Document:

exv10w2

Exhibit 10.2

IMARX THERAPEUTICS, INC.

SEPARATION AND RELEASE OF CLAIMS AGREEMENT

     This Separation and Release of Claims Agreement (“Agreement”) documents the agreement between
you, Greg Cobb and ImaRx Therapeutics, Inc. (“IMARX”) concerning the termination of your status as
an employee of IMARX

RECITALS

     Your employment with IMARX will be terminated as of June 11, 2008.

     You have previously entered an Executive Employment Agreement with the Company that entitles
you to certain benefits in the event of the termination of your employment under certain enumerated
circumstances (the “Employment Agreement”). In connection with the termination of your employment,
pursuant to the terms of the Employment Agreement you are entitled to the severance benefits set
forth in this Agreement.

     You have also entered into an Indemnification Agreement, with the Company dated July 12, 2007
under which the Company has agreed to indemnify you in certain circumstances as described in said
agreement (the “Indemnification Agreement”).

AGREEMENT

     NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements set forth
herein, the parties mutually agree as follows:

     1. Effective Date. This Agreement is effective on the eighth (8th) day
following your signing this Agreement, provided that you do not revoke your execution of this
Agreement as provided in Paragraph 12 below.

     2. Severance Benefits. In reliance on the releases and agreements set forth in this
Agreement and your execution of the Consulting Agreement between you and the Company effective June
12, 2008, you are entitled to the following severance benefits in connection with your separation
from employment with the Company effective June 10, 2008 (the “Separation Date”).

          (a) You will receive severance pay equal to six (6) months of your annual base salary as in
effect on your Separation Date, payable in one lump sum payment in the gross amount of $112,500
from which normal payroll withholdings will be made. Payment will be made to you promptly
following the date this Agreement becomes effective pursuant to the terms of Paragraph 12.

          (b) If you are eligible for COBRA coverage and elect to receive COBRA benefits, IMARX will pay
for your COBRA coverage including medical, dental and vision insurance, for six (6) calendar months
beginning July 1, 2008 through December 31, 2008. Thereafter, if you choose to do so, you may
continue COBRA coverage by paying the entire premium for the remaining period of your COBRA
eligibility.

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          (c) Stock Options. You will receive accelerated vesting for twelve (12) months for all
non-vested stock options granted by the Company to you prior to your Separation Date, and an
extension of the option exercise period for an additional twelve (12) months beyond the period
set forth in the governing option documents for such exercise.

     3. Consideration Period. You may take up to 45 days to consider and sign this
Agreement or you may sign it prior to the end of the 45 day period if you choose to do so. You
acknowledge that you have been given forty-five (45) days after receipt of this Agreement in which
to consider and consult with an attorney regarding this Agreement and sign it. You acknowledge
that you have had an adequate amount of time in which to consult with any person of your choice
about this Agreement prior to signing it.

     4. Release by Employee. As a material inducement to IMARX to enter into this
Agreement and in consideration for the payment of the amount set forth in this Agreement, you, for
yourself and for all persons claiming by, through, or under you, hereby absolutely, irrevocably,
completely and unconditionally release and discharge IMARX and any of IMARX’s subsidiaries,
affiliates, successors, assigns, agents, directors, officers, employees, representatives, attorneys
and all persons acting by, through, under or in concert with any of them (“Releasees”) of and from
any and all claims, demands, charges, grievances, damages, debts, liabilities, accounts, costs,
attorney’s fees, expenses, liens, future rights, and causes of action of every kind and nature
whatsoever based on or in any way arising out of events or omissions occurring prior to the
effective date of this Agreement (“Claims”). The Claims from which you are releasing Releasees
herein include, without limitation, breach of implied or express contract, including contract of
employment, breach of implied covenant of good faith and fair dealing, libel, slander, tort,
wrongful discharge or termination of employment, infliction of emotional distress, employment
discrimination and any other claims under the Age Discrimination in Employment Act, the Older
Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, the Fair Labor Standards
Act, the Americans With Disabilities Act, all Arizona Antidiscrimation Laws, including but not
limited to the Arizona Civil Rights Act, the Worker Adjustment and Retraining Notification Act
(WARN Act), the Employee Retirement Income Security Act (ERISA), and all other laws prohibiting
age, race, religion, sex, sexual orientation, national origin, color, disability and other forms of
employment discrimination, claims growing out of any legal restrictions on IMARX’s right to
terminate its employees, and all other claims arising in any way out of your employment
relationship with IMARX or the termination of that relationship as part of this workforce
reduction, whether now known or unknown, suspected or unsuspected, including future rights, based
upon or in any way arising out of events or omissions occurring prior to the effective date of this
Agreement. You specifically waive any and all claims for back pay, front pay, or any other form of
compensation, except as set forth herein.

