Document:

Exhibit 10.22.2

 

THIS DOCUMENT AFFECTS IMPORTANT LEGAL RIGHTS.

TAKE IT HOME AND READ IT CAREFULLY BEFORE YOU SIGN IT.

YOU ARE ADVISED TO CONSULT WITH AN ATTORNEY OF YOUR
CHOICE

BEFORE SIGNING THE DOCUMENT.

 

SEPARATION AGREEMENT AND GENERAL CLAIMS RELEASE

 

This
Separation Agreement and General Claims Release (hereinafter referred to as “Agreement”)
is made and entered into by and between Alberto Martinez (hereinafter referred
to as “Employee”) and Talecris Biotherapeutics Holdings Corp., a Delaware
corporation authorized to do business in the State of North Carolina, its past
and present owners, subsidiaries, affiliates, successors, predecessors and
assigns (hereinafter referred to as “the Company”).

 

WHEREAS, the
employment relationship between Employee and the Company shall be terminated
effective on the eighth day following Employee’s execution of this Agreement,
hereinafter referred to as “Separation Date.”

 

WHEREAS, Employee and the Company wish to enter into an accord and satisfaction regarding
the amount of compensation and other benefits Employee is entitled to receive upon
his termination.

 

WHEREAS, the Employee and the Company entered an Employment Agreement dated as
of September 26, 2005 as amended and restated as of October 17, 2005
and as further amended and restated as of June 12, 2007 (“Employment
Agreement”).

 

WHEREAS, Employee and the Company agree it is in the best interest of each that
the terms and conditions of his separation from employment be expressly set
forth.

 

THEREFORE, in consideration of the mutual covenants made by Employee and the
Company and for other good and valuable consideration, the receipt and
sufficiency of which are hereby expressly acknowledged by Employee and the
Company, it is agreed that:

 

1.             Effective as of the date of the Employee’s
execution of this Agreement (“Execution Date”), Employee will perform no
further services for the Company and will perform no services for any person
which would be considered a single employer with the Company under Internal Revenue
Code § 414(b) or (c), except as provided in Section 6 relating to
transition services. His status as an employee of the Company shall cease on
the Separation Date. Further, Employee agrees that he will not apply at any
time in the future to work at or for the Company, whether such application may
be made through the Company, its subsidiaries, independent contractors, agents,
successors or assigns.

 

2.             Effective as of the Separation Date, except
as otherwise explicitly provided in this Agreement, Employee will forfeit all
rights, stock options, restricted stock, rights to payment, and any other
rights he might otherwise be entitled to receive pursuant to the Company’s 2005
Stock Option and Incentive Plan or Employee’s Stock Option Award Agreement
dated on or about November 10, 2005; Special Recognition Bonus Plan I
dated October , 2006, Special Recognition Bonus Plan II dated November 2006,
management bonus plan, vacation pay, and any other bonus plans, benefit plans,
other plans, contracts,

 

 

Policies
or procedures of the Company not specifically mentioned in the following
paragraphs.

 

3.             The Company shall provide the following
payments and benefits to Employee in conjunction with his separation from
employment

 

(a)           the unpaid portion of Employee’s bonus relating to 2006 in the amount
of $330,566, payable in a lump sum within thirty (30) days of termination;

 

(b)           Employee’s entire bonus relating to 2007 as determined by the Compensation
Committee of the Board of Directors at the same time as other persons in the 2007
Management Incentive Plan are paid the first installment (60%) of their bonus,
but not later than March 15, 2008 and with an individual performance
multiplier of not less than 80%.

 

(c)           A pro-rata share of Employee’s bonus for 2008 (based upon the number of
days he was employed by the Company in 2008) at 100% of Target Bonus, payable
in a lump sum not later than thirty (30) days after the Separation Date.

