Document:

exv10w1

 

EXHIBIT
10.1 — Separation and Consulting Agreement dated August 19, 2005

SEPARATION AND CONSULTING AGREEMENT

     This Separation and Consulting Agreement (the “Agreement”) is made and entered into this
19th day of August, 2005, by and between Donnelley Marketing, Inc. (“Company”), Ray Butkus
(“Butkus”) and White Oak Consulting , Inc. (“White Oak Consulting”).

BACKGROUND

	 	A.	 	Butkus has resigned from his employment with Company effective August 31, 2005.

	 	B.	 	Butkus owns and operates White Oak Consulting, an independent consulting
business.

	 	C.	 	In consideration of Butkus’ covenants, agreements and release contained in this
Agreement, Company wishes to engage Butkus and White Oak Consulting to perform certain
consulting services for Company as described below.

     NOW THEREFORE, consistent with the above Background, which is hereby incorporated into
this Agreement by this reference, and in consideration of the promises and covenants contained
below, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties, intending to be legally bound, agree as follows:

TERMS

     1. Resignation. Butkus’ employment with Company will terminate effective August 31,
2005 (the “Resignation Date”). Company will pay Butkus his regular compensation through the
Resignation Date, less appropriate payroll deductions, on the pay date immediately following the
Resignation Date.

     2. Paid Time Off (PTO) and Other Benefits. Company will pay Butkus for accrued,
unused PTO, less appropriate payroll deductions on the pay date immediately following the
Resignation Date. All other Company benefits shall end on Butkus’ Resignation Date, and Butkus
acknowledges that he is not entitled to any additional benefits, bonuses, or other compensation
following the Resignation Date, except as set forth in this Agreement.

     3. Stock. Butkus may sell or transfer his shares of stock or exercise any vested
stock options pursuant to the terms and conditions of the relevant stock purchase or option
plan(s).

     4. Consulting Services. In exchange for Butkus’ covenants, agreements and release as
provided in this Agreement, Company agrees to engage Butkus and White Oak Consulting from September
1, 2005 through August 31, 2006, subject to earlier termination as described below (the “Consulting
Period”), for the purpose of providing the following consulting services to Company:

 

 

     a. Butkus and White Oak Consulting will provide Company, its directors, officers and
employees with consulting, transition and advisory services as may be reasonably requested
by Company concerning Company matters of which Butkus is knowledgeable (the “Consulting
Services”). Company will pay White Oak Consulting the monthly gross amount of $33,333.00
for the Consulting Services provided by Butkus (“Consulting Fees”). White Oak Consulting
will receive the first monthly Consulting Fee on October 1, 2005, and on the first of the
month each month thereafter during the Consulting Period with the final monthly payment
being made on September 1, 2006, unless Consulting Services are terminated prior to this
date as described below. Butkus and White Oak Consulting acknowledge that they
are responsible for paying all taxes due and payable on the Consulting Fees received from
Company in accordance with federal, state and local laws, and Butkus and White Oak
Consulting agree to indemnify and hold Company harmless from all tax obligations relating to
the Consulting Fees.

     b. Butkus and White Oak Consulting acknowledge that they are independent contractors
with regard to the Consulting Services and Butkus is no longer an employee of Company.
Butkus and White Oak Consulting shall be responsible for any and all expenses incurred by
Butkus in the performance of the Consulting Services unless otherwise agreed to in writing
by Company. Butkus further acknowledges that Company will not obtain workers’ compensation
or any other insurance on his or White Oak Consultings’ behalf. Butkus and White Oak
Consulting shall have no right or authority, express or implied, to incur any liability or
obligation on behalf of or in the name of Company.

     c. If during the Consulting Period, Butkus and/or White Oak Consulting discontinue the
provision of Consulting Services to Company, or if Butkus secures employment or other
compensable work, whether as an employee, independent contractor or otherwise (collectively
referred to as “Employment”), Company’s obligation to pay or continue paying either Butkus
or White Oak Consulting the Consulting Fees shall immediately terminate. Butkus shall
immediately notify Joey Patterson at Company if he obtains other Employment.

