Document:

ex10-7

 

Exhibit 10.7

Amendment to Employment Agreement

This amendment is made to the employment agreement dated January 3, 2000 by and
between Fred T. Hadeed (Executive) and United Therapeutics Corporation
(Company) and is effective as of August 16, 2001. The following paragraph is
added to Executive’s employment agreement.

		
	 	8(e) If (i) the Company terminates Executive’s employment without
Cause, or (ii) the Executive’s employment is terminated as a result
of the transfer of control of the Company by acquisition, merger,
hostile takeover or for any other reason whatsoever, or (iii)
Executive’s authority and responsibilities are materially diminished
without cause relating to the performance of Executive’s services
hereunder and Executive terminates this Agreement as a result of such
unjustified diminution of authority, then should any of the foregoing
events occur, the Company shall pay to Executive a lump-sum amount
equal to the greater of either (a) the amount Executive would have
been entitled to receive in current Base Salary for the time
remaining in Executive’s then current term of employment, or (b) an
amount equal to two years of current Base Salary. Such payment shall
be fully due and payable to Executive in a lump sum upon Executive’s
Date of Termination. Additionally, in the event of termination
contemplated in this Section 8(e), all options granted to Executive
shall immediately vest in Executive.

IN WITNESS WHEREOF, the undersigned have duly executed this Amendment, or have
caused this Amendment to be duly executed on their behalf, as of the date
above.

 

UNITED THERAPEUTICS CORPORATION

	 	 	 
	/s/ Fred Hadeed	 	
/s/ Martine Rothblatt
	
	 	

	Fred T. Hadeed	 	
Martine A.Rothblatt, CEOex10-8

 

Exhibit 10.8

EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of
October 22, 1999 by and between SynQuest, Inc., an Illinois corporation having
its principal offices at 2225 W. Harrison, Chicago, Illinois 60612 (the
“Company”) and David Walsh, Ph.D. (the “Executive”).

     WHEREAS, the Company desires to obtain the services of the Executive, and
the Executive is willing to render such services to the Company, upon the terms
and conditions herein set forth;

     WHEREAS, the Company and Executive desire this Agreement to supersede and
replace all previous or existing agreements between the Company and Executive
relating to the subject matter covered by this Agreement;

     NOW, THEREFORE, in consideration of the promises and mutual covenants
contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged, the parties hereto agree as
follows.

     1.     Employment. Upon the other terms and conditions hereinafter stated,
the Company agrees to employ the Executive and the Executive agrees to accept
employment by the Company for the term set forth in Section 2 hereof and in the
position and with the duties and responsibilities set forth in Section 3
hereof. Executive warrants that he is under no restriction that would prevent
him from entering into this Agreement and from complying with all of its
provisions to their fullest extent. If Executive is enjoined or otherwise
prevented by judicial or administrative determination from complying with the
terms of this Agreement, then the Company may terminate this Agreement
immediately without incurring any further liability.

     2.     Term. The employment of the Executive by the Company will commence on
December 1, 1999 and end on the first anniversary of such date (the “Initial
Term”), and thereafter shall continue from year to year for additional one-year
terms (the “Additional Terms”), unless and until either party shall give notice
of such party’s intent to terminate not less than 30 days prior to the end of
the then-current Initial Term or Additional Term, which termination shall be
effective at the expiration of said term, or until sooner terminated as
hereinafter set forth.

     3.     Position and Duties. The Executive shall serve as Vice President,
Operations, with such duties and responsibilities as are normally performed by
the Vice President of a chemical research and manufacturing company and as
otherwise assigned by the Board of Directors from time to time. The Executive
shall at all times exert his best efforts and loyalty on behalf of the Company
and shall devote full time and attention to such employment. The Executive
agrees to abide by all employment guidelines and policies as may be developed
from time to time by the Company, including, without limitation, the attached
United Therapeutics Corporation Company Manual, United

 

 

Therapeutics Corporation Securities Trades by Company Personnel Policy, and the
United Therapeutics Corporation Media and Analysts Policy.

