Document:

Unassociated Document

     

    Exhibit
10.1

     

    STOCK
PURCHASE AGREEMENT

    

    This agreement dated as of January 8,
2010 (the “Agreement”)
is by and between EntreMed, Inc., a Delaware corporation whose principal address
is 9640 Medical Center Drive, Rockville, MD  20850, and hereinafter
referred to as the “Seller” and _________,
hereinafter referred to as the “Buyer.”

    

    WITNESSETH:

    

    WHEREAS, the Seller desires to
sell three million one hundred twenty five thousand (3,125,000) shares of its
common stock that are fully registered for resale (the “Shares”), and the Buyer
desires to purchase such Shares.

    

    NOW, THEREFORE, in
consideration of the foregoing and the mutual promises and covenants herein
contained, it is hereby agreed as follows:

    

    On or about January 11, 2010, the
Seller shall deliver to the Buyer all rights to the Shares, and it shall deliver
the Shares electronically to the Buyer’s brokerage account at _________ (account
number ________________), and the Buyer shall concurrently pay to the Seller by
bank wire the sum two million five hundred thousand dollars ($2,500,000) in
lawful funds of the United States of America.

    

    The Seller represents and warrants that
the Shares (a) have been fully registered for resale under the Securities Act of
1933, as amended (the “Act”) and (b) have no
restrictions on transferability or resale.

    

    The Buyer represents and warrants that
the Shares are being acquired for its own account and for investment purposes
only, and that it is an “accredited investor” as such term is defined by Rule
501(a) of Regulation D.

    

    (The remainder of this page is left
blank intentionally)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

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

     

    
      	
              ENTREMED,
      INC.

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              By:

            	
               

            	 
      
	
              Name:

            	
               

            	 
      
	
              Title:

            	
               

            	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
              BUYER:

            	 
      
	 
      	 
      	 
      
	
              By:

            	
                 
      

            	 
      
	
              Name:

            	 
      	 
      
	
              Title:Unassociated Document

    Exhibit
10.1

    

    January
11, 2010

    

    Brian K.
Bancroft

    3332 Tall
Grass Drive

    Naperville,
IL  60564

    

    Dear
Brian:

    

    The
following is an agreement (this “Agreement”) between Brian K. Bancroft
(hereinafter referred to as “You”) and Oil-Dri Corporation of America
(hereinafter referred to as “Oil-Dri” or “the Company”) regarding your
separation of employment from Oil-Dri.  The purpose of this Agreement
is to provide for an orderly departure under terms which are mutually acceptable
to both parties and protection for the Company from any and all claims by You
against the Company other than those based on this Agreement.  In
consideration of the mutual promises set forth in this Agreement, You and
Oil-Dri agree to the following terms and conditions:

    

    
      	
               
      

            	
              1.

            	
              The
      Company has decided to terminate your employment with the Company and
      thus, also terminate your position as a director and officer of any
      Oil-Dri subsidiary in which you hold office.  The effective date
      of your termination is February 1,
2010.

            

    

    

    
      	
               
      

            	
              2.

            	
              Although
      You are not otherwise entitled to receive any severance pay from Oil-Dri,
      in exchange for your promises contained in this Agreement, Oil-Dri agrees
      to give You severance compensation as stated
  below.

            

    

    

    Oil-Dri
will pay You severance equal to six months of your current base salary for a
total gross payment of $102,000.00, less required
withholding.  One-fourth of this severance payment is in consideration
for the release of any claims under the Age Discrimination in Employment
Act.

    

    These
payments will be made semi-monthly on the Company’s normal payroll
dates.  Such payments will not commence until the first regular
payroll date following the eighth day after You sign this
Agreement.  The last paydate of severance compensation will be July
31, 2010, unless payments end earlier as provided in paragraph number eighteen
(18) of this Agreement.

    

    
      	
               
      

            	
              3.