 

(d)           Vesting of Options granted pursuant to the Company’s 2005 Stock Option
and Incentive Plan, vesting of Restricted Stock granted pursuant to the Company’s
2006 Restricted Stock Plan, and payment of an amount equal to the cash awards
under the Company’s Special Recognition Bonus Plan (SRB I and SRB II) to the
extent such Options, Restricted Stock and cash awards would have vested or
would have been paid if Employee remained an employee through April 1,
2008, such awards to be distributed and paid at the same time and in the same
manner as to other employees of the Company as follows:

 

	
  Stock option grant dated:  November 10, 2005 at $11.11

  	
   

  	
  Additional shares vesting as of April 1, 2008: 

  39,540 (for a total of 118,620 option shares vested)

  
	
   

  	
   

  	
   

  
	
  Restricted Stock grant dated December 6, 2006

  	
   

  	
  Shares vesting as of March 31, 2008: 15,897

  
	
   

  	
   

  	
   

  
	
  Special Recognition Bonus dated  October 2, 2006

  	
   

  	
  To be paid on or prior to March 15, 2008: $246,720

  
	
   

  	
   

  	
   

  
	
  Special Recognition Bonus dated  December 6, 2006

  	
   

  	
  To be paid on or prior to March 31, 2008: $1,389,671

  

 

(e)           Right to exercise any Stock Option (as defined in the Company’s 2005
Stock Option and Incentive Plan) in accordance with their terms that vested on
or before April 1, 2008, at any time within eighteen (18) months of the
Separation Date, or such earlier date as the Stock Options would have expired
in accordance with the term of the original grant. Any options that are not
exercised within such period will expire and be forfeited.

 

(f)            payment for accrued unused vacation days,
payable in accordance with Company policy;

 

2

 

(g)           continued
base salary for eighteen (18) months
after the Separation Date in equal monthly installments not later than the last
business day of the month;

 

(h)           bonus payments in an aggregate amount equal to the
bonus amount received by the Employee for 2007, payable in equal monthly
installments for twelve (12) months on the last business day of the month
beginning at the end of the first calendar month following determination of the
amount of the 2007 bonus.

 

(i)            reimbursement of the cost of continuation
coverage of group health coverage pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1986 for a maximum of twelve (12) months from the
Separation Date to the extent Employee elects such continuation coverage and is
eligible and subject to the terms of the plan and the law; provided that all
reimbursements shall be made before March 15, 2009.

 

(j)            Employee’s account funds held in the Company’s
401(k) Savings Plan will be handled and distributed in accordance with the
provisions of the plan documents and administrative practices, as may be
modified by the Company in its sole discretion at any time.

 

(k)           Employee’s rights and benefits under this section 3 will immediately
cease in the event the Employee engages in conduct constituting a breach of the
provision of Sections 5.5 or 6 of the Employment Agreement. 

 

4.             As of the Separation Date and thereafter, and
except as provided elsewhere in this Agreement, Employee will not be
eligible to continue participating in any other Company benefit programs, including
but not limited to the short- or long-term disability benefits programs, the
Company’s Management Bonus Plan, Stock Option and Incentive Plan, Special
Recognition Bonus Programs I and II, and except to the extent of benefits
accrued prior to the Separation Date, the 401(k) Savings Plan.

 

5.             Employee hereby resigns as a director and
officer of the Company and as a director and officer of each subsidiary of the
Company in which he holds such offices.

 

6.             Employee agrees to provide counsel and
guidance without additional compensation to the Chairman and Chief Executive
Officer from time to time during the 60 days following the separation date to
assist in transitional issues, as reasonably requested by the Company but in no
event exceeding five (5) hours per week.

 

7.             Employee acknowledges and agrees that the
severance benefits offered to him in this Agreement are in lieu of, not in
addition to, and in full and complete compromise, accord and satisfaction of
any other severance benefits to which Employee might be entitled to receive
under any other agreement (including without limitation the Employment
Agreement) or any Company policy or practice. Employee further acknowledges
this Agreement includes benefits to which he would not be otherwise entitled
but for this Agreement. The parties agree that the Company has no prior legal
obligations to provide all the benefits provided herein, which are exchanged
for Employee’s promises and agreements herein.

