.

 

4. TERMINATION.

 

(a) EVENTS OF TERMINATION. This Agreement
and the employment relationship shall terminate on the earliest to occur of the following events (the “Events of Termination”):

 

(i) expiration of the Term;

 

(ii) written mutual agreement of the Company
and Executive;

 

(iii) the voluntary resignation by Executive with Good Reason. “Good Reason” shall be defined as: (a) the failure of the Company to pay Executive any compensation when due, save and except for a disputed claim to compensation; (b) a significant adverse change in the nature or scope of the authority, powers, functions, responsibilities, or duties attached to the positions of Executive with the Company as set forth herein; or (c) a material breach by the Company or its successors of a term or condition of this Agreement.

 

(iv) the voluntary resignation of Executive
without Good Reason;

 

(v) the death of Executive;

 

    	 

    	 

    

 

 

(vi) the disability of Executive. Executive shall be deemed
disabled if, as a result of Employee’s incapacity due to physical or mental illness, Executive shall have been absent
from his duties hereunder on a full time basis for a period of one (1) month or longer;

 

(vii) the retirement of Executive;

 

(vii) the termination of Executive’s employment by the Company for “Just Cause,” as determined by the Company in its sole discretion. “Just Cause” shall include: (a) the failure by Executive to substantially perform his assigned duties for the Company, which failure has continued for a period of at least fifteen (15) days following written notice of demand for substantial performance, signed by an officer or director of the Company, has been delivered to Executive specifying the manner in which Executive has failed to substantially perform;

 

(b) Executive engaging in conduct, which in the Company’s sole discretion, is demonstrably and materially injurious to the Company, which Executive does not cease following Executive’s receipt of written notice from the Company specifying the nature of such conduct; (c) behavior constituting gross negligence or willful misconduct by the Executive during the course of his duties and the term of this Agreement; (d) the misappropriation of corporate assets or corporate opportunities by Executive or any other acts of dishonesty or breach of Executive’s fiduciary obligation to the Company; or (e) the involvement of Executive in a felony or a misdemeanor involving moral turpitude (including the entry of a plea of nolo contendre); or

 

(viii) the termination of Executive’s employment by
the Company without “Just Cause.”

 

(b) EVENTS OF TERMINATION TRIGGERING
SEVERANCE PAYMENT. If the Company terminates Executive's employment without Just Cause, if Executive voluntarily resigns with
Good Reason, or if Executive's employment is terminated due to disability, as that term is defined above, Executive shall be entitled
to receive, provided Executive properly executes and does not revoke a Confidential Separation and Release Agreement in the form
provided by the Company at the time of separation from his employment, in addition to the applicable Base Salary, plus any accrued
but unused vacation time and unpaid expenses (in accordance with Sections 3(e) and (f) hereof) that have been earned by the Executive
as of the date of such termination (“Termination Date”), the following severance payments (the "Severance
Payments"):

 

(i) equal monthly installments at the applicable Base Salary rate then in effect, as determined on the first day of the calendar month immediately preceding the day of termination, to be paid beginning on the first day of the month following such Termination Date and continuing twelve (12) months following the Termination Date (the "Severance Period"). Whenever Severance Payments are payable to Executive hereunder during a time when Executive is partially or totally disabled, and such disability would entitle him to disability income payments according to the terms of any plan or policy now or hereafter provided by the Company, the Severance Payments payable to Executive hereunder shall be inclusive of any such disability income and shall not be in addition thereto, even if such disability income is payable directly to Executive by an insurance company under a policy paid for by the Company.

 

    	 

    	 

    

 

(ii) during the Severance Period, health benefits substantially similar to those which Executive was receiving or entitled to receive immediately prior to termination; provided, however, such insurance benefits shall be reduced to the extent comparable benefits during such period following Executive's Termination Date, and any benefits actually received by Executive shall be reported by Executive to the Company.

 

(iii) all stock options held by the Executive will be deemed fully vested and exercisable on the Termination Date and the exercise period for such stock options will be increased by a period of two years from the Termination Date.

 

(iv) issuance of all Common Stock earned by the employee that has not yet been issued within four business days of the Termination Date.

 

(v) removal of all restrictive legends on shares held by the Executive that qualify for such treatment under Rule 144 of the Securities and Exchange Act of 1934 within 10 business days of the presentation of such shares to the Company’s transfer agent.

 

(c) EVENTS OF TERMINATION NOT TRIGGERING
SEVERANCE PAYMENT. If Executive’s employment with the Company is terminated for any reason other those specifically enumerated
in Section 4(b) of this Agreement, including, but not limited to, the expiration of the Term, written mutual agreement of the Company
and Executive, the voluntary resignation of Executive without Good Reason, the death or retirement of Executive, or the termination
of Executive’s employment by the company with “Just Cause,” Executive shall not be entitled to receive any compensation
other than his accrued salary through the effective date of such termination, plus any accrued but unused vacation time and unpaid
expenses (in accordance with Sections 3(e) and (f) hereof) that have been earned by the Executive as the date of such termination.
Executive shall also be entitled to the continuation of group health plan benefits to the extent authorized by and consistent with
29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), provided, that, Executive shall be solely responsible for
premiums, costs and expenses associated therewith. The provisions of this Section 4(c) shall be in addition to, and not in lieu
of, any other rights and remedies the Company may have at law or in equity under any other provision of this Agreement in respect
of such termination of employment.

 

5. RESTRICTIVE COVENANTS. Executive
and the Company agree that the Company would suffer irreparable harm and incur substantial damage if Executive were to enter into
Competition (as defined herein) with the Company. Therefore, in order for the Company to protect its legitimate business interests,
Executive agrees as follows:

 

(a) Without the prior written consent of
the Company, Executive shall not, during the period of employment with the Company for any reason, directly or indirectly, invest
or engage in any business that is Competitive (as defined herein) with the Business of the Company or accept employment or render
services to a Competitor (as defined herein) of the Company as a director, officer, agent, employee or consultant or solicit or
attempt to solicit or accept business that is Competitive with the Business of the Company, except that Executive may own up to
five percent (5%) of any outstanding class of securities of any company registered under Section 12 of the Securities Exchange
Act of 1934, as amended.