            	
              All
      wages, vacation pay and other benefits due to You as of your separation
      date according to the established policies, plans and procedures of the
      Company will be paid to You in accordance with the terms of those
      established policies, plans and procedures.  In addition, any
      benefit continuation rights or benefit conversion rights existing under
      the established plans of the Company will be made available to You in
      accordance with the terms of such established plans.  You will
      receive a separate letter with details concerning your benefits upon
      separation.

            

    

    

    
      	
               
      

            	
              4.

            	
              You
      understand and agree that severance compensation under paragraph number
      two (2) above will end upon your application for unemployment compensation
      benefits.  If Oil-Dri stops paying severance compensation
      because of your application for unemployment compensation benefits, that
      will have no effect upon the release provided in paragraph number eight
      (8) below and the release shall remain in full force and
      effect.

            

    

    

    
      	
               
      

            	
              5.

            	
              You
      will receive 50% of any annual incentive bonus for fiscal 2010, calculated
      under the terms of the Oil-Dri Corporation of America Annual Incentive
      Plan, for which you would have been eligible had you remained a full-time
      employee of Oil-Dri.  Your bonus payment, if any, will be made
      on the same date as the fiscal 2010 bonus payment is made to active
      Oil-Dri employees.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
               
      

            	
              6.

            	
              If,
      at October 31, 2010, you remain unemployed and you have made diligent
      efforts to obtain a new position, the Company agrees to provide You with
      additional severance for up to three (3) months.  This
      additional severance would begin November 1, 2010 and would be paid on a
      month-to-month basis through January 31, 2011 as long as you remain
      unemployed; however, if You do obtain a new position in this three-month
      period that pays a base salary less than $153,000 annually, the Company
      will compensate you for the difference in your base pay at your new
      position and your base pay at the Company ($204,000 annually) for the
      remainder of this three-month
period.

            

    

    

    
      	
               
      

            	
              7.

            	
              You
      may continue medical and dental insurance coverage for You and your family
      through COBRA.  The Company will pay or reimburse you for COBRA
      premiums for that coverage less active employee contributions through July
      31, 2010.

            

    

    

    
      	
               
      

            	
              8.

            	
              In
      consideration for receiving the amounts described in paragraphs number two
      (2), five (5) and six (6) above, You waive and release and promise never
      to assert any claims or causes of action, whether or not now known,
      against the Company or its acquisitions, predecessors, successors, or past
      or present subsidiaries, officers, directors, agents, employees, assigns
      and employee benefit plans, with respect to any matter, including but not
      limited to, any matter related to your employment with the Company or the
      termination of that employment.  This means, among other things,
      that You waive any right to assert any claim or complaint against the
      Company, including, but not limited to, tort claims; claims of wrongful
      discharge, emotional distress, defamation, fraud, or breach of contract;
      claims for attorneys fees; any claims of discrimination or harassment
      based on sex, age, race, color, national origin, ancestry, religious
      creed, disability, sexual orientation, marital status, present or past
      history of physical or mental disability or handicap, veteran status or on
      any other basis, under Title VII of the Civil Rights Act of 1964, the Age
      Discrimination in Employment Act of 1967, the Older Workers Benefit
      Protection Act, the Family and Medical Leave Act, the Employee Retirement
      Income Security Act, the Illinois Human Rights Act, and/or all other local
      state or federal laws, ordinances and regulations relating to
      employment.  This is a general
      release.  You understand and agree that this general
      release includes, but is not limited to, any claims arising out of or
      related to your employment with Oil-Dri and your separation from that
      employment: however, nothing in this Agreement shall constitute a release
      by You of any claims that cannot by law be waived.  This
      Agreement does not waive rights or claims
      that may arise after You sign this Agreement, nor does it prohibit You or
      the Company from seeking enforcement of the terms contained in this
      Agreement.

            

    

    

    
      	
               
      

            	
              9.

