Document:

Exhibit 10.1

Exhibit 10.1

BY HAND

February 24, 2010

Mr. Stephen Anderson

2245 Nelson Avenue

West Vancouver, BC

V7V 2P9

Dear Mr. Anderson:

Re: Termination of Employment

Further to our discussions, we confirm that OncoGenex Technologies Inc. and OncoGenex
Pharmaceuticals Inc. (the “Company”) and you have agreed as follows:

	 	•	 	Section 6(a) of your employment agreement is amended by the insertion of
the words
“and 12 days” immediately after the words “nine (9) months” such that the applicable
portion of this section now reads: “...sum of nine (9) months and 12 days (the
“Severance Period”)...”.

	 
	 	•	 	Your employment with the Company and your office of chief financial
officer ends at
the end of today, February 24, 2010 (the “Termination
Date”). You will provide any
reasonable assistance the Company requires in transitioning to a new CFO.

	 
	 	•	 	In lieu of the one month’s notice contemplated under section 5(a) of your
employment
agreement, you will instead receive one month’s Base Compensation (as that term is
defined in the agreement). This amount is included below in the reference to the 10
months and 12 days Base Compensation payable to you.

	 
	 	•	 	On February 25, 2010, the Company will issue a news release in the form attached.

	 
	 	•	 	Should the Company receive any requests for references about you, it will
provide
references consistent with the news release.

You will be entitled to the following remuneration following the Termination Date:

	 	•	 	All unpaid salary and unpaid vacation pay accrued through the Termination Date.

	 
	 	•	 	Any unreimbursed business expenses.

	 
	 	•	 	$187,361.23 as payment of a total of 10 months’ and 12 days’ Base
Compensation.
This amount will be treated as a retiring allowance, with 30 percent withholding for
statutory deductions.

	 
	 	•	 	The time-based vesting restrictions shall immediately lapse on any
 shares of Parent
common stock that would have time-vested if you had continued in employment up to

OncoGenex
Technologies Inc.

Suite 400 - 1001 West Broadway, Vancouver, BC, Canada V6H 4B1

TELEPHONE: 604.736.3678       FAX: 604.736.3687

OncoGenex
Technologies Inc. is a wholly owned subsidiary of OncoGenex
Pharmaceuticals, Inc. NASD- OGXI www.oncogenex.com

 

 

	 	 	 	and including December 31, 2010. For clarity, under this agreement you will be
entitled to exercise those options that you currently hold and which are scheduled to
vest on or before December 31, 2010.

	 
	 	•	 	To the extent that the Company’s extended benefit plans permit, continued coverage
under all of the Company’s group medical, dental and insurance plans, excluding short
and long term disability and any pension plans, until the earlier of:

	 	i.	 	December 31, 2010; or

	 
	 	ii.	 	the date you become employed elsewhere
and are provided coverage under a comparable extended benefits
plan.

	 	•	 	To the extent that benefits, excluding short term and long term disability
plans and pension plans, do not continue following the Termination Date, the Company
shall pay you, within 30 days after the Termination Date, an amount equal to the sum
you would be required to pay privately to receive comparable benefit coverage to
December 31, 2010.

Unpaid salary, accrued vacation pay and business expenses will be paid within 10
days of the Termination Date. To receive all of the other payments, you will be
required to execute and deliver the attached release by 9 pm today, February 24,
2010, to Dean Crawford, Heenan Blaikie LLP. Provided that you do so, these payments
will be made to you by March 15, 2010.

Your coverage under the Company’s short term and long term disability plans will terminate
effective immediately. You may have an option to convert to individual coverage under these
plans. Should you wish to discuss whether this option exists, please contact Debbie
Bortolussi.

The Company is also prepared to provide you with career counseling through Knightsbridge.
Enclosed with this letter is a description of the services available to you under the career
counseling program that would be made available to you. Your allocated number of units for
the career counseling program would be 35.

 

-2-

 

Should you have any questions concerning these matters, please let us know. Otherwise, please
review the attached Release, obtain any advice you require, including legal advice, and then
sign the enclosed copy of this letter and return it and the executed Release to us.

	 	 	 	 	 
	Yours truly,

OncoGenex Technologies Inc.

 	 	 
	/s/ Scott Cormack
 	 	 
	Scott Cormack 	 	 
	President and CEO 	 	 
	 

I, Stephen Anderson, agree to the amendment of my employment agreement and the terms relating
to the termination of my employment with the Company, as set out in this letter.

