Document:

Exhibit 10.1

EXHIBIT H
Employment Agreement

This Employment Agreement (“Agreement”) is made as of the effective date set forth below by and between Parametric Technology Corporation (the “Company”), 140 Kendrick Street, Needham, MA 02494 and Martha Durcan (the “Employee”). 
Background
Whereas, the Employee holds a senior level management position with the Company;
Whereas, the Company desires to provide an incentive for the Employee to remain with the Company by providing certain benefits in the event that there should be a termination of the Employee's employment without cause or in connection with a change in control of the Company;
Now, therefore, the Company and the Employee agree as follows:
1.    Definitions
“Cause” shall mean termination of the Employee's employment due to (A) the Employee's willful and continued failure to substantially perform Employee's duties with the Company (other than any such failure resulting from Employee's incapacity due to physical or mental illness), provided that the Company has delivered a written demand for performance to the Employee specifically identifying the manner in which the Company believes that the Employee has not substantially performed her duties and the Employee does not cure such failure within thirty (30) days following such written demand, or (B) the Employee's willful engagement in conduct that is demonstrably and materially injurious to the Company.  For purposes of this definition, no act or failure to act on the Employee's part shall be deemed to be “willful” unless done or omitted to be done by the Employee not in good faith and without reasonable belief that her action or omission was in the best interests of the Company.

“Change in Control” shall mean the occurrence of any of the following events: 
        
		
	(i)
	any person (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock in the Company) is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company's then outstanding securities (other than as a result of acquisitions of such securities from the Company);

		
	(ii)
	individuals who, as of the date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the date hereof whose election, or nomination for election by the Company's stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (other than an election or nomination of an individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election of the directors of the Company) shall be, for purposes of this Agreement, considered to be a member of the Incumbent Board; 

		
	(iii)
	the consummation of a merger, share exchange or consolidation of the Company or any subsidiary of the Company with any other corporation (each, a “Business Combination”), other than (i) a Business Combination that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of another entity) beneficial ownership, directly or indirectly, of a majority of the combined voting power of the Company or the surviving entity (including any person that, as a result of such transaction, owns all or substantially all of the Company's assets either directly or through one or more subsidiaries) outstanding immediately after such Business Combination or (ii) a merger, share exchange or consolidation effected to implement a recapitalization of the Company (or similar transaction) following which no person is or becomes the beneficial owner of 50% or more of the combined voting power of the Company's then outstanding securities; or

		
	(iv)
	the stockholders of the Company approve (A) a plan of complete liquidation of the Company or (B) an agreement for the sale or disposition by the Company of all or substantially all of the Company's assets but excluding a sale or spin-off of a product line, business unit or line of business of the Company if the remaining business is significant; 

and, for purposes of this definition of “Change in Control,” “person” shall have the same meaning as when used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, and “beneficial owner” shall have the same meaning as when used in Rule 13d-3 under that Act.

“Change in Control Termination” shall mean:  (A) termination of the Employee's employment by the Company other than for Cause or as a result of Employee's disability during the period from the date of a Change in Control through the first anniversary thereof, and (B) resignation by the Employee due to a Change of Status during the period from the date of a Change in Control through the first anniversary thereof.

“Change of Status” shall mean the occurrence, without the Employee's written consent, of any of the following circumstances (provided that the Employee shall have given the Company written notice describing such event or circumstance within ninety (90) days of its initial existence and the matter shall not have been fully remedied by the Company within thirty (30) days after receipt of such notice): (i) any reduction in annual base salary and target incentives, including target bonus and/or target commissions, in the aggregate by more than ten percent (other than as part of a plan applicable to employees generally); (ii) any reduction in employee benefits (other than as part of a plan applicable to employees generally); (iii) any reassignment of the Employee to a position that involves a materially different area of substantive expertise; (iv) the failure by the Company to pay to the Employee any portion of his or her compensation within ninety (90) days after such compensation is due; or (v) the Company's requiring the Employee to relocate to and work from a Company office , that is more than thirty-five (35) miles from the Employee's then principal work location (which principal work location may be a home office if the Employee works primarily from a home office at the time of the Change in Control), except for required travel on the Company's business to an extent substantially consistent with Employee's business travel obligations immediately before the date of the Change in Control.

