Document:

Termination Agreement and Release

 Exhibit 10.66 
  
 TERMINATION AGREEMENT AND RELEASE 
  
 This TERMINATION AGREEMENT AND RELEASE (this “Agreement”), dated April 14, 2005 (the
“Termination Date”), is made and entered into by and between BioDelivery Sciences International, Inc. (the “Company”) and Susan Gould-Fogerite (“Dr. Gould-Fogerite”). 
  
 WHEREAS, Dr. Gould-Fogerite has been employed by the Company in the
position of Vice President and Director of Innovations and Discovery pursuant to that certain Executive Employment Agreement, dated August 31, 2002, by and between the Company and Dr. Gould-Fogerite (the “Employment Agreement”);

  
 WHEREAS, Dr. Gould-Fogerite desires to resign from her
position at the Company, and the Company desires to accept such resignation, as of Termination Date; and 
  
 WHEREAS, the Company and Dr. Gould-Fogerite desire to enter into this Agreement and the Consulting Agreement (as defined below) to set forth
certain of their respective rights and obligations after the Termination Date. 
  
 NOW, THEREFORE, in consideration of the covenants, promises and agreements herein set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows: 
  
 1. Resignation and
Termination. 
  
 (a) Effective as of the Termination Date,
Dr. Gould-Fogerite hereby voluntarily resigns from her position as an officer and employee of the Company effective as of the Termination Date, and the Company hereby accepts such resignation, in each case in accordance with the applicable terms of
the Employment Agreement. Dr. Gould-Fogerite hereby acknowledges that, effective November 15, 2004, she accepted an employment position at The University of Medicine and Dentistry of New Jersey. Dr. Gould-Fogerite and the Company hereby terminate
the Employment Agreement effective for all purposes as of the Termination Date. 
  
 (b) Dr. Gould-Fogerite acknowledges and agrees that: (i) she has not been terminated by the Company and that she is therefore not entitled to any severance payments under the Employment Agreement or otherwise, (ii) as
of the date hereof, the Company shall make a one time payment to Dr. Gould-Fogerite of $7,708.68, and (iii) all options to purchase Company common stock held by Dr. Gould-Fogerite as of the Termination Date shall be treated in accordance with
Section 1(c) below. Dr. Gould-Fogerite represents and warrants to the Company that she has not breached any representation, warranty, agreement or covenant under the Employment Agreement (or taken any action or omitted to take any action which, with
the passage of time, would constitute such a breach) as of the Termination Date. 
  
 (c) With respect to the 58,057 stock options of the Company that are presently held by Dr. Gould-Fogerite (the “Current Stock Options”), Dr. Gould-Fogerite agrees that, effective as of the Termination
Date, all vested and unvested Current Stock Options shall be irrevocably cancelled and of no further force and effect. Simultaneously with the entry into this Agreement, Dr. Gould-Fogerite and the Company will enter into a new option agreement under
which the Company will reissue to Dr. Gould-Fogerite new, non-qualified (i.e., non-incentive) stock options, in the amounts and with the exercise prices set forth on Schedule A hereto (the “New Options”). The New Options will
be fully vested as of the Termination Date and will expire on November 15, 2007. 

 2. Consulting Agreement. Simultaneously with the execution of this Agreement, the Company and Dr.
Gould-Fogerite shall enter into a Consulting Agreement pursuant to which Dr. Gould-Fogerite will provide services to the Company as a third party independent contractor through November 15, 2005. 
  
 3. Releases. 
  
 (a) Except for the obligations of the Company under the Consulting
Agreement, Dr. Gould-Fogerite does hereby release and discharge the Company and all of the Company’s officers, directors, stockholders, affiliates, agents and representatives, and each of their respective administrators, successors and assigns
(the “Company Releasees”) from all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses,
damages, judgments, extents, executions, claims and demands whatsoever, in law, admiralty or equity, which Dr. Gould-Fogerite and her heirs, executors, administrators, successors and assigns ever had, now have or hereafter can, shall or may, have
for, upon, or by reason of any matter, cause or thing whatsoever from the beginning of the world through April 14, 2005 against the Company and the Company Releasees, except Dr. Gould-Fogerite does not give up the right to answer and respond to any
action by the Company against her and further does not give up her rights to enforce the terms and provisions of this Agreement or the Consulting Agreement. 
  