 

3

 

8.             Employee hereby fully and expressly,
knowingly, voluntarily and unconditionally releases, acquits and forever
discharges the Company, its past and present owners, stockholders, agents,
directors, officers, employees, divisions, subsidiaries and affiliates,
predecessors, successors and assigns (collectively referred to as “Releasees”)
from any and all charges, complaints, claims, liabilities, obligations,
promises, agreements, controversies, damages, actions causes of action, rights,
demands, losses, debts, expenses, and attorney fees and costs of any nature
whatsoever, known or unknown, with regard to any transaction or event occurring
prior to the date of this Agreement including, but not limited to, any aspect
of his employment relationship with the Company or the termination of his employment.
THIS MEANS THAT IF YOU AGREE TO ACCEPT THE BENEFITS DESCRIBED IN THIS
DOCUMENT BY SIGNING THIS AGREEMENT AND RETURNING IT TO THE COMPANY AND YOU DO
NOT REVOKE YOUR ACCEPTANCE OF THE AGREEMENT AS DESCRIBED IN PARAGRAPH 9 BELOW,
YOU WILL FORFEIT ANY AND ALL RIGHTS YOU MAY OTHERWISE HAVE TO SUE THE
COMPANY FOR ANY ALLEGED CLAIMS YOU MAY HAVE AGAINST THE COMPANY FOR
DAMAGES OR OTHER RELIEF. Employee agrees and understands that this release
includes, but is not limited to, all claims under Title VII of the Civil Rights
Act of 1964, 42 U.S.C. 2000e et.seq., as amended, the Americans with
Disabilities Act of 1990, 42 U.S.C. 12101 et.seq., the Rehabilitation
Act of 1973, 29 U.S.C. 701 et.seq., the Age Discrimination in Employment
Act of 1967, as amended, 29 U.S.C. 621 et.seq., and all other federal or state
laws and statutes or common law or contractual claims arising out of, or
relating to, his employment with the company, his termination of employment or
with regard to any other transactions or events occurring prior to the date of
this Agreement. Employee further agrees that he will not file, commence,
prosecute or participate in any charge, claim or lawsuit against the Company or
any of the Releasees based on or arising from the matters released herein. This
release is not intended to limit or impair Employee’s right to file a charge or
complaint with any federal, state, or local administrative agency, but is
intended to release, waive, relinquish and forego all legal relief, equitable
relief, statutory relief, reinstatement, back pay, front pay, and all other
damages, benefits, remedies, or relief that Employee may be entitled to as a
result of the filling or prosecution of any such charge or complaint against Releasees
by Employee, or any resulting civil proceeding or lawsuit brought on behalf of
Employee and which arises out of any matters that are released or waived by
this Agreement. Employee further agrees not to accept, recover or receive any
such relief arising out of any such matters that are released or waived by this
Agreement. The scope of this release shall extend as broadly as legally
permissible; however, nothing herein shall be construed as a release of any
claim that cannot be waived as a matter of law.

 

9.             Employee agrees and understands that the
Release contained in this Agreement includes, but is not limited to, a release
for all claims under the federal Age Discrimination in Employment Act of 1967,
as amended, 29 U.S.C. 621 et.seq., and any other state or local laws
concerning age discrimination, which may have arisen prior to the date of this
Agreement. Employee acknowledges that he received this Agreement for review on January 23,
2008, that he has been advised by the Company that he has twenty-one (21) days
to review and consider this Agreement (i.e., until February 13, 2008) and
that if he accepts and signs this Agreement he may nevertheless revoke his
acceptance of this Agreement within seven (7) days after signing. If
Employee wishes to revoke his acceptance within such seven (7) day
revocation period, he must do so by notifying 

4

 

John
F. Gaither, Jr., General Counsel, in writing of his desire to
revoke his acceptance. This Agreement will not be effective, and no payments or
any other benefits will be provided hereunder, unless and until the Employee
signs and returns this Agreement to the Company no later than February 14,
2008 and the seven (7) day revocation period noted above has expired.

