Document:

Exhibit

Exhibit 10.11

RDD PHARMA LTD
(the "Company") 
    
NOTICE OF OPTION GRANT

This Notice of Grant hereby sets forth the terms and conditions to which the Options to purchase Preferred Shares of the Company, par value NIS 1.00 each (the “Shares” and the “Options”, respectively) granted to the undersigned (the "Grantee") are subject: 

	
		
	Name of the Grantee:
	[_______]

	Address:
	[_______]

	Date of Grant:
	January 23, 2020

	Designation:
	Section 3(i) of the Income Tax Ordinance [New Version] 1961

	Total Number of Options Granted:
	[_______] Options to purchase Shares of the Company.

	Vesting Schedule:
	All Options shall be fully vested as of the Date of Grant.

	Exercise Price (Per Share):
	US$1.00

	Term/Expiration Date:   
	The Option shall remain exercisable for a period of 5 years from the Date of Grant or until an M&A Transaction (whichever is earlier).
“M&A Transaction” means any merger or consolidation of Innovate (as defined below) with or into another entity, other corporate reorganization, sale of control, or any transaction of Innovate in which all or substantially all of the assets or shares of Innovate are sold, or in which Innovate grants an exclusive and worldwide license to all or substantially all of Innovate’s intellectual property.

		
	1.
	The Grantee hereby represents that he is aware that the Company intends to consummate a merger transaction, whereby the Company shall merge a wholly owned subsidiary (the “Merger Sub”) of Innovate Biopharmaceuticals, Inc. (“Innovate”) with and into the Company in accordance with the provisions of Sections 314-327 of the Israeli Companies Law 5759-1999, upon which merger, Merger Sub will cease to exist, and the Company will become a wholly-owned subsidiary of Innovate (the “Merger”). 

Further to the above, the Grantee hereby acknowledges and agrees that upon and subject to the Merger, all Options shall be exchanged, without the requirement of any further actions by the Grantee or the Company, for options to acquire shares of common stock of Innovate (the “Innovate Options”), in such amount as shall be determined in accordance with the terms of the Agreement and Plan of Merger, dated as of October 6, 2019, as amended on December 17, 2019, among Innovate, Merger Sub, the Company and the Shareholder Representative (as defined therein), and other documents governing the Merger. The Innovate Options shall be granted under the terms and conditions of the applicable documents of Innovate governing the grant of such options, as in effect from time to time, including without limitation, with respect to their strike price, expiration date, exercise terms, etc. 
If required, the Grantee shall execute any documents to effect the aforementioned exchange of the Options into Innovate Options (such as an option agreement or a grant letter, proxy, etc.).

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	2.
	The Grantee is hereby granted [_______] Options to purchase [_______] Shares at the Exercise Price per Share set forth in this Notice of Grant, subject to adjustments as provided herein below. 

		
	3.
	The vested Options shall be exercisable, at any time following the Date of Grant and until the Expiration Date set forth in this Notice of Grant, by delivery of an exercise notice in the form attached hereto as Exhibit A (the "Exercise Notice"), accompanied by payment of the aggregate Exercise Price for the number of Shares to be purchased (for the portion requested) and the proxy attached hereto. The Options shall be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the aggregate Exercise Price and the tax withholding payment (or exemption from tax withholding) as provided in Section 12 below, in cash in immediately available funds, whereafter the Company shall issue to the Grantee the Shares for which the Options were exercised (the "Exercised Shares").

		
	4.
	If the Company, at any time while the Options or any part thereof remain outstanding and unexpired, shall issue share dividend with respect to its Preferred Shares or shall effect any split, subdivide or combination of its issued Preferred Shares, the number of Shares for which each Option is exercisable, shall be proportionately decreased in the case of a combination and proportionately increased in the case of share dividend, split or subdivision and in each such case the Exercise Price shall be adjusted appropriately. Such adjustment shall be made by the board of directors of the Company (the “Board”), whose determination in that respect shall be final, binding and conclusive.

		
	5.
	The Options and the Exercised Shares shall be non-transferable and non-assignable by the Grantee, except in the event of the sale (in one or a series of related transactions) of all or substantially all of the Company’s shares, and subject to the payment by the Grantee of any and all tax liabilities in accordance with Section 12 below. Any such action made directly or indirectly, for an immediate validation or for a future one, shall be void. 

		
	6.
	Expiration/Termination of Options. All unexercised Options shall terminate and have no further force and affect, as of the Expiration Date.

		
	7.
	Rights as Shareholder. Until the issuance of the Exercised Shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to receive dividends or any other rights as a shareholder shall exist with respect to the underlying shares, notwithstanding the exercise of the Options. 

		
	8.
	Rights Attached to Shares. Upon issuance of the Exercised Shares, the holder of the Exercised Shares shall be subject to all rights and obligations as set forth in the Company's Articles of Association (the “Articles”), shareholders agreement, voting agreement or any other relevant agreement, as may be amended from time to time, all in accordance with the instructions then issued by the Board. Notwithstanding anything to the contrary herein or in the Company’s Articles, the Grantee shall not have (and he hereby waives the right to have), any pre-emptive rights to purchase, along with the other shareholders in the Company, a pro rata portion of any securities proposed to be offered by the Company prior to the offering thereof to any third party or any rights of first refusal to purchase any securities of the Company offered by the other shareholders of the Company.

