Document:

Separation Agreement

 EXHIBIT 10.1 
  
 SEPARATION AGREEMENT AND RELEASE 
  
 This Separation Agreement and Release (“Agreement”) is entered into as of this 17th day of May, 2005 (hereinafter “Execution Date”) by and between Stewart Craig (hereinafter “Employee”), and Xcyte Therapies, Inc., its
affiliates, successors and assigns (hereinafter the “Company”). Employee and the Company are sometimes collectively referred to as the “Parties.” 
  
 1. Employee’s employment with the Company terminates effective May 17, 2005 (hereinafter “Termination Date”).
The parties have agreed to avoid and resolve any alleged existing or potential disagreements between them arising out of or connected with Employee’s employment with the Company. The Company expressly disclaims any wrongdoing or any liability
to Employee. 
  
 2. The Company agrees to provide Employee the
following severance benefits, after the expiration of the seven-day revocation period described in Paragraph 9 below upon which the Agreement becomes effective (hereinafter “Effective Date”), provided Employee has not revoked this
Agreement as described in that Paragraph: 
  
 (a) A lump sum
payment in the gross amount of $131,984 which equals six (6) months salary as of the Termination Date. Standard employee withholding taxes and any amounts owed by Employee to the Company will be deducted from this lump sum payment, in accordance
with the Company’s regular payroll practices. Employee agrees that said payment will be mailed to Employee’s home on the next regular payroll date that is at least five (5) calendar days after the Effective Date; 
  
 (b) Upon Employee’s timely election of COBRA continuation coverage
under the Company’s health plan, the Company will pay one hundred percent (100%) of the COBRA premium for coverage through November 30, 2005; 
  
 (c) If applicable, the Company will continue to administer Employee’s personal account within the Company’s existing 401(k) Plan, provided you
meet the minimum balance requirement; 
  
 (d) Payment for any
vacation time accrued above the current 120 hour vacation accrual payout limit (but below the 180 hour maximum), if applicable; and 
  
 (e) Vesting of Employee’s option(s) to purchase shares of Common Stock granted to Employee under the Company’s Amended and Restated 1996 Stock
Option Plan and/or 2003 Stock Plan shall include, effective as of the termination date, options which would have become vested and exercisable under the original terms of the Employee’s Stock Option Agreement(s) through November 17, 2005
(resulting in a total of 99,418 vested option shares). In accordance with the terms of the Stock Option Agreement, the vested options will be exercisable until August 17, 2005 (3 months following the Termination Date). Employee acknowledges and
agrees that Employee has no other right, title or interest in or any Common Stock, stock options or any other capital stock of the Company as of the Termination Date, except as provided for in this Agreement. 
  
 Employee specifically acknowledges and agrees that this consideration exceeds
the amount Employee would otherwise be entitled to receive upon termination of Employee’s employment, and that this lump sum payment and other benefits are in exchange for entering into this Agreement. Employee agrees that Employee will not at
any time seek consideration from the Company other than what is set forth in this Agreement. Employee specifically acknowledges and agrees that the Company has made no representations to Employee regarding the tax consequences of any amounts
received by Employee or for Employee’s benefit pursuant to this Agreement. 
  
 3. Employee represents that Employee has not filed, and will not file, any complaints, lawsuits, administrative complaints or charges arising from or relating to Employee’s recruitment by, employment with, or
termination from, the Company. Notwithstanding any provision of law which provides that a general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing a release, Employee agrees
to release the Company, its Board of Directors, officers, employees, agents and assigns, from any and all claims, charges, complaints, causes of action or demands of whatever kind or nature that Employee 
  

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 now has or has ever had against the Company, whether known or unknown, arising from or relating to Employee’s
recruitment by, employment with or discharge from the Company, including but not limited to: wrongful or tortious termination, specifically including actual or constructive termination in violation of public policy; implied or express employment
contracts and/or estoppel; discrimination and/or retaliation under any federal, state or local statute or regulation, specifically including any claims Employee may have under the Fair Labor Standards Act, Age Discrimination in Employment Act, the
Older Workers Benefit Protection Act, the Americans with Disabilities Act, Title VII of the Civil Rights Act of 1964 as amended, and the Family and Medical Leave Act; the Washington Minimum Wage Act and the Washington Law Against Discrimination; any
and all claims brought under any applicable federal, state or local employment discrimination or other statutes; any claims brought under any federal or state statute or regulation for non-payment of wages, USERRA (Military Leave) or other
compensation (including expense reimbursements and/or bonuses due after the Termination Date), including stock and stock options; and libel, slander, fraud, misrepresentation or breach of contract other than the breach of this Agreement. This
release specifically excludes claims, charges, complaints, causes of action or demands of whatever kind or nature that post-date the Termination Date or the Effective Date, whichever is later, and that are based on factual allegations that do not
arise from or relate to Employee’s present employment with or discharge from the Company. 
  
