Document:

Exhibit

EXHIBIT 10.3

VALLEY NATIONAL BANK
1455 Valley Road
Wayne, NJ 07470

June 28, 2017

Ms. Dianne Grenz
Sr. Executive Vice President
Valley National Bancorp
Valley National Bank
1455 Valley Road
Wayne, New Jersey 07470

Dear Ms. Grenz:

The Compensation and Human Resources Committee of the Board of Directors of Valley National Bancorp (“Bancorp”) and Valley National Bank (the “Bank”) (collectively, the “Company”) have determined that it is in the best interests of the Bancorp and the Bank for the Company to agree to provide you with certain limited severance rights as provided herein. 
The Board recognizes that your employment by the Company without any severance agreement, other than your Amended and Restated Change in Control Agreement dated the date hereof (“Change in Control Agreement”), creates tensions which may cause you to seek opportunities elsewhere or affect your views of your present compensation.  These arrangements are being made to alleviate, in part, those concerns.
In view of the foregoing, in consideration of your continued employment with the Company and your consent to this letter, the Company agrees:
1.    If the Company elects to terminate you as Senior Executive Vice President of Valley National Bancorp and/or Valley National Bank (or such office as you shall then hold), the Company will pay you a lump sum severance benefit equal to 24 months of your annual base salary plus an amount equal to the sum of (i) one times your most recent annual cash bonus and (ii) a fraction of your most recent annual cash bonus, with the numerator of the fraction being the number of months that has elapsed in the current calendar year prior to your termination date and the denominator of which is 12.  The Company will pay you such amount within 5 business days following the date that the Release described in Paragraph 3 is effective and irrevocable.  This severance benefit will not be paid if the Company terminates you for “Cause”.  “Cause” means (i) willful and continued failure by the Executive to perform her duties for the Company after at least one warning in writing from the Company’s Board of Directors identifying specifically any such failure; (ii) the willful engaging by the Executive in misconduct which causes material injury to the Company as specified in a written notice to the Executive from the Board of Directors; or (iii) conviction of a crime, other than a traffic violation, habitual drunkenness, drug abuse, or excessive absenteeism other than for illness, after a warning (with respect to drunkenness or absenteeism only) in writing from the Board of Directors to refrain from such behavior.  No act or failure to act on the part of the Executive shall be considered willful unless done, or omitted to be done, by the Executive not in good faith and without reasonable belief that the action or omission was in the best interest of the Company.  No severance will be paid under paragraphs 1 or 2 in the event you are paid a severance benefit pursuant to your Change in Control Agreement.