	 	 	 	 	 
	 	 	 
	

/s/ Stephen Anderson
 	 	 
	Stephen Anderson 	 	 
	 	 	 

	 	 	 	 	 	 	 
	/s/
Geoffrey D.G. Peretz
 

	 	 
	 	Geoffrey D.G. Peretz
 

	 	 
	(Signature of Witness)

	 	 	 	(Name of Witness)	 	 

 

-3-Exhibit 10.40

Exhibit 10.40

December 3, 2009

Via Hand Delivery

R. Stan Puckett

100 North Main Street

Greeneville, Tennessee 37743

Dear Mr. Puckett,

Green Bankshares, Inc. (the “Company”) has entered into a Securities Purchase Agreement (the
“Participation Agreement”), with the United States Department of Treasury (“Treasury”) pursuant to
which the Company is a participant in the Treasury’s TARP Capital Purchase Program (the “CPP”). If
the Company ceases at any time to participate in the CPP, this letter shall be of no further force
and effect.

In connection with the closing of the Treasury’s investment in the Company under the CPP, you
executed a letter agreement (the “Initial Letter”) in which, in consideration of the benefits that
you were to receive as a result of the Company’s participation in the CPP, you agreed to certain
modifications and limitations on your compensation arrangement with the Company during the TARP
Period (as defined below). Subsequent to the closing of the Treasury’s investment in the Company
under the CPP, the United States Congress amended the executive compensation limitations applicable
to entities participating in the CPP and instructed the Treasury to adopt rules and regulations
implementing these modified limitations. On June 15, 2009, the Treasury issued an interim final
rule (the “IFR”) providing guidance on these modified compensation provisions. To comply with
these modified requirements, and in consideration of the benefits that you will receive as a result
of the Company’s continued participation in the CPP, you agree as follows:

	 	(1)	 	No Golden Parachute Payments. Under the terms of the EESA Restrictions, the
Company is prohibited from paying any golden parachute payment to a senior executive
officer or any of the next five most highly compensated employees of the Company during
the TARP Period. Accordingly, the Company is prohibiting any golden parachute payment
to you during the TARP Period if you are a senior executive officer or one of the next
five most highly compensated employees of the Company. Whether you are a senior
executive officer or one of the next five most highly compensated employees will be
determined by reference to the definitions thereof contained in the IFR, as amended
from time to time.

	 
	 	(2)	 	Recovery of Bonus, Incentive Compensation and Retention Award. Under the terms
of the EESA Restrictions, the Company must ensure that any payment that is, or is in
the nature of a bonus incentive compensation or retention award, made to a senior
executive officer or the next twenty most highly compensated employees of the Company
during the TARP Period is subject to a provision for recovery or “clawback” by the
Company if the bonus payment was based on materially inaccurate financial statements
(which includes, but is not limited to, statements of earnings, revenues, or gains) or
any other potentially inaccurate performance metric criteria. Accordingly, any bonus,
incentive compensation or retention award made to you during the TARP Period is subject
to recovery or “clawback” by the Company if the payments were based on materially
inaccurate financial statements (which includes but is not limited to statements of
earnings, revenues, or gains) or any other materially inaccurate performance metric
criteria. Whether you are a senior executive officer or one of the next twenty most
highly compensated employees of the Company, and thus subject to this clawback
provision, will be determined by reference to the definitions thereof contained in the
IFR, as amended from time to time.

 

 

 

R. Stan Puckett

December 3, 2009

Page 2

	 	(3)	 	Limitation on Bonus, Incentive and Retention Awards. Under the terms of the
EESA Restrictions, the Company is prohibited from paying or accruing during the TARP
Period any payment that is, or is in the nature of, a bonus, incentive compensation or
retention award to at least the five most highly compensated employees of the Company.
Accordingly, for so long as you are one of the five most highly compensated employees
of the Company or any other employee to which this restriction applies under the IFR,
as amended from time to time, except for any bonus payment, incentive compensation or
retention award required to be paid to you pursuant to a written employment contract
executed on or before February 11, 2009, as such valid employment contracts are
determined by the Secretary of the Treasury or his designee, by regulation or
otherwise, the Company may not during the TARP Period pay to you or accrue on your
behalf any payment that is, or is in the nature of, a bonus, incentive compensation or
retention award (as such terms are defined in the IFR, as amended from time to time)
except for as permitted under the IFR, as amended from time to time, which permits
long-term restricted stock that (i) does not fully vest during the TARP Period; (ii)
has a value in an amount that is not greater than 1/3 of the total amount of your
annual compensation for the fiscal year in which the award is granted; and (iii) is
subject to such other terms and conditions as the Secretary of the Treasury may
determine is in the public interest, including the limitations set forth in the IFR, as
amended from time to time. Whether you are one of the five most highly compensated
employees of the Company or an employee to whom the Company may not pay, or for whom
the Company may not accrue, a payment that is, or is in the nature of, a bonus,
incentive compensation or retention award, will be determined by reference to the IFR,
as amended from time to time.

