Document:

exhibit10_1.htm

    EXHIBIT
10.1

    
 

    CONSULTING
AGREEMENT

    

    THIS CONSULTING AGREEMENT (the “Agreement”) is effective as of
the 1st day of April, 2009 (the “Effective Date”) by and between POZEN
Inc., a Delaware corporation (the “Company”), which has its
principal place of business at Suite 400, 1414 Raleigh Road, Chapel Hill, NC,
Reese Associates Consulting, LLC, a [North Carolina] limited liability company
("Consultant"), and
Marshall E. Reese, Ph.D., an individual residing at 306 Edinburgh Drive, Cary,
NC 27511 (“Dr.
Reese”).

     

    W I T N E
S S E T H:

    

    WHEREAS, the Company and Dr. Reese are
parties to that certain Executive Employment Agreement dated as of November 8,
2004, as amended (the “Employment Agreement”)
pursuant to which Dr. Reese has previously provided services to the Company as
Executive Vice President, Product Development; and

    

    WHEREAS, in connection with Dr. Reese
’s retirement from the Company as Executive Vice President, Product Development,
Dr. Reese and the Company wish to terminate the Employment Agreement; and

    

    WHEREAS, in connection with Dr. Reese’s
retirement and the termination of the Employment Agreement, the Company desires
to have Dr. Reese perform certain services for the Company and to engage
Consultant as an independent contractor who will assign Dr. Reese, a member and
manager of Consultant, to perform the duties listed below, and Consultant wishes
to accept such engagement.

    

    NOW, THEREFORE, for and in
consideration of this Agreement, the engaging of Consultant and for other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

    

    1.           ENGAGEMENT.  The
Company hereby engages Consultant, and Consultant accepts such engagement as an
independent contractor, to provide the services set forth in Exhibit
A (the “Services”) attached hereto and
incorporated herein by reference.  Consultant shall perform Services
for the Company for not less than forty (40) hours each month (ten (10) hours
per week) during the Term (as defined below).  This engagement is not
exclusive, and nothing in this Agreement shall be construed to preclude the
Company from soliciting or engaging others to act as an independent contractor
on behalf of the Company for similar services. Consultant shall have the
right to perform work for others as long as Consultant fulfills Consultant’s
obligations hereunder and subject to Dr. Reese’s obligations pursuant to the
Inventions Agreement (as defined below).  Consultant acknowledges and
agrees that only Dr. Reese will perform Services for the Company pursuant to
this Agreement and that Consultant may not delegate or assign Consultant's
responsibilities hereunder to any other consultant or any other employee or
agent of Consultant other than Dr. Reese.

    

    
      
         

      

      
        - 1 -

        
          

        

      

      
         

      

    

    2.           BASIC OBLIGATIONS AND
DUTIES.  Consultant and Dr. Reese represent and warrant that
each has the knowledge, skills and experience necessary to undertake the
Services.  Consultant and Dr. Reese agree that during the term of this
Agreement Consultant and Dr. Reese will diligently perform Consultant’s assigned
duties in accordance with the terms hereof, and abide by the provisions of the
published policies of the Company which are currently in effect and as they are
from time to time changed by the Company.  To the extent that the
Services are performed at the facilities of the Company, the Company shall
provide to Consultant reasonable and adequate office space, supplies and
administrative support.

    

    3.           TERM.  Subject
to the provisions for termination hereinafter provided, this Agreement shall
become effective as of the date and year first above written, and shall continue
until the earlier of: (i) September 30, 2009 and (ii) the date that the U.S.
Food and Drug Administration accepts the filing of the Company’s New Drug
Application for its product candidate PN 400, whichever shall first occur (the
“Term”).  This
Agreement shall be extended only by a written agreement signed by all
parties.

    

    4.           COMPENSATION.  As
compensation for the Services to be provided hereunder by Dr. Reese, Consultant
shall receive a fee of Six Hundred and Twenty Five Dollars ($625.00)
per hour during the Term (the “Consulting
Fee”).    The Consulting Fee shall be paid by the
Company every two weeks calculated based on a ten-hour work week by
Consultant.  The Company will also reimburse Consultant for all
reasonable business expenses incurred in performing the Services hereunder which
have been approved in advance by Company.

