Document:

exv10w1

 

Exhibit
10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT, made and entered into effective as of February 6, 2008 (the “Effective Date”) by and between Walter C. Rakowich (the “Executive”) and
ProLogis, a Maryland real estate investment trust (the “Company”),

WITNESSETH THAT:

     WHEREAS, the Executive is currently employed by the Company in an executive capacity;

     WHEREAS, the Executive and the Company are parties to that certain Employment Agreement dated
as of September 19, 2007 (the “Employment Agreement”);

     WHEREAS, the Management Development and Executive Compensation Committee (the “Committee”) of
the Board of Trustees (the “Board”) of the Company has the authority to determine compensation of
the Company’s executives; and

     WHEREAS, the Committee has determined that it is appropriate to make certain changes to the
Employment Agreement and the Executive has agreed to such changes;

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, it is
hereby covenanted and agreed by the Executive and the Company as follows:

     1. Term. The parties agree that the Company will continue to employ the Executive as
its President and Chief Operating Officer, and the Executive agrees to continue in the employ of
the Company in such capacity, from and after the Effective Date through January 1, 2009 (the
“Agreement Term”).

     2. Performance of Services. The Executive’s employment with the Company shall be
subject to the following:

	(a)	 	During the Agreement Term, while the Executive is employed by the Company, the Executive
shall devote his full time, energies and talents to serving as the President and Chief
Operating Officer of the Company.

	(b)	 	The Executive shall report to the Chief Executive Officer of the Company. The Executive
agrees that he shall perform his duties faithfully and efficiently subject to the directions
of the Chief Executive Officer of the Company. The Executive’s duties may include providing
services for both the Company and the Subsidiaries (as defined below), as determined by the
Board; provided, that the Executive shall not, without his consent, be assigned tasks that
would be inconsistent with those of the President and Chief Operating Officer of the Company.
The Executive shall have such authority, power, responsibilities and duties as are inherent in
his positions (and the undertakings applicable to his positions) and necessary to carry out
his responsibilities and the duties required of him hereunder.

 

 

	(c)	 	Notwithstanding the foregoing provisions of this paragraph 2, during the Agreement Term, the
Executive may devote reasonable time to activities other than those required under this
Agreement, including the supervision of his personal investments, and activities involving
professional, charitable, community, educational, religious and similar types of
organizations, speaking engagements, membership on the boards of directors of other
organizations, and similar types of activities, to the extent that such other activities do
not in the judgment of the Board, inhibit or prohibit the performance of the Executive’s
duties under this Agreement, or conflict in any material way with the business of the Company
or any Subsidiary; provided, however, that the Executive shall not serve on the board of any
for profit business, or hold any other position with any business, without the consent of the
Board.

	(d)	 	For purposes of this Agreement, the term “Subsidiary” shall mean any corporation,
partnership, joint venture or other entity during any period in which at least a fifty percent
interest in such entity is owned, directly or indirectly, by the Company (or a successor to
the Company).

     3. Compensation. Subject to the terms of this Agreement, during the Agreement Term,
while the Executive is employed by the Company, the Company shall compensate him for his services
as follows:

	(a)	 	The Executive shall receive, for the Agreement Term, a minimum base salary (the “Base
Salary”) and minimum target bonus (“Target Bonus”) equal to his base salary and target bonus
as in effect immediately prior to the Effective Date, which amounts were $630,000 Base Salary
and $840,000 Target Bonus. For calendar year 2007, the Executive will receive an actual
annual bonus that, as a percentage, is the same as awarded to other senior executives for the
applicable period. For calendar year 2008, the Executive will receive an actual annual bonus
that is equal to his Target Bonus.

	(b)	 	As of September 19, 2007, the Executive was awarded 100,000 restricted share units (“RSUs”)
under the ProLogis 2006 Long-Term Incentive Plan (the “Incentive Plan”), which RSUs shall vest
on the “Vesting Date” specified below:

	 	 	 	 	 
	Vesting Date	 	Number of Units	 
	December 31, 2008
	 	 	25,000	 
	December 31, 2009
	 	 	37,500	 
	December 31, 2010
	 	 	37,500	 

	(c)	 	The Executive shall not be entitled to a grant of Long-Term Compensation for calendar year
2008. For purposes of this Agreement, “Long-Term Compensation” means, collectively,
contingent performance shares, stock options and share units.

	(d)	 	Except as otherwise specifically provided to the contrary in this Agreement, the Executive
shall be eligible to participate in the Company’s employee benefit plans, programs, policies
and arrangements to the same extent and on the same terms as those

2

 

	 	 	benefits are provided by the Company from time to time to the Company’s other similarly
situated senior management employees. However, the Company shall not be required to provide
a benefit under this subparagraph 3(d) if such benefit would duplicate (or otherwise be of
the same type as) a benefit specifically required to be provided under another provision of
this Agreement. The Executive shall complete all forms and physical examinations, and
otherwise take all other similar actions to secure coverage and benefits described in this
subparagraph 3(d), to the extent determined to be necessary or appropriate by the Company.
	 
	(e)	 	The Executive is authorized to incur reasonable expenses for entertainment, traveling, meals,
lodging and similar items in promoting the Company’s business. The Company will reimburse the
Executive for all reasonable expenses so incurred in accordance with the normal practices of
the Company during his employment with the Company; provided, however, that, the reimbursement
of any such expenses that are taxable to the Executive shall be made on or before the last day
of the year in which the expense was incurred, the amount of the expenses eligible for
reimbursement during one year will not affect the amount of expenses eligible for
reimbursement in any other year, and the right to reimbursement shall not be subject to
liquidation or exchange for another benefit.

	(f)	 	Each award of Long-Term Compensation that has been granted to the Executive under the
Incentive Plan (or the ProLogis 1997 Long-Term Incentive Plan (the “1997 Plan”)) and that is
outstanding on the Effective Date (each an “Existing Award”) shall provide (or, if applicable,
shall be amended to provide) and each award of Long-Term Compensation that is granted to the
Executive under the Incentive Plan on or after the Effective Date (“New Awards”, with Existing
Awards and New Awards sometimes being referred to below collectively as “Awards”) shall
provide as follows as of the Effective Date or, with respect to a New Award, the date on which
the New Award is granted:

	 	(i)	 	If the Date of Termination occurs during the Agreement Term (other than by the
Company for reasons other than for Cause or resignation by the Executive on account of
Constructive Discharge), any portion of the Awards that are not vested as of the Date
of Termination shall be forfeited as of the Date of Termination and the Executive shall
have no further rights under or with respect thereto.
	 
