Document:

exhibit101.htm

SEPARATION AGREEMENT AND RELEASE

 

This Agreement, dated as of August 11, 2014 (“Effective Date”), is between Steven E. Reed ("Reed") and MVP REIT, Inc., a Maryland corporation (“REIT”), MVP Realty Advisors, LLC, a Nevada limited-liability company (“Advisors”) and MVP American Securities, LLC, a Nevada limited liability company (“MVPAMS”)(REIT, Advisors and MVPAMS are collectively referred to herein as “MVP Entities” and individually as an “MVP Entity”). Reed and MVP Entities are collectively referred to herein as the “Parties.”

 

RECITALS

 

Reed is currently employed by each of the MVP Entities pursuant to that certain Letter Agreement accepted by Reed the 22nd day of April, 2014 (the “Engagement Letter”).  The Parties have mutually determined it is in their collective best interests for Reed’s employment to be terminated.

 

Reed and the MVP Entities desire to resolve all potential claims related to his employment and the termination thereof, and thereby avoid the expense and uncertainty of litigation.

 

AGREEMENT AND RELEASE

 

ACCORDINGLY, the parties agree as follows:

 

1. Settlement Terms and Sum. The MVP Entities shall pay Reed the collective sum of $50,000 (“Settlement Sum”), less the amount of the health insurance for the two (2) months applicable to Reed’s family.  The Settlement Sum shall be payable Twenty-Five Thousand Dollars ($25,000.00) seven (7) days after the signing of this Agreement by Reed and the remaining Twenty-Five Thousand Dollars ($25,000.00) on September 15, 2014. Reed agrees to be solely responsible for any taxes relating to the Settlement Sum and to defend, indemnify and hold the MVP Entities harmless from and against any claims, liabilities or penalties related to any taxes on the Settlement Sum. In addition to the Settlement Sum, Advisors will pay for the health insurance for Reed but not for his family for a period of two (2) months from the Effective Date.  The Settlement Sum is in full settlement of all amounts otherwise due to Reed.

 

2. Last Day of Employment.  Reed’s last day of employment shall be July 31, 2014.

 

3. Affirmations and Release Relating to Wages.   As of the Last Day of Employment, Reed affirms and agrees that Reed has been paid all leave (paid or unpaid), compensation, wages, bonuses and/or commissions to which Reed is entitled and that no other leave (paid or unpaid), compensation, wages, bonuses and/or commissions are due to Reed, except (i) as provided in this Agreement, and (ii) for those outstanding business expense reimbursements due to Reed by MVP Entities in the amount of Five Thousand  Dollars ($$5,000.00.00) which shall be paid  to Reed by August 15, 2014.  The MVP Entities agree they have no, and shall not make any, claim or institute any legal action for the return or reimbursement of any monetary compensation paid to Reed by the MVP Entities through Reed’s Last Day of Employment.  MVP Entities hereby release and discharge Reed from all claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind arising from or related to such monetary compensation paid to Reed.

 

4. Release.  Reed, and his representatives, heirs, successors, and assigns do hereby completely release and forever discharge the MVP Entities, any Affiliate of the MVP Entities, and its and their present and former shareholders, officers, directors, agents, employees, attorneys, successors, and assigns (collectively, “Released Parties”) from all claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character, known or unknown, mature or un-matured, which Reed may have now or in the future arising from any act or omission or condition occurring on or prior to the Effective Date (including, without limitation, the future effects of such acts, omissions, or conditions), arising from or in any way related to his employment by the MVP Entities, whether based on tort, contract (express or implied), or any federal, state, or local law, statute, or regulation, including, without limitation, any claims which could have been raised relating to Reed’s termination (collectively, the “Released Claims”).  By way of example and not in limitation of the foregoing, Released Claims shall include any claims arising under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act and the Americans with Disabilities Act, as well as any claims asserting wrongful termination, breach of contract, breach of the covenant of good faith and fair dealing, negligent or intentional infliction of emotional distress, negligent or intentional misrepresentation, negligent or intentional interference with contract or prospective economic advantage, defamation, invasion of privacy, and claims related to disability.  Released Claims shall also include, but not be limited to, claims for severance pay, bonuses, sick leave, vacation pay, life or health insurance, or any other fringe benefit, including without limitation those benefits set forth in Section 3(b), Section 3(c) and Section 5 of the Engagement Letter.  Reed likewise releases the Released Parties from any and all obligations for attorneys’ fees incurred in regard to the above claims, or otherwise.  Notwithstanding the foregoing, Released Claims shall not include any claims based on obligations created by or reaffirmed in this Agreement.

