Document:

snde_Ex4_17

		
			Exhibit 4.17
		

		
			 
		

		
			 
		

		
			EMPLOYMENT AGREEMENT
		

		
			This Employment Agreement ("Agreement") is made and entered into as of by and between Sundance Energy Inc., a Colorado limited liability company, and its successors, affiliates or assigns ("Employer") and Eric McCrady ("Employee"). The Employer is a wholly owned subsidiary of Sundance Energy Australia Ltd, a public company incorporated in Australia and listed on the Australian Stock Exchange and subject to the ASX Listing Rules("Sundance"). The parties hereto agree as follows:
		

			
	
			
				 I.
			

			
	
			
			Employment Term

		
			 
		

		
			Employer hereby employs Employee as its Chief Executive Officer upon the terms and conditions hereinafter set forth. The term ("Services Term'') of Employee's employment hereunder shall commence on I  January 2019 and shall continue until the first of the following to occur:
		

			
	
			
				 (a)
			

			
	
			
			2 January 2022; or

		
			 
		

			
	
			
				 (b)
			

			
	
			
			upon the sooner termination as hereinafter provided in paragraph 8 hereof.

		
			 
		

			
	
			
				 2.
			

			
	
			
			Duties: Reporting

		
			 
		

			
	
			
				 (a)
			

			
	
			
			During the Services Tern, except as is otherwise expressly set forth herein, Employee shall devote his full business time and attention to Employer and the diligent performance of hi duties hereunder. Employee shall run the day-to-day operations of Employer in all material respects within the parameter of the then operative Business Plan and Budget of Employer and hall personally supervise the day-to-day operations of Employer in the Business.

		
			 
		

			
	
			
				 (b)
			

			
	
			
			Employee hall report directly to both the Board of Employer and to the Chairman of Sundance, and if the Chairman of Sundance is unavailable, to the Board of Sundance. Employee hereby accepts such employment and agrees to perform his services hereunder faithfully, diligently and to the best to his ability.  Employee shall observe all reasonable rules and regulation adopted by Employer in connection with the operation of its business, including, but not limited to, with respect to confidential information, and carryout to the best of Employee's ability all lawful instructions of Employer.

		
			 
		

			
	
			
				 (c)
			

			
	
			
			As long as such activities do not materially interfere with Employee's services to Employer hereunder, or compete with Employer's business, Employee may serve on boards of directors of other entities (collectively, the "Excluded Businesses") or on boards of charitable or similar organizations.

		
			 
		

		
			 
		

		
			 
		

			
	
			
				 (d)
			

			
	
			
			For the purposes of this Agreement Employee acknowledges that any reference 

		 

 

	to the interest, operations, reasonable rules and regulations and lawful directions of Employer will be taken to include the interest, operations, reasonable rules and regulations and lawful directions of Sundance, and Employee will have the same regard to the interests of Sundance as to the interests of Employer.

			
	
			
				 3.
			

			
	
			
			Duties: Scope

		
			During the Services Term, Employee shall perform the following duties:
		

			
	
			
				 (a)
			

			
	
			
			evaluate, define, get approval from the Boards of Employer and Sundance, and execute strategy:

		
			 
		

			
	
			
				 (b)
			

			
	
			
			manage day to day operations;

		
			 
		

			
	
			
				 (c)
			

			
	
			
			build an effective and professional management team;

		
			 
		

			
	
			
				 (d)
			

			
	
			
			hire/fire /manage compensation with the Remuneration Committees of the Employer and of Sundance;

		
			 
		

			
	
			
				 (e)
			

			
	
			
			raise and allocate capital, and manage debt when appropriate;

		
			 
		

			
	
			
				 (f)
			

			
	
			
			manage costs:

		
			 
		

			
	
			
				 (g)
			

			
	
			
			seek opportunities to grow the business (M&A, projects, partnerships, structures, etc.);

		
			 
		

			
	
			
				 (h)
			

			
	
			
			communication with the market and investors:

		
			 
		

			
	
			
				 (i)
			

			
	
			
			be the public face of Employer and Sundance, and expand ' Sundance's investor base and capital markets exposure;

		
			 
		

			
	
			
				 (j)
			

			
	
			
			perform the role of Chief Executive Officer of Employer as directed by the Board of Employer;

		
			 
		

			
	
			
				 (k)
			

			
	
			
			perform the role of Managing Director of Sundance as directed by the Board of Sundance, and immediately resign from that office if directed to do so by the Board of Sundance;

			
	
			
				 (I)
			

			
	
			
			communicate effectively with the Boards of Employer and Sundance:

		
			 
		

			
	
			
				 (m)
			

			
	
			
			manage compliance, accounting, control framework and regulatory matters;

		
			 
		

			
	
			
				 (n)
			

			
	
			
			build and maintain relationships with our partners;

		
			 
		

			
	
			
				 (o)
			

			
	
			
			manage safety and environmental matters; and

		
			 
		

		
			 
		

			
	
			
				 (p)
			

			
	
			
			all ancillary activities to the duties set forth in this Agreement.

		
			

		 

 

		

			
	
			
				 4.
			

			
	
			
			Salary and Bonuses

		
			 
		

		
			In full consideration for all rights granted and services rendered by Employee hereunder, Employer shall pay Employee the following compensation:
		

			
	
			
				 (a)
			

			
	
			
			An annual base salary at the rate of US  $485,000  per annum,  plus any increases to that base salary as determined  by the Board of  Sundance in accordance with the Incentive Compensation Plan that was approved by the Board of  Sundance by Circular Resolution on 25 November 2018 ("Plan"). Such annual salary shall be adjusted on a pro rata basis for any partial year and  shall be paid in equal installments in accordance with Employer's then prevailing payroll policy.

			
	
			
				 (b)
			

			
	
			
			Any additional amount as determined in accordance with the Plan, which may include an annual cash or share bonus and any additional discretionary bonus approved under the Plan (which bonus will be given by the Employer to the Employee at the sole discretion of the Board of Sundance).

		
			 
		

			
	
			
				 (c)
			

			
	
			
			Any Restricted Share Units or shares as reasonably approved by the Board under the Plan.

		
			 
		

			
	
			
				 5.
			

			
	
			
			Expense

		
			 
		

		
			To the extent that Employee incurs necessary and reasonable business expenses including without limitation, air travel, accommodations and entertainment expenses during the course of his employment hereunder, Employee shall be reimbursed for such expenses upon receipt by Employer of satisfactory evidence thereof. Employee's travel and accommodation expenses shall include travel to Australia, Asia, Europe and within the United States for business meetings and conferences related to the Business as well as other activities customarily undertaken by executives in the oil and gas business.
		

