Document:

Exhibit 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment Agreement is
entered into as of this          
day of                                 
(the “Effective Date”) by and between Acusphere, Inc. (the “Company”), and
(the “Employee”).

 

WHEREAS, the Company considers it consistent
with the best interests of the Company’s stockholders to foster the continuous
at-will employment of key management personnel in order to prevent the
departure or distraction of management personnel to the detriment of the
Company and its stockholders.

 

WHEREAS, the Company desires to provide
members of the Company’s management, including the Employee, with an incentive
to continue their respective at-will employment and to maximize the value of
the Company for the benefit of the Company’s stockholders.

 

NOW THEREFORE, in consideration of the mutual
covenants and agreements set forth herein and for other good and valuable
consideration, the Employee and the Company agree as follows:

 

1.                                       Definitions.  As used in this Agreement, the following
terms shall have meanings set forth herein:

 

(a)                                  A termination for “Cause”
means a termination of the Employee’s employment by the Company or any
successor company for one or more of the following reasons:

 

(i)                                     the
substantial and continuing failure or refusal of the Employee, after written
notice thereof, to reasonably attempt to perform his or her job duties and
responsibilities (other than failure or refusal resulting from incapacity due
to physical disability or mental illness) which failure or refusal is committed
in bad faith and is not in the best interest of the Company;

 

(ii)                                  gross
negligence, willful misconduct or material breach of fiduciary duty to the
Company;

 

(iii)                               the
willful commission of an act of embezzlement, misappropriation or fraud;

 

(iv)                              deliberate
and willful disregard of the written rules or policies of the Company
which results in a material and substantial loss, damage or injury to the
Company;

 

 

(v)                                 the
unauthorized, deliberate and willful disclosure of any material confidential,
proprietary and/or trade secret information of the Company or its customers
which disclosure is committed in bad faith 
and is not in the best interest of the Company;

 

(vi)                              the
willful and deliberate commission of an act which induces any customer,
supplier, employee or consultant to adversely and substantially amend or
terminate their relationship with the Company which act is committed in bad
faith and is not in the best interest of the Company; or

 

(vii)                           the
conviction of, or plea of nolo contendere by the Employee, to a crime involving
a felony of moral turpitude.

 

(b)                                 “Good Reason”
means a termination of the Employee’s employment by the Employee within one
year after a Change of Control (as defined below), following the occurrence of
any of the following events by the Company or any successor company after such
Change of Control or within the period which begins six (6) months prior
to the first public comment by the Company regarding such Change of Control and
ends upon a Change of Control:

 

(i)                                     a reduction in the
Employee’s then-current annual base salary or bonus opportunity or benefits
(other than in connection with a salary adjustment generally applicable to
similarly situated employees); or

 

(ii)                                  any failure to offer
the Employee the same level of benefits offered to similarly situated
employees; or

 

(iii)                               a significant diminution
in the Employee’s duties, title, office, staff or responsibilities; or

 

(iv)                              the relocation of the
Employee’s primary business location to a location that increases the Employee’s
commute by more than thirty (30)  miles
compared to the commute of the Employee to the Employee’s then-current primary
business location; or

 

(v)                                 the failure to pay the
Employee any portion of his or her current base salary, bonus or benefits
within twenty (20) days of the date such compensation is due, based upon the
payment terms currently in effect; or

 

(vi)                              the failure of the
Company to obtain a reasonably satisfactory agreement from any successor to
assume and agree to perform this Agreement.

 

(c)                                  “Permanent
Disability” means that (i) the Employee has been incapacitated by
mental or physical injury or illness so as to be prevented thereby from
engaging in the performance of the Employee’s duties, (ii) such incapacity
has continued for a period of

 

 

six (6) consecutive months, and (iii) such incapacity will,
in the opinion of a qualified physician, be permanent and continuous during the
remainder of the Employee’s life.

 

(d)                                 “Change of Control”
means (i) a sale by the Company of all or substantially all of its
business or assets or (ii) a reorganization, merger or consolidation of
the Company whereby the stockholders of the outstanding voting stock of the
Company immediately prior to the transaction hold less than a majority of votes
of the outstanding stock of the entity surviving such transaction, or (iii) the
transfer, in a single transaction or series of transactions, of a majority of
the outstanding voting stock of the Company to a single purchaser or group of
related purchasers, or (iv) individuals who, as of the date of this
Agreement, constitute the Board of Directors (the “Board”) of the Company (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board,
provided that any individual becoming a director subsequent to the date of this
Agreement whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for the
purpose, any such individual whose initial assumption of office is in
connection with either an actual or threatened election contest (as such terms
are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
Act) or other actual or threatened solicitation of proxies or consents by or on
behalf of a person other than the Board; or (v) the Board determines that
a Change of Control has occurred.

