Document:

Exhibit 10.1

 

INDEMNITY AGREEMENT

 

THIS INDEMNITY AGREEMENT
(this “Agreement”) is made as of March     , 2003, by and
between Vicuron Pharmaceuticals Inc., a Delaware corporation (the “Company”),
and
                          
(the “Indemnitee”), a director [and/or officer] of the Company.

 

THE PARTIES TO THIS AGREEMENT
enter into this Agreement on the basis of the following facts, intentions and
understandings:

 

A.            The Indemnitee is currently serving
as a director [and/or an officer] of the Company and in such capacity renders
valuable services to the Company.

 

B.            The Company has investigated the
availability and sufficiency of liability insurance and Delaware statutory
indemnification provisions to provide its directors and officers with adequate
protection against various legal risks and potential liabilities to which
directors and officers are subject due to their position with the Company and
has concluded that insurance and statutory provisions may provide inadequate
and unacceptable protection to certain individuals requested to serve as its
directors and officers.

 

C.            In order to induce and encourage
highly experienced and capable persons such as the Indemnitee to continue to
serve as a director [and/or officer] of the Company, the Board of Directors has
determined, after due consideration and investigation of the terms and
provisions of this Agreement and the various other options available to the
Company and the Indemnitee in lieu of this Agreement, that this Agreement is
not only reasonable and prudent but necessary to promote and ensure the best
interests of the Company and its shareholders.

 

 

NOW, THEREFORE, In
consideration of the continued services of the Indemnitee and in order to
induce the Indemnitee to continue to serve as a director [and/or officer], the
Company and the Indemnitee agree as follows:

 

SECTION 1.              DEFINITIONS

 

As used in this Agreement:

 

(a)           A “Change in
Control” shall be deemed to have occurred if (i) any “person” (as that term is
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)), other than a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or a corporation owned
directly or indirectly by the stockholders of the Company in substantially the
same proportions as their ownership of stock of the Company, is or becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing

 

 

20% or more of the total voting
power represented by the Company’s then outstanding voting securities, or (ii)
during any period of two consecutive years, individuals who at the beginning of
the two year period constitute the Board of Directors of the Company and any
new director whose election by the Board of Directors or nomination for
election by the Company’s stockholders was approved by a vote of at least
two-thirds (2/3) of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute a
majority of the Board of Directors, or (iii) the stockholders of the Company
approve a merger or consolidation of the Company with any other corporation, other
than a merger or consolidation which would result in the voting securities of
the Company outstanding immediately prior to such a merger or consolidation
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) at least 80% of the total
voting power represented by the voting securities of the Company or the
surviving entity outstanding immediately after the merger or consolidation, or
the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company (in one
transaction or a series of transactions) of all or substantially all the
Company’s assets.

 

(b)           The term “Expenses”
includes, without limitation, attorneys’ fees, disbursements and retainers,
accounting and witness fees, travel and deposition costs, expenses of
investigations, judicial or administrative proceedings or appeals, amounts paid
in settlement by or on behalf of Indemnitee, and any expenses of establishing a
right to indemnification, pursuant to this Agreement or otherwise including
reasonable compensation for time spent by the Indemnitee in connection with the
investigation, defense or appeal of a Proceeding or action for indemnification
for which he is not otherwise compensated by the Company or any third
party.  The term “Expenses” does not
include the amount of judgments, fines, penalties or ERISA excise taxes
actually levied against the Indemnitee.

 

(c)           The term “fullest
extent permitted by applicable law” shall mean the fullest extent authorized or
permitted by the Fourth Amended and Restated Certificate of Incorporation of
the Company (the “Certificate of Incorporation”), the Bylaws of the Company, as
amended and restated by the Board of Directors on July 30, 2002 (the “Bylaws”),
and any applicable law as each of the foregoing may be amended from time to
time (but, in the case of an amendment, only to the extent that such amendment
permits the Company to provide broader indemnification rights than the
Certificate of Incorporation, the Bylaws or such law, as applicable, permitted
prior to the adoption of such amendment).

