Document:

Exhibit 10.1

 

PRICELINE.COM  INCORPORATED 1999 OMNIBUS PLAN

 

RESTRICTED STOCK UNIT AGREEMENT

 

THIS RESTRICTED STOCK UNIT AGREEMENT (“Agreement”) is
made as of the 4th day of March, 2009 by and between priceline.com
Incorporated, a Delaware corporation, with its principal United States office
at 800 Connecticut Avenue, Norwalk, Connecticut 06854, and
                                      
(the “Participant”).

 

WITNESSETH:

 

Pursuant to terms of the priceline.com Incorporated
1999 Omnibus Plan, as amended (the “Plan”), the Board of Directors of the
Company (the “Board”) has authorized this Agreement.  The Participant has been granted as of March 4,
2009 (the “Grant Date”) the number of restricted stock units (“RSUs”) set forth
below.  Unless otherwise indicated, any
capitalized term used herein, but not defined herein, shall have the meaning
ascribed to such term in the Plan.  The
RSUs comprising this award may be recorded in an unfunded RSU account in the
Participant’s name maintained by the Company. 
The Participant will have no rights as a stockholder of the Company by
virtue of any RSU awarded to the Participant until shares of Stock, if any, are
issued to the Participant as described in this Agreement.

 

1.                                       Definitions

 

(a)           “Applicable 20-Day Period” shall mean (i) for purposes of applying
Section 3(a), the period of twenty (20) consecutive trading days during
the six-month period preceding the Target Vesting Date, as compared to all
other periods of twenty (20) consecutive trading days during such six-month period,
for which the lowest closing price of Stock on the national securities exchange
on which the Stock is traded during such 20-day period is higher than the
lowest closing price during any other such 20-day period, and (ii) for
purposes of applying Section 3(c), the period of twenty (20) consecutive
trading days during the six-month period preceding the date on which the
Participant’s Continuous Service terminates, as compared to all other periods
of twenty (20) consecutive trading days during such six-month period, for which
the lowest closing price of Stock on the national securities exchange on which
the Stock is traded during such 20-day period is higher than the lowest closing
price during any other such 20-day period.

 

(b)           “Change in Control Closing Price”
shall mean, for purposes of applying Section 3(d) or 3(e), the
closing price of Stock on the principal national securities exchange on which
the Stock is traded on the effective date of the Change in Control or, in a
going private transaction, the acquisition price of a share of Stock.

 

(c)           “Change in Control Period” shall mean
the period commencing on the effective date of the Change in Control and ending
on the date immediately prior to the date which is six (6) months after
the effective date of the Change in Control.

 

(d)           “Code” shall mean the U.S. Internal
Revenue Code of 1986, as amended.

 

1

 

(e)           “Company” shall mean priceline.com
Incorporated, any of its subsidiaries or affiliates.

 

(f)            “Continuous Service” shall mean the
Participant’s service with the Company or any Subsidiary or Affiliate whether
as an employee, director or consultant, which is not interrupted or terminated.

 

(g)           “Disability” shall mean (i) any
physical or mental condition that would qualify a Participant for a disability
benefit under any long-term disability plan maintained by the Company and
applicable to him or her, (ii) if there is no such plan, such condition
provided in any applicable governmental statute or regulation that constitutes
a Disability, or (iii) if there is no such applicable statute or
regulation, such other condition as may be determined by the Committee in its
sole discretion to constitute a Disability.

 

(h)           “Measurement Price” shall mean the
lowest closing price of Stock on the principal national securities exchange on
which the Stock is traded during the Applicable 20-Day Period.

 

(i)            “Six-Month Date” shall mean the date
that is six (6) months after the effective date of a Change in Control.

 

(j)            “Stock” shall mean shares of common
stock, par value $0.008, of the Company.

 

(k)           “Target Amount” shall have the
meaning given such term under Section 2.

 

(l)            “Target Vesting Date” shall mean March 4,
2012.

