Document:

Exhibit

Exhibit 10.2

July 29, 2019

Mathew Bazley

RE: Separation Agreement and General Release

Dear Mat,

You have resigned your employment with Axovant Sciences, Inc. effective September 1, 2019 (the "Termination Date"). This Separation Agreement and General Release (this "Agreement") sets forth the terms and conditions under which Axovant Sciences, Inc. is offering you additional consideration in exchange for you making and honoring certain commitments, including your agreement not to pursue legal action against the Company as described in Sections 6 and 7.

PLEASE NOTE: THIS DOCUMENT HAS IMPORTANT LEGAL CONSEQUENCES TO YOU. YOU SHOULD CONSULT AN ATTORNEY OF YOUR CHOICE, AT YOUR EXPENSE, PRIOR TO EXECUTING IT.

		
	1.
	Parties To This Agreement

This letter is a proposed agreement that Axovant Sciences, Inc. is offering to you. In this document, references to "you" refer to Mathew Bazley, and AXOVANT SCIENCES, INC. is referred to as "Axovant" or the "Company." Together, you and Axovant Sciences, Inc. are referred to as the "Parties”.

		
	2.
	What You Will Receive Regardless of Whether You Enter Into This Agreement

Whether or not you enter into this Agreement, you will receive the following:

		
	a.
	Your regular base pay (less applicable withholding) through September 1, 2019; and

		
	b.
	If you are currently enrolled and participating in the Company' s medical/dental/vision benefits, your coverage will extend through September 30, 2019 (the month in which your separation takes place); and

		
	c.
	Accrued vested benefits under any applicable retirement plans offered by the Company. You will receive information directly from Fidelity and you may direct questions to them at 1-800-603-4015; and

		
	d.
	Reimbursement for all approved business-related expenses incurred up to your last day of employment consistent with established travel and expense policies; and

		
	e.
	As long as you direct reference inquiries from potential employers to Pavan Cheruvu, Chief Executive Officer, or Raquel Crystal, Vice President, Human Resources, Axovant Sciences, Inc., 11 Times Square, 33rd Floor, New York, NY 10036, Raquel.Crystal@axovant.com, unless otherwise authorized by you in writing. The Company will limit information it discloses in response to reference requests to: (1) your dates of employment, (2) your last position held and (3) the letter of reference included in your employee file if you request that it be provided to such potential employers. Of course, with respect to inquiries not directed by you, the Company reserves the right to respond truthfully to any compulsory process of law (such as a subpoena) or as otherwise required by law after notifying you in advance of such response and providing you the opportunity to review and provide comments on such response.

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	3.
	What You Will Receive Only If You Enter Into This Agreement.

As long as you timely sign, date and return this Agreement and the attached Form of Acknowledgement (IN NO CASE LATER THAN AUGUST 19, 2019), and you comply with the Agreement's requirements, then in addition to those payments and benefits described in Section 2 above:

		
	•
	You will receive a severance payment of $555,000, less applicable taxes and withholding, on the first payroll following the expiration of your revocation period. Your receipt of this payment is also expressly contingent on your continued cooperation with the Company, as set forth in Section 17 of this Agreement. This payment reflects an amount equal to the sum of (A) twelve months of base salary, plus (B) the full amount of your 2019 annual target bonus,

		
	•
	If you or your spouse timely elect COBRA continuation coverage, the Company will reimburse COBRA premiums for the first twelve (12) months of COBRA coverage following your Termination Date; provided, however, that if you or your spouse cease to be eligible for COBRA or become eligible to enroll in the group health insurance plan of another employer (other than your spouse’s current employer), you will immediately notify the Company and the Company’s obligation to provide the COBRA premium benefits shall immediately cease. Further, notwithstanding the foregoing, if at any time the Company determines, in its sole discretion, that it cannot provide the COBRA premium benefits without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of paying COBRA premiums on your behalf, the Company will pay you on a monthly basis a fully taxable cash payment equal to the COBRA premium for that month, subject to applicable tax withholding. This payment may be, but need not be, used to pay for COBRA premiums.

		
	4.
	How To Enter Into This Agreement.

In order to enter into this Agreement, you must take the following steps:

		
	a.
	You must sign and date the Agreement and the attached Form of Acknowledgment. Signing and dating the Agreement and Form of Acknowledgment is how you "Execute" the Agreement.

		
	b.
	You must return the Executed Agreement to me on or before August 19, 2019 (unless such period is extended in writing by the Company). If the Company does not receive the signed and dated Agreement and Form of Acknowledgment by that date, the offer will be deemed withdrawn, this Agreement will not take effect and you will not receive the benefits described in Section 3.

		
	c.
	You must comply with the terms and conditions of this Agreement.

		
	5.
	Your Acknowledgments.

By entering into this Agreement, you are agreeing:

		
	•
	The benefits in Sections 3 are more than any benefits that you are otherwise promised or entitled to receive under any policy, plan, handbook or practice of the Company or any prior offer letter, agreement or understanding between the Company and you.

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	•
	After your employment ends, except as provided for in this Agreement (and without impacting any accrued vested benefits under any applicable tax qualified retirement or other benefit plans of the Company), you will no longer participate or accrue service credit of any kind in any employee benefits plan of the Company or any of its affiliates.

		
	•
	Your post-employment obligations under your employment agreement, and any non-disclosure, confidentiality and restrictive covenant  agreements  between  you  and the Company or any of the Releasees, as defined below, shall remain  in  full  force and effect, and you acknowledge and re-affirm those obligations.

		
	•
	Except for the items set forth in Section 2 of this Agreement, which you will receive regardless of whether you Execute this Agreement, the Company does not owe you anything except for what it is becoming obligated to do by the terms this Agreement.

		
	•
	You have no legal entitlement to reemployment with the Company and its affiliates, and you waive and release any right to be considered for employment or reemployment with the Company and its affiliates, and/or the Company and its affiliates from any liability for any failure or refusal to hire you or engage you to perform services.

