Document:

Exhibit 4.8

	 

		 
		
Neil Roden

Director, Human Resources
		 
		 	

	
	 

		 
		 

		 
		 	Human Resources
	
	 

		 
		 

		 
		 	Operations Division
	
	
Your Ref
		 
		 

		 
		 	PO Box 31 42 St Andrew Square
	
	
Our Ref
		 
		 

		 
		 	Edinburgh EH2 2YE
	
	 

	
	 

		 
		 

		 
		 	 Telephone: 0131 523 2022
	
	 

		 
		 

		 
		 	 Switchboard: 0131 556 8555
	
	
Date
		 
		
27 March 1998
		 
		 	 Facsimile: 0131 557 3084
	
	 

	
	 

	
	 

		 
		
John A N Cameron Esq
		 
		
      Ref 247319	

Dear Mr Cameron

I am writing to offer you employment in The Royal Bank of Scotland plc effective from I June 1998 or at a date to be mutually agreed on. This will be on the following terms:- 

	
1.      		
Job Title and Salary	
	 
	 	
You will be employed as
Managing Director, Corporate and Institutional Banking which is an executive
position. You will report to Iain Robertson, Chief Executive, UK Bank and your
commencing  base salary will be £275,000.	
	 
	 	
As a Director you will participate in the Bank’s Senior Executive Bonus Scheme which provides for an annual bonus of up to 60% of salary for achievement of specified targets. Bonuses are
paid in January half in cash and half in the form of ordinary shares of The Royal Bank of Scotland Group which are held in an offshore Employee Share Trust for a period of 3 years.	
	 
	 	
In addition, we will compensate
you for the loss of your entitlement to your deferred bonus and in this respect
a payment of £350,000. This will be paid in two parts, £175,000 in
your  first month’s salary and £175,000 three months later.	
	 
	 	
All remuneration is paid monthly by crediting a bank account which is maintained with the Bank.	
	 
	
2.      		
Job Location	
	 
	 	
Your job will be based at Waterhouse Square in London but you could be required to work elsewhere in the London area and will be required to travel in the UK and abroad as necessary.	
	 
	
3.      		
Hours of Work	
	 
	 	
The standard working week is 35 hours with normal hours 9:00am to 5:00pm Monday to Friday with a break of one hour for lunch. You will not be paid overtime for additional hours
worked.	

	 	Registered in Scotland No 90312

Registered Office: 36 St. Andrew Square Edinburgh EH2 2YB

Regulated by IM RO, SFA and Personal Investment Authority

2

	
4.      		
Pension	
	 
	 	
Under UK Pensions legislation
your pensionable salary may not exceed the Pensions Cap figure, which is currently £84,000.
During your employment the Bank will make monthly contributions into  an Inland
Revenue approved personal pension scheme. These contributions will be equivalent
to a pro rata rate of £16,800 per annum, or such greater rate as may be
permitted by the relevant legislation from time to time.	
	 
	 	
Whilst the Bank is contributing to a personal pension, you will not be eligible to join the Bank’s Pension Scheme.	
	 
	
5.      		
Christmas Bonus	
	 
	 	
A cash payment equivalent to 21⁄2% of basic salary as at 31 October each year will be paid with November salaries to all members of staff who are in the employment of the Bank on 31 October
and who have a minimum of 12 months’ completed service at that date. A pro-rata payment is made to staff with less than 12 months’ completed service as at 1 November.	
	 
	
6.      		
Profit-Sharing - The Royal Bank of Scotland Group plc (the “Group”)	
	 
	 	
You will be entitled to benefit under the provisions of the Group’s Profit-Sharing Scheme which, profits providing, takes the form of an annual cash payment. Individual profit-sharing
payments are based on salary as at 30 September, paid on 25 January the following year. A pro-rata payment is made to staff with less than 12 months’ service based on 1/365th of the full payment for each day served to 30 September. Staff who
have completed one year’s service have the option of participating in a share distribution in place of the cash distribution if they wish.	
	 
	
7.      		
Executive Share Option Scheme	
	 
	 	
You will be eligible to participate, at the absolute discretion of the Board of Directors, in the Executive Share Option Scheme of the Group.	
	 