	 	(ii)	 	If the Date of Termination occurs after the Agreement Term or during the
Agreement Term by the Company for reasons other than for Cause or by resignation by the
Executive on account of Constructive Discharge, any Award that is not then vested shall
continue to vest in accordance with its terms as though the Executive had remained as
an employee of the Company until such Award is fully vested.
	 
	 	(iii)	 	To the extent applicable and to the extent vested, each Award shall remain
exercisable through the Expiration Date, which shall be amended in each Existing Award
and shall be defined in each New Award as the ten year anniversary of the date of
grant, unless the Date of Termination is for Cause or resignation by the Executive
other than for Constructive Discharge in which case the Expiration Date shall be that
defined in the Incentive Plan or the 1997 Plan, as applicable.

3

 

	 	(iv)	 	Notwithstanding the foregoing provisions of this paragraph 3(f), if, within
one year following the Date of Termination, the Executive breaches the provisions of
paragraph 8 or subparagraph 9(b) or if, within two years following the Date of
Termination, the Executive breaches the provisions of subparagraph 9(a), any Awards
that are not vested upon the date of such breach shall be forfeited and the Executive
shall have no further rights under or with respect thereto.

     4. Termination. The Executive’s employment with the Company during the Agreement Term
may be terminated by the Company or the Executive without any breach of this Agreement only under
the circumstances described in subparagraphs 4(a) through 4(f):

	(a)	 	Death. The Executive’s employment hereunder will terminate upon his death.

	(b)	 	Permanent Disability. The Company may terminate the Executive’s employment during
any period in which he is Permanently Disabled. The Executive shall be considered
“Permanently Disabled” during any period in which he is unable, by reason of a medically
determinable physical or mental impairment, to engage in the material and substantial duties
of his regular occupation, and such condition is expected to be permanent, as determined by
the Board.

	(c)	 	Cause. The Company may terminate the Executive’s employment hereunder at any time
for Cause. For purposes of this Agreement, the term “Cause” shall mean in the reasonable
judgment of the Board (i) the willful and continued failure by the Executive to substantially
perform his duties with the Company or any subsidiary after written notification by the
Company or subsidiary, (ii) the willful engaging by the Executive in conduct which is
demonstrably injurious to the Company or any subsidiary, monetarily or otherwise, or (iii) the
engaging by the Executive in egregious misconduct involving serious moral turpitude. For
purposes hereof, no act, or failure to act, on the Executive’s part shall be deemed “willful”
unless done, or omitted to be done, by the Executive not in good faith and without reasonable
belief that such action was in the best interest of the Company or subsidiary.

	(d)	 	Constructive Discharge. If (I) the Executive provides written notice to the Company
of the occurrence of Good Reason (as defined below) within 90 days after the Executive first
has knowledge of the circumstances constituting Good Reason, which notice specifically
identifies the circumstances which the Executive believes constitute Good Reason; (II) the
Company fails to notify the Executive of the Company’s intended method of correction within 30
days after the Company receives the notice and fails to correct such circumstances within 60
days after the Company receives the notice, or the Company fails to correct the circumstances
within 30 days after such notice; and (III) the Executive resigns within 90 days after the
latest of (A) the date of the Company’s response to the Executive’s notice, if such notice
does not indicate an intention to correct such circumstances, (B) the last day of the
correction period if the circumstances have not been corrected by such date, or (C) the date
of the Executive’s notice to the Company if the Company does not respond to the Executive’s
notice to the Company within 30 days, then the Executive shall be considered to have been
subject to a Constructive Discharge by the Company. For purposes of this Agreement, “Good
Reason” shall mean, without

4

 

	 	 	the Executive’s express written consent (and except in consequence of a prior termination of
the Executive’s employment), the occurrence of any of the following circumstances:

	 	(i)	 	The material diminution in the Executive’s authority, duties or
responsibilities.
	 
	 	(ii)	 	A material reduction by the Company in the Executive’s Base Salary to an amount
that is less than required under subparagraph 3(a).
	 
	 	(iii)	 	The relocation of the Executive’s base office to an office that is more than
30 highway miles from the Executive’s base office on the Effective Date, which the
parties agree would be a material change in the geographic location at which the
Executive would be required to perform services.

	 	 	The Executive’s right to terminate his employment pursuant to this subparagraph 4(d) shall
not be affected by his incapacity due to physical or mental illness.
	 
	(e)	 	Termination by Executive. The Executive may terminate his employment hereunder at
any time for any reason by giving the Company prior written Notice of Termination (as defined
in subparagraph 4(g)), which Notice of Termination shall be effective not less than 30 days
after it is given to the Company, provided that nothing in this Agreement shall require the
Executive to specify a reason for any such termination. However, to the extent that the
procedures specified in subparagraph 4(d) are required, the procedures of this subparagraph
4(e) may not be used in lieu of the procedures required under subparagraph 4(d).

	(f)	 	Termination by Company. The Company may terminate the Executive’s employment
hereunder at any time for any reason, by giving the Executive prior written Notice of
Termination, which Notice of Termination shall be effective immediately, or such later time as
is specified in such notice. The Company shall not be required to specify a reason for the
termination under this subparagraph 4(f), provided that termination of the Executive’s
employment by the Company shall be deemed to have occurred under this subparagraph 4(f) only
if it is not for reasons described in subparagraph 4(b), 4(c), 4(d), or 4(e).

	(g)	 	Notice of Termination. Any termination of the Executive’s employment by the Company
or the Executive (other than a termination pursuant to subparagraph 4(a)) must be communicated
by a written Notice of Termination to the other party hereto. For purposes of this Agreement,
a “Notice of Termination” means a dated notice which indicates the Date of Termination (not
earlier than the date on which the notice is provided), and which indicates the specific
termination provision in this Agreement relied on and which sets forth in reasonable detail
the facts and circumstances, if any, claimed to provide a basis for termination of the
Executive’s employment under the provision so indicated.

	(h)	 	Date of Termination. “Date of Termination” means the last day the Executive is
employed by the Company and the Subsidiaries, provided that the Executive’s employment is
terminated in accordance with the foregoing provisions of this paragraph 4.

5

 

	(i)	 	Effect of Termination. If, on the Date of Termination, the Executive is a member of
the Board or the board of trustees or board of directors any of the Subsidiaries, or holds any
other position with the Company and the Subsidiaries (other than the position described in
subparagraph 2(a)), the Executive shall resign from all such positions as of the Date of
Termination.