 

(d)           A “Potential Change
in Control” shall be deemed to have occurred if (i) the Company enters
into an agreement or arrangement, the consummation of which would result in the
occurrence of a Change in Control; (ii) any person (including the Company)
publicly announces an intention to take or to consider taking actions which if
consummated would constitute a Change in Control; (iii) any person (other than
a trustee or other fiduciary holding securities under an employee benefit plan
of the Company acting in such capacity or a corporation owned, directly or
indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of stock of the Company), who is or becomes the beneficial
owner, directly or indirectly, of securities of the Company representing 10% or
more of the combined voting power of the Company’s then outstanding voting
securities increases his

 

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beneficial ownership of the
securities by 5% or more over the percentage so owned by that person on the
date this Agreement is executed; or (iv) the Board adopts a resolution to the
effect that, for purposes of this Agreement, a Potential Change in Control has
occurred.

 

(e)           The term
“Proceeding” shall include any threatened, pending or completed action, suit or
proceeding, whether brought by or in the name of the Company or otherwise and
whether of a civil, criminal or administrative or investigative nature, by
reason of the fact that the Indemnitee is or was a director or officer of the
Company, or is or was serving at the request of the Company as a director,
officer, employee or agent of another enterprise, whether or not he is serving
in such capacity at the time any liability or Expense is incurred for which
indemnification or reimbursement is to be provided under this Agreement, and
the term shall expressly include, without limitation, any proceeding commenced
by or on behalf of any Italian tax authority seeking to hold the Indemnitee
personally liable (or jointly liable with the Company or any subsidiary) for
any penalties asserted in connection with any alleged breach of any Italian tax
or fiscal law by the Company or any subsidiary.

 

SECTION 2.              INDEMNIFICATION

 

2.1           Indemnification in Third Party Actions.  The Company shall indemnify the
Indemnitee in accordance with the provisions of this subsection 2.1 if the
Indemnitee is a party to or threatened to be made a party to or otherwise
involved in any Proceeding (other than a Proceeding by or in the name of the
Corporation to procure a judgment in its favor), by reason of the fact that the
Indemnitee is or was a director or officer of the Company, or is or was serving
at the request of the Company as a director, officer, employee or agent of
another enterprise against all Expenses, judgments, fines, penalties and ERISA
excise tax actually and reasonably incurred by the Indemnitee in connection with
the defense or settlement of the Proceeding, to the fullest extent permitted by
applicable law; provided that any settlement be approved in writing by the
Company.

 

2.2           Indemnification in Proceedings By or In the Name of
the Company.  The Company
shall indemnify the Indemnitee in accordance with the provisions of this
subsection 2.2 if the Indemnitee is a party to or threatened to be made a party
to or otherwise involved in any Proceeding by or in the name of the Company to
procure a judgment in its favor by reason of the fact that Indemnitee was or is
a director or officer of the Company, or is or was serving at the request of
the Company as a director, officer, employee or agent of another enterprise,
against all Expenses actually and reasonably incurred by Indemnitee in
connection with the defense or settlement of the Proceeding, to the fullest
extent permitted by applicable law.

 

2.3           Partial Indemnification.  If the Indemnitee is entitled under any provision
of this Agreement to indemnification by the Company for some or a portion of,
but not the total amount of, the Expenses, judgments, fines, penalties or ERISA
excise taxes actually and reasonably incurred by him in the investigation,
defense, appeal or settlement of any Proceeding, the Company shall nevertheless
indemnify the Indemnitee for the portion of the Expenses, judgments, fines,
penalties or ERISA excise taxes to which the Indemnitee is entitled.

 

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2.4           Indemnification Hereunder Not Exclusive.  The indemnification provided by this
Agreement shall not be deemed exclusive of any other rights to which the
Indemnitee may be entitled under the Certificate of Incorporation, as the same
may be amended from time to time, the Bylaws, as may be amended from time to
time, any agreement [including, without limitation, that certain Indemnity
Agreement dated October 29, 1999], any vote of stockholders or disinterested
directors, applicable law, or otherwise, both as to action in his official
capacity and as to action in another capacity on behalf of the Company while
holding office.

