Exhibit 10.55


 


CONSULTING AGREEMENT 


 


This Consulting
Agreement (“Agreement”) is made by and between Matthew J. Hogan (“Employee”)
and Ciphergen Biosystems, Inc. (“Company”) (collectively referred to as
the “Parties”).


 


RECITALS


 


WHEREAS,
Employee has been employed by the Company as its Chief Financial Officer;


 


WHEREAS,
the Company and Employee entered into a Confidential Information and Invention
Assignment Agreement (the “Confidentiality Agreement”);


 


WHEREAS,
the Company and Employee have entered into those certain Stock Option
Agreements listed on Exhibit A hereto (the “Options”) granting
Employee the option to purchase shares of the Company’s common stock subject to
the terms and conditions of the Company’s 2000 Stock Plan, the 1993 Stock
Option Plan, and the Stock Option Agreement (the “Stock Agreements”);


 


WHEREAS,
Employee has voluntarily resigned from his employment with the Company,
effective as of March 22, 2006 (the “Resignation Date”);


 


WHEREAS,
Employee wishes to resolve any and all disputes, claims, complaints,
grievances, charges, actions, petitions and demands that he may have
against the Company, including, but not limited to, any and all claims arising
or in any way related to his employment with, or separation from, the Company;


 


NOW
THEREFORE, in consideration of the promises made herein, the Parties hereby
agree as follows:


 


COVENANTS


 


A.                                   Consulting Period. Employee hereby resigns as the Company’s Chief
Financial Officer as of the Resignation Date, provided that the Employee agrees
to remain with the Company from the Resignation Date through the earlier of (i) six
(6) months following the Effective Date or (ii) until Employee
becomes a full-time employee of another company or entity (the “Consulting
Period”). Additionally, upon the mutual consent of Company and Employee, the
Company may extend the term of the Consulting Period, for which Employee
will continue to be paid his current base rate of pay (and shall not be
entitled to any other benefits for such period). During the Consulting Period
Employee shall be required to provide such services as reasonably requested by
the then current Chief Executive Officer, up to three (3) days per week, including,
but not limited to, assisting with the preparation and filing of the Company’s financial
statements and periodic reports, budgeting and strategic planning, investor
relations, and providing assistance with pending litigation against the


 

















 


Company
(including attending depositions and serving as a witness for the Company for
any trial) (the “Consulting Services”) with any and all reasonable
out-of-pocket expenses reimbursed by the Company. Nothing in this Agreement
shall in any way be construed to constitute Employee as an agent, employee or
representative of the Company. Without limiting the generality of the
foregoing, Employee is not authorized to bind the Company to any liability or
obligation or to represent that Employee has any such authority. Employee
agrees that, during the Consulting Period, he will not, without the prior written
consent of the Company, (i) serve as a partner, consultant, officer,
director, manager, agent, associate, investor, or (ii) directly or
indirectly, own, purchase, organize, or (iii) build, design, finance,
acquire, lease, operate, manage, invest in, work or consult for or otherwise
affiliate himself with any business, in direct competition with or otherwise
similar to the Company’s products or services.


 


B.                                     Consideration. The Company agrees to make payments to Employee, at his current base
rate of pay, less applicable withholding, until the earlier of (i) six (6) months
following the Resignation Date, or (ii) until Employee becomes a full-time
employee of another company or entity (the “Payment Period”), in accordance
with the Company’s regular payroll practices. Except as expressly set forth
herein, during the Payment Period, Employee will not be entitled to accrual of
any employee benefits, including, but not limited to, vacation benefits or
bonuses.


 


1.                                       Stock.
The Employee will continue to be a “Service Provider,” as such term is defined
in the Stock Agreements, and Employee’s Options will continue to vest for so
long as the Employee is providing services to the Company in accordance with
this Agreement. The shares subject to the Options shall otherwise continue to
be governed by the terms and conditions of the Stock Option Agreements.


 


2.                                       Benefits.
The Company shall reimburse Employee for the payments Employee makes for
medical, dental and vision insurance coverage for himself and currently covered
dependents, consistent with Employee’s prior rate of coverage and cost to
Employee (including related administrative fees), under the Consolidated Budget Reconciliation Act of
1985 (“COBRA”) during the Payment Period, provided (i) Employee
timely elects and pays for COBRA coverage, and (ii) Employee shall
continue to be responsible for employee-paid deductibles, co-pays, and the like.
Payments made to the Employee for COBRA coverage under this section shall
be reported to the Employee on Form 1099’s that the Company issues to
employee in connection with providing the services set forth under Section A
hereof. Except as set forth expressly herein, Employee has ceased accruing all
other employee benefits, including, but not limited to, vacation time and paid
time off, short-term and long-term disability insurance and workers
compensation as of the Resignation Date.