 4. Employee acknowledges and affirms that Employee has previously executed a Proprietary Information and Inventions Agreement and that the terms and conditions of said agreement that survive the employment
relationship are not affected by this Separation Agreement and Release. Employee represents that Employee has returned all property belonging to the Company. Employee will direct all employment verification inquiries to the Director of Human
Resources. In response to inquiries regarding Employee’s employment with the Company, the Company, by and through its speaking agent(s) agrees to provide only the following information: Employee’s date of hire, the date Employee’s
employment ended and rates of pay. 
  
 5. Employee warrants that
no promise or inducement has been offered for this Agreement other than as set forth herein and that this Agreement is executed without reliance upon any other promises or representations, oral or written. Any modification of this Agreement must be
made in writing and be signed by Employee and the Company. This Agreement supersedes all prior understandings between the Parties and represents the entire Agreement between the Parties with respect to all matters involving Employee’s
employment with or termination from the Company. 
  
 6. If any
provision of this Agreement or compliance by Employee or the Company with any provision of this Agreement constitutes a violation of any law, or is or becomes unenforceable or void, then such provision, to the extent only that it is in violation of
law, unenforceable or void, will be deemed modified to the extent necessary so that it is no longer in violation of law, unenforceable or void, and such provision will be enforced to the fullest extent permitted by law. If such modification is not
possible, said provision, to the extent that it is in violation of law, unenforceable or void, will be deemed severable from the remaining provisions of this Agreement, which provisions will remain binding on both Employee and the Company. This
Agreement is governed by the laws of the State of Washington. 
  
 7. The King County Superior Court, Seattle, Washington shall have exclusive jurisdiction of any lawsuit arising from or relating to Employee’s employment with, or termination from, the Company, or arising from or relating to this
Agreement. Employee consents to such venue and personal jurisdiction. The prevailing party in any such lawsuit will be entitled to an award of attorneys’ fees and reasonable litigation costs. Employee agrees that Employee will indemnify and
hold the Company harmless from any breach of this Agreement by Employee. Employee further agrees that if Employee challenges this Agreement or files any claims against the Company arising from or relating to Employee’s employment with, or
termination from, the Company, excluding any claim challenging the validity of Employee’s waiver of rights under the Age Discrimination in Employment Act, Employee will return all monies and benefits received by Employee from the Company
pursuant to this Agreement. In the event Employee challenges the validity of Employee’s waiver of rights under the Age Discrimination in Employment Act, Employee agrees that the Company may recover money and benefits paid under this Agreement
if Employee’s challenge and subsequent Age Discrimination in Employment Act claim are successful and Employee obtains a monetary award. 
  
 8. Employee specifically agrees and acknowledges: (A) that Employee’s waiver of rights under this Agreement is knowing and voluntary as required
under the Older Workers Benefit Protection Act; (B) that Employee understands the terms of this Agreement; (C) that Employee has been advised in writing by the Company to consult with an attorney prior to executing this Agreement; (D) that the
Company has given Employee a period of up to forty-five (45) days within which to consider this Agreement; (E) that, following Employee’s execution of this Agreement Employee has seven (7) days in which to revoke Employee’s agreement to
this Agreement and that, if 
  

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 Employee chooses not to so revoke, the Agreement shall then become effective and enforceable and the payment and
extension of benefits listed above shall then be made to Employee in accordance with the terms of this Agreement; and (F) nothing in this Agreement shall be construed to prohibit Employee from filing a charge or complaint, including a challenge to
the validity of the waiver provision of this Agreement, with the Equal Employment Opportunity Commission or participating in any investigation conducted by the Equal Employment Opportunity Commission. However, Employee has waived any right to
monetary relief. To cancel this Agreement, Employee understands that Employee must give a written revocation to Erin Shackelford, Director of Human Resources at 1124 Columbia Street, Suite 130, Seattle, Washington, 98104, either by hand delivery or
certified mail within the seven-day period. If Employee revokes the Agreement, it will not become effective or enforceable and Employee will not be entitled to any of the benefits set forth above. 
  
 9. Employee further specifically agrees that modifications to this Agreement,
whether material or immaterial, do not restart the running of the forty-five (45) day period referenced in Paragraph 9. 
  
