Document:

Exhibit 10.8

 

AMENDMENT
NO. 1 TO

EMPLOYMENT AGREEMENT

 

This
Amendment No. 1 to Employment Agreement (this “Amendment”) is effective as of June 5, 2014, by and between
Advaxis, Inc., a Delaware corporation (the “Company”), and Sara Bonstein (“Executive”).

 

WHEREAS,
the Company and Executive entered into an Employment Agreement, effective as of March 24, 2014 (the “Agreemen”),
pursuant to which the Company employed Executive in the capacity, for the period, and on the terms and conditions set forth therein;
and

 

WHEREAS,
Section 3(a) of the Agreement provided that the Executive’s Base Salary (as such term is defined in the Agreement) shall
be paid through a Cash Component and a Stock Component;

 

WHEREAS,
the Company and Executive desire to enter into this Amendment pursuant to which Section 3(a) of the Agreement shall be amended
and restated to set forth the terms and conditions relating to the payment of salary to Executive so that the Stock Component
shall be paid in a different manner than set forth in the Agreement; and

 

WHEREAS,
the Company made an offer of employment to the Executive on February 6, 2014 which contained certain terms, including the
issuance of 100,000 shares of common stock of the Company (the “Inducement Grant”) as an inducement for Executive
to accept employment with the Company and commence her employment with the Company on February 24, 2014, and it is now desirable
to set forth in greater detail the terms of such Inducement Grant so that such shares may now be issued.

 

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

 

1.
AMENDMENT TO SECTION 3(a). Section 3(a) of the Agreement is hereby amended and restated in its entirety to read as follows:

 

“(a)
SALARY. Executive shall receive an annual salary of Two Hundred Twenty-Five Thousand Dollars ($225,000.00), 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 Base Salary shall be paid in
two components, as follows: (a) Ninety Two and one-half percent (92.5%) of the Base Salary shall be paid in cash (the “Cash
Component”), and (b) Seven and one-half percent (7.5%) of the Base Salary shall be paid in the Company’s common
stock, par value $0.0001 per share (the “Common Stock”) (referred to as the “Stock Component”)
as set forth below.

 

“(i)
The applicable Cash Component will be paid in equal installments not less frequently than bi-monthly in accordance with the Company’s
salary payment practices and employment tax withholding obligations in effect from time to time for senior executives of the Company.

 

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“(ii)
The applicable Stock Component will be paid on the last business day of each calendar month (if Executive has provided services
to the Company in accordance with the Agreement through such date) (each such date, a “Purchase Date”) as follows:
the Company shall withhold an amount equal to 7.5% of the Executive Base Salary from each salary payment date described in Section
3(a)(i) that falls within such calendar month and use such funds on the Purchase Date to purchase shares of the Company’s
common stock (“Common Stock”) from the Company at a purchase price equal to the consolidated closing bid price of
the Common Stock on the Purchase Date.

 

“(iii)
At the time of issuance of the Common Stock as described in Section 3(a)(ii) above, or any time thereafter as determined by the
Company to be necessary or appropriate, Executive authorizes withholding of all applicable tax obligations from payroll and any
other amounts payable to Executive, and otherwise agrees to make adequate arrangements, as approved at the discretion of the Company,
for the applicable tax obligations in connection with the issuance of the Common Stock. Subject to compliance with applicable
law, the Company, at its sole discretion, may permit Executive to satisfy all or any portion of the tax obligations by deducting
from shares of Common Stock to be issued to Executive a number of whole shares having a fair market value, as determined by the
Company, not in excess of the amount of the tax obligations determined by the applicable minimum statutory withholding rates.

 

“(iv)
Executive acknowledges and agrees that as of the date hereof, the Company has not filed a Registration Statement on Form S-8 (or
any other registration form) that covers the shares of Common Stock issuable hereunder. Executive further acknowledges and agrees
that the shares of Common Stock received by Executive pursuant to this Section 3(a) may not be sold by Executive except pursuant
to an applicable registration statement or exemption from registration. No Common Stock shall be issued in connection with a grant
hereunder unless and until all legal requirements applicable to the issuance of such Common Stock have been complied with. Each
grant made shall be conditioned on Executive’s undertaking in writing to comply with such restrictions on his subsequent
disposition of such shares of Common Stock, and certificates representing such shares may be legended to reflect any such restrictions.
Certificates representing shares of Common Stock issued or transferred hereunder will be subject to such stop transfer orders
and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that
a legend be placed thereon.

 

“(v)
Executive shall not have voting or any other rights as a stockholder of the Company with respect to any shares of Common Stock
issuable hereunder until immediately following the issuance of any such shares of Common Stock in accordance herewith.

 

“(vi)
Executive understands and agrees that the Company has not advised Executive regarding Executive’s income tax liability in
connection with the issuance of stock as contemplated hereunder. Executive has reviewed with Executive’s own tax advisors
the federal, state, local and foreign tax consequences of an investment in the Common Stock and the transactions contemplated
hereby. Executive is relying solely on such advisors and not on any statements or representations of the Company or any of its
agents. Executive understands that, except as otherwise specifically provided in the Agreement, Executive (and not the Company)
shall be responsible for Executive’s own tax liability that may arise as a result of an investment in the Common Stock or
the transactions contemplated by this Agreement.”

 

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2.
INSERTION OF NEW SECTION 3(g). The Agreement is hereby amended by adding the following Section and Exhibit:

 

“(g)
RESTRICTED STOCK AWARD. As soon as reasonably practical following the execution and delivery of this Agreement, Executive
shall receive a stock award for 100,000 restricted stock units under the terms and conditions set forth in the Restricted Stock
Award Agreement attached hereto as Exhibit A.”

 

3. 
MISCELLANEOUS.

 

(a)
The provisions of Sections 8 (‘Notices’), 9 (‘Legal Representation’), 11 (‘Governing Law’),
12 (‘Assignment’), 13 (’Severability’), 15 (‘Remedies’), 16 (‘Dispute Resolution’)
of the Agreement are hereby incorporated by reference as if set forth in full herein, mutatis mutandis.

 

(b)
Except as provided herein, the terms of the Agreement shall remain in full force and effect. The Agreement (together with Exhibit
A thereto), as amended hereby, 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 the Agreement, as amended hereby, shall be valid or effective unless the same is in
writing and signed by both parties hereto. Email correspondence does not constitute a writing for the purposes of this provision.

 

IN
WITNESS WHEREOF, the parties have executed this Amendment No. 1 to Employment Agreement as of the day and year first above
written.

 

	 	ADVAXIS
    INC.,
	 	a
    Delaware corporation
	 	 	 
	 	By:	/s/
    Daniel J. O’Connor
	 	Name:	Daniel
    J. O’Connor
	 	Title:	Chief
    Executive Officer 
	 	 	 
	 	Executive:
	 	 
	 	/s/
    Sara Bonstein
	 	Sara
    Bonstein

 

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EXHIBIT
A

 

ADVAXIS,
INC.

 

RESTRICTED
STOCK AWARD

 

The
purpose of this Restricted Stock Award granted by Advaxis, Inc., a Delaware corporation (the “Corporation”)
is to further the interests of the Corporation and its Stockholders by providing incentives in the form of stock awards to
persons not previously Employees of the Corporation, or following a bona fide period of non-employment, as an inducement material
to the person’s entering into employment with the Corporation within the meaning of Rule 5635(c)(4) of the NASDAQ Listing
Rules.

 

I.
NOTICE OF GRANT OF RESTRICTED STOCK.

 

	Participant:	Sara
    Bonstein
	 	 
	Grant
    Date	                         ,
    2014
	 	 
	Total Number of
    Restricted Stock:	100,000
	 	 
	Vesting
    Schedule:	Subject
    to the Terms and Conditions, the restrictions on the Restricted Stock shall expire and the Restricted Stock shall become non-forfeitable
    (referred to as “Vested Shares”) pursuant to the following schedule:
	 	 
	 	On
    Grant Date:	33,333
    shares of Restricted Stock
	 	 	 
	 	On
    February 24, 2015: 	33,333
    shares of Restricted Stock
	 	 	 
	 	On
    February 24, 2016: 	33,334
    shares of Restricted Stock
	 	 	 
	 	The
    Participant has no right to pro-rated vesting of the Restricted Stock if her service to the Corporation terminates before
    any applicable vesting date (regardless of the portion of the vesting period the Participant was in service to the Corporation).
    Any unvested portion of the Restricted Stock Award will be forfeited upon Participant’s termination of service to the
    Corporation.

