Document:

Ex-10.1

 

Exhibit 10.1

TriPath Imaging, Inc.

780 Plantation Drive

Burlington, NC 27215

June 26, 2006

[Name of Director].

[Address]

[City, State, Zip Code]

Dear ___________________:

     This letter agreement is being entered into by and between you and TriPath Imaging, Inc. (the
“Company”), a Delaware corporation, in connection with that certain option agreement dated as of
____________ (the “Option Agreement”) and that certain stock appreciation rights agreement dated as
of ____________ (the “SAR Agreement,” and together with the Option Agreement, the “Award Agreements”) by
and between you and the Company. Capitalized terms not otherwise defined in this letter agreement
shall have the meanings set forth in the Award Agreements.

     The parties hereby agree to amend the Award Agreements as follows:

	 	1.	 	The Option Agreement is hereby amended by adding the following language
immediately after Section 10 of the Option Agreements:
	 
	 	 	 	     “11. Notwithstanding any other provision of the Plan, if a Change in Control (as
herein defined) occurs on or before August 3, 2008, and (a) the Optionee’s service with
the Company as a member of the Board has not terminated as of, or immediately prior to,
the effective time of the Change in Control, and (b) the surviving entity in such Change
of Control does not provide the Optionee with the opportunity to serve as a member of
the board of directors of the surviving entity for a period of not less than the balance
of the Optionee’s then current term as a member of the Board, then this Option, or any
substitute option issued heretofore, shall (x) become immediately vested and exercisable
in full notwithstanding the original exercise schedule, and (y) subject to Internal
Revenue Code section 409A, remain exercisable following the cessation of the Optionee’s
service as a director for a period equal to the shorter of (I) the later of (a) the
15th day of the third month following the date at which or (b) December 31 of
the calendar year in which, the award would otherwise have expired if the award had not
been extended, based on the terms of the award at the original grant date or (II) the
remaining balance of the original term of this award.

 

 

	 	 	 	     For purposes of this Option, a “Change in Control” means the consummation and
closing of an event or occurrence set forth in either or both of clauses (a) and (b)
below (including the consummation and closing of an event or occurrence that constitutes
a Change in Control under one clause but is specifically exempted from the other
clause):
	 
	 	 	 	     (a) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the
Company if, after such acquisition, such Person beneficially owns (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (A) the
then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (B) the combined voting power of the then-outstanding securities of the
Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this paragraph (a),
the following acquisitions shall not constitute a Change in Control: (I) any acquisition
directly from the Company (excluding an acquisition pursuant to the exercise, conversion
of exchange of any security exercisable for, convertible into or exchangeable for common
stock or voting securities of the Company, unless the Person exercising, converting or
exchanging such security acquired such security directly from the Company or an
underwriter or agent of the Company), (II) any acquisition by the Company, (III) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any corporation controlled by the Company, or (IV) any acquisition by any
corporation pursuant to a transaction which complies with subclause (A) of clause (b) of
this Section 11; or
	 
	 	 	 	     (b) the consummation of a merger, consolidation, reorganization, recapitalization
or statutory share exchange involving the Company or a sale, lease, exchange or other
disposition of all or substantially all of the assets of the Company (a “Business
Combination”), unless, immediately following such Business Combination, (A) all or
substantially all of the individuals and entities who were the beneficial owners of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than
50% of the then-outstanding shares of common stock and the combined voting power of the
then outstanding securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business Combination
(which shall include, without limitation, a corporation which as a result of such
transaction owns the Company or substantially all of the Company’s assets either
directly or through one or more subsidiaries) (such resulting or acquiring corporation
is referred to herein as the “Acquiring Corporation”) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the
Outstanding Company Stock and Outstanding Company Voting Securities, respectively.”

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	 	2.	 	The SAR Agreement is hereby amended by adding the following language
immediately after Section 11 of the SAR Agreement:
	 
	 	 	 	     “12. Notwithstanding any other provision of the Plan, if a Change in Control (as
herein defined) occurs on or before August 3, 2008, and (a) the Grantee’s service with
the Company as a member of the Board has not terminated as of, or immediately prior to,
the effective time of the Change in Control, and (b) the surviving entity in such Change
of Control does not provide the Grantee with the opportunity to serve as a member of the
board of directors of the surviving entity for a period of not less than the balance of
the Grantee’s then current term as a member of the Board, then the SARs, or any
substitute stock appreciation rights issued heretofore, shall (x) become immediately
vested and exercisable in full notwithstanding the original exercise schedule, and (y)
subject to Internal Revenue Code section 409A, remain exercisable following the
cessation of the Grantee’s service as a director for a period equal to the shorter of
(I) the later of (a) the 15th day of the third month following the date at
which or (b) December 31 of the calendar year in which, the award would otherwise have
expired if the award had not been extended, based on the terms of the award at the
original grant date or (II) the remaining balance of the original term of this award.
	 
	 	 	 	     For purposes of this SAR, a “Change in Control” means the consummation and closing
of an event or occurrence set forth in either or both of clauses (a) and (b) below
(including the consummation and closing of an event or occurrence that constitutes a
Change in Control under one clause but is specifically exempted from the other clause):
	 
	 	 	 	     (a) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the
Company if, after such acquisition, such Person beneficially owns (within the meaning of
Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (A) the
then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (B) the combined voting power of the then-outstanding securities of the
Company entitled to vote generally in the election of directors (the “Outstanding
Company Voting Securities”); provided, however, that for purposes of this paragraph (a),
the following acquisitions shall not constitute a Change in Control: (I) any acquisition
directly from the Company (excluding an acquisition pursuant to the exercise, conversion
of exchange of any security exercisable for, convertible into or exchangeable for common
stock or voting securities of the Company, unless the Person exercising, converting or
exchanging such security acquired such security directly from the Company or an
underwriter or agent of the Company), (II) any acquisition by the Company, (III) any
acquisition by any employee benefit plan (or related trust) sponsored or maintained by
the Company or any corporation controlled by the Company, or (IV) any acquisition by any
corporation pursuant to a transaction which complies with subclause (A) of clause (b) of
this Section 12; or