 

    	 

    	 

    

 

(b) Without the prior written consent of
the Company and upon any termination of Executive's employment with the Company for any reason and for a period of twelve (12)
months thereafter, Executive shall not, either directly or indirectly, (i) invest or engage in any business that is Competitive
(as defined herein) with the Business of the Company, except that Executive may own up to five percent (5%) of any outstanding
class of securities of any company registered under Section 12 of the Securities Exchange Act of 1934, as amended; (ii) accept
employment with or render services to a Competitor of the Company as a director, officer, agent, employee or consultant unless
he is serving in a capacity that has no relationship to that portion of the Competitor's business that is Competitive with the
Business of the Company; or (iii) solicit, attempt to solicit or accept business Competitive with the Business of the Company from
any of the customers of the Company at the time of his termination or within twelve (12) months prior thereto or from any person
or entity whose business the Company was soliciting at such time.

 

(c) Upon termination of his employment with
the Company for any reason, and for a period of twelve (12) months thereafter, Executive shall not, either directly or indirectly,
engage, hire, employ or solicit in any manner whatsoever the employment of an employee of the Company.

 

(d) For purposes of this Agreement, a business
or activity is in "Competition" or "Competitive" with the Business of the Company if it involves,
and a person or entity is a "Competitor", if that person or entity is engaged in, or about to become engaged in,
the research, development, design, manufacturing, marketing or selling of a specific product or technology that resembles, competes,
or is designed to compete, with, or has applications similar to any product or technology for which the Company has obtained or
applied for a patent or made disclosures, or any product or technology involving any other proprietary research or development
engaged in or conducted by the Company during the term of Executive's employment with the Company.

 

6. CONFIDENTIALITY. Executive acknowledges
and agrees that all nonpublic information concerning the business of the Company or any of its affiliates including without limitation,
nonpublic information relating to it or its affiliates’ products, customer lists, pricing, trade secrets, patents, business
methods and cost data, business plans, strategies, drawings, designs, nonpublic information regarding product development, marketing
plans, sales plans, manufacturing plans, management organization (including but not limited to nonpublic data and other information
relating to members of the Board, the Company or any of their affiliates or to management of the Company or any of its affiliates),
operating policies or manuals, financial records, design or other nonpublic financial, commercial, business or technical information
(i) relating to the Company or any of its affiliates or (ii) that the Company or any of its affiliates may receive
belonging to suppliers, customers or others who do business with the Company or any of its affiliates (collectively, the “Confidential
Information”) is and shall remain the property of the Company. Executive recognizes and agrees that all of the Confidential
Information, whether developed by Executive or made available to Executive, other than (i) information that is generally known
to the public, (ii) information already properly in Executive’s possession on a non-confidential basis from a source other
than the Company or its affiliates, which source to Executive’s knowledge is not prohibited from disclosing such information
by a legal, contractual or other obligation of confidentiality to the Company or its affiliates, or (iii) information that can
be demonstrated by Executive to have been independently developed by Executive without the benefit of Confidential Information
from the Company or its affiliates, is a unique asset of the business of the Company, the disclosure of which would be damaging
to the Company. Accordingly, Executive agrees to use such Confidential Information only for the benefit of the Company. Executive
agrees that during the Employment Period and until the sixth anniversary of the date of termination or expiration Executive’s
employment with the Company or its affiliates, Executive will not directly or indirectly, disclose to any person or entity any
Confidential Information, other than information described in clauses (i), (ii) and (iii) above, except as may be required in the
ordinary course of business of the Company or as may be required by law or government authority. If disclosure of any Confidential
Information is requested or required by legal process, civil investigative demand, formal or informal governmental investigation
or otherwise, Executive agrees (i) to notify the Company promptly in writing so that the Company may seek a protective order or
other appropriate remedy, and to cooperate fully, as may be reasonably requested by the Company, in the Company’s efforts
to obtain such a protective order or other appropriate remedy, and (ii) shall comply with any such protective order or other remedy
if obtained. Information concerning the business of the Company or any of its affiliates that becomes public as a result of Executive’s
breach of this Section 6 shall be treated as Confidential Information under this Section 6. Notwithstanding any provision herein
to the contrary, Executive may disclose the terms of this Agreement to the extent necessary to enforce its rights under this Agreement.

 

    	 

    	 

    

 

7. WORKS FOR HIRE. Executive acknowledges
and agrees that all services performed for the Company during the Term are provided on a work for hire basis (as that term is used
in the United States Copyright Act), and that Executive has no right, claim or title, and expressly disavows any such right, claim,
or title, to any such work. If, for any reason, the foregoing is ineffective to confirm the absolute, irrevocable and unconditional
ownership by, or rights of, the Company in any materials created by Executive in connection with such services, or if it should
ever be determined that any of such materials are not a “work-made-for-hire” exclusively owned and authored by the
Company, Executive hereby absolutely, irrevocably and unconditionally assigns (or, to the extent such assignment is or may be prohibited
or limited by any applicable law, hereby absolutely, irrevocably and unconditionally licenses, royalty-free) exclusively to the
Company all of such materials, throughout the universe in perpetuity, without condition, exclusion, limitation or reservation.

 

8. NOTICES. Any notice or other communication
required or permitted to be given hereunder shall be in writing and deemed to have been given when delivered in person or when
dispatched by telegram, electronic mail, or electronic facsimile transfer (confirmed in writing by mail, registered or certified,
return receipt requested, postage prepaid, simultaneously dispatched) to the addressees at the addresses specified below.

 

	 	If to Executive:     	Daniel J. O’Connor
	 	                                      	 
	 	                                          	 
	 	If to the Company:  	James Patton
	 	 	Chairman of the Board
	 	 	Advaxis, Inc.
	 	 	305 College Road East
	 	 	Princeton, New Jersey 08540

 

    	 

    	 

    

 

or to such other address or fax number as either party may from
time to time designate in writing to the other.

 

9. LEGAL REPRESENTATION. Executive
acknowledges that he was advised to consult with, and has had ample opportunity to receive the advice of, independent legal counsel
before executing this Agreement, and that the Company advised Executive to do so and that Executive has fully exercised that opportunity
to the extent he desired. Executive acknowledges that he had ample opportunity to consider this Agreement and to receive an explanation
from such legal counsel of the legal nature, effect, ramifications, and consequences of this Agreement. Executive warrants that
he has carefully read this Agreement, that he understands completely its contents, that he understands the significance, nature,
effect, and consequences of signing it, and that he has agreed to and signed this Agreement knowingly and voluntarily of his own
free will, act, and deed, and for full and sufficient consideration.