 

(m)          “Vesting Factor” shall mean the factor
by which to multiply the Target Amount determined in accordance with the
following table:

 

	
  If the Measurement Price or the Change in Control

  Closing Price, as applicable, is:

  	
   

  	
  Then the Vesting Factor is:

  
	
  Equal to or
  greater than $97.05, but less than $104.69

  	
   

  	
  0.5x

  
	
  Equal to or
  greater than $104.69, but less than $113.03

  	
   

  	
  0.75x

  
	
  Equal to or
  greater than $113.03

  	
   

  	
  1x

  

 

2.                                       The
Grant

 

(a)           Subject to the terms and conditions
set forth herein, the Participant is granted
                    
(                    )
RSUs on the Grant Date (the “Target Amount”).

 

(b)           Subject to the vesting requirements
set forth in Section 3 below, the Company shall issue the Participant one (1) share
of Stock free and clear of any restrictions for each vested RSU on the
applicable payment date specified in Section 3.

 

2

 

3.                                       Vesting;
Effect of Termination of Continuous Service; Change in Control

 

(a)           Vesting on Target Vesting Date.  If (i) the Participant remains in
Continuous Service through and including the Target Vesting Date and (ii) the
Measurement Price is equal to or exceeds $97.05, then the Participant shall
become vested in a number of RSUs determined by multiplying the Target Amount
by the applicable Vesting Factor.  All
shares of Stock underlying the vested RSUs to be issued to the Participant
under this Section 3(a), if any, shall be issued to the Participant within
ten (10) days after the Target Vesting Date, but in any event, no later
than March 15, 2013.

 

(b)           Termination for Cause; Voluntary
Termination.  If, prior to the Target
Vesting Date, the Participant’s Continuous Service is (i) terminated by
the Company  for Cause or (ii) voluntarily
terminated by the Participant other than on account of death or Disability prior to the Target Vesting Date, then the RSUs
granted under this Agreement shall be immediately forfeited and cancelled.

 

(c)           Termination Without a Change in
Control.  If (i) on or prior to
the Target Vesting Date and the occurrence of a Change in Control, the
Participant’s Continuous Service is terminated by the Company other than for
Cause or by the Participant on account of death or Disability and (ii) the
Measurement Price is equal to or exceeds $97.05, then the Participant (or the
Participant’s designated beneficiary in the event of the Participant’s death)
shall become vested in a number of RSUs determined by multiplying (A) the
Target Amount by (B) the applicable Vesting Factor by (C) a fraction,
the numerator of which is the number of full months completed since the Grant Date
as of the date of such termination, and the denominator of which is 36.  Subject to Section 3(f), all shares of
Stock underlying the vested RSUs to be issued to the Participant under this Section 3(c),
if any, shall be issued to the Participant within ten (10) days after the
termination of the Participant’s Continuous Service, but in any event, no later
than March 15 of the calendar year following the calendar year in which
the termination occurs.

 

(d)           Change in Control Without
Termination.  If (i) there is a
Change in Control on or prior to the Target Vesting Date, (ii) the
Participant remains in Continuous Service through the earlier of the Target
Vesting Date or the Six-Month Date, and (iii) the Change in Control
Closing Price is equal to or exceeds $97.05, then the Participant shall become
vested in a number of RSUs determined by multiplying the Target Amount by the
applicable Vesting Factor.  Subject to Section 3(f),
all shares of Stock underlying the vested RSUs to be issued to the Participant
under this Section 3(d), if any, shall be issued to the Participant within
ten (10) days of the Six-Month Date, but in any event, no later than March 15
of the calendar year following the calendar year in which the Six-Month Date
occurs; provided, however, that if issuance of the shares of
Stock pursuant to this Section 3(d) is considered to be a “deferral
of compensation” (as such phrase is defined for purposes of Section 409A
of the Code) and if the Change in Control triggering the right to payment under
this Section 3(d) does not constitute a permitted distribution event
under Section 409A(a)(2) of the Code, then notwithstanding anything
in this Section 3(d) to the contrary, the shares of Stock to be
issued to the Participant under this Section 3(d) shall be issued, to
the extent necessary to comply with Section 409A of the Code, to the
Participant on (or within 10 days after) the earliest of (1) the
Participant’s “separation from service” with the Company (determined in
accordance with Section 409A of the Code); (2) the Target Vesting
Date; or (3) the Participant’s death.