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	 	 	 	     (b) the consummation of a merger, consolidation, reorganization, recapitalization
or statutory share exchange involving the Company or a sale, lease, exchange or other
disposition of all or substantially all of the assets of the Company (a “Business
Combination”), unless, immediately following such Business Combination, (A) all or
substantially all of the individuals and entities who were the beneficial owners of the
Outstanding Company Common Stock and Outstanding Company Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than
50% of the then-outstanding shares of common stock and the combined voting power of the
then outstanding securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business Combination
(which shall include, without limitation, a corporation which as a result of such
transaction owns the Company or substantially all of the Company’s assets either
directly or through one or more subsidiaries) (such resulting or acquiring corporation
is referred to herein as the “Acquiring Corporation”) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the
Outstanding Company Stock and Outstanding Company Voting Securities, respectively.”
	 
	 	3.	 	Except as set forth above, the Award Agreements remain unmodified and in full
force and effect.
	 
	 	4.	 	This Agreement may be signed in one of more counterparts, each of which shall
be deemed an original and all of which, taken together, shall be deemed one and the
same document.

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Please sign below where indicated to acknowledge your agreement to the foregoing.

	 	 	 	 	 
	 

	 	Sincerely,
	 
	 	 	 	 
	 

	 	TRIPATH IMAGING, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:

Title:
	 
	 	 	 	 
	Agreed to and Accepted by:
	 	 	 	 
	 
	 	 	 	 
	     
	 	 	 	 
	 

-5-Ex-10.2

 

Exhibit 10.2

TriPath Imaging, Inc.

780 Plantation Drive

Burlington, NC 27215

June 26, 2006

Dr. Paul R. Sohmer, M.D.

c/o TriPath Imaging, Inc.

780 Plantation Drive

Burlington, NC 27215

Dear Paul:

     In recognition of the fact that your contributions to the past and future growth and success
of TriPath Imaging, Inc. (the “Company”), a Delaware corporation, and its affiliates have been and
are expected to be substantial, we want to assure the Company of your continued services for the
benefit of the Company, particularly in the face of a change-in-control of the Company.

     This letter agreement (this “Agreement”) therefore sets forth those benefits which the Company
will provide to you and your obligations to the Company in the event your employment within the
Company is terminated in connection with a “Change in Control” (as defined in Section 2(i)) of the
Company under the circumstances described below.

     It is hereby acknowledged that certain terms related to the acceleration of vesting of options
to purchase 450,000 shares and 400,000 shares of the Company’s Common Stock granted to you on June
6, 2000 and January 24, 2001, respectively (the “Prior Option Grants”), are governed by an offer
letter dated June 5, 2000 (the “Offer Letter”) between you and the Company. Notwithstanding the
terms of the Offer Letter, the provisions of Section 4(iv)(d) and Section 7 hereof shall
nonetheless apply to the Prior Option Grants.

	1.	 	TERM.

     This agreement shall expire on August 3, 2008; provided, however, that if a
Change in Control should occur while you are still an employee of the Company, then this Agreement
shall continue in effect from the date of such Change in Control for so long as you remain an
employee of the Company, but in no event for more than twenty-four (24) months following such
Change in Control (such 24-month period hereinafter called the “Change in Control Period”);
provided, further, if your employment is terminated by the Company without Cause
(defined below) prior to a Change in Control, this Agreement shall expire 180 days after the date
that your employment is terminated. In addition, this Agreement may be terminated by the Company
at any time prior to a Change in Control upon one year’s written notice to you. The termination or
expiration of the term of this Agreement shall not adversely affect your rights

 

 

Dr. Paul R. Sohmer, M.D.

June 26, 2006

Page 2

under this Agreement that have accrued prior to any such termination or expiration, except to
the extent provided for in Section 7.

	2.	 	CHANGE IN CONTROL.

     (i) For purposes of this Agreement, a “Change in Control” means the consummation and closing
of an event or occurrence set forth in either or both of clauses (a) and (b) below (including the
consummation and closing of an event or occurrence that constitutes a Change in Control under one
clause but is specifically exempted from the other clause):

          (a) the acquisition by an individual, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”)
of beneficial ownership of any capital stock of the Company if, after such acquisition, such Person
beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more
of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company
Common Stock”) or (B) the combined voting power of the then-outstanding securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that for purposes of this paragraph (a), the following
acquisitions shall not constitute a Change in Control: (I) any acquisition directly from the
Company (excluding an acquisition pursuant to the exercise, conversion of exchange of any security
exercisable for, convertible into or exchangeable for common stock or voting securities of the
Company, unless the Person exercising, converting or exchanging such security acquired such
security directly from the Company or an underwriter or agent of the Company), (II) any acquisition
by the Company, (III) any acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any corporation controlled by the Company, or (IV) any acquisition by
any corporation pursuant to a transaction which complies with subclause (A) of clause (b) of this
Section 2(i); or

          (b) the consummation of a merger, consolidation, reorganization, recapitalization or statutory
share exchange involving the Company or a sale, lease, exchange or other disposition of all or
substantially all of the assets of the Company (a “Business Combination”), unless, immediately
following such Business Combination, (A) all or substantially all of the individuals and entities
who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company
Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting
power of the then outstanding securities entitled to vote generally in the election of directors,
respectively, of the resulting or acquiring corporation in such Business Combination (which shall
include, without limitation, a corporation which as a result of such transaction owns the Company
or substantially all of the Company’s assets either directly or through one or more subsidiaries)
(such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in
substantially the same proportions as their ownership, immediately prior to such Business
Combination, of the Outstanding Company Stock and Outstanding Company Voting Securities,
respectively.