 

10. ENTIRE AGREEMENT. This Agreement,
together with Exhibit A, constitutes the entire agreement between the parties hereto relating to the subject matter hereof, and
supersedes all prior agreements and understandings, whether oral or written, with respect to the same. No modification, alteration,
amendment or revision of or supplement to this Agreement shall be valid or effective unless the same is in writing and signed by
both parties hereto.

 

11. GOVERNING LAW. This Agreement
is made and entered into in the State of New Jersey, and shall in all respects be interpreted, enforced, and governed by and continued
and enforced in accordance with the internal substantive laws (and not the laws of choice of laws) of the State of New Jersey applicable
to contracts entered into and to be performed in New Jersey.

 

12. ASSIGNMENT. The rights and obligations
of the parties under this Agreement shall not be assignable without written permission of the other party.

 

13. SEVERABILITY. The invalidity
of any provision of this Agreement under the applicable laws of the State of New Jersey or any other jurisdiction, shall not affect
the other provisions hereby declared to be severable from all other provisions. The intention of the parties, as expressed in any
provision held to be void or ineffective, shall be given such full force and effect as may be permitted by law.

 

14. SURVIVAL. The obligations of
the Company or its successor to pay any Severance Payments required hereunder subsequent to the termination of this Agreement and
the obligations of Executive under Sections 5, 6, and 7 hereof, and all subparts thereof, shall survive the termination of this
Agreement.

 

15. REMEDIES. Executive and the Company
recognize that the services to be rendered under this Agreement by Executive are special, unique, and of extraordinary character,
and that in the event of the breach by Executive of the terms and conditions of Sections 5, 6, and 7 hereof, or any subpart thereof,
the Company shall be entitled, if it so elects, to institute and prosecute proceedings in any court of competent jurisdiction,
to obtain damages for any breach thereof.

 

    	 

    	 

    

 

16. DISPUTE RESOLUTION. Except for
the right of either party to apply to a court of competent jurisdiction for a temporary restraining order, a preliminary injunction,
or other equitable relief to preserve the status quo or prevent irreparable harm, any and all claims, disputes or controversies
arising under, out of, or in connection with the Agreement, including any dispute relating to production, use or commercialization,
which the parties shall be unable to resolve within sixty (60) days, shall be submitted to good faith mediation. The party raising
such dispute shall promptly advise the other party of such claim, dispute or controversy in a writing, which describes in reasonable
detail the nature of such dispute. By not later than five (5) business days after the recipient has received such notice of dispute,
each party shall have selected for itself a representative who shall have the authority to bind such party, and shall additionally
have advised the other party in writing of the name and title of such representative. By not later than ten (10) business days
after the date of such notice of dispute, the party against whom the dispute shall be raised shall select a mediation firm, company,
or agency in New Jersey, or identify an individual mediator(s), and such representatives shall schedule a date with such firm or
mediator(s) for a mediation hearing. The parties shall enter into good faith mediation and shall share the costs equally. If the
representatives of the parties have not been able to resolve the dispute within fifteen (15) business days after such mediation
hearing, the parties shall have the right to pursue any other remedies legally available to resolve such dispute in either the
Courts of the State of New Jersey or in the United States District Court for the District of New Jersey, to whose jurisdiction
for such purposes Company and Executive each hereby irrevocably consents and submits.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, the parties have
executed this Agreement as of the day and year first above written.

 

 

	 	 	Advaxis, Inc,	 
	 	 	a Delaware corporation	 
	 	 	 	 
	 	By:  	 	 
	     	 	/s James Patton	 
	     	 	Name: James Patton	 
	 	 	     Title:  Chairman of the Board	 
	 	Executive:	 	 
	 	 	 	 
	     	 	/s/ Daniel J. O’Connor	 
	 	 	     Daniel J. O’Connor	 
	 	 	 	 

 

 

    	 

    	 

    

  

 

  

 

 

 

 

 

 

EXHIBIT AEXHIBIT 10.3

 

FORM OF

 

INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement is effective
as of August 19, 2013 (this “Agreement”), and is between Advaxis, Inc.,
a Delaware corporation (the “Company”), and [           ]
(“Indemnitee”).

 

Background

 

The Company believes that, in order to
attract and retain highly competent persons to serve as directors or in other capacities, including as officers, it must provide
such persons with adequate protection through indemnification against the risks of claims and actions against them arising out
of their services to and activities on behalf of the Company.

 

Indemnitee is a director, officer or, if
applicable, an advisory committee member of the Company or a subsidiary, if any, of the Company, or the Company desires and has
requested Indemnitee to serve as a director, officer or advisory committee member of the Company or any subsidiary of the Company
and, in order to induce the Indemnitee to serve or continue to serve as a director, officer or advisory committee member of the
Company or any subsidiary of the Company, the Company is willing to grant the Indemnitee the indemnification provided for herein.
Indemnitee is willing to so serve, or continue to so serve, on the basis that such indemnification be provided.

 

The Amended and Restated By-laws of the
Company (the “By-laws”) require indemnification of the officers and directors of the Company. Indemnitee may
also be entitled to indemnification pursuant to the General Corporation Law of the State of Delaware (the “DGCL”).
The By-laws and the DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby
contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons
with respect to indemnification.

 

This Agreement is a supplement to and in
furtherance of the Certificate of Incorporation of the Company, as amended (the “Certificate of Incorporation”),
the By-laws, any employment agreement between Indemnitee and the Company or any of its subsidiaries and applicable law, and shall
not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

The parties by this Agreement desire to
set forth their agreement regarding indemnification and the advancement of expenses.

 

In consideration of Indemnitee’s
service or continued service to the Company and the covenants and agreements set forth below, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows.

 

    	 

    	 

    

  

		Section	1.               
Indemnification.