 

5. Application to Unknown Claims.  The parties understand and agree that the Released Claims include not only claims presently known to Reed, but also include all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character that would otherwise come within the scope of the Released Claims as described in Section 4.  Reed understands that he may hereafter discover facts different from what he now believes to be true, which if known, could have materially affected this Agreement, but he nevertheless waives any claims or rights based on different or additional facts.  Reed knowingly and voluntarily waives any and all rights or benefits that he may now have, or in the future may have, under the terms of any statute or rule applicable in the State of California, the State of Nevada or elsewhere, which limits the scope of a general release to known claims.

 

Without limiting the foregoing, Reed hereby confirms that he waives any rights he might have under Section 1542 of the California Civil Code (or any comparable statute in any other state) which provides:

 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

 

6. Age Discrimination Claims.  Reed understands and agrees that by entering into this Agreement, (i) he is waiving any rights or claims he might have under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act; (ii) he has received consideration beyond that to which he was previously entitled; (iii) he has been advised to consult with an attorney before signing this Agreement; and (iv) he has been offered the opportunity to evaluate the terms of this Agreement for not less than twenty-one (21) days prior to his execution of the Agreement.  Reed may revoke this Agreement (by written notice to the Firm) for a period of seven (7) days after his execution of the Agreement, and it shall become enforceable only upon the expiration of this revocation period without prior revocation by Reed.

 

7. Covenant Not to Sue.  The parties intend for this release to be enforced to the fullest extent permitted by law.  Reed waives his right to file any charge or complaint arising out of his employment with or separation from the Company before any federal, state, or local court or any state or local administrative agency, except where such waivers are prohibited by law, provided, however, that he hereby waives any right to receive any monetary award resulting from such a charge or investigation.

 

6.  Return of Company Property.  Reed agrees to promptly deliver to the applicable MVP Entity all company property including the iPad and laptop computer provided for Reed’s use by the MVP Entities along with any computer table, computer hardware or software, keys, books, records, credit cards, cell phones and any other tangible property which has come into his possession or control during the term of his employment, save and except for Reed’s records of his payroll and employment-related tax documents.

 

7. Termination of Rights.  Reed acknowledges and agrees that upon execution hereof, he no longer has a claim to any portion of the Management Percentage set forth in Section 5 of the Engagement Letter.  Furthermore, Reed has no right, claim, title or interest in or to any portion of the Bonus Compensation or Performance Bonus set forth in Section 3(b) and Section 3(c) of the Engagement Letter, and did not any time possess a right, claim, title or interest therein as Reed had not as of the Effective Date earned Bonus Compensation or a Performance Bonus.

 

8. Non-Disparagement.  Reed agrees not to disparage the Firm or any of its officers or employees.  The MVP Entities agree not to disparage Reed.  Nothing herein shall be deemed to limit the obligations of Reed and the MVP Entities to provide truthful information in response to any legal or regulatory inquiry or in any form required to be filed with any court or regulatory authority.  In the event any of the Parties are asked about Reed’s employment the Parties agree to state that dates that Reed was employed and that the Parties have agreed to mutually terminate Reed’s employment.

 

9. Confidentiality.  Except as required to enforce the terms of this Agreement or as required to be disclosed pursuant to law, the parties agree that the terms of this Agreement shall not be communicated to any person except the respective parties’ counsel, tax advisors, any taxing authorities, or accountants, unless compelled by law or court order.  Except as expressly provided in the preceding sentence, neither party hereto shall make any statement or provide any information to any person or entity with regard to this Agreement or the subject matter hereof, including, without limitation, any credit agency or taxing authority.  Prior to any such compelled disclosure, the requestee shall give the other party hereto reasonable advance notice of any such disclosure and shall cooperate with any party in protecting against any such disclosure and/or obtaining a protective order narrowing the scope of such disclosure.  In addition, Reed agrees that the terms and conditions set forth in Sections 6 and 7 of the Engagement Letter are hereby incorporated by this reference and shall survive the termination of Reed’s employment with the MVP Entities. The Parties shall mutually agree on the language contained in the REIT’s 8k and MVPAMS shall provide on Reed’s U-5 that his termination was voluntary.

 

10. Integration.  The parties understand and agree that the preceding Sections recite the sole consideration for this Agreement; that no representation or promise has been made by the MVP Entities, its representatives or any other Released Party on any subject whatsoever, except as expressly set forth in this Agreement; and that all agreements and understandings between the parties relating to Reed’s separation from the MVP Entities are embodied and expressed in this Agreement.  This Agreement shall supersede all prior or contemporaneous agreements and understandings among Reed, the MVP Entities and any other Released Party, whether written or oral, express or implied, with respect to any employment-related agreement or benefit plan, except to the extent that the provisions of any such agreement or plan have been expressly referred to in this Agreement as having continued effect.