 

(e)                                  “Monthly Base
Salary” means the amount calculated by multiplying the employee’s then
semi-monthly current gross salary by two (2), or if paid more or less
frequently than two times per month, the amount of such current gross salary
multiplied by the number of payroll periods in a year divided by twelve (12).
For purposes of this calculation, the Employee’s current gross salary shall be
the highest amount of such gross salary paid to the Employee during the twelve
month period prior to termination of employment.

 

(f)                                    “Target Bonus”:
means the greater of the potential bonus amount defined in the Company’s
management incentive compensation plan at the time of a Change of Control
Termination or the potential bonus amount or other financial incentive amount
defined in any such management incentive compensation plan applicable to the
Employee during the twelve month period preceding a Change of Control.  For employees who earn sales commissions,
Target Bonus shall be deemed to equal the average annualized (for any fiscal year
consisting of less than twelve months or with respect to which the Employee has
been employed by the Company for less than twelve full months) commission paid
or payable to the employee by the Company in respect to the lesser of the three
fiscal years immediately preceding the Change of Control, or the number of
fiscal years in which the Company has instituted a commission plan or the
number of full fiscal years for which the Employee has been employed by the
Company immediately preceding the fiscal year in which the Change of Control
Termination occurs.

 

2.                                       Benefits Upon
Termination after Change of Control. 
If at any time within twelve (12) months after a Change of Control of
the Company has occurred or within the period which

 

 

begins six (6) months prior to the first public comment by the
Company regarding the Change of Control and ends upon a Change of Control, the
Employee’s employment is terminated either (i) by the Company or any
successor company for any reason other than for Cause or the Employee’s
Permanent Disability or death or (ii) by the Employee for Good Reason,
(such events of termination referred to herein as a “Change of Control
Termination”), if the Employee executes, and subject to the Employee executing
a release in substantially the form attached hereto as Exhibit 1
and the expiration of the applicable revocation period, the Company shall pay
or provide the Employee with the following:

 

(i)                                     all base salary
and accrued but unused vacation up to and through the date of Change of Control
Termination shall be paid in accordance with the Company’s normal payroll
payment practices as currently in effect;

 

(ii)                                  payments by the
Company of an aggregate amount equal to the product of the Employee’s
then-current Monthly Base Salary multiplied by six (6), which amount shall be
paid in a lump sum within 30 days immediately following the date of the
Employee’s Change of Control Termination; provided that if in the opinion of
the Company, based on advice of counsel or its tax advisors, such payments
would be subject to the payment of excise tax under Section 409 A of the
Internal Revenue Code of 1986, as amended (the “Code”), such payment shall be
made six months and one day after the date of the Employee’s Change of Control
Termination, together with interest on the amount so deferred calculated at the
prime rate of interest as reported in the Wall Street Journal at the time of
such payment (the “Prime Rate”);

 

(iii)                               payments by the Company
of an aggregate amount equal to the product of the Employee’s then-current
Monthly Base Salary multiplied by the greater of (i) the number of full
years (twelve month periods) during which the Employee had been employed by the
Company prior to the Change of Control Termination or (ii) six, which
amount shall be paid in a lump sum within 30 days following the date of the
Employee’s Change of Control Termination;

 

(iv)                              payment by the Company of
an amount equal to one times the Employee’s Target Bonus for the year in which
the Change of Control occurs, pro rated to cover the portion of the year that
elapsed from the start of the calendar year through the date of the Change of
Control Termination plus such pro rated amount to cover six (6) months
plus the greater of  (i) one month
for each full year (twelve month period) during which the Employee has been
employed by the Company prior to the Change of Control Termination or (ii) six
months, which amount shall be paid in a lump sum within 30 days immediately
following the date of the Employee’s Change of Control Termination together
with payment of all earned but unpaid bonuses from prior years, if any;

 

(v)                                 payment by the Company
of the portion of the Employee’s monthly health and dental insurance premium
payments customarily paid by the Company for its employees for a period of
eighteen (18) months from the date of the Employee’s termination, provided the Employee elects to continue
such health and dental insurance in accordance with the applicable provisions
of the Consolidated

 

 