     You hereby waive any right to recover damages, costs, attorneys’ fees, and any other relief in
any proceeding or action brought against IMARX by any other party, including without limitation the
Equal Employment Opportunity Commission, the Arizona Civil Rights Division, the Industrial
Commission of Arizona, the United States Department of Labor, or any other administrative agency
asserting any claim, charge, demand, grievance, or cause of action related to your employment
relationship with IMARX or the termination of that relationship.

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     You are not waiving any rights you have to be paid any compensation you are owed through your
last day of employment, including any accumulated PTO you are owed, should you be owed any upon
termination. You are not waiving your rights, if any, to unemployment insurance benefits. You
also are not waiving your rights to any worker’s compensation benefits you may be receiving.

     Notwithstanding anything herein to the contrary, you are not waiving any rights to
indemnification you may have under the terms of the Indemnification Agreement and the terms of such
agreement remain in full force and effect.

     5. Representations Regarding Claims. You represent that you have not previously
assigned or transferred, or attempted to assign or transfer, to any third party, any of the Claims
waived and released herein.

     6. Full Consideration. You acknowledge that the severance benefits provided to you
pursuant to this Agreement are in full satisfaction of the sums or payments to which you are
entitled pursuant to the Employment Agreement.

     7. Confidential Information and Company Property. You are reminded of the terms of
the Employee Agreement Concerning Invention Assignment, Non-Disclosure and Non-Competition, which
you signed as part of the terms of your employment with the Company, and the non-solicitation and
non-competition provisions of your Employment Agreement, all of which continue in effect after the
termination of your employment. Under those agreements, you are required to protect and not
disclose any information regarding IMARX’s proprietary intellectual property, its financial
condition, terms of its business relations, and all other Trade Secrets and Confidential
Information as defined in those agreements. Anything you produced as an employee for IMARX is the
property of IMARX. You are obligated to leave with or return to IMARX any such documents whether
tangible property or in electronic form belonging to IMARX including, but not limited to, documents
or tangible property which may contain or reflect confidential information or trade secrets of
IMARX. Such confidential information and trade secrets may include scientific data, proprietary
ideas, financial information, knowledge of specific business dealings or practices, employee
information obtained while performing your duties, or other matters which IMARX attempts to
maintain as confidential in the course of its business. By signing this Agreement, you certify
that you have returned all property of IMARX or will do so upon your termination of employment.

     8. Entire Agreement. This Agreement, the Employment Agreement, the Indemnification
Agreement and the Employee Agreement Concerning Invention Assignment, Non-Disclosure and
Non-Competition that you signed, together contain the entire agreement and understanding of IMARX
and you concerning the termination of your employment pursuant to a pending workforce reduction,
your continuing obligations to IMARX following such termination and any severance benefits you are
to receive if you choose to timely sign this Agreement. You acknowledge that IMARX has not made
any representations whatsoever not contained in this Agreement to induce you to execute this
Agreement and you are not relying on any such representations in signing this Agreement.

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     9. Governing Law. This Agreement will be construed, enforced and governed in all
respects by the laws of the State of Arizona and applicable federal law. Any legal action
regarding this Agreement may be initiated or maintained only in a state or federal court in
Arizona.

     10. Provisions Severable. The provisions of this Agreement are severable. Should any
provision of this Agreement be void, voidable, or unenforceable under any applicable law, such
provision will not affect or invalidate any other provision of this Agreement.