 


3.                                       Death
or Disability. In the event of
Employee’s Death, then Employee shall no longer be entitled to any continued
payments or other benefits set forth hereunder.


 


C.                                     Confidential Information. Employee shall continue to maintain the
confidentiality of all confidential and proprietary information of the Company
and shall continue to comply with the terms and conditions of the
Confidentiality Agreement between Employee and the Company. Employee shall
return all of the Company’s property and confidential and proprietary
information in his possession to the Company at the end of the Consulting
Period.


 


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D.                                    Payment of Salary. Employee acknowledges and represents that the
Company has paid all salary, wages, bonuses, accrued vacation, commissions and
any and all other benefits due to Employee as of the Resignation Date.


 


E.                                      Release of Claims. Employee agrees that the foregoing consideration
represents settlement in full of all outstanding obligations owed to Employee
by the Company. Employee has, on behalf of himself and his respective heirs,
family members, executors, officers, directors, employees, investors, shareholders,
administrators, affiliates, divisions, subsidiaries, predecessor and successor
corporations, and assigns, hereby fully and forever releases the Company and
its respective officers, directors, employees, investors, shareholders,
administrators, affiliates, divisions, subsidiaries, predecessor and successor
corporations, and assigns, from, and agrees not to sue concerning, any claim,
duty, obligation or cause of action relating to any matters of any kind,
whether presently known or unknown, suspected or unsuspected, that he may possess
arising from any omissions, acts or facts that have occurred up until and
including the Effective Date of this Agreement including, without limitation,


 


1.                                       any
and all claims relating to or arising from Employee’s employment relationship
with the Company and the termination of that relationship;


 


2.                                       any
and all claims relating to, or arising from, Employee’s right to purchase, or
actual purchase of shares of stock of the Company, including, without
limitation, any claims for fraud, misrepresentation, breach of fiduciary duty,
breach of duty under applicable state corporate law, and securities fraud under
any state or federal law;


 


3.                                       any
and all claims under the law of any jurisdiction including, but not limited to,
wrongful discharge of employment; constructive discharge from employment;
termination in violation of public policy; discrimination; breach of contract,
both express and implied; breach of a covenant of good faith and fair dealing,
both express and implied; promissory estoppel; negligent or intentional
infliction of emotional distress; negligent or intentional misrepresentation;
negligent or intentional interference with contract or prospective economic
advantage; unfair business practices; defamation; libel; slander; negligence;
personal injury; assault; battery; invasion of privacy; false imprisonment; and
conversion;


 


4.                                       any
and all claims for violation of any federal, state or municipal statute,
including, but not limited to, Title VII of the Civil Rights Act of 1964, the
Civil Rights Act of 1991, the Age Discrimination in Employment Act of 1967, the
Americans with Disabilities Act of 1990, the Fair Labor Standards Act, the
Employee Retirement Income Security Act of 1974, The Worker Adjustment and
Retraining Notification Act, Older Workers Benefit Protection Act; the
California Fair Employment and Housing Act, and the California Labor Code;


 


5.                                       any
and all claims for violation of the federal, or any state, constitution;


 


6.                                       any
and all claims arising out of any other laws and regulations relating to
employment or employment discrimination;


 


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7.                                       any
claim for any loss, cost, damage, or expense arising out of any dispute over
the non-withholding or other tax treatment of any of the proceeds received by
Employee as a result of this Agreement; and


 


8.                                       any
and all claims for attorneys’ fees and costs.


 


The
Company and Employee agree that the release set forth in this section shall
be and remain in effect in all respects as a complete general release as to the
matters released. This release does not extend to any obligations incurred
under this Agreement.


 


The Parties acknowledge and
agree that any breach of any provision of this Agreement shall constitute a
material breach of this Agreement and, in the event of breach by Employee,
shall entitle the Company immediately to recover and cease the benefits
provided to Employee under this Agreement.