    

    5.           CONFIDENTIAL OR PROPRIETARY
INFORMATION; INVENTIONS.   Consultant and Dr. Reese hereby
acknowledge and agree that Dr. Reese shall continue to be bound by the terms of
that certain Non-Disclosure, Invention and Non-Competition Agreement between the
Company and Dr. Reese dated November 8, 2004 (the “Inventions Agreement”) and
that upon the expiration or termination for any reason of this Agreement, Dr.
Reese’s obligations under the terms of the Inventions Agreement shall survive as
contemplated therein. The parties hereto further agree that the provision of the
Services hereunder shall be subject to the terms and conditions of the
Inventions Agreement such that the duties and obligations of Dr. Reese and the
rights of the Company under the Inventions Agreement shall apply equally to the
Services to be provided hereunder.  For the avoidance of doubt, for
this purpose, all references in the Inventions Agreement to Dr. Reese shall be
deemed to apply equally to Consultant and all references to employment in the
Inventions Agreement shall be deemed to apply equally to the consultancy and the
provision of the Services hereunder.

    

    

    
      
         

      

      
        - 2 -

        
          

        

      

      
         

      

    

    6.           OPTIONS.  The
Company, Consultant and Dr. Reese, each hereby acknowledges and agrees that,
notwithstanding the termination of the Employment Agreement and engagement of
Consultant hereunder, it is the intent of the parties that, in accordance with
the applicable plan documents, all outstanding options to purchase shares of the
Company’s Common Stock issued to Dr. Reese pursuant to those stock option and
other agreements set forth on Exhibit
B (the “Options”)
shall continue to vest for so long as Dr. Reese is performing services for the
Company under this Agreement on behalf of Consultant and shall otherwise remain
in full force and effect in accordance with their terms; provided, however, that
Dr. Reese hereby acknowledges and agrees that any incentive stock option issued
to Dr. Reese prior to the execution of this Agreement may not qualify for tax
treatment as an incentive stock option and may be treated as a nonqualified
stock option for tax purposes.

    

    7.           TERMINATION OF EMPLOYMENT
AGREEMENT.  Effective as of the Effective Date, the Employment
Agreement shall be deemed terminated by the mutual agreement of Dr. Reese and
the Company, and Dr. Reese and the Company hereby acknowledge and agree that
neither party shall have any continuing obligations
thereunder.  Specifically and without limiting the foregoing, Dr.
Reese hereby agrees and acknowledges that he shall have no right to receive and
the Company shall not be obligated to pay any future amounts to Dr. Reese
pursuant to the Employment Agreement in connection with the termination of Dr.
Reese’s ’s employment and termination of the Employment Agreement as set forth
herein, including, without limitation, any Severance Benefit (as defined in the
Employment Agreement) pursuant to Section 5(d) of the Employment
Agreement.

    

    8.           INDEPENDENT CONTRACTOR
STATUS.  Nothing contained in this Agreement shall be deemed or
construed as creating a joint venture or partnership between Consultant or Dr.
Reese and the Company.  Neither Consultant nor the Company is by
virtue of this Agreement authorized as an agent, employee or legal
representative of the other.  Except as specifically set forth herein,
neither Consultant nor the Company shall have the power to control the
activities and operations of the other and Consultant’s status at all times will
continue to be that of an independent contractor.  Except as provided
herein, neither Consultant nor the Company shall have any power or authority to
bind or commit the other.  Consultant shall pay all taxes of any kind
whatsoever which arise from the compensation paid to Consultant hereunder and
shall indemnify and hold the Company harmless from failure to pay such
taxes.

    

    9.           SEVERABILITY.  The
invalidity or unenforceability of any provision hereof shall in no way affect
the validity or enforceability of any other provision.

    

    10.           ENTIRE AGREEMENT; MODIFICATION.  This
Agreement, the Inventions Agreement and the Options agreements embody the entire
agreement between the Company, Dr. Reese, and Consultant relating to the subject
matter hereof and thereof.  This Agreement may be changed, modified or
discharged only if consented to in writing by all parties.

    

    11.           GOVERNING
LAW.  This Agreement shall be governed by and according to the
laws of the State of North Carolina without regard to its conflicts of law
rules.

    

    
      
         

      

      
        - 3 -

        
          

        

      

      
         

      

    

    12.           ASSIGNMENT.  This
Agreement shall be binding upon and shall inure to the benefit of the Company,
its successors and assigns, including without limitation, any entity which may
acquire all or substantially all of the Company’s assets and business or into
which the Company may be consolidated or merged, Consultant and its successors
and assigns and Dr. Reese’s personal heirs, executors, administrators, and legal
representatives. Consultant may not assign or otherwise in any manner transfer
or delegate any obligations under this Agreement.