			
	
			
				 6.
			

			
	
			
			Benefits

		
			Employee shall be entitled to vacation, health insurance and other Employee benefits in accordance with Exhibit A hereto.
		

			
	
			
				 7.
			

			
	
			
			Protection of Employer's Interest Restrictive Covenant

			
	
			
				 (a)
			

			
	
			
			Non-Competition. Employee acknowledges that, in the course of his responsibilities hereunder, Employee will form relationship and become acquainted with certain confidential and proprietary information as further described in paragraph 7(h). Employee further acknowledges that such relationships and information are and will remain valuable to the Employer and Sundance and that the restrictions on future employment, if any, are reasonably necessary in order for Employer to remain competitive. In recognition of their heightened need for protection from abuse of relationships  formed or information garnered before and during the Services Term of the Employee's employment hereunder, Employee covenants and agrees for the six (6) month period immediately following termination of employment for any reason (the "Restrictive Period"), Employee will not be involved in any way (whether directly or indirectly, or solely or jointly with or as a partner, joint venturer, associate, advisor , consultant, manager, employee, independent contractor, agent, 

		 

 

	principal, director or officer of a body corporate,  shareholder,  unit holder, trustee, beneficiary or in any other capacity) in:

			
	
			
				 (i)
			

			
	
			
			competing for the acquisition of any project or business, the acquisition of which is known by Employee to have been under active consideration by Employer prior to termination;

			
	
			
				 (ii)
			

			
	
			
			causing or attempting to cause any person who  is or was a customer of Employer and with whom Employee has had dealings within the last 12 months of the termination of Employee's employment, not to do business with Employer;

			
	
			
				 (iii)
			

			
	
			
			canvassing, inducing or soliciting any employee or agent of Employer to leave the employment or agency of Employer;

			
	
			
				 (iv)
			

			
	
			
			canvassing. soliciting. approaching or accepting any solicited or unsolicited approach from any person who is or was a customer of the business of Employer at any time during the term of this Agreement with a view to securing the business of that customer at the exclusion of Employer's business with that customer; or

			
	
			
				 (v)
			

			
	
			
			using or disclosing to the detriment or possible detriment of Employer information concerning the business of Employer' customers or suppliers or divulging to any person any information concerning the business of Employer or its dealings, transactions or affairs.

			
	
			
				 (a)
			

			
	
			
			Each of the separate obligations referred to in paragraph 7(a) is severable and has an independent operation from each of the other obligations referred to. Employee understands and acknowledges that this restraint is reasonable to protect the Employer's business.

			
	
			
				 (b)
			

			
	
			
			Employee agrees with Employer that he will not, without the prior written consent of Employer either directly or indirectly, participate in or be engaged, concerned or interested in the commission of each prescribed act within each prescribed area and for each prescribed per io d.

			
	
			
				 (c)
			

			
	
			
			For the purposes of paragraph 7, each of the following is a prescribed area:

			
	
			
				 (i)
			

			
	
			
			Texas;

			
	
			
				 (ii)
			

			
	
			
			Australia; and

			
	
			
				 (iii)
			

			
	
			
			South Australia.

			
	
			
				 (a)
			

			
	
			
			Employee acknowledges:

			
	
			
				 (i)
			

			
	
			
			that Employer has expended substantial time, money and other resources in establishing Employer's business, customer base and market relationships;

			
	
			
				 (ii)
			

			
	
			
			that as a consequence of servicing that business, customer base, and market relationships, he:

			
	
			
				 (I)
			

			
	
			
			acquires no personal interest or benefit; and

		
			(2)will establish a personal relationship and rapport with Employer's customers and market relationships in the course of the Appointment;
		

			
	
			
				 (iii)
			

			
	
			
			that Employer may suffer loss and damage if Employee takes or 

		 

 

	attempts to take personal advantage of his relationship and rapport with the customers and market relationships of Employer, contrary to paragraph 7 of this Agreement; and

			
	
			
				 (iv)
			

			
	
			
			that to the extent that Employee has been introduced to that business, customer base and market relationships (and associated goodwill) by Employer it has been with a view to Employee servicing them either directly or indirectly for the benefit of Employer.

			
	
			
				 (a)
			

			
	
			
			Employee acknowledges that each of the separate obligations referred to in paragraph 7:

			
	
			
				 (i)
			

			
	
			
			is reasonable having regard to the nature of the conduct restrained, the duration and the scope of the restraint and the reasonable necessity of the restraint for the protection of the business of Employer; and

			
	
			
				 (ii)
			

			
	
			
			extends no further (in any respect) than is reasonably necessary and is solely to protect the legitimate business interests of Employer; and

			
	
			
				 (a)
			

			
	
			
			If Employee contravenes any of the obligations contained in paragraph 7 then irrespective of any other provision of this Agreement and any other remedies available to Employer, Employer may seek injunctive relief, it being acknowledged that damages would not be an adequate remedy.

		
			 
		

			
	
			
				 (b)
			

			
	
			
			Confidentiality. Employee covenants and agrees that Employee shall not at any time after the  Services Term, without  Employer's  prior written consent, such consent to be within Employer's sole and absolute discretion, disclose or make known to any person or entity outside of the Employer any Trade secret (as defined below), or proprietary or other confidential information concerning Employer, including without limitation, Employer's customers and its scientific , business or other data practices, procedures, management policies or any other information regarding Employer, which is not already and generally known to the public through no wrongful act of Employee or any other party. Employee covenants and agrees that Employee shall not at any time during the Services Term, or thereafter, without the Employer's prior written consent, utilize any such Trade Secrets, proprietary or confidential information in any way, including communications with or contact with any such customer other than in connection with employment hereunder. For purposes of this paragraph 7, "Trade Secrets" is defined as data or information, including a formula, pattern, compilation, program, device, method, know-how, technique or process , that derives any economic value, present or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who may or could obtain any economic value from its disclosure or use .

			
	
			
				 (c)
			

			
	
			
			Former Employer Information. Employee will not intentionally, during the Services Term, improperly use or disclose any proprietary information or Trade Secrets of any former employer or other person or entity and will not improperly bring onto the premises of the Employer any unpublished document or proprietary information belonging to any such employer, person or entity.

			
	
			
				 (d)
			

			
	
			
			Third Party Information. Employee acknowledges that Employer has received and in the future will receive from third parties their confidential or proprietary information subject to a duty to maintain the confidentiality of such information and to use it only for certain limited purposes. Employee will hold all such confidential or proprietary information in the strictest confidence and will not disclose it to any 

		 

 

	person or entity or to use it except as necessary in carrying out Employee's duties hereunder consistent with Employer's agreement with such third party.