 

II.
TERMS AND CONDITIONS

 

1.
Purpose

 

The
purpose of this Restricted Stock Award is to further the interests of the Corporation and its stockholders by providing incentives
in the form of stock awards to persons not previously Employees of the Corporation, or following a bona fide period of non-employment,
as an inducement material to the person’s entering into employment with the Corporation within the meaning of Rule 5635(c)(4)
of the NASDAQ Listing Rules.

 

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2.
Administration

 

2.1
Committee

 

(a)
This Award shall be administered by the Board. The Board may, however, appoint a Committee to administer the Award which shall
consist of not less than a sufficient number of disinterested members of the Board so as to qualify the Committee to administer
this Award as contemplated by Rule 16b-3 and Section 162(m) of the Code and to that end the Board may limit the participation
of Committee members in the Award to formula based or other awards. The Board may remove members from or add members to the Committee.
Vacancies on the Committee shall be filled by the Board.

 

(b)
The Board or Committee is authorized to (i) interpret and administer the Award, (ii) grant waivers and accelerations of the Award
and (iii) take any other action necessary for the proper administration and operation of the Award

 

2.2
Effect of Determination

 

Determination
of the Board or Committee shall be final, binding and conclusive on the Participant. No member of the Board or Committee or any
of its designee shall be personally liable for any action or determination made in good faith with respect to this Award.

 

3.
The Award

 

3.1
Grant and Issuance of Shares

 

Upon
the later of (a) the Grant Date and (b) the date the Notice shall have been fully executed, the Participant shall acquire and
the Corporation shall issue, subject to the provisions of this Award Agreement, a number of Shares equal to the Total Number of
Restricted Stock set forth in the Notice. As a condition to the issuance of the Shares, the Participant shall execute and deliver
to the Corporation, along with the Notice, the Assignment Separate from Certificate duly endorsed (with date and number of Shares
blank) in the form attached to the Award Agreement.

 

3.2
Beneficial Ownership of Shares; Certificate Registration

 

The
Participant hereby authorizes the Corporation, in its sole discretion, to deposit the Shares with the Corporation’s transfer
agent, including any successor transfer agent, to be held in book entry form during the term of the Escrow pursuant to Section
6. Furthermore, the Participant hereby authorizes the Corporation, in its sole discretion, to deposit, following the term of such
Escrow, for the benefit of the Participant with any broker with which the Participant has an account relationship of which the
Corporation has notice any or all Shares which are no longer subject to such Escrow. Except as provided by the foregoing, a certificate
for the Shares shall be registered in the name of the Participant, or, if applicable, in the names of the heirs of the Participant.

 

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3.3
Issuance of Shares in Compliance with Law

 

The
issuance of the Shares shall be subject to compliance with all applicable requirements of federal, state or foreign law with respect
to such securities. No Shares shall be issued hereunder if their issuance would constitute a violation of any applicable federal,
state, or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon
which the stock may then be listed. The inability of the Corporation to obtain from any regulatory body having jurisdiction the
authority, if any, deemed by the Corporation’s legal counsel to be necessary to the lawful issuance of any Shares shall
relieve the Corporation of any liability in respect of the failure to issue such Shares as to which such requisite authority shall
not have been obtained. As a condition to the issuance of the Shares, the Corporation may require the Participant to satisfy any
qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make
any representation or warranty with respect thereto as may be requested by the Corporation.

 

3.4
No Monetary Payment Required

 

The
Participant is not required to make any monetary payment (other than to satisfy applicable tax withholding, if any, with respect
to the issuance or vesting of the Shares) as a condition to receiving the Shares, the consideration for which shall be services
actually rendered or future services to be rendered to the Corporation or for its benefit. Notwithstanding the foregoing, if required
by applicable law, the Participant shall furnish consideration in the form of cash or services rendered to the Corporation or
for its benefit having a value not less than the par value of the Shares issued pursuant to the Award.

 

4.
Vesting of Shares

 

The
restrictions on the Restricted Stock shall expire and the Restricted Stock shall become nonforfeitable as provided in the Notice.

 

5.
Termination Of Service And Corporation Rcacquisition Right

 

5.1
Termination of Service

 

Except
in the event of termination due to Participant’s death and Total Disability, vesting of the Restricted Stock Award shall
cease upon Participant’s termination of service to the Corporation.

 

5.2
Termination of Service Due to Participant’s Death or Total Disability

 

In
the event of a termination of service due to Participant’s death or Total Disability, the Shares subject to the Restricted
Stock Award shall immediately be deemed Vested Shares.

 

5.3 
Reacquisition Right

 

In
the event that (a) the Participant’s service to the Corporation is terminated or, (b) the Participant, the Participant’s
legal representative, or other holder of Shares acquired pursuant to this Award Agreement, attempts to sell, exchange, transfer,
pledge, or otherwise dispose of (other than pursuant to an Change-in-Control), including, without limitation, any transfer to
a nominee or agent of the Participant, any Shares which are not Vested Shares (“Unvested Shares”),
the Corporation shall automatically reacquire the Unvested Shares, and the Participant shall not be entitled to any payment
therefor (the “Corporation Reacquisition Right”).

 

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6.
Escrow

 

6.1 
Appointment of Agent

 

To
ensure that Shares subject to the Corporation Reacquisition Right will be available for reacquisition, the Participant and the
Corporation may appoint a person or Corporation as their agent and as attorney-in-fact for the Participant (the “Agent”)
to hold any and all Unvested Shares and to sell, assign and transfer to the Corporation any such Unvested Shares reacquired
by the Corporation pursuant to the Corporation Reacquisition Right. The Participant understands that appointment of the Agent
is a material inducement to make this Restricted Stock Award and that such appointment is coupled with an interest and is irrevocable.
The Agent shall not be personally liable for any act the Agent may do or omit to do hereunder as escrow agent, agent for the Corporation,
or attorney in fact for the Participant while acting in good faith and in the exercise of the Agent’s own good judgment,
and any act done or omitted by the Agent pursuant to the advice of the Agent’s own attorneys shall be conclusive evidence
of such good faith. The Agent may rely upon any letter, notice or other document executed by any signature purporting to be genuine
and may resign at any time.

 

6.2 
Establishment of Escrow

 

The
Participant authorizes the Corporation to deposit the unvested Shares with the Corporation’s transfer agent to be held in
book entry form, as provided in Section 3.2, and the Participant agrees to deliver to and deposit with the Agent each certificate,
if any, evidencing the Shares and an Assignment Separate from Certificate with respect to such book entry Shares and each such
certificate duly endorsed (with date and number of Shares blank) in the form attached to the Award Agreement, to be held by the
Agent under the terms and conditions of this Section 6 (the “Escrow”). Upon the occurrence of a Change
in Control or a change, as described in Section 8, in the character or amount of any outstanding stock of the corporation the
stock of which is subject to the provisions of this Award Agreement, any and all new, substituted or additional securities or
other property to which the Participant is entitled by reason of his ownership of the Shares that remain, following such Change
in Control or change described in Section 8, subject to the Corporation Reacquisition Right shall be immediately subject to the
Escrow to the same extent as the Shares immediately before such event. The Corporation shall bear the expenses of the Escrow.

 

6.3 
Delivery of Shares to Participant

 

The
Escrow shall continue with respect to any Shares for so long as such Shares remain subject to the Corporation Reacquisition Right.
Upon termination of the Reacquisition Right with respect to Shares, the Corporation shall so notify the Agent and direct the Agent
to deliver such number of Shares to the Participant. As soon as practicable after receipt of such notice, the Agent shall cause
to be delivered to the Participant the Shares specified by such notice, and the Escrow shall terminate with respect to such Shares.

 

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7.
Board Discretion

 

The
Board, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance, of the Restricted
Stock at any time, subject to the terms of the Award. If so accelerated, such Restricted Stock will be considered as having vested
as of the date specified by the Board.