	
8.      		
Holidays	
	 
	 	
The holiday year runs from January to December and your annual holiday entitlement will be 30 working days plus statutory holidays. Salary is paid in full during normal holiday entitlement. Paid
statutory holidays are:-	
	 
	 	
New Year’s Day

Good Friday

Easter Monday

First Monday in May

Last Monday in May

Last Monday in August

Christmas Day

Boxing Day	
	 
	 	
If a Bank Holiday occurs during a period of annual leave one day’s holiday is allowed in lieu. If you leave the service of the Bank during the year your holiday entitlement for that year
will he pro rated to the time served. Bank holiday-s are excluded from that calculation.	

3

	
9.      		
Private Healthcare	
	 
	 	
You will be eligible to he included in the Bank’s Private Healthcare Scheme. This scheme will also cover your spouse.	
	 
	 	
The cost of membership is paid by the Bank. This is taxed through salary and is reviewed annually. Family cover can also be arranged for unmarried children under the age of 21 at an additional
cost.	
	 
	 	
A pack giving full details of the scheme is enclosed.	
	 
	
10.      		
Bank Car Scheme	
	 
	 	
You will be eligible to participate in the Bank’s Executive Car Scheme which allows you the use for business and private purposes the provision of which costs the Bank £695 per month.
Should you wish to do so you can contribute up to 25% more to the cost of the car. The Bank will meet the cost of insuring, licensing, servicing and any repairs in respect of the vehicle. In addition, the cost of petrol and oil used on Bank business
will be reimbursed. Further information can be obtained by contacting Leasecontracts on 01386 870884.	
	 
	
11.      		
Staff House Purchase	
	 
	 	
On the commencement of
your employment with the Bank you will qualify to participate in the Bank’s
Staff House Purchase Scheme which entitles you to borrow up to four times your
basic  salary. Repayment is on a capital and interest basis with interest charged
at a rate of 5% for borrowing up to £50,000. Thereafter, interest will be
charged at normal customer rates.	
	 
	
12.      		
Staff Borrowing/Accounts	
	 
	 	
Concessionary interest rates, currently 6%, are available for personal loans to purchase consumer durables and other similar items. Budget Account and Revolving Credit facilities are also
available. Staff do not pay Bank Charges in respect of their banking transactions.	
	 
	
13.      		
Termination	
	 
	 	
The period of notice which will require to be given by you to the Bank in the event of the termination by you of your employment will be six months.	
	 
	 	
The period of notice which will require to be given by the Bank in the event of termination by it of your employment in circumstances other than redundancy, early retirement or summary dismissal
will be 12 months.	
	 
	 	
The attached schedule sets out in detail your rights and entitlements including period of notice in the event of redundancy or early retirement and forms an express part of your contract of
employment. In the event of the termination of your employment as a result of “a change of control of the Group” you shall be entitled to receive compensation equal to two years base salary, which will reduce to 12 months salary after you
have completed 12 months service with the Bank.	
	 
	 	
For the purposes of this contract “a change of control of the Group” shall occur on the acquisition by a third party of voting control of the Group.	

4

	
14.      		
Death-in-Service	
	 
	 	
In the event of your death during employment, the Bank has in place insurance arrangements for a cash payment equivalent to four times your base salary. Any payment made by the Bank to any one or
more of your beneficiaries will be in such shares as the Bank in its discretion decides. This insurance cover will continue only as long as you remain a permanent employee of the Bank.	
	 
	
15.      		
Sickness Absence	
	 
	 	
If you are ill and require to take time off work you will need to complete a form certifying details of your illness on your return to work and if your illness lasts longer than seven calendar
days a medical certificate is required. Further details including details about Statutory Sick Pay are contained in the Employee Handbook.	
	 
	
16.      		
Grievance Procedure	
	 
	 	
If you have a grievance it should be intimated verbally or in writing to your Managing Director who shall make a finding which will be communicated to you. If you still have a grievance it should
be intimated verbally or in writing to the Chief Executive whose finding will be final.	
	 
	
17.      		
Disciplinary Procedure and Rules of Conduct	
	 
	 	
You will be bound by the rules and codes of conduct contained in the Employee Handbook. More specifically you are bound by the enclosed Staff Code of Conduct and to any future amendments which
the Bank may publish. Actions in contravention of the Code of Conduct may lead to dismissal from the Bank. The Disciplinary Procedure contained in the Employee Handbook applies to you and you will have the right of appeal to the Chief Executive
against disciplinary action.	
	 
	
18.      		
Declaration of Secrecy	
	 
	 	
You will be required to sign the enclosed Declaration of Secrecy which binds you not to divulge (other than to authorised recipients) ) any details of Bank technology, procedures, business,
customer affairs, finance, security arrangements or the layout of Bank premises.	
	 