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	9.
	Voting of Exercised Shares. As a condition to the exercise of any Option, the Grantee shall sign and deliver to such person as may be designated by the Board (the “Nominee”) an irrevocable proxy, in the form attached hereto as Exhibit B, appointing the Nominee as the sole person entitled to exercise the voting rights conferred by such shares. The Nominee shall not exercise the voting rights conferred by the Exercised Shares held by him or with respect to which the Nominee has been given an irrevocable proxy as aforesaid, in any way whatsoever, and shall not issue a proxy to any person or entity to vote such shares, unless otherwise instructed by the Board, and in accordance with such instructions. Unless instructed otherwise by the Board, the Nominee shall vote such Exercised Shares in a manner pro-rata to the votes of the other voting shares, such that the votes of the Exercised Shares shall not affect the end result of the vote. 

		
	10.
	Grantee acknowledges that in the event that the Company’s shares shall be registered for trading in any public market, Grantee’s rights to sell the Exercised Shares may be subject to certain limitations (including a lock-up period), as will be requested by the Company or its underwriters, and the Grantee unconditionally agrees and accepts any such limitations and shall execute any written agreements and undertakings that the Grantee will be requested to sign to such effect.

		
	11.
	In the event that prior to an IPO, holders holding in the aggregate no less than a controlling interest in the Company (“Selling Shareholders”) elect to sell all or substantially all of their shares in the Company either to a third party or to one shareholder of the Company, then, if so requested by the purchaser, the Grantee shall be obligated to join the sale and sell all of his Shares in the Company (and if requested, also his unexpired Options), all under the same terms under which the Selling Shareholders have agreed to sell their Shares (provided that with respect to Options, the Exercise Price shall be deducted from the purchase price paid for the shares in such transaction) and in accordance with the provisions of the Articles of the Company.

		
	12.
	Tax Consequences. Any and all tax consequences arising from the grant or exercise of any Option, or from any other event or act in connection therewith shall be borne solely by the Grantee. The Grantee shall not be entitled to exercise or transfer the Options nor receive the Exercised Shares or any rights attached thereto unless and until the Company has either (a) received from the Grantee the cash payment required to satisfy any tax withholding requirement that the Company is required to make in connection with the Options or their exercise, if any; or (b) received confirmation from the applicable tax authorities either that such payment, if any, was remitted to the tax authorities or of another arrangement regarding such payment, which is satisfactory to the Company. 

		
	13.
	The Company does not and shall not, through this Notice of Grant, make any representation towards the Grantee with respect to the Company, its business, its value or either its shares in general or the shares issued upon exercise of Options in particular. The Grantee, upon agreeing to the terms of this Notice of Grant, represents and warrants toward the Company that his consent to the grant of the Options issued in his favour and the exercise (if so exercised) thereof, is not, in any respect, upon the basis of any representation or warranty made by the Company or by any of its directors, officers, shareholders or employees, and is made based only upon his examination and expectations of the Company, on an “as is” basis. The Grantee waives any claim whatsoever of “non-conformity” of any kind, and any other cause of action or claim of any kind with respect to the Options and/or their underlying Shares. 

		
	14.
	Governing Law; Severability. This Notice of Grant is governed by and construed and enforced in accordance with the laws of the state of Israel, without giving effect to the principles of conflict of laws.

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	15.
	Entire Agreement.  The Notice of Grant and its Exhibits constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Grantee with respect to the subject matter hereof.

		
	_____________________
	__________________

RDD PHARMA   Ltd.                           Date

After having an adequate opportunity to review the above terms, I agree, ratify and confirm all of the above.
  

___________________                                       ____________
[Name]                                   Date

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EXHIBIT A

EXERCISE NOTICE

RDD PHARMA Ltd.  (the "Company")

_______________________, Israel 

Attention: [CEO/CFO]

1.    Exercise of Option.  Effective as of today, January 23, 2020, the undersigned ("Grantee") hereby elects to exercise Grantee's Option to purchase [_______] Shares under and pursuant to the terms and conditions the Notice of Grant dated January 23, 2020 (the "Notice of Grant"). 

2.    Delivery of Payment.  The Grantee herewith delivers to the Company the full purchase price of the Shares, and the cash payment required to satisfy the tax withholding requirement that the Company is required to make in connection with the Options and their exercise, all as set forth in the Notice of Grant.

3.    Representations of Grantee.  Grantee acknowledges that Grantee has received, read and understood the Notice of Grant, and agrees to abide by and be bound by its terms benefits and restrictions. 

Submitted by:                        Accepted by:

GRANTEE                        THE COMPANY

            
Signature                         By

            
Print Name                        Title

Address: _______________________                        

___________
Date Received

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EXHIBIT B

To: RDD PHARMA LTD. (the "Company")