     5. Nondisclosure. Butkus acknowledges that employment with Company necessarily
involved access to and familiarity with highly sensitive confidential and proprietary information
and data of Company’s including, without limitation, information about employees, compensation,
customers, pricing, software, trade secrets, business methods and operations, financial
performance, marketing strategies, and know-how regarding the business of Company and its products
and services (collectively referred to herein as “Confidential Information”).

Therefore, as part of the consideration to Company for entering into this Agreement, Butkus shall
not disclose to any third party including, without limitation, Company’s customers or other
individuals, employees, corporations, partnerships, sole proprietorships or any other person or
entity (collectively the “Third Party”) any Confidential Information or use any Confidential
Information for his own benefit or the benefit of any Third Party. Butkus shall immediately return
all Confidential Information, including all copies of same, in any form (including computer
records), to Company. Butkus shall also immediately return all Company property including, without
limitation, Company credit cards, Company keys, and Company calling cards.

 

 

     6. Nonsolicitation/Noncompetition. Unless a written waiver and consent is obtained by
Butkus from Company, Butkus acknowledges that he remains bound by the terms of the Standards of
Business Conduct executed by Butkus on November 11, 2002, which is attached hereto as “Exhibit A”
and incorporated by this reference, and the covenant not to compete restrictions as described in
the Stock Option Agreement between Butkus and infoUSA, Inc., which is attached hereto as “Exhibit
B” and incorporated by this reference. Notwithstanding the foregoing, if the Consulting Period is
terminated by Company prior to August 31, 2006, pursuant to 4.c. above, all of Butkus’ noncompete
restrictions, including those described in the Stock Option Agreement and the Standards of Business
Conduct shall be modified as follows:

     a. For the remainder of Butkus’ noncompete period, Butkus will not, directly or
indirectly, on Butkus’ own behalf or by aiding any other individual or entity:

     i. Call on, solicit the business of, sell to, service, or accept business from,
any of Company’s customers with whom Butkus had personal contact and did business
within the twelve (12) month period immediately prior to the termination of his
employment for the purpose of providing the customer with products and/or services
of the type or character typically provided by Company; or

     ii. Encourage any vendor or supplier of Company to curtail, sever, or alter its
relationship or business with Company.

All other terms and conditions of the Standards of Business Conduct shall remain in full force and
effect.

     7. Indemnification. Butkus hereby agrees to indemnify, defend and hold Company
harmless with respect to any and all actions, suits, proceedings, investigations, demands or claims
which are incurred by or brought against Company during the Consulting Period arising out of or
related to the performance of the Consulting Services or by reason of Butkus’ gross negligence,
criminal acts or gross misconduct. Company hereby agrees to indemnify, defend and hold Butkus
harmless with respect to any and all actions, suits, proceedings, investigations, demands or claims
which are incurred by or brought against Butkus during the Consulting Period arising out of or
related to the performance of the Consulting Services or by reason of Company’s gross negligence,
criminal acts or gross misconduct.

     8. No Disparaging Comments. Butkus covenants and agrees that he will not directly or
indirectly, verbally or in writing, make statements to any Third Party which defame or disparage
Company’s reputation (including its parent, subsidiaries or affiliates), its business, services,
products, or its directors, officers, employees or agents.

     9. No Admission. Butkus agrees that neither this Agreement nor any obligations under
this Agreement constitute an admission by Company of any violation of any federal, state or local
laws, rules or regulations or of any liability under contract or tort theories. Company
specifically disclaims any wrongdoing whatsoever against Butkus on the part of Company or its
parent, subsidiaries or affiliates or their respective officers, directors, employees or agents.

     10. Release. Butkus hereby releases and forever discharges Company, its parent,
subsidiaries and affiliates including, without limitation, infoUSA, Inc., and their respective
officers, directors, employees and agents, from any and all claims, damages (including attorney
fees), demands, actions or causes of action of any kind or nature, whether known or unknown, that
Butkus has, or may have, up to and including the date of this Agreement, arising out of Butkus’
employment with Company and/or the termination of Butkus’ employment with Company, (collectively
the “Claims”) including, but not limited to, any Claim alleging breach of the Stock Option
Agreement or Plan, or any other contract, express or implied, promissory estoppel or any tort, and
Claims under

 

 

any federal, state statute or local ordinance, or government regulation or common laws,
including, but not limited to, the Age Discrimination in Employment Act, Title VII of the Civil
Rights Act of 1964, the Americans With Disabilities Act, the Fair Labor Standards Act, the Family
and Medical Leave Act, the Employee Retirement Income Security Act, the New Jersey Law Against
Discrimination, and the New Jersey Wage Payment Law, all as amended.