		
	1.
	Termination of Employment

If the Company terminates Employee's employment without Cause, other than a termination constituting a Change in Control Termination or as a result of Employee's disability, the Company shall pay to the Employee separation pay in an amount equal to (i) nine (9) months of the Employee's base salary and (ii) a COBRA Allowance in the amount and in the manner described in Section 4(c) below, provided that the Employee executes and delivers to the Company a Separation Agreement and General Release in a form substantially in the form attached hereto as Exhibit A within thirty (30) days of the last day of Employee's employment.  The Company shall pay the separation pay to the Employee in one lump sum on or before the later of (i) thirty (30) days following termination of the Employee's employment and (ii) the expiration of any revocation period with respect to the Separation Agreement and General Release.    
		
	2.
	Effect of Change in Control on Certain Compensation

Effective upon a Change in Control that occurs during the Employee's employment:
(a)the Employee shall be entitled to payment of a pro-rata portion of any quarterly or annual cash incentive award for which the Employee is eligible for the fiscal year in which the Change in Control occurs, excluding sales commission plans (“Cash Incentive”), based on the Employee's target Cash Incentive for such period and the percentage of the period completed through the date of the Change in Control, for the purposes of which any performance criteria applicable to such award shall be deemed to have been met in full, which payment shall be made in one lump sum within thirty (30) days of the date of the Change in Control and from which any payments previously made with respect to such Cash Incentive shall be deducted; and
(b)    unless otherwise accelerated by the terms of or in connection with the Change in Control, the vesting schedule applicable to any equity awards granted to the Employee as an incentive bonus under the Company's Management Incentive Plan or under similar short-term incentive plans (collectively, “Bonus Equity”) shall be amended automatically so that a pro-rata portion of any such Bonus Equity equal to the percentage of the respective fiscal year completed through the date of the Change in Control shall thereupon be vested and subject to no further restrictions, and the portion not so vested shall thereupon automatically be cancelled and forfeited to the Company.    
		
	3.
	Change in Control Termination Benefits 

If there shall be a Change in Control Termination, the following subsections (a), (b) and (c) shall apply: 
		
	(a)
	Equity Acceleration

Unless otherwise accelerated by the terms of or in connection with the Change in Control or the terms of any agreement governing such equity specifically,
(i)all outstanding stock options, stock appreciation rights, restricted stock units and other equity awards issued under any stock or equity incentive plan of the Company and held by the Employee shall immediately 