IRREVOCABLE PROXY

I, the undersigned, [_______ _______] (the “Grantee”), the holder of the Exercised Shares, irrevocably authorize any one of the Company's directors or any person designated by the Board of Directors of the Company (the “Nominee”), as may be in office from time to time, as our proxy, with power of substitution, with respect to any and all aspects of my shareholdings in the Company, including, without limiting the foregoing generality, (i) to get notices and represent us at any and all general meetings of the Company (whether ordinary, extraordinary or otherwise) (and including resolutions reduced to writing), and to vote thereat on any and all matters, those Preferred Shares of the Company that were issued to the Grantee (the “Exercised Shares”) pursuant to the exercise of Options granted to the Grantee , as either one of us would be entitled to vote if then personally present, and to sign and execute in our name and on our behalf, any proxies or other instruments with respect to said Exercised Shares, and to authorize to transfer any authority granted hereunder to any other person at its discretion; and (ii) to waive or exercise, on behalf of the undersigned, any and all rights or privileges conferred upon by virtue of or in respect of any such Exercised Shares; and (iii) to execute on behalf of the undersigned any documents and instruments related to any sale or exchange of any such Exercised Shares.
Unless instructed otherwise by the Board, the Nominee shall vote such Exercised Shares in a manner pro-rata to the votes of the other voting shares, such that the votes of the Exercised Shares shall not affect the end result of the vote. 
Whereas the rights of third parties depend on this proxy, I, the undersigned, shall have no power to revoke it and it will also bind my heirs and successors by operation of law. 
This proxy will remain in full force and effect until the consummation of an IPO upon which it will automatically terminate. 

	
	
	[NAME]

	Date:_______________SEPARATION AGREEMENT

    This Separation Agreement (the “Agreement”) dated and executed this 13th day of August, 2020 (the “Execution Date”)
      is made and entered into between Berkshire Hills Bancorp, Inc. and Berkshire Bank, (collectively, the “Bank”) on the one hand, and Richard M. Marotta (“Marotta”), on the other hand (collectively, the “Parties”).

    WHEREAS, the parties desire to resolve fully and finally any and all claims and potential claims and disputes,
      known or unknown, in a final and binding manner;

    WHEREAS, the settlement provided for herein is not and shall not in any way be construed or deemed to be evidence
      or an admission or a concession of any fault, liability, fact, or amount of damages, validity of defense, or any other matter whatsoever on the part of any of the Parties, save as expressly provided for by this Agreement; and

    NOW, THEREFORE, in
      consideration of the mutual covenants contained herein and for other good and valuable mutually agreed upon consideration, receipt of which is hereby acknowledged, and intending to be legally bound hereby, the Bank and Marotta hereby agree as
      follows:

    1. Termination of Employment.  Marotta’s
        separation from employment from the Bank is effective as of August 10, 2020 (the “Separation Date”) and shall be deemed a termination “Without Cause” under the Parties’ Three-Year Employment Agreement dated February 21, 2019 (the “Employment
        Agreement”), and the Bank shall not allege, argue, or claim in any forum that Marotta’s separation is “With Cause” under the Employment Agreement.

    2. Cash Payment to Marotta.  The Bank shall
        pay Marotta the gross amount of Four Million Seven Hundred Thousand dollars ($4,700,000.00), less legally required withholdings.  The components of this gross amount, and the timing of their payment, are as follows:

    
      	
              (a)

            	
              Cash severance.  $3,700,000,
                consisting of the sum of (i) severance pay calculated under Paragraph 4(e)(ii) of the Employment Agreement and (ii) sufficient mutually agreed upon consideration to support the non-competition covenant set forth in Paragraph 6 of this
                Agreement.  This sum shall be paid on the first regular payroll date following the Effective Date, as defined below in Paragraph 14.

            

    

    
      	
              (b)

            	
              SERP.  $1 million, lump sum, to
                be paid on March 1, 2021 (the first day of the seventh month following the Separation Date), in accordance with Internal Revenue Code Section 409A.

            

    

    
      	
              (c)

            	
              Marotta understands and agrees that the Bank is not providing any tax or legal advice and that it makes no representation
                regarding any tax obligations or consequences, if any, related to this Agreement.

            

    

    3. Medical and Dental Insurance.  Marotta
        and his dependents shall remain eligible to participate in the nontaxable medical and dental insurance programs offered by the Bank to its employees for thirty‐two (32) months from the Separation Date, at no cost to Marotta.  The Bank shall pay the
        premiums associated with those programs to the extent provided in each program during the applicable period referenced herein.  For avoidance of doubt, the termination of Marotta’s employment shall not affect Marotta’s continued participation in
        the existing medical and dental insurance programs offered by the Bank.  If the Bank cannot provide one or more of the benefits set forth in this Paragraph because Marotta is no longer an employee, applicable rules and regulations prohibit such
        benefits or the payment of such benefits in the manner contemplated, or it would subject the Bank to penalties, then the Bank shall pay Marotta a cash lump sum payment reasonably estimated to be equal to the value of such benefits or the value of
        the remaining benefits at the time of such determination (approximately $42,000 as of the Effective Date).  Such cash payment will be made on the Bank’s first payroll date immediately following the 30th day after the later of: (i) the Separation
        Date; or (ii) the effective date of the rules and regulations prohibiting such benefits or subjecting the Bank to penalties.

    
      1

      
        

    

    4. Long-Term Care Plan.  Marotta and his
        spouse are deemed 100% immediately vested in the Bank’s Executive Long-Term Care Insurance Plan effective as of January 22, 2015 (the “Plan”), as of August 9, 2020 and shall continue participation in any long-term care insurance policy in effect as
        of the Effective Date.  The Bank shall pay the premium associated with the Plan to the extent provided in such Plan.  For avoidance of doubt, the termination of Marotta’s employment with the Bank shall not affect Marotta’s continued participation
        in the Plan.