 10. Exhibit A, attached hereto and incorporated herein, contains the eligibility criteria for inclusion in the employment termination and severance
package program, and Employee hereby acknowledges receipt of same. Exhibit B, entitled Employer Disclosure Regarding Ages of Individuals Selected and Not Selected for Severance Package, attached hereto and incorporated herein, describes the
ages and job titles of all persons selected for the layoff and eligible for the severance package, and the ages and job titles of all persons in the relevant job classification or department who will not be laid off and Employee hereby acknowledges
receipt of same. These attachments are provided to meet applicable legal requirements for group layoffs. 
  
 11. EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS CAREFULLY READ AND VOLUNTARILY SIGNED THIS AGREEMENT, THAT EMPLOYEE HAS HAD AN OPPORTUNITY TO
CONSULT WITH AN ATTORNEY OF EMPLOYEE’S CHOICE, AND THAT EMPLOYEE SIGNS THIS AGREEMENT WITH THE INTENT OF RELEASING THE COMPANY AND ITS OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS FROM ANY AND ALL CLAIMS. 
  
 ACCEPTED AND AGREED TO: 
  

			
	 /s/ Ronald Jay Berenson, M.D.

	 	 /s/ Stewart Craig

	Ronald Jay Berenson, M.D.	 	Stewart Craig
	Chief Executive Officer & President	 	 
	Xcyte Therapies, Inc.	 	 
		
	Dated: May 17, 2005	 	Dated: May 17, 2005

  

 6Waiver and Amendment No. 5 to the Loan and Security Agreement

 Exhibit 10.31 
  
 WAIVER AND AMENDMENT NO. 5 TO THE LOAN AND SECURITY 
 AGREEMENT 
 DATED AS OF JANUARY 31, 2002 
 AMONG LASALLE BANK NATIONAL ASSOCIATION, AS A LENDER 
 AND AS AGENT FOR THE LENDERS, THE LENDERS 
 AND COBRA ELECTRONICS CORPORATION 
  
 THIS WAIVER AND AMENDMENT NO. 5 (this “Amendment”) is made as of
the 12th day of May, 2005 to the Loan and Security Agreement dated January 31, 2002 (as amended from time to time, the “Loan Agreement”); unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to
them in the Loan Agreement among Cobra Electronics Corporation (“Borrower”), LaSalle Bank National Association as agent (“Agent”) for itself (in its individual capacity, “LaSalle”) and the other Lenders from time to
time party thereto. 
  
 WHEREAS, Borrower has notified Agent and
Lenders that Borrower has breached Section 14(b) of the Loan Agreement for the fiscal quarter ending March 31, 2005, both for such fiscal quarter and for the 12 month period ending March 31, 2005 and such breaches constitute Events of Default under
the Loan Agreement (the “Existing Defaults”); 
  
 WHEREAS, Borrower has requested that Agent and Lenders waive the Existing Defaults and amend certain provisions of the Loan Agreement and Agent and Lenders have agreed to do so subject to the terms and conditions hereof. 
  
 NOW, THEREFORE, in consideration of the foregoing, and the mutual covenants
herein contained, and such other consideration as the parties mutually agree, the parties hereto agree as follows: 
  
 1. Waiver. Subject to the satisfaction of the conditions set forth herein, Agent and Lenders hereby waive the Existing Defaults. The foregoing
waiver shall not constitute a waiver of any other Events of Default or any other breaches of the Loan Agreement, whether now existing or hereafter arising. 
  
 2. Amendment. Section 14(b) of the Loan Agreement is hereby amended and restated in its entirety, as follows: 
  
 (b) EBIT. Borrower shall not permit EBIT for
the twelve (12) month period ending on any date set forth below to be less than the amount set forth below for such period. In addition, Borrower shall not permit EBIT to be less than negative One Million Six Hundred Thousand Dollars (-$1,600,000)
for any single calendar quarter.  

				
	 Twelve Month Period Ending

	  	Amount

	 June 30, 2005
	  	$	2,200,000
	 September 30, 2005
	  	$	2,800,000
	 December 31, 2005
	  	$	2,400,000

  
 3. Representations
and Warranties of Borrower. Borrower represents and warrants that, as of the date hereof: 
  
 (a) Borrower has the right and power and is duly authorized to enter into this Amendment and all other agreements executed in connection herewith; 
  
 (b) After giving effect to this Amendment, no Event of Default or an event or condition which upon notice, lapse of time or
both will constitute an Event of Default has occurred and is continuing; 
  