become vested and exercisable in full; and
(ii)all restrictions applicable to restricted stock issued under any stock or equity incentive plan of the Company and held by the Employee shall immediately lapse.
(b)    Separation Pay
The Company shall pay to the Employee separation pay in an amount equal to nine (9) months of the higher of the Employee's base salary in effect at the time of the Change in Control or in effect at the time of the Change in Control Termination, provided that the Employee executes and delivers to the Company a Separation Agreement and General Release in a form substantially in the form attached hereto as Exhibit A within thirty (30) days of the Change in Control Termination.  The Company shall pay the separation pay to the Employee in one lump sum on or before the later of (i) thirty (30) days following termination of the Employee's employment and (ii) the expiration of any revocation period with respect to the Separation Agreement and General Release.  Payment under this Section 4(b) shall be exclusive of payment under Section 2.
(c)    Benefits
The Company shall pay a COBRA Allowance covering nine (9) months of COBRA premiums for employees under the age of 60 at the date of the Change in Control Termination and eighteen (18) months of COBRA premiums for employees who are age 60 or older at the date of the Change in Control Termination, in each case covering premiums for eligible medical, dental and vision benefit plans in which the Employee participates as of the date of the Change in Control Termination, provided that the Employee executes and delivers to the Company the Separation Agreement and General Release within thirty (30) days of the date of the Change in Control Termination.  For the purposes hereof, “COBRA Allowance” means an amount which, after applicable tax and FICA withholdings, equals the monthly premium to maintain the Employee's coverage under the applicable benefit plan, calculated using the premium in effect immediately prior to the date of the Change in Control Termination.  The Company shall pay the COBRA Allowance in one lump sum on or before the later of (i) thirty (30) days following termination of the Employee's employment and (ii) the expiration of any revocation period with respect to the Separation Agreement and General Release.
5.    Certain Payments to Specified Employees
Notwithstanding anything to the contrary in this Agreement, if the Employee is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the U.S. Internal Revenue Code of 1986 (the “Code”) at the time of the Employee's separation from service with the Company, no payment or benefit payable or provided to the Employee pursuant to this Agreement that constitutes an item of deferred compensation under Code Section 409A and becomes payable by reason of the Employee's termination of employment with the Company will be paid or provided to the Employee prior to the earlier of (i) the expiration of the six (6) month period following the date of the Employee's “separation from service” (as such term is defined by Code Section 409A and the regulations promulgated thereunder), or (ii) the date of the Employee's death, but only to the extent such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). The payments and benefits to which the Employee would otherwise be entitled during the first six (6) months following her separation from service shall be accumulated and paid or provided, as applicable, in a lump sum, on the date that is six (6) months and one day following the Employee's separation from service (or if such date does not fall on a business day of the Company, the next following business day) and any remaining payments or benefits will be paid in accordance with the normal payment dates specified for them herein.
6.    No Change in Employment Status
Subject only to the provisions of Sections 2, 3 and 4 above, Employee's employment is and shall continue to be at-will, as defined under applicable law, and may be terminated by either party for any reason and at any time during the term of this Agreement or thereafter.
7.    Term
This Agreement shall commence on the Effective Date set forth below and continue in effect until the earlier of (a) termination of the Employee's employment for any reason, whether by the Company with or without cause, or by the Employee due to resignation or otherwise, in each case provided that a Change in Control shall not have occurred at the time of such termination; and (b) September 30, 2012.  Unless earlier terminated, this Agreement shall automatically renew on September 30, 2012 and annually thereafter for additional twelve-month terms unless either party provides written notice to the other party of non-renewal at least ninety (90) days prior to the expiration of the then current term.  If a Change in Control occurs while this Agreement is in effect, the term of this Agreement shall automatically be extended to the one year anniversary of the Change in Control.  Except as otherwise expressly set forth in this Agreement, upon the termination of this Agreement, the respective rights and obligations of the parties shall survive to the extent necessary to carry out the intentions of the parties as embodied herein.

8.    Choice of Law

This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, except any such laws that would render such choice of law ineffective.

Effective as of 10 November, 2011.

Parametric Technology Corporation    EMPLOYEE
        

By:      /s/ Barry Cohen                    Signature:    /s/ Martha Durcan    
Title:    EVP, Strategy                    Print Name:    Martha DurcanExhibit 10.1

CONFIDENTIAL

 

 

 

 

BINDING TERM SHEET

FOR ACQUISITION OF CERTAIN NITROMISTTM
ASSETS

OF NOVADEL PHARMA, INC.

BY APRICUS BIOSCIENCES, INC

(“TERM SHEET”)

February 2, 2012

 

	1.  Parties	
        (a)
        Apricus Biosciences, Inc., a Nevada corporation  with its principal
        address at 11975 El Camino Real, Suite 300 San Diego, CA 92130(“Buyer”);
        and

         

        (b)  NovaDel Pharma, Inc., a Delaware
        corporation with its principal address at 1200 Route 22 East, Suite 2000, Bridgewater, NJ  08807 (“Seller”).

         

	
        2. Acquisition of Certain Assets

         
	
        (a) Seller currently owns or controls (i) the
        Intellectual Property Rights and Commercialization Rights to the Product in the Territory, (ii) the
        Patents, Patent Applications, Trademarks and Trademark Applications (the “Assets”) and (iii) the Non-Territory
        Regulatory Filings. All defined terms shall have the meaning as defined below.