 

8.
Change in Control

 

In
the event of a Change in Control, one hundred percent (100%) of the Restricted Stock subject to this Award will vest on the date
of the Change of Control. In the event that any applicable law limits the Corporation’s ability to accelerate the vesting
of this Award, this Section 8 will be limited to the extent required to comply with applicable law.

 

9.
Tax Withholding

 

9.1
In General

 

Regardless
of any action taken by the Corporation with respect to any or all income tax, social insurance, payroll tax, payment on account
or other tax-related withholding obligations (the “Tax Obligations”), the Participant acknowledges that
the ultimate liability for all Tax Obligations legally due by the Participant is and remains the Participant’s responsibility
and that the Corporation (a) makes no representations or undertakings regarding the treatment of any Tax Obligations in connection
with any aspect of the Restricted Stock, including the grant, vesting or settlement of the award, the subsequent sale of shares
acquired pursuant to such settlement, or the receipt of any dividends and (b) does not commit to structure the terms of the grant
or any other aspect of the award to reduce or eliminate the Participant’s liability for Tax Obligations. The Participant
shall pay or make adequate arrangements satisfactory to the Corporation to satisfy all Tax Obligations of the Corporation and
any other Participating Corporation at the time such Tax Obligations arise. In this regard, at the time the award is settled,
in whole or in part, or at any time thereafter as requested by the Corporation or any other Participating Corporation, the Participant
hereby authorizes withholding of all applicable Tax Obligations from payroll and any other amounts payable to the Participant,
and otherwise agrees to make adequate provision for withholding of all applicable Tax Obligations, if any, by each Participating
Corporation which arise in connection with the award. The Corporation shall have no obligation to process the settlement of the
award or to deliver shares until the Tax Obligations as described in this Section have been satisfied by the Participant.

 

9.2
Withholding in Shares

 

Subject
to compliance with applicable law, the Corporation may require the Participant to satisfy all or any portion of the Tax Obligations
by deducting from Shares otherwise deliverable to the Participant in settlement of the Award a number of whole Shares having a
fair market value, as determined by the Corporation as of the date on which the Tax Obligations arise, not in excess of the amount
of such Tax Obligations determined by the applicable minimum statutory withholding rates.

 

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10.
Rights as Stockholder

 

Neither
the Participant nor any person claiming under or through the Participant will have any of the rights or privileges of a stockholder
of the Corporation in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which
may be in book entry form) will have been issued, recorded on the records of the Corporation or its transfer agents or registrars,
and delivered to the Participant (including through electronic delivery to a brokerage account). Notwithstanding any contrary
provisions in this Terms and Conditions, any quarterly or other regular, periodic dividends or distributions (as determined by
the Corporation) paid on Shares will not affect unvested Restricted Stock, and no such dividends or other distributions will be
paid on unvested Restricted Stock or Restricted Stock that are vested but unpaid. After such issuance, recordation and delivery,
the Participant will have all the rights of a stockholder of the Corporation with respect to voting such Shares and receipt of
dividends and distributions on such Shares.

 

11.
No Effect on Employment

 

Subject
to any employment contract with the Participant, the terms of such employment will be determined from time to time by the Corporation,
or the affiliate employing the Participant, as the case may be, and the Corporation, or the affiliate employing the Participant,
as the case may be, will have the right, which is hereby expressly reserved, to terminate or change the terms of the employment
of the Participant at any time for any reason whatsoever, with or without good cause. The transactions contemplated hereunder
and the vesting schedule set forth in the Notice do not constitute an express or implied promise of continued employment for any
period of time. A leave of absence or an interruption in service (including an interruption during military service) authorized
or acknowledged by the Corporation or the affiliate employing the Participant, as the case may be, will not be deemed a termination
of service for the purposes of this Award.

 

12.
Changes in Shares

 

In
the event that as a result of a stock or extraordinary cash dividend, stock split, distribution, reclassification, recapitalization,
combination of the Shares or the adjustment in capital stock of the Corporation or otherwise, or as a result of a merger, consolidation,
spin-off or other corporate transaction or event, the Restricted Stock will be increased, reduced or otherwise affected, and by
virtue of any such event the Participant will in his capacity as owner of unvested Restricted Stock that have been awarded to
him (the “Prior Restricted Stock”) be entitled to new or additional or different shares of stock, cash
or other securities or property (other than rights or warrants to purchase securities); such new or additional or different Stocks,
cash or securities or property will thereupon be considered to be unvested Restricted Stock and will be subject to all of the
conditions and restrictions that were applicable to the Prior Restricted Stock pursuant to the Notice and Terms and Conditions.
If the Participant receives rights or warrants with respect to any Prior Restricted Stock, such rights or warrants may be held
or exercised by the Participant, provided that until such exercise, any such rights or warrants, and after such exercise, any
shares or other securities acquired by the exercise of such rights or warrants, will be considered to be unvested Restricted Stock
and will be subject to all of the conditions and restrictions that were applicable to the Prior Restricted Stock pursuant to the
Notice and Terms and Conditions. The Board in its sole discretion at any time may accelerate the vesting of all or any portion
of such new or additional shares of stock, cash or securities, rights or warrants to purchase securities or shares or other securities
acquired by the exercise of such rights or warrants.

 

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13.
Address for Notices

 

Any
notice to be given to the Corporation under the terms of this Award shall be addressed to the Corporation, in care of Daniel J.
O’Connor, President and Chief Executive Officer, Advaxis, Inc., 305 College Road East, Princeton, NJ, 08540 or at such other
address as the Corporation may hereafter designate in writing.

 

14.
Award is not Transferable

 

This
Award and the rights and privileges conferred hereby shall not be sold, pledged, assigned, hypothecated, transferred or disposed
of any way (whether by operation of law or otherwise) and shall not be subject to sale under execution, attachment or similar
process.. Upon any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of this Award, or any right or
privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this Award and the
rights and privileges conferred hereby immediately will become null and void.

 

15.
Binding Agreement

 

Subject
to the limitation on the transferability of this Award contained herein, the Notice and this Terms and Conditions will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

16.
Additional Conditions to Issuance of Certificates for Shares

 

The
Corporation will not be required to issue any certificate or certificates (which may be in book entry form) for Shares hereunder
prior to fulfillment of all the following conditions: (a) the admission of such Shares to listing on all stock exchanges on which
such class of stock is then listed; (b) the completion of any registration or other qualification of such Shares under any U.
S. state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental
regulatory body, which the Board will, in its sole discretion, deem necessary or advisable; (c) the obtaining of any approval
or other clearance from any U. S. state or federal governmental agency, which the Board will, in its sole discretion, determine
to be necessary or advisable; and (d) the lapse of such reasonable period of time following the date of vesting of the Restricted
Stock as the Board may establish from time to time for reasons of administrative convenience.

 

17.
Legends.

 

The
Corporation may at any time place legends referencing the Corporation, the Corporation Reacquisition Right, the Right of First
Refusal, and any applicable federal, state or foreign securities law restrictions on all certificates representing the shares.
The Participant shall, at the request of the Corporation, promptly present to the Corporation any and all certificates representing
the shares in the possession of the Participant in order to carry out the provisions of this Section.

 

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18.
Agreement Severable

 

In
the event that any provision in the Notice or the Terms and Conditions is held invalid or unenforceable, such provision will be
severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of this Award.

 

19.
Modifications to the Award

 

This
Notice and the Terms and Conditions constitute the entire understanding of the parties on the subjects covered. The Participant
expressly warrants that he or she is not accepting this Award in reliance on any promises, representations, or inducements other
than those contained herein. Modifications to this Award can be made only in an express written contract executed by a duly authorized
officer of the Corporation.

 

20.
Arbitration

 

Any
and all disputes whatsoever between a Participant and the Corporation concerning the administration of this Award, the interpretation
and effect of the Notice and Terms and Conditions or the rights of Participant under the Award shall be finally determined before
one neutral arbitrator in Mercer County, State of New Jersey, under the rules of commercial arbitration of the American Arbitration
Association then in effect and judgment upon any award by such arbitrator may be entered in any Court having jurisdiction or application
may be made to such court for a judicial acceptance of the award and an order of enforcement, as the case may be. The arbitrator
hereunder shall have no power or authority to award consequential, punitive or statutory damages.