 

2.5           Indemnification of Expenses of Successful Party.  Notwithstanding any other provisions of this
Agreement, to the extent that the Indemnitee has been successful in defense of any
Proceeding or in defense of any claim, issue or matter in the Proceeding, on
the merits or otherwise, including the dismissal of a Proceeding without
prejudice , the Indemnitee shall be indemnified against all Expenses incurred
in connection therewith to the fullest extent permitted by applicable law.

 

SECTION 3.              PRESUMPTIONS

 

3.1           Presumption Regarding Standard of Conduct .  The Indemnitee shall be conclusively
presumed to have met the relevant standards of conduct as defined by applicable
law for indemnification pursuant to this Agreement, unless a determination that
the Indemnitee has not met the relevant standards is made by (i) the Board of
Directors of the Company by a majority vote of a quorum consisting of directors
who were not parties to the Proceedings, (ii) the stockholders of the
Company by majority vote, or (iii) in a written opinion by independent legal
counsel, selection of whom has been approved by the Indemnitee in writing.

 

3.2           Determination of Right to Indemnification.  If a claim under this Agreement is not
paid by the Company within 30 days of receipt of written notice, the right to
indemnification as provided by this Agreement shall be enforceable by the
Indemnitee in any court of competent jurisdiction.  The burden of proving by clear and convincing evidence that
indemnification or advances are not appropriate shall be on the Company.  Neither the failure of the directors or
shareholders of the Company or independent legal counsel to have made a
determination prior to the commencement of the action that indemnification or
advances are proper in the circumstances because the Indemnitee has met the
applicable standard of conduct, nor an actual determination by the directors or
shareholders of the Company or independent legal counsel that the Indemnitee
has not met the applicable standard of conduct, shall be a defense to the
action or create a presumption that the Indemnitee has not met the applicable
standard of conduct.

 

The Indemnitee’s Expenses incurred in connection with any Proceeding
concerning his right to indemnification or advances in whole or in part
pursuant to this Agreement shall also be indemnified by the Company regardless
of the outcome of the Proceeding, unless a court of competent jurisdiction
determines that each of the material assertions made by the Indemnitee in the
Proceeding was not made in good faith or was frivolous.

 

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SECTION 4.              ADVANCES OF
EXPENSES

 

The Expenses incurred by the Indemnitee in any Proceeding shall be paid
promptly by the Company in advance of the final disposition of the Proceeding
at the written request of the Indemnitee to the fullest extent permitted by
applicable law (but only to the extent permissible under Section 402 of the
Sarbanes-Oxley Act of 2002, as may be amended from time to time) provided that
if applicable law requires an undertaking , the Indemnitee shall undertake in
writing to repay the amount advanced to the extent that it is ultimately
determined that the Indemnitee is not entitled to indemnification.

 

SECTION 5.              CHANGE IN CONTROL.

 

The Company agrees that if there is a Change in Control of the Company
(other than a Change in Control which has been approved by a majority of the
Company’s Board of Directors who were directors immediately prior to the Change
in Control) then with respect to all matters thereafter arising concerning the
rights of Indemnitee to indemnity payments and Expense advances under this
Agreement or any other agreement, the Company’s Certificate of Incorporation,
or the Company’s Bylaws in effect relating to claims for indemnifiable events,
the Company shall seek legal advice only from independent counsel selected by
Indemnitee and approved by the Company (which approval shall not be
unreasonably withheld), and who has not otherwise performed services for the
Company or Indemnitee within the last five years (other than in connection with
such matters)(“Special Independent Counsel”). 
The Special Independent Counsel, among other things, shall render its
written opinion to the Company and Indemnitee as to whether and to what extent
the Indemnitee would be permitted to be indemnified under applicable law.  The Company agrees to pay the reasonable
fees of the Special Independent Counsel referred to above and may fully
indemnify the Special Independent Counsel against any and all expenses
(including attorneys’ fees), claims, liabilities and damages arising out of or
relating to this Agreement.

 

SECTION 6.              INDEMNIFICATION
PROCEDURE

 

6.1           Notice. 
Promptly after receipt by the Indemnitee of notice of the
commencement of any Proceeding, the Indemnitee will, if a claim is to be made
against the Company under this Agreement, notify the Company of the
commencement of the Proceeding.  The
omission to notify the Company will not relieve it from any liability which it
may have to the Indemnitee otherwise than under this Agreement.