 


F.                                      Acknowledgement of Waiver of Claims Under ADEA. Employee acknowledges that he is waiving and
releasing any rights he may have under the Age Discrimination in
Employment Act of 1967 (“ADEA”) and that this waiver and release is knowing and
voluntary. Employee and the Company agree that this waiver and release does not
apply to any rights or claims that may arise under ADEA after the
Effective Date of this Agreement. Employee acknowledges that the consideration
given for this waiver and release Agreement is in addition to anything of value
to which Employee was already entitled. Employee further acknowledges that he
has been advised by this writing that:


 


(a)                                  he
should consult with an attorney prior to executing this Agreement;


 


(b)                                 he
has up to twenty-one (21) days within which to consider this Agreement;


 


(c)                                  he
has seven (7) days following his execution of this Agreement to revoke the
Agreement;


 


(d)                                 this
Agreement shall not be effective until the revocation period has expired; and


 


(e)                                  nothing
in this Agreement prevents or precludes Employee from challenging or seeking a
determination in good faith of the validity of this waiver under the ADEA, nor
does it impose any condition precedent, penalties or costs for doing so, unless
specifically authorized by federal law.


 


G.                                     Civil Code Section 1542. Employee represents that he is not aware of any
claim other than the claims that are released by this Agreement. Employee
acknowledges that he has been advised by legal counsel and is familiar with the
provisions of California Civil Code Section 1542, which provides as
follows:


 


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A
GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR
SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.


 


Employee,
being aware of said code section, agrees to expressly waive any rights he may have
thereunder, as well as under any other statute or common law principles of
similar effect.


 


H.                                    No Pending or Future Lawsuits. The Employee represents that he has no lawsuits,
claims, or actions pending in his name, or on behalf of any other person or
entity, against the Company or any other person or entity referred to herein. The
Employee also represents that he does not intend to bring any claims on his
behalf or on behalf of any other person or entity against the Company or any
other person or entity referred to herein.


 


I.                                         Confidentiality. The Parties acknowledge that their agreement to keep the terms and
conditions of this Agreement confidential was a material factor on which all
parties relied in entering into this Agreement. The Parties hereto agree to use
their best efforts to maintain in confidence the existence of this Agreement,
the contents and terms of this Agreement, the consideration for this Agreement,
and any allegations relating to the Company or employee’s employment with the
Company except as otherwise provided for in this Agreement (hereinafter
collectively referred to as “Settlement Information”). The Parties agree to
take every reasonable precaution to prevent disclosure of any Settlement
Information to third parties, and agree that there will be no publicity,
directly or indirectly, concerning any Settlement Information. The Parties
agree to take every precaution to disclose Settlement Information only to those
attorneys, accountants, governmental entities (including any required filings
with the Securities and Exchange Commission), and family members who have a
reasonable need to know of such Settlement Information. The Parties agree that
if a party proves that the other party breached this Confidentiality provision,
it shall be entitled to an award of its costs spent enforcing this provision,
including all reasonable attorneys’ fees associated with the enforcement action
without regard to whether the actual damages can be established from the
breach.


 


J.                                        No Cooperation. Each Party agrees it will not act in any manner that might damage the
other party. The Parties agree that they will not counsel or assist any attorneys
or their clients in the presentation or prosecution of any disputes,
differences, grievances, claims, charges, or complaints by any third party
against the other party and/or any officer, director, employee, agent,
representative, shareholder or attorney of the Company, unless under a subpoena
or other court order to do so. The Parties further agree both to immediately
notify the other party upon receipt of any court order, subpoena, or any legal
discovery device that seeks or might require the disclosure or production of
the existence or terms of this Agreement, and to furnish, within three (3) business
days of its receipt, a copy of such subpoena or legal discovery device to the
other party.


 


K.                                    Non-Disparagement. Each party agrees to refrain from any
defamation, libel or slander of the other, or tortious interference with the
contracts and relationships of the other. All inquiries by


 


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potential
future employers of Employee will be directed to Human Resources. Upon inquiry,
the Company shall only state the following: 
Employee’s last position and dates of employment. The Company’s
obligations under this section extend only to then current executives,
officers, members of the Board of Directors, and managing agents, and only for
so long as those individuals are employees and/or directors of the Company.


 


L.                                      Non-Solicitation. Employee agrees that, commencing on the Resignation Date and continuing
for a period of twelve (12) months following the date Employee ceases to serve
as a consultant pursuant to Section A hereunder, Employee shall not
either directly or indirectly solicit, induce, recruit or encourage any of the
Company’s employees to leave their employment, or take away such employees, or
attempt to solicit, induce, recruit, encourage, take away or hire employees of
the Company, either for himself or any other person or entity.