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Dr. Paul R. Sohmer, M.D.

June 26, 2006

Page 3

	3.	 	TERMINATION FOLLOWING CHANGE IN CONTROL.

     If a Change in Control shall have occurred while you are still an employee of the Company, or
after events and within the time period as stated in Section 3(vi), you shall be entitled to the
payments and benefits provided in Section 4 hereof upon the subsequent termination of your
employment within twenty-four (24) months of such Change in Control, by you or by the Company
unless such termination is (a) by the Company for “Cause” (as defined below), or (b) by you other
than for “Good Reason” (as defined below), in any of which events you shall not be entitled to
receive benefits under this Agreement.

     (i) “Disability”. If, as a result of your incapacity due to physical or mental
illness, you shall have been deemed “disabled” by (A) the institution appointed by the Company to
administer the Company’s long-term disability plan (or successor plan) for your benefit or, (B) in
the absence of such an institution or in the event that you are not covered by a long-term
disability plan of the Company, the Company acting in good faith.

     (ii) “Cause”. For the purpose of this Agreement, the Company shall have “Cause” to
terminate your employment upon:

          (a) The willful and continued failure by you substantially to perform your duties with the
Company (other than any such failure resulting from your incapacity due to physical or mental
illness or any failure resulting from your terminating your employment with the Company for “Good
Reason” (as defined below));

          (b) Willful gross misconduct or dishonesty, including fraud or embezzlement related to the
performance of your duties with the Company or that which would be reasonably likely to cause, as
determined in good faith by the Board of Directors of the Company: (A) a material adverse affect on
the business or reputation of the Company, or (B) expose the Company to a material risk of civil or
criminal legal damages, liabilities or penalties; or

          (c) Conviction (or a plea of guilty or no contest) of a felony or a crime involving moral
turpitude.

     (iii) “Good Reason”. You may terminate your employment for Good Reason. For purposes
of this Agreement, “Good Reason” shall mean without your express written consent:

          (a) The material diminution of your duties with the Company from those in effect immediately
prior to the Change in Control;

          (b) A continuing requirement that you perform duties that are materially inconsistent with and
which would have a material adverse impact on your title, position, authority, duties or
responsibilities in effect immediately prior to the Change in Control;

          (c) A reduction by the Company in your base salary as in effect immediately prior to the
Change in Control;

          (d) A reduction in the level of your bonus opportunities or the degree of probability of your
attainment of such opportunities as in effect immediately prior to the Change

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Dr. Paul R. Sohmer, M.D.

June 26, 2006

Page 4

in Control, unless there is a corresponding increase in your base salary or your equity
compensation opportunities; provided, however, that this clause shall not prohibit
the Board or the Company’s Compensation Committee from changing the general business criteria or
specific performance goals used to establish or determine bonus opportunities in a manner
consistent with this clause;

          (e) A material reduction in your health, disability, life insurance, or retirement benefits as
in effect immediately prior to the Change in Control determined in the aggregate; provided,
however, that any changes in insurance companies, co-payments, deductibles, premiums, or
coverages shall not constitute a material reduction if such changes are generally applicable to all
full-time employees of the Company;

          (f) Any requirement by the Company that the location at which you perform your principal
duties for the Company be changed to a new location that is more than 100 miles from the location
at which you perform your principal duties for the Company immediately prior to the Change in
Control; or

          (g) Any failure by the Company to comply with and satisfy Section 14(i) of this Agreement.

     (iv) Notice of Termination. Any termination by the Company pursuant to subparagraphs
(i) or (ii) above or by you pursuant to subparagraph (iii) above shall be communicated by written
Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed
to provide a basis of your termination under the provision so indicated. If you are terminating
your employment pursuant to subparagraph (iii) above, the Notice of Termination shall be delivered
to the Company within thirty (30) days following the date on which the facts and circumstances
existed that gave rise to your right to terminate your employment for Good Reason and at least ten
(10) business days prior to your proposed Date of Termination. Such notice shall indicate the
specific provision or provisions in this Agreement upon which you have relied to make such
determination and shall set forth in reasonable detail the facts and circumstances claimed to
provide a basis for such determination. If the facts and circumstances that give rise to your
right to terminate for Good Reason present a curable condition, the Company shall have ten (10)
business days after receipt of the Notice of Termination to cure such condition.

     (v) Date of Termination. “Date of Termination” shall mean:

          (a) If this Agreement is terminated for Disability, thirty days after Notice of Termination is
given (provided that you shall not have returned to the performance of your duties on a full-time
basis during such thirty-day period);

          (b) If your employment is terminated pursuant to subparagraph (iii) above, the date specified
in the Notice of Termination, which shall be no less than ten (10) business days after the date on
which the Notice of Termination is delivered; and

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Dr. Paul R. Sohmer, M.D.

June 26, 2006

Page 5

          (c) If your employment is terminated for any other reason, the date on which a Notice of
Termination is given (or, if a Notice of Termination is not given, the date of such termination).

     (vi) Termination in Anticipation of a Change in Control. If your employment is
terminated by the Company without Cause within 180 days prior to a Change in Control and such
termination (i) was at the request of a third party who had indicated an intention or had taken
steps reasonably calculated to effect a Change in Control and who subsequently effectuates a Change
in Control or (ii) otherwise occurred as a condition to, or in anticipation of, a Change in Control
which actually occurs, then for all purposes of this Agreement, the date of a Change in Control for
purposes of this Agreement shall mean the date immediately prior to the date of such termination of
your employment and shall entitle you to the benefits provided under Section 4 of this Agreement as
though it were a termination without Cause after a Change in Control.