 

6.2           Company Participation.  With respect to any Proceeding for which
indemnification is requested, the Company will be entitled to participate in
the Proceeding at its own expense and, except as otherwise provided below, to
the extent that it may wish, the Company may assume the defense of the
Proceeding, with counsel satisfactory to the Indemnitee.  After notice from the Company to the
Indemnitee of its election to assume the defense of a Proceeding, during the
Company’s good faith active defense the Company will not be liable to the
Indemnitee under this Agreement for any legal or other expenses subsequently
incurred by the Indemnitee in connection with the defense of the Proceeding,
other than reasonable costs of investigation or as otherwise provided
below.  The Company shall not settle

 

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any Proceeding in any manner
which would impose any penalty or limitation on the Indemnitee without the
Indemnitee’s written consent.  The
Indemnitee shall have the right to employ his counsel in any Proceeding but the
fees and expenses of the counsel incurred after notice from the Company of its
assumption of the defense of the Proceeding shall be at the expense of the
Indemnitee, unless (i) the employment of counsel by the Indemnitee has been
authorized by the Company, (ii) the Indemnitee shall have reasonably concluded
that there may be a conflict of interest between the Company and the Indemnitee
in the conduct of the defense of a Proceeding, or (iii) the Company shall not
in fact have employed counsel to assume the defense of a Proceeding, in each of
which cases the fees and expenses of the Indemnitee’s counsel shall be at the
expense of the Company.  The Company
shall not be entitled to assume the defense of any Proceeding brought by or on
behalf of the Company or as to which the Indemnitee has made the conclusion
that there may be a conflict of interest between the Company and the
Indemnitee.

 

SECTION 7.              LIMITATIONS ON
INDEMNIFICATION

 

No payments pursuant to this Agreement shall be made by the Company:

 

(a)  to indemnify or advance
Expenses to the Indemnitee with respect to Proceedings initiated or brought
voluntarily by the Indemnitee and not by way of defense, except with respect to
Proceedings brought to establish or enforce a right to indemnification under
this Agreement or any other statute or law or otherwise as required under
applicable law, but the indemnification or advancement of Expenses may be
provided by the Company in specific cases if the Board of Directors finds it to
be appropriate;

 

(b)  to indemnify the Indemnitee
for any Expenses, judgments, fines, penalties or ERISA excise taxes for which
payment is actually made to the Indemnitee under a valid and collectible
insurance policy, except in respect of any excess beyond the amount of payment
under the insurance;

 

(c)  to indemnify the Indemnitee
for any Expenses, judgments, fines or penalties sustained in any Proceeding for
an accounting of profits made from the purchase or sale by Indemnitee of
securities of the Company pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, the rules and regulations promulgated
thereunder and amendments thereto or similar provisions of any federal, state
or local statutory law;

 

(d)  to indemnify the Indemnitee
for any Expenses, judgments, fines, penalties or ERISA excise taxes resulting
from Indemnitee’s conduct which is finally adjudged to have been willful
misconduct, knowingly fraudulent or deliberately dishonest; or

 

(e)  if a court of competent
jurisdiction shall finally determine that any indemnification hereunder is
unlawful.

 

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SECTION 8.              MAINTENANCE OF
LIABILITY INSURANCE

 

8.1           Affirmative Covenant of the Company.  The Company covenants and agrees that,
as long as the Indemnitee shall continue to serve as a director of the Company
and thereafter so long as the Indemnitee shall be subject to any possible
Proceeding, the Company, subject to subsection 8.3 of this Agreement, shall
promptly obtain and maintain in full force and effect directors’ and officers’
liability insurance (“D&O Insurance”) in reasonable amounts from established
and reputable insurers.

 

8.2           Indemnitee Named as Insured.  In all D&O Insurance policies, the
Indemnitee shall be named as an insured in a manner that provides the
Indemnitee the same rights and benefits as are accorded to the most favorably
insured of the Company’s directors.