 

11. Amendments; Waivers.  This Agreement may not be amended except by an instrument in writing, signed by each of the parties.  No failure to exercise and no delay in exercising any right, remedy, or power under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, or power under this Agreement preclude any other or further exercise thereof, or the exercise of any other right, remedy, or power provided herein or by law or in equity.

 

12. Assignment; Successors and Assigns.  Reed agrees that he will not assign, sell, transfer, delegate, or otherwise dispose of, whether voluntarily or involuntarily, or by operation of law, any rights or obligations under this Agreement.  Any such purported assignment, transfer, or delegation shall be null and void.  Reed represents that he has not previously assigned or transferred any claims or rights released by him pursuant to this Agreement.  Subject to the foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and their respective heirs, successors, attorneys, and permitted assigns.  This Agreement shall also inure to the benefit of any Released Party.  This Agreement shall not benefit any other person or entity except as specifically enumerated in this Agreement.

 

13. Severability.  If any provision of this Agreement, or its application to any person, place, or circumstance, is held by an arbitrator or a court of competent jurisdiction to be invalid, unenforceable, or void, such provision shall be enforced to the greatest extent permitted by law, and the remainder of this Agreement and such provision as applied to other persons, places, and circumstances shall remain in full force and effect.

 

14. Attorneys’ Fees.  In any legal action, arbitration, or other proceeding brought to enforce or interpret the terms of this Agreement, the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs.

 

15. Governing Law.  This Agreement shall be governed by and construed in accordance with the law of the State of Nevada without giving effect to the principle of conflicts of laws of any jurisdiction. Venue for any action will be in the state courts located in Clark County, Nevada.

 

16. Interpretation.  This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any party.  By way of example and not in limitation, this Agreement shall not be construed in favor of the party receiving a benefit nor against the party responsible for any particular language in this Agreement.  Captions are used for reference purposes only and should be ignored in the interpretation of the Agreement.

 

17. Representation by Counsel.  The parties acknowledge that (i) they have had the opportunity to consult legal counsel in regard to this Agreement; (ii) they have read and understand the Agreement and they are fully aware of its legal effect; and (iii) they are entering into this Agreement freely and voluntarily, and based on each party’s own judgment and not on any representations or promises made by the other party, other than those contained in this Agreement.

 

	
The parties have duly executed this Agreement as of the date first written above.

 

	
 

 

 

Steven E. Reed

	
 

MVP REIT, Inc., a Maryland

corporation

 

 

By:___________________________

Name: ________________________

Its: ___________________________

 

MVP Realty Advisors, LLC, a Nevada

limited liability company

 

By:___________________________

Name: ________________________

Its: ___________________________

 

MVP American Securities, LLC, a Nevada

limited liability company

By:___________________________

Name: ________________________

Its: ___________________________Exhibit 10.1 

[*] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended

FIRST AMENDMENT TO CLINICAL TRIAL COLLABORATION AGREEMENT 

This First Amendment to Clinical Trial Collaboration Agreement (this “Amendment”) is made and entered into as of June 15, 2014 (the “Amendment Effective Date”) and amends the Clinical Trial Collaboration Agreement dated April 18, 2013 (“Agreement”) between ARCA biopharma, Inc., a Delaware corporation (hereinafter “ARCA”), and Medtronic, Inc., a Delaware corporation (hereinafter “Medtronic”) (collectively, the “Parties”). 

INTRODUCTION 

ARCA is currently conducting the Phase 2B Study and has determined that changes in the terms of the Agreement would improve the progress of the Phase 2B Study. To that end, the Parties have agreed to modify the Agreement as provided in this Amendment. 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 

ARTICLE I 

Terms defined in the Agreement have the same meaning when used in this Amendment, except to the extent a term is defined differently in this Amendment. 

ARTICLE II 

Section 5.1 (a) of the Agreement is hereby deleted and replaced in its entirety with the following: 

(a) Medtronic will use its CareLink System and the Medtronic Devices implanted in patients in the Phase 2B Study to support the collection and analysis of AF burden data from up to 200 patients enrolled in the Phase 2B Study. [*] The AF Burden Substudy Protocol will require that the patients in the Phase 2B Study will either have an existing implanted Medtronic Device, or will have a Reveal inserted as part of enrollment in the Phase 2B Study; provided, that up to [*] of the patients in the Phase 2B study may be enrolled without having a Medtronic Device implanted (“Non-Medtronic Device Patients”). Such non-Medtronic Device Patients may include patients with no cardiac monitoring device of any kind, as well as patients implanted with cardiac monitoring devices made by other manufacturers. The AF Burden Substudy Protocol will also require that all patients with implanted Medtronic Devices be enrolled in CareLink. Medtronic has no obligation to provide CRMA Services in connection with Non-Medtronic Device Patients. 

