Document:

EX-10.47

SEPARATION AGREEMENT

AND GENERAL RELEASE OF ALL CLAIMS

This Separation Agreement and General Release of All Claims (“Separation Agreement and
Release”) is made by and between Anadys Pharmaceuticals, Inc. (“Anadys” or the “Company”) and
Lawrence C. Fritz, Ph.D. (“Dr. Fritz”). This Separation Agreement and Release shall be effective
as of the Effective Date, as defined in Section 3.3 below.

A. Dr. Fritz was employed by Anadys as President and Chief Executive Officer and was a member
of the Company’s Board of Directors;

B. Dr. Fritz has resigned his employment effective August 24, 2007 (the “Separation Date”).
As of the Separation Date, all payments and benefits from the Company have ceased, except as
provided in this Agreement.

C. Anadys wishes to resolve all claims and issues that have, or could have been raised, in
relation to Dr. Fritz’s employment with Anadys and arising out of or in any way related to the
acts, transactions or occurrences between Dr. Fritz and Anadys to date, including, but not limited
to, Dr. Fritz’s employment with Anadys or the conclusion of that employment, on the terms set forth
below.

THEREFORE, in consideration of the promises and mutual agreements set forth in this Separation
Agreement and Release, it is agreed by and between the undersigned as follows:

1. Final Wages. Within five (5) days of the Separation Date, the Company shall provide Dr.
Fritz with a final paycheck which includes his accrued salary, and all accrued and unused vacation
pay, less all applicable federal, state and local income, social security and other payroll
deductions and withholdings. Dr. Fritz is entitled to these payments regardless of whether or not
this Separation Agreement and Release is signed or becomes effective. Within fourteen (14) days of
the Separation Date, the Company shall provide Dr. Fritz with election forms for medical insurance
continuation as provided by the Consolidated Omnibus Budget Reconciliation Act of 1986 (“COBRA”).

2. Separation Benefits. If Dr. Fritz signs this Separation Agreement and Release no later
than twenty-one (21) days after the Separation Date and such Separation Agreement and Release
becomes effective in accordance with its terms, then Dr. Fritz will receive the Severance Benefits
set forth in this Section 2. Except as expressly provided herein, Dr. Fritz acknowledges that he
will not receive (nor is he entitled to receive) any additional compensation or benefits from the
Company.

2.1 In the event Dr. Fritz elects to continue health insurance coverage pursuant to the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company will pay the COBRA
group health, dental and vision insurance premiums for Dr. Fritz and his eligible dependents for a
period of twelve (12) months following Dr. Fritz’s last day of employment with the Company;
provided, however, that any such payments will cease on the date when Dr. Fritz begins full-time
employment with another company or business entity that provides him with similar benefits. Dr.
Fritz is required to immediately notify the Company in writing of any such employment. For
purposes of this Section 2.1, references to COBRA premiums shall not include any amounts payable
under an Internal Revenue Code Section 125 health care reimbursement plan;

2.2 Anadys will pay Dr. Fritz Three Hundred Seventy-Five Thousand Dollars ($375,000), the
equivalent of twelve (12) months of Dr. Fritz’s annual base salary, less all applicable federal,
state and local income, social security and other payroll deductions and withholdings. This sum
will be paid in one payment within five (5) days following the Effective Date;

2.3 Anadys will pay for outplacement services for a period of six (6) months following the
Effective Date, to be provided by an outplacement firm mutually acceptable to Anadys and Dr. Fritz;

2.4 For the avoidance of doubt, following the Effective Date, Dr. Fritz shall not be obligated
to repay to Anadys any portion of his sign-on bonus of One Hundred Thousand Dollars ($100,000); and

2.5 In accordance with the terms of the Company’s 2004 Equity Incentive Plan (the “Plan”) and
Dr. Fritz’s stock option agreement, vesting of Dr. Fritz’s stock options will cease on the
Separation Date. Dr. Fritz’s rights to exercise any option as to any vested shares will be as set
forth in the Plan and such stock option agreement. Notwithstanding the foregoing, (a) the vesting
and exercisability of Dr. Fritz’s initial non-qualified stock option to purchase 570,000 shares of
Anadys Common Stock, granted on November 20, 2006, will be accelerated such that 118,750
shares (the “Vested Shares”) will be vested and fully exercisable as of the Effective Date, and (b)
the Vested Shares will remain exercisable until November 24, 2008, at which time the option will
expire.