	4.	 	COMPENSATION UPON DEATH, DURING DISABILITY OR UPON TERMINATION IN CONNECTION WITH A CHANGE
IN CONTROL.

     (i) If, after a Change in Control, your employment is terminated by reason of your death, your
legal representatives shall receive an amount equal to the payments described in Section 4(iv)(a)
below. Additionally, your eligible dependents may elect to continue their health care benefits
under COBRA, as described in and in accordance with Section (4)(iv)(b) below. Notwithstanding
anything herein to the contrary, all payments made pursuant to Section 4(iv)(a) and any cash
payments made pursuant to Section 4(iv)(b), if any, shall be paid in accordance with the Company’s
regular payroll practices applicable to you for a period of twelve (12) months following your
death, with the remaining balance paid in a lump sum at the end of the twelfth month following your
death, less applicable tax withholding, beginning with the next regular pay date applicable to you
following your death.

     (ii) If, after a Change in Control, you shall fail to perform your duties hereunder as a
result of incapacity due to Disability, you shall (I) continue to receive your full base salary at
the rate then in effect until your Date of Termination (and, if the Company maintains a long-term
disability plan, you shall be eligible for coverage thereunder in accordance with the terms thereof
and subject to the satisfaction of all applicable conditions, including without limitation the
timely filing of a notice of claim) and (II) continue to be eligible to receive the health care
benefits under COBRA and other insurance benefits, as described in and in accordance with Section
4(iv)(b) below.

     (iii) If, after a Change in Control, your employment shall be terminated for Cause, the
Company shall pay you for your full base salary through the Date of Termination at the rate in
effect at the time Notice of Termination is given and the Company shall have no further obligations
to you under this Agreement.

     (iv) If, after a Change in Control, the Company shall terminate your employment, other than
pursuant to Section 3(iii) hereof, or you shall terminate your employment for Good Reason, then,
subject to Section 7:

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Dr. Paul R. Sohmer, M.D.

June 26, 2006

Page 6

          (a) The Company shall pay you: (I) thirty-six (36) months (the “Severance Period”) of salary
continuation at your base rate in effect at the time of your termination in accordance with the
Company’s regular payroll practices plus (II) an amount equal to the greater of 3 times (x) the
bonus (if any) you received for the last fiscal year prior to your Date of Termination, or (y) the
average of the bonuses you received over the past three fiscal years, plus (III) an amount equal to
100% of your target bonus for the fiscal year in which the Date of Termination occurs, pro rated
for the number of days worked by you during such fiscal year, including the Date of Termination
(the “Severance Payments”). All payments described in this subparagraph (a) shall be paid in cash
by the Company to you in accordance with the Company’s regular payroll practices, less applicable
tax withholding, beginning with the first regular pay date after the date that is six months after
your Date of Termination. The first payment shall be equal to the total amount that you would have
received during the first six months after your Date of Termination if payments had been made
during the six-month period after your Date of Termination assuming payments would have been
pro-rata over thirty-six (36) months. Thereafter, payments shall be made pro-rata over the
remaining thirty-month Severance Period.

          (b) You shall have the opportunity to continue your group health care benefits, and those of
your eligible dependents, in accordance with COBRA, as applicable. During the thirty-six (36)
calendar months following the month in which you terminate employment with the Company, the Company
shall make any necessary payments or adjustments such that you shall have the opportunity to
continue these group health care benefits at the applicable employee premium rate in effect at the
time of your termination of employment. In the event that the Company’s insurance company is
unable or unwilling to provide the group health care benefits, or if you become entitled to
Severance Payments as a result of a termination in anticipation of a Change in Control as described
in Section 3(vi) hereof and you do not elect COBRA coverage at the time of your termination, then
the Company shall provide you with monthly cash payments equal to the cost of providing such
coverage to its employees generally. In addition, for the thirty-six (36) calendar months
following the month in which you terminate employment (except if such termination is as a result of
your death), the Company shall provide you with group term life insurance and accidental death and
dismemberment coverage substantially similar to the coverage in effect immediately prior to your
termination of employment; provided, however, if the Company’s insurance company is
unable or unwilling to provide the coverage, or if you become entitled to Severance Payments as a
result of a termination in anticipation of a Change in Control as described in Section 3(vi)
hereof, then the Company shall provide you with monthly cash payments equal to the cost of
providing such coverage to its employees generally. You shall be responsible for such co-payments
and other deductions and premiums to the same extent that you were responsible prior to your
termination of employment. Notwithstanding the foregoing, (I) the group health care benefits,
including the Company’s subsidy, may be terminated sooner to the extent permitted by COBRA if you
or your dependents obtain other group health plan coverage, and (II) the Company shall not provide
any such life insurance or accidental death and dismemberment insurance benefits to you to the
extent that an equivalent benefit is received by you from another employer during such period, and
you shall report any such benefit actually received by you to the Company;

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Dr. Paul R. Sohmer, M.D.

June 26, 2006

Page 7

          (c) the exercisability of all outstanding stock options, restricted stock, stock appreciation
rights and other equity awards then held by you shall accelerate in full;

          (d) subject to Internal Revenue Code section 409A, the time period for exercising any
non-qualified stock options and stock appreciation rights following a termination of your
employment without Cause, as set forth in the applicable award agreement, shall be extended, from
three (3) months to the shorter of (I) the later of (a) the 15th day of the third month
following the date at which or (b) December 31 of the calendar year in which, the award would
otherwise have expired if the award had not been extended, based on the terms of the award at the
original grant date or (II) the remaining balance of the term of such award, provided however, that
this Section 4(iv)(d) shall not apply to any non-qualified stock options and stock appreciation
rights where the applicable award agreement already provides that such awards may be exercised for
twelve months following a termination of your employment without Cause; and

     (v) You shall not be required to mitigate the amount of any payment provided for in this
Section 4 by seeking other employment or otherwise, nor shall the amount of any payment provided
for in this Section 4 be reduced by any compensation earned by you as the result of employment by
another employer after the Date of Termination, or otherwise, except to the extent provided in
Section 4(iv)(b).