	
19      		
Dealings in Investments	
	 
	 	
You will be subject to both the Bank’s and your Division’s Staff Dealing Rules which require you to get prior permission before you deal in most types of securities transactions and for
requests and authorisations to deal to be confirmed in writing on the appropriate Bank form. The Bank also operates a closed period during which you cannot deal in Group shares. Details of the Staff Dealing Rules are contained in the Conduct of
Accounts Manual. You will be provided with a copy of your Division’s rules once you commence work.	
	 
	
20.      		
Outside Business	
	 
	 	
You will require to get prior permission before accepting any other employment or office outside the Bank. It is confirmed that you may continue to serve as a Non-executive Director of Murray
Johnstone Split Capital Investment Trust. Any fees received by you as a result of this appointment will be surrendered to the Bank during your employment.	

5

	
21.      		
Statutory Particulars	
	 
	 	
The Bank is required by law to advise you that as of the date you commence employment there are no particulars to be entered in respect of the following matters:	
	 
	 	
(i)      		
collective agreements	
	 
	 	
(ii)      		
employment outside the UK for more than one month	
	 
	 	
(iii)      		
temporary employment or employment for a fixed term.	
	 
	
22.      		
Procedures Manuals	
	 
	 	
The Bank’s Procedures Manuals expand on and supplement this contract and are available at your workplace.	
	 
	
23.      		
Variation of Statement of Main Terms and Conditions of Employment	
	 
	 	
The Bank may, from time to time, vary your terms and conditions of employment.	
	 
	
24.      		
Medical	
	 
	 	
This offer of employment
is subject to the satisfactory outcome of a medical examination, Please arrange
a medical examination with the Bank’s doctor Dr F Solomon, Blossoms Inn
Medical  Centre, 21-26 Garlick Hill, London, EC4 2AU, Tel 0171 606 6150 and ask
for the report to be sent to me. Please complete the enclosed Pre-Employment
Medical Questionnaire and take it to the doctor when you visit.	
	 
	 25.      	 References 
	 	 
	  		This offer of employment is subject to us receiving two written references and two telephone/face-to-face references which are satisfactory to us. Please use the enclosed forms to provide details of the referees that we can approach. It is also the Bank’s policy to make Credit Status enquiries and the enclosed Supplementary Application Details form asks for your permission to do so. 

I shall be grateful if you will confirm your acceptance of this offer by signing and returning the enclosed copy of this letter together with your completed Declaration of Secrecy, Supplementary
Application Details and Reference forms. 

	
Yours sincerely
	
	 
	
/s/ Neil Roden
	
	 
	
Neil Roden
	
	
Director, Human Resources
	

I confirm acceptance of
the terms and conditions outlined in the above offer of employment.

	Signed	  /s/
        John Cameron	 	Date	  29/3/98	 
	 	
	 	 	
	 

Johnny Cameron

135 Bishopsgate 

London 

EC2M 3UR 

Dear

Following your appointment as Chief Executive, Corporate Banking & Financial Markets, I am pleased to confirm that the Remuneration Committee has approved the recommendation to increase your
total compensation in line with the increased scope and responsibilities of your role.

Base salary

With effect from 1 October 2001 your base salary will increase to £525,000.

Bonus opportunity

Your 2001 bonus opportunity will increase to 100% of salary with effect from 1 January 2002, effectively increasing your opportunity in monetary terms from £270,000 to £525,000.

In line with the normal timetable, your remuneration arrangements will be reviewed again in April 2002. 

I would like to wish you every success in your new role. 

 

Yours sincerelyEmployment Agreement

     

    EXHIBIT
      10.1

     

    EMPLOYMENT
      AGREEMENT

     

    EMPLOYMENT
      AGREEMENT made as of this 8th day of April, 2006, (“Employment Agreement” or
“Agreement”) by and between Javelin Pharmaceuticals, Inc. (“Javelin” or the
“Company”), with a place of business at 130 West 42nd
      Street,
      New York, NY 10036 and Stephen J. Tulipano (“Employee”) residing at 15 Barbara
      Road, Stoneham, MA 02180.

     

    The
      parties wish to enter into an Employment Agreement pursuant to which Employee
      will be employed by Javelin.