         

        (b) Seller hereby agrees to sell and Buyer
        hereby agrees to purchase the Assets free and clear of all liens and encumbrances of any kind whatsoever,
        and Seller hereby agrees to grant Buyer a royalty-free, exclusive, perpetual license to the Intellectual Property Rights and Commercialization
        Rights to the Product in the Territory, for the Purchase Price as described below (the “Transaction”).

         

        Buyer
          shall agree to not distribute the Product outside the Territory and
          will require that any subdistibutors of the Product in the Territory
          not distribute the Product outside of the Territory. If Buyer discovers
          any Product sold by any subdistributor outside of the Territory, Buyer
          will require that subdistributor to promptly cease such sales.

         

        (c) The following definitions shall be used
        in this Term Sheet:

         

        (i) The “Product”
        shall mean nitroglycerin sublingual spray (NitroMistTM).

         

        (ii) “Intellectual
        Property Rights” shall mean all intellectual property rights (other than the Patents, Patent Applications, Trademarks
        and Trademark Applications) owned or controlled by Seller including trade secrets, know-how, copyrights and domain names relating
        to the Product in the Territory and necessary for Buyer to sell the Product in the Territory.

         

         

        

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      (iii) “Patents”
        and “Patent Applications” shall mean those patent
        and patent applications owned or controlled by Seller relating to the
        Product in the Territory as listed in Appendix A attached hereto.

       

      (iv) “Trademark”
        and “Trademark Applications” shall mean those trademark
        and trademark applications owned or controlled by Seller relating to
        the Product in the Territory as listed in Appendix B attached hereto.

       

      (v) “Commercialization
          Rights” shall mean all rights (other than the Intellectual
          Property Rights, Patents, Patent Applications, Trademarks and Trademark
          Applications) owned or controlled by the Seller (including the right
          to manufacture, have manufactured, use, offer to sell, sell, import
          and export including all regulatory filings, inventory, marketing materials,
          contracts, manufacturing agreements and all other rights) to commercialize
          the Product in the Territory.

       

      (vi) “Territory”
        shall mean all countries, territories and
        possessions of the world outside of the United States and its possessions,
        territories and commonwealths, Canada and Mexico. 

       

	3.
          Access to Regulatory Filings

         
	Seller
        shall provide Buyer promptly after the Closing as defined below with
        (i) a copy of the Product’s US New Drug Application NDA #21-780
        (“NDA”), (ii) a letter of current pricing in the US
        and, (iii) any other regulatory filings in countries outside of the Territory
        that are in Seller’s possession on or prior to Closing, if any
        ((i) and (iii) together, shall be referred to as the “Non-Territory
        Regulatory Filings”).

         

	4.
          Product Manufacturing

         
	Akrimax
        currently uses the following manufacturer to manufacture the Product
        outside of the Territory: DPT Laboratories Inc., 5303 Distribution Drive,
        San Antonio, TX  78218.

         

      Seller
        shall use commercially reasonable efforts to assist Buyer to obtain a
        manufacturing and supply agreement with DPT for the manufacture of the
        Product for sale in the Territory.

       

	5.
          Product Marketing Materials

         
	Seller
        shall provide Buyer with copies of all current marketing materials in
        Seller’s possession on or prior to Closing that are used for the
        Product in each country in the world where it is currently sold as requested
        by Buyer. Certain of Seller’s officers and employees shall also
        be made available to Buyer on a reasonable basis at no cost for a period
        of at least 4 weeks after Closing to discuss the marketing efforts of
        Seller for the Product in the Territory and to facilitate the transfer
        of the Assets.

         

 

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CONFIDENTIAL

 

 

	6.  Purchase
      Price	Buyer
      shall pay $200,000 in cash (the “Purchase Price”) for
      the Assets at the Closing.
	7.  No
      Impairment of Assets	After
        the date of this Term Sheet, and until the earlier of (i) this Term Sheet
        either terminates or is replaced by a definitive asset purchase and license
        agreement (the “Definitive Agreement”) or (ii) February
        10, 2012, the Seller shall continue to maintain the Assets in the ordinary
        course according to its past customary commercial practices and shall
        not encumber, sell, license or otherwise dispose of any of the Assets
        in any manner whatsoever.