 

3

 

(e)           Termination During a Change in
Control Period.  If (i) there is
a Change in Control on or prior to the Target Vesting Date, (ii) the Participant’s
Continuous Service is terminated by the Company other than for Cause or by the
Participant on account of death or Disability during the Change in Control
Period, and (iii) the Change in Control Closing Price is equal to or
exceeds $97.05, then the Participant (or the Participant’s designated
beneficiary in the event of the Participant’s death) shall become vested in a
number of RSUs determined by multiplying the Target Amount by the applicable
Vesting Factor.  Subject to Section 3(f),
all shares of Stock underlying the vested RSUs to be issued to the Participant
under this Section 3(e), if any, shall be issued to the Participant within
ten (10) days after the termination of the Participant’s Continuous
Service, but in any event, no later than March 15 of the calendar year
following the calendar year in which the termination occurs.

 

(f)            Notwithstanding anything in this
Agreement to the contrary, if the Participant is a “specified employee” (within
the meaning of Section 409A of the Code) and if the issuance of the shares
of Stock pursuant to Section 3(c) or 3(e) is considered to be a “deferral
of compensation” (as such phrase is defined for purposes of Section 409A
of the Code), then the Participant’s date of issuance of the shares of Stock
shall be the date that is the first day of the seventh month after the date of
the Participant’s “separation from service” with the Company (determined in
accordance with Section 409A of the Code).

 

4.                                       Nontransferability
of Grant

 

Except as otherwise provided herein or in the Plan, no
RSUs shall be assigned, negotiated, pledged, or hypothecated in any way or be
subject to execution, attachment or similar process.  No transfer of the Participant’s rights with
respect to such RSUs, whether voluntary or involuntary, by operation of law or
otherwise, shall be permitted. 
Immediately upon any attempt to transfer such rights, such RSUs, and all
of the rights related thereto, shall be forfeited by the Participant.

 

5.                                       No
Dividend Equivalents

 

The Participant shall not be entitled to receive any
dividends or dividend equivalents in respect of any distributions paid with
respect to any share of Stock underlying the RSUs granted under this Agreement
that become declared or payable with respect to a record date prior to the date
on which shares of Stock are issued to the Participant pursuant to this
Agreement.

 

6.                                       No
Voting Rights

 

The Participant shall not be a shareholder of record
and shall have no voting rights with respect to shares of Stock underlying the
RSUs granted under this Agreement prior to the date on which shares of Stock
are issued to the Participant pursuant to this Agreement.

 

7.                                       Stock;
Adjustment Upon Certain Events

 

(a)           Stock to be issued under this
Agreement shall be made available, at the discretion of the Board, either from
authorized but unissued Stock, from issued Stock reacquired by the Company or
from Stock purchased by the Company on the open market specifically for this
purpose.

 

4

 

(b)           The existence of this Agreement and
the RSU granted hereunder shall not affect in any way the right or power of the
Board or the stockholders of the Company to make or authorize any adjustment,
recapitalization, reorganization or other change in the Company’s capital
structure or its business, any merger or consolidation of the Company or any
affiliate, any issue of bonds, debentures, preferred or prior preference stocks
ahead of or affecting the Stock, the authorization or issuance of additional
shares of Stock, the dissolution or liquidation of the Company or any affiliate
or sale or transfer of all or part of the assets or business of the Company or
any affiliate, or any other corporate act or proceeding.

 

(c)           In the event of a Change in Control,
the consideration payable to other shareholders of the Company shall be
substituted for the stock issuable hereunder, provided that the vesting
requirements with respect to the RSUs pursuant to Section 3 hereof shall
apply, and further provided that if the acquiring entity does not agree to such
vesting requirements upon the substituted property, then the RSUs shall be
fully vested upon a Change in Control.