 

10.           Employee
and the Company acknowledge that sections 6, 7, 8 and 9 of the Employment
Agreement remain in full force and effect in accordance with their terms.

 

11.           Employee
agrees that the only considerations for signing this Agreement are the terms
stated herein and that no other promises or assurances of any kind have been
made to his by the Company, its attorneys or any other person as inducement to
sign this Agreement. Therefore, this Agreement constitutes the entire
understanding of the parties, and no representation, promise or inducement not
included herein shall be binding upon the parties.

 

12.           Employee
agrees that he will not disclose matters relating to the contents of this
Agreement, including the amount of monetary payments and other benefits, to
anyone other than his spouse, attorneys, and accountants or financial advisors for
professional counseling or except as required by law. Employee also agrees that
he will take reasonable precautions to ensure that his spouse, attorneys,
accountants or financial advisors maintain the confidentiality of this
Agreement, including but not limited to advising the person of the
confidentiality provisions herein before any disclosure is made.
Notwithstanding the foregoing, Employee may disclose to potential employers the
provisions of paragraph 6, 7, 8 and 9 of the Employment Agreement relating to
non-competition, non-solicitation and non-disclosure of proprietary and
confidential information.

 

13.           Employee
and the Company agree that neither this Agreement nor any of its terms
constitute any admission of wrongdoing by the Company and no past or present
wrongdoing on the part of the Company shall be implied by the payments
specified herein.

 

14.           Employee
understands and agrees that the Company’s obligation to perform under this
Agreement is conditioned upon Employee’s performance of all agreements,
releases, and covenants to the Company as set forth herein. Employee
acknowledges and recognizes that his violation of this Agreement and its
releases or covenants will cause the Company irreparable damage and the Company
will have no adequate remedy at law for such violation. Accordingly, Employee
agrees that the Company shall be entitled as a matter of right to an injunction
out of any court of competent jurisdiction, restraining any further violation
of any such agreement or covenant. Such right to injunctive relief shall be
cumulative and in addition to any other remedies the Company may have at law.
Further, Employee hereby agrees to indemnify and hold the Company and each of
the Releasees harmless from and against any and all loss, damage or expenses,
including without limitation attorney’s fees and costs incurred by the Company,
or any Releasee, arising out of his breach of this Agreement and its releases
and covenants.

 

15.           This
Agreement shall inure to and be binding upon the parties hereto, the respective
heirs, legal representatives, successors and assigns.

 

5

 

16.           This
Agreement is made and entered into in the State of North Carolina and shall in
all respects be construed, enforced and governed in accordance with the laws of
North Carolina, except as federal laws may apply.

 

17.           Employee
shall be solely responsible for the satisfaction of any taxes (including
employment taxes imposed on employees and penalty taxes on nonqualified
deferred compensation). Although the Company intends and expects that this
Agreement and its payments and benefits will not give rise to taxes imposed
under Section 409A, neither the Company nor its employees, directors, or
their agents shall have any obligation to hold Employee harmless from any or
all of such taxes.

 

18.           In
the event that one or more of the provisions, or portions thereof, of this
Agreement is determined to be illegal or unenforceable, the remainder of this
Agreement shall not be affected thereby, and each remaining provision or
portion thereof shall continue to be valid and effective and shall be
enforceable to the fullest extent permitted by law.

 

19.           The
terms of this Agreement are contractual and not a mere recital. Employee shall
not have any security or property interest in any funds or assets of the Company
as the result of this Agreement.

 

20.           Employee
acknowledges that he has been advised by the Company to review this Agreement
and to discuss his options with an attorney of his own choosing, at his own
expense, prior to signing this Agreement. Employee also acknowledges that he
has carefully read this Agreement and that he possesses sufficient education
and experience to fully understand the terms of this Agreement. Employee
further acknowledges that he understands the legal and binding effect of this Agreement
and the exchange of monetary payments and other benefits for promises herein,
and that he voluntarily accepts the terms of this Agreement and signs the same
as his own free act.