     11. Employee Acknowledgement. You acknowledge that you have read this Agreement
carefully and fully understand this Agreement. You acknowledge that you have executed this
Agreement voluntarily and that you are knowingly and voluntarily releasing and waiving all Claims
you may have against IMARX as provided under paragraph 4 above Release by Employee. You
acknowledge that IMARX has advised you to consult with an attorney of your choice prior to signing
this Agreement.

     12. Revocation Period. You have seven (7) days after the date on which you sign this
Agreement to revoke this Agreement by providing written notice (by fax, mail, or hand delivery) of
your revocation to:

Brad Zakes, President & CEO

1730 E. River Rd., Ste. 200

Tucson, AZ 85718

     Your revocation, to be effective, must be received by the above-named person by the end of the
seventh day after you sign this Agreement. This Agreement becomes effective on the eighth day
after you sign this Agreement, providing that you have not revoked this Agreement as provided
above.

	 	 	 	 	 	 	 	 	 	 	 
	IMARX THERAPEUTICS, INC.	 	 	 	GREG COBB	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/ Bradford Zakes 	 	 	 	/s/ Greg Cobb 	 	 
	 	 	 	 	 	 	 	 	 
	Its:
	 	President & CEO 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	Date:

	 	June 11, 2008 	 	 	 	Date:	 	June 11, 2008 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

4exv10w3

Exhibit 10.3

			
	 	 	 
	 
	 	IMARX THERAPEUTICS, INC.     
	 
	 	CONFIDENTIAL     

	 	 	 
	Consultant:

	 	Company’s Representative:
	          Greg Cobb

	 	     Bradford Zakes, President & CEO
	 

	 	     ImaRx Therapeutics, Inc.
	Social Security Number or Employer I.D. #:

	 	     1730 E. River Rd., Ste. 200
	 

	 	     Tucson, AZ 85718
	 
	 	 

CONSULTANT SERVICES AGREEMENT

Effective Date: June 12, 2008

This Consultant Services Agreement (hereinafter “Agreement”) is entered into by the
above-referenced party (hereinafter “Consultant”) whose address is as shown above, and IMARX
THERAPEUTICS, INC., a Delaware corporation (hereinafter the “Company”). Consultant and the Company
are collectively designated herein as the “Parties” and the term “Party” shall mean either one of
the Parties as the text may require.

The “Effective Date” of this Agreement is as shown above.

WHEREAS, Company requires a party such as Consultant to perform services as defined in Exhibit “A”
hereto (the “Services”);

WHEREAS, Consultant represents that it is qualified to perform said Services and desires to perform
said Services for and on behalf of the Company on the terms and conditions set forth herein;

NOW THEREFORE, for and in consideration of the foregoing and the promises, covenants, terms,
conditions, and obligations hereinafter set forth, the Parties agree as follows:

	I.	 	REPRESENTATIVE AND NOTICE. The Company’s Representative for the purposes of this
Agreement shall be as shown above. All notices from Consultant to the Company shall be
directed to the attention of the Company Representative at the Company’s address shown above.
	 
	II.	 	SCOPE OF SERVICES. The Services to be performed by Consultant
pursuant to the terms and conditions of this Agreement shall
include, but are not limited to, the work, activities and services
set forth in Exhibit “A,” which Exhibit may be amended from
time-to-time by written agreement of the Parties hereto.
	 
	III.	 	ASSIGNMENT AND DELEGATION. The Parties agree that the Services as
defined herein are unique personal services that are to be performed
only by Consultant.
	 
	IV.	 	COMPENSATION AND EXPENSES. Compensation for Services shall be as
set forth in Exhibit “B,” which Exhibit may be amended from
time-to-time by written agreement of the Parties hereto.
	 
	V.	 	DURATION OF SERVICES.

	 	1.	 	Consultant shall perform Services for the benefit of the Company from time to
time or for such other period as shall be stated on Exhibit “A” hereto.

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	 	IMARX THERAPEUTICS, INC.     
	 