    

    13.           COUNTERPARTS. This
Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
instrument.

    

    [Remainder
of page intentionally left blank]

    

    
      
         

      

      
        - 4 -

        
          

        

      

      
         

      

    

    IN WITNESS WHEREOF, the parties have
executed this Agreement on the day and year first above written.

    

    COMPANY:

    

    POZEN
Inc.

    

    
      
        	
                By:

              	 
      /s/ John R. Plachetka 
	
                Name:

              	 
      John R. Plchetka, Pharm.D.
	
                Title:

              	 
      Chairman, President and CEO

      

    

    

     

    

     

    CONSULTANT:

    

     

    REESE
ASSOCIATES CONSULTING, LLC

     

    

     

    
      
        	
                By:

              	 
      /s/ Marshall E. Reese
	 
      	
                Marshall
      E. Reese, Ph.D., Member and
Manager

              

      

    

    

     

    

     

    DR.
REESE:

     

    

     

    
      
        	
                By:

              	 
      /s/ Marshall E. Reese
	 
      	
                Marshall
      E. Reese, Ph.D., Individually

              

      

    

    

     

    
      
         

      

      
        - 5 -

        
          

        

      

      
         

      

    

    EXHIBIT
A

     

    

     

    SERVICES

     

    

     

    

     

    Mentor
and support SVP, Product Development in his new role

     

    

     

    Provide
strategic advice with respect to the Company’s product candidates, as
requested

     

    

     

    Assist
with the preparation and filing of the New Drug Application for PN 400, as
requested

     

    

     

    Assist
with the interface with AstraZeneca regarding the PN 400 collaboration, as
requested

     

    

     

    Provide
such other product development support and services as the Company may from time
to time request

     

    

     

    
      
         

      

      
        - 6 -

        
          

        

      

      
         

      

    

    EXHIBIT
B

     

    

     

    Options

     

    

     

    

     

    
      
        
          
            
              
                	
                        Date of Grant

                      	
                        Strike Price

                      	
                        Number of Options

                      	
                        Vesting Schedule

                      
	
                        10/18/2004

                      	
                        $8.88

                      	
                        100,000

                      	
                        (1)

                      
	
                        1/3/2006

                      	
                        $10.52

                      	
                        75,000

                      	
                        (1)

                      
	
                        1/3/2007

                      	
                        $16.90

                      	
                        30,000

                      	
                        (1)

                      
	
                        5/6/2008

                      	
                        $14.45

                      	
                        20,000

                      	
                        (2)

                      
	
                        5/6/2008

                      	
                        $14.45

                      	
                        21,100

                      	
                        (3)

                      

              

            

          

        

      

    

    

     

    

     

    
      	
              (1)  

            	
              –
      Option vests 25% annually over 4 years from date of
  grant

            

    

     

    
      	
              (2)  

            	
              –
      Option vests upon the acceptance of the PN 400 NDA by the FDA for
      review

            

    

     

    
      	
              (3)  

            	
              –
      Option vests 25% upon the acceptance of the PN 400 NDA by the FDA for
      review and 75% upon approval of the
NDA

            

    

     

    

     

    
      
         

      

      
        - 7 -tetonex10_1.htm

    
      
        SERVICE
MARK AND NAME LICENSE AGREEMENT

         

        THIS AGREEMENT, effective as
of the 19th day of
February, 2009 (“Effective Date”), is by and among GAMCO Investors, Inc., a corporation organized
under the laws of New York (“GAMCO” or “Licensor”) and Teton Advisors, Inc., a corporation organized
under the laws of Delaware and GAMCO Westwood Funds, a Massachusetts business
trust (each a “Licensee” or collectively the Licensees).

         

        WHEREAS, Licensor is currently
the holder of certain shares of common stock of Teton (“Teton”);

         

        WHEREAS, substantially
simultaneously with entering into this Agreement, Licensor will distribute these
shares to the shareholders of Licensor;

         

        WHEREAS, substantially
simultaneously with entering into this Agreement, Licensor and Teton Advisors,
Inc. will enter into a Transitional Administrative and Management Services
Agreement pursuant to which Licensor will provide certain services to Teton
Advisors, Inc. in exchange for Teton’s payment of certain fees to Licensor (the
“Services
Agreement”);

         

        WHEREAS, the word “GAMCO” is
the property of the Licensor and Licensor is the owner of the names and marks
and the goodwill symbolized by the word “GAMCO” (collectively, the “GAMCO
Mark”);

         

        WHEREAS, Licensor is the owner
of all right, title and interest in and to the servicemark “MightyMites” (the
“MightyMites Mark”, and together with the GAMCO Mark, the “Licensed
Marks”);

         

        WHEREAS, Licensees desires to
license the right to use the Licensed Marks in connection with the use by the
GAMCO Westwood Funds and the following investment portfolios: the GAMCO Westwood
Balanced Fund, GAMCO Westwood Equity Fund, GAMCO Westwood SmallCap Equity Fund,
GAMCO Westwood Income Fund, GAMCO Westwood Intermediate Bond Fund, and the GAMCO
Westwood MightyMites Fund (collectively the “Funds”).