     4.     Compensation and Related Matters.

           (a)   For services rendered under this Agreement, the Company shall pay to
the Executive an annual base salary of One Hundred Fifty Thousand Dollars
($150,000) (the “Base Salary”), subject to increase, as determined by the Board
of Directors of the Company, in its sole discretion, on or before any
anniversary date of this Agreement. The Base Salary shall be payable
semi-monthly or in such other installments as shall be consistent with the
Company’s payroll procedures. The Company shall deduct and withhold all
necessary social security and withholding taxes and any other similar sums
required by law or authorized by the Executive with respect to payment of the
Base Salary and all other amounts and benefits payable under this Agreement.

           (b)   The Executive shall be entitled to participate in any group life,
disability and medical insurance or other benefit plan or arrangement available
generally to the employees of the Company as determined by the Board of
Directors.

           (c)   The Executive shall receive a grant of up to 40,000 incentive stock
options to purchase shares of the Common Stock of United Therapeutics
Corporation pursuant to the United Therapeutics Corporation Amended and
Restated Equity Incentive Plan, effective as of January 1, 2000 and vesting at
a rate of twenty-five percent (25%) per year on each anniversary of the
effective date. Executive will enter into a separate Equity Incentive Plan
Award Agreement to effect this grant.

     5.     Expenses. The Executive shall be reimbursed by the Company for
reasonable travel and other expenses, as approved from time to time by the
Board of Directors, which are incurred and accounted for in accordance with the
Company’s normal practices.

     6.     Vacation. The Executive shall be entitled during the term of
employment hereunder to four weeks of vacation annually, which vacation shall
be at such time or times and for such period or periods as shall be mutually
agreed upon by the Executive and the Board of Directors. The Executive shall
also be entitled to all public holidays observed by the Company.

     7.     Termination of Employment.

           (a)   The Executive’s employment hereunder shall terminate upon the
Executive’s death.

           (b)   The Company may terminate the Executive’s employment hereunder under
the following circumstances:

                 (i)   If, as a result of the Executive’s incapacity due or other disability
owing to physical or mental illness, the Executive shall have been unable to
perform all of the Executive’s material duties hereunder by reason of illness,
or physical or

 

 

mental disability or other similar capacity, which inability shall continue for
more than four (4) consecutive months, the Company may terminate the
Executive’s employment hereunder.

                 (ii)   The Company may terminate the Executive’s employment hereunder for
“Cause.” For purposes of this Agreement, the Company shall have “Cause” to
terminate the Executive’s employment hereunder upon the (A) failure of the
Executive (other than for reasons described in Sections 7(a) and 7(b)(i)
hereof) to perform or observe any of the material terms or provisions of this
Agreement; (B) negligent or unsatisfactory performance of the Executive’s
duties under this Agreement and the failure of the Executive, within 30 days
after receipt of notice from the Company setting forth in reasonable detail the
nature of the Executive’s negligent or unsatisfactory performance, (i) to
provide the Company with a reasonably satisfactory explanation of the
Executive’s actions (or inaction) and (ii) to correct to the satisfaction of
the Company any reasonably identified deficiencies; (C) employment- or
profession-related misconduct or other employment- or profession-related
similar action on the part of the Executive; (D) conviction of the Executive of
a crime involving a felony, fraud, embezzlement or the like; or (E)
misappropriation of the Company funds or misuse of the Company’s assets by
Executive.

           (c)   Any termination of the Executive’s employment by the Company or by the
Executive (other than pursuant to Section 7(a) hereof) shall be communicated by
written “Notice of Termination” to the other party hereto in accordance with
Section 10(c) hereof, which shall indicate the specific termination provision
in this Agreement relied upon, if any, and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated.