 

21.
Counterparts

 

The
Award Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument.

 

22.
Governing Law

 

This
Award and the rights of the Corporation and the Participants shall be governed and interpreted in accordance with the laws of
the State of New Jersey.

 

 

 

This
Award is granted to Participant as an inducement material to his entering into employment with the Corporation within the meaning
of Rule 5635(c)(4) of the NASDAQ Listing Rules. In addition, notwithstanding any other provision of the Award to the contrary,
the Restricted Stock are granted either by a majority of the Corporation’s independent directors or by the independent compensation
committee of the Board within the meaning of Rule 5605(a)(2) of the NASDAQ Listing Rules.

 

By
signing below, Participant: (a) acknowledges receipt of, and represents that Participant has read and is familiar with the terms
and conditions of the Award, (b) accepts the Award subject to all of the terms and conditions set forth herein, and (c) agrees
to accept as binding, conclusive and final all decisions or interpretations of the Board upon any questions arising under the
Award.

 

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	ADVAXIS,
    INC.	 	PARTICIPANT
	 	 	 	 
	By:	Daniel
    J. O’Connor	 	Signature	 
	Its
    President and Chief Executive Officer	 	Date:	 
	 	 	 	 
	Address:	305
    College Road East	 	Address:	 
	 	Princeton,
    NJ 08540	 	 	 

 

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APPENDIX

 

Definitions

 

a)
“Award” means this Restricted Stock Award.

 

b)
“Beneficiary” means, where a Participant is within respect to any Award not forfeitable by its terms on the
death of the Participant entitled to any unpaid portion thereof, such person or persons entitled thereto under the Participant’s
will or under the laws of descent and distribution;

 

c)
“Board” means the Board of Directors of the Corporation.

 

d)
“Change in Control” means a change in ownership or control of the Corporation effected through any of the following
transactions:

 

i.
a merger, consolidation or other reorganization, unless securities representing more than fifty percent (50%) of the total combined
voting power of the voting securities of the successor Corporation are immediately thereafter beneficially owned, directly or
indirectly, by the persons who beneficially owned the Corporation’s outstanding voting securities immediately prior to such
transaction, or

 

ii.
a sale, transfer or other disposition of all or substantially all of the Corporation’s assets in liquidation or dissolution
of the Corporation, or

 

iii.
the acquisition, directly or indirectly by any person or related group of persons (other than the Corporation or a person that
directly or indirectly controls, is controlled by, or is under common control with, the Corporation), of beneficial ownership
of securities possessing more than fifty percent (50%) of the total combined voting power of the Corporation’s outstanding
securities pursuant to a transfer of the then issued and outstanding voting securities of the Corporation by one or more of the
Corporation’s Stockholders, or

 

iv.
during any period of two (2) consecutive years, individuals who, at the beginning of such period, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director
of the Board subsequent to the date of the grant of this Award whose election, or a nomination for election by the Corporation’s
Stockholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board (other than
an election or nomination of any individual whose initial assumption of office is in connection with an actual or threatened election
contest relating to the election of the directors of the Board, as such terms are used in Rule 14a-l 1 of Regulation 14A promulgated
under the Exchange Act) shall be, for these purposes, considered as though such person were a member of the Incumbent Board.

 

Anything
in the foregoing to the contrary notwithstanding, a transaction shall not constitute a Change in Control if its sole purpose is
to change the legal jurisdiction of the Corporation’s incorporation or to create a holding Corporation that will be owned
in substantially the same proportions by the persons who held the Corporation’s securities immediately before such transaction.

 

    	13

    	 

    

 

e)
“Code” means the United States Internal Revenue Code of 1986, as amended and in effect from time to time, or
any successor statute.

 

f) “Committee”
means the Committee of the Board or any successor committee as described in Section 3.1, or, if there shall be no such Committee,
the Board.

 

g)
“Corporation” means Advaxis, Inc., a Delaware corporation, or any successor corporation, and its subsidiaries
and affiliates, incorporated or otherwise, in which the Corporation shall own directly or indirectly at least fifty percent (50%)
of the interests.

 

h) “Employee”
means any individual who is a salaried employee on the payroll of the Corporation.

 

i) “Exchange
Act” means the Securities Exchange Act of 1934, as amended and in effect from time to time, or any successor statute.

 

j) “Rule
16b-3” means such rule as promulgated by the Securities and Exchange Commission under the Exchange Act as now in force
or as such regulation or successor regulation shall be hereafter amended.

 

k)
“Shares” means the shares of common stock of the Corporation, par value SO. 001 per share, and such other securities
as may be substituted (or resubstituted) for Shares pursuant to Section 14 hereof

 

1)
“Totally Disabled” means a permanent and total disability within the meaning of Section 22(e)(3) of the Code,
provided that the Board or Committee in its discretion, may determine whether a permanent and total disability exists in accordance
with uniform and nondiscriminatory standards adopted by the Board or Committee from time to time.

 

    	14

    	 

    

 

ASSIGNMENT
SEPARATE FROM CERTIFICATE

 

FOR
VALUE RECEIVED the undersigned does hereby sell, assign and transfer unto

 

	 

 __________________________________________________________
_______(_______________) shares of the Shares of Advaxis, Inc. standing in the undersigned’s name on the books of
said corporation represented by Certificate No.___________________________ herewith and does hereby irrevocably constitute and
appoint_________________________________________ Attorney to transfer the said stock on the books of said corporation with full
power of substitution in the premises.

 

	Dated:	 	 
	 	 	 
	 	 	Signature
	 	 	 
		 	Print
    Name

 

    	152014JuneDelRioAgreement

 AMENDED AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT
This AMENDED AND RESTATED EMPLOYMENT AGREEMENT (“Agreement”) is made as of the 5th day of June 2014 (the “Effective Date”), between OCEANIA CRUISES, INC., a corporation organized under the laws of the Republic of Panama (“Employer”), PRESTIGE CRUISES INTERNATIONAL, INC., a corporation organized under the laws of the Republic of Panama (“Parent”) and FRANK J. DEL RIO (“Executive”). (The Executive, Employer and Parent shall collectively be referred to as the “Parties.”)
WHEREAS, Executive has been employed in the position of Chairman and Chief Executive Officer with Employer pursuant to the terms of an Amended and Restated Executive Employment Agreement that was originally dated July 1, 2009, and which was subsequently amended (the “Original Amended Agreement”); and
WHEREAS, the Parties desire to offer Executive the benefits set forth in this Agreement and to provide for Executive’s continued employment on the terms and conditions set forth in this Agreement, and in connection therewith desire to amend and restate the Original Amended Agreement and enter into this Agreement; and
WHEREAS, Executive desires to be employed by Employer on the terms and conditions set forth in this Agreement; and 
WHEREAS, the Parties agree that Executive’s existing indemnification agreement (the “Indemnification Agreement”) shall remain in full force and effect; and 
WHEREAS, the Parties agree that Executive’s existing Confidential Disclosure Agreement (the “Confidential Disclosure Agreement”) shall remain in full force and effect.