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2.     If you are terminated other than for Cause, the Company shall  pay you (or your estate in the case of death) a lump sum amount equal to one hundred twenty-five percent (125%), less applicable withholdings, of (A) the aggregate COBRA premium amounts (based upon COBRA rates in effect at date of termination) for three (3) years of the health, hospitalization and medical insurance coverage that was being provided to you (and your spouse) at the time of termination of employment, minus (B) the aggregate amount of any employee contributions that would have been required of you (determined as of the termination of employment) for such three (3) year period.  The Company also shall pay you a lump sum amount equal to one hundred twenty-five percent (125%), less applicable withholdings, of the Company’s share of the premium for three (3) years of the life insurance coverage provided to a similarly situated active employee (based upon the coverage and group rates in effect on the date of termination of employment).  The Company will pay you such amounts within 5 business days following the date that the Release described in Paragraph 3 is effective and irrevocable.  
3.    Notwithstanding anything else to the contrary in this letter agreement, the Company may delay payment of benefits provided in Sections 1 and 2 herein for six (6) months following your termination from employment to the extent necessary to comply with Section 409A of the Internal Revenue Code.  At the end of such period of delay, you will be paid the delayed payment amounts, plus interest for the period of any such delay.  For purposes of the preceding sentence, interest shall be calculated using the six (6) month Treasury Bill rate in effect on the date on which the payment is delayed, and shall be compounded daily.  If the conditions of the severance exception under Treasury Regulation Section 1.409A-1(b)(9)(iii) or the short-term deferral rate under Treasury Regulation 1.409A-1(b)(4) (or any successor Regulations thereto) are satisfied, payment of benefits shall not be delayed for six (6) months following termination of employment to the extent permitted under the severance exceptions. 
Notwithstanding anything else to the contrary in this letter agreement, payments and benefits provided under Sections 1 and 2 herein are subject to required federal, state and local tax withholding requirements, the execution by you of a release of claims in favor of the Company, its affiliates and their respective officers and directors in a reasonable form to be provided by the Company (the “Release”) and such Release becoming effective and irrevocable in accordance with applicable law.  The Release will include your resignation from all other positions with the Company.  
As partial consideration for the Company entering into this letter agreement, you agree as follows:
4.     Following the termination of your employment with the Company for any reason, you shall retain in confidence any confidential information known to you concerning the Company and its business.
5.     While you are employed by the Company and for a period of one year thereafter, you will not, without the prior written approval of the Board of Directors of Bancorp, directly or indirectly, as officer, director, employee, five (5) percent shareholder, principal or agent, or in any other capacity, own, manage, operate, consult with or be employed by any insured depository institution which transacts business in the States of New Jersey, New York or Florida if such insured depository institution employs or utilizes you in any capacity to solicit the Company’s loan, trust, deposit customers, or other customers of the Company, or employees of the Company.  This paragraph shall have no force or effect after the occurrence of a Change in Control, as such term is defined in your Change in Control Agreement.  
You agree that the Company has no adequate remedy at law for the violation of paragraphs 4 and 5 and that the Company shall be entitled to injunctive relief to enforce such provisions.

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Both parties mutually agree as follows:
6.    In the event the Company fails to pay to you or your spouse any of the benefits provided herein for a period in excess of ten (10) business days after a written request to do so, you (or your spouse) shall be entitled to be paid or reimbursed by the Company for the legal fees and expenses incurred by you (or your spouse) in enforcing or interpreting the provisions of this letter agreement.  The Company hereby agrees to pay or reimburse you for such fees and expenses on a monthly basis, upon your submission of bills or requests for payment.  A court shall be entitled to deny you your legal fees and expenses only if it finds you made a claim for benefits hereunder not in good faith and without reasonable cause.
7.    This letter agreement shall commence on the date hereof and expire on June 30, 2019 (June 30, 2019 is referred to hereafter as the “Expiration Date”).  On June 30 of each year starting June 30, 2018, the Expiration Date shall be automatically extended for an additional one (1) year period (so this letter agreement remains a two (2) year contract) unless you or Bancorp otherwise elect and so notify the other party in writing 60 calendar days prior to May 31 of any year starting with May 31, 2018, in which case this letter agreement shall terminate on the then existing Expiration Date. 
8.    This letter agreement shall be of no further force and effect following the occurrence of a “Change in Control” as such term is defined in your Change in Control Agreement and after the occurrence of a Change in Control your employment and severance benefits shall be governed only by your Change in Control Agreement.  
9.    This letter agreement shall be binding upon and inure to the benefit of you, your estate and the Company, and any successor to the Company.  Neither this letter agreement nor any rights arising hereunder may be assigned or pledged by you.  This letter agreement may be amended, supplemented or changed at any time only by a writing signed by Bancorp and yourself.  This letter agreement constitutes the entire agreement between the Company and you with respect to the matters covered hereby and replaces any prior agreements or understandings (whether written or unwritten) with respect to such matters.  In the event your services are terminated and you are entitled to payments, you shall not be obligated to mitigate your damages and the Company may not offset amounts due to you hereunder.  However, in the event you breach the non-compete contained in paragraph 5 hereof during any period when it is effective, the Company shall not thereafter be obligated to provide you with any benefits hereunder and you shall not be entitled to be paid your legal fees or expenses as provided in paragraph 6 hereof.
If you are in agreement with the foregoing, please so indicate by signing and returning to the Company the enclosed copy of this letter, whereupon this letter shall constitute an agreement between you and the Company.
         