			
	
			
				 (k)
			

			
	
			
			Employer' Property.  Employee hereby confirms that Trade Secrets, proprietary or confidential information including, but not limited to, all information concerning Employer's processes, procedures, customers, pricing, employee matters, scientific date, etc. constitute Employer's exclusive property. Employee agrees that upon termination of employment, Employee shall promptly return to the Employer all notes, notebook, memoranda, computer disks, and any other similar repositories of information containing or relating in any way to the Trade Secrets or proprietary or confidential information of the Employer, including but not limited to, the documents referred to in paragraph 7(h). Such repositories of information also include but are not limited to any so-called personal files or other personal data compilations in any form, which in any manner contain any Trade Secrets. or proprietary or confidential information of Employer.

			
	
			
				 (I)
			

			
	
			
			Notice to Employer. Employee agrees to notify Employer immediately of any employer for whom Employee works or provides services (whether or not for remuneration to Employee or a third party) during the Services Term  or within the Restrictive Period.

			
	
			
				 (m)
			

			
	
			
			To the extent permitted by law, all rights worldwide with respect to any and all intellectual or other property of any nature produced , created, developed or written, or suggested by Employee resulting from Employee's services for Employer ("Intellectual Property") shall be deemed to be a work made for hire and shall be the sole and exclusive  property of  Employer.  Employee agrees to execute, acknowledge and deliver to Employer, at Employer's

		
			req ues t, such further documents as Employer finds appropriate to evidence Employer's rights in such property.
		

			
	
			
				 (n)
			

			
	
			
			For the purposes of this  paragraph 7  Employee acknowledges that:

			
	
			
				 (i)
			

			
	
			
			any reference to the interest of Employer will be taken to include the interest ofSundance and its related bodies corporate, and Employee will have the same regard to the interest of Sundance and its related bodies corporate as to the interest of Employer; and

			
	
			
				 (ii)
			

			
	
			
			any reference to Employer will be taken to be a reference to Sundance and its related bodies corporate. to the maximum extent permitted by the context.

		
			 
		

		
			 
		

			
	
			
				 8.
			

			
	
			
			Termination

		
			 
		

			
	
			
				 (a)
			

			
	
			
			Employer may terminate Employee's employment only for "Good Cause". As used hereunder, "Good Cause" shall mean:

		
			 
		

			
	
			
				 (i)
			

			
	
			
			willful misconduct which results in a material breach or substantial failure by Employee to comply with or perform a material term of this Agreement;

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			Employee's gross negligence in the performance of his duties for Employer;

		
			

		 

 

		

		
			 
		

			
	
			
				 (iii)
			

			
	
			
			the commitment of a fraud on Employer, or

		
			 
		

			
	
			
				 (iv)
			

			
	
			
			any conviction of, or plea of nolo contendere to, any felony involving a crime of moral turpitude.

		
			 
		

		
			In the event of termination for Good Cause, all of Employer's obligations hereunder shall terminate immediately, except that Employer shall be obligated to pay or accord to Employee the salary, benefits and other compensation provided herein accruing or earned through the date of termination. Notwithstanding the foregoing, "Good Cause" shall not be deemed to exist unless Employee has received written notice of termination for Good Cause (which written notice shall state the cause ), and, if curable, Employee fails to cure such element of Good Cause within fifteen (15) business days of receipt of such notice or, if longer. such reasonable period as is required to cure such element, provided Employee pursues such cure diligently.
		

			
	
			
				 (a)
			

			
	
			
			In the event of Employee's death during the Services Term here of, this Agreement hall terminate and Employer shall only be obligated to pay Employee's estate or legal representative the salary provided for herein to the extent accrued or earned by Employee prior to such event and to accord Employee's estate or legal representative such accrued benefits and other compensation to which Employee was then entitled at the time of such event.

		
			 
		

			
	
			
				 (b)
			

			
	
			
			In the event Employee is unable to perform substantially the services required of Employee hereunder as a result of any disability due to physical or mental injury, disability or illness and such disability continues for a period of one hundred fifty (150) or more consecutive days or an aggregate of two hundred

		
			(200) or more days during any 12 month period during the Services Term hereof, then at any time thereafter while such disability continues, Employer shall have the right, at its option, to terminate Employee's employment hereunder. Unless and until so terminated, during any period of disability during which Employee is unable to perform  the services  required  of Employee hereunder , Employee's salary hereunder shall nevertheless be paid, and Employer shall be obligated to pay or accord to Employee the benefits and other compensation  provided  herein.   In the event of a dispute as to whether the Employee is disabled within the meaning of this paragraph 8(c), or the duration of any disability, either party may  request a medical examination  of the Employee by a doctor appointed  by the Chief of staff of a hospital  elected by mutual agreement of the parties , or as the parties may otherwise agree, and the written medical opinion of such doctor shall  be conclusive and  binding upon the parties as to whether the Employee has become disabled and the date when such di ability  arose.  The cost of any such medical examinations shall be borne by Employer.
		

			
	
			
				 (c)
			

			
	
			
			If this Agreement shall be terminated by Employer for any reason, Employee shall have no duty to seek other employment or otherwise mitigate damages, and any compensation or other consideration received by Employee followed by any such termination shall not be offset against any of Employer obligations hereunder.

		
			 
		

			
	
			
				 (d)
			

			
	
			
			This Agreement can be terminated by Employee with ninety (90) day s written notice to Employer. If Employee so terminates the Agreement pursuant to this 

		 

 

	paragraph 8(e), then this Agreement shall terminate and Employer shall only be obligated to pay Employee the salary provided for herein to the extent accrued or earned by Employee prior to such event and to accord Employee such accrued benefits and other compensation to which Employee was then entitled at the time of such event.

		
			 
		

			
	
			
				 (e)
			

			
	
			
			If, as a direct result of change in the control of Sundance, at the instigation of the Sundance Board Employee suffers a material diminution in his status as Chief Executive Officer of Employer or Managing Director of  Sundance or both, including, without limitation,  through a material change in his authority in respect of the business of Sundance or any subsidiary of Sundance or in his reporting relationship with the Sundance Board, then:

		
			 
		

			
	
			
				 (i)
			

			
	
			
			Employee may, within two months of such diminution in status, elect by giving two weeks written notice to Employer to treat his employment as being terminated by Employer other than for "Good Cause" under this Agreement;

		
			 
		

			
	
			
				 (ii)
			

			
	
			
			if Employee gives such notice his employment will cease at the end of the period of two week written notice; and

		
			 
		

			
	
			
				 (iii)
			

			
	
			
			any cessation of employment will have no effect on the other continuing rights and obligations that are created by this Agreement.