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NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 
1.Recitals.  The above recitals are true and correct and, along with the Indemnification Agreement and the Confidential Disclosure Agreement, are made a substantive part of this Agreement.  
2.Term of Employment.  The initial term of this Agreement shall extend from the Effective Date through and including, and ending on, December 31, 2018. The term of this Agreement may be referred to herein as the “Period of Employment.” The Period of Employment shall be subject to termination as provided in Section 6.
3.Position and Duties.  During the Period of Employment, Executive shall serve as Chairman and Chief Executive Officer of Employer, Parent and each corporation, limited liability company, partnership or other entity in which Employer or Parent directly or indirectly control a majority of the voting power (collectively, the “Parent Group”). During the Period of Employment, Executive shall report directly to the Board of Directors of Parent (the “Board”) and the Board of Directors of each other entity in the Parent Group, and shall be responsible for all the affairs of the Parent Group and such other duties and responsibilities as may be assigned to him; and shall have such other powers and duties as may from time to time be prescribed by the Board. During the Period of Employment, Executive shall serve as a member of the Board and the Board of Directors of Employer and Classic Cruises Holdings S. DER.L. If employment of Executive is terminated for any reason whatsoever, or following the expiration of the Period of Employment, Executive agrees to resign all positions and offices of each entity in the Parent Group. Executive agrees to perform his duties and responsibilities in a diligent, careful and proper manner, to devote all of his 

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business time and efforts to the interests of the Parent Group and to give his undivided professional loyalty to the Parent Group. Notwithstanding the foregoing, Executive may engage in charitable and public service activities with appropriate approval and Executive may devote a reasonable amount of time to serve on boards of other corporations or engage in other activities; not to include consulting activities. Except as prohibited by Section 5.4, Executive may make personal investments in any other business, so long as those investments do not require his participation in the operation of such other business and so long as such other business does not compete with the business of the Parent Group. All such outside activities will be subject to the Employer’s and/or Parent’s policies then in effect for executives. Executive shall not be entitled to any additional compensation (other than the compensation expressly provided for in this Agreement) for any services Executive provides to any member of the Parent Group other than the Employer.  
4.Compensation and Related Matters.
4.1    Base Salary.  During the Period of Employment, Executive shall receive an annual minimum base salary (“Base Salary”). The annual rate of Base Salary during the Period of Employment shall be One Million Seven Hundred Fifty Thousand dollars ($1,750,000.00); provided, however, that for calendar year 2015 and each subsequent calendar year during the Period of Employment, the rate of Base Salary shall increase by five percent (5%) above the rate of Base Salary that was in effect for the immediately preceding calendar year. Executive shall only be entitled to receive the applicable Base Salary during the Period of Employment. The applicable Base Salary shall be payable in substantially equal installments on the regular payroll dates of Employer.
4.2     Incentive Compensation.  
Beginning in calendar year 2014 and in each calendar year thereafter during the Period of Employment, Executive shall be eligible to receive an incentive bonus (“Incentive Bonus”); 

3

provided that, except as described below in this Section 4.2, Executive must be employed by Employer on the last day of any such calendar year in order to be eligible for an Incentive Bonus with respect to that calendar year (and, except as described below in this Section 4.2, if Executive is not so employed at such time, in no event shall he have been considered to have “earned” any Incentive Bonus with respect to the calendar year in question). Executive’s target Incentive Bonus (the “Target Bonus”) amount for each such calendar year shall equal 100% of Executive’s Base Salary paid by Employer to Executive for that calendar year; provided that Executive’s actual Incentive Bonus amount for a particular calendar year shall be determined by the Board (or a committee thereof) in its sole reasonable discretion, based on performance objectives (which may include corporate, business unit or division, financial, strategic, individual or other objectives) established with respect to that particular calendar year by the Board (or a committee thereof) in good faith in consultation with Executive, which performance objectives shall be consistent with those established for such year under any incentive plans established for such year and applicable to other senior executives of Parent. The applicable performance objectives will be communicated to Executive within ninety (90) days of the start of each such calendar year. Except as provided below in this Section 4.2, any actual Incentive Bonus earned for each calender year shall be paid in cash no later than March 15 in the immediately following calendar year. If Executive’s employment is terminated during the Period of Employment by Employer without “Cause” or by Executive for “Good Reason,” Executive shall be entitled to receive a pro-rata portion of Executive’s Incentive Bonus for the calendar in which such termination of employment takes place based on the Board’s (or a committee of the Board’s) good faith determination of the then current progress towards the achievement of any applicable performance objectives (e.g., any applicable performance period will be shortened and measured through the date of termination of employment), with the 

4

pro rata portion determined based on the number of days Executive is employed during the applicable calendar year divided by 365. Any pro-rata portion of Executive’s Incentive Bonus becoming payable pursuant to the preceding sentence shall be paid in cash within sixty (60) days after Executive’s termination of employment.  
For purposes of this Agreement “Cause” shall mean: (i) the willful and continued failure of the Executive substantially to perform the Executive’s duties under this Agreement (other than as a result of physical or mental illness or injury), after the Board delivers to the Executive a written demand for substantial performance and such nonperformance has continued for more than thirty (30) days following written notice of nonperformance from the Board that specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive’s duties (provided, however, that Executive shall not be deemed to be in nonperformance if within such 30-day time period following receipt by Executive of such notice he has taken steps reasonably calculated to resolve such nonperformance); (ii) willful misconduct or gross misconduct by the Executive, that has resulted in material injury to the financial interests of or reputation of any entity in the Parent Group; (iii) a violation of policies and procedures of any entity in the Parent Group which in the reasonable discretion of the Board is grounds for termination of employment; (iv) a material breach by Executive of the covenants contained in Section 5 of this Agreement; (v) any act or omission by Executive which, if convicted by a court of law, would constitute a felony; or involves disloyalty, dishonesty, or insubordination in Executive’s relations with any entity in the Parent Group, the Board, other employees, or any of the Parent Group’s customers; (vi) any act or omission which is an intentional violation of the written policies of any entity in the Parent Group; (vii) any act or omission which results in a breach of any term or condition of this Agreement; or (viii) any act or omission which has a material adverse effect on the Parent Group’s reputation, 

5

business affairs or goodwill. In order for a termination of Executive’s employment to be for “Cause,” such termination must be approved by not less than a majority of the entire membership of the Board at a meeting of the Board called and held for such purpose.
For purposes of this Agreement, “Good Reason” shall mean that Executive has complied with the “Good Reason Process” (as hereinafter defined) following the occurrence of any of the following events (referred to individually as “Good Reason Event” and collectively as “Good Reason Events”): (A) any substantial adverse change, not consented to by Executive in a writing signed by him, in the nature or scope of Executive’s responsibilities, authorities, powers, functions, or duties exercised by Executive immediately after the Effective Date; (B) an involuntary reduction in Executive’s Base Salary; (C) a breach by any entity in the Parent Group of any of its other, material obligations under this Agreement and the failure of such entity to cure such breach within thirty (30) days after written notice thereof by Executive; (D) the relocation of the primary offices at which Executive is principally employed to a location more than sixty (60) miles from Employer’s current principal offices, or the requirement by any entity in the Parent Group for Executive to be based anywhere other than Employer’s principal offices at such current location (or more than sixty (60) miles therefrom) on an extended basis, except for required travel on business of the Company Group to an extent substantially consistent with Executive’s current business travel obligations. “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a Good Reason Event has occurred; (ii) Executive notifies Employer in writing of the occurrence of the Good Reason Event; (iii) Executive cooperates in good faith with the Parent Group’s efforts, for a period not more than thirty (30) days following such notice, to modify Executive’s employment situation in a manner acceptable to Executive and the Parent Group; and (iv) notwithstanding such 

6

efforts, one or more of the Good Reason Events continues to exist for a period of more than thirty (30) days following such notice and has not been modified in a manner acceptable to Executive. 
4.3     Stock Option Grant.  Subject to the conditions of this Section 4.3, in connection with Executive entering into this Agreement, Parent will grant Executive a stock option (the “Option”) to purchase 200,000 shares of Parent’s common stock at a price per share equal to the fair market value of a share of Parent common stock on the date of grant of such stock option (with such value as reasonably determined by the Board or appropriate committee thereof).  Subject to Executive’s continued employment on each vesting date, (i) 50% of the Option shall vest and become exercisable on the second anniversary of the Effective Date, (ii) 25% of the Option shall vest and become exercisable on the third anniversary of the Effective Date and (iii) the remaining 25% of the Option shall vest and become exercisable on the fourth anniversary of the Effective Date, provided, however, that if Executive’s employment is terminated during the Period of Employment by Employer without “Cause” or by Executive for “Good Reason,” the next installment of the Option scheduled to vest following the date of such termination of employment shall vest and become exercisable on the date of such termination of employment (e.g., if Executive’s employment is terminated without “Cause” two and one half years following the Effective Date, the 25% installment of the Option scheduled to vest on the third anniversary of the Effective Date shall vest and become exercisable on the date of such termination of employment).  
Subject to the conditions of this Section 4.3, each calendar year during the Period of Employment following 2014, Parent will grant, on or about January 1 of such year, Executive a stock option (“Additional Option”) to purchase 250,000 shares of Parent’s common stock at a price per share equal to the fair market value of a share of Parent common stock on the date of grant of such stock option (with such value as reasonably determined by the Board or appropriate committee 