Omnibus Budget Reconciliation Act of 1985 (“COBRA”),
has not accepted employment elsewhere from which he or she is eligible to
receive similar employer-sponsored insurance and provided that if continuation
is not available under the terms and conditions of the Company’s plans, the
Company will substitute similar coverage;

 

(vi)                              continuation of coverage
under the Company’s life and disability insurance plans, if any, to the extent
permitted by applicable law, for a period of eighteen (18) months from the date
of the Employee’s termination; provided,
however, that in the event such continuation of coverage is not so
permitted by applicable law, the Employee acknowledges and agrees that he or
she shall not be entitled to any payments in lieu thereof and provided that if
continuation is not available under the terms and conditions of the Company’s
plans, the Company will substitute similar coverage;

 

(vii)                           the amount of any Company
contribution, premium payment or other consideration paid by the Company to, or
for, any other welfare plan, retirement plan or profit sharing plan supported
by the Company on behalf of its employees in an amount equal to the amount that
the Employee would have been eligible to receive or which the Company would
have paid on behalf of the Employee had the Employee remained in the employ of
the Company for twelve months after the Change of Control;

 

(viii)                        outplacement
services from a service provider of Employee’s choice to the Employee at the
Company’s expense, up to a maximum expense of $15,000; and

 

(ix)                                the amount of federal,
state and local income tax to which the Employee is subject as a result of the
Company paying for any insurance premium, outplacement service or retirement
benefit hereunder in a form which is judged to be taxable as income to the
Employee but would likely not have been subject to taxation had the Employee
been in the continued employ of the Company such that the Employee remains “whole”
on such payments (including the payments per this paragraph).

 

In addition to the foregoing, upon any Change
of Control Termination, unless at that time Employee elects to forego all or a
part of the following described amendments to his/her stock option agreements,
all unvested options for Company common stock or unvested restricted stock held
by the Employee pursuant to any stock plan or arrangement with the Company
shall become immediately vested, and any options held by the Employee under any
such plan or arrangement shall be deemed amended so that they are exercisable
at any time after the Change of Control Termination and prior to termination of
the option agreement in accordance with its terms.

 

The Employee shall not be required to
mitigate the amount of any payment to be paid or provided in this Section 2
by seeking other employment or otherwise, nor shall the amount of any payment
or benefit provided by this Section 2 be reduced by any compensation
earned by the

 

 

Employee as a result of employment by another employer, by retirement
benefits, by offset against any amount claimed to be owed by the Employee to
the Company, or otherwise.

 

Notwithstanding the foregoing, if in the
opinion of the Company, based on advice of counsel or its tax advisors, any
payments owed to the Employee under this Section 2 would be subject to the
payment of excise tax under Section 409 A of the Code if paid at the times
set forth herein, such payments shall be made six months and one day after the
date of the Employee’s termination hereunder, provided that any payments so
deferred shall earn interest calculated at the Prime Rate.

 

3.                                       Benefits Upon
Not For Cause Termination.  If at any
time after the Employee has been employed by the Company for at least
twenty-four (24) months from date of hire, the Employee’s employment is
terminated by the Company or any successor company for any reason other than
for Cause or the Employee’s Permanent Disability or death, and such termination
does not constitute a Change of Control Termination under Section 2 above
or a Management Buy-Out, (such events of termination referred to herein as a “Not
For Cause Termination”), if the Employee executes, and subject to the Employee
executing a release in substantially the form attached hereto as Exhibit 1
and the expiration of the applicable revocation period, the Company shall pay
or provide the Employee with the following:

 

(i)                                     all base salary
and accrued but unused vacation up to and through the date of Not For Cause
Termination shall be paid in accordance with the Company’s normal payroll
payment practices as currently in effect;

 

(ii)                                  payments by the
Company of an aggregate amount equal to the product of the Employee’s
then-current Monthly Base Salary, multiplied by six, which amount shall be paid
in equal monthly installments on a monthly basis for the six months immediately
following the date of the Employee’s Not For Cause Termination; provided that
in any event such amount shall be fully paid no later than two and one-half
months following the calendar year in which the Employee’s Not For Cause
Termination occurs;

 

(iii)                               payments by the Company
of an amount equal to the product of the Employee’s then-current Monthly
Base Salary, multiplied by the number of full years (twelve month periods)
during which the Employee had been employed by the Company prior to the Not For
Cause Termination, which amount shall be paid on a monthly basis for the six
months immediately following the date of the Employee’s Not For Cause
Termination; provided that in any event such amount shall be fully paid no
later than thirty (30) days following Employee’s Not For Cause Termination;