 (b) The Company hereby releases and discharges Dr. Gould-Fogerite and her heirs, executors, administrators, successors and assigns (the “Fogerite
Releasees”) from all actions, causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments,
extents, executions, claims and demands whatsoever, in law, admiralty or equity, which the Company ever had, now has or hereafter can, shall or may, have against the Fogerite Releasees arising solely and exclusively from any claims by the Company
for reimbursement of funds to the Company by any Fogerite Releases under the Employment Agreement. 
  
 4. Severability. In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable, the entire Agreement
shall not fall on account thereof, but shall otherwise remain in full force and effect, and such paragraph or provision shall be enforced to the maximum extent permissible. 
  
 5. Successors and Assigns. This Agreement shall be binding upon Dr. Gould-Fogerite’s heirs, executors,
administrators or other legal representatives and is for the benefit of the Company, its successors and assigns. 
  
 6. Governing Law. This Agreement shall be governed by the laws of the State of New Jersey except for any conflicts of law rules thereof that might
direct the application of the substantive law of another state. 
  
 [Signature Page Follows] 
  

 2 

 7. Counterparts. This Agreement may be signed in counterparts and by facsimile transmission, each
of which shall be deemed an original and both of which shall together constitute one agreement. 
  
 IN WITNESS WHEREOF, the Company and Dr. Gould-Fogerite have executed this Agreement as of the Termination Date. 
  

			
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	By:	 	 /s/ Mark A. Sirgo

	Name:	 	Mark A. Sirgo
	Title:	 	President and COO
	
	 /s/ Susan Gould-Fogerite

	Susan Gould-Fogerite

  
 [Signature Page
to Termination Agreement and Release, dated April 14, 2005] 
  

 3 

 Schedule A 
  

New Options* 
  

				
	 Number of Option Shares(*)

	  	Exercise Price

	 19,438
	  	$	3.83
	 17,162
	  	$	3.06
	 8,581
	  	$	11.80
	 6,936
	  	$	17.48
	 1,645
	  	$	17.48
	 4,295
	  	$	3.40

  

	*	= Note that all options listed shall be non-qualified stock options. 

  

 4Non-Qualified Stock Option Agreement

 Exhibit 10.67 
  
 BIODELIVERY SCIENCES INTERNATIONAL, INC. 
 AMENDED AND RESTATED 2001 INCENTIVE PLAN 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  

			
	Option Agreement Number:	  	NQ-00001074
		
	Date of Grant/Award:	  	April 14, 2005
		
	Name of Optionee:	  	Susan Gould-Fogerite
		
	Optionee’s Social Security Number:	  	###-##-####
		
	Initial Vesting Date:	  	April 14, 2005
		
	Initial Exercise Date:	  	April 14, 2005
		
	Expiration Date:	  	November 15, 2007 (the “Option Term”)

  
 1. Dated as of the
above-stated Date of Grant/Award (the “Grant Date”) a Stock Option (the “Option”) is hereby granted to the above-named Optionee pursuant to the BioDelivery Sciences International, Inc. Amended and Restated 2001
Incentive Plan (the “Plan”). The award of this Option conveys to the Optionee the right, under the Plan, to purchase from BioDelivery Sciences International, Inc. (the “Company”) up to the number of shares of
Company Common Stock (the “Option Shares”) set forth on Schedule A hereto at the exercise prices set forth on Schedule A hereto. The Option awarded hereunder is intended to be a nonqualified stock option subject upon
its exercise to treatment, for tax purposes, under Section 83 of the Internal Revenue Code, and is specifically not intended to be treated as an Incentive Stock Option, as such term is defined under Section 422 of the Internal Revenue Code.