7

thereof); provided that Executive is employed by Employer on the date of grant of such option. Subject to Executive’s continued employment on each vesting date, each Additional Option shall be scheduled to vest as follows: (i) 50% of the Additional Option shall vest and become exercisable on the second anniversary of the date of grant of the option, (ii) 25% of the Additional Option shall vest and become exercisable on the third anniversary of the date of grant of the option, and (iii) the remaining 25% of the Additional Option shall vest and become exercisable on the fourth anniversary of the date of grant of the option, provided, however, that if Executive’s employment is terminated during the Period of Employment by Employer without “Cause” or by Executive for “Good Reason,” the next installment of the Additional Option scheduled to vest following the date of such termination of employment shall vest and become exercisable on the date of such termination of employment.      If Executive remains continuously employed through the date of a Sale of the Company (as defined in Parent’s 2008 Stock Option Plan (the “Stock Option Plan”)), or if Executive’s employment is terminated by Employer without “Cause” or by Executive for “Good Reason” at any time during the 90-day period preceding the date of a Sale of the Company, 100% of the unvested portion of any stock options theretofore granted by Parent to Executive (to the extent such options were outstanding and otherwise unvested immediately prior to the occurrence of the event) shall vest upon the occurrence of a Sale of the Company. If Executive’s employment is terminated during the Period of Employment by Employer without “Cause” or by Executive for “Good Reason,” the stock options granted by Parent to Executive will provide that Executive may exercise the portion of the stock options that is vested and exercisable on the date of such termination of employment (after giving effect to any accelerated vesting triggered by such termination of employment) until the one-year anniversary of the date of such termination of employment, subject to any earlier termination of the options in connection with a corporate transaction pursuant to Section 7 of the Stock Option 

8

Plan or the expiration of the maximum eight year term of such stock options. The stock options granted by Parent to Executive shall contain the terms described in this paragraph and shall be granted under and subject to the terms and conditions of the Stock Option Plan and a written stock option agreement which shall contain the same general terms as Parent’s form option agreement approved for use under the Stock Option Plan, except to the extent otherwise provided in this Section 4.3. The share amounts set forth in the preceding two paragraphs are subject to adjustment for stock splits, stock dividends, reverse stock splits, mergers and similar events to the same extent as awards outstanding under the Stock Option Plan.
4.4    Expenses.  Executive shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures then in effect and established by Employer for its senior executive officers) in performing services hereunder during the Period of Employment, provided that Executive properly accounts therefore in accordance with Employer policy.  Executive shall be permitted to travel via business-class service on regularly scheduled commercial aircraft for all international travel and for all domestic flights exceeding two (2) hours in length. 
Initially, during the Period of Employment, Executive shall also be entitled to receive the following fringe benefits: (i) a personal expense allowance in the amount not to exceed Twelve Thousand Dollars ($12,000.00) per calendar year, plus (ii) an allowance for country club dues and fees in the amount not to exceed Twenty Thousand Dollars ($20,000.00) per calendar year, plus (iii) a travel expense allowance of Thirty Thousand Dollars ($30,000.00) per calendar year.  Thereafter, Executive’s fringe benefits described above shall be evaluated in the first quarter of each calendar year during the Period of Employment for an upward adjustment by the Board (or a committee thereof).

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4.5.    Automobile Allowance.  During the Period of Employment, Employer shall provide Executive with a company car or allowance therefore, which car or allowance shall be in the amount of Two Thousand Dollars ($2,000.00) per month, which is intended to cover the cost of car lease payments and vehicle insurance.  The Employer shall also cover the cost of maintenance and gasoline as regular business expenses. 
4.6     Other Benefits.  During the Period of Employment, Executive shall be entitled to participate in or receive benefits under all of Employer’s Employee Benefit Plans provided to similarly situated senior executives. As used herein, “Employee Benefit Plans” include, without limitation, each pension and retirement plan, supplemental pension, retirement and deferred compensation plan, savings plan, life insurance plan, medical insurance plan, disability plan, and health and accidental plan, and any statutorily mandated benefits or leave of absence programs or arrangements. To the extent that the scope or nature of benefits described in this section are determined based in whole or in part on the seniority or tenure of an employee’s service, Executive shall be deemed to have a tenure with Employer equal to the actual time of Executive’s service with Employer. During the Period of Employment, Executive shall be entitled to participate in or receive benefits under any of the Employee Benefit Plans and any statutorily mandated benefits or leave of absence program or arrangements that may, in the future, be made available by Employer to its executives and key management employees, subject to and on a basis consistent with the terms, conditions, and overall administration of such plans or arrangements. Notwithstanding any of the above provisions of this Section 4.6, Executive shall be provided with Group Medical Insurance Benefits for himself and “eligible dependents” as that term is defined under the Group Medical Plan Documents, the premium cost of which is fully paid by Employer.  

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4.7     Vacations.  During the Period of Employment, Executive shall be entitled to a minimum of forty (40) days of paid vacation in each calendar year with the ability to carry over not more than five (5) days of earned but unused vacation from one year to the next. During the Period of Employment, Executive shall also be entitled to all paid holidays and personal days given by Employer to its senior executive officers. To the extent that the scope or nature of benefits described in this section are determined under the policies of Employer, based in whole or in part on the seniority or tenure of an employee’s service, Executive shall be deemed to have a tenure with Employer equal to the actual time of Executive’s service with Employer. 
4.8    Tax Advice and Income Tax Preparation.  During the Period of Employment, Employer will pay the cost for Executive to retain a tax consultant to provide Executive with personal tax advice and income tax preparation services in an amount not to exceed Twenty Thousand Dollars ($20,000.00) per calendar year.
5.Unauthorized Disclosure and Non-Solicitation.  
5.1    Confidential Information.  Executive acknowledges that in the course of his performance of services for Employer and each other entity in the Parent Group (and, if applicable, their respective predecessors), he has been allowed to become, and will continue to be allowed to become, acquainted with Employer’s and each Parent Group entity’s business affairs, information, trade secrets, and other matters that are of a proprietary or confidential nature, such as business opportunities, price and cost information, finance, customer information, business plans, various sales techniques, manuals, letters, notebooks, procedures, reports, products, processes, services, and other confidential information and knowledge (collectively, the “Confidential Information”) concerning Employer’s, each Parent Group entity’s and their respective predecessors’ business. Employer and Parent agree to provide, on an ongoing basis, such Confidential Information as they 

11

deem necessary or desirable to aid Executive in the performance of his duties.  Executive understands and acknowledges that such Confidential Information is confidential, and he agrees not to disclose such Confidential Information to anyone outside the Parent Group, except as he deems reasonably necessary or appropriate in connection with performing his duties hereunder.  Executive further agrees that he will not during employment and/or at any time thereafter use such Confidential Information in competing, directly or indirectly, with Employer or any other entity in the Parent Group.  At such time as Executive shall cease to be employed by Employer, he will immediately turn over to Employer all Confidential Information, including papers, documents, writings, electronically stored information, other property, and all copies of them provided to or created by him during the course of his employment with Employer. In furtherance of Executive’s obligation of confidentiality, he has agreed to the provisions contained in Exhibit B which is incorporated by reference as set forth herein.
5.2     Non Solicitation.  During the period of Executive’s employment by Employer or any other entity in the Parent Group and thereafter until the date that is one (1) year after the last date for which compensation (including any compensation for services rendered as a consultant) is received from Employer or any other entity in the Parent Group, Executive will not, directly or indirectly, for Executive or on behalf of any other person or entity, induce and/or attempt to induce any current or future employee of Employer or any other entity in the Parent Group to terminate employment; nor will Executive hire, utilize the service of, and/or participate in the hiring and/or interviewing of any current, former or future employee of Employer or any other entity in the Parent Group for or by a competing firm; nor will Executive provide names and/or other information about Employer’s or any Parent Group entity’s current, former or future employees for the purpose of assisting others to hire such employees; nor will Executive provide information to a current, former 