     (vi) The Severance Payments and other benefits described in this Section 4 shall be the only
severance payments you are to receive in the event of a termination of your employment following a
Change in Control and you agree you shall not be entitled to any additional payments or benefits
not otherwise described in this Agreement. You hereby acknowledge and agree that you are not
eligible to be a “Participant” in the TriPath Imaging, Inc. Employee Retention Plan. Any payments
or benefits received under this Agreement shall not be taken into account for purposes of
determining benefits under any other employee benefit plan of the Company or any affiliate, except
to the extent required by law, or as otherwise expressly provided by the terms of such other plan.

	5.	 	CERTAIN ADDITIONAL PAYMENTS BY THE COMPANY.

     (i) In the event it shall be determined that any payment or benefit received or to be received
by you (whether paid or payable or distributed or distributable or provided pursuant to the terms
of this Agreement or otherwise, but determined without regard to any additional payments required
under this Section 5) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of
the Internal Revenue Code (the “Code”) or any interest or penalties are incurred by you with
respect to such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then you shall be entitled to receive an
additional payment (a “Gross-Up Payment”) in an amount such that after the payment by you of all
taxes (including any interest or penalties imposed with respect to such taxes), including, without
limitation, any income taxes (and any interest and penalties imposed with respect thereto) and the
Excise Tax imposed upon the Gross-Up Payment, you retain an amount of the Gross-Up Payment equal to
the Excise Tax imposed upon the Payments.

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Dr. Paul R. Sohmer, M.D.

June 26, 2006

Page 8

     (ii) Notwithstanding the foregoing provisions of Section 5(i), if it shall be determined that
you are entitled to a Gross-Up Payment, but that you, after taking into account the Payments and
the Gross-Up Payment, would not receive a net after-tax benefit of at least $50,000 (taking into
account both income taxes and any Excise Tax) as compared to the net after-tax proceeds to you
resulting from an elimination of the Gross-Up Payment and a reduction of the Payments, in the
aggregate, to an amount (the “Reduced Amount”) such that the receipt of Payments would not give
rise to any Excise Tax, then no Gross-Up Payment shall be made to you and the Payments, in the
aggregate, shall be reduced to the Reduced Amount.

     (iii) All determinations required to be made under this Section 5, including whether and when
a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be
utilized in arriving at such determination, shall be made by the Company’s independent auditors or
such other certified public accounting firm as may be designated by the Company (the “Accounting
Firm”) which shall provide detailed supporting calculations to both the Company and you within
fifteen (15) business days of the receipt of notice from you that a Payment has been made or will
be required, or such earlier time as is requested by the Company. In the event that the Accounting
Firm is serving as accountant or auditor for the individual, entity, or group affecting the Change
in Control, the Company shall appoint another nationally recognized accounting firm to make the
determinations required hereunder. All fees and expenses of the Accounting Firm shall be borne by
the Company.

     (iv) Any Gross-Up Payment shall be paid by the Company to you within ten (10) business days of
the receipt of the Accounting Firm’s determination. Any determination by the Accounting Firm shall
be binding upon the Company and you As a result of the uncertainty in the application of Section
4999 of the Code at the time of the initial determination by the Accounting Firm hereunder, it is
possible that Gross-Up Payments which will not have been made by the Company should have been made
(“Underpayment”), consistent with the calculations required to be made hereunder. In the event
that the Company exhausts its remedies pursuant to Section 5(v) and you thereafter are required to
make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the
Underpayment that has occurred and any such Underpayment shall be promptly paid by the Company to
or for your benefit.

     (v) You shall notify the Company in writing of any claim by the Internal Revenue Service that,
if successful, would require the payment by the Company of the Gross-Up Payment. Such notification
shall be given as soon as practical but no later than ten (10) business days after you are informed
in writing of such a claim and shall apprise the Company of the nature of the claim and the date on
which such claim is requested to be paid. You shall not pay such claim prior to the expiration of
the thirty (30) day period following the date on which you give such notice to the Company (or such
shorter period ending on the date that any payment of taxes with respect to such claim is due). If
the Company notifies you in writing prior to the expiration of such period that it desires to
contest such claim, you shall: (a) give the Company any information reasonably requested by the
Company relating to such claim, (b) take such action in connection with contesting such claim as
the Company shall reasonably request in writing from time to time, including, without limitation,
accepting legal representation with respect to such claim by an attorney reasonably selected by the
Company, (c) cooperate with the

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Company in good faith in order to effectively contest such claim, and (d) permit the Company
to participate in any proceedings relating to such claim; provided, however, that the Company shall
bear and pay directly all costs and expenses (including additional interest and penalties) incurred
in connection with such contest and shall indemnify and hold you harmless, on an after-tax basis,
for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as
a result of such representation and payment of costs and expenses. Without limitation of the
foregoing provisions of this Section 5(v), the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue or forego any and all
administrative appeals, proceedings, hearings and conferences with the taxing authority in respect
of such claim and may, at its sole option, either direct you to pay the tax claimed and sue for a
refund or to contest the claim in any permissible manner, and you agree to prosecute such contest
to a determination before any administrative tribunal, in a court of initial jurisdiction and in
one or more appellate courts, as the Company shall determine; provided, however, that if the
Company directs you to pay such claim and sue for a refund, the Company shall advance the amount of
such payment to you, on an interest-free basis, and shall indemnify and hold the you harmless, on
an after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect
thereto) imposed with respect to such advance or with respect to any imputed income with respect to
such advance; and further provided that any extension of the statute of limitations relating to
payment of taxes for your taxable year with respect to which such contested amount is claimed to be
due is limited solely to such contested amount. Furthermore, the Company’s control of the contest
shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and
you shall be entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or other taxing authority.