		
			 
		

		
			 
		

		
			 
		

			
	
			
				 9.
			

			
	
			
			Assignment

		
			Employer may assign this Agreement or all or any part of its rights and obligations hereunder in connection with any merger, consolidation, sale of all or substantially all of Employer's assets, or other sale of the business to which  this Agreement  relates to an acquiring or surviving party that succeeds to all or substantially all of Employer's business or assets, and this Agreement shall inure to the benefit of such assignee, provided that nothing shall diminish Employee's rights, status, position or duties hereunder. Such assignment shall not constitute a breach of this Agreement by Employer. Employee acknowledges that this Agreement is a personal services contract and that Employee's rights and obligations hereunder are not assignable.
		

		
			 
		

			
	
			
				 10.
			

			
	
			
			Notices

		
			 
		

		
			All notices, statements and other documents required or desired to be given shall be made in writing and should be made by personal (or messenger) delivery by mail or by telecopier or fax and should be addressed to the parties as follows:
		

		
			 
		

		
			To Employer: Sundance Energy Inc
		

		
			 
		

		
			633 I7th Street
		

		
			Suite 1950
		

		
			Denver, Colorado 80202
		

		
			

		 

 

		

		
			Fax: (303) 543-570 I
		

		
			 
		

		
			 
		

		
			To Employee: Eric McCrady
		

		
			 
		

		
			[redacted]
		

		
			 
		

		
			

		 

 

		

		
			Any party may change its address for purposes of receiving notices, statements or other documents by a notice to the other parties. Notice given by mail shall be deemed to be given three days aft.er the date of mailing thereof.  notice given by telecopier or fax shall be deemed given upon confirmed receipt. Notice by personal (or messenger) delivery shall be deemed given upon confirmed receipt.
		

			
	
			
				 11.
			

			
	
			
			Employer

		
			 
		

		
			Employee acknowledges that any consent. waiver, negotiation, decision or approval by "Employer" pursuant to this Agreement (including, without limitation, any amendment to this Agreement) may only be made by Employer with the approval of Employer's Board.
		

		
			 
		

			
	
			
				 12.
			

			
	
			
			Representations and warranties of Employee

		
			 
		

		
			Employee hereby represents and warrants that:
		

			
	
			
				 (a)
			

			
	
			
			Employee has full power and authority to enter into this Agreement;

		
			 
		

			
	
			
				 (b)
			

			
	
			
			the execution, delivery and performance of this Agreement and the transactions contemplated hereby will not result in a breach of or constitute (with due notice or lapse of time or both) a default  under  any  contact  or agreement to which such Employee i a party or by which Employee is bound ;

		
			 
		

			
	
			
				 (c)
			

			
	
			
			Employee is under no obligations or commitments. whether contractual or otherwise, that are inconsistent with Employee's obligations under this Agreement.

		
			 
		

			
	
			
				 13.
			

			
	
			
			Specific Enforcement

		
			 
		

		
			Employee acknowledges that a breach of this Agreement is likely to result in irreparable and unreasonable harm to Employer, and that injunctive relief, as well as damages would be an appropriate remedy.
		

		
			 
		

			
	
			
				 14.
			

			
	
			
			Arbitration

		
			 
		

		
			Any dispute or claim arising out of or in connection with any provision of this Agreement will  be  finally  settled  by  binding  arbitration  in  Denver  County,  Colorado in accordance with the rules of the American Arbitration Association by one arbitrator appointed in accordance with said rules . The arbitrator shall apply Colorado law, without reference to rules of conflicts of law or rules or statutory arbitration. to the resolution of any dispute. Judgment on the award rendered by the arbitrator maybe entered in any court having jurisdiction thereof.  Notwithstanding the foregoing, the parties may apply to any court of competent jurisdiction for preliminary or  interim equitable relief, or to compel arbitration in accordance  with  this  paragraph,  without breach of this arbitration provision.
		

		
			 
		

			
	
			
				 15.
			

			
	
			
			Miscellaneous

		
			 
		

			
	
			
				 (a)
			

			
	
			
			This Agreement supersedes all prior or contemporaneous agreements and statements. whether written or oral, concerning the terms of Employee's employment, and no amendment or modification of this Agreement shall be

		
			 
		

		
			

		 

 

		

		
			binding against Employer unless set forth in writing signed by Employer and delivered to Employee. No waiver by either party of any breach by the other party of any provision or condition of this Agreement shall be deemed a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time.
		

			
	
			
				 (b)
			

			
	
			
			The headings set forth herein are included solely for the purpose of identification and shall not be used for the purpose of construing the meaning of the provision of this agreement.

		
			 
		

			
	
			
				 (c)
			

			
	
			
			Nothing herein contained shall be construed so as to require the commission of any act contrary to law, and wherever there is any conflict  between any provision of this Agreement  and any  present or future statute,  law, ordinance or regulation, the latter hall prevail, but in such event the provision of this  Agreement affected shall be curtailed and limited only to the extent  necessary to bring it within legal requirements .

		
			 
		

			
	
			
				 (d)
			

			
	
			
			This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado, without regard to any choice of law provision of that state or the laws of any jurisdiction. Jn accordance with the Immigration Report and Control Act of 1986, employment hereunder is conditioned upon satisfactory proof of Employee's identity and legal ability to work in the United States .

		
			 
		

			
	
			
				 (e)
			

			
	
			
			All payments and other compensation provided or to be provided to Employee pursuant to this Agreement shall be subject to reduction for withholding requirements in accordance with applicable law.

		
			 
		

			
	
			
				 (f)
			

			
	
			
			This Agreement may be executed in counterparts. each of which shall be deemed an original and all of which together shall constitute one and the same instrument.

		
			 
		

			
	
			
				 (g)
			

			
	
			
			In the event of any action or suit based upon or arising out of this Agreement, the prevailing party will be entitled to recover reasonable attorneys' fees and other costs of such action or suit from other party. 

		
			 
		

			
	
			
				 (h)
			

			
	
			
			Part or all of any clause of this Agreement that is illegal or unenforceable will be severed from this Agreement and the remaining provision of this Agreement will continue in force. 