12

or future employee of Employer or any other entity in the Parent Group about Executive’s subsequent employer and/or any employer or entity affiliated with Executive’s subsequent employer for the purpose of assisting that current, former or future employee in finding employment with such entity.  For purposes of this Section 5.2, a “current, former or future employee” means anyone who is, will be or has been employed by Employer or any other entity in the Parent Group, unless such person has ceased working for that entity for a period in excess of six (6) months prior to Executive’s inducement of, utilization of services of, participation in the hiring or interviewing of, or providing information about or to such person. 
5.3     Heirs, Successors, and Legal Representatives.  The foregoing provisions of Section 5.1 shall be binding upon Executive’s heirs, successors, and legal representatives. The provisions of Section 5 (including all subsections) shall survive the termination of this Agreement for any reason. 
5.4     Covenant Not To Compete.  During the period of Executive’s employment with Employer or any other entity in the Parent Group and for a period of one (1) year thereafter (or two (2) years thereafter if Executive’s employment terminates as a result of his voluntary resignation without Good Reason), Executive will not directly or indirectly engage in any business that is engaged in the passenger ship cruise industry. “Directly or indirectly engage in any business” shall include, but not be limited to, being an owner, manager, director, employee, officer, consultant, independent contractor, partner, shareholder, stockholder, investor, representative, agent or otherwise of a business which is engaged in or plans to be engaged in the passenger ship cruise industry, it being understood that nothing contained herein shall prevent Executive from owning two percent or less of any publicly traded stock of any company engaged in the passenger ship cruise industry. Executive acknowledges that any breach of this covenant not to compete will cause 

13

irreparable harm to Employer and each other entity in the Parent Group. In the event of such breach or threatened breach by Executive of the provisions of this Section 5.4, Employer shall be entitled to an injunction restraining Executive from rendering services to any person, firm or corporation, association, partnership or other entity, which is a competitor of Employer or any other entity in the Parent Group. Employer shall further be entitled to specific performance, including immediate issuance of a temporary restraining order or preliminary injunction enforcing this Section 5.4. Nothing contained herein shall be construed as prohibiting Employer from pursuing any other remedies available to it for such breach or threatened breach against Executive, including the recovery of damages and in the event Executive fails to comply with the terms and conditions expressed herein. Executive acknowledges that Employer and the other entities in the Parent Group are engaged in the passenger ship cruise business throughout the world and that the marketplace for the Employer’s and such other entities’ services is worldwide. Executive further covenants and agrees that the geographic area, length of term and types of activities restrictions (non-competition restrictions) contained in this Agreement are reasonable and necessary to protect the legitimate business interests of the Employer and the other entities in the Parent Group because of the scope of the Employer’s and such other entities’ business. In the event that a court of competent jurisdiction shall determine that one or more of the provisions of this Section 5.4 is so broad as to be unenforceable, then such provision shall be deemed to be reduced in scope or length, as the case may be, to the extent required to make this Section 5..4 enforceable. If Executive violates the provisions of this Section 5.4, the periods described therein shall be extended by that number of days which equals the aggregate of all days during which at any time any such violations occurred. 

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6.Termination.  
6.1    Subject to 6.2 below, Executive’s employment hereunder and the Period of Employment may be terminated without any breach of this Agreement at any time and for any reason by either Executive or Employer without the provision of notice. Employer and Executive intend for Executive to be an “employee at will,” and the Period of Employment specified in Section 2 shall not be construed under any circumstances to alter such “at will” employment relationship.  In addition to any benefits under Section 4.2 and 4.3, upon any termination of Executive’s employment hereunder, Executive shall be entitled to payment of his accrued and unpaid Base Salary through the date of Executive’s termination of employment. If Executive’s employment is terminated during the Period of Employment by Employer without Cause or by Executive for Good Reason, the receipt of any compensation and benefits under Section 4.2 and Section 4.3 shall be conditioned upon Executive signing a general release of claims in a form and manner satisfactory to Executive and Employer within twenty-one days following such termination and Executive not revoking such release. 

6.2    Notwithstanding any provision to the contrary, in the event of a Sale of the Company (as defined in the Parent’s 2008 Stock Option Plan), if the Executive’s employment by Employer is terminated before the end of the Period of Employment and either (1) by Employer without Cause and within 180 days prior to, or any time after, such Sale of the Company, or (2) by Executive for Good Reason at any time after such Sale of the Company, Executive shall be entitled to the following (the date of such termination of employment is referred to as Executive’s “Severance Date”):

15

		
	(a)
	All accrued and unpaid Base Salary (payable at the same time such amounts would otherwise be paid absent the termination);

		
	(b)
	Any benefits under Sections 4.2 and 4.3;

		
	(c)
	Monthly severance pay, commencing with the month following the month in which the Severance Date occurs and continuing for twenty-four months (ending with the 25th month following the month in which the Severance Date occurs), with each such monthly severance payment equal to one-sixth (1/6th) the highest rate of Executive’s annualized Base Salary in effect at any time in the one-year period prior to the Severance Date (for purposes of clarity, it being intended that the total severance pay over the two-year severance period will equal two times the sum of Executive’s Base Salary and targeted annual Incentive Bonus amount, based on the highest rate of annualized Base Salary in effect for Executive in the one-year period prior to the Severance Date); and

		
	(d)
	continued allowance for country club dues and fees pursuant to Section 4.4, the automobile allowance provided for in Section 4.5, continued health/medical plan benefits for Executive and his eligible dependents as provided for in Section 4.6 (to the extent such continued coverage may be provided consistent with applicable law), and the tax advice and income tax preparation benefit provided for in Section 4.8, in each case continuing until the second anniversary of the Severance Date.

In the case of clauses (a) and (b) above, to the extent not otherwise provided pursuant to Section 6.1.  If Executive’s employment is terminated before the end of the Period of Employment, and by Employer without Cause during the period of 180 days prior to a Sale of the Company, any benefits 

16

pursuant to this Section 6.2 (in excess of those provided under Section 6.1) that would otherwise have been paid during the period on or following the termination of employment and prior to the Sale of the Company shall be paid in a lump sum within sixty days following the Sale of the Company.  Each monthly severance payment contemplated pursuant to clause (c) above may be paid in one lump sum installment during the applicable month or in installments on Employer’s regular payroll dates during such month (such that the total of the installments paid in the particular month equals the applicable monthly severance amount).

The receipt of any compensation and benefits under this Section 6.2 shall be conditioned upon Executive signing a general release of claims in a form and manner satisfactory to Executive and Employer within twenty-one days following such termination and Executive not revoking such release, and to Executive’s continued compliance with his obligations pursuant to this Agreement (including, without limitation, those included in Section 5).  
6.3    The foregoing provisions of this Section 6 shall not affect: (i) the Executive’s receipt of benefits otherwise due terminated employees under group insurance coverage consistent with the terms of the applicable Employer welfare benefit plan as then in effect; (ii) the Executive’s rights under COBRA to continue participation in medical, dental, hospitalization and life insurance coverage; or (iii) the Executive’s receipt of vested benefits otherwise due in accordance with the terms of Employer’s 401(k) plan, the Deferred Compensation Plan or the Stock Incentive Plan. Executive shall, however, not be entitled to participate in any other plan or arrangement of Employer or any of its affiliates providing payments or benefits in the nature of severance (notwithstanding anything in Section 4.6 to the contrary).