		
	•
	During your employment with the Company, you did not violate any federal, state, or local law, statute, or regulation while acting within the scope of your employment with the Company (collectively, "Violations").

		
	•
	You are not aware of any Violation(s) committed by a Company employee, vendor, or customer acting within the scope of his/her/its employment or business with the Company that have not been previously reported to the Company; or to the extent you are aware of any such unreported Violation(s), you will, prior to your execution of this Agreement, immediately report such Violation(s) to the Company.

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	6.
	YOU ARE RELEASING AND WAIVING CLAIMS

While it is very important that you read this entire Agreement carefully, it is especially important that you read this Section carefully, because it lists important rights you are giving up if you decide to enter into this Agreement.

What Are You Giving Up? It is the Company's position that you have no legitimate basis for bringing a legal action against it. You may agree or believe otherwise or simply not know. However, if you Execute this Agreement, you will, except for certain exceptions described in Section 10, give up your ability to bring a legal action against the Company and others, including, but not limited to its affiliates. More specifically, by Executing this Agreement , you will give up any right you may have to bring various types of "Claims," which means possible lawsuits, claims, demands and causes of action of any kind (based on any legal or equitable theory, whether contractual , common-law, statutory, federal, state, local or otherwise), whether known or unknown, by reason of any act or omission up to and including the date on which you Execute this Agreement. You are also giving up potential Claims arising under any contract or implied contract, including but not limited to any employment agreement, offer letter, handbook, tort law or public policy having any bearing on your employment or the termination of your employment, such as Claims for wrongful discharge, discrimination, hostile work environment, breach of contract, tortious interference, harassment. bullying, infliction of emotional distress, defamation, back pay, vacation pay, sick pay, wage, commission or bonus payment, equity grants, stock options, restricted stock option payments, payments under any bonus or incentive plan, attorneys' fees, costs and future wage loss, and including any potential Claims that you may have as an equity holder of the Company or its affiliates. This Agreement includes a release of your right to assert a Claim of discrimination on the basis of age, sex, race, religion, national origin, marital status, sexual orientation, gender identity, gender expression, ancestry, parental status, handicap, disability, military status, veteran status, harassment, retaliation or attainment of benefit plan rights. However, as described in Section 10, this Agreement does not and cannot prevent you from asserting your right to bring a claim against the Company and Releasees, as defined below, before the Equal Employment Opportunity Commission or other agencies enforcing non-discrimination laws or the National Labor Relations Board.

Whose Possible Claims Are You Giving Up? You are waiving Claims that you may otherwise be able to bring. You are not only agreeing that you will not personally bring these Claims in the future, but that no one else will bring them in your place, such as your heirs and executors, and your dependents, legal representatives and assigns. Together, you and these groups of individuals are referred to in the Agreement as "Releasers."

Who Are You Releasing From Possible Claims? You are not only waiving Claims that you and the Releasers may otherwise be able to bring against the Company, but also Claims that could be brought against "Releasees," which means the Company and its parent, subsidiaries and other corporate entity affiliates, and all of its and their past, present and future:

		
	•
	shareholders;

		
	•
	officers, directors, employees, attorneys and agents;

		
	•
	subsidiaries, divisions and any and all affiliated and related entities;

		
	•
	employee benefit and pension plans or funds;

		
	•
	successors and assigns; and

		
	•
	trustees, fiduciaries and administrators.

Possible Claims You May Not Know. It is possible that you may have a Claim that you do not know exists. By entering into this Agreement. you are giving up all Claims that you ever had including Claims arising out of your employment or the termination of your employment. Even if Claims exist that you do not know about. you are giving them up.

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What Types of Claims Are You Giving Up? In exchange for the benefits in Sections 3 you (on behalf of yourself and the Releasers) forever release and discharge the Company and all of the Releasees from any and all Claims including Claims arising under the following laws (including amendments to these laws):

Federal Laws, such as: The Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; Title VII of the Civil Rights of 1964; Sections 1981 through 1988 of Title 42 of the United States Code; The Civil Rights Act of 1991; The Equal Pay Act; The Americans  with Disabilities Act; The Rehabilitation Act; The Employee Retirement  Income  Security  Act;  The Worker Adjustment and Retraining Notification Act; The National Labor Relations Act; The Fair Credit Reporting Act; The Occupational Safety and Health Act;  The  Uniformed  Services Employment and Reemployment Act; The Employee Polygraph Protection Act; The Immigration Reform Control Act; The Family and Medical Leave Act; The Genetic  Information Nondiscrimination Act; The Federal False Claims Act;  The Patient Protection and Affordable Care Act; The Consolidated Omnibus Budget Reconciliation Act; and The Lilly Ledbetter Fair Pay Act.

State and Municipal Laws, such as: The New York State Human Rights Law; the New York State Executive Law; the New York State Civil Rights Law; the New York State Whistleblower Law; the New York State Legal Recreational Activities Law; the retaliation provisions of the New York State Workers' Compensation Law; the New York Labor Law; the New York State Worker Adjustment and Retraining Notification Act; the New York State False Claims Act; New York State Wage and Hour Laws; the New York State Equal Pay Law; the New York State Rights of Persons with Disabilities Law; the New York State Nondiscrimination Against Genetic Disorders Law; the New York State Smokers' Rights Law; the New York AIDS Testing Confidentiality Act; the New York Genetic Testing Confidentiality y Law; the New York Discrimination by Employment Agencies Law; the New York Bone Marrow Leave Law; the New York Adoptive Parents Child Care Leave Law; the New York City Human Rights Law; the New York City Administrative Code; the New York City Paid Sick Leave Law; and the New York City Charter.

You Are Giving Up Potential Remedies and Relief. You are waiving any relief that may be available to you (such as money damages, equity grants, benefits, attorneys' fees, and equitable relief such as reinstatement) under any of the waived Claims, except as provided in Section 10.