         

        WHEREAS, Licensor will license
the Licensed Marks to Licensees pursuant to the terms of this Agreement.

        

        NOW, THEREFORE, in
consideration of the recitals above and the mutual promises set forth below, and
the payment of the fees pursuant to the Services Agreement and other good and
valuable consideration, the receipt and sufficiency of which the Parties
acknowledge, the Parties hereto agree as follows

         

        1.    License.

        1.

        1.1. Grant.  Licensor
hereby grants to Licensees, a non-exclusive right and license to use the
Licensed Marks in connection with the operation, advertising, promotion and
marketing of the Funds during the Term of this Agreement.

         

        1.2. No Other
Use.  Licensees shall not use, except as permitted hereunder,
or register or apply to register, the Licensed Marks, or any name which is the
same as or confusingly similar to the Licensed Marks.   All
rights in and to the Licensed Marks not expressly granted herein are reserved by
Licensor.

         

        2.    Quality Control.

        2. 1

        2.1. Quality
Control.  All use of the Licensed Marks by Licensees and the
nature and quality of all services sold or offered by Licensees in connection
with the Licensed Marks are subject to Licensor’s quality control
standards.

         

        2.2.  Inspection.  Licensor
may periodically inspect Licensees’ operations to ensure compliance with the
standards described above with reasonable advance notice and in such manner as
not to interfere unreasonably with the normal operations of the business of
Licensees.

         

        2.3. Advertising.  The
use of the Licensed Marks whether in advertising and promotional materials or
otherwise, shall be subject to the prior written approval of
Licensor.

        3. 3

        3.    Acknowledgment of Rights.

         

        3.1.  Licensees
acknowledge and agree that:

         

        A.  Licensor
owns all rights, title and interest in and to Licensed Marks, and throughout the
Term of this Agreement and thereafter, Licensees shall not contest the validity
of the Licensed Marks, or claim adversely to any right, title and interest of
Licensor in and to the Licensed Marks; and

         

        B. All
goodwill that arises from Licensees’ use of the Licensed Marks shall inure to
the sole benefit of Licensor.

         

        
          
            
            

          

          
            1

            
              

            

          

          
            
            

          

        

        4.    Trademark Protection.

         

        4.1. Notice of
Infringement.  Licensees shall give notice to Licensor of any
infringement of the Licensed Marks that comes to their attention during the Term
of this Agreement.  Licensees agree to cooperate reasonably with
Licensor, when requested and at Licensor’s expense, in stopping such
infringement, but Licensees shall not take any action against an infringer in
its own name or on behalf of Licensor without Licensor’s prior written
approval.  Licensor, in its sole discretion, shall decide what, if
any, action to take with respect to any infringement or alleged infringement of
the Licensed Marks.  Nothing in this License Agreement shall impose on
Licensees any obligation to investigate any alleged infringement of the Licensed
Marks.

         

        5.    Term; Termination.

        5. Ter

        5.1. Term.  The
initial term of this Agreement shall commence upon the Effective Date, and shall
continue until the one (1) year anniversary thereof, unless otherwise terminated
as provided in Section 5.2 below (“Initial Term”); provided that the Initial
Term shall automatically renew for successive one (1) year periods (each a
“Renewal Term”, and collectively with the Initial Term, the “Term”) unless
either Party notifies the other Party in writing within 30 days of the
expiration of the Initial Term or the then current Renewal Term that it will not
renew the Agreement.

         

        5.2. Termination.   This
Agreement is terminable, for any or no reason, by Licensor upon thirty (30) days
written notice of termination to Licensees.

         

        5.3. Effect of
Termination.  Upon the expiration or termination of this
Agreement:

         

         

        A.  Licensees
shall discontinue, and cease and desist from all use of the Licensed Marks and
any and all terms confusingly similar to the Licensed Marks.

         

        B. All
rights of Licensees hereunder shall terminate and revert automatically to
Licensor, and Licensees shall not have any right to use or otherwise exploit in
any manner the Licensed Marks.