 

IN WITNESS WHEREOF, I have hereunto signed my name and affixed my seal
this 25th day of January 2008.

 

	
   

  	
  /s/ Alberto Martinez

  
	
   

  	
  Alberto Martinez

  

 

 

SWORN TO AND SUBSCRIBED before me this 25th day of January 2008

 

	
   

  	
  [ILLEGIBLE]

  
	
   

  	
  Notary Public

  

 

My Commission Expires:

 

FOR: Talecris Biotherapeutics Holdings Corp.

 

	
  /s/ Lawrence D. Stern

  	
   

  
	
  By:

  	
  Lawrence D. Stern

  	
  [SEAL]

  
	
  Title:

  	
  Chairman and Chief Executive Officer [SEAL]

  	
   

  

 

6Exhibit 10.24

 

Talecris Biotherapeutics

79 TW Alexander Drive

Research Triangle Park, North Carolina 27709

 

February 8, 2005

 

Mary Joan Kuhn

4533  Arden Forest Road

Fuquay-Varina, North Carolina 27526

 

Dear Mary,

 

As you know, Talecris Biotherapeutics (“Talecris”) has agreed to
purchase Bayer’s Plasma Business. When the purchase is completed (the “Closing”)
we want you to be a part of the Talecris team. The purpose of this letter is to
confirm the basic terms of your employment with Talecris.

 

Your Position

 

We anticipate that the Closing will occur within the next month or two
months. If you are actively employed by Bayer at the time of Closing, you will
transfer to Talecris in the position of Senior Vice President, Operations, and
will to have the authority, responsibilities and duties of that position and
such other duties as are assigned to you from time to time.

 

Your Base Salary

 

Your base salary (“Base Salary”) will be $280,000 per year (plus the
amount of any performance increase to which you are entitled for 2005). Each
year, your performance and salary will be reviewed. Based on business outlook
and individual performance your salary may be adjusted.

 

Your Benefits

 

While employed by Talecris, you will be entitled to participate in all
benefit plans in which employees of Talecris are generally eligible to
participate within the terms of those plans. Some of the benefit plans that
will be provided include health plans, disability, and life insurance plans;
profit sharing, options and a 401(k) savings plan. For the purpose of
benefits eligibility, your prior service with Bayer will be honored.

 

Until the Closing, you will continue your current level of
participation in your medical, dental, vision and prescription drug plans;
short-term disability plan; flexible spending accounts; and life insurance.
Following the Closing, the plans will be replaced with new Talecris plans.
These new plans will be implemented as soon as practicable and you will receive
separate communication associated with those plans. The Pension Plan and
Retiree Medical Plan will remain obligations of Bayer and will not be replaced
by Talecris.

 

The current Talecris holiday and vacation schedule is the same as the
Bayer holiday and vacation schedule. You will be “grandfathered” at your current
level of vacation benefits.

 

 

Your Bonus Compensation

 

Regardless of the date of the Closing, Bayer has informed us it will
continue to honor its obligations to pay any awards for which you were eligible
under the terms of the Bayer Long Term Incentive Compensation (LIC) plan and
Short Term Incentive (STI) plan. These awards, if any, will be paid by Bayer
and are expected to be paid according to Bayer payroll policies.

 

Following the Closing, and while you are employed by Talecris, you will
be entitled to participate in an annual bonus pool. Your target annual bonus
will be 45%. For 2005, the overall financial measure for funding the Bonus
program is based on a combination of EBITDA (Earnings Before Interest,
Depreciation and Amortization), FCF (Free Cash Flow) and other strategic performance
goals.