 

(iv)                              payment by the Company
earned but unpaid bonuses, including commissions, up to the date of Not For
Cause Termination;

 

(v)                                 payment by the Company
of the portion of the Employee’s monthly health and dental insurance premium
payments customarily paid by the Company for its employees for a period of
eighteen (18) months from the date of the Employee’s termination, provided the Employee elects to continue
such health and dental insurance in accordance

 

 

with the applicable provisions of the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), has not
accepted employment elsewhere from which he or she is eligible to receive
similar employer-sponsored insurance, and otherwise remains eligible for such
coverage;

 

(vi)                              continuation of coverage
under the Company’s life and disability insurance plans, if any, to the extent
permitted by applicable law, for a period of eighteen (18) months from the date
of the Employee’s termination; provided,
however, that in the event such continuation of coverage is not so
permitted by applicable law, the Employee acknowledges and agrees that he or
she shall not be entitled to any payments in lieu thereof and provided that if
such continuation is not available under to terms and conditions of the Company’s
plans that the Company will substitute similar coverage from other plan
providers for this continuation coverage period;

 

(vii)                           the amount of any Company
contribution, premium payment or other consideration paid by the Company to, or
for, any other welfare plan, retirement plan or profit sharing plan supported
by the Company on behalf of its employees in an amount equal to the amount that
the Employee would have been eligible to receive or which that Company would
have paid on behalf of the Employee had the Employee remained in the employ of
the Company for twelve months after the Change of Control;

 

(viii)                        outplacement
services from a service provider of Employee’s choice to the Employee at the
Company’s expense, up to a maximum expense of $15,000; and

 

(ix)                                the amount of federal,
state and local income tax to which the Employee is subject as a result of the
Company paying for any insurance premium, outplacement service or retirement
benefit hereunder in a form which is judged to be taxable as current income to the
Employee but would likely not have been subject to current taxation had the
Employee been in the continued employ of the Company such that the Employee
remains “whole” on such payments (including the payments per this paragraph).

 

The Employee shall not be required to
mitigate the amount of any payment to be paid or provided in this Section 3
by seeking other employment or otherwise, nor shall the amount of any payment
or benefit provided by this Section 3 be reduced by any compensation
earned by the Employee as a result of employment by another employer, by
retirement benefits, by offset against any amount claimed to be owed by the
Employee to the Company, or otherwise. 
Notwithstanding the foregoing, if in the opinion of the Company, based
on advice of counsel or its tax advisors, any payments owed to the Employee
under this Section 3 would be subject to the payment of excise tax under Section 409
A of the Code if paid at the times set forth herein, such payments shall be
made six months and one day after the date of the Employee’s termination
hereunder, provided that any payments so deferred shall earn interest
calculated at the Prime Rate.

 

4.                                       Benefits Upon
Termination For Death or Disability. 
If the Employee’s employment is terminated as a result of the Employee’s
death or Permanent Disability:

 

 

(i)                                     the Company shall
pay the Employee or the Employee’s estate all base salary and accrued but
unused vacation up to and through the date of death or disability shall be paid
in accordance with the Company’s normal payroll payment practices as currently
in effect;

 

(ii)                                  the Company shall pay
the Employee or the Employee’s estate the amount of any commissions earned
through the date of Employee’s death or Permanent Disability and the pro rata
portion of any other bonus that would have been payable to the Employee for the
year in which such termination occurred, no later than two and one-half months
following the end of the calendar year in which the Employee’s termination of
employment occurs; and

 

(iii)                               unless at that time the
Employee or the Employee’s estate elects to forego all or a part of the
following described amendments to his/her stock option agreements, all unvested
options for Company common stock or unvested restricted stock held by the
Employee pursuant to any stock plan or arrangement with the Company shall
become immediately vested, and, subject to the terms of the Company’s stock
plan, any options held by the Employee under any such plan or arrangement shall
be deemed amended so that they are exercisable prior to termination of the
option agreements in accordance with their terms.

 

5.                                       At-Will
Employment.  The Employee
acknowledges and agrees that this Agreement does not in any way modify or limit
the at-will nature of the Employee’s employment with the Company.  Nothing in this Agreement should be taken as
a limit on payments that may be made to the Employee or as a guarantee of
continued employment, a specific term of employment and/or a contract of
employment, and at all times either the Employee or the Company may terminate
the Employee’s employment with the Company at any time, for any or no reason,
and with or without prior notice.