     5. Rights Upon Termination. The Executive’s right to payment and benefits under this
Agreement for periods after his Date of Termination shall be determined in accordance with the
following provisions of this paragraph 5:

	(a)	 	If the Executive’s Date of Termination occurs during the Agreement Term for any reason, the
Company shall pay to the Executive:

	 	(i)	 	The Executive’s Base Salary (to the extent not previously paid) for the period
ending on the Date of Termination.
	 
	 	(ii)	 	Payment for unused vacation days, as determined in accordance with Company
policy as in effect from time to time.
	 
	 	(iii)	 	If the Date of Termination occurs after the end of a performance period and
prior to the payment of the Target Bonus (as described in subparagraph 3(b)) for the
period, the Executive shall be paid such bonus amount at the regularly scheduled time.
	 
	 	(iv)	 	Any other payments or benefits to be provided to the Executive by the Company
pursuant to any employee benefit plans or arrangements adopted by the Company, to the
extent such amounts are due from the Company.

	 	 	Except as may otherwise be expressly provided to the contrary in this Agreement, nothing in
this Agreement shall be construed as requiring the Executive to be treated as employed by
the Company for purposes of any employee benefit plan or arrangement following the date of
the Executive’s Date of Termination.
	 
	(b)	 	If the Executive’s Date of Termination occurs during the Agreement Term under circumstances
described in subparagraph 4(a) (relating to the Executive’s death), subparagraph 4(b)
(relating to the Executive’s being Permanently Disabled), subparagraph 4(c) (relating to the
Executive’s termination for Cause), subparagraph 4(e) (relating to the Executive’s
resignation), or if the Executive’s employment with the Company terminates after the end of
the Agreement Term then, except as otherwise expressly provided in this Agreement or otherwise
agreed in writing between the Executive and the Company, the Company shall have no obligation
to make payments under the Agreement for periods after the Executive’s Date of Termination;
provided, however that if the Date of Termination occurs as a result of the Executive’s death
or on account of the Executive being Permanently Disabled, or in the case of Executive’s death
after the Date of Termination but prior to the complete vesting of any Award, then all Awards,
to the extent then outstanding, shall be fully vested as of the Date of Termination or death,
as the case may be.

6

 

	(c)	 	If the Executive’s Date of Termination occurs during the Agreement Term under circumstances
described in subparagraph 4(d) (relating to Constructive Discharge) or subparagraph 4(f)
(relating to termination by the Company without Cause), then, in addition to the amounts
payable in accordance with subparagraph 5(a), the Company shall pay or provide to the
Executive the following payments and benefits (collectively, the “Severance Benefits”):

	 	(i)	 	The Executive shall receive from the Company for the period (the “Severance
Period”) from the Date of Termination continuing through the end of the Agreement Term,
or, if later, the six-month anniversary of the Date of Termination, the Base Salary
amount described in subparagraph 3(a), as in effect on his Date of Termination, which
amounts shall be in accordance with the Company’s normal payroll practices, as well as
any portion of the Executive’s actual bonus for the Agreement Term as determined in
accordance with Paragraph 3(a) that has not yet been paid, which bonus shall be paid at
such times as such annual bonuses are paid to other similarly situated executives. The
Severance Period, and the Company’s obligation to make payments under this clause (i)
shall cease with respect to periods after the earlier to occur of the date of the
Executive’s death, or a date, if any, of the breach by the Executive of the provisions
of paragraphs 8 or 9 of this Agreement.
	 
	 	(ii)	 	Continuation of coverage for the Severance Period under the employee benefit
plans and arrangements of the Company in which the Executive was participating at the
time of his termination of employment; provided that in no event shall the benefits
provided (or made available) with respect to any plan or arrangement under this clause
(c)(ii) be materially less favorable to the Executive than the benefits most favorable
to the Executive that are provided (or were available) during the one-year period prior
to such termination of employment. To the extent applicable, in determining the amount
of benefits to which the Executive is entitled under this clause (c)(ii), it shall be
assumed that the Executive shall continue to be entitled to the Base Salary that he was
receiving immediately prior to the termination, and the bonus for the year prior to the
year in which the termination occurs. If the Company reasonably determines that the
Executive cannot participate in any benefit plan because he is not actively performing
services for the Company, then, in lieu of providing benefits under any such plan, the
Company shall make payments to the Executive equal to the reduction in funding cost
resulting from the Executive’s exclusion from such plan, which payments shall be made
no later than March 15 of the year following the Executive’s Date of Termination in a
lump sum and shall fully satisfy any obligation of the Company to continue benefits
under such plans; provided that the Company shall not be permitted to provide
substitute benefits under this clause (c)(ii) with respect to medical insurance, life
insurance or disability benefits.
	 
	 	(iii)	 	All Awards, to the extent then outstanding, shall be fully vested as of the
Date of Termination.

7

 

	(d)	 	Notwithstanding any other provisions of this Agreement, no Severance Benefits will be paid or
provided under this Agreement unless and until (i) the Executive executes a release of claims
against the Company in a form prepared by the Company and agreed to by the Executive in his
reasonable discretion (the “Release”), which Release shall be executed no later than 30 days
after the Date of Termination, and (ii) as of the seventh day following the Executive’s
execution of the Release, the Release is not revoked. If the requirements set forth in
subparagraphs (i) (the “consideration requirements”) and (ii) (the “revocation requirements”)
are not satisfied, the Executive shall have no rights to or with respect to any Severance
Benefits under this Agreement. Any Severance Benefits that are not paid or provided pending
satisfaction of the consideration requirements and/or revocation requirements but that would
otherwise have been paid or provided pursuant to this Agreement had those requirements been
satisfied on the Date of Termination shall be paid or provided on the tenth day following the
last day of the revocation period.

	(e)	 	Except as may be otherwise specifically provided in an amendment of this subparagraph 5(e)
adopted in accordance with paragraph 16, the Executive’s rights under this paragraph 5 shall
be in lieu of any benefits that may be otherwise payable to or on behalf of the Executive
pursuant to the terms of any severance pay arrangement of the Company or any Subsidiary or any
other, similar arrangement of the Company or any Subsidiary providing benefits upon
involuntary termination of employment, other than the benefits provided by the Executive
Protection Agreement between the Executive and the Company. Notwithstanding any other
provision of this Agreement, in the event that the Executive becomes entitled to benefits
under the Executive Protection Agreement, the Executive shall not be entitled to any benefits
under this Agreement on account of his termination of employment with the Company and the
Subsidiaries but rather all such benefits shall be provided in accordance with the terms of
the Executive Protection Agreement.