This Release Is Broad. This release is meant to be as broad as legally permissible and applies to both employment-related and non-employment-related Claims up to the time that you execute this Agreement. This release includes a waiver of jury trials and non-jury trials. This Agreement does not release or waive Claims or rights that, as a matter of law, cannot be waived, which include, but are not necessarily limited to, the exceptions to your release of claims or covenant not to sue referenced in Section 10.

		
	7.
	YOU ARE AGREEING NOT TO SUE

Except as provided in Section 10, you agree not to sue or otherwise bring any legal action against the Company or any of the Releasees ever for any Claim released in Section 6 arising before you Execute this Agreement. You are not only waiving any right you may have to proceed individually, but also as a member of a class or collective action. You waive any and all rights you may have had to receive notice of any class or collective action against Releases for claims arising before you Execute this Agreement. In the event that you receive notice of a class or collective action against Releasees for claims arising before you Execute this Agreement, you must ·”opt out” of and may not

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 "opt in" to such action. You are also giving up any right you may have to recover any relief, including money damages from the Releasees as a member of a class or collective action.

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	8.
	Representations Under The FMLA (leave law) And FLSA (wage and hour law).

You represent that you are not aware of any facts that might justify a Claim by you against the Company for any violation of the Family and Medical Leave Act (" FMLA"). You also represent that you have received all wages for all work you performed and any commissions, bonuses, stock options, restricted stock option payments, overtime compensation and FMLA  leave to  which you may have been entitled, and that you are not aware of any facts constituting a violation by the Company or Releasees of any violation of the Fair Labor Standards Act ("FLSA”) or any other  federal, state or municipal laws.

		
	9.
	You Have Not Already Filed An Action.

You represent that you have not sued or otherwise filed any actions (or participated in any actions) of any kind against the Company or Releasees in any court or before any administrative or investigative body or agency. The Company is relying on this assurance in entering into this Agreement.

		
	10.
	Exceptions To Your Release Of Claims And Covenant Not To Sue.

In Sections 6 and 7, you are releasing Claims and agreeing not to sue, but there are exceptions to those commitments. Specifically, nothing in this Agreement prevents you from bringing a legal action or otherwise taking steps to:

		
	•
	Enforce the terms of this Agreement and any agreements in Section 23 that survive; or

		
	•
	Challenge the validity of this Agreement; or

		
	•
	Make any disclosure of information required by law; or

		
	•
	Provide information to, testify before or otherwise assist in any investigation or proceeding brought by, any regulatory or law enforcement agency or legislative body, any self­ regulatory organization, or the Company; or

		
	•
	Provide truthful testimony in any forum; or

		
	•
	Cooperate fully and provide information as requested in any investigation by a governmental agency or commission; or

		
	•
	File a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission or any other federal, state or local governmental agency or commission (" Government Agencies''); or

		
	•
	File a lawsuit or other action to pursue Claims that arise after you Execute this Agreement.

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For purposes of clarity, this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including providing documents or other information, without notice to the Company. This Agreement does not limit your right to receive an award for information provided to any Government Agencies. Further, notwithstanding anything in this Agreement to the contrary, nothing in this Agreement is intended to waive any rights to indemnification to which you are otherwise entitled under your Indemnification Agreement entered into as of October 1, 2018, between you and Axovant Sciences Ltd. (“Indemnification Agreement”) (including, without limitation, any Claims by any current or former employees against the Company or you of the type or variety of Claims described in the fourth, fifth and/or sixth sentences under the paragraph entitled “What Are You Giving Up?” in Section 6, regardless of whether they are brought, or related to actions or omissions by the Company or you, prior to or after the Termination Date) or rights to directors and officers liability insurance coverage and errors and omissions coverage as may be in effect For the avoidance of doubt, Company agrees that the Indemnification Agreement applies to you as an employee of a subsidiary of Axovant Sciences, Ltd. (now Axovant Gene Therapies, Ltd.) and the definition of “Covered Events” shall include any events or occurrences related in any way to the fact that you are or were a director, officer, employee, agent or fiduciary of the Company or by reason of any action or in action on your part while serving in any such capacity.

		
	11.
	Company Release.

With the exception of Claims arising from criminal conduct and fraud, the Company, on behalf of itself and its parent, subsidiaries, affiliates, directors, officers, employees, agents, attorneys, successors and assigns in their capacities as such (“Company Parties”), does hereby release, waive, and forever discharge you and your heirs from, and agree not to bring or participate as a plaintiff or clamant in any suit, action, or proceeding against you and your heirs regarding any Claims of any kind whatsoever, whether known or unknown or contingent or absolute, that Company Parties, or any person acting under any of them, may now have, or claim at any future time to have, based in whole or in part upon any act or omission occurring while you were acting as General Counsel from the beginning of your employment through the date of execution of this Agreement by the Company.

		
	12.
	Your Continuing Obligations.

You acknowledge and re-affirm your continuing post-employment obligations pursuant to any employment agreement, and any non-disclosure, confidentiality and restrictive covenant agreements executed between you and any of the Releasees. You also acknowledge your continuing obligations and restrictions in the attached Form of Acknowledgement.

Pursuant to the Defend Trade Secrets Act of 2016, you acknowledge and understand that you will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of the trade secrets of the Company or any of its affiliates that is made by you (i)  in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

		
	13.
	Return Of Property.

As of your Termination Date, you agree that you have returned to the Company all property belonging to the Company including, but not limited to, electronic devices, equipment, access cards, and paper and electronic documents obtained in the course of your employment, other than what Company permits or requires in connection with the performance of the Services. You further agree that you have returned or destroyed any document or other information containing Confidential Information, as defined below, other than Confidential Information that you are using in connection with your performance of Services under the consulting arrangement herein. You also acknowledge your return of Company property in the attached Form of Acknowledgement.

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	14.
	Prior Disclosures.