     

    NOW,
      THEREFORE, in consideration of the mutual covenants contained herein, the
      parties hereby agree as follows:

     

    1.   Employment. 
      Javelin agrees to employ Employee and Employee agrees to be employed by Javelin
      as its Chief Financial Officer commencing May 1, 2006 on the terms and
      conditions set forth herein.

     

    2.   Duties.
      As
      Chief Financial Officer of Javelin, Employee shall have such powers and perform
      such duties as are customary for such a position at a company comparable to
      Javelin, and as shall from time to time be assigned to him by the President,
      Chief Executive Officer, Chief Operating Office of Javelin and/or Javelin’s
      Board of Directors. Employee shall devote his full working time to the
      performance of his duties to the Company. Employee’s services will be rendered
      from Javelin’s offices in New York, New York and Cambridge, Massachusetts or
      wherever business travel requires his presence. Employee shall report to
      Javelin’s Chief Executive Officer.

     

    3.  
Term
      of Agreement and Termination. 
      The term of the Agreement shall be for two (2) years, unless earlier
      terminated:

     

    (a) 
 by
      either
      party within the first three (3) months of the term for any reason or no reason
      on written notice to the other;

     

    (b) 
 immediately
      upon the death of Employee;

     

    (c) 
 at
      the
      option of Javelin, immediately on notice, in the event of the inability of
      the
      Employee to perform his duties hereunder, whether by reason of injury, illness
      (physical or mental), or otherwise, for more than twelve (12) weeks in any
      period of fifty-two (52) consecutive weeks;

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    (d)   by
      Javelin, immediately, for cause. For purposes of this agreement, “cause” shall
      mean: (i) Employee’s breach of his duties to the Company under this Agreement,
      or any statute, regulation or common law; (ii) Employee’s failure or refusal,
      after notice thereof, to perform specific directives of the President, the
      Chief
      Executive Officer, the Chief Operating Officer or the Board of Directors of
      Company, when such directives are consistent with the scope and nature of
      Employee’s duties and responsibilities as Chief Financial Officer; (iii)
      dishonesty of the Employee affecting or relating to the Company; (iv)
      Drunkenness or use of drugs which interferes with the performance of Employee’s
      obligations under this Agreement (v) Employee’s conviction of a felony or of any
      crime involving moral turpitude, fraud or misrepresentation; or (vi) violation
      of Javelin’s Employee Proprietary Information and Inventions Agreement
      (Including Non-Competition and Arbitration); or (vii) Any gross or willful
      conduct of Employee, resulting in loss to the Company, damage to the Company’s
      reputation, or theft or defalcation from the Company.

     

    In
      the
      event, following the expiration of this agreement, that the Company continues
      the employment of Employee, whether upon the terms of this agreement or
      otherwise, such employment shall be “at will” and such action shall not create
      an employment for a definite term or period.

     

    4.   Compensation. 
      In consideration of the services to be rendered to Javelin under this Employment
      Agreement, Employee’s compensation shall be as follows: (i) a base salary at the
      rate of $200,000 per year, payable bi-monthly in accordance with Javelin’s usual
      payroll procedures; (ii) a hiring bonus of 150,000 options for Javelin stock
      that will vest in accordance with a fixed schedule approved by Javelin’s Board
      of Directors; (iii) a discretionary performance-based bonus for the 2006
      calendar year in the range of 0-49% of Employee’s base annual salary, with a
      target bonus of 30%, to be determined at the sole discretion of Javelin provided
      that Employee is still employed by Javelin on the date bonuses are paid; and
      (iv) the opportunity to participate in Javelin’s performance-based Employee
      Incentive Stock Option Plan.

    5.   Expenses.  
      Javelin will reimburse Employee for reasonable expenses incurred by Employee
      in
      the furtherance of Javelin’s business, including reasonable travel expenses. Air
      travel shall be at coach or lower fares. Employee shall provide Javelin
      appropriate receipts or

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    other
      evidence of the expenses incurred by Employee, and will be reimbursed against
      such receipts on a monthly basis.

     

    6.   Vacation
      and Benefits.

     

    (i) Employee
      shall be entitled to paid vacation equal to three weeks (15 business days)
      per
      year. Unused vacation days at the end of a calendar year will roll over to
      the
      following year or may be paid at the prorated base salary then in effect, at
      Javelin’s option;

    (ii) Employee
      will be eligible to participate in and obtain the health and dental benefits
      provided generally to Javelin’s executive employees; and

     

    7.   Employee
      Proprietary Information and Inventions Agreement (Including Non-Competition
      and
      Arbitration). 
      Employee, as a condition of his employment, and continuing employment by
      Javelin, shall execute and comply with Javelin’s Employee Proprietary
      Information and Inventions Agreement (Including Non-Competition and
      Arbitration).