 

(a)               
To the fullest extent permitted by law, including, without limitation, the DCGL, the Company shall indemnify Indemnitee
if Indemnitee was or is made or is threatened to be made a party to or a participant in, or is otherwise involved in, as a witness
or otherwise, any threatened, pending or completed action, suit or proceeding (whether brought by a third party, by or in the right
of the Company, or otherwise), whether civil, criminal, administrative or investigative and whether formal or informal, including
appeals, by reason of (i) the fact that Indemnitee is or was or has agreed to serve as a director, officer, employee or agent of
the Company (including its subsidiaries) or, while serving as a director, officer, employee or agent of the Company (including
its subsidiaries), is or was serving or has agreed to serve at the request of, or to represent the interests of, the Company as
a director, officer, advisory committee member, employee or agent (which, for purposes hereof, shall include serving as
a trustee, fiduciary, partner, manager or in any similar capacity) of one or more subsidiaries of the Company or any other another
corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise, including
any charitable or not-for-profit public service organization or trade association, including any such service which imposes duties
on, or involves services by, Indemnitee with respect to an employee benefit plan, its participants or beneficiaries, and/or (ii)
any action by or omission, or alleged action or omission of Indemnitee in connection with such status ((i) and (ii), collectively,
Indemnitee’s “Corporate Status”).

 

(b)              
To the fullest extent permitted by law, including, without limitation, the DCGL, the indemnification provided by this Section
1 shall be from and against all loss and liability suffered including, without limitation, any and all (i) expenses (including,
without limitation, attorneys’ fees), judgments, fines, penalties and amounts paid in settlement actually and reasonably
incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals, (ii) any liability
pursuant to a loan guaranty or otherwise, for any indebtedness of the Company or any subsidiary of the Company, including, without
limitation, any indebtedness which the Company or any subsidiary of the Company has assumed or taken subject to, and (iii) any
liabilities which Indemnitee incurs as a result of acting on behalf of the Company (whether as a fiduciary or otherwise) in connection
with the operation, administration or maintenance of an employee benefit plan or any related trust or funding mechanism (whether
such liabilities are in the form of excise taxes assessed by the United States Internal Revenue Service, penalties assessed by
the United States Department of Labor, restitutions to such a plan or trust or other funding mechanism or to a participant or beneficiary
of such plan, trust or other funding mechanism, or otherwise).

 

(c)               
If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion
of loss and liability claimed but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee
for the full portion thereof to which Indemnitee is entitled.

 

		Section	2.               
Advance Payment of Expenses.

 

To the fullest extent permitted by law
(including, without limitation, the DGCL), expenses (including, without limitation, attorneys’ fees) incurred by Indemnitee
in appearing at, participating in or defending any action, suit or proceeding or in connection with an interpretation or enforcement
action, suit or proceeding as contemplated by Section 3(e), shall be paid by the Company in advance of the final disposition
of such action, suit or proceeding within fifteen (15) business days after receipt by the Company of a statement or statements
from Indemnitee requesting such advance or advances from time to time. The Indemnitee hereby undertakes to repay any amounts advanced
(without interest) if, when and only to the extent that it is ultimately determined by a final judicial determination (as to which
all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled under this Agreement to be indemnified
by the Company in respect thereof. Such undertaking shall be unsecured and is hereby accepted by the Company without reference
to Indemnitee’s ability to make any such payment. No other form of undertaking shall be required of Indemnitee other than
the execution of this Agreement. This Section 2 shall be subject to Section 3(b) and Section 3(e), and shall
not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 6.

 

    	 

    	 

    

 

		Section	3.               
Procedure for Indemnification; Notification and Defense of Claim.

 

(a)               
Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall,
if a claim in respect thereof is to be made against the Company hereunder, notify the Company in writing of the commencement thereof.
The failure to promptly notify the Company of the commencement of the action, suit or proceeding, or of Indemnitee’s request
for indemnification, will not relieve the Company from any liability that it may have to Indemnitee hereunder or otherwise, except
to the extent the Company is actually and materially prejudiced in its defense of such action, suit or proceeding as a result of
such failure or delay, and any such failure or delay shall not constitute a waiver by Indemnitee of any rights under this Agreement
or otherwise. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request therefor
including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to enable the
Company to determine whether and to what extent Indemnitee is entitled to indemnification.

 

(b)              
With respect to any action, suit or proceeding of which the Company is so notified as provided in this Agreement, the Company
shall, subject to the last two sentences of this paragraph, be entitled to assume the defense of such action, suit or proceeding,
with counsel reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so. After
delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Company, the Company will
not be liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate counsel engaged by Indemnitee with
respect to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been previously authorized
in writing by the Company. Notwithstanding the foregoing, if (i) Indemnitee reasonably believes that the use of counsel selected
by the Company to represent Indemnitee would present such counsel with an actual or potential conflict of interest, (ii) the named
parties in any such action, suit or proceeding (including any impleaded parties) include the Company or any subsidiary of the Company
and Indemnitee, and Indemnitee reasonably believes that there may be one or more legal defenses available to him that are different
from or in addition to those available to the Company or such subsidiary, or (iii) Indemnitee reasonably believes that any such
representation by such counsel would be precluded under the applicable standards of professional conduct then prevailing, then
the Company will not be entitled, without the written consent of Indemnitee, to assume such defense. In addition, the Company will
not be entitled, without the written consent of Indemnitee, to assume the defense of any claim brought by or in the right of the
Company.

 

    	 

    	 

    

 

(c)               
To the fullest extent permitted by law (including, without limitation, the DGCL), the Company’s assumption
of the defense of an action, suit or proceeding in accordance with paragraph (b) above will constitute an irrevocable acknowledgement
by the Company that any loss and liability suffered by Indemnitee and expenses (including, without limitation, attorneys’
fees), judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith are
indemnifiable by the Company under Section 1 of this Agreement.

 

(d)              
Upon written request by Indemnitee for indemnification pursuant to Section 3(a), a determination with respect to
Indemnitee’s entitlement thereto shall be made by the Company pursuant to this Section 3(d).

 

(i)                
The determination whether to grant Indemnitee’s indemnification request shall be made promptly (but within the applicable
time period specified in Section 3(d)(iv) and in the specific case by one of the following methods: (A) by a majority vote
of the Disinterested Directors, even though less than a quorum of the Board, or by decision of the sole Disinterested Director,
if such is the case, (B) by a committee of at least three Disinterested Directors designated by a majority vote of the Disinterested
Directors, even though less than a quorum of the Board; (C) if there are no Disinterested Directors or, if such Disinterested Director(s)
so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (D) where
there has been a Change in Control, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered
to Indemnitee.