 

8.                                       Determinations

 

The Committee shall determine the extent to which an
award has been earned, if at all, in accordance with Section 3 of this
Agreement on or prior to the Target Vesting Date.  Such determination and all other
determinations, interpretations or other actions made or taken pursuant to the
provisions of this Agreement by the Committee or the Board in good faith shall
be final, conclusive and binding for all purposes and upon all persons,
including, without limitation, the Participant and the Company, and their
respective heirs, executors, administrators, personal representatives and other
successors in interest.  In addition, the
Chairperson of the Committee is hereby authorized to make any determination
with respect to an award’s vesting and payment in the event the Participant’s
Continuous Service terminates pursuant to Sections 3(c) or 3(e) of
this Agreement, and such determination shall be likewise conclusive and
binding.

 

9.                                       Withholding
Taxes

 

The Participant shall be liable for any and all taxes
and contributions of any kind required by law to be withheld with respect to
the vesting of the RSUs.  The Participant
agrees that the Participant’s employer (the “Employer”) may, in its discretion,
(a) require the Participant to remit to the Employer on the date on which
the RSUs vest cash in an amount sufficient to satisfy all applicable required
withholding taxes and contributions related to such vesting, (b) deduct
from his or her regular salary payroll cash, on a payroll date following the
date on which the RSUs vest, in an amount sufficient to satisfy such
obligations, or (c) withhold sufficient shares of Stock that become
issuable to the Participant on the applicable vesting date to satisfy such
obligations.

 

10.                                 Incorporation
of the Plan

 

The Plan, as it exists on the date of this Agreement
and as amended from time to time, is hereby incorporated by reference and made
a part hereof, and the RSUs and this Agreement shall be subject to all terms
and conditions of the Plan.  In the event
of any conflict between the provisions of this Agreement and the provisions of
the Plan, the terms of the Plan shall control, except as expressly stated
otherwise.

 

5

 

11.                                 Electronic
Delivery

 

The Company may, in its sole discretion, deliver any
documents related to the RSUs and the Participant’s participation in the Plan,
or future awards that may be granted under the Plan, by electronic means or to
request the Participant’s consent to participate in the Plan by electronic
means.  The Participant hereby consents
to receive such documents by electronic delivery and, if requested, agrees to participate
in the Plan through an on-line or electronic system established and maintained
by the Company or another third party designated by the Company.

 

12.                                 Miscellaneous

 

(a)           This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective heirs,
personal legal representatives, successors, trustees, administrators,
distributees, devisees and legatees.  The
Company shall assign to, and require, any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to expressly
assume and agree in writing to perform this Agreement.  Notwithstanding the foregoing, this Agreement
may not be assigned by the Participant.

 

(b)           The Participant acknowledges that the
Company intends for the information contained in Section 1(m) hereof
to remain confidential.  Notwithstanding
any other provision hereof, the Participant’s entitlement to any award or
payment hereunder is contingent upon the Participant maintaining the
confidentiality of the information contained in Section 1(m).  The Participant agrees that he shall not
disclose or cause the disclosure of such information and shall hold such
information confidential.

 

(c)           No modification or waiver of any of
the provisions of this Agreement shall be effective unless in writing and
signed by the party against whom it is sought to be enforced.  To the extent applicable, it is intended that
this Agreement comply with the provisions of Section 409A of the Code, so
that the income inclusion provisions of Section 409A(a)(1) of the
Code do not apply to the Participant. 
This Agreement shall be administered in a manner consistent with this
intent.  References to Section 409A
of the Code will also include any regulations or any other formal guidance
promulgated with respect to such Section by the U.S. Department of the
Treasury or the Internal Revenue Service.

 

(d)           This Agreement may be executed in one
or more counterparts, all of which taken together shall constitute one
agreement.

 

(e)           The failure of any party hereto at
any time to require performance by another party of any provision of this
Agreement shall not affect the right of such party to require performance of
that provision, and any waiver by any party of any breach of any provision of
this Agreement shall not be construed as a waiver of any continuing or
succeeding breach of such provision, a waiver of the provision itself, or a
waiver of any right under this Agreement.