     11. Review Period. Butkus confirms and acknowledges that he has read and understands
this Agreement and that he has signed this Agreement freely and voluntarily. Butkus further
acknowledges that he has been given up to twenty-one (21) days from August 8, 2005, to consider
signing this Agreement (the “Review Period”). Butkus agrees that the changes made, whether
material or immaterial, did not restart the running of the Review Period. Butkus may sign this
Agreement before the expiration of the Review Period by signing and delivering to Company this
Agreement and the Waiver of the 21-Day Review Period attached hereto as Exhibit “C” and
incorporated by this reference.

     12. Consultation with Attorney. Butkus acknowledges that he has been advised to
consult with an attorney of his choosing prior to signing this Agreement and has done so. Butkus
will be solely responsible for any attorneys’ fees he incurs in connection with this Agreement.

     13. Right of Revocation. Butkus acknowledges and understands that he may revoke this
Agreement for a period of up to seven (7) days after he executes it (not counting the day it is
signed). To revoke this Agreement, Butkus must give written notice to Company stating that he
wishes to revoke this Agreement, by providing notice by hand-delivery, mail or facsimile to Joey
Patterson, 5711 South 86th Circle, P.O. Box 27347, Omaha, Nebraska 68127-0347 (402)
593-4511 (facsimile). This Agreement shall become effective upon the expiration of the seven (7)
day revocation period (the “Effective Date”).

     14. Remedies. Butkus expressly acknowledges that each of his obligations hereunder
are considered material terms of this Agreement. Butkus further acknowledges that any material
breach or violation of any of the covenants and agreements contained in this Agreement will cause
immediate and irreparable injury to Company and that in the event of a breach or threatened or
intended breach of this Agreement by Butkus, Company, in addition to all other legal and equitable
remedies available to it, shall be entitled to injunctive relief to enforce the covenants,
agreements and restrictions set forth herein. Additionally, upon a breach of this Agreement, all
further obligations of Company with respect to Consulting Fees shall terminate.

     15. General.

     a. Governing Law and Venue. This Agreement shall be construed in accordance
with the laws of the State of Nebraska. Butkus hereby expressly consents to the personal
jurisdiction of the state and federal courts located in Nebraska for any lawsuit that arises
from or relates to this Agreement. Butkus hereby consents to venue in Nebraska.

     b. Entire Agreement. This Agreement sets forth the entire Agreement and
understanding of the parties relating to the subject matter hereof, and supersedes all prior
agreements, arrangements and understandings, written or oral between the parties. Butkus
acknowledges that he has not relied on any representation or statement not set forth in this
Agreement by any representative of Company.

     c. Amendments. Any amendment to, modification of, or supplement to this
Agreement must be in writing and signed by the parties hereto.

 

 

     d. Binding Effect. This Agreement and the rights, interests and obligations of
Company hereunder shall be assignable by Company. This Agreement is not assignable by
Independent Consultant without Company’s advance written consent.

     e. Confidentiality. Butkus agrees not to disclose the existence or contents of
this Agreement. Notwithstanding the foregoing, it is agreed that Butkus may disclose the
terms and amounts of this Agreement to Butkus’ respective attorney, accountant and spouse;
provided, however, that any person to whom such disclosure is made will, prior to
disclosure, acknowledge the confidentiality of such information and agree to keep such
information confidential.

IN WITNESS WHEREOF, the parties hereto have executed this Separation Agreement and General Release
as of the day and year first above written.

	 	 	 
	DONNELLEY MARKETING, INC.
 