 


M.                                 No Admission of Liability. The Parties understand and acknowledge that this
Agreement constitutes a compromise and settlement of disputed claims. No action
taken by the Parties hereto, or either of them, either previously or in
connection with this Agreement shall be deemed or construed to be: (a) an
admission of the truth or falsity of any claims heretofore made or (b) an acknowledgment
or admission by either party of any fault or liability whatsoever to the other
party or to any third party.


 


N.                                    No Knowledge of Wrongdoing. Employee represents that he has no knowledge of
any wrongdoing involving improper or false claims against a federal or state
governmental agency, or any other wrongdoing that involves Employee or other
present or former Company employees.


 


O.                                    Tax Consequences. The Company makes no representations or warranties with respect to the
tax consequences of the payment of any sums to Employee under the terms of this
Agreement. Employee agrees and understands that he is responsible for payment,
if any, of local, state and/or federal taxes on the sums paid hereunder by the
Company and any penalties or assessments thereon. Employee further agrees to
indemnify and hold the Company harmless from any claims, demands, deficiencies,
penalties, assessments, executions, judgments, or recoveries by any government
agency against the Company for any amounts claimed due on account of Employee’s
failure to pay federal or state taxes or damages sustained by the Company by
reason of any such claims, including reasonable attorneys’ fees.


 


P.                                      Costs. The Parties shall each bear their own costs, expert fees, attorneys’
fees and other fees incurred in connection with this Agreement.


 


Q.                                    Indemnification. Each party agrees to indemnify and hold harmless the other party from
and against any and all loss, costs, damages or expenses, including, without
limitation, attorneys’ fees or expenses incurred by the non-breaching party
arising out of the breach of this Agreement by the other party, or from any
false representation made herein by the other party, or from any action or
proceeding which may be commenced, prosecuted or threatened by the other
party or for that party’s benefit, upon that party’s initiative, or with that
party’s aid or approval, contrary to the provisions of this Agreement. Each
party further agrees that in any such action or proceeding, this Agreement may be
pled by a party as a complete defense, or may be asserted by way of
counterclaim or cross-claim.


 


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The
Company acknowledges the continued applicability of Employee’s officer and
director Indemnification Agreement by and between Company and Employee (the “Indemnification
Agreement”).


 


R.                                     Arbitration. The Parties agree that any and all disputes arising out of, or relating
to, the terms of this Agreement, their interpretation, and any of the matters
herein released, shall be subject to binding arbitration in Santa Clara County
before the American Arbitration Association under its National Rules for
the Resolution of Employment Disputes. The Parties agree that the prevailing
party in any arbitration shall be entitled to injunctive relief in any court of
competent jurisdiction to enforce the arbitration award. The Parties agree that
the prevailing party in any arbitration shall be awarded its reasonable
attorneys’ fees and costs. The Parties hereby agree
to waive their right to have any dispute between them resolved in a court of
law by a judge or jury. This section will not prevent either
party from seeking injunctive relief (or any other provisional remedy) from any
court having jurisdiction over the Parties and the subject matter of their
dispute relating to Employee’s obligations under this Agreement and the
agreements incorporated herein by reference.


 


S.                                      Authority. The Company represents and warrants that the undersigned has the
authority to act on behalf of the Company and to bind the Company and all who may claim
through it to the terms and conditions of this Agreement. Employee represents
and warrants that he has the capacity to act on his own behalf and on behalf of
all who might claim through him to bind them to the terms and conditions of
this Agreement. Each Party warrants and represents that there are no liens or
claims of lien or assignments in law or equity or otherwise of or against any
of the claims or causes of action released herein.


 


T.                                     No Representations. Each party represents that it has had the
opportunity to consult with an attorney, and has carefully read and understands
the scope and effect of the provisions of this Agreement. Neither party has
relied upon any representations or statements made by the other party hereto
which are not specifically set forth in this Agreement.


 


U.                                    Severability. In the event that any provision hereof becomes or is declared by a court
of competent jurisdiction to be illegal, unenforceable or void, this Agreement
shall continue in full force and effect without said provision so long as the
remaining provisions remain intelligible and continue to reflect the original
intent of the Parties.


 


V.                                     Entire Agreement. This Agreement represents the entire agreement and
understanding between the Company and Employee concerning the subject matter of
this Agreement and Employee’s relationship with the Company, and supersedes and
replaces any and all prior agreements and understandings between the Parties
concerning the subject matter of this Agreement and Employee’s relationship
with the Company, with the exception of the Indemnification Agreement,
Confidentiality Agreement and the Stock Agreements.