 

Bonus payments, if earned, will be made in two installments over two
years. Once the audited financial results are known and management has had the
opportunity to determine the award pool based on the corporate performance
targets, your individual bonus will be calculated. The first payment which will
equal 60% of your total award will be made on or before May 1 of the year
following the year in which the bonus performance was calculated. The second
payment of the remaining 40% will be made on or before May 1 of the
following year, along with any new bonus payment for that year. To be eligible
to receive the bonus payment, you must be actively employed on each award
payment date and have met individual performance expectations.

 

Options:

 

You will be eligible to participate in an equity incentive plan
established by Talecris in an amount and on terms to be determined by Talecris
and subject to approval by the Board of Directors. The number of options in your
grant will be communicated to you shortly. Options will vest based on time and
performance requirements:

 

Time-Based Vesting of Options

 

·                  Twenty-five
percent (25%) of your option grant will be based upon a five year time based
vesting schedule, with 5% of the initial options vesting on an annual basis
beginning with the individuals first year anniversary date.

 

Performance-Based Distribution of Options

 

·                  Seventy-five
percent (75%) of the Individual’s option grant will be based upon a five-year
performance based vesting schedule (“Performance Options”).

 

·                  Two thirds of
your Performance Options (50% of your total option grant) will vest based upon
annual performance targets (10% per year) (“Annual Performance Options”) and
one third (25% of your option grant) based upon a 5- year cumulative
performance target (“Cumulative Performance Options”). In order for Annual
Performance Options to vest, the Company’s performance must be at or above 100%
of the performance targets set by the Board for the year in question.

 

·                  Performance
targets will be tied to EBITDA and FCF goals set by the Board. In setting these
goals the Board will take into consideration the initial investment thesis and
the current budget.

 

2

 

·                  The Board may,
in its sole discretion, make appropriate adjustments for changes in timing of
major capital projects and other quality of earnings adjustments or other
factors determined in good faith by the Board.

 

This is a summary, and does not describe all of the terms of your
options. Your options will be governed by the terms of the Talecris Stock
Option Plan, which will control if there is any conflict with this letter.

 

Withholding

 

All pay, bonuses, stock options, incentives, and other compensation
shall be subject to applicable withholdings for federal, state and local taxes
and shall be payable in accordance with Talecris regular payroll policies.

 

Employment At Will

 

Notwithstanding anything in this letter to the contrary, your employment
by Talecris will be at will and may be terminated by Talecris at any time,
subject to Talecris generally applicable employment policies.

 

Amendment or termination of plans or practices

 

Talecris continues to reserve the right to modify, amend or terminate
any of the employee benefit plans or practices described in these materials. In
all cases, the plan rules are the exclusive source for determining rights
and benefits under a benefit or compensation plan and those plans shall govern
if there is conflict with these materials.

 

In the event the Closing does not occur and the Purchase Agreement
terminates pursuant to its terms, the terms outlined above are null and void.

 

As a condition to your employment you must agree to the terms of the
enclosed Agreement. To indicate your acceptance of an offer of employment from
Talecris, please sign where indicated below and return a copy of this letter
along with a signed copy of the attached Executive Intellectual Property
Agreement by February 25, 2005 to Don Taylor, Director of Human Resources.

 

I look forward to working with you. Welcome to the Talecris team!

 

Sincerely,

 

	
  /s/ Lawrence Stern

  	
   

  
	
  Lawrence Stern

  
	
  Chairman and Interim CEO

  
	
  Talecris Biotherapeutics, Inc.

  

 

I accept the above described offer of employment with Talecris Biotherapeutics, Inc.