 (c) The execution, delivery and performance by Borrower of this Amendment and the other agreements to which Borrower is a party (i) have been duly authorized by all necessary action on its part; (ii) do not and will
not, by the lapse of time, giving of notice or otherwise, violate the provisions of the terms of its Certificate of Incorporation or By-Laws, or of any mortgage, indenture, security agreement, contract, undertaking or other agreement to which
Borrower is a party, or which purports to be binding on Borrower or any of its properties; (iii) do not and will not, by lapse of time, the giving of notice or otherwise, contravene any governmental restriction to which Borrower or any of its
properties may be subject; and (iv) do not and will not, except as contemplated in the Loan Agreement, result in the imposition of any lien, charge, security interest or encumbrance upon any of Borrower’s properties under any indenture,
mortgage, deed of trust, loan or credit agreement or other agreement or instrument to which Borrower is a party or which purports to be binding on Borrower or any of its properties; 
  
 (d) No consent, license, registration or approval of any governmental authority, bureau or agency is required in connection
with the execution, delivery, performance, validity or enforceability of this Amendment and the other agreements executed by Borrower in connection herewith; 
  
 (e) This Amendment and the other agreements executed by Borrower in connection herewith have been duly executed and delivered by Borrower and are
enforceable against Borrower in accordance with their terms; and 
  
 (f) All information, reports and other papers and data heretofore furnished to Agent by Borrower in connection with this Amendment, the Loan Agreement and Other Agreements are accurate and correct in all material respects and complete
insofar as may be necessary to give Agent true and accurate knowledge of the subject matter thereof. Borrower has disclosed to Agent every fact of which it is aware which would reasonably be expected to 

  

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materially and adversely affect the business, operations or financial condition of Borrower or the ability of Borrower to perform its obligations under this
Amendment, the Loan Agreement or under any of the Other Agreements. None of the information furnished to Agent by or on behalf of Borrower contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make
the statements contained herein or therein not materially misleading. 
  
 4. Conditions Precedent. The amendments to the Loan Agreement set forth in this Amendment shall become effective as of the date of this Amendment upon the occurrence of the following: 
  
 (a) execution of the Amendment by all parties hereto; and 
  
 (b) the receipt by Agent, for the ratable benefit of Lenders of a fully
earned, non-refundable $78,750 amendment fee. 
  
 5. Fees and
Expenses. Borrower agrees to pay all legal fees and other expenses, whether for in-house or outside counsel, incurred by Agent in connection with this Agreement and the transactions contemplated hereby. 
  
 6. Loan Agreement Remains in Force. Except as specifically waived and
amended hereby, all of the terms and conditions of the Loan Agreement shall remain in full force and effect and this Agreement shall not be a waiver of any rights or remedies which Agent or Lenders have provided for in the Loan Agreement and all
such terms and conditions are herewith ratified, adopted, approved and accepted. 
  
 7. Additional Documents. Upon the request of Agent, Borrower will cause to be done, executed, acknowledged and delivered all such further acts, conveyances and assurances as Agent from time to time may
reasonably request of Borrower for accomplishing the transaction referred to herein. 
  
 8. No Novation. This Amendment and all other agreements executed by Borrower on the date hereof are not intended to nor shall be construed to create a novation or accord and satisfaction, and shall only be a
modification and extension of the existing Liabilities of Borrower to Lenders. 
  
 9. Entire Agreement. This Amendment and the other documents it refers to comprise the entire agreement relating to the subject matter they cover and supersede any and all prior written or oral agreements among
Agent, Lenders and Borrower relating thereto. 
  
 10.
Severability. Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
  
 Except as expressly provided for herein, the terms and conditions of the Loan Agreement shall remain in full force and effect. 
  

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 IN WITNESS WHEREOF, Borrower, Agent and Lenders have caused this Amendment to be duly executed by their
proper duly authorized officers oaf the day and year first set forth above. 
  

			
	 LASALLE BANK NATIONAL
 ASSOCIATION, as Agent
and as a Lender

		
	By	 	 /s/ Steven Marks

	Its	 	Senior Vice President
	
	NATIONAL CITY BANK OF THE MIDWEST (F/K/A NATIONAL CITY BANK OF MICHIGAN/ILLINOIS), as a Lender
		
	By	 	 /s/ Michael Monninger

	Its	 	Vice President
	
	US BANK, NATIONAL ASSOCIATION, successor by merger to Firstar Bank, N.A., as a Lender
		
	By	 	 /s/ Timothy Fossa

	Its	 	Senior Vice President
	
	COBRA ELECTRONICS CORPORATION
		
	By	 	 /s/ Michael Smith

	Its	 	Senior Vice President and Chief Financial Officer

  

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