 


W.                                No Waiver. The failure of any party to insist upon the performance of any of the
terms and conditions in this Agreement, or the failure to prosecute any breach
of any of the terms and conditions of this Agreement, shall not be construed
thereafter as a waiver of any such terms or


 


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conditions.
This entire Agreement shall remain in full force and effect as if no such
forbearance or failure of performance had occurred.


 


X.                                    No Oral Modification. Any modification or amendment of this Agreement,
or additional obligation assumed by either party in connection with this
Agreement, shall be effective only if placed in writing and signed by both
Parties or by authorized representatives of each party. No provision of this
Agreement can be changed, altered, modified, or waived except by an executed
writing by the Parties.


 


Y.                                     Governing Law. This Agreement shall be deemed to have been executed and delivered
within the State of California, and it shall be construed, interpreted,
governed, and enforced in accordance with the laws of the State of California,
without regard to conflict of law principles. To the extent that either party
seeks injunctive relief in any court having jurisdiction for any claim relating
to the alleged misuse or misappropriation of trade secrets or confidential or
proprietary information, each party hereby consents to personal and exclusive
jurisdiction and venue in the state and federal courts of the State of
California.


 


Z.                                     Attorneys’ Fees. In the event that either Party brings an action to enforce or effect its
rights under this Agreement, the prevailing party shall be entitled to recover
its costs and expenses, including the costs of mediation, arbitration,
litigation, court fees, plus reasonable attorneys’ fees, incurred in connection
with such an action.


 


AA.                         Application for Employment. Employee
understands and agrees that, as a condition of this Agreement, he shall not be
entitled to any employment with the Company, its subsidiaries, or any
successor, and he hereby waives any right, or alleged right, of employment or
re-employment with the Company. Employee further agrees that he will not apply
for employment with the Company, its subsidiaries or related companies, or any
successor.


 


BB.                             Effective Date. This
Agreement is effective after it has been signed by both parties and after eight
(8) days have passed since Employee has signed the Agreement (the “Effective
Date”), unless revoked by Employee within seven (7) days after the date
the Agreement was signed by Employee.


 


CC.                             Counterparts. This Agreement
may be executed in counterparts, and each counterpart shall have the
same force and effect as an original and shall constitute an effective, binding
agreement on the part of each of the undersigned.


 


DD.                           Voluntary Execution of Agreement. This Agreement is executed voluntarily and without any duress or undue
influence on the part or behalf of the Parties hereto, with the full
intent of releasing all claims. The Parties acknowledge that:


 


1.                                       they
have read this Agreement;


 


2.                                       they
have been represented in the preparation, negotiation, and execution of this
Agreement by legal counsel of their own choice or that they have voluntarily
declined to seek such counsel;


 


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3.                                       they
understand the terms and consequences of this Agreement and of the releases it
contains; and


 


4.                                       they
are fully aware of the legal and binding effect of this Agreement.


 


[Signature
Page Follows]


 


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IN
WITNESS WHEREOF, the Parties have executed this Agreement on the respective
dates set forth below.


 


	
   

  	
  CIPHERGEN BIOSYSTEMS, INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated: March 22, 2006

  	
  By 

  	
   

  	
  Gail S. Page /s/

  
	
   

  	
   

  	
   

  	
  Gail S. Page,

  
	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  MATTHEW J. HOGAN,
  an individual

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated: March 22, 2006

  	
   

  	
  Matthew J. Hogan /s/

  



 


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EXHIBIT A


 


Stock 


 




	
  Grant Date

  	
   

  	
  Shares

  	
   

  	
  Exercise Price

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  9/7/2000

  	
   

  	
  86,000

  	
   

  	
  $

  	
  3.488

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/8/2001

  	
   

  	
  12,000

  	
   

  	
  8.500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6/20/2001

  	
   

  	
  20,000

  	
   

  	
  6.080

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  6/6/2002

  	
   

  	
  30,000

  	
   

  	
  4.530

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/13/2003

  	
   

  	
  35,000 

  	
   

  	
  4.350 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3/3/2004

  	
   

  	
  50,000

  	
   

  	
  8.510

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2/9/2005

  	
   

  	
  40,000

  	
   

  	
  2.960

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  8/5/2005

  	
   

  	
  20,000

  	
   

  	
  2.190

  	
   

  
							






 


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