		
			 
		

			
	
			
				 (i)
			

			
	
			
			lf this Agreement provides for any payment(s) or benefit(s) that is or are (whether alone or in conjunction with any other payments or benefits):

		
			 
		

			
	
			
				 (i)
			

			
	
			
			greater than permitted  under  the  Australian  Corporations  Act  200 I  ("Corporation Act") or the A X Li ting Rules without the need to obtain any form of shareholder approval: or

			
	
			
				 (ii)
			

			
	
			
			not permitted under the Corporations Act or the A X Listing Rules,

		
			 
		

		
			then the payment or benefit will be reduced to the greatest amount permitted (if any), either:
		

			
	
			
				 (iii)
			

			
	
			
			without the need for such shareholder approval, or;

		
			 
		

		
			 
		

		
			

		 

 

		

			
	
			
				 (iv)
			

			
	
			
			by the Corporations Act or ASX Listing Rules,

		
			 
		

		
			or not paid or provided as the case may be and such reduction or non payment or provision will not amount to a breach of this Agreement. Employer may, in its absolute discretion, apportion such a reduction between any one or more payments or benefits under this Agreement.   For the avoidance of doubt, where:
		

			
	
			
				 (A)
			

			
	
			
			shareholder approval has been obtained for Sundance or the Employer (as applicable) to make a payment or provide a benefit to the Employee, including but not limited to any issue of shares, options or other securities by Sundance; and

		
			 
		

			
	
			
				 (B)
			

			
	
			
			that payment or benefit is permitted under the Corporations Act and the ASX Listing Rules,

		
			 
		

		
			this paragraph I 5(i) will not apply to Sundance or the Employer providing that payment or benefit to the Employee.
		

		
			 
		

		
			 
		

		
			[ IGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			

		 

 

		

		
			IN WlTNESS WHEREOF. the parties hereto have executed this Agreement as of the day and year first above written.
		

		
			 
		

		
			 
		

		
			 

		

		
			Employer:
		

		
			Sundance Energy Inc.
		

		
			BY:/s/ MD Hannell
		

		
			Chairman
		

		
			Date: December 20, 2018
		

		
			Employee:
		

		
			/s/ Eric McCrady
		

		
			Date: December 19, 2018Exhibit

Exhibit 10.46
SELLAS Life Sciences Group, Inc.
15 West 38th St.
10th Floor
New York, NY 10118

January 7, 2019

Nicholas J. Sarlis, M.D., Ph.D., FACP

Re:    Transition Agreement 
Dear Nick:

This letter agreement (the "Letter Agreement") confirms our agreement concerning your resignation and separation from SELLAS Life Sciences Group, Inc. (the "Company") and the transition of your responsibilities as Executive Vice President and Chief Medical Officer (collectively, "CMO"). By entering into this Letter Agreement, the Company and you agree to the terms and conditions set forth herein.

		
	A.
	Transition Employment Period.

		
	1.
	You agree to resign as CMO (and resign from all officer and director positions at the Company and its subsidiaries) and become a consultant to the Company as provided for below, effective May 15, 2019 or such earlier date, agreed to by you and the Company and on which a successor Chief Medical Officer fully takes over your responsibilities. The period between the date hereof and May 15, 2019 or any such agreed upon earlier date, shall be referred to herein as the "Transition Employment Period. " During the Transition Employment Period you will continue as an employee and you agree to (i) continue to fulfill your professional responsibilities and obligations and remain an employee in good standing while undertaking to transition such responsibilities and obligations to one or more individuals designated by the Company's Chief Executive Officer (the "CEO") in his sole discretion, and (ii) perform such duties and responsibilities, and assume such titles, as are determined by the CEO (but you shall not be subject to any greater duties, titles or responsibilities than you currently have).

		
	2.
	During the Transition Employment Period you shall (A) continue to receive your current annual base salary at the rate of $380,000 (the "Base Salary"), payable in accordance with the Company's normal payroll practices, (B) receive a lump-sum payment consisting of your incentive bonus for 2018, payable on or before February 15, 2019, in an amount determined by the Board of Directors of the Company (the ''Board") based upon the Company' s achievement of the approved corporate goals for 2018 and your target percentage (40%), and (C) continue to participate in the Company's benefit plans and programs, so long as you remain eligible to continuesuch participation.

		
	3.
	Upon termination of the Transition Employment Period, your employment by the Company shall terminate (the "Separation Date"). So long as you have not resigned prior to the Separation Date, or during the Transition Employment Period engaged in "Disqualifying Conduct" (as defined below), and you execute and return within twenty-one (21) days of the Separation Date, and do not revoke a copy of the Supplemental General Release in the form attached hereto as Exhibit A, the Company will provide you with the following payments:

		
	1.
	a lump sum payment, payable on or before December 31, 2019, consisting of your pro-rata incentive bonus for 2019, in an amount determined by the Board based upon the Company's 

achievement of the approved corporate goals for 2019, your target percentage (40%) and prorated for the actual number of days in the Transition Employment Period; and

		
	11.
	payment of the monthly cost as of the Separation Date for medical coverage for you and your family (spouse and other dependents) for the period between your Separation Date and December 31, 2019. This payment shal1 be subject to the conditions set forth in Paragraph D.12 (the "COBRA Payment").

		
	4.
	Your group health, vision and dental coverage will continue through the last date of the month in which your Separation Date occurs. You will be given separate information regarding your right to continue your group health/dental/vision coverage, as required by the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"). All COBRA rights are subject to your completion and submission of the proper forms in the times allotted.

Provided you timely elect COBRA continuation coverage, the Company will reimburse you for the monthly premium to continue such coverage for the lesser of
(i)seven full calendar months immediately following the last day of the calendar month in which your Separation Date occurs; and (ii) the end of the calendar month in which you become eligible to receive group health plan coverage under another employee benefit plan. For the avoidance of doubt, such reimbursement of monthly premiums shall be subject to Code Section 409A.

		
	5.
	During the Transition Employment Period you shall not be eligible for any equity awards or any other remuneration, awards, payments or benefits in addition to what is specified in this Letter Agreement, with the exception of the Retention Agreement dated August 2, 2017 (the "Retention Agreement") between you and SELLAS Life Sciences Group Ltd., a wholly owned subsidiary of the Company, which remains in effect in accordance with its terms.

		
	6.
	For purposes of this Letter Agreement, ''Disqualifying Conduct" shall mean (i) you failed to attempt in good faith, refused or willfully neglected to perform and discharge your material duties and responsibilities, (ii) you have been convicted of, or pled nolo contendere to, a felony or other crime involving fraud or moral turpitude, (iii) you breached your :fiduciary duty of loyalty to the Company, or acted fraudulently or with material dishonesty in discharging your duties to the Company,

		
	(i)
	you undertook an intentional act or omission of misconduct that materially harmed or was reasonably likely to materially harm the business, interests, or reputation of the Company, (v) you materially breached any material provision of this Letter Agreement or any other agreement with the Company, or (vi) you have materially breached any material provision of any Company code of conduct or ethics policy. With respect to any alleged breach of the foregoing sub-clauses (i),

(ii)and (vi) the Company will provide you with written notice and an opportunity to cure within ten (10) days of such notice, to the extent such alleged breach is in the judgment of the Company otherwise curable.