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	 Very truly yours,
	 

	 
	 
	 
	 

	 
	 
	VALLEY NATIONAL BANCORP

	 
	 
	 
	 

	 
	 
	By: /s/ Gerald Korde

	AGREED AND ACCEPTED
	Gerald Korde, Chairman,

	 
	 
	Compensation and Human Resources

	 
	 
	Committee
	 

	 
	 
	 
	 

	/s/ Dianne Grenz
	 
	VALLEY NATIONAL BANK

	Dianne Grenz
	 
	 
	 

	 
	 
	By: /s/ Gerald Korde

	 
	Gerald Korde, Chairman,

	 
	 
	Compensation and Human Resources

	 
	 
	Committee
	 

4Exhibit 10.1

 

 

 

 

 

August 7, 2017

 

[___________________]

[___________________]

[___________________]

[___________________]

 

Re:       Reset
Offer of Common Stock Purchase Warrants

 

To Whom It May Concern:

 

Northwest Biotherapeutics,
Inc. (the “Company”) is pleased to offer to you the opportunity to reprice the exercise of all of the Common
Stock purchase warrants set forth on Annex I attached hereto (the “Existing Warrants”) currently held
by you (“Holder”). The Existing Warrants and the shares of Common Stock underlying the Existing Warrants (“Warrant
Shares”) have been registered for sale pursuant to a registration statement on Form S-3 (File No. 333-213777) (the “Registration
Statement”). The Registration Statement is currently effective and, at the time of exercise of the Existing Warrants
pursuant to this letter agreement, will be effective for the issuance of all of the Warrant Shares. Capitalized
terms not otherwise defined herein shall have the meanings set forth in the Securities Purchase Agreement, dated as of March 17,
2017, by and among the Company and the signatories thereto (the “Purchase Agreement”).

 

In consideration for
exercising in full all of the Existing Warrants held by you (the “Warrant Exercise”) as set forth on the signature
page hereto, the Company hereby offers you a reduced exercise price of the Existing Warrants to $0.20. Notwithstanding anything
herein to the contrary, in the event that the Warrant Exercise would otherwise cause the Holder to exceed the beneficial ownership
limitations (“Beneficial Ownership Limitation”) in the Existing Warrants, the Company shall only issue such
number of Warrant Shares to the Holder (as instructed in writing by Holder) that would not cause such Holder to exceed the maximum
number of Warrant Shares permitted thereunder with the balance to be held in abeyance until the balance (or portion thereof) may
be issued in compliance with such limitations. Holder shall provide written notice to the Company promptly when any additional
Warrant Shares may be issued in compliance with the Beneficial Ownership Limitation. The balance of the Warrant Shares shall promptly
be issued when the Holder provides notice that the Holder holds less than the Beneficial Ownership Limitation.

 

Additionally, in consideration
therefore, the Company shall issue to you or your designee Common Stock purchase warrants (“New Warrants”) of
the Company pursuant to the Registration Statement to purchase up to a number of shares of Common Stock equal to 100% of
the number of Warrant Shares issued pursuant to the undersigned’s exercise hereunder, which New Warrants shall be in the
form attached hereto as Exhibit A (the shares of Common Stock underlying the New Warrants, the “New Warrant Shares”).

 

     

     

    

 

Expressly subject to
the paragraph immediately following this paragraph below, Holder may accept this offer by signing this letter below, with such
acceptance constituting Holder's exercise in full of the Existing Warrants for an aggregate exercise price of set forth on the
Holder’s signature page hereto (the "Warrants Exercise Price") on August 7, 2017.

 

Additionally, the
parties hereby agree to their respective representations, warranties and covenants set forth on Annex A attached hereto. 