2.6 Application of Code Section 409A. Compensation and benefits payable under this Separation
Agreement and Release, to the extent of payments made from the date of Dr. Fritz’s resignation
through March 15th of the calendar year following such resignation, are intended to constitute
separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus
payable pursuant to the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the
Treasury Regulations; to the extent such payments are made following said March 15th, they are
intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury
Regulations made upon an involuntary termination from service and payable pursuant to Section
1.409A-1(b)(9)(iii) of the Treasury Regulations, to the maximum extent permitted by said provision,
with any excess amount being regarded as subject to the distribution requirements  of Section
409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), including, without
limitation, the requirement of Section 409A(a)(2)(B)(i) of the Code that payment to Dr. Fritz be
delayed until 6 months after separation from service if Dr. Fritz is a “specified employee” within
the meaning of the aforesaid section of the Code at the time of such separation from service.

3. Waiver and Release.

3.1 In exchange for the consideration described in Section 2 above, Dr. Fritz unconditionally,
irrevocably and absolutely releases and discharges Anadys, and any parent and subsidiary
corporations, divisions and affiliated corporations, partnerships or other affiliated entities of
Anadys, past and present, as well as Anadys’ employees, officers, directors, agents, insurers,
attorneys, predecessors, successors and assigns (collectively, “Released Parties”), from any and
all claims, liabilities and obligations (excluding indemnification obligations pursuant to Anadys’
certificate of incorporation and bylaws or that certain Indemnity Agreement, dated November 20,
2006, by and between Dr. Fritz and Anadys, and excluding rights under Anadys’ directors and
officers insurance policies) both known or unknown, that arise out of or are related in any way to
the events, acts, conduct, omissions, transactions or occurrences occurring prior to Dr. Fritz
signing this Separation Agreement and Release, to the fullest extent permitted by law, including,
but not limited to: (1) all claims arising out of or in any way related to Dr. Fritz’s employment
with Anadys or the termination of that employment; (2) all claims related to Dr. Fritz’s
compensation or benefits from Anadys, including, but not limited to, salary, bonuses, commissions,
vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any
other ownership interests in the Company; (3) all claims for breach of contract, wrongful
termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort
claims, including, but not limited to, claims for fraud, defamation, emotional distress, and
discharge in violation of public policy; and (5) all federal, state, and local statutory claims,
including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees,
or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal
Americans with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967
(as amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended); provided,
however, that with respect to Anadys’ agents, insurers and attorneys, the release in this Section
3.1 shall be limited to claims, liabilities and obligations that arose out of or are connected to
Dr. Fritz’s employment with Anadys. In further consideration for Dr. Fritz’s agreement to the
waiver and release terms of this Separation Agreement and Release, the Company unconditionally,
irrevocably and absolutely releases and forever discharges Dr. Fritz from any and all claims,
demands, grievances, causes of action, suits of any kind, liabilities and obligations, both known
or unknown, arising out of, or in any way connected with, the dealings between the parties to date,
including Dr. Fritz’s employment relationship and its termination and any and all tort claims
related thereto.

3.2 California Civil Code Section 1542 Waiver. By executing this Agreement, Dr. Fritz and the
Company acknowledge that they have read the document and have had the opportunity to receive
independent legal advice with respect to executing this Separation Agreement and Release. Dr.
Fritz and the Company expressly acknowledge and agree that all rights under Section 1542 of the
California Civil Code (and any law or legal principle of similar effect in any jurisdiction with
respect to the release of unknown and unsuspected claims granted in this Agreement) are waived.
That section provides:

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

3.3 ADEA Claims. By executing this Separation Agreement and Release, Dr. Fritz acknowledges
that, among other rights, he is knowingly and voluntarily waiving and releasing any rights he may
have under ADEA. Dr. Fritz also acknowledges that the consideration given for this Separation
Agreement and Release is in addition to anything of value to which he was already entitled. Dr.
Fritz further acknowledges that he has been advised by this writing, as required by the ADEA, that:
(A) his release and waiver granted herein does not apply to any rights or claims that may arise on
or after the date he executes this Separation Agreement and Release; (B) he should consult with an
attorney prior to executing this Separation Agreement and Release; (C) he has twenty-one (21) days
to consider this Separation Agreement and Release (although he may choose to voluntarily execute
this Separation Agreement and Release earlier); (D) he has seven (7) days following the execution
of this Separation Agreement and Release to revoke the Separation Agreement and Release; and (E)
this Separation Agreement and Release shall not be effective until the date upon which the
revocation period has expired, which shall be the eighth day after this Separation Agreement and
Release is executed by him (the “Effective Date”).

3.4 The parties declare and represent that they intend this Separation Agreement and Release
to be complete and not subject to any claim of mistake, and that the release herein expresses a
full and complete release and, regardless of the adequacy or inadequacy of the consideration, they
intend the release herein to be final and complete. The parties execute this release with the full
knowledge that this release covers all possible claims against the Released Parties, to the fullest
extent permitted by law.

4. Non-disparagement. Dr. Fritz agrees that he will not make any voluntary statements,
written or oral, or cause or encourage others to make any such statements, that defame or disparage
the personal and/or business reputations, practices or conduct of Anadys or its Executive Officers
or members of the Anadys Board of Directors. Anadys agrees that its Executive Officers and members
of the Anadys Board of Directors will not make any voluntary statements, written or oral, or cause
or encourage others to make any such statements that defame or disparage the personal and/or
business reputations, practices or conduct of Dr. Fritz.

5. Confidential Information; Continuation of Indemnity.

5.1 Dr. Fritz acknowledges and agrees that nothing herein shall impair the covenants and
obligations set forth in the Agreement for Employees dated November 20, 2006 between the Company
and Dr. Fritz (the “Employee Confidentiality Agreement”), that the relevant terms of that agreement
will continue in full force and effect and that he will comply with his continuing obligations
under that agreement.

5.2 The Company acknowledges and agrees that nothing herein shall impair the covenants and
obligations set forth in the Indemnity Agreement dated November 20, 2006 between the Company and
Dr. Fritz and that the relevant terms of that agreement will continue in full force and effect, as
set forth in Section 5 therein.

6. Property of Anadys. Within seven (7) days of the Separation Date, Dr. Fritz will deliver
to a Company representative, at a location to be determined, all Company property which he has in
his possession, including all equipment and accessories, office equipment, financial information,
account lists or client contact lists, credit cards, keys, and documents, including copies of
documents. The Company acknowledges and agrees that the contents of the 16 boxes packed by Anadys
personnel and delivered to Dr. Fritz on August 28, 2007 are the property of Dr. Fritz and not
Anadys property.

7. Injunctive Relief. Dr. Fritz acknowledges that his obligations as outlined in Sections 5
and 6 of this Separation Agreement and Release are of a special, unique and extraordinary
character, and that it would be difficult or impossible to compensate Anadys in money damages for a
breach of such provisions of this Separation Agreement and Release. Accordingly, Dr. Fritz agrees
and consents that if he violates any such provisions of this Separation Agreement and Release,
Anadys, in addition to all other rights and remedies available under this Separation Agreement and
Release or otherwise, shall be entitled to injunctive relief without the necessity of proving
actual damages or posting any bond.

8. No Admissions. Anadys expressly denies liability of any kind to Dr. Fritz and nothing
contained in this Separation Agreement and Release may be construed or used as an admission of any
liability in any legal or administrative proceeding.

9. Applicable Law. The validity, interpretation and performance of this Separation Agreement
shall be construed and interpreted according to the laws of California as applied to contracts made
and to be performed entirely within California.

10. Binding on Successors. This Separation Agreement and Release shall be binding on, and
inure to the benefit of each party, their successors, heirs and/or assigns.