	(f)	 	If the Executive’s Date of Termination occurs during the Agreement Term under circumstances
described in subparagraph 4(d) (relating to Constructive Discharge) or subparagraph 4(f)
(relating to termination by the Company without Cause), or if the Executive’s employment with
the Company terminates after the end of the Agreement Term then, in addition to the amounts
payable in accordance with subparagraph 5(a) and (c), if the Executive and/or his dependents
timely elect to continue receiving group medical insurance pursuant to the federal “COBRA”
law, 29 U.S.C. § 1161 et seq., the Company shall continue to pay the share of the premium for
such coverage that is paid by the Company for active similarly situated employees who receive
the same type and level of coverage (for example, coverage for dependents) for so long as the
Executive and/or his dependents are eligible for such COBRA continuation of coverage (“Benefit
Continuation Period”). The remaining balance of any premium costs shall be paid by the
Executive on a monthly basis for as long as, and to the extent that, the Executive and/or his
dependents remain eligible for COBRA continuation. If the Executive breaches the provisions
of paragraphs 8 or 9 of this Agreement, the Benefit Continuation Period, and the Company’s
obligation to make payments under this clause shall cease with respect to periods after the
Executive’s breach of the provisions of paragraphs 8 or 9 of this Agreement.

8

 

     6. Duties on Termination. Subject to the terms and conditions of this Agreement,
during the period beginning on the date of delivery of a Notice of Termination, and ending on the
Date of Termination, the Executive shall continue to perform his duties as set forth in this
Agreement, and shall also perform such services for the Company as are necessary and appropriate
for a smooth transition to the Executive’s successor, if any. Notwithstanding the foregoing
provisions of this paragraph 6, the Company may suspend the Executive from performing his duties
under this Agreement following the delivery of a Notice of Termination providing for the
Executive’s resignation, or delivery by the Company of a Notice of Termination providing for the
Executive’s termination of employment for any reason; provided, however, that during the period of
suspension (which shall end on the Date of Termination), the Executive shall continue to be treated
as employed by the Company for other purposes, and his rights to compensation or benefits shall not
be reduced by reason of the suspension.

     7. Mitigation and Set-Off. The Executive shall not be required to mitigate the amount
of any payment provided for in this Agreement by seeking other employment or otherwise. The
Company shall not be entitled to set off against the amounts payable to the Executive under this
Agreement any amounts owed to the Company by the Executive, any amounts earned by the Executive in
other employment after termination of his employment with the Company, or any amounts which might
have been earned by the Executive in other employment had he sought such other employment.

     8. Confidential Information. The Executive agrees that, during the Agreement Term,
and at all times thereafter:

	(a)	 	Except as may be required by the lawful order of a court or agency of competent jurisdiction,
except as necessary to carry out his duties to the Company and its Subsidiaries, or except to
the extent that the Executive has express authorization from the Company, the Executive agrees
to keep secret and confidential indefinitely, all Confidential Information, and not to
disclose the same, either directly or indirectly, to any other person, firm, or business
entity, or to use it in any way.

	(b)	 	To the extent that any court or agency seeks to have the Executive disclose Confidential
Information, he shall promptly inform the Company, and he shall take such reasonable steps to
prevent disclosure of Confidential Information until the Company has been informed of such
requested disclosure, and the Company has an opportunity to respond to such court or agency.
To the extent that the Executive obtains information on behalf of the Company or any of the
Subsidiaries that may be subject to attorney-client privilege as to the Company’s attorneys,
the Executive shall take reasonable steps to maintain the confidentiality of such information
and to preserve such privilege.

	(c)	 	Nothing in the foregoing provisions of this paragraph 8 shall be construed so as to prevent
the Executive from using, in connection with his employment for himself or an employer other
than the Company or any of the Subsidiaries, knowledge which was acquired by him during the
course of his employment with the Company and the Subsidiaries, and which is generally known
to persons of his experience in other companies in the same industry.

9

 

	(d)	 	For purposes of this Agreement, the term “Confidential Information” shall include all
non-public information (including, without limitation, information regarding litigation and
pending litigation) concerning the Company and the Subsidiaries which was acquired by or
disclosed to the Executive during the course of his employment with the Company, or during the
course of his consultation with the Company following his Date of Termination (regardless of
whether consultation is pursuant to paragraph 10).

	(e)	 	This paragraph 8 shall not be construed to unreasonably restrict the Executive’s ability to
disclose confidential information in an arbitration proceeding or a court proceeding in
connection with the assertion of, or defense against any claim of breach of this Agreement in
accordance with paragraph 23. If there is a dispute between the Company and the Executive as
to whether information may be disclosed in accordance with this subparagraph 8(e) the matter
shall be submitted to the arbitrators or the court (whichever is applicable) for decision.

     9. Noncompetition. During the Restricted Period (as defined below) the Executive will
not, without the Company’s prior written consent (which consent shall not be unreasonably
withheld), directly or indirectly, for the Executive’s own account or for or on behalf of any other
person or entity, whether an officer, director, employee, partner, consultant, or otherwise:

	 	(a)	 	engage or participate in, directly or indirectly, alone or as principal, agent,
employee, employer, consultant, investor or partner of, or assist in the management of,
or provide advisory or other services to, or own any stock or any other ownership
interest in, or make any financial investment in, any business or entity which is
Competitive with the Company (as defined below) or purchase any property which could
reasonably be used to provide or develop a business that is Competitive with the
Company; or
	 
	 	(b)	 	solicit or attempt to hire or employ, in any fashion (whether as an employee,
independent contractor or otherwise), any employee of the Company or the Subsidiaries,
or solicit or induce, or attempt to solicit or induce, any of the Company’s or the
Subsidiaries’ employees to terminate their relationship with the Company and/or the
Subsidiaries; provided, however, that this subparagraph shall not be applicable to, and
the Executive shall not be in breach of this Agreement, if such solicitation or
inducement is by an entity or individual with whom the Executive is affiliated if the
Executive was not directly involved with such solicitation or inducement.
	 
	 	For purposes of this Agreement:
	 
	 	(i)	 	The term “Restricted Period” means, the period during which the Executive is
employed by the Company and the period following the Date of Termination and ending on
the second anniversary of the Date of Termination.
	 