	 	CONFIDENTIAL     

	 	2.	 	The Parties, by their mutual written consent, may extend the period for
performing Services under this Agreement.
	 
	 	3.	 	Unless otherwise provided for in the terms of any Exhibit attached hereto,
either Party may terminate Consultant’s performance of Services by giving thirty (30)
days advance written notice to the other Party.
	 
	 	4.	 	The Company’s obligations under Section IV. COMPENSATION AND EXPENSES
shall terminate upon expiration of the period stated in Exhibit A or upon termination
by either Party of Consultant’s performance of the Services as provided in this Section
V.
	 
	 	5.	 	Except for Consultant’s obligation to perform Services, Consultant’s and
Company’s obligations under sections III, X, XI, XII, and XIII shall survive expiration
and/or termination of Consultant’s performance of Services.

	VI.	 	COMPLIANCE WITH STATE AND FEDERAL LAWS. Consultant shall comply
with all requirements of any applicable federal, national, state,
or local law, rule or regulation. Consultant represents that it
has all licenses or other authorizations required to enable it to
perform Services hereunder in the jurisdiction where the Services
are to be performed.
	 
	VII.	 	INDEPENDENT CONTRACTOR. Consultant is and shall be in the
performance of Services hereunder an independent contractor.
	 
	VIII.	 	PROFESSIONAL RESPONSIBILITY.

	 	1.	 	Consultant agrees to provide, in connection with performance of all Services
under this Agreement, the standards of care, skill, and diligence normally provided by
competent professionals in the performance of services similar to that contemplated by
this Agreement.
	 
	 	2.	 	Consultant represents that it has no conflicts of interest in rendering
professional services to the Company.
	 
	 	3.	 	Consultant hereby certifies that he/she has not been debarred under Section
306(a) or Section 306(b) of the Federal Food, Drug and Cosmetic Act in connection with
the Services to be performed for Company. If at any time after execution of this
Agreement, Consultant is, or is in the process of being debarred, or is on any of the
three (3) FDA restricted lists (Disqualified/Totally Restricted List for Clinical
Investigators, Restricted List for Clinical Investigators, Adequate Assurances List for
Clinical Investigators), Consultant hereby certifies that it will notify Company at
once.
	 
	 	4.	 	Consultant further certifies that within five (5) years preceding the Effective
Date, Consultant has not been convicted of any offense required to be listed under
Section 306(k)(2) of the Federal Food, Drug and Cosmetic Act.

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	 	IMARX THERAPEUTICS, INC.     
	 
	 	CONFIDENTIAL     

	IX.		DEFINITION OF “CONFIDENTIAL INFORMATION” AND “INTELLECTUAL PROPERTY.”

	 	1.	 	“Confidential Information” shall mean:

	 	(a)	 	any and all Intellectual Property or information
whether business, financial, technical or otherwise, of any type
whatsoever, in any form whatsoever, which is (i) proprietary to the
Company; or (ii) submitted or disclosed to the Company by a third
party.
	 
	 	(b)	 	Confidential Information (whether or not reduced to writing and
in any and all stages of development) includes, but is not limited to:
discoveries, ideas, inventions, designs, formulas, test results, test
procedures, protocols, concepts, drawings, specifications, techniques,
models, data, software, research, processes, procedures, works of
authorship, formulas, improvements, trade secrets, know-how, marketing
plans and supplies, product plans, customer names (and other
information relating to customers), supplier names (and other
information relating to suppliers), and financial information.
	 
	 	(c)	 	Confidential Information shall not include anything
that is publicly known or generally employed by the trade at or after
the Effective Date of this Agreement.

	 	2.	 	“Intellectual Property” shall mean, without limitation, all copyrights,
discoveries, inventions, improvements (whether or not patentable), patents, patent
applications, trademarks, service marks, trade secrets, know-how, and all other
Intellectual Property rights of any type whatsoever.
	 