           (d)   For purposes of this Agreement, the “Date of Termination” shall mean
(i) if the Executive’s employment is terminated by the Executive’s death, the
date of the Executive’s death; (ii) if the Executive’s employment is
terminated pursuant to Section 7(b)(i) hereof, thirty (30) days after the
Notice of Termination; provided, that the Executive shall not have returned to
the performance of the Executive’s duties on a full-time basis during such
thirty (30) day period; (iii) if the Executive’s employment is terminated
pursuant to Section 7(b)(ii) hereof, the date specified in the Notice of
Termination (which date, in the case of termination of Executive’s employment
solely pursuant to clause (B) of Section 7(b)(ii) by reason of inadequate
performance, shall not be sooner than nine months from the date of the Notice
of Termination); and (iv) if the Executive’s employment is terminated for any
other reason, the date on which the Notice of Termination is given.

     8.     Compensation Upon Termination.

           (a)   If the Executive’s employment is terminated by the Executive’s death,
the Company shall pay to the Executive’s estate or as may be directed by the
legal representatives of such estate, the Executive’s full Base Salary through
the Date of Termination at the rate in effect at the time of the Executive’s
death and all other unpaid amounts, if any, to which the Executive is entitled
as of such date in connection with any fringe benefits or under any incentive
compensation plan or program of the Company pursuant to Section 4(c) or 4(d)
hereof, at the time such payments are due.

 

 

           (b)   During any period that the Executive fails to perform the Executive’s
duties hereunder solely as a result of incapacity due to physical or mental
illness (“disability period”), the Executive shall continue to receive the
Executive’s full base salary through the Date of Termination at the rate in
effect at the time the Notice of Termination is given and all other unpaid
amounts, if any, to which the Executive is entitled as of the Date of
Termination in connection with any fringe benefits or under any incentive
compensation plan or program of the Company pursuant to Section 4(c) or 4(d)
hereof, at the time such payments are due; provided that payments so made to
the Executive during the disability period shall be reduced by the sum of the
amounts, if any, payable to the Executive at or prior to the time of any such
payment under disability benefit plans of the Company and which amounts were
not previously applied to reduce any such payment.

           (c)   If the Executive shall terminate the Executive’s employment or the
Company terminates the Executive’s employment for Cause as provided in Section
7(b)(ii) hereof, the Company shall pay the Executive the Executive’s full Base
Salary through the Date of Termination at the rate in effect at the time the
Notice of Termination is given, and the Company shall have no further
obligations to the to the Executive under this Agreement.

           (d)   In the event that Executive’s employment with the Company is
terminated for any reason within twelve months of its commencement, then, (i)
Executive agrees to reimburse the Company for the amount of any signing bonus
which Executive received and relocation allowance (including moving and co-paid
expenses incurred for sale or purchase of a home) paid to Executive or on
Executive’s behalf, and (ii) Executive acknowledges that any stock options
granted to Executive, whether vested or unvested, shall immediately terminate
upon the termination of Executive’s employment.

     9.     Intellectual Property Rights. Because of the highly specialized and
technical nature of the business of the Company and the nature and scope of
Executive’s employment, Executive agrees that any and all rights, title, and
interest, including but not limited to domestic and foreign patents,
copyrights, trademarks and trade secrets, in and to all inventions, processes,
computer programs, photographic, written or artistic works, or other forms of
intellectual property (“Intellectual Property”) which employee makes,
conceives, reduces to practice or develops, in whole or in part, during the
term of this Agreement in the furtherance of the Company’s business and in
connection with specific Company projects as defined in Paragraph 9 below
(whether or not made during the hours of employment or with the use of
Company’s materials, facilities or personnel, either solely or jointly with
others), or after termination of employment if such Intellectual Property is
based upon Confidential Information, shall be the sole and exclusive property
of the Company, and its respective successors, licensees, and assigns. In full
consideration of the compensation provided to Executive by the Company,
Executive agrees to each and all of the following:

           (a)   Work Made for Hire. Executive acknowledges and agrees that all works
of authorship created by Executive as an employee of the Company is a
commissioned “work for hire” within the meaning of United States copyright law
which will be owned solely and exclusively by the Company. If the work is
determined not to be a “work for hire” or such doctrine is not effective,
Executive hereby irrevocably assigns, conveys and otherwise transfers to the
Company, and its respective successors, licensees, and assigns, all right,
title

 

 

 and interest worldwide in and to the work and all proprietary rights
therein, including, without limitation, all copyrights, trademarks, design patents,
trade secret rights, moral rights, and all contract and licensing rights, and
all claims and causes of action with respect to any of the foregoing, whether
now known or hereafter to become known. In the event that Executive has any
right in the work which cannot be assigned, Executive agrees to waive
enforcement worldwide of such right against the Company, its distributors and
licensees or, if necessary, exclusively license such right, worldwide to the
Company with the right to sublicense. These rights are assignable by the
Company. Executive has not and hereby does not transfer any Intellectual
Property rights owned or held solely by Executive to the Company relating to
periods prior to the date of this Agreement and retains all rights to same
provided, however, that Executive acknowledges that Intellectual Property
rights that he created as an employee of the Company prior to the date of this
Agreement, and not otherwise previously assigned or transferred prior to the
date of this Agreement pursuant to the attached schedule, are solely owned by
the Company as a work made for hire.

           (b)   Original Work. Executive agrees that Executive will not include any
copyrighted or patented material owned by a third party in any written,
copyrightable or patentable material furnished or delivered by Executive under
this Agreement without the unconditional written consent of the copyright or
patent owner unless specific written approval of the Company for inclusions of
such copyrighted or patented material is secured in advance. Executive also
agrees that all work (or tangible expression of an idea) that Executive creates
or contributes to the Company in the course of Executive’s employment hereunder
will be created solely by Executive, will be original to Executive, and will be
free of any third party claims or interests.

           (c)   Applications for Patent, Copyrights and Trademarks. Executive shall,
if the Company so decides at its sole discretion and expense, apply for United
States and foreign letters patent, copyrights, and/or trademarks, either in
Executive’s name or as the Company in its sole discretion may direct.
Executive hereby grants the Company the exclusive right, and appoints the
Company as Executive’s attorney-in-fact, to execute and prosecute an
application for domestic and/or foreign patent or other statutory protection,
and Executive shall execute and deliver to the Company, without charge to the
Company but at the Company’s expense, such other documents of registration and
recordation, and do such other acts, such as give testimony in support of
Executive’s inventorship, as may be necessary in the opinion of the Company to
vest in the Company or any other party nominated by the Company, or otherwise
to protect, the exclusive rights conveyed and/or granted to the Company
pursuant to this Agreement. Executive’s duty to support the Company’s claim of
rights in patents, copyrights, or trademarks claimed by the Company, and
resulting from Executive’s service to the Company as its employee, shall
continue for the life of any such patent, copyright or trademark.

           (d)   Assignment Except as otherwise may be agreed by the parties in a
signed writing, Executive agrees to assign to the Company and its respective
successors, licensees, and assigns, all of Executive’s rights, title and
interests in and to the Intellectual Property governed by this Agreement and
all rights, title, and interests in and to United States and foreign letters
patent, copyrights, and trademarks resulting therefrom. Executive acknowledges
this provision and understands fully its implications and meaning.

 

 

           (e)   Use. The Company and its respective successors, licensees, and
assigns, shall have the sole and exclusive right to practice, or to make, use
or sell products, processes or services derived from any discoveries or
creations within the scope of this Agreement or created by Executive and
covered by the terms of this Agreement, whether or not patentable or
copyrightable under the laws of any jurisdiction, or protected by the trade
secret laws of any jurisdiction.