	 	(ii)	 	A business or entity shall be considered “Competitive with the Company”
if it engages in any of the businesses in which the Company or any of its affiliates
engages, including the business of providing distribution facilities or services, the

10

 

	 	 	 	acquisitions of properties for such purpose and the design of business strategies
for such purpose. For purposes of the portion of the Restricted Period following
the Executive’s Date of Termination, the businesses in which the Company or any of
its affiliates engages shall be determined as of the Executive’s Date of
Termination.
	 
	 	(iii)	 	For the portion of the Restricted Period commencing on the Executive’s Date of
Termination and ending on the first anniversary thereof, a business entity shall be
considered “Competitive with the Company” (as defined in clause (ii) above) for
purposes of this Agreement if it (A) builds industrial warehouses or acquires property
for purposes of developing industrial warehouses or (B) if it builds anything other
than industrial warehouses or acquires property for purposes of developing anything
other than industrial warehouses and the Executive’s investment in such business or
entity equals or exceeds $10,000,000 with respect to any one transaction or $20,000,000
in the aggregate for all transactions. For the portion of the Restricted Period
following the Executive’s Date of Termination and notwithstanding the preceding
sentence, a business entity shall be considered “Competitive with the Company”
only if it owns industrial distribution facilities with a value that exceeds
$2,000,000,000 on the date on which the Executive becomes involved with such entity and
the Executive is providing services specifically related to the industrial distribution
business.

     10. Assistance with Claims. The Executive agrees that, for the period beginning on
the Effective Date, and continuing for a reasonable period after the Executive’s Date of
Termination, the Executive will assist the Company and the Subsidiaries in defense of any claims
that may be made against the Company and the Subsidiaries, and will assist the Company and the
Subsidiaries in the prosecution of any claims that may be made by the Company or the Subsidiaries,
to the extent that such claims may relate to services performed by the Executive for the Company
and the Subsidiaries (“Proceedings”). The Executive agrees to promptly inform the Company if he
becomes aware of any lawsuits involving such claims that may be filed against the Company or any
Subsidiary. The Company agrees to provide legal counsel to the Executive in connection with such
assistance (to the extent legally permitted), and to reimburse the Executive for all of the
Executive’s reasonable out-of-pocket expenses associated with such assistance, including travel
expenses and reasonable legal expenses; provided, however, that such expenses shall be reimbursed
no later than March 15 of the year following the year in which they are incurred. If the amount
of time spent by the Executive fulfilling his obligations under this section exceeds 20 hours, the
Company shall pay the Executive an hourly rate for his time in fulfilling his obligations, which
hourly rate shall be determined by dividing the Executive’s annual Base Salary when last employed
by the Company by 1920, which payments shall be made in accordance with the normal payroll
practices of the Company. The Executive shall choose his legal counsel in his reasonable sole
discretion. For periods after the Executive’s employment with the Company terminates, the Company
agrees to provide reasonable compensation to the Executive for such assistance, which compensation
shall be paid within 30 days after the assistance is performed. The Executive also agrees to
promptly inform the Company if he is asked to assist in any investigation of the Company or the
Subsidiaries (or their actions) that may relate to services performed by the Executive for the
Company or the Subsidiaries, regardless of whether a lawsuit has then been filed against the
Company or the

11

 

Subsidiaries with respect to such investigation. The Executive agrees that the Executive
shall testify truthfully in connection with any such Proceeding, shall cooperate with the Company
in connection with every such Proceeding, and that the Executive’s duty of cooperation shall
include an obligation to meet with the Company representatives and/or counsel concerning all such
Proceedings for such purposes, and at such mutually agreeable times and places, as the Company
reasonably requests and which do not unduly interfere with the Executive’s other personal and
business commitments, and to appear for deposition and/or testimony upon the Company’s request and
without a subpoena.

     11. Directors and Officers Insurance. The Executive shall be named as an insured and
covered against the same claims and at the same level of insurance under the Directors and Officers
insurance purchased by the Company for other senior executives of the Company.

     12. Remedies. The Executive acknowledges that the Company may be irreparably injured
by a violation of paragraphs 8 or 9(b) and he agrees that the Company shall be entitled to a
preliminary injunction, temporary restraining order, or other equivalent relief (but not recoupment
of any profits previously realized by the Executive relating to any equity awards or otherwise),
restraining the Executive from any breach of either paragraphs 8 or 9(b); provided, however, that
the Company’s only and exclusive remedy for a breach of subparagraph 9(a) for periods after the
Date of Termination shall be the cessation of vesting of any Awards as described in subparagraph
3(f). If a bond is required to be posted in order for the Company to secure an injunction or other
equitable remedy, the parties agree that said bond need not be more than a nominal sum.

     13. Nonalienation. The interests of the Executive under this Agreement are not
subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment, or garnishment by creditors of the Executive or the Executive’s beneficiary.

     14. Withholding. All payments and benefits under this Agreement are subject to
withholding of all applicable taxes.

     15. Indemnity. The Company indemnify the Executive against and shall pay and advance
(to the extent permitted by applicable law) all expenses, including, without limitation, attorneys’
fees, disbursements and retainers, accounting and witness fees, travel and deposition costs,
expenses of investigations, judicial or administrative proceedings and appeals, amounts paid in
settlement by the Executive or on behalf of the Executive, actually incurred by the Executive in
connection with any threatened, pending or completed claim, action, suit or proceeding, formal or
informal, whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative or investigative nature, by reason of the fact that the Executive as a
director, officer, employee or agent of the Company or its affiliates or as serving at the
Company’s request as a director, officer, employee, or agent of another corporation, limited
liability company, partnership, joint venture, trust, or other enterprise.

     16. Amendment. This Agreement may be amended or cancelled only by mutual agreement of
the parties in writing without the consent of any other person. So long as the

12

 

Executive lives, no person, other than the parties hereto, shall have any rights under or
interest in this Agreement or the subject matter hereof.

     17. Applicable Law. The provisions of this Agreement shall be construed in accordance
with the laws of the State of Colorado, without regard to the conflict of law provisions of any
state.

     18. Severability. The invalidity or unenforceability of any provision of this
Agreement will not affect the validity or enforceability of any other provision of this Agreement,
and this Agreement will be construed as if such invalid or unenforceable provision were omitted
(but only to the extent that such provision cannot be appropriately reformed or modified).