            	
              You
      understand and agree that, while this Agreement does not affect your
      rights to file a charge with or to participate as a witness in an
      investigation or proceeding conducted by the Equal Employment Opportunity
      Commission (the “EEOC”) or any similar state agency, by accepting the
      terms of this Agreement and the compensation provided as a result, You
      give up your right to receive any relief whatsoever, including but not
      limited to financial benefit or monetary recovery, from any lawsuit or
      settlement related to such rights and claims as You waived in paragraph
      number eight (8) above, whether the lawsuit is filed or the settlement
      reached by the EEOC or anyone else.

            

    

    

    
      	
            	
              10.

            	
              By
      signing this Agreement You are verifying to the Company that
      You:

            

    

    
      	
               
      

            	
              a.

            	
              have
      not suffered a work-related injury that you have not properly disclosed to
      Oil-Dri; and

            

    

    
      	
               
      

            	
              b.

            	
              have
      been paid in full all wages due and owing to You for any and all work
      which You performed for Oil-Dri through the pay period of the paydate
      immediately preceding the date of your signature.  Oil-Dri
      agrees that if you performed work for Oil-Dri after that pay period,
      payment will be made to you according to the Company’s established payroll
      practices.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
              11.

            	
              You
      will return to Daniel S. Jaffee all door and file keys, keycards, radio,
      beeper, equipment, tools, computer access codes, disks and instructional
      manuals, reports, files, memoranda, records, software, credit cards, and
      other physical or personal property which You received, prepared or helped
      prepare in connection with your employment with the
      Company.  You agree that You will not keep any copies or
      excerpts of any of the above items.

            

    

    

    
      	
            	
              12.

            	
              You
      will promptly respond to any questions from Dan Jaffee, or any person
      designated by him, related to your work at Oil-Dri until July 31,
      2010.  For this purpose, You will provide him with your current
      phone numbers and e-mail address, if
any.

            

    

    

    
      	
            	
              13.

            	
              You
      waive and surrender any right you may have, now or hereafter, to
      employment in the future with Oil-Dri.  In reliance on this
      waiver, the Company may disregard any employment application submitted by
      You.

            

    

    

    
      	
            	
              14.

            	
              You
      agree to refrain from using in any manner and to keep confidential any and
      all information and data concerning the business and affairs of Oil-Dri or
      its affiliates which You have received as a result of the employment
      relationship of the parties, except to the extent that You can demonstrate
      that the information or data (i) is generally available to the public
      through no act or failure to act of You, (ii) was already known to You on
      a non-confidential basis on the date of receipt, (iii) was disclosed to
      You on a non-confidential basis by a third party not having a confidential
      relationship with the Company with respect to such information, or (iv)
      has been independently acquired or developed without violating any of your
      obligations under this provision.

            

    

    

    
      	
            	
              15.

            	
              You
      agree that you will not disclose to others the terms of this Agreement,
      except that You may disclose such information to your attorney, tax
      preparer and immediate family.  If you properly disclose the
      terms of the Agreement to anyone, you agree that you shall inform them
      that the Agreement is strictly confidential, and instruct them not to
      disclose it to anyone else.

            

    

    

    
      	
            	
              16.

            	
              You
      will direct all reference inquiries to Dan Jaffee.  To the
      extent that You direct references to other persons, the Company is not
      liable for any statements made by such non-designated
      individuals.  You agree that the Company has no liability for
      any statements made regarding You by persons not employed by the Company
      at the time such statements are
made.

            

    

    

    
      	
            	
              17.

            	
              You
      will not do or say anything which criticizes or disparages the Company,
      its management or practices, which disrupts or impairs the Company’s
      normal, ongoing business operations, or which harms the Company’s
      reputation with its employees, customers, suppliers or the
      public.

            

    

    

    
      	
            	
              18.