		
	7.
	If you die during the Transition Employment Period, the Company will provide the payments and benefits set forth in Sections A4 (other than the COBRA Payment), to your spouse, or if your spouse pre-deceases you, your estate, provided that your spouse or your estate (as applicable) executes and returns within twenty-eight (28) days of the date of your death, and does not revoke a copy of the Supplemental General Release in the form attached hereto as Exhibit A.

		
	B.
	The Consulting Period.

		
	1.
	Upon the Separation Date, and subject to compliance with the terms of this Letter Agreement and the absence of Disqualifying Conduct, following the Separation Date through December 31, 2019 (the "Consultancy Period") the Company shall engage you, and you agree to make your services 

available as a consultant on an as-needed basis but for no less than 25 hours per week, providing such services as are requested by the CEO or his designee(s). During the Consultancy Period, you shall be paid a monthly consulting fee equal to $23,500.

		
	C.
	Tax and Reporting Matters.

		
	1.
	All payments under this Letter Agreement will be subject to all deductions required by law, including applicable taxes and withholdings.

		
	D.
	Release and Ongoing Obligations.

In consideration for the Company providing you with the payments and benefits described in Section A, above, you voluntarily agree to the following:

		
	1.
	You, for yourself and for your heirs, executors, administrators, successors and assigns (referred to collectively as "Releasor"), forever release and discharge the Company and any and all of the Company's past and present affiliates, parent entities, subsidiaries, divisions, offices, branches, assets, employee benefit plans, funds, investment funds, successors and assigns, and any and all of its and their past and present officers, directors, partners, members, shareholders, agents, attorneys, employees, agents, trustees, fiduciaries, representatives, administrators, successors and assigns (whether acting in such capacity or otherwise) (referred to collectively as the "Releasees"), from any and all claims, demands, causes of action, fees and liabilities of any kind whatsoever, whether known or unknown, which Releasor ever had, now has or may have against Releasees or any of them by reason of any actual or alleged act, omission, transaction, practice, conduct, occurrence or other matter from the beginning of the world up to and including the date you sign this Letter Agreement (other than claims you may have based upon your rights under this Letter Agreement).

		
	2.
	Without limiting the generality of the foregoing general release, by signing this Letter Agreement you agree that Releasor is releasing Releasees from any and all claims arising out of your employment with the Company, the terms and conditions of such employment and/or the termination of such employment, including but not limited to: (i) any claim under the Employee Retirement Income Security Act of 1974 ("ERISA"), Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866, the Equal Pay Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the National Labor Relations Act, the Sarbanes-Oxley Act, the Dodd-Frank Act, the New York State Human Rights Law, the New York City Human Rights Law, the New York Labor Law, the New York Minimum Wage Act, the statutory provisions regarding retaliation/discrimination under the New York Worker's Compensation Law, the New York City Earned Sick Time Act, Florida Civil Rights Act of 1992 f7k/a Human Rights Act of 1977, Fla. Stat. § 760.01 et seq.; the Florida Equal Pay Law, Fla. Stat. § 448.07, Fla. Stat. § 725.07, Florida AIDS Act, Fla. Stat. § 760.50, Florida Law Sickle-Cell Trait Discrimination Law, Fla. Stat. §§ 448.075, 448.076, Florida Private Whistleblower Protection Law, Fla. Stat. § 448.101 et seq., the Florida Public Whistle-Blower's Act, Fla. Stat. § 112.3187 et seq.; Florida Workers' Compensation Retaliation Law, Fla. Stat. § 440.205, Florida Unpaid Wages Law, Fla. Stat.§ 448.08, Florida Minimum Wage Act, Fla. Stat.§§ 448.109, 448.110, Article X Section 24 of the Florida Constitution, Florida Leave to Victims of Domestic Violence Act, Fla. Stat. § 741.313, and waivable rights under the Florida Constitution, the New Jersey Law Against Discrimination, the New Jersey Family Leave Act, the New Jersey Conscientious Employee Protection Act, the New Jersey Wage Payment Law, the New Jersey Wage and Hour Law, the New Jersey Equal Pay Law, the New Jersey Smoker's Rights Act, the New Jersey Lie Detector Test Law, the New Jersey Jury Duty Employee Protection Law, the New Jersey Worker Freedom From Intimidation Act, the New Jersey Political Activities of Employees Law, the New Jersey Fair Credit Reporting Act, the retaliation provisions of the New Jersey Workers' Compensation Law, the New Jersey Security and Financial Empowerment Act, the New Jersey Social Media Privacy law, the New Jersey Opportunity to Compete Act, all New Jersey Municipal Sick Leave Laws, any claims for violation of the New Jersey State Constitution, and any other applicable federal, state or local statute (all as amended); (ii) any claims for violation of any statutory or administrative rules, regulations or 

codes; (iii) any other claim of discrimination, harassment or retaliation in employment (whether based on federal, state or local law, statutory or decisional); (iv) any claim sounding in tort (whether intentional or unintentional), common law or contract (express or implied), wrongful discharge, whistleblowing, detrimental reliance, defamation; wrongful discharge, retaliatory discharge, and (v) any claim for attorney's fees, costs, disbursements, emotional distress, pain and suffering, damages of any kind, including compensatory and/or punitive damages.

		
	3.
	Notwithstanding the foregoing general release, nothing in this Letter Agreement will affect or constitute a waiver of: (i) claims arising after the date you sign it; (ii) claims that cannot be waived by law; (iii) any right to make any disclosure to or cooperate with the United States Securities and Exchange Commission ("SEC") pursuant to Section 21F(b) of the Securities and Exchange Act or to receive a reward from the SEC in connection therewith; (iv) claims for accrued, vested benefits under any employee pension plan of the Company in accordance with the terms of the official plan documents and applicable law; (v) claims for reimbursement through the Company ' s Flexible Spending Account Program; (vi) claims for benefits under the Company' s group medical, vision and dental and disability plans in accordance with the terms of such plans and applicable law; (vii) your rights with respect to matters arising under this Letter Agreement, including without limitation matters arising after the Effective Date in connection with the Stock Grants; (viii) your rights to indemnification or coverage arising under the Company's foundation documents or bylaws, any applicable Directors and Officer policy and applicable laws; or (ix) your rights as a shareholder in connection with any matter arising after the Effective Date under any equity interest (the ''Excluded Claims").