           (f)   Trade Secret Protection. In the event that the Company decides not to
pursue patent, copyright or trademark protection for any discovery or creation
made by Executive, and instead decides to protect the discovery or creation
pursuant to the trade secret laws of any jurisdiction, such decision shall not
be construed as a waiver of the Company’s rights pursuant to this Agreement.
At the Company’s expense, Executive shall also take whatever steps are
necessary to sustain the Company’s claim to such trade secrets, including but
not limited to: (a) maintaining the confidential nature of any such
discoveries or creations; and (b) testifying and providing other support and
substantiation for the Company’s claims with regard to the discovery or
creation.

           (g)   Reports. With respect to discoveries made by Executive covered by the
terms of this Agreement, Executive shall maintain notebooks and other records
adequate to describe such discovery to others conversant in the subject of the
technology and to establish the date and circumstances of Executive’s
discovery. Executive shall notify the Company’s General Counsel of any such
discoveries and shall make copies of all documents or reports relating to such
discoveries available to the Company. Any such discovery shall be reported to
the Company’s General Counsel regardless of whether, in Executive’s opinion, a
given discovery is of value to the Company, or is protectable under patent,
copyright or the laws of any jurisdiction.

           (h)   Infringement Actions. In the event that the Company shall bring an
infringement suit against any third parties or shall be sued by any third
parties as a result of Executive’s authorship or creation, including any
addition and/or modification of the aforementioned items of Confidential
Information, Executive agrees to cooperate reasonably without charge to the
Company, but at its request and expense, in defending against or prosecuting
any such suit. This right shall be cumulative to any other rights of the
Company hereunder.

     10.     Obligation of Confidentiality and Non-Competition. Executive agrees
that Executive has a fiduciary duty to the Company and that Executive shall
hold in confidence and shall not, except in the course of performing
Executive’s employment obligations or pursuant to written authorization from
the Company, at any time during or for three years after termination of
Executive’s relationship with the Company knowingly (a) directly or indirectly
reveal, report, publish, disclose or transfer the Confidential Information or
any part thereof to any person or entity; (b) use any of the Confidential
Information or any part thereof for any purpose other than for the benefit of
the Company; (c) assist any person or entity other than the Company to secure
any benefit from the Confidential Information or any part thereof or (d)
solicit (on Executive’s behalf or on behalf of any third party) any employee of

 

 

the Company for the purpose of providing services or products which Executive
is prohibited from providing hereunder.

     Furthermore, Executive agrees that all Confidential Information, as
defined below, shall belong exclusively and without any additional compensation
to the Company. For the purposes of this Agreement, “Confidential Information”
shall mean each of the following: (a) any information or material proprietary
to the Company or designated as confidential either orally or in writing by the
Company; and (b) any information not generally known by non- Company personnel;
and (c) any information which Executive should know the Company would not care
to have revealed to others or used in competition with the Company; and (d) any
information which Executive made or makes, conceived or conceives, developed or
develops or obtained or obtains knowledge or access through or as a result of
Executive’s relationship with the Company (including information received,
originated, discovered or developed in whole or in part by Executive) from the
initial date of Executive’s employment with the Company.

     Furthermore, Executive agrees not to accept employment, consultancy or
other business relationships with a business which directly competes with the
Company’s then existing or planned business for twelve months following
Executive’s last receipt of compensation from the Company. For the purpose of
this paragraph, the Company’s business as of the date of this Agreement shall
be defined as complex specialized chemical syntheses and complex specialized
organic syntheses for pharmaceutical and neutraceutical applications for which
the Company shall be developing, producing, testing, and/or applying for
Intellectual Property Rights and shall hold Intellectual Property Rights. The
parties acknowledge that the Company’s business after the date of this
Agreement may evolve into other or additional areas and activities. Executive
and Company agree that the terms of this Section 10 relating to non-competition
are reasonable in scope and length and are necessary for the protection of the
Company. In the event that a court finds the scope of this provision to be
unreasonably broad or if the length of time of this provision is found to be
unreasonably long, an arbitrator or court, as applicable, shall narrow the
scope or shorten the length of time to the extent required to render the
provision reasonable and enforceable and shall enforce the provision as so
narrowed.