	 
	 	(4)	 	Compensation Program Amendments. Each of the Company’s compensation, bonus,
incentive, retention and other benefit plans, arrangements and agreements (including
golden parachute, severance and employment agreements) (collectively, “Benefit Plans”)
with respect to you or in which you may participate from time to time is hereby amended
to the extent necessary to give effect to provisions (1), (2) and (3). For reference,
certain affected Benefit Plans are set forth in Appendix A to this letter.

	 
	 	 	 	In addition, the Company is required to review its Benefit Plans to ensure that they
exclude incentives for senior executive officers to take unnecessary and excessive
risks that threaten the value of the Company during the TARP Period. To the extent
any such review requires revisions to any Benefit Plan with respect to you, you and
the Company agree to negotiate such changes promptly and in good faith.

	 
	 	(5)	 	Definitions and Interpretation. This letter shall be interpreted as follows:

	 	•	 	“Senior executive officer” means the Company’s “senior executive
officers” as defined in the IFR, as amended from time to time.

	 
	 	•	 	“Golden parachute payment” is used with same meaning as in the IFR, as
amended from time to time.

 

2

 

R. Stan Puckett

December 3, 2009

Page 3

	 	•	 	“TARP Period” means the period beginning with the Company’s receipt of any
financial assistance (as defined in the IFR, as amended from time to time) and
ending on the last date upon which an obligation (as defined in the IFR, as
amended from time to time) arising from financial assistance remains
outstanding (disregarding any warrants to purchase common stock of the Company
that the Treasury may hold).

	 
	 	•	 	“EESA” means the Emergency Economic Stabilization Act of 2008, as amended by
the American Recovery and Reinvestment Act of 2009 (the “ARRA”), and rules,
regulations, guidance or other requirements issued thereunder or agreement
between the Company and the Treasury with respect thereto, including the IFR, as amended from
time to time (the “ESSA Restrictions”).

	 	•	 	The term “Company” includes any entities treated as a single employer with
the Company under 31 C.F.R. § 30.1(b) (as in effect on the Closing Date). In
connection with your delivery of the Initial Letter, you also delivered a
waiver pursuant to the Participation Agreement, and, as between the Company and
you, the term “employer” in that waiver will be deemed to mean the Company as
used in this letter.

	 
	 	•	 	Provisions (1), (2) and (3) of this letter are intended to, and will be
interpreted, administered and construed to, comply with Section 111 of EESA and
the EESA Restrictions (and, to the maximum extent consistent with the
preceding, to permit operation of the Benefit Plans in accordance with their
terms before giving effect to this letter).

	 	(6)	 	Miscellaneous. To the extent not subject to federal law, this letter will be
governed by and construed in accordance with the laws of Tennessee. This letter may be
executed in two or more counterparts, each of which will be deemed to be an original. A
signature transmitted by facsimile or portable document format (“.pdf”) form will be
deemed an original signature.

	 
	 	(7)	 	Replacement of Initial Letter. This letter supersedes and replaces the Initial
Letter in its entirety.

 

3

 

R. Stan Puckett

December 3, 2009

Page 4

The Board appreciates the concessions you are making and looks forward to your continued leadership
during these financially turbulent times.

Yours sincerely,

Green Bankshares, Inc.

	 	 	 	 	 
	By:

	/s/ Steve D. Ottinger
	 	 
	 
	Name:	Steve D. Ottinger
	 	 
	 

	Title:	Senior Vice President and	 	 
	 

	 	Chief Human Resources Officer	 	 

 

4

 

R. Stan Puckett

December 3, 2009

Page 5

Intending to be legally bound, I agree with and accept the foregoing terms on the date set forth
below.

	 	 	 
	/s/ R. Stan Puckett
 

R. Stan Puckett

	 	 
	Date: December 3, 2009
	 	 
	 
	 	 
	cc: R. Stan Puckett, via Hand Delivery
	 	 

 

5

 

Appendix A

Green Bankshares, Inc. 2004 Long-Term Incentive Plan and all stock options, stock appreciation
rights and restricted share awards thereunder.

Any cash incentive or cash bonus plan, program or arrangement adopted by the board of directors, or
any committee thereof, of Green Bankshares, Inc.

Employment Agreement by and between Green Bankshares, Inc. and R. Stan Puckett dated December 31,
2007.

Greene County Bancshares, Inc. (n/k/a Green Bankshares, Inc.) Change in Control Protection Plan.

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00168-of-00352.parquet"}]]