You acknowledge that, prior to the termination of your employment with the Company, you disclosed to the Company, in accordance with applicable policies and procedures, any and all information relevant to any investigation of the Company's business practices conducted by any governmental agency or to any existing, threatened or anticipated litigation involving the Company, whether administrative, civil or criminal in nature, and that you are otherwise unaware of any wrongdoing committed by any current or former employee of the Company that has not been disclosed to the Chief Executive Officer or Chief Financial Officer of the Company or either’s delegate. Nothing in this Agreement shall prohibit or restrict you or the Company from (1) making any disclosure of information required by law; (2) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by any federal or state regulatory or law enforcement agency or legislative body, any self-regulatory organization, or with respect to any internal investigation by the Company or its affiliates; or (3) testifying. participating in or otherwise assisting in a proceeding relating to an alleged violation of the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, any federal, state or municipal law relating to fraud, or any rule or regulation of any self-regulatory organization.

		
	15.
	Non-Disparagement.

You agree that you will not, through any medium including, but not limited to, the press, Internet or any other form of communication, disparage, defame, or otherwise damage or assail the reputation, integrity or professionalism of the Company or the Releasees. Company agrees that none of the Company, or its directors, officers, employees or affiliates will, through any medium including, but not limited to, the press, Internet, e-mail, blog or any other form of communication (written or oral), disparage, defame, or otherwise damage or assail your reputation, integrity or professionalism. Nothing in this Section is intended to restrict or impede the Company's or your participation in proceedings or investigations brought by or before the EEOC, NLRB, or other federal, state or local government agencies, or otherwise exercising protected rights to the extent that such rights cannot be waived by agreement, including Section 7 rights under the National Labor Relations Act.

		
	16.
	Confidentiality.

In order to protect the legitimate business interests of the Company and in consideration of the payments and benefits described in Sections 3, you agree that you will not disclose the Company's Confidential Information, as defined below, directly or indirectly, at any time after your employment with the Company ends, except to persons authorized by the Company to receive this information and except as otherwise required by law or legal proceeding. You agree that you will not use Confidential Information, directly or indirectly, at any time after your employment with the Company ends, for your personal benefit, for the benefit of any other person or entity, or in any manner adverse to the interests of the Company. You agree that you will take all action reasonably necessary to protect Confidential Information from being disclosed to anyone other than persons authorized by the Company.

As used in this Agreement, "Confidential Information" means all of the trade secrets, know-how, ideas, business plans, business operations, data, pricing information, the identity of and any information concerning customers or suppliers, trials or studies, computer programs (whether in source code or object code), procedures, processes, strategies, methods, systems, designs, discoveries, inventions, production methods and sources, marketing and sales information, information received from others that the Company is obligated to treat as confidential or proprietary. and any other technical, operating, financial and other business information that has commercial value, relating to the Company, its business, potential business, operations or finances, or the business of the Company' s affiliates or customers, of which you may have acquired or developed knowledge of during your work for the Company, or from your colleagues while working for the Company, but excluding confidential information that is covered under any separate nondisclosure agreement.

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	17.
	Duty of Cooperation.

You agree to cooperate fully and in a timely manner with the Company and its legal counsel with respect to any matter about which you have knowledge or in which you were· involved while employed, including any litigation, investigation, government or other regulatory proceeding, including patent prosecutions and enforcement matters. To the extent advisable and permissible under law, Axovant will provide reasonable compensation in connection with such cooperation that occurs after termination or expiration of the Services.

		
	18.
	Remedies For Breach.

If you breach any section of this Agreement, including without limitation, Sections 6, 7, 12, 13, 14, 15, 16 or 17, or the Company breaches any section of this Agreement, including without limitation, Sections 3, 11 or 15, or if either party otherwise seeks to bring a Claim given up under this Agreement, the Company and you, respectively, will be entitled to all relief legally available including equitable relief such as injunctions, and the Company and you, respectively, will not be required to post a bond.

You further acknowledge that if you breach of any section of this Agreement, you will automatically forfeit your right to receive any and all of the benefits enumerated in Sections 3of this Agreement.

You further acknowledge and understand that if the Company should discover any such Violation(s) as described in Section 5 after your execution of this Agreement and/or your separation from employment with the Company, it will be considered a material breach of this Agreement, and all of the Company's obligations to you hereunder will become immediately null and void.  

You and the Company further acknowledge and agree that in the event the you or the Company, respectively, breach Section 15 of this Agreement, in addition to the following two sentences, you or the Company shall be liable to pay the other party liquidated damages in the amount of $100,000. You and the Company further acknowledge and agree that the harm to the Company or you by breach of Section 15 of this Agreement is unascertainable at this time and the amount of liquidated damages provided for is reasonable at the time of the execution of this Agreement. The availability of liquidated damages shall in no way prohibit the Company or you from recovering actual damages in excess of $100,000 that are caused by your or the Company’s breach of any section of this agreement, including Section 15.

		
	19.
	Governing Law.

This Agreement is governed by New York State law, without regard to conflicts of laws principles.

		
	20.
	Successors And Assigns.

This Agreement is binding on the Parties and their heirs, executors, successors and assigns.

		
	21.
	Severability And Construction.

If a court with jurisdiction to consider this Agreement determines that any provision is illegal, void or unenforceable, that provision will be invalid. However, the rest of the Agreement will remain in full force and effect. A court with jurisdiction to consider this Agreement may modify invalid provisions if necessary to achieve the intent of the Parties.

		
	22.
	No Admission.

By entering into this Agreement, neither you nor the Company admits wrongdoing of any kind.

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	23.
	Do Not Rely On Verbal Statements.

		
	•
	This Agreement sets forth the complete understanding between the Parties.

		
	•
	This Agreement may not be changed orally.

		
	•
	This Agreement constitutes and contains the complete understanding of the Parties with regard to the end of your employment, and supersedes and replaces all prior oral and written agreements and promises between the Parties, except that (i) any non­disclosure, confidentiality and restrictive covenant agreements executed between you and any of the Releasees remain in full force and effect and are incorporated herein,  and (ii) the Indemnification Agreement is and will remain in full force and effect.