 

6.                                       Withholding;
Taxes.  All payments made by the
Company under this Agreement shall be subject to and reduced by any federal,
state and/or local taxes or other amounts required to be withheld by the
Company under any applicable law.

 

7.                                       Tax Gross-Up.  If any payment or benefit received or to be
received by the Employee pursuant to this Agreement or any other plan, arrangement
or agreement including, but not limited to, the acceleration of vesting of
options (the “Total Payments”) would constitute (in whole or in part) an “excess
parachute payment” within the meaning of Section 280G(b) of the
Internal Revenue Code of 1986, as amended (the “Code”), or any payment or
benefit made under this Agreement which is deemed to be subject to excise tax
imposed by Section 409A of the Code or pursuant to similar provisions of
state or local tax codes (which tax cannot be avoided by deferral of such
payments for six months and one day as provided in Sections 2 and 3  of this Agreement), then the amount of the
payments hereunder shall be grossed-up to the Employee in an amount such that,
after payment by the Employee of all payments and taxes (including any interest
and penalties imposed with respect to such taxes), including, without
limitation, any income and excise taxes (and any interest and payments imposed
with respect thereto) and payment by the Employee of all taxes imposed upon the
gross-up payment, the Employee retains the amount of the gross-up payment equal
to the incremental amount to be paid

 

 

by the Employee in tax resulting, if any, from the excess parachute
payment and taxes.  All determinations
required to be made under this Section 8, including whether and when a
gross-up payment is required and the amount of such gross-up payment and the
assumptions to be utilized in arriving at such determination, shall be made, at
the Company’s expense, by Deloitte & Touche (or its successors)(the “Accounting
Firm”).

 

8.                                       Assignment
and Expiration of Agreement.

 

(a)                                  The Employee
acknowledges and agrees that this Agreement is personal to the Employee and the
Employee may not assign any rights or delegate any obligations or duties hereunder;
provided that this Agreement shall inure to the benefit of and be enforceable
by the Employee and his or her personal or legal representatives, executors,
administrators, heirs, distributees, devisees and legatees.

 

(b)                                 This Agreement, and
the rights and obligations of the Company hereunder, shall inure to the benefit
of, and shall be binding upon, any successor or assign of the Company or all or
substantially all of the business and/or assets of the Company (whether direct
or indirect, by merger, purchase, consolidation, operation of law or otherwise)
and may be assigned by the Company to any entity that shall succeed to the
business and assets of the Company.  As
used in this Agreement, “Company” shall mean the Company as defined herein and
any successor to the Company or its business and/or assets as aforesaid.

 

9.                                       Governing Law.  The Employee and the Company agree that this
Agreement shall be interpreted in accordance with and governed by the laws of
the Commonwealth of Massachusetts, without regard to any conflicts or choice of
law rule or principle that might otherwise refer construction or
interpretation to the substantive law of another jurisdiction.

 

10.                                 Entire Agreement.  Except for the provisions of any
indemnification agreement between the Company and Employee and the terms of any
deferred compensation agreement between the Company and Employee, this
Agreement shall supersede all prior, concurrent and/or contemporaneous
arrangements, whether written or oral, regarding the subject matter of this
Agreement; provided, however,
that except as specifically set forth herein this Agreement is not intended to
and shall not affect, limit or terminate the Employee’s rights under the
Company’s stock incentive plans or arrangements and any option grants or other
awards made pursuant thereto, entered into by and between the Employee and the
Company.

 

11.                                 Acknowledgements.  The Employee acknowledges that he or she is
not relying and has not relied on any promise, representation or statement made
by or on behalf of the Company which is not set forth in this Agreement.

 

12.                                 Severability.  If any one or more of the provisions (or any
part thereof) of this Agreement shall be declared invalid, illegal or
unenforceable to any extent by a court of competent jurisdiction, then the
application of such provision in such circumstances shall be modified to permit
its enforcement to the maximum extent permitted by law, and both the
application of such portion or provision in circumstances other than those as
to which it is so declared invalid, illegal or unenforceable and the remainder
of this Agreement shall not be

 

 

affected thereby, and each of the remaining provisions (or any part
thereof) shall be valid and enforceable to the fullest extent permitted by law.

 

13.                                 Waiver;
Modification; Amendment.  No waiver
of any provision of this Agreement shall be effective unless made in writing
and signed by the party against whom enforcement of the waiver is sought.  Any written waiver shall operate only as to
specific term or condition in the specific instance waived.  This Agreement may be modified or amended
only by a written instrument signed by the Employee and the Company.