    5. No Future Compensation.  Other than the
        obligations of the Bank as set forth under the terms of Paragraphs 2, 3, 4, 9, and 10 of this Agreement, Marotta represents and agrees that he is not entitled to any other wages, salary, bonuses, or any other compensation or reimbursements from the
        Bank, including, but not limited, to (a) any compensation under the Bank’s Executive Incentive Plan and Long-Term Incentive Plan; (b) the Employment Agreement; (c) the Supplemental Executive Retirement Plan entered into by Marotta and the Bank
        effective as of July 1, 2016 and restated effective as of January 1, 2019 (“SERP”); and (d) disability insurance, 401(k) employer contribution, Company car and
        other Company-owned equipment, dues, etc., or any other compensation or benefits.  All non‐vested equity awards will be and are hereby forfeited.

    6. Non-Competition.

    
      	
              (a)    

              

            	
              For a period of twelve (12) months after the Separation Date, Marotta covenants and agrees that he will not directly or
                indirectly engage in providing professional services as an employee, director, consultant, or representative that are similar to those which Marotta provided to the Bank during the last two (2) years of employment to any business that is
                the same as, or in any way competes with, the business of the Bank or any of its respective subsidiaries and affiliates, in any city, town, or county in which Marotta, during any time within the last two (2) years of employment, provided
                services or had a material presence or influence.  For the purpose of this Paragraph 6, the business of the Bank shall be defined as any products and services provided by the Bank.  For avoidance of doubt, Marotta’s engagement in activities
                as described in Paragraph 6(c) shall not be subject to the restrictions of this Paragraph 6.  Marotta may request a waiver from the Bank with respect to the limitations of this Paragraph 6 on a case by case basis at any time, and the Bank
                hereby agrees that written approval of such request shall not be unreasonably withheld, except if the proposed employing entity is an FDIC insured depository institution, in which case written approval may be granted by the Bank in its sole
                discretion.

            

    

    
       

        
          2

          
            

        

      

      	
              (b)

            	
              The Parties acknowledge and agree that the non-competition restrictions contained in this Paragraph 6 are necessary to
                protect one or more of the following legitimate business interests of the Bank: (i) the Bank’s trade secrets, (ii) the Bank’s confidential information that otherwise would not qualify as a trade secret, and/or (iii) the Bank’s goodwill.

            

    

    
      	
              (c)

            	
              The Bank agrees that Marotta’s engagement in any business solely for the purposes of Diversity & Inclusion consulting
                shall not constitute a violation of any obligation he has to the Bank, including in this Paragraph 6.

            

    

    
      	
              (d)

            	
              The Parties acknowledge and agree that the non-competition covenant contained in this Paragraph 6 is reasonably tailored and
                reasonable in geographic reach in relation to the interests protected, and that mutually agreed upon consideration exists to support its enforcement.

            

    

    7. Survival of Non-Solicitation and other Covenants. 
        Paragraph 6 (“Post‐Termination Obligations”) of the Employment Agreement shall be incorporated by reference herein and remain in full force and effect, except that the non-competition covenant in Paragraph 6(a)(ii) of the Employment Agreement shall
        be and is replaced by the non-competition covenant contained in Paragraph 6 of this Agreement.

    8. Mutual Waiver and Release.

    
      	
              (a)

            	
              Marotta, for himself and his heirs, spouses, administrators, and assigns, irrevocably and unconditionally releases and
                forever discharges any causes of action or claims, known or unknown (including, but not limited to, claims for any wages, salary, bonuses, or any other compensation or reimbursements, including, but not limited, to (i) any compensation
                under the Bank’s Executive Short Term Incentive Plan and Long-Term Incentive Plan; (ii) the Employment Agreement; (iii) the SERP; (iv) disability insurance, 401(k) employer contribution, Company car and other Company-owned equipment, dues,
                etc., or any other compensation or benefits (except to the extent set forth in Paragraphs 2, 3, and 4 of this Agreement); (v) all non-vested equity awards; and (vi) attorneys’ fees, expenses, and/or costs (except as provided in Paragraphs 9
                and 10 of this Agreement)) that he has or may have against the Bank, its past or present parents, affiliates or subsidiaries and/or any of their predecessors or successors, and the current and former directors, owners, employees,
                administrators, shareholders, managers, agents, attorneys, representatives, and officers of the Bank (collectively the “Bank Releasees”) and expressly waives and releases the Bank Releasees from any and all claims, grievances, actions, and
                causes of action, at law or in equity, contract or tort, including negligence, or any other cause or claim that he has or may have or could be brought before any federal, state, local, or municipal court directly or indirectly relating to
                or connected with Marotta’s employment with the Bank, the Employment Agreement, his separation from employment with the Bank, or the facts, circumstances, actions, or inactions arising out of or relating to any aspect of the Bank’s
                treatment of Marotta and/or Marotta’s employment with the Bank, known or unknown, up to and until the Execution Date which arise under contract or common law, or any federal, state or local law, regulation or ordinance including, but not
                limited to:

            

    

    
       

      

      
        3

        
          

      

      	
              i.

            	
              any and all claims arising out of or related to past or future loss of pay or benefits, expenses, damages for pain and
                suffering, punitive damages, compensatory damages, interest, court costs, physical or mental injury or anguish, damage to reputation, humiliation, and any other injury, loss, damage or expense or equitable remedy of any kind whatsoever;

            

    

    
      	
              ii.

            	
              any and all claims arising out of any other laws, regulations, or ordinances relating to employment, employment benefits, or
                discrimination;

            

    

    
      	
              iii.

            	
              any and all claims for discrimination, harassment, or retaliation;

            

    

    
      	
              iv.