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7.Impact of Section 280G of the I.R.C.  In the event that Parent anticipates entering into a transaction that may result, after the date hereof, in the occurrence of a change in the ownership or effective control of Parent or in the ownership of a substantial portion of the assets of Parent (within the meaning of Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended (“Code”), and the regulations thereunder), Parent, to the extent reasonably feasible, shall undertake to have payments that would otherwise be “parachute payments” within the meaning of Section 280G(b)(2) of the Code (“Parachute Payments”) excluded, pursuant to the provisions of Section 280G(b)(5) of the Code, from being Parachute Payments. In the event that any payments, benefits or distributions of any type to or for the benefit of Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, including without limitation deemed amounts under the Code resulting from the acceleration of the vesting of any stock options or other equity-based incentive award) (the “Gross Payments”) constitute Parachute Payments, and, if actually paid or distributed, would be subject to the excise tax imposed by Section 4999 of the Code, the aggregate amount of the Gross Payments shall be increased by an amount (“Additional Payment”), such that, after the payment by the Executive of (i) applicable federal, state and local income taxes on the Additional Payment and (ii) excise taxes on the Gross Payments and Additional Payment, the Executive retains such Gross Payments and the obligation to pay the applicable federal, state and local income taxes on the Gross Payments. Any Additional Payment becoming payable pursuant to this Section 7 shall be made by the end of Executive’s taxable year next following Executive’s taxable year in which Executive remits the related taxes.
The determination to be made with respect to this Section 7 shall be made by an independent auditor (the “Auditor”) jointly selected by the Executive and Parent and paid for by Employer and/or Parent. The Auditor shall be a locally recognized United States public accounting firm that has 

18

not, during the two years preceding the date of its selection, acted in any way on behalf of the Employer or any member of the Parent Group. 
8.Notice.  For purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, addressed as follows:  
	
			
	if to the Executive:
	 
	if to the Employer or Parent:

	 
	 
	 

	19 Tahiti Beach Island Road
	 
	Oceania Cruises, Inc.

	Coral Gables, Florida 33143
	 
	8300 N.W. 33rd Street, Suite 308

	 
	 
	Miami, FL 33122

	 
	 
	Chairman, Executive Committee

	 
	 
	 

	and to:
	 
	and to:

	 
	 
	 

	Wechsler & Cohen, LLP
	 
	Apollo Management VI, L.P.

	17 State Street, 15th Floor
	 
	9 West 57th Street, 43rd Floor

	New York, New York 10004
	 
	New York, New York 10019

	Attn: David B. Wechlser, Esq.
	 
	Attn: Steven Martinez

or to such other address as either Party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
9.Miscellaneous.  No provisions of this Agreement may be modified, waived, or discharged unless such waiver, modification, or discharge is agreed to in writing and signed by Executive and such officer of Employer and Parent as may be specifically designated by the Board. No waiver by any Party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other Party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied, unless specifically referred to herein, with respect to the subject 

19

matter hereof have been made by any Party that is not set forth expressly in this Agreement. On the Effective Date, this Agreement shall render all prior employment agreements between Employer or any other entity in the Parent Group and Executive null and void. The validity, interpretation, construction, and performance of the Agreement shall be governed by the laws of the State of Florida (without regard to principles of conflicts of laws) and, where applicable, the laws of the United States. 
10.Validity.  The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.  The invalid portion of this Agreement, if any, shall be modified by any court having jurisdiction to the extent necessary to render such portion enforceable. 
11.Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the Parties reflected hereon as the signatories.  Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose.
12.Arbitration; Other Disputes.  In the event of any dispute or controversy in any way arising under or in connection with Executive’s employment and under or in connection with this Agreement, the Parties shall first promptly try in good faith to settle such dispute or controversy by mediation under the applicable rules of the American Arbitration Association before resorting to arbitration. In the event such dispute or controversy remains unresolved in whole or in part for a period of thirty (30) days after it arises, the Parties will settle any remaining dispute or controversy exclusively by arbitration conducted in Miami-Dade County, Florida in accordance with the 

20

Commercial Arbitration Rules, and under the auspices, of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrator(s)’ award in any court having jurisdiction. All administration fees and arbitration fees shall be paid solely by Employer.  Notwithstanding the above, Employer shall be entitled to seek a restraining order or injunction in any court of competent jurisdiction to prevent any continuation of any violation of Section 5, including Exhibit B, hereof. The prevailing Party shall recover its reasonable attorneys’ fees and costs in any dispute or controversy arising under or in connection with this Agreement. 
13.Third-Party Agreements and Rights.  Executive represents to Employer that upon Executive’s execution of this Agreement, Executive’s employment with Employer, and the performance of Executive’s proposed duties hereunder, will not violate any obligations Executive may have to any employer prior to Employer, and Executive will not bring to the premises of Employer any copies or other tangible embodiments of non-public information belonging to or obtained from any such previous employment prior to that with Employer.  
14.Litigation and Regulatory Cooperation.  During and after Executive’s employment, Executive shall reasonably cooperate with Employer and the other entities in the Parent Group in the defense or prosecution of any claims or actions then in existence or that may be brought in the future against or on behalf of Employer or any other entity in the Parent Group that relate to events or occurrences that transpired while Executive was employed by Employer or any other entity in the Parent Group.  Executive’s cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial and to act as a witness on behalf of Employer or any other entity in the Parent Group at mutually convenient times. During and after Executive’s employment, Executive also shall cooperate fully with Employer and the other entities in the Parent Group in connection with any investigation or review by any 

21

federal, state, or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while Executive was employed by Employer or any other entity in the Parent Group.  Employer and Parent shall reimburse Executive for his reasonable out-of-pocket costs, including but not limited to travel, meals and lodging, incurred in connection with Executive’s furnishing such reasonable cooperation. Employer and Parent agree to indemnify and hold Executive harmless against all costs, charges and expenses whatsoever incurred or sustained by Executive in connection with any action, suit or proceeding to which he may be made a party by reason of his being or having been a director, officer or employee of any Parent Group entity to the fullest extent permitted by applicable laws and Employer’s (or Parent’s, as applicable) governing documents, in each case as in effect at the time of the subject act or omission; provided, that in no event shall  Executive’s indemnification rights and rights to advancement of fees and expenses at any time be less favorable than the indemnification rights and rights to advancement of fees and expenses generally available to the officers or directors of Employer or Parent.
15.Section 409A.      
(a)    To the extent that any reimbursements or allowances pursuant to Section 4 (including all subsections) or Section 14 are taxable to Executive, any reimbursement payment due to Executive pursuant to any such provision shall be paid to Executive on or before the last day of Executive’s taxable year following the taxable year in which the related expense was incurred. The reimbursements and allowances pursuant to Section 4 (including all subsections) and Section 14 are not subject to liquidation or exchange for another benefit, and the amount of such reimbursements and allowances that Executive receives in one taxable year shall not affect the amount of such reimbursements and allowances that Executive receives in any other taxable year.

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(b)    If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of the Executive’s Separation from Service, the Executive shall not be entitled to any payment or benefit pursuant to Section 6 (other than any payment made in reliance upon Treas. Reg. Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section 1.409A-1(b)(4) (Short-Term Deferrals)) until the earlier of (i) the date which is six (6) months after his or her Separation from Service for any reason other than death, or (ii) the date of the Executive’s death.  The provisions of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to Section 409A of the Code.  Any amounts otherwise payable to the Executive upon or in the six (6) month period following the Executive’s Separation from Service that are not so paid by reason of this Section 15(b) shall be paid (without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after the Executive’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty (30) days, after the date of the Executive’s death).
(c)    If the Executive’s period to consider and revoke any release contemplated by Section 6.1 or Section 6.2 spans two different calendar years: (1) any benefit under Section 4.2 payable in connection with and within 60 days following the termination of Executive’s employment shall be paid in the second of those two calendar years; (2) any payment of accrued and unpaid Base Salary (as of the date of the termination of employment) shall not be conditioned upon such release; and (3) any payment due under Section 6.2(c) for the period from the date of the termination of employment through the end of the calendar year in which such termination occurs shall be paid in a single lump sum within the first 60 days of the second of those two calendar years (or, if later, within sixty days following the related Sale of the Company).  The foregoing payment rules control 

23

over any inconsistent payment rules in Section 4.2, 6.1 or 6.2, as applicable; provided that all such rules are subject to Section 15(b).
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IN WITNESS WHEREOF, the Parties have executed this Agreement effective on the date and year above written, 

	
		
	OCEANIA CRUISES, INC.
	 

	 
	 

	By:
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	PRESTIGE CRUISES INTERNATIONAL, INC.
	 

	 
	 

	By:
	 

	 
	 

	 
	 

	 
	 

	 
	 

	 
	 

	EXECUTIVE
	 

	 
	 

	By:
	 

	FRANK J. DEL RIO
	 

25

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