     (vi) If, after the receipt by you of an amount advanced by the Company pursuant to Section
5(v), you become entitled to receive any refund with respect to such a claim, you shall (subject to
the Company’s complying with the requirements of Section 5(v)) promptly pay to the Company the
amount of such refund (together with any interest paid or credited thereon after taxes applicable
thereto). If, after the receipt by you of an amount advanced by the Company pursuant to Section
5(v), a determination is made that you shall not be entitled to any refund with respect to such
claim and the Company does not notify you in writing of its intent to contest such denial of refund
prior to the expiration of thirty (30) days after such determination, then such advance shall be
forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the
extent thereof, the amount of Gross-Up Payment required to be paid.

     (vii) If, pursuant to regulations issued under Section 280G or 4999 of the Code, the Company
and you are required to make a preliminary determination of the amount of an excess parachute
payment and thereafter a redetermination of the Excise Tax is required under the applicable
regulations, the parties shall request the Accounting Firm to make such redetermination. If as a
result of such redetermination an additional Gross-Up Payment is required, the amount thereof shall
be paid by the Company to you within five (5) business days of the receipt of the Accounting Firm’s
determination. If the redetermination of the Excise Tax results in a reduction of the Excise Tax,
you shall take such steps as the Company may reasonably direct in order to obtain a refund of the
excess Excise Tax paid. If the Company

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determines that any suit or proceeding is necessary or advisable in order to obtain such
refund, the provisions of Section 5(v) hereof relating to the contesting of a claim shall apply to
the claim for such refund, including, without limitation, the provisions concerning legal
representation, cooperation by you, participation by the Company in the proceedings and
indemnification by the Company. Upon receipt of any such refund, you shall promptly pay the amount
of such refund to the Company. If the amount of the income taxes otherwise payable by you in
respect of the year in which you make such payment to the Company is reduced as a result of such
payment, you shall, no later than the filing of your income tax return in respect of such year, pay
the amount of such tax benefit to the Company. In the event there is a subsequent redetermination
of your income taxes resulting in a reduction of such tax benefit, the Company shall, promptly
after receipt of notice of such reduction, pay to you the amount of such reduction. If the Company
objects to the calculation or recalculation of the tax benefit, as described in the preceding two
sentences, the Accounting Firm shall make the final determination of the appropriate amount. You
shall not be obligated to pay to the Company the amount of any further tax benefits that may be
realized by you as a result of paying to the Company the amount of the initial tax benefit.

     (viii) Nothing in this Section 5 is intended to violate the Sarbanes-Oxley Act and to the
extent that any advance or repayment obligation hereunder would do so, such obligation shall be
modified so as to make the advance a nonrefundable payment to you and the repayment obligation null
and void.

	6.	 	CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL.

     You, by your execution hereof, (i) hereby irrevocably submit to the exclusive jurisdiction of
the state courts of the State of North Carolina (or any other state in which the Company or any
successor maintains its headquarters) for the purpose of any claim or action arising out of or
based upon this Agreement or relating to the subject matter hereof, (ii) hereby waive, to the
extent not prohibited by applicable law, and agree not to assert by way of motion, as a defense or
otherwise, in any such claim or action, any claim that you are not subject personally to the
jurisdiction of the above-named courts, that your property is exempt or immune from attachment or
execution, that any such proceeding brought in the above-named court is improper, or that this
Agreement or the subject matter hereof may not be enforced in or by such courts, and (iii) hereby
agree not to commence any claim or action arising out of or based upon this Agreement or relating
to the subject matter hereof other than before the above-named courts nor to make any motion or
take any other action seeking or intending to cause the transfer or removal of any such claim or
action to any court other than the above-named courts whether on the grounds of inconvenient forum
or otherwise. You hereby consent to service of process in any such proceeding in any manner
permitted by North Carolina law (or the law of such other state in which the Company or any
successor maintains its headquarters), and agree that service of process by registered or certified
mail, return receipt requested, at your address specified on the first page hereof is reasonably
calculated to give actual notice. You hereby irrevocably waive any right to a trial by jury in any
action, suit, or other proceeding arising under or relating to any provisions of this Agreement.

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	7.	 	OBLIGATIONS DURING THE CHANGE OF CONTROL PERIOD AND FOLLOWING TERMINATION.

     You and the Company have previously entered into a Non-Competition Agreement (the
“Non-Competition Agreement”) and an Employee Non-Disclosure and Inventions Agreement dated June 2,
2000 (the “NDA”; the Non-Competition Agreement and the NDA collectively referred to as the “Prior
Agreements”) both attached hereto on Schedule A, which impose upon you certain obligations
including, but not limited to, non-competition with the Company, non-solicitation of employees and
customers and confidentiality of Company information. Such Prior Agreements shall remain in full
force and effect upon the execution of this Agreement except that they shall be superceded by this
Agreement during the Change in Control Period. If the Change in Control Period expires and you
remain employed by the Company thereafter, this Agreement shall have terminated and the Prior
Agreements and their terms shall continue to govern your obligations during and following
termination of your employment. Notwithstanding anything herein to the contrary, your right to
receive any payments or benefits under this Agreement shall be conditioned upon and subject to your
compliance with your obligations as described in this Section 7, which obligations shall survive
the termination or expiration of this Agreement according to their respective terms. You hereby
agree that any breach of the provisions of this Section 7 by you will entitle the Company to
terminate this Agreement and to cease all payments and benefits hereunder. Any payments you may
receive pursuant to the Prior Agreements shall offset on a dollar-for-dollar basis any obligations
of the Company or any affiliate to make payments to you under this Agreement.

     (i) Confidentiality.