         

	8.
          Tax Treatment

         
	It
        is expected that the Transaction will constitute an asset sale for U.S.
        Federal income tax purposes.

         

	9.
          Board Approval of Seller

         
	The
        Transaction shall be approved by the Board of Directors of Seller. Seller
        shall not be required to obtain approval from its stockholders for the
        Transaction.

         

	10.  Representations,
      Warranties, Indemnities and Other Provisions	In
        the Definitive Agreement, Seller will make customary representations
        and warranties (which would survive the Closing for a customary period
        of time) and will provide customary indemnities relating to the Product
        in the Territory. The Definitive Agreement will also contain customary
        covenants, indemnifications, closing conditions and other provisions.

         

	11.  Due
      Diligence/Access	Buyer
        shall use reasonable commercial efforts to conduct due diligence in a
        timely manner.

         

      Seller
        shall afford Buyer full and free access to the books and records of Seller
        relating to the Assets and the Non-Territory Regulatory Filings.

       

	12.  Consents	The
        parties agree to cooperate with each other and proceed, as promptly as
        is reasonably practicable, to prepare and file, if necessary, any notifications
        required by any governmental or private entity and to seek to obtain
        all necessary consents and approvals from lenders, landlords, government
        entities and any other thirty party whose consent to the Transaction
        might be required, and to endeavor to comply with all other legal or
        contractual requirements for, or preconditions to, the execution and
        consummation of the Definitive Agreement and the Closing.

         

	13.  Confidentiality	The
        parties have entered into a Confidential Disclosure Agreement, dated
        March 29, 2011 (“CDA”). In addition to the terms of
        the CDA, the parties agree to keep confidential the existence, status
        and terms of their negotiations and agreements regarding the Transaction
        except

         

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	 	as otherwise required by law.  Upon the signing of the Definitive Agreement, the parties would make a joint public announcement concerning the Transaction.
	14.  Simultaneous Signing and Closing	
        The parties shall use their reasonable commercial
        efforts, subject to the terms and conditions contained herein to execute the Definitive Agreement and close the Transaction by
        February 9, 2012 (the “Closing”).

         

        If a Definitive Agreement is not signed and
        concluded by February 9, 2012, then the terms and conditions of this binding Term Sheet shall govern the acquisition of the Assets
        by Buyer and this Transaction shall close pursuant to the terms of this Term Sheet as of February 10, 2012 or by another date mutually
        agreed upon by the parties hereto.

         

	15.  Governing Law/Venue	
        This Term Sheet shall be governed by the law
        of the State of California, except for its conflicts of law provisions. All disputes hereunder shall be adjudicated by the applicable
        state and federal courts in San Diego County, California.

         

	16.  Binding Term Sheet	
        This Term Sheet represents a binding obligation
        of both parties hereto.

         

	
        17. Transaction Expenses

         
	
        Each party will be responsible for their own
        business, legal and regulatory counsels and other expenses in consummating the Transaction.

         

	18.  Definitive Agreement	The Definitive Agreement shall contain additional customary terms and conditions for asset purchase and license agreements as agreed by the parties. Upon execution, the Definitive Agreement shall supersede this Term Sheet and the parties shall thereafter have no further rights or obligations hereunder. 

 

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CONFIDENTIAL

 

 

Unless signed, this Term
Sheet will expire on February 2, 2012. If the terms and conditions described above are acceptable to Seller and Buyer, please so
indicate by your signatures below.

 

APRICUS BIOSCIENCES, INC

 

 

By:  /s/ Bassam Damaj_____________________________

      Name: Bassam Damaj, Ph.D.

      Title: President and Chief Executive Officer

      Date: February 2, 2012

 

 

Agreed and Accepted:

 

NOVADEL PHARMA, INC.

 

 

By: /s/ Steven B. Ratoff_____________________________

      Name: Steven B. Ratoff

      Title: Chief Executive Officer

      Date: February 2, 2012

 

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