	 	3.	 	Services rendered by Consultant hereunder shall constitute “work made for hire”
by an independent contractor under the provisions of U.S. Copyright law. Accordingly,
ownership to works covered by a copyright, belong to and shall be the sole and
exclusive property of Company. If for any reason the work would not be considered a
work made for hire under applicable law, Consultant does hereby sell, assign, and
transfer to Company, its successors and assigns, the entire right, title and interest
in and to the copyright in the work and any registrations and copyright applications
relating thereto and any renewals and extensions thereof, and in and to all works based
upon such work.

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	 	IMARX THERAPEUTICS, INC.     
	 
	 	CONFIDENTIAL     

	X.	 	ASSIGNMENT OF RIGHTS IN “INTELLECTUAL PROPERTY.”

	 	1.	 	Consultant hereby assigns to the Company all of Consultant’s rights in all
Intellectual Property rights which are made, discovered, developed, assembled, created,
or conceived, in whole or in part, by Consultant: (a) during the course of and within
the scope of Services; or (b) for the period ending one (1) year after termination of
Services with the material aid or inclusion of Confidential Information.
	 
	 	2.	 	Services rendered by Consultant hereunder shall constitute “work made for hire”
by an independent contractor under the provisions of U.S. Copyright law. Accordingly,
ownership to works covered by copyright belongs to and shall be the sole and exclusive
property of Company. If for any reason the work would not be considered a work made
for hire under applicable law, Consultant does hereby sell, assign, and transfer to
Company, its successors and assigns, the entire right, title and interest in and to the
copyright in the work and any registrations and copyright applications relating thereto
and any renewals and extensions thereof, and in and to all works based upon such work.
	 
	 	3.	 	All of Consultant’s Intellectual Property assigned to the Company hereunder
shall be deemed Confidential Information except for anything that is publicly known or
generally employed by the trade, without the fault of Consultant, at or after the
Effective Date of this Agreement.
	 
	 	4.	 	Consultant hereby agrees to disclose promptly and fully to the Company anything
which qualifies as Intellectual Property and/or Confidential Information hereunder.
	 
	 	5.	 	Consultant shall, upon the Company’s reasonable request, execute all documents
and take such other action as may be necessary or desirable, to protect, enhance,
exploit or vest in the Company any and all of Consultant’s Intellectual Property rights
assigned to Company hereunder.

	XI.		CONFIDENTIALITY.

	 	1.	 	Consultant understands that Confidential Information is confidential and secret
and agrees to respect the confidentiality and secrecy of the same. Consultant also
understands that all Confidential Information is the property of the Company or of a
third party which has submitted the same to the Company. Consultant agrees to treat
Confidential Information submitted to the Company by third parties as if confidential
and proprietary to the Company. Consultant further understands and agrees that the
relationship between Consultant and the Company is of a confidential nature and imposes
an affirmative obligation upon Consultant to protect, foster and respect the
confidentiality of Confidential Information.
	 
	 	2.	 	Except as lawfully authorized or as may be required in the performance of
Consultant’s responsibilities for the Company, Consultant agrees:

	 	(a)	 	not to directly or indirectly disclose, reveal, report,
publish, or transfer possession of, or access to, any Confidential
Information to any person or entity;

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	 	IMARX THERAPEUTICS, INC.     
	 
	 	CONFIDENTIAL     

	 	(b)	 	at the expense of the Company, promptly at all times hereafter
to execute and deliver any and all acts and instruments as may be
necessary or
desirable to perfect and protect the Company’s interest in the
Confidential Information; and
	 
	 	(c)	 	not to directly or indirectly use the Confidential
Information except for the benefit of the Company in the performance of
Consultant’s Services for the Company and the discharge of Consultant’s
obligations herein.

	 	3.	 	Upon and in accordance with the Company’s instructions, Consultant shall return
or dispose of all Confidential Information received or generated hereunder. Consultant
shall, whenever requested by the Company, give a prompt and full accounting of all
Confidential Information given to Consultant and all copies or reproductions thereof.
Confidential Information shall remain the property of the Company even if Consultant is
in possession thereof.
	 
	 	4.	 	Consultant’s obligations with respect to Confidential Information hereunder
shall remain in effect for five (5) years from the date of termination of this
Agreement.