     19. Waiver of Breach. No waiver by any party hereto of a breach of any provision of
this Agreement by any other party, or of compliance with any condition or provision of this
Agreement to be performed by such other party, will operate or be construed as a waiver of any
subsequent breach by such other party of any similar or dissimilar provisions and conditions at the
same or any prior or subsequent time. The failure of any party hereto to take any action by reason
of such breach will not deprive such party of the right to take action at any time while such
breach continues.

     20. Successors. This Agreement shall be binding upon, and inure to the benefit of,
the Company and its successors and assigns and upon any person acquiring, whether by merger,
consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets
and business, and the successor shall be substituted for the Company under this Agreement.

     21. Notices. Notices and all other communications provided for in this Agreement
shall be in writing and shall be delivered personally or sent by registered or certified mail,
return receipt requested, postage prepaid (provided that international mail shall be sent via
overnight or two-day delivery), or sent by facsimile or prepaid overnight courier to the parties at
the addresses set forth below (or such other addresses as shall be specified by the parties by like
notice). Such notices, demands, claims and other communications shall be deemed given:

	(a)	 	in the case of delivery by overnight service with guaranteed next day delivery, the next day
or the day designated for delivery;

	(b)	 	in the case of certified or registered U.S. mail, five days after deposit in the U.S. mail;
or

	(c)	 	in the case of facsimile, the date upon which the transmitting party received confirmation of
receipt by facsimile, telephone or otherwise;

provided, however, that in no event shall any such communications be deemed to be given later than
the date they are actually received. Communications that are to be delivered by the U.S. mail or
by overnight service or two-day delivery service are to be delivered to the addresses set forth
below:

to the Company:

4545 Airport Way

Denver, CO 80239

Attn:     General Counsel

Fax:       (303) 567-5761

or to the Executive:

5051 South Lafayette Lane

Englewood, CO 80113

13

 

All notices to the Company shall be directed to the attention of the General Counsel of the
Company, with a copy to the Secretary of the Company. Each party, by written notice furnished to
the other party, may modify the applicable delivery address, except that notice of change of
address shall be effective only upon receipt.

     22. Dispute Resolution.

	(a)	 	The Executive and Company agree that in the event of any controversy or claim arising out of
or relating to the Executive’s employment with and/or separation from Company, they shall
negotiate in good faith to resolve the controversy or claim privately, amicably and
confidentially. Each party may consult with counsel in connection with such negotiations.

	(b)	 	All controversies and claims arising from or relating to this Agreement that cannot be
resolved by good-faith negotiations (“Arbitrable Disputes”) shall be resolved only by final
and binding arbitration conducted privately and confidentially in the Denver, Colorado,
metropolitan area by a single arbitrator who is a member of the panel of former judges that
makes up the Judicial Arbiter Group (“JAG”); any successor of JAG; or, if JAG or any successor
is not in existence, any entity that can provide a former judge to serve as arbitrator
(collectively, the “Dispute Resolution Service”). The parties understand and agree that this
Agreement evidences a transaction involving commerce within the meaning of 9 U.S.C. § 2, and
that this Agreement shall therefore be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1,
et seq.

	(c)	 	To commence an arbitration pursuant to this Agreement, a party shall serve a written
arbitration demand (the “Demand”) on the other party by certified mail, return receipt
requested, and at the same time submit a copy of the Demand to the Dispute Resolution Service,
together with a check payable to the Dispute Resolution Service in the amount of that entity’s
then-current arbitration filing fee; provided that in no event shall the Executive be required
to pay an arbitration filing fee exceeding the sum then required to file a civil action in the
United States District Court for the District of Colorado. The claimant shall attach a copy
of this Agreement to the Demand. Within thirty days after receiving the Demand, the
respondent shall mail to the claimant a written response to the Demand (the “Response”), and
submit a copy of the Response to the Dispute Resolution Service, together with a check for the
difference, if any, between the filing fee paid by the claimant and the Dispute Resolution
Service’s then-current arbitration filing fee.

14

 

	(d)	 	Promptly after service of the Response, the parties shall confer in good faith to attempt to
agree upon a suitable arbitrator. If the parties are unable to agree upon an arbitrator, the
Dispute Resolution Service shall select the arbitrator, based, if possible, on his or her
expertise with respect to the subject matter of the Arbitrable Dispute.

	(e)	 	Notwithstanding the choice-of-law principles of any jurisdiction, the arbitrator shall be
bound by and shall resolve all Arbitrable Disputes in accordance with the substantive law of
the State of Colorado, federal law as enunciated by the federal courts situated in the Tenth
Circuit, and all Colorado and Federal rules relating to the admissibility of evidence,
including, without limitation, all relevant privileges and the attorney work product doctrine.

	(f)	 	Before the arbitration hearing, Company shall be entitled to at least 2 depositions,
including take a discovery deposition of the Executive, and the Executive shall be entitled to
take at least two depositions, including a discovery deposition of one Company representative
as defined by and in accordance with Federal Rule of Civil Procedure 30(b)(6). Upon the
written request of either party, the other party shall promptly produce documents relevant to
the Arbitrable Dispute or reasonably likely to lead to the discovery of admissible evidence.
The manner, timing and extent of any further discovery shall be committed to the arbitrator’s
sound discretion, provided that under no circumstances shall the arbitrator allow more
depositions or interrogatories than permitted by the presumptive limitations set forth in
F.R.Civ.P. 30(a)(2)(A) and 33(a). The arbitrator shall levy appropriate sanctions, including
an award of reasonable attorneys’ fees, against any party that fails to cooperate in good
faith in discovery permitted by this subparagraph 22(f) or ordered by the arbitrator.

	(g)	 	Within thirty days after the arbitration hearing is closed, the arbitrator shall issue a
written award setting forth his or her decision and the reasons therefore. The arbitrator’s
award shall be final, nonappealable and binding upon the parties, subject only to the
provisions of 9 U.S.C. § 10, and may be entered as a judgment in any court of competent
jurisdiction.

	(h)	 	The parties agree that reliance upon courts of law and equity can add significant costs and
delays to the process of resolving disputes. Accordingly, they recognize that an essence of
this Agreement is to provide for the submission of all Arbitrable Disputes to binding
arbitration. Therefore, if any court concludes that any provision of this paragraph 22 is
void or voidable, the parties understand and agree that the court shall reform each such
provision to render it enforceable, but only to the extent absolutely necessary to render the
provision enforceable and only in view of the parties’ express desire that Arbitrable Disputes
be resolved by arbitration and, to the greatest extent permitted by law, in accordance with
the principles, limitations and procedures set forth in this Agreement.