 
	By
	 	 
	 	 
	 
	Its:
	 	 
	 	 

	 	 	 	 
	 
	WHITE OAK CONSULTING, INC.	 	RAY BUTKUS
	 
	By	 	 
	 	 	 	 
	 
	Its:	 	 
	 	 	 

EXHIBIT “C”

WAIVER OF 21-DAY REVIEW PERIOD

I, the undersigned, hereby knowingly and voluntarily waive the twenty-one (21) day review
period to consider the Separation Agreement and General Release (“Agreement”) set forth above. I
fully understand and agree that by signing this WAIVER I surrender for all time whatever right(s)
and/or claim(s) I may have to challenge the Agreement set forth above because a full twenty-one
days did not expire before I signed said Agreement in exchange for expediting implementation of the
terms of the Agreement. I have read, fully understand and consent to the terms of this WAIVER and
I sign it in the absence of fraud, duress, undue influence or reliance upon any oral and/or written
representations not included in the terms of this WAIVER. This WAIVER shall be interpreted in
accordance with the plain meaning of its terms and not strictly for or against any interested
party.

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 
	 	 
	 

	 	 	 	Ray Butkusexv4w4

 

Exhibit 4.4

	 	 	 	 	 
	CONTROL NUMBER	 	BIOTIME, INC.	 	SUBSCRIPTION CERTIFICATE FOR
	 	 	
    SUBSCRIPTION CERTIFICATE FOR UNITS VOID IF NOT EXERCISED AT OR
    BEFORE 5:00 P.M. (NEW YORK TIME)
    ON           ,
    2005 (THE EXPIRATION DATE).	 	
    Rights
	 	 	
    THIS SUBSCRIPTION CERTIFICATE IS TRANSFERRABLE AND MAY BE
    COMBINED OR DIVIDED (BUT ONLY INTO SUBSCRIPTION CERTIFICATES
    EVIDENCING A WHOLE NUMBER OF RIGHTS) AT THE OFFICE OF THE
    SUBSCRIPTION AGENT	 	
    SUBSCRIPTION PRICE U.S. $0.50 PER UNIT

Expiration
Date                     ,
2005

THIS SUBSCRIPTION CERTIFICATE MAY BE USED TO SUBSCRIBE FOR UNITS
OR MAY BE ASSIGNED OR SOLD. FULL INSTRUCTIONS APPEAR ON THE BACK
OF THIS SUBSCRIPTION CERTIFICATE.

REGISTERED OWNER:

The registered owner of this Subscription Certificate, named
above, or assignee, is entitled to the number of rights to
subscribe for units consisting of one common share, no par
value, and one warrant to purchase one common share of BioTime,
Inc. shown above, in the ratio of one unit for each five rights
held, and upon the terms and conditions and at the price for
each unit specified in the Prospectus
dated                     ,
2005.

DATE:  
 2005

BIOTIME, INC.

 

SECRETARY

Countersigned: American Stock Transfer & Trust Company
(Brooklyn, N.Y.) Subscription Agent

		
	By: 	
     

Authorized Signature

If you exercise fewer than all the rights represented by this
Subscription Certificate, the subscription agent will issue a
new Subscription Certificate representing the balance of the
unexercised rights, provided that the subscription agent has
received your properly completed and executed Subscription
Certificate and payment prior to 5:00 p.m., New York time,
on                     ,
2005. No new Subscription Certificates will be issued after that
date.

IMPORTANT: Complete appropriate form on reverse

BIOTIME, INC.

 

VICE PRESIDENT; MEMBER, OFFICE OF

THE PRESIDENT

 

Expiration
Date:                    ,
2005

PLEASE COMPLETE ALL APPLICABLE INFORMATION

	 	 	 	 	 
	
    
    By Mail:

    	 	
    By Hand:	 	
    By Overnight Courier:
	
    To: American Stock

    Transfer & Trust Company

    Operations Center

    Attn: Reorganization Dept.

    6201
    15th Avenue

    Brooklyn, New York 11219	 	
    To: American Stock

    Transfer & Trust Company

    Attn: Reorganization Dept.

    59 Maiden Lane, Plaza Level

    New York, New York 10038	 	
    To: American Stock

    Transfer & Trust Company

    Operations Center

    Attn: Reorganization Dept.