 

From the date hereof
until twenty one (21) days following the date hereof (“Standstill Period”), neither the Company nor any Subsidiary
shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common
Stock Equivalents; provided, however, that this prohibition shall not apply to issuances by the Company of (i) securities
to employees, officers, directors, Affiliates, Scientific Advisory Board members and collaborators of the Company which issuances
are approved by a majority of the disinterested members of the Board of Directors for services rendered to the Company, provided
that any issuances to collaborators of the Company shall be unregistered and shall not be registered during the Standstill Period
and provided that, in connection with any issuances to Affiliates, such Affiliate shall enter into a Lock-up Agreement which shall
include, but not be limited to, such Affiliate not selling, pledging, transferring, or assigning any such securities during the
21 day period set forth in this paragraph, (ii) securities of Company upon the exercise or exchange of or conversion of any securities
exercisable or exchangeable for or convertible into shares of Common Stock, or other similar rights, issued and outstanding on
the date of this letter agreement, provided that such outstanding securities have not been amended since the date of this letter
agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such
securities or to extend the term of such securities, (iii) securities issued pursuant to acquisitions or strategic transactions
approved by a majority of the disinterested directors of the Company, provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to
the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities, and (iv) securities to a non-institutional
investor (e.g., an individual who is an existing investor which invests after the date hereof) that purchases securities from the
Company on the same terms as the Existing Warrants ($0.20 per share) under this letter (or terms more favorable to the Company);
provided, however, that any such non-institutional investor purchasing any such securities will agree to enter into
a Lock-Up Agreement which shall include, but not be limited to, such non-institutional investor not selling, pledging, transferring,
or assigning any such purchased securities during the 21 day period set forth in this paragraph. The Company agrees that it will
not amend any issued and outstanding options or warrants or other securities of the Company during the Standstill Period. To the
extent the Company effects an issuance of securities during the Standstill Period that is required pursuant to this paragraph to
be subject to a Lock-Up Agreement and the Company issues a press release or 8-K disclosing such issuance, such press release or
8-K will also disclose the related Lock-Up Agreement pertaining to such issuance.

 

     

     

    

 

If this Offer is accepted
and the transaction documents are executed, then the Company shall file a Current Report on Form 8-K with the Commission disclosing
all material terms of the transactions contemplated hereunder as soon as practicable on the date hereof. The Company shall also
file an amendment to the prospectus supplement to the Registration Statement disclosing the reduced exercise price of the Existing
Warrants and the issuance of the New Warrants within 48 hours. The Company represents, warrants and covenants that, upon acceptance
of this offer, the shares underlying the Existing Warrants shall be issued free of any legends or restrictions on resale by Holder
and all of the Warrant Shares shall be delivered electronically through the Depository Trust Company within 1 business day of the
date that the Company receives the Warrants Exercise Price (or, with respect to shares of Common Stock that would otherwise be
in excess of the Beneficial Ownership Limitation, within 2 business days of the date that the Company is notified by Holder that
its ownership is less than the Beneficial Ownership Limitation). The terms of the Existing Warrants, including but not limited
to the obligations to deliver the Warrant Shares, shall otherwise remain in effect as if the acceptance of this offer were a formal
Notice of Exercise (including but not limited to any liquidated damages and compensation in the event of late delivery of the Warrant
Shares).

  

     

     

    

 

Within one business
day from the Holder’s execution of this letter, the Holder shall make available for “Delivery Versus Payment”
to the Company immediately available funds equal to the number of Existing Warrants being exercised multiplied by $0.20 and the
Company shall deliver the Warrant Shares via “Delivery Versus Payment” to the Holder and shall deliver the New Warrants
to purchase up to 13,527,000 shares of Common Stock registered in the name of the Holder.
In connection with the transactions contemplated by this letter agreement, the Company shall reimburse the Holder in the non-accountable
amount of $15,000 for its legal and due diligence expenses, which amount may be deducted from Holder’s aggregate exercise
price for Existing Warrants that is delivered to Company.

 

To accept this offer,
Holder must counter execute this letter agreement and return the fully executed agreement to the Company at e-mail: lpowers@nwbio.com
and lgoldman@nwbio.com, attn.: Linda Powers and Les Goldman, with a copy to Glenn Pollner (gpollner@gibsondunn.com) on or before
9:00 am (New York City time) on August 7, 2017.

 

Please do not hesitate
to call me if you have any questions.

 

Sincerely yours,

 

NORTHWEST BIOTHERAPEUTICS, INC.