     23. Legal and Enforcement Costs. The provisions of this paragraph 23 shall apply if
it becomes necessary or desirable for the Executive to retain legal counsel or incur other costs
and expenses in connection with either enforcing any and all of his rights under this Agreement or
defending against any allegations of breach of this Agreement by the Company:

15

 

	(a)	 	The Executive shall be entitled to recover from the Company reasonable attorneys’ fees, costs
and expenses incurred by him in connection with such enforcement or defense.

	(b)	 	The Executive shall submit to the Company, within 30 days of incurring an expense subject to
reimbursement pursuant to this paragraph 23, appropriate documentation evidencing that the
Executive has incurred the expense and the amount thereof. Within 30 days of receipt of such
documentation, the Company shall pay to the Executive (or, at the Executive’s direction, to
directly to the Executive’s attorney) any payments that are otherwise to be made pursuant to
this paragraph 23.

	(c)	 	The Executive shall be entitled to select his legal counsel; provided, however, that such
right of selection shall not affect the requirement that any costs and expenses reimbursable
under this paragraph 23 be reasonable.

	(d)	 	The Executive’s rights to payments under this paragraph 23 shall not be affected by the final
outcome of any dispute with the Company; provided, however, that to the extent that the
arbitrators shall determine that under the circumstances recovery by the Executive of all or a
part of any such fees and costs and expenses would be unjust or inappropriate, the Executive
shall not be entitled to such recovery; and to the extent that such amount have been recovered
by the Executive previously, the Executive shall repay such amounts to the Company.

     24. Survival of Agreement. Except as otherwise expressly provided in this Agreement,
the rights and obligations of the parties to this Agreement shall survive the termination of the
Executive’s employment with the Company.

     25. Entire Agreement. Except as otherwise noted herein or in any separation agreement
subsequently entered into by the Executive and the Company, this Agreement, including any
Exhibit(s) attached hereto, constitutes the entire agreement between the parties concerning the
subject matter hereof and supersedes all prior and contemporaneous agreements, if any, between the
parties relating to the subject matter hereof; provided, however, that nothing in this Agreement
shall be construed to limit any policy or agreement that is otherwise applicable relating to
confidentiality, rights to inventions, copyrightable material, business and/or technical
information, trade secrets, solicitation of employees, interference with relationships with other
businesses, competition, and other similar policies or agreement for the protection of the business
and operations of the Company and the Subsidiaries.

     26. Special Section 409A Rules. Notwithstanding any other provision of this Agreement
to the contrary, if any payment or benefit hereunder is subject to section 409A of the Internal
Revenue Code of 1986, as amended (the “Code”), and if such payment or benefit is to be paid or
provided on account of the Executive’s Date of Termination (or other separation from service):

	(a)	 	and if the Executive is a specified employee (within the meaning of section 409A(a)(2)(B) of
the Code) and if any such payment or benefit is required to be made or provided prior to the
first day of the seventh month following the Executive’s separation

16

 

	 	 	 	from service, such payment or benefit shall be delayed until the first day of the seventh
month following the Executive’s separation from service; and

	(b)	 	the determination as to whether the Executive has had a termination of employment (or
separation from service) shall be made in accordance with section 409A and the guidance issued
thereunder.

17

 

     IN WITNESS THEREOF, the Executive has hereunto set his hand, and the Company has caused these
presents to be executed in its name and on its behalf, all as of the Effective Date.

	 	 	 	 	 
	 	  	/s/ Walter C. Rakowich	 
	 	

Executive

ProLogis

 	 
	 	By:  	/s/ Jeffrey H. Schwartz	 
	 	Its:	Chief Executive Officer 	 
	 	 	 	 
	 

18exv10w1

 

Exhibit 10.1

EXECUTIVE EMPLOYMENT AGREEMENT

     THIS AMENDMENT NO. 2 TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered
into as of January 1, 2008 by and between ImaRx Therapeutics, Inc., a Delaware corporation (the
“Company”), and Bradford A. Zakes (“Executive”) and replaces the Amended Executive Employment
Agreement between the parties dated February 1, 2007 and its predecessor dated August 22, 2005
(together, the “Original Agreement”).

     WITNESSETH:

     WHEREAS, the Company desires to retain the services of Executive, and Executive desires to be
employed by the Company, on the terms and conditions of this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set
forth herein, the Company and Executive, intending to be legally bound, hereby agree as follows:

     1. Employment. The Company agrees to employ Executive as President and Chief
Executive Officer and Executive accepts such employment and agrees to perform full-time employment
services for the Company, subject to Section 3.2 of this Agreement and the Certificate of
Incorporation and Bylaws of the Company, as presently in effect and as amended from time to time
(the “Organizational Documents”), and the resolutions of the Board of Directors of the Company (the
“Board”), for the period and upon the other terms and conditions set forth in this Agreement.

     2. Term. The term of Executive’s employment hereunder (the “Term”) commenced upon the
Executive’s initial employment start date under the Original Agreement and shall continue until
this Agreement is terminated as set forth in Section 5 below.

     3. Position and Duties.

     3.1 Service with the Company. During the Term of this Agreement, Executive agrees to
perform the duties of President and Chief Executive Officer of the Company and such other duties as
the Board may from time to time prescribe that are consistent with the duties of a President and
Chief Executive Officer of a company of the size and nature of the Company.

     3.2 No Conflicting Duties. Executive hereby confirms that he is under no contractual
commitments inconsistent with his obligations set forth in this Agreement, and that during the Term
of this Agreement, he will not render or perform services, or enter into any contract to do so, for
any other corporation, firm, entity or person that are inconsistent with the provisions of this
Agreement or Executive’s fiduciary obligations to the Company. Except as
otherwise provided herein, Executive shall not serve as a director of any other corporation

1

 

(except nonprofit organizations to the extent such service does not materially affect Executive’s
performance of his duties for the Company) without the prior approval of the Board of Directors.

     4. Compensation and Benefits.

          4.1 Base Salary. (a) As compensation for all services to be rendered by Executive
under this Agreement, beginning January 1, 2008 the Company shall pay to Executive during the Term
an annual base salary of $275,000 (the “Base Salary”). Subject to Section 4.1(b), the Base Salary
shall be reviewed at least annually and changed at the discretion of the Board (or its Compensation
Committee), provided, however, that the Base Salary may not be decreased without the written
consent of the Executive. The Company shall pay the Base Salary to Executive in accordance with
the Company’s normal payroll procedures and policies.