  
 2. Except as specifically provided herein, the rights of the
Optionee, or of any other person entitled to exercise the Option, are governed by the terms and provisions of the Plan. The Option is granted pursuant to the terms of the Plan, which is incorporated herein by reference, and the Option shall in all
respects be interpreted in accordance with the Plan. The Company shall interpret and construe the Plan and this Option Agreement with respect to any issue arising thereunder or hereunder, and such interpretations and determinations by the Company
shall be conclusive and will bind the parties hereto and any other person claiming an interest hereunder. 
  
 3. To the extent not previously exercised, the Option and all rights with respect thereto, shall terminate and become null and void upon the expiration of
the Option Term. 
  
 4. The Option may be exercised with respect
to all or any part of the number of Option Shares by the giving of written notice (“Notice”) of the Optionee’s intent to exercise to the Company at least five (5) days prior to the date on which exercise is to occur. The Notice
shall specify the exercise date and the number of Option Shares and the exercise price as to which the Option is to be exercised. Full payment of the Option exercise price by certified check or wire transfer of immediately available funds shall be
made on or before the exercise date specified in the Notice. Such full payment having occurred on or before the exercise date specified in the Notice, or as soon thereafter as is practicable, the Company shall cause to be delivered to the Optionee a
certificate or certificates for the Option Shares then being purchased. If the Optionee fails to pay for any of the Option Shares specified in the Notice, or fails to accept delivery of Option Shares, the Optionee’s right to purchase such
Option Shares may be terminated by the Company. 

 5. During the Optionee’s lifetime, the Option granted hereunder shall be exercisable only by the
Optionee or by any guardian or legal representative of the Optionee, and the Option shall not be transferable except, in the case of the death of the Optionee, by will or by the laws of descent and distribution, nor shall the Option be subject to
attachment, execution or other similar process. 
  
 6. The Company
may unilaterally amend the Option Award at any time if the Company determines, in its sole discretion, that such amendment is necessary or advisable in light of any applicable addition to or change in the Internal Revenue Code, any regulations
issued thereunder, or any federal or state securities law or other applicable law or regulation. 
  
 7. Until the date a stock certificate(s) is issued to the Optionee, the Optionee shall have no rights as a stockholder with respect to the shares of stock
subject to award under this Agreement, and no adjustments shall be made for dividends of any kind or nature, distributions, or other rights for which the record date is prior to the date such stock certificate is issued. 
  
 8. The Optionee agrees to comply with all the Plan and all laws, rules and
regulations applicable to the award of the Option and to the sale or other disposition of the stock of the Company received upon exercise. 
  
 9. Any notice to the Company provided for in this Agreement shall be addressed to it in care of its Secretary at its executive offices located at 5310
Cypress Center Drive, Suite 101, Tampa, FL 33609, and any notice to the Optionee shall be addressed to the Optionee at the address currently shown on the payroll records of the Company. Any notice shall be deemed duly given if and when properly
addressed and posted by registered or certified mail, postage prepaid. 
  
 IN WITNESS WHEREOF, BioDelivery Sciences International, Inc. has caused its duly authorized officers to execute this nonqualified Stock Option Agreement, and the Optionee has placed her signature hereon, effective as of the Grant
Date. 
  

			
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	By:	 	 /s/ Mark A. Sirgo

	Name:	 	Mark A. Sirgo
	Title:	 	President and COO
	
	ACCEPTED AND AGREED TO:
		
	By:	 	 /s/ Susan-Gould Fogerite

	 	 	Susan-Gould Fogerite, Optionee

  
 [Schedule A Follows]

  

 2 

 Schedule A 
  
 Option and Exercise Prices 
  

				
	 Number of Option Shares(*)

	  	Exercise Price

	 19,438
	  	$	3.83
	 17,162
	  	$	3.06
	 8,581
	  	$	11.80
	 6,936
	  	$	17.48
	 1,645
	  	$	17.48
	 4,295
	  	$	3.40

	*	= All options listed are non-qualified stock options. 

  
 Initial: 
  

			
	 	 	/s/ Mark A. Sirgo
	Company:	 	  

		
	 	 	/s/ Susan-Gould Fogerite
	Optionee:	 	  

  

 3

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