 

14.                                 Counterparts.  This Agreement may be executed in
counterparts, each of which shall be an original, with the same effect as if
the signatures thereto and hereto were upon the same instrument.

 

15.                                 Notices.  All notices hereunder shall be in writing and
shall be deemed given when sent by certified or registered mail, postage
prepaid, return receipt requested, if to the Employee, to the address shown on
the records of the Company, and if to the Company, to the Company’s principal
executive offices, attention of the President and/or Chief Executive Officer.

 

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

 

 

	
  COMPANY:

  
	
   

  
	
  ACUSPHERE, INC.

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  
	
  EMPLOYEE:

  
	
   

  
	
   

  
	
   

  	
   

  
	
  Name:

  

 

 

Exhibit 1

 

[Insert Name and Address of Employee]

 

Re: Executive Employment Agreement and
Release

 

Dear                :

 

Reference is made to the Executive Employment Agreement, dated                       ,
(the “Employment Agreement”) between you and Acusphere, Inc. (the “Company”).  The Employment Agreement provides for certain
benefits to be paid to you by the Company under the circumstances set forth
therein.  As a condition to obtaining
such benefits, and in consideration therefore, you have agreed to execute this
letter agreement (this “Agreement”). 
With these understandings and in exchange for the promises of you and
the Company as set forth below, you and the Company agree as follows.

 

1.                                      Employment
Status and Final Payments:

 

(a)                                  Your termination from
employment with the Company will be effective as of              ,
               
(the “Termination Date”).  As of the
Termination Date, your salary will cease, and any entitlement you have or might
have under a Company-provided benefit plan, program, contract or practice will
terminate, except as required by federal or state law, or as otherwise described
in the Employment Agreement.

 

(b)                                 You hereby acknowledge
that as of the Termination Date, you have been paid, or provision has been made
to promptly pay you within the normal payroll cycle of the Company, all wages
earned and such other amounts as are provided for in the Employment Agreement
including payment for all vacation time accrued but unused as of the
Termination Date.

 

(c)                                  The Termination Date
shall be the date of the “qualifying event” under the Consolidated Omnibus
Budget Reconciliation Act of 1985 (“COBRA”) and the Company will present you
with information on COBRA under separate cover.

 

2.                                      Consideration:  The Company will make payments to you and
provide you with such other benefits as are set forth in the Employment
Agreement [IF APPLICABLE: and in the deferred compensation agreement set forth
in writing between you and the Company dated                     
(“Deferred Compensation Agreement”)].

 

3.                                      Release:  In exchange for the amounts described in the
Employment Agreement and other good and valuable consideration, the sufficiency
of which is hereby acknowledged, you and your

 

 

representatives, agents, estate, heirs, successors and assigns,
absolutely and unconditionally hereby release, remise, discharge, indemnify and
hold harmless the Company Releasees (defined to include the Company and/or any
of its parents, subsidiaries or affiliates, predecessors, successors or
assigns, and its and their respective current and/or former partners,
directors, shareholders/stockholders, officers, employees, attorneys and/or
agents, all both individually and in their official capacities), from any and
all actions or causes of action, suits, claims, complaints, contracts,
liabilities, agreements, promises, contracts, torts, debts, damages,
controversies, judgments, rights and demands, whether existing or contingent,
known or unknown, suspected or unsuspected, which arise out of your employment
with, change in employment status with, and/or separation of employment from,
the Company.  This release is intended by
you to be all encompassing and to act as a full and total release of any
claims, whether specifically enumerated herein or not, that you may have or
have had against the Company Releasees arising from conduct occurring up to and
through the date of this Agreement, including, but not limited to, any claims
arising from any federal, state or local law, regulation or constitution
dealing with either employment, employment benefits or employment
discrimination such as those laws or regulations concerning discrimination on
the basis of race, color, creed, religion, age, sex, sex harassment, sexual
orientation, national origin, ancestry, genetic carrier status, handicap or
disability, veteran status, any military service or application for military
service, or any other category protected under federal or state law or any
contract, whether oral or written, express or implied; any tort; any claim for
equity or other benefits; or any other statutory and/or common law claim.