 

8.3           Exemption from Maintenance of Insurance.  Notwithstanding the foregoing, the
Company shall have no obligation to obtain or maintain D&O Insurance if the
Company determines in good faith that insurance is not reasonably available,
the premium costs for insurance are disproportionate to the amount of coverage
provided, the coverage provided by insurance is so limited by exclusions that
it provides an insufficient benefit, or the Indemnitee is covered by similar
insurance maintained by a subsidiary of the Company.

 

SECTION 9.              MISCELLANEOUS

 

9.1           Successors and Assigns.  This Agreement shall be binding upon,
and shall inure to the benefit of the Indemnitee and his heirs, personal
representatives and assigns, and the Company and its successors and assigns.

 

9.2           Separability.  Each provision of this Agreement is a separate and distinct
agreement and independent of the others, so that if any provision of this
Agreement shall be held to be invalid or unenforceable for any reason, the
invalidity or unenforceability shall not affect the validity or enforceability
of the other provisions of this Agreement. 
To the extent required, any provision of this Agreement may be modified
by a court of competent jurisdiction to preserve its validity and to provide
the Indemnitee with the broadest possible indemnification permitted under
applicable law.

 

9.3           Savings Clause.  If this Agreement or any portion of it is invalidated on any
ground by any court of competent jurisdiction, then the Company shall nevertheless
indemnify Indemnitee as to Expenses, judgments, fines, penalties or ERISA
excise taxes with respect to any Proceeding to the full extent permitted by any
applicable portion of this Agreement that shall not have been invalidated or by
any other applicable law.

 

9.4           Interpretation; Governing Law.  This Agreement shall be construed as a
whole and in accordance with its fair meaning. 
Headings are for convenience only and shall not be used in construing
meaning.  This Agreement shall be
governed and interpreted in accordance with the laws of the State of Delaware.

 

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9.5           Amendments.  No amendment, waiver, modification, termination or
cancellation of this Agreement shall be effective unless in writing signed by
the party against whom enforcement is sought. 
The indemnification rights afforded to the Indemnitee by this Agreement
are contract rights and may not be diminished, eliminated or otherwise affected
by amendments to the Company’s Certificate of Incorporation, Bylaws or
agreements including D&O Insurance policies.

 

9.6           Counterparts.  This Agreement may be executed in one or more counterparts,
all of which shall be considered one and the same agreement and shall become
effective when one or more counterparts have been signed by each party and
delivered to the other.

 

9.7           Notices. 
Any notice required to be given under this Agreement shall be
directed to the Company at 455 South Gulph Road, Suite 305, King of Prussia,
Pennsylvania 19406, Attention: President, with a copy to Peter T. Healy, Esq.
275 Battery Street, Suite 2600, San Francisco, CA  94111, and to Indemnitee at the address set forth below or to
another address as either shall designate in writing.

 

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

 

 

	
   

  	
   

  	
  “Indemnitee”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [NAME]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Notice Address:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  “Company”

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  VICURON PHARMACEUTICALS INC.,

  
	
   

  	
   

  	
  a Delaware corporation

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
  George F. Horner III

  
	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
						

 

7EXHIBIT 10.45

 

AMENDMENT NUMBER SIX TO

MAXWELL TECHNOLOGIES, INC.

1995 STOCK OPTION PLAN

 

The Maxwell Technologies, Inc. 1995 Stock Option Plan (the “Plan”) is
hereby amended in the following respects:

 

1.               Section
6(g) of the Option Plan is amended by adding the following sentence to the end
of such Sections;

 

“Notwithstanding anything in this Plan to the contrary, the Option
privileges of an Optionee shall not expire by reason of the termination of the
Optionee’s employment, and such Options shall continue to become exercisable in
accordance with the terms of the Agreement related thereto, if the Optionee
continues to serve as a member of the Board or, at the request of the Company,
the board of directors of any Subsidiary. 
Upon the termination of Optionee’s service as a member of the Board or
the board of directors of any Subsidiary, such Option privileges shall expire
unless exercised by the Optionee within sixty (60) days after such
termination.”

 

 

2.               Effect
of Amendments.

 

This amendment to the Plan shall
be effective as of May 8,2003.

 

 

	
   

  	
  MAXWELL
  TECHNOLOGIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Richard Smith

  	
   

  
	
   

  	
  Richard
  Smith, Secretary

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date: May 8, 2003

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