 

(f)            The headings of the sections of this
Agreement have been inserted for convenience of reference only and shall in no
way restrict or modify any of the terms or provisions hereof.

 

6

 

(g)           The Company shall pay all fees and expenses
necessarily incurred by the Company in connection with this Agreement and will
from time to time use its reasonable efforts to comply with all laws and
regulations which, in the opinion of counsel to the Company, are applicable
thereto.

 

(h)           All notices, consents, requests,
approvals, instructions and other communications provided for herein shall be
in writing and validly given or made when delivered, or on the second
succeeding business day after being mailed by registered or certified mail,
whichever is earlier, to the persons entitled or required to receive the same,
at the addresses set forth at the heading of this Agreement or to such other
address as either party may designate by like notice.  Notices to the Company shall be addressed to
its principal office, attention of the Company’s General Counsel.

 

(i)            The Plan and this Agreement
constitute the entire Agreement and understanding between the parties with
respect to the matters described herein and supersede all prior and
contemporaneous agreements and understandings, oral and written, between the
parties with respect to such subject matter.

 

(j)            This Agreement shall be governed and
construed and the legal relationships of the parties determined in accordance
with the laws of the state of Delaware without reference to principles of
conflict of laws.

 

(k)           The Company represents and warrants
that it is duly authorized by its Board and/or the Committee (and by any other
person or body whose authorization is required) to enter into this Agreement, that
there is no agreement or other legal restriction which would prevent it from
entering into, and carrying out its obligations under, this Agreement, and that
the officer signing this Agreement is duly authorized and empowered to sign
this Agreement on behalf of the Company.

 

[Signature on the following page]

 

7

 

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

 

	
  PRICELINE.COM INCORPORATED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  
	
  Title:

  	
   

  
	
   

  	
   

  
	
  PARTICIPANT

  	
   

  
	
   

  	
   

  
	
   

  	
   

  

 

8Exhibit
10.1

 

 

 

CONFIDENTIAL SEPARATION AGREEMENT
AND GENERAL RELEASE

 

This
Confidential Separation Agreement and General Release (“Agreement”) is made and
entered into by and between Redpoint Bio Corporation (“Company”) and Scott
Siegel (“Employee”).

 

WHEREAS, Employee has
been employed by the Company as the Vice President of Corporate Development
since October 11, 2007, pursuant to an Offer Letter between Company and
Employee, dated September 10, 2007 (the “Offer Letter”) (as amended via
letter dated December 19, 2008);

 

WHEREAS, the employment
of Employee by Company has been terminated Without Cause as defined in the
Offer Letter effective as of February 4, 2009 (the “Termination Date”);
and

 

WHEREAS, in connection
with the termination of Employee’s employment with the Company, Employee and
the Company desire to evidence the terms of certain agreements that have been
reached between Employee and the Company regarding equity and other
compensation and payments, on the terms and conditions set forth in this
Agreement.

 

IT IS HEREBY AGREED, by
and between Employee and Company, as follows:

 

1.             In consideration of Employee’s execution and
non-revocation of this Agreement, Employee’s agreement to be legally bound by
its terms, and Employee’s undertakings as set forth herein, the Company will
provide Employee with the severance payment and benefits set forth below:

 

a.             The Company will pay Employee his
base salary at the rate of $222,888 for a period of twelve (12) months (the
“Severance Payment”), 

 

 

 

 

commencing within
thirty (30) days following the Termination Date, in accordance with the Company’s
regular payroll practices (“the Severance Period”).  All requisite statutory withholdings and
authorized deductions, will be made from any payments made to Employee pursuant
to this Paragraph;

 

b.             The Company shall provide Employee
with medical and dental coverage at the level in effect as of the Termination
Date (or generally comparable coverage) for Employee and, where applicable,
Employee’s spouse and dependents, on the same terms as such coverage is
available to employees of the Company generally, at the same premium rates as
may be charged from time to time for employees of the Company generally, as if
Employee had continued in employment until the end of the twelve (12) month
period following the Termination Date. 
The COBRA health care continuation coverage period under section 4980B
of the Internal Revenue Code of 1986, as amended (the “Code”), or any
replacement or successor provision of United States tax law, shall run
concurrently with the period of continued coverage following the Termination
Date.