ARTICLE III 

Section 5.2 of the Agreement is hereby deleted and replaced in its entirety with the following: 

5.2 The Parties shall agree on an enrollment plan for the Phase 2B Study to ensure that all patients eligible for the study are actively enrolled, including those with existing Medtronic Devices and those willing to have a Reveal device implanted. Eligible patients without a Medtronic Device will be implanted with a Reveal without unreasonable delay. Medtronic shall ensure that sufficient Reveal devices and patient monitors are reasonably available to ARCA in order to avoid unreasonable delay in the enrollment process; provided, that ARCA shall be responsible for distributing Reveals to the Study sites that require them. Medtronic shall provide training and technical support for Medtronic Devices, including training relating to insertion and use of Reveals, to the investigators. Medtronic will support the reimbursement process for Reveals and the patient monitors, including insertion and, if necessary, explantation, by providing information about reimbursement opportunities to investigators. If reimbursement for the Reveal device and patient monitor is denied for a patient who receives one during enrollment in the Phase 2B Study after the implanting physician has made reasonable efforts and cooperated with Medtronic in pursuit of reimbursement, [*], taken in the order of reimbursement denial, [*]; and b) only if required up to [*] for the cost of the explant procedure, and up to [*] for explant physician fees per patient. The Parties agree that the payments made by Medtronic hereunder: (a) are consistent with the fair market value of the 

1

 

applicable services and are inclusive of any and all applicable fees, personnel costs, overhead and the like; and (b) have not been determined in a manner that takes into account the volume or value of any referrals or business otherwise generated between the Parties and any third party. The Parties also agree that the payments made by Medtronic described in this Section 5.2 constitute the complete and full compensation owed by Medtronic to ARCA for the work performed under this Agreement and Medtronic shall not be liable to ARCA or to any third party for any other payments which may be associated with this Agreement or with any of the services provided hereunder. ARCA shall provide Medtronic with an invoice along with accompanying documentation, in a form satisfactory to Medtronic, of the contracted implant, explant and physician fees for which payment is sought under this Section 5.2. All fees ARCA seeks for a given patient shall be included on a single invoice. Medtronic is not required to make any payment to ARCA for any invoice submitted hereunder until it has had the required documentation for at least 30 days, and ARCA shall not submit invoices to Medtronic more often than once every three months. 

(a) In addition to the reimbursement process provided for in Section 5.2, ARCA will have the right, but not the obligation, for the duration of the Study, to purchase from Medtronic up to [*] of the latest version (available at the time of purchase) of Reveal devices for use in the Phase 2B study patients, at the price of [*] per Reveal LINQ System. The price charged in this Agreement is the confidential information of Medtronic. ARCA may negotiate agreements with particular Phase 2B study sites, under which any such site may receive Reveal LINQ Systems purchased and distributed by ARCA. ARCA shall not charge study patients or sites for any Reveal LINQ Systems so purchased and distributed by ARCA, and shall obtain the site’s agreement not to seek reimbursement for such Reveal LINQ Systems. Medtronic’s obligation in Section 5.2, to cover certain unreimbursed Reveal implant and explant costs for up to [*] Study patients, will be reduced by 1 patient for each Reveal LINQ System provided pursuant to the terms of this Section 5.3. In addition, Medtronic shall have no obligation to provide either reimbursement or reimbursement assistance for any implant or explant costs associated with any Reveal LINQ System distributed by ARCA pursuant to this Section 5.2 (a). 

(b) ARCA agrees to engage Medtronic’s [*] to assist ARCA and ARCA’s CRO (the Duke Clinical Research Institute (“DCRI”) in the support of Phase 2B study site identification and activation, and patient identification and enrollment in the Study, pursuant to the terms attached hereto as Exhibit A-1. The Parties may add additional services to this Agreement by written amendment, including by adding an additional Exhibit A, (e.g., Exhibit A-2) that has been signed by both Parties. The Parties understand and agree that all services provided pursuant to this Section 5.2 (b) are undertaken at the express direction of ARCA and DCRI, and by providing such services Medtronic does not assume any obligations or liabilities of a sponsor of GENETIC-AF. ARCA shall indemnify, defend and hold harmless Medtronic, its respective trustees, officers, agents and employees (collectively “Indemnitees”) against any third part claims, actions, suits or judgments (“Claims”) made or instituted against Indemnitees that are premised on the claim that by virtue of the services provided pursuant to this section 5.2(b) Medtronic is a sponsor of GENETIC-AF, except to the extent the recovery in a Claim is caused by Medtronic performing services beyond the scope of the services for which ARCA retains Medtronic pursuant to this section. 