     While employed by the Company and for a period of twelve months after the
cessation of employment for any reason, Executive shall not induce or attempt
to influence, either directly or indirectly any other employee or contractor of
the Company to terminate his or her employment or relationship with the Company
or to work for Executive or any other person or entity.

     11.     Miscellaneous.

           (a)   Entire Agreement. This Agreement contains the entire agreement
between the parties hereto relating to the subject matter hereof, and this
Agreement supersedes all prior understandings and agreements, whether oral or
written, relating to the employment of the Executive by the Company.

 

 

           (b)   Assignment. This Agreement shall not be assignable or otherwise
transferable by either party hereto, but any amounts owing to Executive upon
the Executive’s death shall inure to the benefit of the Executive’s heirs,
legatees, legal representatives, executor or administrator. Notwithstanding
the foregoing, this Agreement applies with the
prior written consent of the Executive, which consent shall not be unreasonably
withheld. This Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and any such respective heirs, legatees, executors,
administrators, representatives, successors and assigns.

           (c)   Notices. All notices, demands, requests or other communications which
may be, or are required to be given, served or sent by any party to any party
pursuant to this Agreement shall be in writing and shall be mailed by first
class, registered or certified mail, return receipt requested, postage prepaid,
or transmitted by hand delivery, telegram or telex and addressed as follows:

	 	 	 
	If to the Executive:	 	
David Walsh
	 
	 
	If to the Company:	 	
SynQuest, Inc.

2225 W. Harrison

Chicago, Illinois 60612
	 
	 	 	
Attn: CEO
	 
	 	 	
With a copy to:
	 
	 	 	
Paul A. Mahon, Esq.

United Therapeutics Corporation

1110 Spring Street

Silver Spring, Maryland 20910

           (d)   Amendment; Waiver. This Agreement shall not be amended, altered,
modified or discharged except by an instrument in writing duly executed by the
Executive and the Company. Neither the waiver by the parties hereto of a
breach of, or default under, any of the provisions of this Agreement, nor the
failure of either of the parties, on one or more occasions, to enforce any of
the provisions of this Agreement or to exercise any right or privilege
hereunder, shall thereafter be construed as a waiver of any such provisions,
rights or privileges hereunder.

           (e)   Severability. The invalidity or unenforceabilty of any provision or
provisions of this Agreement shall not affect the validity or enforceability of
any other provisions of this Agreement, which shall remain in full force and
effect.

           (f)   Applicable Law. This Agreement and the rights and obligations of the
parties under this Agreement shall be construed, interpreted and enforced in
accordance with the laws of the State of Illinois, exclusive of the
choice-of-laws rules thereunder.

 

 

           (g)   Survival. It is the express intention and agreement of the parties
hereto that the provisions of Sections 8, 9, 10 and 11 hereof shall survive the
termination of employment of the Executive. In addition, all obligations of
the Company to make payments
hereunder shall survive any termination of this Agreement on the terms and
conditions set forth.

           (h)   Execution. To facilitate execution, this Agreement may be executed in
as many counterparts as may be required; and it shall not be necessary that the
signatures of, or on behalf of, each party, or that the signatures of all
persons required to bind any party, appear on each counterpart; but it shall be
sufficient that the signature of, or on behalf of, each party, or that the
signatures of the persons required to bind any party, appear on one or more of
the counterparts. All counterparts shall collectively constitute a single
agreement. It shall not be necessary in making proof of this Agreement to
produce or account for more than a number of counterparts containing the
respective signatures of, or on behalf of, all of the parties hereto.

     IN WITNESS WHEREOF, the undersigned have duly executed this Agreement, or
have caused this Agreement to be duly executed on their behalf, as of the date
first above written.

	 	SYNQUEST, INC.

	 	 	 
	/s/ David Walsh	 	
/s/ Gilles Cloutier
	
	 	

	David Walsh, Ph.D.	 	
Gilles Cloutier, Ph.D.
CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00039-of-00352.parquet"}]]