 

c.             Notwithstanding any
provision to the contrary in any applicable plan, program or agreement, Employee’s stock options, if any, that
are outstanding as of the Termination Date which would have vested and become
exercisable during the twelve (12) month period following the Termination Date
will become fully vested and exercisable as of the Termination Date.

 

 

 

 

2

 

 

2.             Other than the payments set forth in Paragraph 1 above,
Employee expressly agrees that Employee has been paid all remuneration owed to Employee as a result of Employee’s employment
with Company, or the termination of that employment, including but not limited
to all accrued salary, vacation pay, bonus pay, profit-sharing, stock
options, stock, expenses, termination benefits, accrued or unaccrued
commissions, or any other compensation.

 

3.             Employee, on behalf of himself or herself, and Employee’s
heirs, executors, administrators, and/or assigns, does hereby RELEASE AND FOREVER DISCHARGE the Company,  together with its parents, subsidiaries,
affiliates, predecessors, and successor corporations and business entities,
past, present and future, and its and their agents, directors, officers,
employees, shareholders, insurers and reinsurers, and employee benefit plans
(and the trustees, administrators, fiduciaries, insurers, and reinsurers of
such plans) past, present and future, and their heirs, executors, administrators,
predecessors, successors, and assigns (collectively, the “RELEASEES”), of and from any and all
legally waivable claims, causes of actions, suits, lawsuits, debts, and demands
whatsoever in law or in equity, known or unknown, suspected or unsuspected,
which Employee ever had, now has or which Employee’s heirs, executors
administrators, or assigns hereafter may have from the beginning of time to the
date Employee executes this Agreement, and including, without limitation, any
claims arising from or relating to Employee’s employment relationship with
Company, and the termination of such relationship, including, without
limitation, any claims arising under the Age Discrimination in Employment Act (“ADEA”),
Title VII of the Civil Rights Act of 1964 (“Title VII”), the Americans with
Disabilities Act (“ADA”), the Employee 

 

 

 

 

3

 

 

Retirement
Income Security Act (“ERISA”), the Family and Medical Leave Act (“FMLA”), the
New Jersey Law Against Discrimination (“NJLAD”), the Conscientious Employee
Protection Act (“CEPA”), the New Jersey Family Leave Act, the New Jersey Equal
Pay Act, the New Jersey Wage and Hour Law, the New Jersey Wage Payment Act, the
New Jersey Constitution, the common law of the State of New Jersey, and any and
all other federal, state, or local constitutional, statutory, regulatory, or
common law causes of action now or hereafter recognized, and any claims for
attorneys’ fees and costs.  Nothing in
this Agreement shall waive rights or claims that arise after the date that
Employee executes this Agreement.

 

4.             Employee hereby agrees and recognizes that Employee’s
employment relationship with Company has been completely severed as of the
Termination Date, and that neither Company nor the Releasees have any
obligation, contractual or otherwise, to hire, rehire or re-employ Employee in
the future.

 

5.             Employee hereby acknowledges and agrees that Employee
previously entered into an Agreement Regarding Confidentiality and Inventions,
dated September 10, 2007 (the “Confidentiality Agreement”).  Even if Employee does not sign this
Agreement, Employee would still have continuing obligations under the
Confidentiality Agreement.  The
Confidentiality Agreement is amended as provided in Paragraph 15 below.

 

6.             Employee has returned to Company all items of
property provided by Company for Employee’s use during employment with
Company.  Employee has also returned to
the Company all documents and materials (in electronic, paper or other form)
created or received by Employee in the course of employment with Company, except 

 

 

 

 

4

 

 

Employee’s
personal copies of documents evidencing (a) Employee’s hire, compensation
rate and payments, benefits, (b) stock options, restricted stock, and
documents received as a stockholder and (c) the Offer Letter.