		
	•
	Neither the Company nor any representative (nor any representative of any other company affiliated with the Company), has made any promises to you other than as written in this Agreement. All future promises and agreements must be in writing and signed by both Parties.

		
	24.
	Your Opportunity To Review and Revoke.

		
	a.
	Review Period. You have twenty-one (21) calendar days from  the day you  receive this Agreement to consider the terms of this Agreement, sign it and return it to Raquel Crystal, Vice President, Human Resources, Axovant Sciences, Inc., 11 Times Square, 33rd Floor, New York, NY 10036, Raquel.Crystal@axovant.com. Your opportunity to accept the terms of this Agreement will expire at the conclusion of the twenty-one (21) calendar day period if you do not accept those terms before time expires. That means that your opportunity to accept the terms of this Agreement will expire on August 19, 2019. You may sign the Agreement in fewer than twenty-one (21) calendar days, if you wish to do so. If you elect to do so, you acknowledge that you have done so voluntarily. Your signature below indicates that you are entering into this Agreement freely, knowingly and voluntarily, with full understanding of its terms.

		
	b.
	Talk To A Lawyer. During the review period, and before executing this Agreement, the Company advises you to consult with an attorney, at your own expense, regarding the terms of this Agreement.

		
	c.
	Seven Days to Change Your Mind. You have seven (7) calendar days from the date of signing this Agreement to revoke the Agreement by expressing a desire to do so in writing addressed to Raquel Crystal, Vice President, Human Resources, Axovant Sciences, Inc., 11 Times Square, 33rd Floor, New York, NY 10036, Raquel.Crystal@axovant.com.

		
	25.
	We Want To Make Absolutely Certain That You Understand This Agreement.

You acknowledge and agree that:

		
	a.
	You have carefully read this Agreement in its entirety;

		
	b.
	You have had an opportunity to consider the terms of this Agreement for at least twenty-one (21) calendar days;

		
	c.
	You understand that the Company urges you to consult with an attorney of your choosing, at your expense, regarding this Agreement;

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	d.
	You have the opportunity to discuss this Agreement with a lawyer of your choosing, and agree that you had a reasonable opportunity to do so, and he or she has answered to your satisfaction any questions you asked with regard to the meaning and significance of any of the provisions of this Agreement;

		
	e.
	You fully understand the significance of all of the terms and conditions of this Agreement; and

		
	f.
	You are Executing this Agreement voluntarily and of your own free will and agree to all the terms and conditions contained in this Agreement.

YOU AGREE THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT DO NOT RESTART, EXTEND OR AFFECT IN ANY MANNER THE ORIGINAL REVIEW PERIOD DESCRIBED ABOVE.

	
							
	MATHEW BAZLEY
	 
	AXOVANT SCIENCES, INC.

	 
	 
	 
	 
	 
	 
	 

	By:
	 
	/s/ Mathew Bazley
	 
	By:
	 
	/s/ Pavan Cheruvu

	 
	 
	 
	 
	Title:
	 
	Chief Executive Officer

	Dated:
	 
	July 29, 2019
	 
	Dated:
	 
	July 29, 2019

12Blueprint

 

EXHIBIT 4.1

 

NAVIENT CORPORATION

EMPLOYEE STOCK PURCHASE PLAN

(as Amended and Restated Effective April 4, 2019)

 

 

1.

PURPOSE

 

The
purpose of the Navient Corporation Employee Stock Purchase Plan
(the “Plan”) is to motivate employees of Navient
Corporation (the “Corporation”) and subsidiaries owned
more than 50% by the Corporation or which the Corporation controls
(collectively the “Employers”) to achieve corporate
goals and to encourage equity ownership in the Corporation in order
to increase proprietary interest in the Corporation’s
success.

 

2.

ADMINISTRATION

 

a) 

The Plan shall be
administered by the Compensation and Personnel Committee of the
Corporation’s Board of Directors or a duly-authorized
delegate (the “Committee”). In addition to its duties
with respect to the Plan, the Committee shall have full authority,
consistent with the Plan, to interpret the Plan, to promulgate such
rules and regulations with respect to the Plan as it deems
desirable, to delegate its responsibilities hereunder to
appropriate persons and to make all other determinations necessary
or desirable for the administration of the Plan. All decisions,
determinations and interpretations of the Committee shall be
binding upon all persons.

 

b)

The rights to
purchase stock (“Options”) that are granted under this
Plan shall constitute non-qualified stock options that are not
intended to qualify under Section 423 of the Internal Revenue Code
of 1986, as amended from time to time (the “Code”).
However, the Plan is intended to be exempt from or compliant with
Section 409A of the Code and will be interpreted in a manner
intended to maintain such exemption or comply with Section 409A of
the Code.

 

3.

SHARES SUBJECT TO THE PLAN

 

The
stock that may be purchased under the Plan is common stock, $.01
par value, of the Corporation. The aggregate number of shares that
may be purchased is three million (3,000,000), consisting of (i)
two million (2,000,000) shares newly authorized for issuance and
subject to the approval of the Corporation’s shareholders at
the Corporation’s 2019 annual meeting, and (ii) one million
(1,000,000) shares previously authorized for issuance, less all
shares previously purchased under the Plan prior to April 4, 2019.
The aggregate number of shares that may be purchased is subject to
adjustment pursuant to Paragraph 4. Such shares may be
previously-issued stock reacquired by the Corporation, authorized,
but unissued stock, or stock that is purchased on the open market
by the Corporation.

 

If at
any time the number of shares to be purchased in an Offering
Period, as defined in Paragraph 5(c), causes the total number of
shares offered under the Plan to exceed the above stated limit,
then the number of shares that may be purchased by each Participant
in that Offering Period shall be reduced pro rata.

 

 

 

1

 

 

4.