     

    8.   Entire
      Agreement. 
      This Employment Agreement replaces all prior agreements, discussions and
      understanding between the parties and, together with the Employee Proprietary
      Information and Inventions Agreement (Including Non-Competition and Arbitration)
      referenced in the proceeding paragraph, contains the entire agreement with
      regard to the employment of Employee by Javelin.

     

    9.   Representations
      by Employee.  
      Employee represents and warrants that as of the date of this Employment
      Agreement and continuing thereafter during its term, Employee is not and will
      not be under any contractual or other obligation whatsoever to any third party
      or former employer which (i) conflicts with any provision of this Employment
      Agreement, (ii) limits or restricts the ability of Employee to enter into this
      Employment Agreement or, generally, to be employed by Javelin, or (iii) limits
      or restricts the ability of Employee to perform the duties and requirements
      of
      his position.

     

    10.  Notices. 
      Any notice or notices required by the terms of this Employment Agreement shall
      be in writing and shall be deemed given upon delivery to the other party if
      delivered by hand; twenty four hours after sending by facsimile or Express
      Mail
      or recognized national overnight delivery carrier; or five days after mailing
      which, if used, shall be by postage prepaid, registered mail, return receipt
      requested, to the respective parties as follows:

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              If
                to Javelin:

            	
              Javelin
                Pharmaceuticals, Inc.

              125
                Cambridge Park Drive

              Cambridge,
                MA 02140

              Fax
                No. (617) 349-4505

            
	 	 
	
              To
                the attention of: 

            	
              Daniel
                B. Carr, MD

            
	 	 
	
              With
                copy to:

            	
              Stephen
                E. Tisman, Esq.

            
	 	 
	 	
              Margolis
                & Tisman LLP

              280
                Madison Avenue

              New
                York, New York 10016

              Fax
                No.: (212) 686-1544

            
	 	 
	
              If
                to Employee:

            	
              Stephen
                J. Tulipano, CPA, MBA

              15
                Barbara Road

              Stoneham,
                MA 02180

              Fax
                No.: to be specified by Employee

            

    

    

    

    or
      to
      such other address or addresses, or fax numbers, as either party may designate
      in accordance with this paragraph.

     

    11.  Severability. 
      The invalidity of any provision or provisions of this Agreement shall not affect
      any of the other provisions of this Agreement which shall all remain in full
      force and effect. In addition, any such provisions deemed to be invalid shall
      be
      deemed amended so that such provisions survive to the fullest extent permitted
      by New York Law.

     

    12.  Assignment. 
      This Agreement, and Employee’s rights and obligations hereunder, may not be
      assigned by Employee. Javelin may assign its rights, but only together with
      its
      obligations, hereunder in connection with any sale, transfer or other
      disposition of all or substantially all of its business or assets. The
      obligations of Javelin hereunder shall be binding on its successors and assigns,
      including, but not limited to its successors and assigns whether by merger,
      consolidation or acquisition of all or substantially all of its business or
      assets.

     

    13.  Governing
      Law and Jurisdiction . 
      This Agreement shall be governed by, and construed in accordance with, the
      laws
      of the State of New York, without reference to its conflict of laws rules and
      the New York State Courts in New York County, and the United States District
      Court for the Southern District of New York, shall have exclusive jurisdiction
      over all disputes under or in connection with this Agreement and the parties
      agree that venue shall rest exclusively in those courts.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    14.  Headings. 
      The paragraph headings contained in this Agreement are for reference purposes
      only and shall not affect the meaning or interpretation of this Employment
      Agreement 

     

    

      
        	
                JAVELIN
                  PHARMACEUTICALS, INC.

                 

              	 	 
	
                By:

              	
                /s/Daniel
                  B. Carr

              	 	
                /s/Stephen
                  J. Tulipano

              
	 	
                Daniel
                  B. Carr, MD

              	 	
                Stephen
                  J. Tulipano, CPA, MBA

                 

              
	 	
                April
                  8, 2006

              	 	
                April
                  8, 2006

              
	 	
                date

              	 	
                date

              

      

    

     

     

    
      
        
        

      

      
        5

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