            	
              any and all possible state or federal statutory, constitutional, and/or common law claims, including but not limited to,
                wrongful termination, retaliatory discharge, breach of express, implied, or oral contract, breach of the implied covenant of good faith and fair dealing, breach of fiduciary duty, interference with contractual relations, unfair competition,
                conspiracy, assault, battery, false imprisonment, invasion of privacy, intentional and/or negligent misrepresentation, representations made to induce Marotta to accept employment with the Bank, wrongful denial of benefits, intentional and
                negligent infliction of emotional distress, commission of tort, fraud, defamation, and slander, any and all claims for wages, severance pay, sick leave, vacation pay, life insurance, medical insurance, disability insurance, or any other
                benefit of employment; and

            

    

    
      	
              v.

            	
              any and all claims arising under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq.; the Civil Rights Act, 42 U.S.C. § 1981; the Civil Rights Act of 1991, 42 U.S.C. § 1981a; the Age Discrimination in Employment Act,
                as amended, 29 U.S.C. § 621 et seq.; Employee Retirement Income Security Act, as amended, 29 U.S.C. § 1001 et seq.; the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, 29 U.S.C. § 794d; the Fair Labor Standards Act, 29 U.S.C. § 201, except as prohibited by law; the Fair Credit Reporting Act, 42 U.S.C. § 654; the Worker
                Adjustment and Retraining Notification Act, 29 U.S.C. 2101; the Family and Medical Leave Act, 29 U.S.C. § 2601, except as prohibited by law; the Sarbanes-Oxley Act of 2002, 15 U.S.C. § 7241; the Consolidated Omnibus Budget Reconciliation
                Act of 1985; the Immigration and Nationality Act, as amended, 8 U.S.C. § 1101; the Immigration Reform and Control Act, as amended; the Occupational Safety and Health Act, as amended; the Equal Pay Act of 1963, 29 U.S.C. § 206(d), as
                amended; the Massachusetts Law Against Discrimination and/or Massachusetts wage and hour law; and any federal, state and/or local whistleblower statute, regulation, ordinance, or law.

            

    

    
      	
              (b)

            	
              As a part of this Agreement, and as set forth in Paragraph 8(a)(v) above, Marotta expressly agrees to the release of any
                rights or claims arising out of the Age Discrimination in Employment Act (“ADEA,” 29 U.S.C. § 621 et seq.), and in connection with such
                waiver hereby agrees that he:

            

    

    
      	
              i.

            	
              consulted with an attorney prior to signing this Agreement;

            

    

    
      	
              ii.

            	
              is entitled to a period of twenty-one (21) days from the date of receipt of this Agreement in which to consider the terms of
                this Agreement, which Marotta has elected to waive and agrees that he has done so knowingly, voluntarily, and with full understanding that he is waiving a statutory right to consider this Agreement for twenty-one (21) days; and

            

    

    
       

      

      
        4

        
          

      

      	
              iii.

            	
              may revoke this Agreement at any time during
                  the first seven (7) days following the Execution Date, and the waiver and release shall not be effective or enforceable until the seven (7) day period has expired (the “Revocation Period”).

            

    

    
      	
              (c)

            	
              The seven (7) day Revocation Period referenced in Paragraph 8(b) above is non‐waivable.  To effectuate a valid revocation of
                this Agreement, Marotta must notify Wm. Gordon Prescott, Executive Vice President and General Counsel, in writing, stating, “I hereby revoke my acceptance of the Separation Agreement entered into as of [DATE].”  If delivered by mail, the
                revocation must be postmarked within the Revocation Period and sent by certified mail, return receipt requested.  If the last day of the Revocation Period is a Saturday, Sunday, or legal holiday in the state in which Marotta worked, then
                the Revocation Period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday.

            

    

    
      	
              (d)

            	
              As between Marotta and the Bank, this Agreement does not constitute a waiver of any claim under the ADEA that may arise
                after the Execution Date.

            

    

    
      	
              (e)

            	
              Marotta understands that, by releasing all of his legally waivable claims, known or unknown, against the Bank Releasees, he
                is releasing all of his rights to bring any claims against the Bank Releasees based on any actions, decisions, or events occurring through the Execution Date, including the terms and conditions of Marotta’s employment and the separation of
                his employment.

            

    

    
      	
              (f)

            	
              Notwithstanding the foregoing, nothing in this Agreement, including in this Paragraph 8, shall affect Marotta’s rights to
                indemnification and payment of legal fees, as set forth in the Employment Agreement and in Paragraphs 9 and 10 herein.

            

    

    
      	
              (g)

            	
              Notwithstanding the foregoing and for avoidance of doubt, nothing in this Agreement, including in this Paragraph 8, shall be
                construed as releasing, waiving, or discharging any of Marotta’s rights or the Bank’s obligations under this Agreement, including the right to enforce the Agreement and the Bank’s obligations under Paragraphs 2, 3, 4, 9, and 10.