    6201
    15th Avenue

    Brooklyn, New York 11219

		
	SECTION 1:	
    TO SUBSCRIBE: I hereby irrevocably subscribe for the
    dollar amount of Units indicated as the total of A and B below
    upon the terms and conditions specified in the Prospectus
    related hereto, receipt of which is acknowledged.

TO SELL: If I have checked either the box on line C or
the box on line D, I authorize the sale of Rights by the
subscription agent according to the procedures described in the
Prospectus. The check for the proceeds of sale will be mailed to
the address of record.

Please check below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	
    
    o
    

    	 	
    A. Subscription	 	 	 	
    ÷5 =	 	 	 	
    ×	 	
    $0.50	 	
    = $	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
    (Rights Exercised)	 	 	 	
    (Units Requested)	 	 	 	
    (Subscription Price)	 	 	 	
    (Amount Required)

	 	 	 	 	 	 	 	 	 	 	 	 	 
	
    
    o
    

    	 	
    B. Over-Subscription Privilege	 	 	 	
    ×	 	
    $0.50	 	
    =	 	
    $
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	
    (Units Requested)	 	 	 	
    (Subscription Price)	 	 	 	
    (Amount Required)(*)
	 	 	 	 	 	 	 	 	
    (Total of A + B)	 	
    =	 	
    $
	 	 	 	 	 	 	 	 	 	 	 	 	 

		
	(*) 	
    The Over-Subscription Privilege can be exercised by certain
    shareholders only, as described in the Prospectus.

		
	o	
    Check in the amount of
    $          payable
    to the Subscription Agent “American Stock
    Transfer & Trust Company”
	 
	o	
    Certified check, bank draft, or money order in the amount of
    $                                    payable
    to the Subscription Agent “American Stock
    Transfer & Trust Company”
	 
	o	
    Wire transfer in the amount of
    $          directed
    to American Stock Transfer & Trust Company,
    Subscription Agent, JP Morgan Chase Bank WIRE CLEARING ACCOUNT
    ABA #021000021, Account 323-212069, Attention: Reorg. Dept.
	 
	o	
    C. Sell any remaining unexercised Rights
	 
	o	
    D. Sell all of my Rights.

Signature of
Subscriber(s)/Seller(s):                                    

Please provide your telephone number Day
(     )                                         Evening
(     )                              

Social Security Number or Tax ID
Number:                                                   

SECTION II: TO TRANSFER RIGHTS: (except pursuant to
C and D above)

For value
received,                    of
the Rights represented by this Subscription Certificate are
assigned to

	 	 	 
	 	 	 
	
    
    Social Security Number or Tax ID Number of Assignee

    	 	
    (Print Full Name of Assignee)
	 	 	 
	
    
    Signature(s) of Assignor(s)

    	 	
    (Print Full Address including postal Zip Code)

The signature(s) must correspond with the name(s) as written
upon the face of this Subscription Certificate, in every
particular, without alteration.

2

 

IMPORTANT: For transfer, a signature guarantee must be
provided by an eligible financial institution which is a
participant in a recognized signature guarantee program.

SIGNATURE GUARANTEED BY:

PROCEEDS FROM THE SALE OF RIGHTS MAY BE SUBJECT TO
WITHHOLDING OF U.S. TAXES UNLESS THE SELLER’S
CERTIFIED U.S. TAXPAYER IDENTIFICATION NUMBER (OR
CERTIFICATION REGARDING FOREIGN STATUS) IS ON FILE WITH THE
SUBSCRIPTION AGENT AND THE SELLER IS NOT OTHERWISE SUBJECT TO
U.S. BACKUP WITHHOLDING.

		
	o	
    CHECK HERE IF RIGHTS ARE BEING EXERCISED PURSUANT TO A NOTICE OF
    GUARANTEED DELIVERY DELIVERED TO THE SUBSCRIPTION AGENT PRIOR TO
    THE DATE HEREOF AND COMPLETE THE

		
	FOLLOWING:	

		
	        	
    NAME(S) OF REGISTERED OWNER(S):
	 
	        	
    WINDOW TICKET NUMBER (IF ANY):
	 
	        	
    DATE OF EXECUTION OF NOTICE OF GUARANTEED DELIVERY:
	 
	        	
    NAME OF INSTITUTION WHICH GUARANTEED DELIVERY:

3

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