11. Interpretation; Construction. The headings contained in this Separation Agreement and
Release are for reference purposes only and shall not be used in interpreting this Separation
Agreement and Release.

12. Entire Agreement. This Separation Agreement and Release, the Indemnity Agreement, and the
Employee Confidentiality Agreement are the only agreements and understandings between the parties
pertaining to the subject matter of this Separation Agreement and Release and supersede all prior
or simultaneous representations, discussions, negotiations and agreements, whether written or oral.
It is agreed that there are no collateral agreements or representations, written or oral,
regarding the terms and conditions of Dr. Fritz’s separation of employment with Anadys and
settlement of all claims between them other than those set forth in this Separation Agreement and
Release.

13. Miscellaneous. If an arbitrator or court of competent jurisdiction determines that any
term or provision of this Separation Agreement and Release is invalid or unenforceable, in whole or
in part, then the remaining terms and provisions hereof shall be unimpaired, the invalid or
unenforceable term or provision shall be modified or replaced so as to render it valid and
enforceable in a manner which represents the parties’ intention with respect to the invalid or
unenforceable term or provision insofar as possible. This Separation Agreement and Release may be
executed in two counterparts, each of which shall be deemed an original, all of which together
shall constitute one and the same instrument.

Anadys Pharmaceuticals, Inc.

By: /s/ George A. Scangos, Ph.D.

Name: George A. Scangos, Ph.D.

Its: Chairman of the Board

Dated: August 29, 2007

/s/ Lawrence C. Fritz, Ph.D.

Lawrence C. Fritz, Ph.D.:

Dated: August 29, 2007EX-10.1

BOARD OF DIRECTORS (the “Board”)

GOLFSMITH INTERNATIONAL HOLDINGS, INC.

NON-EMPLOYEE DIRECTOR COMPENSATION PLAN

Annual Retainers

Except as otherwise provided herein, Golfsmith International Holdings, Inc. (the “Company”)
shall pay non-employee directors ( for the purpose of this Non-Employee Directors Compensation
Plan, “Non-Employee Directors” shall mean those individuals who are neither employees of the
Company or First Atlantic Capital, Ltd.) the following annual retainers in equal quarterly
amounts.

	 	 	 	 	 
	Director
	 	$	36,000	 
	Audit Committee Chairperson
	 	$	15,000	 
	Compensation Committee Chairperson
	 	$	5,000	 
	Nominating Committee Chairperson
	 	$	5,000	 

The Company shall pay the Non-Executive Chairman of the Board, if any, an annual retainer of
$135,000 in equal quarterly installments for his service as Chairman, on committees, in all
meetings, and for all other services.

Meeting and Other Fees

	 	 	 	 	 
	Board of Directors meeting
	 	$	1,500	 
	Committee meeting
	 	$	1,000	 
	Other meetings or Board service
(as approved by the Chairman of the Board)
	 	$	1,500	 

The Non-Executive Chairman shall not be entitled to meeting and other fees.

Deferred Stock Units

Annual DSU Grant: The Company shall grant each Non-Employee Director other than the
Non-Executive Chairman of the Board, at the Annual Shareholder’s Meeting or as soon as
permitted by applicable insider trading policies, a number of deferred stock units
(“DSU”) worth the equivalent of US $40,000 at the then current stock price. The Company
shall, upon the same schedule, grant the Non-Executive Chairman of the Board a number of
DSUs worth the equivalent of $100,000 at the then current stock price. DSUs will be
payable and exercisable only upon termination from Board Service.

Fee Deferral: Directors may defer all or part of their cash fees into DSUs which will
be payable in Company shares to the Director only upon termination from Board Service.

Expense Reimbursement

The Company shall reimburse Non-Employee Directors for their out-of-pocket travel and related
expenses incurred in attending all Board and committee meetings and other Board service.

Fees Pro-rated Based Upon Annual Shareholder’s Meeting

Director nominations shall generally be completed at the Annual Shareholder’s Meeting (each, an
“ASM”). To the extent a director is nominated at a time other than the ASM, any DSU or Annual
Retainer will be prorated following the most recent applicable ASM.

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