 

By: /s/ Linda F. Powers                                     

Name: Linda F. Powers

Title: Chief Executive Officer

 

 

 

[Holder signature page follows]

 

 

     

     

    

 

 

Accepted and Agreed to:

 

Name of Holder: ________________________________________________________

 

Signature of Authorized Signatory of
Holder: __________________________________

 

Name of Authorized Signatory: _______________________________________________

 

Title of Authorized Signatory: ________________________________________________

 

Existing Warrant Shares: _____________

 

Aggregate Warrants Exercise Price: $_____________

 

New Warrant Shares (100% of Existing Warrants
exercised): _____________

 

DTC Instructions:

 

Company Bank Wire Instructions:

Bank Name: 

Bank Address: 

Phone # 

Routing/ABA # 

Swift Code #

Account # 

Beneficiary Name: 

Beneficiary Address:

 

 

 

 

 

[signature page to NWBO Letter Agreement]

 

     

     

    

 

 

Annex A

 

Representations,
Warranties and Covenants of the Company. The Company hereby makes the following representations and warranties to the undersigned:

 

(a)              
Affirmation of Prior Representations, Warranties and Covenants. The Company hereby represents and warrants to the
undersigned that the Company’s representations and warranties as set forth in Section 3.1 and the Company’s covenants
as set forth in Article IV of the Securities Purchase Agreement, dated as of March 17, 2017 (the “Purchase Agreement”),
between the Company and the signatories thereto, together with any Disclosure Schedules, are true and correct as of the date hereof
and have been fully performed as of the date hereof. Capitalized terms not otherwise defined herein shall have the meanings
set forth in the Purchase Agreement.

 

(b)              
Authorization; Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate
the transactions contemplated by this letter agreement and otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement by the Company and the consummation by the Company of the transactions contemplated hereby
have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company,
its board of directors or its stockholders in connection therewith. This letter agreement has been duly executed by the Company
and, when delivered in accordance with the terms hereof, will constitute the valid and binding obligation of the Company enforceable
against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally,
(ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and
(iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(c)               
No Conflicts. The execution, delivery and performance of this letter agreement by the Company and the consummation
by the Company of the transactions contemplated hereby do not and will not: (i) conflict with or violate any provision of the Company’s
certificate or articles of incorporation, bylaws or other organizational or charter documents; or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien
upon any of the properties or assets of the Company in connection with, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of, any material agreement, credit facility, debt
or other material instrument (evidencing Company debt or otherwise) or other material understanding to which such Company is a
party or by which any property or asset of the Company is bound or affected; or (iii) subject to the Required Approvals (as defined
in the Purchase Agreement), conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company is subject (including federal and state securities
laws and regulations), or by which any property or asset of the Company is bound or affected, except, in the case of each of clauses
(ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect (as defined in the Purchase
Agreement).

 

     

     

    

 

(d)              
Issuance of the New Warrants. The issuance of the New Warrants is duly authorized and, upon the execution of this
letter agreement by the undersigned, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens
(as defined in the Purchase Agreement) imposed by the Company. The shares issuable upon exercise of the New Warrants (the “New
Warrant Shares”), when issued in accordance with the terms of the New Warrants, will be validly issued, fully paid and
nonassessable, free and clear of all Liens imposed by the Company. The Company has reserved from its duly authorized capital stock
a number of shares of Common Stock for issuance of the New Warrant Shares in full.

 

(e)              
[RESERVED]

 

(f)                
Equal Consideration. Except as set forth in this letter agreement, no consideration has been offered or paid
to any person to amend or consent to a waiver, modification, forbearance or otherwise of any provision of any of the Purchase Agreement
or the Existing Warrants.

 

(g)               
[RESERVED]

 

(h)               
Listing or Quotation of Common Stock. The Company shall apply to list or quote all of the New Warrant Shares
on the Trading Market and promptly secure the listing or quotation of all of the New Warrant Shares on such Trading Market.

 

(i)                
Effectiveness of the Registration Statement. The Company represents, warrants and covenants that the Registration
Statement is effective for the issuance of all of the Warrant Shares as of the date hereof and that the Company will use commercially
reasonable best efforts to keep the Registration Statement effective for the issuance of all of the Warrant Shares for a period
of no less than sixty (60) calendar days following the date hereof.

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