            

    

    
      	
              (h)

            	
              Nothing in this Agreement, including Paragraph 8 herein, is intended to, or shall prohibit, prevent, impede, interfere, or
                limit Marotta’s ability, without any prior notice to or approval by the Bank: (i) to report possible violations of any law, statute, or regulation to any federal, state, or local governmental department, commission, bureau, agency, entity,
                or subdivision, including but not limited to the United States Department of Justice, the SEC, the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, any agency
                Inspector General, or any legislative body or committee (any of the foregoing, a “Governmental Body”); (ii) to file a charge or complaint with any Governmental Body with respect to any matters or disclosures related to Marotta’s employment
                by the Bank that are protected under the non-discrimination or whistleblower provisions of any federal, state, or local law, statute, or regulation (a “Protected Matter”); (iii) to testify in any proceedings regarding or relating to a
                Protected Matter; (iv) to participate in any investigation or proceeding conducted by any Governmental Body, or otherwise communicate with any Governmental Body, with respect to any Protected Matter; or (v) to apply for or receive any award
                from a whistleblower award or bounty program of any Governmental Body with respect to the furnishing of information to a Governmental Body.  As of the Execution Date, Marotta represents and warrants that he has not filed—and will not file
                or hereafter cause to be filed on his behalf—any complaints, charges, or claims against the Bank with any local, state, or federal court, or administrative agency concerning the claims released in this Agreement, except as may be necessary
                to enforce this Agreement.

            

    

    
       

      

      
        5

        
          

      

      	
              (i)

            	
              The Bank Releasees expressly waive and release Marotta, his heirs, successors, spouses, next of kin, personal
                representatives, administrators, executors, agents, assigns, attorneys, and representatives from any and all claims, grievances, actions, and causes of action, at law or in equity, contract or tort, including negligence, or any other cause
                or claim that the Bank Releasees have or may have or could be brought before any federal, state, local, or municipal court directly or indirectly relating to or connected with Marotta’s employment with the Bank, the Employment Agreement,
                Marotta’s separation from employment with the Bank, or the facts, circumstances, actions, or inactions arising out of or relating to any aspect of Marotta’s employment with the Bank, known or unknown, up to and until the Execution Date which arise under contract or common law, or any federal, state, or local law, regulation, or ordinance, provided that the Parties agree that
                the Bank is NOT releasing any rights it may have under any surviving covenants of the Employment Agreement.

            

    

    9. Survival of Payment of Legal Fees and
            Indemnification Provisions.  Paragraph 15 (“Payment of Legal Fees”) and Paragraph 16 (“Indemnification”) of the Employment Agreement are incorporated by
          reference herein and shall remain in full force and effect.

    10. Legal Expense Reimbursement.  The Bank
        will reimburse Marotta’s reasonable attorneys’ fees related to the negotiation of this Agreement.  Marotta acknowledges that he is not otherwise entitled to receive this payment, which constitutes additional valid consideration in exchange for
        Marotta’s release of all claims and the other obligations as set forth in this Agreement.

    11. Confidentiality.  The Parties agree to
        keep confidential all negotiations leading up to the execution of the Agreement, including without limitation all communications and documents exchanged in connection therewith, except as required by regulatory inquiry, law, or court order. 
        Marotta acknowledges and agrees that he has been the recipient of confidential and proprietary business information concerning the Bank, including without limitation past, present, planned, or considered business activities of the Bank, and agrees
        that he will not use his knowledge of such information or disclose such confidential and proprietary information for any purposes whatsoever, except as may be expressly permitted in a writing signed by the Bank, or as may be required by regulatory
        inquiry, law, or court order.  Marotta hereby covenants and agrees that for a period of two (2) full years after the Separation Date, he will not directly or indirectly engage in any activity or participate in any way in an effort designed
        exclusively or in concert with others to propose or effect a merger, consolidation, recapitalization, reorganization, sale, lease, exchange, or other disposition of a majority of the assets of, or other business combination involving, the Bank’s
        business or assets or any type of transaction that would result in a change in control of the Bank (“Company Transaction”), including without limitation, participating in any way in efforts to exert control or influence over management or the Board
        of Directors, to present to anyone a proposal that could reasonably be expected to result in a Company Transaction, to propose or effect a change in control of the Bank, to initiate, request, induce, encourage, or give encouragement (publicly or
        otherwise) to any other person to initiate a proposal for a Company Transaction, to initiate, propose, submit, encourage, or otherwise solicit shareholders to either place or remove an executive officer of the Bank, or any member of its Board of
        Directors, or to join with or assist any person or entity, directly or indirectly, in opposing in any way a proposal or director nomination submitted by the Bank’s Board of Directors to a vote of its shareholders.  Marotta may disclose the
        existence and terms and conditions of the Agreement, under express covenant of confidentiality, to his spouse, immediate family, mental health professionals, legal counsel, and professional tax advisors as is required to calculate the amount of, or
        receive advice on, tax issues or as otherwise required by law, if such individuals agree that they will not disclose to others the existence or terms of the Agreement.

     

      

    
      6

      
        

    

    12. Cooperation.  Marotta hereby represents
        and warrants that he has returned documents and other property of the Bank.  Marotta further agrees (a) to cooperate with the Bank to the extent that his knowledge of facts concerning the Bank’s business is required to respond to any governmental
        or regulatory inquiry, or in connection with any court, administrative proceeding, or investigation related to matters that took place during the term of Marotta’s employment; and (b) to furnish such information and assistance to the Bank as may
        reasonably be required by the Bank in connection with any litigation in which it or any of its subsidiaries or affiliates is, or may become, a party; provided, however, that Marotta shall not be required to provide information or assistance with
        respect to any litigation between Marotta and the Bank or any of its subsidiaries or affiliates.  The Bank will reimburse Marotta for his reasonable expenses, including attorneys’ fees, incurred in complying with this Paragraph.