		
	4.
	You acknowledge that you may hereafter discover claims or facts in addition to or different from those which you now know or believe to exist with respect to the subject matter of this Letter Agreement and which, if known or suspected at the time you execute this Letter Agreement, may have materially affected this Letter Agreement and your decision to enter into it. Nevertheless, you hereby waive any right, claim or cause of action that might arise as a result of such different or additional claims or facts.

		
	5.
	You represent and warrant that you have maintained in the strictest confidence all information relating to the Company and/or the Releasees and their respective business that is not generally known by persons not employed by the Company and that could not easily be determined or learned by someone outside of the Company. All of the foregoing shall be deemed "Confidential Information." You agree that you will maintain in the strictest confidence all Confidential Information, except as set forth below. In addition, you hereby acknowledge and re-affirm all your obligations under the Employee Confidential Information & Invention Assignment Agreement dated March 29, 2018 between you and the Company (the "Covenant Agreement"), including your post termination obligations, which are expressly incorporated herein and which shall continue in full force and effect. You acknowledge and agree that the payments and benefits provided under this Letter Agreement represent additional consideration for your obligations under the Covenant Agreement.

		
	6.
	You represent and warrant that you fully and completely disclosed any alleged facts of which you are aware that constitute or might constitute a violation of the Company's policies, including the Code of Conduct, and/or any of the securities laws, rules or regulations of the United States of America or any political subdivision thereof

		
	7.
	You agree and acknowledge that the CEO's and/or the Company's exercise of discretion pursuant to any of the terms of this Letter Agreement shall not give rise to any claim of any nature.

		
	8.
	You agree that you have not and in the future will not disclose to any other person or entity (directly or indirectly), Confidential Information (as defined in Paragraph D.5), except (a) as may be required pursuant to a valid subpoena, a request by a government agency (including but not limited to the United States Equal Employment Opportunity Commission (“EEOC") or the Securities and Exchange Commission ("SEC") in connection with any charge filed, investigation or proceeding or as otherwise 

required by law; and (b) to your immediate family members, financial advisors and attorneys, provided that you first inform them of the confidentiality of this Agreement and they agree to maintain its confidentiality. You further agree that you will not solicit or initiate any demand or request by others for the disclosure of Confidential Information; or encourage or induce any other person to make any statement or disclosure of Confidential Information. In the event that you receive an inquiry from the press or otherwise that could potentially call for the disclosure of Confidential Information, you will respond to the inquiry, if at all, by stating ''I cannot comment," or words to that effect. This Paragraph shall not be construed to prohibit you from participating in the activities described in Paragraph D. 11.

		
	9.
	You will cooperate fully with the Company, and provide assistance to  the Company, in connection with (a) the orderly transition of all of your responsibilities and matters, (b) any pending or future litigation, administrative proceeding, or investigatory matter, and (c) any other matters for which you were responsible or with respect to which your knowledge may be of assistance to the Company. You further agree that, in the event you are subpoenaed by any person or entity (including, but not limited to, any government agency) to give testimony (in a deposition, court proceeding or otherwise) which in any way relates to your employment with the Company, unless prohibited from doing so by an order of a court or a government agency, you will give prompt written notice of such request to the Company's Head of Human Resources, at the address above to allow the Company a reasonable opportunity to first contest the right of the requesting person or entity to such disclosure. You agree to provide such cooperation and assistance as requested by the Company, subject to the reasonable efforts of the Company to accommodate any new employment obligations you may have, and the Company shall reimburse you for your reasonable out-of-pocket expenses in connection therewith. For the avoidance of doubt, nothing in this Paragraph or elsewhere in the Agreement is intended in any way to prevent you from testifying fully and truthfully in any action or proceeding or in connection with any regulatory matter.

		
	10.
	You agree that you have not and will not make any disparaging, critical or otherwise detrimental statements (orally or in writing) to any person or entity concerning the Company, its officers, directors, managing members, investors, employees, attorneys, representatives, affiliates, customers, clients, its and their business affairs or financial condition, the circumstances surrounding your employment and separation from the Company. For purposes of this Letter Agreement, the term "disparage" shall mean any oral or written statement or representation which, directly or by implication, tends, in the minds of a reasonable audience, to create a negative impression about the subject of the statement or representation, and includes, without limitation, comments or statements to the press and/or media, including, but not limited to, print journalists, press interviews or statements, newspapers, radio, television, cable, satellite programs, or Internet media (including blogs, web pages, web posts, email, and or "chat programs"), or to the Company, its officers, directors, employees, affiliates, customers, clients, or any person or entity with which the Company has a business relationship which would:

(a) adversely affect in any manner the conduct of the business of the Company or the Company's business relationships; (b) adversely affect in any manner the business reputation of the Company, its officers, directors, managing members, investors, employees, attorneys, representatives, affiliates, customers, clients, or any person or entity with which the Company has a business relationship; (c) induce or encourage others, to disparage the Company, its officers, directors, managing members, investors, employees, attorneys, representatives, affiliates, customers, clients, or any person or entity with which the Company has a business relationship. This Paragraph shall not be construed to prohibit you from participating in the activities described in Paragraph D. 11.

		
	11.
	Nothing in this agreement shall be construed to prohibit you from reporting possible violations of federal or state law or regulations to any governmental agency or self­ regulatory organization, or making other disclosures that are protected under whistleblower or other provisions of any applicable federal or state law or regulations. Nothing contained in this Letter Agreement shall prohibit you from filing a charge with, or participating in any investigation or proceeding conducted by, the EEOC, or 

other federal, state or local government agency, except that you understand and agree that you will not be able to recover monetary or equitable relief of any kind from Releasees in connection with any such charged filed by you or on your behalf in connection with  any action filed by a third party with respect to the claims you are waiving in this Letter Agreement. Additionally, nothing in this Letter Agreement shall constitute a waiver of any of the Excluded Claims.

		
	12.
	You agree that on the Separation Date, you will immediately return to the undersigned all property of the Company and/or any of the other Releasees that you have, including but not limited to records and materials, business and client information and files, cardkey access to Company offices, remote access card, desktop and laptop computer, cell phone, smartphone or other electronic device, keys, and corporate credit cards. You agree that on the Separation Date, you will have no electronic versions of the Company's documents and other materials in your possession. Notwithstanding the foregoing, you may retain a copy of your contacts database and copies of personal documents, including documents related to your employment terms, compensation, employee benefits, business expenses, federal, state and local taxes, diaries and calendars.