	XII.	 	PREVIOUS WORK OR SERVICES.

	 	1.	 	If Consultant has previously been exposed to proprietary information of the
Company, such disclosure is deemed incorporated herein and controlled by the terms
hereof, and if Consultant has executed an agreement regarding non-disclosure and
non-competition, such agreement is continued and deemed incorporated herein by
reference, except that any such agreement shall be deemed amended hereby to the extent
the Company’s rights hereunder extend beyond the Company’s rights as specified therein.
	 
	 	2.	 	Consultant represents to the Company that Consultant has not brought and has
not used, and agrees not to bring to the Company and will not use in the performance of
any Services for the Company, any information, materials or the like which are
confidential and are proprietary to a third party without written authorization from
said third party.

	XIII.	 	MISCELLANEOUS.

	 	1.	 	This Agreement may only be amended in writing, signed by each Party hereto. The
terms of this Agreement shall be interpreted under the laws of the State of Arizona.
This Agreement constitutes the entire Agreement between the Parties with respect to the
subject matter hereof.
	 
	 	2.	 	Consultant agrees to execute such additional documents and do such further acts
and deeds as may be necessary or desirable to effectuate the purposes hereof or the
perfection of the rights and interests of the Company expressed herein.
	 
	 	3.	 	Consultant agrees that any breach of this contract or threatened breach hereof
could subject the Company to substantial, immediate and irreparable damages and
consents that the Company would be entitled to equitable relief in the event thereof.
Consultant agrees that Arizona law applies and that any adjudication of interests
hereunder be proved in Arizona courts.

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	 	IMARX THERAPEUTICS, INC.     
	 
	 	CONFIDENTIAL     

	 	4.	 	In the event any one or more of the provisions of this Agreement shall for any
reason be held to be invalid, void, illegal, or unenforceable by any court, arbitrator,
or governmental agency, the remaining provisions of this Agreement shall remain in full
force and effect, and the invalid, void, illegal, and/or unenforceable provision(s)
shall survive to the extent not so held. To the extent reasonable possible and
practicable, the invalid, void, illegal, or unenforceable provision(s) shall be
replaced by a mutually acceptable valid, legal, and enforceable provision(s) which
best reflects the parties’ intentions underlying the replaced invalid, void,
illegal, or unenforceable provision(s).

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 
	Greg Cobb	 	 	 	ImaRx Therapeutics, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	/s/ Greg Cobb 	 	 	 	By:	 	/s/ Bradford Zakes 	 	 
	 
	 	 
	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Its:
	 	 	 	 	 	Its:	 	President & CEO 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Date:
	 	June 11, 2008 	 	 	 	Date:	 	June 11, 2008 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

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	 	IMARX THERAPEUTICS, INC.     
	 
	 	CONFIDENTIAL     

Exhibit “A”

SERVICES

Consultant shall perform for the benefit of the Company the following work, activities and services
(“Services”) for the period of time specified:

Services. Consultant shall provide general business development services and assistance on
the review, maintenance and wind-up of its patent estate and patent applications.

Term. Nine (9) months.

Exhibit “B”

COMPENSATION AND EXPENSES

Compensation and Payment Schedule.

Consultant shall be paid $165 per hour for Services rendered hereunder. Such Services shall be
provided on an as-needed basis and as requested by Company’s Representative from time-to-time.
Payment for Services rendered shall be made within fifteen (15) days of receipt of an invoice of
itemized services from Consultant setting forth the hours of Services provided and a detailed
description of the Services provided. Invoices will be submitted on a monthly basis, with previous
month’s invoices delivered to Company within fifteen (15) days of month’s end.

Consultant shall also be reimbursed for all reasonable out-of-pocket expenses incurred by
Consultant, including all travel, food and lodging, in connection with the Services provided
hereunder, provided, however, that such expenses have been approved in advance by an authorized
representative of the Company. Consultant shall submit appropriate vouchers and receipts as may be
reasonably necessary to substantiate Consultant’s out-of-pocket expenses.

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