 

(ii)              
In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section
3(d)(i), the Independent Counsel shall be selected as provided in this Section 3(d)(ii). If a Change in Control shall
not have occurred, the Independent Counsel shall be selected by a majority vote of the Disinterested Directors, even though less
than a quorum of the Board, or by decision of the sole Disinterested Director, if such is the case, and the Company shall give
written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If either there are no Disinterested
Directors or a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee, and Indemnitee shall
give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee
or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver
to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection
may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of Independent Counsel,
and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection,
the person or firm so selected shall be retained as Independent Counsel. If such written objection is so made and substantiated,
the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware
Court has determined that such objection is without merit. If, within thirty (30) days after the submission by Indemnitee of a
written request for indemnification pursuant to Section 3(a), no Independent Counsel shall have been selected and not objected
to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made
by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel
of a person or firm selected by such court or by such other person or firm as such court shall designate, and the person or firm
with respect to whom all objections are so resolved or the person or firm so appointed shall act as Independent Counsel under Section
3(d)(i). Upon the due commencement of any judicial proceeding pursuant to Section 3(e), Independent Counsel shall be
discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct
then prevailing). The Company agrees to pay the reasonable fees and expenses of the Independent Counsel.

 

    	 

    	 

    

 

(iii)            
Indemnitee shall cooperate with the person(s) or firm making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person(s) or firm upon reasonable advance request any documentation or information
which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably pertinent
to such determination. Any expenses incurred by Indemnitee in so cooperating with the person(s) or firm making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(iv)            
If the person(s) or firm empowered or selected under Section 3(d)(i) to determine whether Indemnitee is entitled
to indemnification shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor
(or, in the case of a decision to be made by Independent Counsel, within thirty (30) days after the appointment of such Independent
Counsel), the requisite affirmative determination of entitlement to indemnification shall, to the fullest extent not prohibited
by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (A) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (B) a prohibition of such indemnification under the DGCL; provided, however,
that such period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person(s) or firm
making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining
or evaluating of documentation and/or information relating thereto.

 

(v)              
For purposes of this Agreement, the termination of any action, suit or proceeding, by judgment, order, settlement (whether
with or without court approval) or conviction, or upon a plea of nolo contendere or its equivalent, shall not create a presumption
that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by law. In addition, neither the failure of the Board or Independent Counsel to have made a determination
as to whether Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination by
the Board or Independent Counsel that Indemnitee has not met such standard of conduct or did not have such belief, prior to the
commencement of legal proceedings by Indemnitee to secure a judicial determination that Indemnitee should be indemnified under
law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard
of conduct or did not have any particular belief.

 

(vi)            
Indemnitee shall be entitled to indemnification for any action or omission to act undertaken (A) in good faith reliance
upon the records of the Company, including its financial statements, or upon information, opinions, reports or statements furnished
to Indemnitee by the officers or employees of the Company or any of its subsidiaries in the course of their duties, or by committees
of the Board, or by any other person or entity as to matters Indemnitee reasonably believes are within such other person’s
or entity’s professional or expert competence, or (B) on behalf of the Company in furtherance of the interests of the Company
in good faith in reliance upon, and in accordance with, the advice of legal counsel or accountants, provided such legal counsel
or accountants were selected with reasonable care by or on behalf of the Company. In addition, the knowledge and/or actions, or
failures to act, of any director, officer, agent or employee of the Company shall not be imputed to Indemnitee for purposes of
determining the right to indemnity hereunder. The provisions of this Section 3(d)(vi) shall not be deemed to be exclusive
or to limit in any way the other circumstances in which Indemnitee may be deemed to have met the applicable standard of conduct
set forth in this Agreement.

 

    	 

    	 

    

 

(e)               
In the event that (A) a determination is made pursuant to Section 3(d)(i) that Indemnitee is not entitled to indemnification
under this Agreement, (B) no determination of entitlement to indemnification is made pursuant to Section 3(d)(i) within
the applicable time period set forth in Section 3(d)(iv), (C) payment of indemnification not made within ten (10) days after
(1) a determination has been made that Indemnitee is entitled to indemnification or, as contemplated by Section 3(b), the
Company has acknowledged such entitlement, or (2) receipt by the Company of a written request therefor pursuant to the last sentence
of Section 3(d)(iii), (D) advancement of expenses is not timely made in accordance with Section 2, or (E) the Company
or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or any other action, suit or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided
or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to pursue an adjudication in any court of competent
jurisdiction interpreting this Agreement or establishing or enforcing Indemnitee’s right to indemnification or advancement
of expenses under this Agreement or any law. Indemnitee’s expenses (including, without limitation, attorneys’ fees)
incurred in connection with seeking an interpretation of this Agreement or successfully establishing or enforcing Indemnitee’s
right to indemnification or advancement of expenses Agreement or any law, in whole or in part, in any such action, suit or proceeding
or otherwise shall also be indemnified by the Company to the fullest extent permitted by law (including, without limitation, the
DGCL). The Company shall not oppose Indemnitee’s right to any such adjudication.

 

(i)                
Any judicial proceeding commenced pursuant to this Section 3(e) shall be conducted in all respects as a de novo
determination on the merits and Indemnitee shall not be prejudiced by reason of either (A) an adverse determination by the Company
or Independent Counsel pursuant to Section 3(d)(i) that Indemnitee is not entitled to indemnification, or (B) the absence
of a determination that Indemnitee is entitled to indemnification, if such was the case.

 

(ii)              
If a determination shall have been made pursuant to this Section 3(d)(i) that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 3(e), absent
(A) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement
not materially misleading, in connection with the request for indemnification, or (B) a prohibition of such indemnification under
applicable law (including, without limitation, the DGCL).

 

(iii)            
The Company shall, to the fullest extent not prohibited by applicable law (including, without limitation, the DGCL), be
precluded from asserting in any judicial proceeding commenced pursuant to this Section 3(e) that the procedures and presumptions
of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is bound by all
the provisions of this Agreement.

 

    	 

    	 

    

 

(f)               
Indemnitee shall be presumed to be entitled to indemnification and advancement of expenses under this Agreement upon submission
of a request therefor in accordance with Section 2 or Section 3, and in any action, suit or proceeding by Indemnitee
to enforce this Agreement, as the case may be. The Company shall have the burden of proof in overcoming such presumption, and such
presumption shall be used as a basis for a determination of entitlement to indemnification and advancement of expenses unless the
Company overcomes such presumption by clear and convincing evidence.

 

		Section	4.               
Insurance and Subrogation.