		
	13.
	You acknowledge and agree that you are entitled to the reimbursement of COBRA premiums provided for under Paragraph A.3 only if you (i) timely elect and receive COBRA continuation coverage following the last day of the calendar month in which your Separation Date occurs, and (ii) do not become eligible to receive group health plan coverage under another employee benefit plan before December 1, 2019; if either of these conditions are not met, you agree that the Company, may at its discretion, (i) cease making any further payment to you for reimbursement of COBRA premiums, and (ii) off-set against amounts otherwise due you the amounts of any COBRA reimbursements paid to you after you became eligible for coverage under another employer' s plan (the "Alternative Coverage Date") (the ''Excess COBRA Payment"), and you agree to promptly repay to the Company upon demand the Excess COBRA Payment.

		
	14.
	You acknowledge that apart from the payments and benefits that will be provided to you as set forth in this Letter Agreement, you have received all compensation, wages, bonuses, severance or termination pay, stock options, restricted stock units, equity grants, commissions, notice period, leave and/or benefits to which you may have been entitled to under any law, policy or plan of or sponsored by the Company, or pursuant to any prior agreement with the Company and that no other payments or benefits are due or owing to you except as set forth in this Letter Agreement, including any severance payment or benefits under the Employment Agreement, dated September 19, 2016 ("Employment Agreement") between you and the Company. You further affirm that you have had no known workplace injuries or occupational diseases.

		
	E.
	Mutual Understandings. The parties mutually agree to the following provisions:

		
	1.
	Nothing herein shall limit the Company's ability to make any disclosures required by the securities laws or the rules and regulations of the SEC or of any stock exchange on which the Company' s shares are listed, including the filing of a Current Report on Form 8-K to disclose the fact of your resignation and the financial arrangements memorialized hereby, the inclusion of  information regarding compensation paid to you as required in any filing with the SEC made by the Company and the filing of this Agreement as an exhibit to the Company' s periodic reports filed pursuant to the Securities Exchange Act.

		
	2.
	Nothing herein is intended to or shall be deemed to constitute an admission that the Company or any of the other Releasees have violated any federal, state or local law (statutory or decisional), ordinance or regulation, breached any contract, or committed any wrongdoing whatsoever against you or otherwise. Neither this Letter Agreement nor any of its terms may be used as an admission or introduced as evidence as to any issue of law or fact in any proceeding, suit or action, other than an action to enforce this Letter Agreement. Moreover, by signing this Letter Agreement you 

acknowledge that you are not aware of any wrongdoing or fraudulent or unlawful conduct on the part of the Company or the Releasees.

		
	3.
	In the event that any provision of this Letter Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any provision contained in this Letter Agreement is held to be excessively broad as to duration, scope, activity or subject, that provision will be construed by limiting and reducing it so as to be enforceable to the maximum extent compatible with applicable law.

		
	4.
	This Letter Agreement, and any attachments and exhibits hereto, together with the Covenant Agreement referenced in Paragraph D.5 above, constitutes the entire agreement between you and the Company with respect to the subject matter hereof and supersedes all prior negotiations, representations or agreements relating thereto, whether written or oral. You represent that in executing this Letter Agreement, you have not relied on any representation or statement not set forth herein. No amendment, modification or waiver of this Letter Agreement shall be valid or binding upon the parties unless in writing and signed by both parties.

		
	5.
	This Letter Agreement will be governed by and construed in accordance with the laws of the State of New York, except as may be preempted by federal law. This Letter Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs, executors, administrators, successors and assigns.

		
	6.
	Payments under this Agreement are intended to be exempt from, or otherwise comply with, Section 409A of the Internal Revenue Code as amended ("Section 409A"). You agree to fully indemnify and hold harmless the Company and the Releasees from payment of taxes, interest or penalties that may be required by any governmental agency at any time as a result of the payments set forth herein, except that the Company shall make all required payroll tax payments as required by applicable law in connection with base salary or any other covered compensation paid to you through the Separation Date. Set forth in Exhibit B are additional provisions relating to Section 409A and applicable to this Agreement.

		
	7.
	During the Transition Employment Period and the Consultancy Period, you agree to abide by the Company's Insider Trading Policy. Thereafter, you shall not be subject to the blackout periods in the Company's Insider Trading Policy and, in accordance with the terms of the applicable grant agreements and stock incentive plans, you will be permitted to exercise any vested Stock Grants and dispose of any underlying shares in the Company, subject to any laws governing insider trading and the expiration of any exercise period.

		
	8.
	Your Employment Agreement is superseded by this Letter Agreement and the terms of the Employment Agreement have no further force or effect.

		
	F.
	Obligations Unrelated to This Letter Agreement.

Regardless of whether you sign this Letter Agreement, you and the Releasees will have the following rights and obligations:
		
	1.
	You will be paid for all accrued vacation days that remain unused as of the Separation Date, with such payment occurring within ten (10) days of the Separation Date.

		
	2.
	If covered, your group health/dental/vision coverage will continue through the last date of the month in which your Separation Date occurs. You will begiven separate information regarding your right to continue your group health/dental/vision coverage, as required by the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"). All COBRA rights 

are subject to your completion and submission of the proper forms in the times allotted.
		
	3.
	You may be eligible to convert your Company-provided life insurance policy to an individual policy. Information about conversion of life insurance benefits will be sent to you separately.

		
	G.
	Consideration Period.

By signing this Letter Agreement in the space provided below and returning it to the undersigned, you are confirming your acceptance of the terms and conditions set forth herein, and you are acknowledging the following:
		
	1.
	The obligations as set out in this Letter Agreement represent a complete waiver and release of all rights and claims that you have or may have against the Releasees, as provided in Paragraph D.l above. Accordingly, you should review it carefully before signing it.

		
	2.
	You are advised to consult with an attorney of your choice before signing this Letter Agreement.

		
	3.
	To accept this Letter Agreement, you must sign, have notarized, and deliver the Letter Agreement to Nancy Ecklund, at the address above.

		
	4.
	By signing this Letter Agreement, you acknowledge that you have carefully read this Letter Agreement in its entirety, you fully understand the significance of all the terms and conditions of this Letter Agreement and have had a reasonable opportunity to discuss them with an attorney of your choice, and you are signing this Letter Agreement voluntarily and of your own free will and agreeing to all the terms and conditions contained herein.

		
	5.
	This Letter Agreement will become effective after you sign this Letter Agreement (the "Effective Date").

We wish you the best in your future endeavors.

	
		
	 
	/s/ Angelos M. Stergiou

	 
	 

	 
	Angelos M. Stergiou, MD, ScD h.c.

	 
	President and Chief Executive Officer

	
		
	/s/ Nicholas J. Sarlis
	 

	 
	 

	Nicholas J. Sarlis, M.D., Ph.D., FACP

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