 

7.             Employee shall not disparage Company, its
subsidiaries and parents, and their respective directors, investors, employees,
and agents, and its and their respective successors and assigns, heirs,
executors, and administrators, or make any public statement reflecting
negatively on Company, its subsidiaries and parents, and their respective
officers, directors, investors, employees, and agents, and its and their
respective successors and assigns, heirs, executors, and administrators, to
third parties including, but not limited to, any matters relating to the
operation or management of Company, irrespective of the truthfulness or falsity
of such statement, except as may otherwise be required by applicable law or
compelled by process of law.  Company
shall not disparage Employee or make any public statement reflecting negatively
on Employee to third parties, irrespective of the truthfulness or falsity of
such statement, except as may otherwise be required by applicable law or
compelled by process of law.

 

8.             Employee represents that Employee does not have any
lawsuits, claims, or charges pending against any of the Releasees.  This Agreement is expressly conditioned upon
and contingent on the truth of Employee’s representations in this Agreement.

 

9.             Employee agrees and acknowledges that this Agreement is
not, and shall not be construed to be, an admission of any violation of any
federal, state or local statute, ordinance or regulation, or of any duty owed
by Releasees to Employee, or of any wrongdoing to Employee by Releasees.

 

 

 

 

 

5

 

 

10.           With the exception of the
agreement referenced in Paragraph 5 above, this Agreement constitutes the entire
agreement between Employee and Company with respect to the subject matter
hereof and supersedes all prior negotiations and agreements, whether written or
oral, relating to the subject matter hereof, except that Employee acknowledges
that neither Company, the Releasees, nor their agents nor attorneys have made
any promise, representation or warranty whatsoever, express or implied, written
or oral, other than the express written representations herein.  Employee agrees that this Agreement may not
be altered, amended, modified, or otherwise changed in any respect except by
another written agreement signed by both Employee and Company.

 

11.           Employee further agrees that,
Employee will during the Severance Period, cooperate fully with the Company and
its counsel with respect to any matter (including, workplace inquiries,
litigation, investigations, or governmental proceedings) in which Employee was
in any way involved during his employment with the Company.  Employee shall render such cooperation in a
mutually convenient manner on reasonable notice from the Company.

 

12.           In the event that any one or
more provisions (or portion thereof) of this Agreement is held to be invalid,
unlawful or unenforceable for any reason, the invalid, unlawful or
unenforceable provision (or portion thereof) shall be construed or modified so
as to provide Releasees with the maximum protection that is valid, lawful and
enforceable, consistent with the intent of Company and Employee in entering
into this Agreement.  If such provision (or
portion thereof) cannot be construed or modified so as to be valid, lawful and
enforceable, that provision (or portion thereof) shall be construed as narrowly
as possible and shall be severed from the remainder of this Agreement (or 

 

 

 

 

6

 

 

provision),
and the remainder shall remain in effect and be construed as broadly as
possible, as if such invalid, unlawful or unenforceable provision (or portion
thereof) had never been contained in this Agreement.

 

13.           This Agreement is intended to comply
with the requirements of section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”), and specifically, with the “separation pay exemption” and
“short-term deferral exemption” of section 409A of the Code, and shall in all
respects be administered in accordance with section 409A of the Code.  If any payment or benefit hereunder cannot be
provided or made at the time specified herein without incurring sanctions on Employee
under section 409A of the Code, then such payment or benefit shall be provided
in full at the earliest time thereafter when such sanctions will not be
imposed.  For purposes of section 409A of
the Code, all payments to be made upon a termination of employment under this
Agreement may only be made upon a “separation from service” under section 409A
of the Code, each payment made under this Agreement shall be treated as a
separate payment, the right to a series of installment payments under this
Agreement shall be treated as a right to a series of separate payments, and if
a payment is not made by the designated payment date under the Agreement, the
payment shall be made by December 31 of the calendar year in which the
designated date occurs.  To the extent
that any provision of the Agreement would cause a conflict with the
requirements of section 409A of the Code, or would cause the administration of
the Agreement to fail to satisfy the requirements of section 409A, such
provision shall be deemed null and void to the extent permitted by applicable
law.  In no event shall Employee,
directly or indirectly, designate the calendar year of payment.