ADJUSTMENTS FOR CHANGES IN CAPITALIZATION

 

If any
change is made in, or other events occur with respect to, the
Corporation’s stock subject to the Plan or subject to any
Option granted under this Plan without receipt of consideration by
the Corporation (through merger, consolidation, reorganization,
recapitalization, reincorporation, stock dividend, dividend in
property other than cash, extraordinary cash dividend, stock split,
liquidating dividend, combination of shares, exchange of shares,
change in corporate structure or other transaction not involving
the receipt of consideration by the Corporation, each an
“Adjustment Event”), the Plan shall be adjusted in the
class(es) and maximum number of securities subject to the Plan
pursuant to Paragraph 3 and the outstanding Options granted under
this Plan shall be maintained in the same equivalent economic
position with respect to the class(es) and number of securities and
price per share of Corporation stock subject to such outstanding
Options. The Committee shall be responsible for determining whether
an Adjustment Event has occurred for purposes of this Paragraph 4.
If an Adjustment Event has occurred, the Committee shall make such
adjustments as described herein, and its determination shall be
final, binding and conclusive. No fractional interests shall be
issued under the Plan based on such adjustments. The Committee
shall not make any adjustment pursuant to this Paragraph 4 that
would cause an Option that is otherwise exempt from Section 409A of
the Code to become subject to Section 409A of the Code, or that
would cause an Option that is subject to Section 409A of the Code
to fail to satisfy the requirements of Section 409A of the
Code.

 

5.

DEFINITIONS

 

a) 

Eligible Compensation. The term
“Eligible Compensation” shall mean the regular salary
and hourly wages (calculated at the regular hourly rate, including
payments for sick leave, vacation, paid time-off, holidays, jury
duty, bereavement and other paid leaves of absence).
“Eligible Compensation” shall not include other forms
of compensation such as short-term or long-term disability
payments, severance payments, incentive compensation, and overtime
pay.

 

b)

Entry Date. The term
“Entry Date” shall mean the first day of each Plan
Year, except that for eligible employees hired after the first day
of any Plan Year and on or prior to the following January 1st, the
initial “Entry Date” shall mean the first day of the
month following their commencement of employment with the
Corporation or an Employer. Notwithstanding the preceding sentence,
for individuals who become eligible employees solely in connection
with the acquisition of a controlling interest in another company
or business by a stock acquisition, merger, reorganization or
purchase of assets, the term “Entry Date” shall mean
the first day of the first Plan Year following the date of such
acquisition, unless the Board of Directors (or its duly-authorized
delegate) authorizes an earlier Entry Date for such individuals in
connection with a special Offering Period created pursuant to
Paragraph 17.

 

c)

Offering Period. The term
“Offering Period” shall mean the 12-month period
beginning with the first day of each Plan Year, except that for
eligible employees hired after the first day of any Plan Year and
on or prior to the following January 1st, the initial
“Offering Period” shall mean the period beginning with
the first day of the month in which benefits are otherwise
effective following their commencement of employment with the
Corporation or an Employer and ending on the immediately following
July 31st. Notwithstanding the preceding sentence, for individuals
who become eligible employees solely in connection with the
acquisition of a controlling interest in another company or
business by a stock acquisition, merger, reorganization or purchase
of assets, the term “Offering Period” shall mean the
12-month period beginning with first day of the first Plan Year
following the date of such acquisition, unless the Board of
Directors (or its duly-authorized delegate) creates an earlier
special Offering Period for such individuals pursuant to Paragraph
17.

 

 

2

 

 

d)

Plan Year. The Plan will follow
a twelve month cycle starting each August 1st and ending the next
July 31st.

 

e)

Purchase Date. The term
“Purchase Date” shall mean the last day of an Offering
Period, except if the NASDAQ Stock Market is closed on the last day
of an Offering Period, the Purchase Date shall mean the immediately
preceding trading day on the NASDAQ Stock Market.

 

f)

Participant. The term
“Participant” shall mean an eligible employee who
elects to participate in the Plan pursuant to Paragraph
9.

 

6.

ELIGIBILITY

 

All
regular full-time and part-time employees working 24 or more hours
per week for an Employer shall be eligible to participate in the
Plan on their Entry Date; provided, however, that such eligible
employees complete the enrollment procedures established by the
Committee prior to the enrollment deadline for such Entry Date.
Notwithstanding the prior sentence, the following individuals shall
not be eligible to participate in the Plan:

 

a)

any individual
whose services are performed for an Employer pursuant to a contract
between the Employer and another entity, and whom the Employer
treats as a leased employee;

 

b)

any individual that
the Employer treats as an independent contractor;

 

c)

temporary
employees;

 

d)

members of the
Boards of Directors of the Corporation and of the Employers, unless
otherwise eligible as described above; and

 

e)

international
employees.

 

7.

PURCHASE PRICE

 

The
Purchase Price per share shall be equal to the fair market value of
a share of common stock on the first business day of the Plan Year
on which the NASDAQ Stock Market is open, less 15 percent of such
fair market value. Unless otherwise determined by the Board of
Directors of the Corporation or the Committee, the fair market
value of a share of common stock on a particular date shall be
deemed to be the closing price of a share of common stock as
recorded by the NASDAQ Stock Market on such date or, if no closing
price has been recorded on such date, on the day immediately
following the day on which such a closing price was
recorded.

 

8.

OPTION TO PURCHASE STOCK

 

Prior
to each Entry Date, the Corporation will offer eligible employees
the opportunity to elect to participate in the Plan. Each eligible
employee who elects to participate will receive an Option to
purchase on the Purchase Date the number of full and/or fractional
shares of common stock at the Purchase Price.

 

9.

ENROLLING IN THE PLAN

 

An
eligible employee may elect to participate in the Plan by
completing the enrollment procedures established by the Committee
before the enrollment deadline announced for each Entry
Date.

 

 

3

 

 

A
Participant shall elect a percentage to be deducted regularly from
his or her Eligible Compensation on an after-tax basis provided
that the Participant must elect an initial payroll deduction of no
less than one percent (1%) and no more than twenty-five percent
(25%) of his or her Eligible Compensation, not to exceed $7,500 per
Offering Period. Only whole percentages may be
elected.