          (a) Proprietary Information. In the course of your service to the Company and its affiliates,
you will have access to confidential intellectual property, confidential specifications, know-how,
inventions, testing methods, strategic or technical data, marketing research data, product research
and development data, manufacturing techniques, financial performance, confidential customer lists,
costs, sources of supply and trade secrets, names and addresses of the people and organizations
with whom the Company and its affiliates have business relationships and such relationships, and
special needs of customers of the Company and its affiliates, as well as other confidential
business information, all of which are confidential and may be proprietary and are owned or used by
the Company or its affiliates. Such information shall hereinafter be called “Proprietary
Information” and shall include any and all items enumerated in the preceding sentence and coming
within the scope of the business of the Company or its affiliates as to which you may have access,
whether conceived or developed by others or by you alone or with others during the period of your
service to the Company or its affiliates, whether or not conceived or developed during regular
working hours. The term “Proprietary Information” also shall be deemed to include comparable
information that the Company or any of its affiliates have received belonging to others or which
was received by the Company or any of its affiliates with any understanding that it would not be
disclosed. Proprietary Information may be contained in various media, including without
limitation, patent applications, computer programs in object and/or source code, flow charts and
other program documentation, manuals, plans drawings, designs, technical and scientific
specifications, laboratory notebooks, supplier and customer lists, internal financial and business
data and other documents and records of the Company and its affiliates. Proprietary Information
shall not include any information which (I) is in the public domain prior to the execution of the
NDA and

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this Agreement, (II) entered the public domain after the time of its disclosure under the NDA
or this Agreement through means other than an unauthorized disclosure resulting from an act or
omission by you, (III) was independently developed or discovered by you prior to the time of
disclosure under the NDA, or (IV) is required to be disclosed to comply with applicable laws or
regulations, or with a court or administrative order, provided that the Company is notified prior
to such disclosure and has the opportunity to take any actions it deems appropriate to obtain
confidential treatment for such disclosure and, if possible, to minimize the extent of such
disclosure.

          (b) You shall not during the term of your employment with the Company or any time thereafter,
regardless of the reason for termination of your employment (a) disclose, directly or indirectly,
any Proprietary Information to any person other than the Company or authorized employees thereof at
the time of such disclosure, or such other persons to whom you have been specifically instructed to
make disclosure by management of the Company and in all such cases only to the extent required in
the course of your service to the Company or (b) use any Proprietary Information, directly or
indirectly, for your own benefit or for the benefit of any other person or entity.

          (c) All notes, letters, documents, records, tapes and other media of every kind and
description relating to the business, present or otherwise, of the Company or its affiliates and
any copies, in whole or in part, thereof (collectively, the “Documents”), whether or not prepared
by you, shall be the sole and exclusive property of the Company. You shall safeguard all Documents
and shall surrender to the Company at the time your employment terminates, or at such earlier time
or times as management of the Company may specify, all Documents then in your possession or
control.

     (ii) Non-Competition; Non-Hire; Non-Solicitation.

          (a) During the Severance Period, you will not engage or participate in, directly or
indirectly, as principal, agent, employee, employer, consultant, investor or partner, or assist in
the management of, or own any stock or any other ownership interest in (excluding ownership of not
more than one (1%) percent of the voting stock of any publicly held corporation), any business
which is Competitive with the Company (as defined below).

               (1) A business shall be considered “Competitive with the Company” if it is engaged in any
business, venture or activity, or is developing any product, in the Restricted Area (as defined
below) which competes, plans to compete or upon commercialization, would compete, with any
business, product, venture or activity being developed, conducted or proposed to be conducted (as
evidenced by the Company’s internal written business plans or memoranda) by the Company, or any
group, division or affiliate of the Company, determined as of the date of the Change in Control.

               (2) The “Restricted Area” shall mean the United States of America, Canada, and any other
geographic area where the Company, or any group, division or affiliate of the Company, is
conducting, or has proposed to conduct (as evidenced by the Company’s

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internal written business plans or memoranda), any business, venture or activity, determined
as of the date of the Change in Control.

          (b) During the term of your employment and during the Severance Period, you will not hire any
officer, director, consultant, executive or employee of the Company or any of its affiliates, nor
will you solicit or attempt to solicit any such person to leave his or her engagement with the
Company or such affiliate. During the term of your employment and during the Severance Period, you
will not call upon, solicit, divert or attempt to solicit or divert from the Company or any of its
affiliates any of their customers or suppliers or potential customers or suppliers of whose names
you were aware during your employment with the Company.

          (c) During the Severance Period you shall notify the Company of any change of address and of
any subsequent employment (stating the name and address of the employer and the nature of the
position) or any other business activity.

     (iii) Non-Disparagement. During the term of your employment and for five (5) years
thereafter, you shall not disparage, deprecate, or make any comments or take any other actions,
directly or indirectly, that could reflect adversely on the Company, its affiliates or its
officers, directors, employees or agents or adversely affect their business reputation or goodwill.

     (iv) Release and Waiver of Claims. Upon your termination following a Change in
Control, and in consideration of the benefits provided to you under the terms of this Agreement,
you hereby agree to execute the Release and Waiver of Claims attached hereto as Exhibit A.

	8.	 	CONFLICT AMONG AGREEMENTS OR BENEFIT PLANS.

     In the event of any conflict between the provisions of this Agreement and the terms of any
other agreement or any benefit plan under which you are entitled to receive payments or benefits,
or any agreement, instrument, other document or undertaking between you and the Company, unless
otherwise specifically provided herein, the provisions of this Agreement shall control;
provided, however, that the terms of the Offer Letter shall be deemed to expressly
not conflict with the provisions of this Agreement.

	9.	 	DEDUCTION; WITHHOLDING; SET-OFF.

     Notwithstanding any other provision of this Agreement, any payments or benefits hereunder
shall be subject to the withholding of such amounts, if any, relating to tax and other payroll
deductions as the Company reasonably determines it should withhold pursuant to any applicable law
or regulation. The amounts due and payable under Sections 4 and 5 shall at all times be subject to
the right of set-off of the Company for any amounts or debts incurred and owed by you to the
Company whether during your employment or after the Date of Termination.