    13. Mutual Non-Disparagement.  The Parties
        agree not to make any disparaging statements concerning the other Party which would reasonably be expected to affect adversely the reputation or goodwill of the other Party.  With respect to the Bank, Marotta acknowledges such non-disparagement
        obligations and protections extend to the Bank, its affiliates and current or former officers, directors, employees, or agents.  The Bank hereby acknowledges that its obligation under this Paragraph extends to its senior managers and directors. 
        The provisions of this Paragraph 13 of the Agreement shall not apply to any truthful statement required to be made by Marotta or the Bank in any legal proceeding or in connection with any governmental or regulatory investigation.

    14. Effective Date.  This Agreement will become effective and enforceable after it has been signed by both Marotta and the Bank on the first day after the Revocation Period, if no revocation has
          occurred as provided in Paragraph 8(c) (the “Effective Date”).

    15. Period for Review and Revocation.  Marotta acknowledges that he has had sufficient time
          to review this Agreement and the binding Term Sheet dated August 9, 2020, which is incorporated by reference herein.  Marotta further acknowledges, as provided in Paragraph 8(b)(ii) of this Agreement, that he has voluntarily waived the twenty-one
          (21) day period from receipt hereof in which to review the Agreement and consider whether or not it is in his best interest to accept the Bank’s offer and sign this Agreement.  Marotta acknowledges that he may rescind this Agreement
        within seven (7) calendar days after the Execution Date, after which time, if not rescinded, this Agreement becomes irrevocable.  By signing this Agreement, Marotta represents that he has carefully read this document, that he understands it, and
        that he has had an opportunity to consult with and review this Agreement with an attorney of his choosing.  He also represents that he knows and understands the contents of this Agreement, including its final and binding effect on his rights and
        duties, and that he freely and voluntarily assents to all the terms and conditions with the full intent of releasing the Bank from all claims, as provided by, and with the limitations set forth in, this Agreement.  Marotta represents that the only
        consideration for signing this Agreement are the terms stated herein; that no other promises, representations, or agreements of any kind have been made to or with Marotta to cause him to sign this Agreement.  Marotta represents that his releases,
        waivers, representations, warranties, undertakings, obligations, and agreements set forth herein are in exchange for extra consideration to which he would not have been entitled in the absence thereof.  Marotta further acknowledges and agrees that
        the Bank is not undertaking to advise him with respect to any tax consequences of this Agreement and that he is solely responsible for determining those consequences.

     

      

    
      7

      
        

    

    16. Employment Agreement.  Upon the
        Effective Date, the Employment Agreement is terminated in its entirety, except as otherwise provided in Paragraphs 7 and 9 of this Agreement.

    17. Additional Consideration.  Marotta
        acknowledges that the payments and benefits described in this Agreement constitute a special separation benefit which the Bank is providing in its discretion due to Marotta’s unique circumstances and that he is not otherwise entitled to receive
        this entire separation benefit from the Bank.

    18. Headings.  The headings set forth at the
        beginning of any paragraph of this Agreement are for the convenience of the Parties and are not part of the substantive terms of this Agreement.  No headings shall be deemed to qualify, limit, or modify the substantive terms of this Agreement in
        any respect.

    19. Entire Agreement.  The Parties to this
        Agreement mutually agree and specifically acknowledge that they are entering into this Agreement for the purpose of amicably resolving any and all issues relating to the conclusion of, or any other matter related to, Marotta’s employment and/or
        directorship with the Bank.  Except as set forth in Paragraphs 7, 9, and 16, this Agreement supersedes any previous agreement, whether written or oral, that Marotta may have had with the Bank and any other agreement is merged into and extinguished
        by this Agreement.  This Agreement shall not be admissible as evidence or usable by any person or entity for any purpose in any action or proceeding, except to enforce this Agreement or any provision thereof.

    20. Governing Law.  The terms of this
        Agreement are contractual in nature and not a mere recital, and it shall take effect as a sealed document.  This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, without reference to
        conflict of law rules, and this Agreement shall be deemed to be executed and performed in Massachusetts.

    21. Arbitration of all Disputes.  Any
        dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted before a panel of three arbitrators sitting in Boston, Massachusetts, in accordance with the Commercial Rules of the
        American Arbitration Association then in effect.  Judgment may be entered on the arbitrators’ award in any court having jurisdiction.  The above notwithstanding, the Parties may seek injunctive relief in a court of competent jurisdiction in
        Massachusetts to restrain any breach or threatened breach of any provision of this Agreement, including without limitation Paragraphs 6, 7, 11, and 13 above, without prejudice to any other rights or remedies that may otherwise be available to the
        Parties.  Any dispute about the scope of this agreement to arbitrate and/or the arbitrability of any controversy or claim shall be resolved by binding arbitration in accordance with this provision.

    22. Clawback.  The Bank, or its respective
        successors or assigns, shall retain the legal right to demand the return of any payments made to Marotta under this Agreement as may be required by any federal or state regulators of the Bank, within applicable regulatory time periods.  Marotta
        further agrees that the confidentiality, non-disparagement, non-competition, and non-solicitation obligations set forth in Paragraphs 6, 7, 11, and 13 of the Agreement are material terms of the Agreement.  If the Bank establishes a breach of any
        provision of this Agreement, Marotta acknowledges and agrees that the Bank shall be entitled to recover from Marotta the full amount paid, and to not pay amounts to be paid, to him, as well as all reasonable attorneys’ fees and costs incurred by
        the Bank in a successful proceeding to enforce the Agreement.  Marotta shall be entitled to recover from the Bank all reasonable attorneys’ fees and costs incurred by him in a successful proceeding to enforce the Agreement.  Before bringing a
        proceeding alleging Marotta’s breach of Paragraphs 6, 7, 11, and 13 of the Agreement, the Bank must provide written notice to Marotta of its belief that such breach occurred within thirty (30) days of the Bank’s knowledge of the existence of the
        conditions giving rise to such belief, and the notice shall describe the conditions believed to constitute a breach.  Marotta shall have thirty (30) days to respond to such notice and, if practicable, to remedy such conditions.