 

 

 

 

7

 

 

14.           Employee further certifies and
acknowledges that:

 

                                (a)           Employee
has read the terms of this Agreement and understands its terms and effects,
including the fact that Employee has agreed to RELEASE AND FOREVER DISCHARGE
the RELEASEES from any and all claims as set forth in Paragraph 3 above;

 

                                (b)           Employee
has signed this Agreement voluntarily and knowingly in exchange for the
consideration described herein, which Employee acknowledges is adequate and
satisfactory;

 

                                (c)           The
payments, benefits, promises and undertakings performed, and to be performed,
as set forth herein exceed and are greater than the payments and benefits, if
any, to which Employee would have been entitled had Employee not executed this
Agreement;

 

                                (d)           Releasees
have advised Employee, through this document, to consult with an attorney
concerning this Agreement prior to signing this Agreement;

 

                                (e)           Employee
has the right to consider this Agreement for a period of forty-five (45)
calendar days from receipt prior to entering into this Agreement and Employee
has signed on the date indicated below after concluding that the Agreement is
satisfactory;

 

                                (f)            Employee
has the right to revoke this Agreement for a period of seven (7) calendar
days following Employee’s execution of this Agreement by giving written notice
to the Company to the attention of Scott Horvitz, Redpoint Bio Corporation, 7
Graphics Drive, Ewing, NJ 08628 (facsimile no. 609-637-0126), and that 

 

 

 

 

8

 

 

this Agreement shall not
be effective or enforceable until this seven-day period has expired; and

 

                                (g)           Employee
has been provided with Exhibits A and B hereto, which provide the class,
unit, or group of individuals covered by the applicable program, any
eligibility factors for such program, and any time limits applicable to such
program; the job titles and ages of all individuals eligible or selected for
the program; and the job titles and ages of all individuals in the same job
classification or organizational unit who are not eligible or selected for the
program.

 

15.           Company and Employee agree to modify
the Confidentiality Agreement as follows: 
Paragraph 6, sections a and b are deleted in their entirety and replaced
with the following: “  (a) Engage in
a business or enterprise (whether as owner, partner, officer, director,
employee, consultant, investor or otherwise, except as holder of not more than
1% of the outstanding stock of a publicly-held company) whose primary purpose
is the business of research and development of TRPM5 modulating compounds for
foods, beverages, pharmaceuticals, nutritionals and oral care products (a “Competing
Business”), provided, however, that nothing in this paragraph (a) shall
prohibit Employee from engaging in a unit, division or segment of a Competing
Business so long as such unit, division or segment would not, by itself, be a
Competing Business and the Employee does not directly support any of the
activities comprising the Competing Business.

 

(b) Either
alone or in association with others (i) solicit, recruit, induce, or
attempt to solicit, recruit or induce, or permit any organization directly or
indirectly controlled by the Employee to solicit, recruit, induce, or attempt
to solicit, recruit or induce an 

 

 

 

 

9

 

 

employee of the
Company to leave the employ of the Company, or (ii) solicit, recruit,
induce, or attempt to solicit, recruit or induce for employment or hire or
engage as an independent contractor, or permit any organization directly or
indirectly controlled by the Employee to solicit, recruit, induce or attempt to
solicit, recruit or induce for employment or hire or engage as an independent
contractor, any person who is or was employed or engaged as an independent
contractor by the Company at any time during the term of the Employee’s
employment with the Company.”

 

IN WITNESS WHEREOF, and
intending to be legally bound hereby, Employee and Company hereby execute the
foregoing Confidential Separation Agreement and General Release.

 

Dated:  February 26, 2009

 

	
  /s/ Scott Siegel

  	
   

  	
  /s/ Scott Horvitz

  
	
  Scott Siegel

  	
   

  	
  By: Scott Horvitz

  
	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
  Redpoint Bio
  Corporation

  

 

 

 

 

10

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