ARTICLE IV 

4.1 The following is added to the Agreement as a new Article XII: 

ARTICLE XII 

REVEAL SALE AND DISTRIBUTION 

12.1 Reveal devices provided pursuant to this Agreement will be ordered from Medtronic by ARCA on behalf of the Genetic-AF study sites in a mutually agreed manner, shipped by Medtronic to ARCA. Medtronic will pay the shipping costs incurred to ship to ARCA and risk of loss passes upon shipment. ARCA shall distribute the Reveal devices to the study sites at its own expense. Medtronic will provide Reveal devices to ARCA solely for use under Sections 5.2, 5.2(a) and 5.4 of this Agreement, and ARCA shall only distribute such devices to study sites that require them for the Genetic-AF study. 

12.2 ARCA represents and warrants it will not, and will not allow sites participating in the Genetic-AF study to use the Reveal devices provided by Medtronic pursuant to this Agreement for any purpose other than the Genetic-AF study. ARCA is responsible for the proper care, maintenance, loss, theft or mysterious disappearance of the Reveal devices provided to ARCA under this Agreement. ARCA shall return to Medtronic all Reveal devices unused by study sites as soon as practicable after the completion of the each phase of the Genetic-AF study, unless the Parties agree in writing to maintain the devices at a different location for use in the Phase 3 Portion. 

2

[ * ] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended

12.3 ARCA represents and warrants that it will have agreements in place with study sites that require study sites to use the Reveal devices only for the purpose of the study, not bill health insurers for the Reveal devices ARCA purchases from Medtronic, obtain review and approval of the Genetic-AF study from an ethics committee, and obtain informed consent from study subjects. 

12.4 ARCA shall not decompile, reverse engineer, disassemble or otherwise analyze any portion of the Reveal devices or Reveal LINQ Systems provided by Medtronic hereunder. 

12.5 THE REVEAL DEVICES AND REVEAL LINQ SYSTEMS PROVIDED TO ARCA BY MEDTRONIC HEREUNDER ARE PROVIDED “AS-IS”, WITHOUT ANY WARRANTY OF ANY KIND, INCLUDING WITHOUT LIMITATION THE WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR WARRANTY THAT THE USE OF THE MEDTRONIC MATERIALS WILL NOT INFRINGE ANY PATENT, COPYRIGHT, TRADEMARK OR OTHER RIGHT OF ANY THIRD PARTY. 

12.6 ARCA shall indemnify, defend and hold harmless Medtronic, its respective trustees, officers, agents and employees (collectively “Indemnitees”) against any third part claims, actions, suits or judgments (“Claims”) made or instituted against Indemnitees to the extent they are caused by ARCA’s purchase and distribution of the Reveal devices and Reveal LINQ Systems hereunder, except to the extent the recovery in a Claim is caused by an act or omission of Medtronic. 

12.7 ARCA shall assist and cooperate with Medtronic with respect to fulfillment of Medtronic’s legal and regulatory obligations applicable to Reveal devices and Reveal LINQ systems provided hereunder, such as FDA complaint reporting, device tracking and recall assistance. Upon termination or expiration of this Agreement or the Genetic-AF study, ARCA shall return all unused Reveal devices and Reveal LINQ Systems to Medtronic within 30 days of such termination or expiration. ARCA is not entitled to a credit for such returns. 

Article v 

MISCELLANEOUS 

5.1 This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

5.2 Except as expressly and specifically amended herein, all other provisions of the Agreement shall continue in full force and effect. 

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the Amendment Effective Date. 

 

	
 
	
 
	
MEDTRONIC, INC., a Minnesota corporation

	
 
	
 
	
 
	
 

	
Date: July 27, 2014
	
 
	
By:
	
/s/ Richard L. Clark

	
 
	
 
	
 
	
Name: Richard L. Clark

	
 
	
 
	
 
	
Title: Senior Director Diagnostics

 

	
 
	
 
	
ARCA BIOPHARMA, INC., a Delaware corporation

	
 
	
 
	
 
	
 

	
Date: July 28, 2014
	
 
	
By:
	
/s/ Michael Bristow

	
 
	
 
	
 
	
Michael Bristow

	
 
	
 
	
 
	
Chief Executive Officer

 

 

 

3

[ * ] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended

Exhibit A-1

[*] 

 

4

[ * ] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended

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