     

      

    
      8

      
        

    

    23. Execution in Counterparts.  This
        Agreement may be executed in counterparts, each of which shall be an original, but all of which shall constitute one and the same instrument.  Facsimile or electronically transmitted (e.g., “.pdf”) signatures shall have the same binding force and
        effect as original signatures.

    24. No Presumption.  The Parties agree that
        this Agreement was negotiated fairly between them at arms’ length and that the final terms of this Agreement are the product of the Parties’ negotiations.  Each Party represents and warrants that he/it has sought and received legal counsel of
        his/its own choosing with regard to the contents of this Agreement and the rights and obligations affected hereby.  The Parties agree that this Agreement shall be deemed to have been jointly and equally drafted by them, and that the provisions of
        this Agreement therefore should not be construed against any Party on the ground that it was more responsible for drafting the provisions.

    25. Modification.  Any amendment or
        modification of this Agreement must be in writing and signed by duly authorized representatives of each of the Parties.  Any modification or amendment not made in this manner shall have no force or effect.

    26. Severability.  The provisions of this
        Agreement are severable.  Any provision of this Agreement or portion thereof which is held to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability,
        without invalidating the remaining portion of any such provision or this Agreement as a whole, and without affecting the validity or enforceability of such provision in any other jurisdiction.  However, if the release contained in Paragraph 8 of
        this Agreement is found by a court of competent jurisdiction to be invalid or unenforceable, Marotta agrees, promptly upon the request of the Bank, to execute a new release that is valid and enforceable.

    27. Notice.  All notices, requests, demands,
        or other communications required or contemplated hereunder, or relating hereto, shall be in writing and forwarded by first class mail and/or express overnight mail, with a copy by email, and addressed as follows:

    If to Marotta:

    Richard M. Marotta

    Most recent address and contact information on file with the Bank

     

    

    
      9

      
        

    

    Liza M. Velazquez, Esq.

    Paul, Weiss, Rifkind, Wharton & Garrison LLP

    1285 Avenue of the Americas

    New York, NY 10019

    (212) 373-3096

    lvelazquez@paulweiss.com

    If to the Bank:

    Wm. Gordon Prescott, Esq.

    Executive Vice President and General Counsel

    Berkshire Bank

    60 State Street

    Boston, MA 02109

    (617) 867-8836

    gprescott@berkshirebank.com

    Rae T. Vann, Esq.

    Carlton Fields, P.A.

    1025 Thomas Jefferson Street, NW

    Suite 400 West

    Washington, DC 20007

    (202) 965-8183

    rvann@carltonfields.com

    28. All Parties represent and warrant that: (i) this Agreement has been duly executed and delivered by such Party and constitutes the
        legal, valid, and binding obligation of such Party, enforceable against such Party in accordance with its terms; and (ii) such Party has the power, capacity, and authority to enter into this Agreement and to carry out its obligations hereunder. 
        The Parties represent and warrant that each has not assigned or otherwise alienated any right or obligation that in any manner would reduce or undermine the full implementation and effect of this Agreement.

    29. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective heirs, personal
        representatives, successors, and assigns, and any corporation, partnership, or other entity into or with which the Bank may merge, consolidate, or reorganize.  In addition to any obligations imposed by law upon any successor to the Bank, the Bank
        will require any successor (whether direct or indirect, by purchase, merger, consolidation, amalgamation, scheme of arrangement, exchange offer, operation of law or otherwise (including any purchase, merger, amalgamation, or other transaction
        involving the Bank or any subsidiary or affiliate of the Bank), to all or substantially all of the Bank’s business and/or the Bank’s assets to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the
        Bank would be required to perform it if no such succession had taken place.

    MAROTTA ACKNOWLEDGES THAT HE HAS FULLY
        READ AND FULLY UNDERSTANDS THIS AGREEMENT; THAT HE ENTERED INTO IT FREELY AND VOLUNTARILY AND WITHOUT COERCION OR PROMISES NOT CONTAINED IN THIS AGREEMENT; THAT HE WAS GIVEN THE OPPORTUNITY TO REVIEW THIS AGREEMENT WITH LEGAL COUNSEL OF HIS CHOICE
        BEFORE SIGNING IT; AND THAT HE CONSULTED WITH AN ATTORNEY PRIOR TO SIGNING IT.

    
      10

      
        

    

    

    

    IN WITNESS WHEREOF, the parties hereto intending to
      be legally bound have set their hands.

    

    

    

    

    BERKSHIRE HILLS BANCORP, INC.

    

    

    

    

    By: /s/ J. Williar Dunlaevy 

    For the Entire Board of Directors

    

    

    

    

    BERKSHIRE BANK

    

    

    

    

    By: /s/ J. Williar Dunlaevy 

    For the Entire Board of Directors

    

    

    

    

    

    

    I understand and agree completely to the foregoing as of August 13, 2020.

    

    

    

    

    

    

    /s/ Richard M. Marotta 

    Richard M. Marotta

    

    

  

  11

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