         

        6.    Miscellaneous.

         

        6.1. Governing
Law.  This Agreement and the rights and obligations of the
Parties hereunder shall be governed by and will be construed in accordance with
the laws of the State of New York, and all rights and remedies shall be governed
by such laws without regard to principles of conflict of laws.

         

        6.2. Complete
Agreement.  This Agreement constitutes the entire agreement
between the Parties with respect to the subject matter hereof and supersedes all
previous proposals, negotiations, representations, commitments, writings and all
other communications, whether oral and written, between the
Parties.

         

        6.3. Assignment.  This
Agreement may not be assigned or transferred by Licensees in any manner, nor
shall Licensees have the right to grant any sublicenses under this Agreement,
except with Licensor’s prior written consent.

         

        6.4. Amendment.  This
Agreement may not be modified, amended, rescinded, canceled or waived, in whole
or in part, except by written instrument signed by a duly authorized
representative of each Party.

         

        6.5. Severability.  In
the event that any provision of this Agreement conflicts with the law under
which this Agreement is to be construed, or if any such provision is held
invalid by a court with jurisdiction over the Parties to this Agreement, and the
subject matter of this Agreement, (i) such provision will be deemed to be
restated to reflect as nearly as possible to the original intentions of the
Parties in accordance with applicable law, and (ii) the remaining terms,
provisions, covenants and restrictions of this Agreement will remain in full
force and effect.

         

        6.6. Counterparts.  This
Agreement may be executed in counterparts, each of which will be deemed an
original and all of which together will constitute one and the same
document.

         

        6.7. Waiver.  The
failure of either Party to insist upon or enforce strict performance of any
provision of this Agreement, or to partially or fully exercise any right, or any
waiver by either Party of any breach, shall not prevent a subsequent enforcement
of strict performance or the exercise of any such right, or be deemed a waiver
of any subsequent breach of the same or any other term of this
Agreement.

         

        6.8. Remedies.  Except
where otherwise specified in this Agreement, the rights and remedies of each
Party set forth in this Agreement are not exclusive and are in addition to any
other rights and remedies available to it at law or in equity.

         

        6.9. Headings.  The
various headings in this Agreement are inserted for convenience only and shall
not affect the meaning or interpretation of this Agreement or any section
hereof.

         

        6.10. Notices.  All
notices provided for herein will be in writing and will, unless otherwise
provided, be delivered personally or sent by confirmed facsimile transmission,
overnight courier service or United States certified mail, proper postage
prepaid, addressed as follows:

         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

        

         

        If to
GAMCO:

         

        

        
          	
                   
      

                	
                  GAMCO
      Investors, Inc.

                

        

        
          	
                   
      

                	
                  One
      Corporate Center

                

        

        
          	
                   
      

                	
                  Rye,
      NY 10580

                

        

        
          	
                   
      

                	
                  Attn:
      Legal Department

                

        

        
          	
                   
      

                	
                  Fax:
      (914) 921-5384

                

        

        

        If to
Teton:

        

        
          	
                   
      

                	
                  Teton
      Advisors, Inc.

                

        

        
          	
                   
      

                	
                  One
      Corporate Center

                

        

        
          	
                   
      

                	
                  Rye,
      NY 10580

                

        

        
          	
                   
      

                	
                  Attn:
      Chief Executive Officer

                

        

        
          	
                   
      

                	
                  Fax:
      (914)

                

        

        

         

        If to the
GAMCO Westwood Funds

         

        

         

        
          	
                   
      

                	
                  The
      GAMCO Westwood Funds

                

        

        
          	
                   
      

                	
                  One
      Corporate Center

                

        

        
          	
                   
      

                	
                  Rye,
      NY 10580

                

        

        
          	
                   
      

                	
                  Attn:
      President

                

        

        
          	
                   
      

                	
                  Fax:
      (914) 921-5118

                

        

         

      

       

      IN
WITNESS WHEREOF, each Party hereto has executed, or has caused the execution by
its duly authorized representative of, this Agreement as of the Effective
Date.

       

      

       

      By:           Teton
Advisors, Inc.

       

            
 /s/
Nicholas F. Galluccio

      Nicholas F. Galluccio

      Chief Executive Officer and
President

       

      

       

      By:           GAMCO
Investors, Inc.

       

      

       

                     
/s/
Douglas R. Jamieson

      Douglas R. Jamieson

      President and Chief Operating
Officer

       

       

       

      
        By:           The
GAMCO Westwood Funds

         

        

         

                       
/s/
Bruce N. Alpert

        Bruce N. Alpert

        President

      

      

       

       

      

      
        
           

        

        
          3

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