 

A
Participant may elect to change his or her payroll deduction
percentage on a biweekly basis, as limited by Paragraph
12.

 

Unless
a Participant changes his or her payroll deduction percentage or
ceases participation in the Plan in accordance with Paragraphs 12
and 13, a Participant’s payroll deductions, as limited by
Paragraph 10, and his or her initial enrollment elections will
continue until the end of the Offering Period. A Participant must
complete the enrollment procedures established by the Committee
each Offering Period.

 

10.

DEPOSITS

 

Pursuant to the
enrollment procedures established by the Committee, after-tax
payroll contributions to the Plan will be deposited to an interest
bearing omnibus account established for the Plan at the custodial
bank selected by the Committee. No other types of deposits may be
made. Accrued interest for the Plan will be based on the money
market annual yield rate published in the Wall Street Journal
“Bonds, Rates & Yields” section on the 25th of each
month.

 

11.

INDIVIDUAL BALANCES

 

Individual balances
are record kept at the Corporation by the Committee’s
designates. Effective the 1st business day of each month, the
accrued Plan interest will be allocated to Participants based on
the individual balances on the last business day of the previous
month. When applicable, the interest earned by each Participant for
the calendar year will be reported on IRS Form
1099-DIV.

 

12.

MINIMUM AND MAXIMUM CONTRIBUTIONS

 

A
Participant must elect an initial payroll deduction of no less than
one percent (1%) and no more than twenty-five percent (25%) of his
or her Eligible Compensation, not to exceed $7,500 per Offering
Period. A Participant may change his or her contribution during the
Offering Period, including changing to zero percent. Contributions
other than by payroll deductions are not permitted. Only whole
percentages are allowed.

 

13.

WITHDRAWALS FROM THE PLAN

 

A
Participant may make one withdrawal during each Offering Period
under the terms and procedures established by the Committee. The
withdrawal must be for the total amount of contributions and
interest on record at the time the transaction is processed. The
funds will be distributed to the employee through their regular
payroll check as soon as practicable but no later than thirty (30)
days from the date the withdrawal request is submitted. If a
Participant receives a withdrawal during an Offering Period, he or
she shall no longer participate in the Plan for the remainder of
such Offering Period. An eligible employee who has ceased
participation in the Plan may enter the Plan for the next Offering
Period by following the enrollment procedures established by the
Committee, subject to Paragraph 9.

 

14.

STOCK PURCHASES

 

In
accordance with the applicable procedures established by the
Committee, the Corporation shall exercise all Options to Purchase
shares which each Participant is entitled to on each Purchase Date.
The Corporation shall withhold a sufficient number of shares to
cover his or her applicable taxes on any gains, which is the
difference between the value of shares purchased at the discount
price and the market value of those shares on the purchase date.
Taxes in the required amount will be paid to the appropriate
government agency(ies).

 

 

4

 

 

If the
Purchase Price exceeds the fair market value per share on the
Purchase Date, no shares will be purchased. The individual balances
will be distributed to the Participant’s via
payroll.

 

The
common stock purchased on the Purchase Date will be issued and
credited to a brokerage account established by the Corporation on
behalf of the Participant (the “Stock Account”) as soon
as administratively practicable after such Purchase Date. A
Participant may sell any or all shares held in his/her Stock
Account unless restricted from trading in Corporation Stock at that
time.

 

15.

TERMINATION OF EMPLOYMENT

 

In the
event that a Participant’s employment terminates for any
reason including retirement, total and permanent disability, or
death, before the applicable Purchase Date, participation in the
Plan shall terminate immediately and as soon as practicable and no
later than March 15 following the end of the Offering Period in
which Participant’s termination of employment occurs, the
Participant or the Participant’s beneficiary(ies) or estate
if no beneficiary is elected will be paid in cash the value of his
or her individual balance. A Participant who transfers employment
between Employers shall not be deemed to have terminated employment
for the purposes of this Paragraph.

 

16.

CHANGE IN CONTROL

 

In the
event of a Change of Control or Change of Control Transaction, all
outstanding Options under the Plan shall automatically be exercised
immediately prior to the consummation of such Change of Control or
Change of Control Transaction by causing all amounts credited to
each Participant’s account to be applied to purchase as many
shares pursuant to the Participant’s Option as possible at
the Purchase Price, subject to the limitations set forth in the
Plan. The Corporation shall use its best efforts to provide at
least ten (10) days’ prior written notice of the occurrence
of a Change of Control or Change of Control Transaction and
Participants shall, following the receipt of such notice, have the
right to terminate their outstanding Options prior to the effective
date of such Change of Control or Change of Control
Transaction.

 

“Change of
Control” shall mean an occurrence of any of the following
events: (a) an acquisition (other than directly from the
Corporation) of any voting securities of the Corporation (the
“Voting Securities”) by any “person or
group” (within the meaning of Section 13(d)(3) or 14(d)(2) of
the Exchange Act) other than an employee benefit plan of the
Corporation, immediately after which such Person has
“Beneficial Ownership” (within the meaning of Rule
13d-3 under the Exchange Act) of more than fifty percent (50%) of
the combined voting power of the Corporation’s then
outstanding Voting Securities; or (b) the consummation of (i) a
merger, consolidation or reorganization involving the Corporation,
unless the Corporation resulting from such merger, consolidation or
reorganization (the “Surviving Corporation”) shall
adopt or assume this Plan and a Participant’s Options under
the Plan and either (A) the shareholders of the Corporation
immediately before such merger, consolidation or reorganization
own, directly or indirectly immediately following such merger,
consolidation or reorganization, at least seventy-five percent
(75%) of the combined voting power of the Surviving Corporation in
substantially the same proportion as their ownership immediately
before such merger, consolidation or reorganization, or (B) at
least a majority of the members of the Board of Directors of the
Surviving Corporation were directors of the Corporation immediately
prior to the execution of the agreement providing for such merger,
consolidation or reorganization, or (ii) a complete liquidation or
dissolution of the Corporation. “Change of Control
Transaction” shall mean the consummation of any tender offer,
offer, exchange offer, solicitation, merger, consolidation,
reorganization or other transaction, either of which results in a
Change of Control.