 

	
  /s/ Mary J. Kuhn

  	
   

  	
  Mary J. Kuhn

  
	
  Signature

  	
   

  	
  Print Name

  
	
   

  	
   

  	
   

  
	
  3/11/05

  	
   

  	
   

  
	
  Date 

  	
   

  	
   

  

 

3

 

Appendix Re: Termination Provisions

 

	
  Termination/ Severance:

  Good Reason/ without Cause

  	
   

  	
  In the event of a termination of the Executive’s employment by the
  Company without Cause or by Executive for Good Reason (other than on account
  of a Change of Control), the Executive will be entitled to the following upon
  execution of a valid release of claims against the Company:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ·      A lump sum payment of all accrued and
  unpaid salary and vacation pay (“Accrued Benefits”); 

   

  ·      Continued payment (in accordance with
  the normal payroll practices of the Company) of the monthly amount of Base
  Salary in effect as of the date of termination for a period that is equal to
  at least 12 months; 

  ·      Continuation of benefits for the period
  during which the monthly installments are paid; and 

   

  ·      A lump sum payment of any accrued,
  unpaid bonus under the Company’s annual bonus plan, the amount of which will
  based upon the achievement of performance targets as of the date of
  termination of employment.

  
	
   

  	
   

  	
   

  
	
  Termination/Severance;

  Death/Disability /Cause or without Good Reason

  	
   

  	
  In the event of a termination of the Executive’s employment by the
  Company for Cause or as a result of death or Disability or by Executive
  without Good Reason, the Executive will be entitled to Accrued Benefits. 

   

  “Disability” means inability to perform duties for six
  (6) consecutive months and, within thirty (30) days after a notice of
  termination is given to Executive, Executive has not returned to work.

  
	
   

  	
   

  	
   

  
	
  Definitions of Cause and Good Reason:

  	
   

  	
  “Cause” means (i) conviction of, or plea of guilty or nolo
  contendere to, a misdemeanor involving moral turpitude or a felony; or
  (ii) a willful and intentional breach of the Employment Agreement by
  Executive which is materially economically harmful to the Company;
  (iii) willful misconduct by Executive that is materially economically
  injurious to the Company, (iv) Executive’s willful contravention of
  specific lawful directions from the Board or (v) intentional breach of
  Executive’s covenant not to compete or confidentiality. No act, or failure to
  act, shall be considered “willful” unless committed in bad faith and without
  a reasonable belief that the act or omission was in the best interests of the
  Company. 

  

  “Good Reason” means, without Executive’s consent, (i) the failure of
  Executive to be appointed to the position set forth; (ii) the assignment
  to Executive of duties materially inconsistent with Executive’s status as
  [title] or an adverse alteration in the nature of Executive’s duties and/or
  responsibilities, reporting obligations, titles or authority; (iii) a
  reduction by the Company in Executive’s Base Salary or annual short term
  bonus; or (iv) the relocation of Executive’s principal office location
  to a location that is more than 50 miles away. The Company shall have 30 days
  after receipt of notice from Executive in writing specifying the deficiency
  to cure the deficiency that would result in Good Reason.

  
	
   

  	
   

  	
   

  
	
  Non-Competition; Non-Solicitation and Confidentiality:

  	
   

  	
  For a period of one year following the Executive’s termination of
  employment, the Executive will not enter into any employment or service
  relationship with or have any economic interest in (subject to customary
  carve-outs for public holdings) any competitor in the business of
  manufacturing, marketing, distribution, sale and or research and development
  of all plasma-derived products. In addition for a period of one year
  following the Executive’s termination of employment for any reason, the
  Executive will not solicit any of the Company’s customers or employees or
  independent contractors of the Company during that period and the Executive
  shall not be permitted at any time to disclose any

  

 

 

	
   

  	
   

  	
  confidential information of the Company or Cerberus, unless required
  by law or an order of a court or governmental agency with jurisdiction. In
  the event of the breach by the Executive of any of the foregoing covenants,
  the Company shall have the right to exercise customary remedial measures,
  including, but not limited to, ceasing the payment of any severance payments.

  
	
   

  	
   

  	
   

  
	
  Inventions

  	
   

  	
  The Executive agrees that all discoveries, inventions, improvement
  and innovations related to the Company’s business discovered, invented or
  originated by the Executive during his employment or within a 12-month period
  after termination of employment is the exclusive property of the Company.

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