 

(a)               
The Company shall use commercially reasonable efforts to purchase and maintain a policy or policies of insurance with reputable
insurance companies with A.M. Best ratings of “A” or better, providing Indemnitee with coverage for any liability asserted
against, and incurred by, Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, whether
or not the Company would have the power to indemnify Indemnitee against such liability under the provisions of this Agreement.
Such insurance policies shall have coverage terms and policy limits at least as favorable to Indemnitee as the insurance coverage
provided to any other director, officer, employee, advisory committee member or agent of the Company. If the Company has such insurance
in effect at the time the Company receives from Indemnitee any notice of the commencement of an action, suit or proceeding, the
Company shall give prompt notice of the commencement of such action, suit or proceeding to the insurers in accordance with the
procedures set forth in the applicable policy or policies. The Company shall thereafter take all necessary or desirable action
to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the
terms of such applicable policy or policies.

 

(b)              
Subject to Section 9(b), in the event of any payment by the Company under this Agreement, the Company shall be subrogated
to the extent of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy. Indemnitee shall
execute all papers required and take all action reasonably necessary to secure such rights, including execution of such documents
as are reasonably necessary to enable the Company to bring an action, suit or proceeding to enforce such rights in accordance with
the terms of such insurance policy. The Company shall pay or reimburse all expenses incurred by Indemnitee in connection with such
assistance.

 

(c)               
Subject to Section 9(b), the Company shall not be liable under this Agreement to make any payment of amounts otherwise
indemnifiable hereunder (including, but not limited to, judgments, fines and amounts paid in settlement, and ERISA excise taxes
or penalties) if and to the extent that payment has actually been received by Indemnitee under any insurance policy, contract,
agreement or otherwise, except with respect to any excess beyond the amount paid under any insurance policy, contract, agreement
or otherwise, except that any such payment made by or on behalf of any Indemnitee-related entity shall not reduce the Company’s
obligations under this Agreement; it being understood that, consistent with Section 9(b), if applicable, the Company shall
bear full responsibility for jointly indemnifiable claims.

 

    	 

    	 

    

 

		Section	5.               
Certain Definitions.

 

For purposes of this Agreement, in addition
to terms defined elsewhere in this Agreement, the following definitions shall apply:

 

(a)               
The term “action, suit or proceeding” shall be broadly construed and shall include, without limitation,
the investigation, preparation, prosecution, defense, settlement, arbitration and appeal of, and the giving of testimony in, any
threatened, pending or completed claim, action, suit, arbitration, alternative dispute resolution mechanism, inquiry, administrative
hearing or other proceeding, and whether civil, criminal, administrative or investigative, regulatory or legislative (formal or
informal) in nature, including any appeal therefrom, in which Indemnitee was, is or will be, or is threatened to be involved as
a party or otherwise by reason of Indemnitee’s Corporate Status, whether or not serving in such capacity at the time any
liability or expense is incurred, including any such matter pending or threatened on or before the date of this Agreement.

 

(b)              
The term “Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange
Act; provided, however, that Beneficial Owner shall exclude any person or entity otherwise becoming a “Beneficial Owner”
by reason of the stockholders of the Company approving a merger of the Company with another entity.

 

(c)               
The term “Board” means the Board of Directors of the Company.

 

(d)              
A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

(i)                
any person or entity is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing
thirty five percent (35%) or more of the combined voting power of the Company’s then outstanding securities;

 

(ii)              
during any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals
who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person or
entity who has entered into an agreement to effect a transaction described in Section 5(d)(i), Section 5(d)(iii)
or Section 5(d)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved
by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period
or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority
of the members of the Board;

 

(iii)            
the effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation
which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing
to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 51%
of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation
and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;

 

    	 

    	 

    

 

(iv)            
the approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets; or

 

(v)              
there occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A
of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act, whether
or not the Company is then subject to such reporting requirement.

 

(e)               
The term “Delaware Court” means the Chancery Court of the State of Delaware.

 

(f)               
The term “Disinterested Director” means a director of the Company who is not and was not a party to the
action, suit or proceeding or another action, suit or proceeding based on the same claim, issue or matter in respect of which indemnification
is sought by Indemnitee.

 

(g)              
The term “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time.

 

(h)              
The term “expenses” shall be broadly construed and shall include, without limitation, any and all direct
and indirect fees, costs, disbursements and expenses of any type or nature whatsoever (including, without limitation, all attorneys’,
accountants’ and other experts’ fees and related disbursements, supersedes or appeal bonds, other out-of-pocket costs,
and reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Company or any
third party), actually and reasonably incurred by Indemnitee in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, being or preparing to be a witness in, or otherwise participating in, an action, suit or proceeding or
establishing or enforcing a right to indemnification under this Agreement or otherwise, as well as any and all fees, costs, disbursements
and expenses incurred in connection with a claim that is indemnifiable hereunder and any appeal resulting from any such action,
suit or proceeding, including, without limitation, the premium, security for, and other costs relating to any cost bond, supersedeas
bond, or other appeal bond or its equivalent.

 

(i)                
The term “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters
of Delaware corporate law and, at the applicable time, neither is, nor in the five (5) years prior to such time had been, retained
to represent: (i) the Company or Indemnitee in any matter material to either party (other than with respect to matters concerning
other indemnitees under indemnification agreements similar to this Agreement), or (ii) any other party to the action, suit or proceeding
giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person or firm who, under the applicable standards of professional conduct then prevailing, would have a
conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under
this Agreement.

 

(j)                
The term “judgments, fines, penalties and amounts paid in settlement” shall be broadly construed and
shall include, without limitation, all direct and indirect payments of any type or nature whatsoever, as well as any penalties
or excise taxes assessed on a person with respect to an employee benefit plan).

 

    	 

    	 

    

 

		Section	6.               
Limitation on Indemnification.

 

Notwithstanding any other provision herein
to the contrary, the Company shall not be obligated pursuant to this Agreement:

 

(a)               
Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to an action, suit or
proceeding (or part thereof), however denominated, voluntarily initiated by Indemnitee and not by way of defense, other than any
action, suit or proceeding (i) brought to interpret this Agreement and/or establish or enforce a right to indemnification or advancement
of expenses under this Agreement or any law, including, without limitation, pursuant to Section 145 of the DCGL (which shall be
governed by the provisions of Section 3(e)), (ii) brought for recovery under any liability insurance policy maintained by
the Company, or (iii) that was authorized or consented to by the Board, it being understood and agreed that such authorization
or consent shall not be unreasonably withheld in connection with any compulsory counterclaim brought by Indemnitee in response
to an action, suit or proceeding otherwise indemnifiable under this Agreement.