 

17.

ACQUISITIONS AND DISPOSITIONS

 

The
Board of Directors (or its duly-authorized delegate) may, in its
sole and absolute discretion, create special Offering Periods for
individuals who become eligible employees solely in connection with
the acquisition of a controlling interest in another company or
business by a stock acquisition, merger, reorganization or purchase
of assets and, notwithstanding anything in the Plan to the
contrary, may provide for special purchase dates for Participants
who will cease to be eligible employees solely in connection with
the disposition of all or a portion of any Employer or a portion of
the Corporation, which Offering Periods and purchase rights granted
pursuant thereto shall, notwithstanding anything stated herein, be
subject to such terms and conditions as the Board of Directors (or
its duly-authorized delegate) considers appropriate in the
circumstances.

 

 

5

 

 

18.

NO TRANSFER OR ASSIGNMENT OF EMPLOYEE’S RIGHTS

 

Except
as specified in Paragraph 19, an employee’s rights under the
Plan are his or hers alone and may not be transferred or assigned
to, or availed of, by any other person.

 

19.

BENEFICIARY DESIGNATION

 

The
beneficiary shall be one or more persons designated by the
Participant in accordance with the procedures established by the
Committee who is entitled to receive amounts contributed and/or
earned by the Participant and/or act on behalf of the Participant,
pursuant to Paragraph 15.

 

20.

CLAIMS PROCEDURES

 

A
Participant may appeal a denial of benefits under this Plan by
submitting a written statement appealing the decision, normally
within 60 days of the denial of the benefit by the Committee. In
the written statement, the Participant must state reasons why the
claim should not have been denied. Also, the written statement
should be accompanied by any documents, additional information or
comments that might be helpful to the Committee. In this manner,
the Committee intends to afford any Participant or beneficiary
whose claim for benefits has been denied a reasonable opportunity
for a review of the decision. Written appeals must be sent
to:

 

Compensation and
Personnel Committee

Navient
Corporation

123
Justison Street

Wilmington,
Delaware 19801

 

The
Committee will review a Participant’s appeal and will
promptly notify such Participant in writing of the decision.
Normally, this decision will be made within 60 days of receipt of
the appeal, but this period may be extended to no more than 120
days if special circumstances require additional time. In such a
case, the Participant will be notified before the end of the
initial 60-day period of the reasons for the
extension.

 

21.

TERMINATION AND AMENDMENTS TO PLAN

 

The
Board may at any time and from time to time, alter, amend, suspend
or terminate this Plan in whole or in part, including to add or
remove subsidiaries of the Corporation, provided, however, that
shareholder approval shall be required for any amendment (i) that
materially alters the terms of this Plan or (ii) where such
approval is required by applicable legal or stock exchange
requirements. No amendment or alteration that would adversely
affect the rights of any Participant under any Award previously
granted to such Participant shall be made without the consent of
such Participant. Nothing contained in this Plan shall be construed
to prevent the Corporation from taking any corporate action which
is deemed by the Corporation to be appropriate or in its best
interest, whether or not such action would have an adverse effect
on the Plan or any rights granted under the Plan. No employee,
beneficiary or other person or entity shall have any claim against
the Corporation as a result of any such action.

 

22.

INDEMNITY

 

The
Corporation shall, consistent with applicable law, indemnify
members of the Committee from any liability, loss or other
financial consequence with respect to any act or omission relating
to the Plan to the same extent and subject to the same conditions
as specified in the indemnity provisions contained in the By-Laws
and Regulations of the Corporation.

 

 

6

 

 

23.

LIMITATIONS ON SALE OF STOCK PURCHASED UNDER THE PLAN

 

The
Plan is intended to provide common stock for investment and not for
resale. The Corporation does not, however, intend to restrict the
sale of the stock other than in accordance with the
Corporation’s general policies regarding the sale of the
Corporation’s stock. The employee assumes the risk of any
market fluctuations in the price of such stock.

 

24.

PAYMENT OF EXPENSES RELATED TO PLAN

 

The
cost, if any, for the delivery of shares to a Participant or
commissions upon the sale of stock shall be paid by the Participant
using such service. Other expenses associated with the Plan, if
any, at the discretion of the Committee, will be allocated as
deemed appropriate by the Committee.

 

25.

OPTIONEES NOT STOCKHOLDERS

 

Neither
the granting of an Option to an employee, nor the deductions from
his or her pay shall cause such employee to be a stockholder of the
shares covered by an Option until such shares have been purchased
by and issued to him or her.

 

26.

TAXES

 

As a
condition of the grant and exercise of an Option, a Participant
shall make such arrangements as the Corporation may require for the
satisfaction of any applicable U.S. federal, state, local or
foreign tax, withholding, and any other required deductions or
payments that may arise in connection with such Option. The
Corporation shall not be required to issue any shares under the
Plan until such obligations are satisfied.

 

27.

NO EMPLOYMENT RIGHTS

 

Nothing
in the Plan shall confer upon any employee any right to continued
employment, or interfere with the right of the Corporation or the
Employers to terminate his or her employment at any time, for any
reason.

 

28.

EFFECTIVE DATE

 

This
Plan was originally effective May 1, 2014. The Plan as amended and
restated herein was approved by the Board on April 4, 2019, subject
to approval of the Corporation’s shareholders at the
Corporation’s 2019 annual meeting.

 

 

 

7

 

 

IN
WITNESS WHEREOF, Navient Corporation has caused this instrument to
be duly executed in its name and on its behalf on this
19TH day
of July, 2019.

 

	
 

	

NAVIENT
CORPORATION

 

By: /s/ Mark L. Heleen

Name:
Mark L. Heleen

 

Title:
Chief Legal Officer and Secretary

 

 

 

 

 

 

 

 

8

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