            	
              You
      understand and agree that if you breach any part of this Agreement, or if
      Oil-Dri, prior to January 31, 2011, discovers any felonious misconduct or
      materially financial breach of the Company’s Code of Ethics and Business
      Conduct by you while an Oil-Dri employee, Oil-Dri’s obligation for the
      amounts described in paragraphs number two (2), five (5) and six (6) above
      ceases and Oil-Dri may recoup all such payments already
      made.  If Oil-Dri recoups all such payments, your obligations
      under this Agreement will automatically
  terminate.

            

    

    

    
      	
            	
              19.

            	
              You
      and Oil-Dri agree that this Agreement constitutes the entire understanding
      of the parties concerning the cessation of the employment relationship and
      sets forth all compensation to be paid by the Company to You subsequent to
      cessation of the employment relationship.  This Agreement
      cancels and supersedes all previous agreements and understandings, oral or
      written, between the parties with respect to the subject matter hereof and
      may be modified only in a written document signed by You and a duly
      authorized officer of the Company.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
            	
              20.

            	
              Nothing
      in this Agreement shall be treated as an admission by You or the Company
      of any liability, wrongdoing or violation of any
  law.

            

    

    

    
      	
            	
              21.

            	
              This
      Agreement shall be governed by and construed in all respects under the
      laws of the State of Illinois without reference to its conflicts of laws,
      rules or principles.  If a court finds any part of this
      Agreement to be invalid or unenforceable, then that provision or part
      shall be modified so as to render it valid and enforceable, or, if
      necessary, shall be deemed removed from this Agreement.  In any
      event, the rest of the Agreement shall remain in full force and effect and
      shall be enforced to the maximum extent permitted by
  law.

            

    

    

    
      	
            	
              22.

            	
              You
      have the right to consult with an attorney of your choice before signing
      this Agreement and Oil-Dri encourages You to do so.  You
      understand that you have up to  twenty-one (21) days after
      receiving this Agreement to review it and to discuss it with an attorney,
      and that You have seven (7) days after you have signed this Agreement
      during which you may revoke it.  You understand that if You do
      not return to the Company a signed and dated copy of this Agreement by the
      close of business on the 21st
      calendar day after you have received it, the provisions of this Agreement,
      including the severance compensation provisions, will be void and the
      Company will have no further obligations thereunder.  This Agreement must be signed
      and returned to Kevin M. Breese, Vice President of Human Resources, at the
      address shown below without any alteration.  Any
      modification or alteration of any terms of this Agreement voids the
      Agreement in its entirety.

            

    

    

    If you wish to revoke this Agreement
within the seven-day period, You may do so by delivering a letter of revocation
to Kevin Breese, Vice President of Human Resources, at the address shown
below.  Because of this revocation period, You understand that this
Agreement shall not become effective or enforceable until the eighth day after
the date you sign this Agreement.  After that, it becomes binding and
irrevocable.

    

    Please indicate your agreement with the
terms stated above by signing below.

     

    
      
        	 	 	 
	 	OIL-DRI
      CORPORATION OF AMERICA	 
	 	 	 
	 	 	 	 
	
                 

              	
                By:
      

              	/s/ Daniel
      S. Jaffee	 
	 	 	Daniel
      S. Jaffee, President and Chief Executive Officer	 
	 	 	 	 
	 	 	      
                Oil-Dri
      Corporation of America

                410
      N. Michigan Ave. – Suite 400

                Chicago,
      IL  60611-4213

              	 

      

    

     

    I agree with the terms of this
Agreement and deem it to be fair and equitable, as signified by my signature
below.  Furthermore, I acknowledge that I have read and understand
this Agreement and that I sign this release of all claims, known or unknown,
voluntarily, with full appreciation that at no time in the future may I pursue
any of the rights I have waived in this Agreement.

     

    
      
        	 	 	 	 	 
	
                /s/
      Brian
      K. Bancroft

              	 	Date:	
                1/12/10

              	 
	
                      
                  Brian
      K. Bancroft

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