 

(b)              
Section 16(b) Matters. To indemnify Indemnitee with respect to any action, suit or proceeding if, when and only to
the extent that a final judicial determination is made (as to which all rights of appeal therefrom have been exhausted or lapsed)
against Indemnitee for disgorgement of profits made from the purchase or sale by Indemnitee of securities of the Company pursuant
to the provisions of Section 16(b) of the Exchange Act; provided, that nothing in this Section 6(b) is intended to limit
Indemnitee’s right to the advancement of expenses to defend against any such action, suit or proceeding as provided in, and
subject to, Section 2 hereof.

 

(c)               
Claims Initiated by the Company with the Authorization of the Board. To indemnify or advance expenses to Indemnitee
with respect to an action, suit or proceeding (or part thereof) asserted against Indemnitee, however denominated, where such action,
suit or proceeding (or part thereof) was initiated by the Company or asserted by the Company as a counterclaim, where the initiation
of such action, suit or proceeding (or part thereof) was authorized by the Board. For the avoidance of doubt, the Company confirms
that the exclusion from indemnity and advancement set forth in the preceding sentence shall not be applicable to claims asserted
derivatively by third parties on behalf of the Company.

 

		Section	7.               
Certain Settlement Provisions.

 

The Company shall have no obligation to
indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without the Company’s
prior written consent. The Company shall not, without the prior written consent of Indemnitee, effect any settlement of any action,
suit or proceeding which Indemnitee is or could have been a party unless such settlement (a) involves the payment of money solely
by the Company or its insurers, and does not otherwise impose any obligation or restriction on Indemnitee, (b) does not require
Indemnitee to admit any liability, wrongdoing, culpability or violation of law, and (c) and includes a complete and unconditional
release of Indemnitee from all liability on all claims that are the subject matter of such action, suit or proceeding. Neither
the Company nor Indemnitee will unreasonably withhold its or his consent to any proposed settlement; provided, that Indemnitee
may withhold consent to any settlement that does not comply with the requirements of the immediately preceding sentence.

 

    	 

    	 

    

 

		Section	8.               
Savings Clause.

 

If any provision or provisions (or portion
thereof) of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Company shall nevertheless
(a) indemnify and advance expenses to Indemnitee as provided herein to the fullest extent possible, (b) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, without limitation, all portions of any Section of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that are not themselves invalid, illegal
or unenforceable) shall not in any way otherwise be affected or impaired thereby and (c) the provisions of this Agreement (including,
without limitation, all portions of any Section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable) shall otherwise be construed so as to give effect to the intent manifested by the provision held invalid, illegal
or unenforceable and to give effect to the intent of this Agreement (including, without limitation, as set forth in Section
13) to the fullest extent possible.

 

		Section	9.               
Contribution/Jointly Indemnifiable Claims.

 

(a)               
In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein
is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event,
the Company shall, to the fullest extent permitted by law, contribute to the payment of all of Indemnitee’s loss and liability
suffered and expenses (including, without limitation, attorneys’ fees), judgments, fines and amounts paid in settlement reasonably
incurred by or on behalf of Indemnitee in connection with any action, suit or proceeding, including any appeals, in an amount that
is just and equitable in the circumstances; provided, that, without limiting the generality of the foregoing, such contribution
shall not be required where such holding by the court is due to any limitation on indemnification set forth in Section 4(c),
Section 6 or Section 7 hereof.

 

(b)              
Given that certain jointly indemnifiable claims may arise due to the service of the Indemnitee as a director, officer or
advisory committee member of the Company at the request of the Indemnitee-related entities, the Company acknowledges and
agrees that the Company shall be fully and primarily responsible for the payment to the Indemnitee in respect of indemnification
or advancement of expenses in connection with any such jointly indemnifiable claim, pursuant to and in accordance with the terms
of this Agreement, irrespective of any right of recovery the Indemnitee may have from the Indemnitee-related entities. Under no
circumstance shall the Company be entitled to any right of subrogation or contribution by the Indemnitee-related entities and no
right of advancement or recovery the Indemnitee may have from the Indemnitee-related entities shall reduce or otherwise alter the
rights of the Indemnitee or the obligations of the Company hereunder. In the event that any of the Indemnitee-related entities
shall make any payment to the Indemnitee in respect of indemnification or advancement of expenses with respect to any jointly indemnifiable
claim, the Indemnitee-related entity making such payment shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee against the Company, and Indemnitee shall execute all papers reasonably required and shall do all
things that may be reasonably necessary to secure such rights, including the execution of such documents as may be necessary to
enable the Indemnitee-related entities effectively to bring suit to enforce such rights. For the avoidance of doubt, the intent
of the parties is that the Company’s obligations hereunder with respect to indemnification and advancement of fees shall
be primary and those of any Indemnitee-related entity (but not any insurance company) including, without limitation, The Blackstone
Group L.P., shall be secondary; provided however, that nothing herein is intended to diminish or reduce the obligation of any insurer
or to limit the rights of any insured arising under any directors and officers liability policy or any other applicable policy
of insurance. The Company and Indemnitee agree that each of the Indemnitee-related entities shall be third-party beneficiaries
with respect to this Section 9(b), entitled to enforce this Section 9(b) as though each such Indemnitee-related entity
were a party to this Agreement. For purposes of this Section 9(b), the following terms shall have the following meanings:

 

    	 

    	 

    

 

(i)                
The term “Indemnitee-related entities” means any corporation, limited liability company, partnership,
joint venture, trust, employee benefit plan or other enterprise (other than the Company or any other corporation, limited liability
company, partnership, joint venture, trust, employee benefit plan or other enterprise Indemnitee has agreed, on behalf of the Company
or at the Company’s request, to serve as a director, officer, advisory committee member, employee or agent and which
service is covered by the indemnity described in this Agreement) from whom an Indemnitee may be entitled to indemnification or
advancement of expenses with respect to which, in whole or in part, the Company may also have an indemnification or advancement
obligation.