 

4.                                      Accord
and Satisfaction:  The amounts
set forth in the Employment Agreement and in any deferred compensation
agreement that is set forth in writing between you and the Company shall be
complete and unconditional payment, settlement, accord and/or satisfaction with
respect to all obligations and liabilities of the Company Releasees to you,
including, without limitation, all claims for back wages, salary, vacation pay,
draws, incentive pay, bonuses, stock and stock options, commissions, severance
pay, reimbursement of expenses, any and all other forms of compensation or
benefits, attorney’s fees, or other costs or sums.

 

5.                                      [NOTE:  INCLUDE IF EMPLOYEE IS 40 OR OLDER]

Waiver of Rights and
Claims Under the Age Discrimination in Employment Act of 1967:

Since you are 40 years of age or older, you
are being informed that you have or may have specific rights and/or claims
under the Age Discrimination in Employment Act of 1967 (ADEA) and you agree
that:

 

(a)                                  in consideration for
the amounts described in Section 2 of this Agreement, which you are not
otherwise entitled to receive, you specifically and voluntarily waive such
rights and/or claims under the ADEA you might have against the Company Releases
to the extent such rights and/or claims arose prior to the date this Agreement
was executed;

 

(b)                                 you understand that
rights or claims under the ADEA which may arise after the date this Agreement
is executed are not waived by you;

 

(c)                                  you are advised that
you have at least 21 days within which to consider the terms of this Agreement
and to consult with or seek advice from an attorney of your choice or any other
person of your choosing prior to executing this Agreement;

 

 

(d)                                 you have carefully
read and fully understand all of the provisions of this Agreement, and you
knowingly and voluntarily agree to all of the terms set forth in this
Agreement; and

 

(e)                                  in entering into this
Agreement you are not relying on any representation, promise or inducement made
by the Company or its attorneys with the exception of those promises described
in this document.

 

6.                                      Period
for Review and Consideration of Agreement:

 

(a)                                  You acknowledge that
you were informed and understand that you have twenty-one (21) days to review
this Agreement and consider its terms before signing it.

 

(b)                                 The 21-day review
period will not be affected or extended by any revisions, whether material or
immaterial, that might be made to this Agreement.

 

7.                                      Company
Files, Documents and Other Property: 
You agree that on or before the Termination Date you will return to the
Company all Company property and materials, including but not limited to, (if
applicable) personal computers, laptops, fax machines, scanners, copiers,
cellular phones, Company credit cards and telephone charge cards, manuals,
building keys and passes, courtesy parking passes, diskettes, intangible
information stored on diskettes, software programs and data compiled with the
use of those programs, software passwords or codes, tangible copies of trade
secrets and confidential information, sales forecasts, names and addresses of
Company customers and potential customers, customer lists, customer contacts,
sales information, sales forecasts, memoranda, sales brochures, business or
marketing plans, reports, projections, and any and all other information or
property previously or currently held or used by you that is or was related to
your employment with the Company (“Company Property”).  You agree that in the event that you discover
any other Company Property in your possession after the Termination Date of
this Agreement you will immediately return such materials to the Company.

 

8.                                      Future
Conduct:

 

(a)                                  Nondisparagement:  You agree not to make disparaging, critical
or otherwise detrimental comments to any person or entity concerning the
Company, its officers, directors or employees; the products, services or
programs provided or to be provided by the Company; the business affairs,
operation, management or the financial condition of the Company; or the
circumstances surrounding your employment and/or separation of employment from
the Company.  The Company agrees not to
make disparaging, critical or otherwise detrimental comments to any person or
entity concerning your performance at the Company or the circumstances
surrounding your employment and/or separation of employment from the Company.

 

(b)                                 Confidentiality of
this Agreement:  You agree that you
shall not disclose, divulge or publish, directly or indirectly, any information
regarding the substance, terms or existence of this Agreement and/or any
discussion or negotiations relating to this Agreement, to any person or
organization other than your immediate family and accountants or attorneys when
such disclosure is necessary for the accountants or attorneys to render
professional services.  Prior to any such

 

 

disclosure that you may make, you shall secure from your attorney or
accountant their agreement to maintain the confidentiality of such matters.

 

(c)                                  Disclosures:  Nothing herein shall prohibit or bar you from
providing truthful testimony in any legal proceeding or in communicating with
any governmental agency or representative or from making any truthful
disclosure required, authorized or permitted under law; provided, however, that
in providing such testimony or making such disclosures or communications, you
will use your best efforts to ensure that this Section is complied with to
the maximum extent possible. 
Notwithstanding the foregoing, nothing in this Agreement shall bar or
prohibit you from contacting, seeking assistance from or participating in any
proceeding before any federal or state administrative agency to the extent
permitted by applicable federal, state and/or local law.  However, you nevertheless will be prohibited
to the fullest extent authorized by law from obtaining monetary damages in any
agency proceeding in which you do so participate.