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	10.	 	LEGAL FEES.

     If any contest or dispute shall arise between you and the Company regarding or as a result of
any provision of this Agreement, the Company shall reimburse you for all reasonable attorney’s fees
and legal expenses incurred by you up to a maximum of $15,000.00 in connection with such contest or
dispute, but only if you are successful with respect to substantially all of your material claims
pursued or defended in connection with such contest or dispute. Such reimbursement shall be made
as soon as practicable following the final adjudication (not subject to further appeal) by a court
or arbitrator, or by settlement of the dispute to the extent that the Company receives reasonable
written evidence of such fees and expenses.

	11.	 	LITIGATION AND REGULATORY COOPERATION.

     You agree to cooperate fully with the Company or any related entity in the defense or
prosecution of any claims or actions now in existence or which may be brought in the future against
or on behalf of the Company or any related entity that relate to events or occurrences that
transpired during your employment with the Company. Your full cooperation in connection with such
claims or actions shall include, but not be limited to, being available to meet with counsel to
prepare for discovery or trial and to act as a witness on behalf of the Company at mutually
convenient times. In scheduling your time to prepare for discovery or trial, the Company shall
attempt to minimize interference with any other employment obligations that you may have. You also
shall cooperate with the Company in connection with any investigation or review of any foreign,
federal, state or local regulatory authority as any such investigation or review relates to events
or occurrences that transpired while you were employed by the Company. The Company shall reimburse
you for any reasonable out-of-pocket expenses incurred in connection with any litigation and
regulatory cooperation provided under this Section 11 after your Date of Termination. In the event
that you are named personally in any legal proceeding relating to your activities on behalf of the
Company, you will be eligible for indemnification to the extent permitted by the Company’s By-laws
and other governance documents, as well as the Company’s liability insurance policies, as in effect
at the time you make a claim for indemnification.

	12.	 	NOTICE.

     For the purpose of this Agreement, notices and all other communications provided for in this
Agreement shall be in writing and shall be delivered to each party at each party’s respective
address set forth on the first page of this Agreement, and shall be deemed effectively given or
delivered: (i) upon personal delivery to the party to be notified, (ii) three (3) days after
having been sent by registered or certified mail, return receipt requested, postage prepaid, or
(iii) one (1) business day after deposit with a nationally recognized overnight courier, specifying
next day delivery, with written verification of receipt; provided that all notices to the Company
should be directed to the attention of the Chairman of the Board of the Company, with a copy to the
General Counsel of TriPath Imaging, Inc.

	13.	 	ENTIRE AGREEMENT.

     Except for the Offer Letter and the Prior Agreements, this Agreement represents the entire
agreement of the parties with respect to the subject matter hereof and, except to the extent

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provided for herein, supersedes any other agreement between the parties with respect to such
subject matter.

	14.	 	SUCCESSORS; BINDING AGREEMENT.

     (i) The Company shall require any successor (whether direct or indirect, by purchase, merger,
consolidation or otherwise) to all or substantially all of the business or assets of the Company to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform it if no such succession had taken place. Failure of the
Company to obtain such assumption and agreement prior to the effectiveness of any such succession
shall be a breach of this Agreement and shall entitle the Executive to compensation from the
Company or its successor in the same amount and on the same terms as he would be entitled to
hereunder if he terminates his employment for Good Reason following a Change in Control, except
that for purposes of implementing the foregoing, the date on which any such succession becomes
effective shall be deemed the Date of Termination. As used in this Agreement, “Company” shall mean
the Company as hereinbefore defined and any successor to its business or assets as aforesaid which
assumes and agrees to perform this Agreement by operation of law, or otherwise.

     (ii) This Agreement shall inure to the benefit of and be enforceable by your personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.

	15.	 	COUNTERPARTS.

     This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one in the same instrument.

	16.	 	MISCELLANEOUS.

     (i) Nothing contained in this Agreement, nor any action taken hereunder, shall be construed as
a contract of employment, or as giving you any right to be retained as an employee of the Company.
Your employment will remain at-will and your obligations under this Agreement shall not be affected
by any change in your position, title or function with, or compensation by the Company.

     (ii) No provision of this Agreement may be modified, waived, or discharged unless such waiver,
modification, or discharge is agreed to in writing signed by you and such officer as may be
specifically designated by the Board of Directors of the Company.

     (iii) No waiver by either party hereto at any time of any breach by the other party hereto of,
or compliance with, any condition or provision of this Agreement to be performed by such other
party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at
any time prior to subsequent time.

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     (iv) The validity, interpretation, construction and performance of this Agreement shall be
governed by the laws of the State of North Carolina.

     (v) The invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement, which shall remain in full
force and effect.

     (vi) Your rights to payments or benefits under this Agreement shall not be made subject to
option or assignment, either by voluntary or involuntary assignment or by operation of law,
including (without limitation) bankruptcy, garnishment, attachment or other creditor’s process, and
any action in violation of this Section 16(vi) shall be void.

[The remainder of this page intentionally left blank.]

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     If this Agreement correctly sets forth our agreement on the subject matter hereof, kindly sign
and return to the Company the enclosed copy of this Agreement which will then constitute our
agreement on this subject.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	TRIPATH IMAGING, INC.
	 
	 	 
	 
	 	 
	 

	 	 
	 

	 	Name: Robert E. Curry

Title: Chairman of the Compensation Committee
	 
	 	 
	I acknowledge receipt and agree
with the foregoing terms and conditions.

	 
	 	 
	 
	 	 
	 
	Name: Paul R. Sohmer, M.D.

-17-

 

Exhibit A

Release and Waiver of Claims

 

Schedule A

Prior Agreements

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