 

(ii)              
The term “jointly indemnifiable claims” shall be broadly construed and shall include, without limitation,
any action, suit or proceeding for which the Indemnitee shall be entitled to indemnification or advancement of expenses from both
the Indemnitee-related entities and the Company pursuant to Delaware law, any agreement or the certificate of incorporation, bylaws,
partnership agreement, operating agreement, certificate of formation, certificate of limited partnership or comparable organizational
documents of the Company or any subsidiary of the Company, or the Indemnitee-related entities, as applicable.

 

		Section	10.           
Form and Delivery of Communications.

 

All notices, requests, demands and other
communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand, upon
receipt by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered
mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight
courier, one day after deposit with such courier and with written verification of receipt (d) sent by facsimile transmission, upon
receipt by the sender of a printed confirmation of transmittal, or (e) sent by e-mail transmission, upon receipt by the sender
of electronic confirmation of such transmittal.

 

    	 

    	 

    

 

		Section	11.           
Non-Exclusivity.

 

The rights of indemnification and to receive
advancement of expenses set forth in this Agreement shall not be deemed exclusive of, but shall be cumulative and in addition to,
any other rights to which Indemnitee may at any time be entitled under applicable law (as amended from time to time), in equity,
the Certificate of Incorporation, the By-laws, any agreement, a vote of stockholders or a resolution of directors, or otherwise.
To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement
of expenses than would be afforded currently under the By-laws and this Agreement, it is the intent of the parties hereto that
Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change; provided, however, that no change in
Delaware law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Delaware law as in effect
on the date hereof or as such benefits may improve as a result of amendments after the date hereof. To the extent that there is
a conflict or inconsistency between the terms of this Agreement and the Certificate of Incorporation or By-Laws, it is the intent
of the parties hereto that Indemnitee shall enjoy the greater benefits regardless of whether contained herein, in the Certificate
of Incorporation or By-Laws. No amendment or alteration of the Certificate of Incorporation or By-Laws or any other instrument
or agreement shall adversely affect the rights provided to Indemnitee under this Agreement.

 

		Section	12.           
No Construction as Employment Agreement.

 

Nothing contained herein shall be construed
as giving Indemnitee any right to be retained as a director of the Company or in the employ of the Company. For the avoidance of
doubt, the indemnification and advancement of expenses provided under this Agreement shall continue as to Indemnitee regardless
of whether Indemnitee continues in his Corporate Status.

 

		Section	13.           
Interpretation of Agreement.

 

It is understood that the parties hereto
intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or
hereafter permitted by law (including, without limitation, the DGCL).

 

		Section	14.           
Entire Agreement.

 

This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral,
written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement
is a supplement to and in furtherance of the Certificate of Incorporation, the By-laws, any employment agreement between Indemnitee
and the Company or any of its subsidiaries and applicable law, and shall not be deemed a substitute therefor, nor to diminish or
abrogate any rights of Indemnitee thereunder.

 

		Section	15.           
Modification and Waiver.

 

No supplement, modification, waiver or
amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver. For the avoidance of doubt, this Agreement may not be terminated by the Company
without Indemnitee’s prior written consent.

 

    	 

    	 

    

 

		Section	16.           
Most Favored Indemnitee.

 

In the event the Company or any of its
subsidiaries enters into an indemnification agreement with another director, officer, employee or agent of the Company or any of
its subsidiaries containing a term or terms more favorable to the indemnitee than the terms contained herein (as determined by
Indemnitee), Indemnitee shall be afforded the benefit of such more favorable term or terms and such more favorable term or terms
shall be deemed incorporated by reference herein as if set forth in full herein. As promptly as practicable following the execution
by the Company or the relevant subsidiary of each indemnity agreement with any such other director, officer, employee or agent
(a) the Company shall send a copy of the indemnity agreement to Indemnitee, and (b) if requested by Indemnitee, the Company shall
prepare, execute and deliver to Indemnitee an amendment to this Agreement containing such more favorable term or terms.

 

		Section	17.           
Successors and Assigns.

 

All of the terms and provisions of this
Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective
successors, assigns, heirs, executors, administrators and legal representatives. The Company shall require and cause any direct
or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or
assets of the Company, by written agreement in form and substance reasonably satisfactory to Indemnitee, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such
succession had taken place. Neither this Agreement nor any duties or responsibilities pursuant hereto may be assigned by the Company
to any other person or entity without the prior written consent of Indemnitee.

 

		Section	18.           
Service of Process and Venue.

 

The Company and Indemnitee hereby irrevocably
and unconditionally (a) agree that any action, suit or proceeding arising out of or in connection with this Agreement shall be
brought only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in
any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action, suit or
proceeding arising out of or in connection with this Agreement, (c) waive any objection to the laying of venue of any such action,
suit or proceeding in the Delaware Court, and (d) waive, and agree not to plead or to make, any claim that any such action, suit
or proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum.

 

		Section	19.           
Governing Law.

 

This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to its conflict of laws rules which would require
the application of the laws of a jurisdiction other than the State of Delaware.

 

		Section	20.           
Specific Performance.

 

The parties recognize that if any provision
of this Agreement is violated, or threatened to be violated, by the Company, Indemnitee may be without an adequate remedy at law.
Accordingly, in the event of any such violation or threatened violation, Indemnitee shall be entitled, if Indemnitee so elects,
to institute proceedings, either in law or at equity, to obtain damages, to enforce specific performance, to enjoin such violation,
or to obtain any relief or any combination of the foregoing as the Indemnitee may elect to pursue.

 

    	 

    	 

    

 

		Section	21.           
Third Party Beneficiaries.

 

Except as specifically provided in Section
9(b), nothing in this Agreement, expressed or implied, is intended or shall be construed to confer any right, remedy or claim
upon any person or entity other than the parties hereto and their respective successors (including any direct or indirect successor
by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company), assigns,
heirs, executors, administrators and legal representatives.

 

		Section	22.           
Counterparts.

 

This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the
same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. Each counterpart may
be delivered by facsimile transmission or e-mail (as a .pdf, .tif or similar un-editable attachment), which transmission shall
be deemed delivery of an originally executed counterpart hereof.

 

		Section	23.           
Headings.

 

The section and subsection headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

This Agreement has been duly executed and
delivered to be effective as of the date stated above.

 

 

	ADVAXIS, INC.	 
	 	 	 
	By: 	 	 
	Name: 	 	 
	Title: 	 	 

 

 

INDEMNITEE:

 

  

_______________________________________

Name:

 

Address:

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