 

9.                                      Representations
and Governing Law:

 

(a)                                  This Agreement sets
forth the complete and sole agreement between the parties and supersedes any
and all other agreements or understandings, whether oral or written, except the
Nondisclosure and Developments Agreement between you and the Company, the
Employment Agreement, the Indemnification Agreement between you and the Company
[IF APPLICABLE: the terms of the Deferred Compensation Agreement] and the
Incentive Stock Option Agreement each of which shall remain in full force and
effect in accordance with their respective terms.  This Agreement may not be changed, amended,
modified, altered or rescinded except upon the express written consent of both
the President of the Company and
you.

 

(b)                                 If any provision of
this Agreement, or part thereof, is held invalid, void or voidable as against
public policy or otherwise, the invalidity shall not affect other provisions,
or parts thereof, which may be given effect without the invalid provision or part.  To this extent, the provisions and parts
thereof of this Agreement are declared to be severable.  Any waiver of any provision of this Agreement
shall not constitute a waiver of any other provision of this Agreement unless
expressly so indicated otherwise.  The
language of all parts of this Agreement shall in all cases be construed
according to its fair meaning and not strictly for or against either of the
parties.

 

(c)                                  This Agreement and
any claims arising out of this Agreement (or any other claims arising out of
the relationship between the parties) shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts and shall in all
respects be interpreted, enforced and governed under the internal and domestic
laws of Massachusetts, without giving effect to the principles of conflicts of
laws of such state.  Any claims or legal
actions by one party against the other shall be commenced and maintained in
state or federal court located in Massachusetts, and you hereby submit to the
jurisdiction and venue of any such court.

 

(d)                                 You may not assign any
of your rights or delegate any of your duties under this Agreement.  The rights and obligations of the Company
shall inure to the benefit of the Company’s successors and assigns.

 

 

10.                               Effective
Date:  After signing this letter,
you may revoke this Agreement for a period of seven (7) days following
said execution.  The Agreement shall not
become effective or enforceable and no payments will be made until this
revocation period has expired (“Effective Date”).

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

 

If this letter correctly states the agreement and understanding we have
reached, please indicate your acceptance by countersigning the enclosed copy
and returning it to me.

 

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  Acusphere, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  [Insert name of Company Representative]

  

 

I REPRESENT THAT I HAVE READ THE FOREGOING AGREEMENT, THAT I FULLY
UNDERSTAND THE TERMS AND CONDITIONS OF SUCH AGREEMENT AND THAT I AM KNOWINGLY
AND VOLUNTARILY EXECUTING THE SAME.  IN
ENTERING INTO THIS AGREEMENT, I DO NOT RELY ON ANY REPRESENTATION, PROMISE OR
INDUCEMENT MADE BY THE COMPANY OR ITS REPRESENTATIVES WITH THE EXCEPTION OF THE
CONSIDERATION DESCRIBED IN THIS DOCUMENT.

 

 

	
  Accepted and Agreed to:

  
	
   

  
	
   

  	
   

  
	
  [Insert name of Employee]

  
	
   

  
	
  Date:

  	
   

  	
   

  
			

 

 

IF YOU DO NOT WISH TO USE THE 21-DAY
PERIOD,

PLEASE
CAREFULLY REVIEW AND SIGN THIS DOCUMENT

 

I,                                       ,
acknowledge that I was informed and understand that I have 21 days within
which to consider the attached Severance Agreement and Release, have been
advised of my right to consult with an attorney regarding such Agreement and
have considered carefully every provision of the Agreement, and that after
having engaged in those actions, I prefer to and have requested that I enter
into the Agreement prior to the expiration of the 21 day period.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Witness:EXHIBIT 10.1

 

Summary of
Compensation for Outside Chairpersons of Committees of the Board of Directors
of

Pacific Energy Management LLC as approved on February 1, 2006

 

	
  Annual Retainer

  	
   

  	
  $

  	
  40,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Annual Retainer for Audit Committee Chairperson

  	
   

  	
  $

  	
  7,500

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Additional Annual Retainer for Committee
  Chairpersons other than Audit Committee Chairperson

  	
   

  	
  $

  	
  2,500

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00097-of-00352.parquet"}]]