     (b) If Executive’s Base Salary is increased at any time, it shall not thereafter be decreased
during the Term of this Agreement, unless such decrease is the result of a general reduction (on
the same percentage basis) affecting the base salaries of all other executive officers of the
Company and such decrease does not result in a Base Salary of less than the Base Salary set forth
in Section 4.1 above.

          4.2 Annual Bonus. With respect to each full fiscal year until the Termination Date,
Executive shall be eligible to receive bonus awards aggregating up to 50% of Base Salary annually,
payable periodically based on the achievement of pre-determined milestones established from time to
time by the Board (or its Compensation Committee) pursuant to the Company’s Bonus Plan (as adopted
by the Board on October 18, 2007 and as such plan may be amended from time to time by the Board, in
its sole discretion).

          4.3 Stock Options. (a) The Company has previously granted to Executive various stock
options to purchase shares of the Company’s common stock (the “Shares”), pursuant to the Company’s
2000 Stock Plan and/or the 2007 Performance Incentive Plan (the “Plans”). As a result of the
foregoing grants, the options currently held by Executive are as follows:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Grant	 	Tax	 	 	No. of	 	 	Exercise	 	 	% Vested as of	 
	Date	 	Character	 	 	Shares	 	 	Price	 	 	12/31/07	 
	08/22/05
	 	ISO	 	 	24,000	 	 	$	15.00	 	 	 	58	%
	12/14/05
	 	ISO	 	 	4,000	 	 	$	20.00	 	 	 	50	%
	12/12/06
	 	ISO	 	 	30,333	 	 	$	15.00	 	 	 	25	%
	07/31/07
	 	ISO	 	 	41,666	 	 	$	5.00	 	 	 	0	%
	09/07/07
	 	ISO	 	 	16,667	 	 	$	4.05	 	 	 	100	%
	12/18/07
	 	ISO	 	 	225,000	 	 	$	2.10	 	 	 	0	%

          4.4 Participation in Benefit Plans. Executive shall be included to the extent
eligible thereunder in any and all plans of the Company providing general benefits for the
Company’s executive employees, including, without limitation, medical, dental, vision, short and
long term disability insurance, life insurance, 401(k) plan, sick days, vacation, and holidays, to
the extent the Company makes such plans or benefits available to its executive employees

2

 

generally. Executive’s participation in any such plan or program shall be subject to the
provisions, rules, and regulations applicable thereto. In addition, during the Term of this
Agreement, Executive shall be eligible to participate in all non-qualified deferred compensation
and similar compensation, incentive, bonus, profit sharing and stock plans offered, sponsored or
established by Company on substantially the same or a more favorable basis as any other employee of
Company.

          4.5 Business Expenses. In accordance with the Company’s policies established from
time to time, the Company will pay or reimburse Executive for all reasonable and necessary
out-of-pocket expenses incurred by him in the performance of his duties under this Agreement,
subject to the presentment of appropriate supporting documentation. During the Term of this
Agreement, the Company shall at its expense provide Executive with reasonable office space and
furnishings (including without limitation desk and lap top computers) at the Company’s principal
executive offices, and a cell telephone.

          4.6 Key Man Life Insurance. During the Term of this Agreement, the Company shall have
the option of purchasing and paying the premiums for a “Key Man” life insurance policy relating to
Executive in a coverage amount determined by the Company, and the Company shall be named as the
beneficiary of such policy.

     5. Termination.

          5.1 Disability. At the Company’s election, Executive’s employment and this Agreement
shall terminate upon Executive’s becoming totally or permanently disabled for a period of ninety
(90) days or more in any twelve (12) month period. For purposes of this Agreement, the term
“totally or permanently disabled” or “total or permanent disability” means Executive’s inability on
account of sickness or accident, whether or not job-related, to engage in regularly or to perform
adequately his assigned duties under this Agreement and Executive is qualified and eligible to
receive disability benefits under the disability policies maintained by the Company for Executive.

          5.2 Death of Executive. Executive’s employment and this Agreement shall terminate
immediately upon the death of Executive.

          5.3 Termination for Cause. The Company may terminate Executive’s employment and this
Agreement at any time for “Cause” (as hereinafter defined) immediately upon written notice to
Executive. As used herein, the term “Cause” shall mean that Executive shall have: (i) been
convicted of a felony; or (ii) committed an act of fraud, embezzlement, or breach of trust; or
(iii) committed an act of willful misconduct or gross negligence resulting in a material loss to
the Company; or (iv) materially violated any material written Company policy or rules of the
Company, unless cured by Executive within 30 days following written notice thereof to Executive; or
(v) refused to follow the reasonable written directions given by the Board or its designee or
materially breached any covenant or obligation under this Agreement or other agreement with the
Company, unless cured by Executive within 30 days following written notice thereof to Executive.

3

 

          5.4 Resignation. Executive’s employment and this Agreement shall terminate on the
earlier of the date that is one (1) month following the written submission of Executive’s
resignation to the Company or the date such resignation is accepted by the Company.

          5.5 Termination Without Cause. The Company may terminate Executive’s employment and
this Agreement without cause upon written notice to Executive. Termination “without cause” shall
mean termination of employment on any basis (including no reason or no cause) other than
termination of Executive’s employment hereunder pursuant to Sections 5.1, 5.2, 5.3, or 5.4.

          5.6 Surrender of Records and Property. Upon termination of his employment with the
Company, Executive shall deliver promptly to the Company all credit cards, computer equipment,
cellular telephone, records, manuals, books, blank forms, documents, letters, memoranda, notes,
notebooks, reports, data, tables, calculations or copies thereof, that are the property of the
Company and that relate in any way to the business, strategies, products, practices, processes,
policies or techniques of the Company, and all other property, trade secrets and confidential
information of the Company, including, but not limited to, all documents that in whole or in part
contain any trade secrets or confidential information of the Company that in any of these cases are
in his possession or under his control, and Executive shall also remove all such information from
any personal computers that he owns or controls.

     6. Compensation Upon the Termination of Executive’s Employment.

          6.1 In the event that Executive’s employment and this Agreement are terminated pursuant to
Section 5.1 (Disability), 5.3 (Cause), or 5.4 (Resignation), then Executive shall be entitled to
receive Executive’s then current Base Salary through the date his employment is terminated, and
such other amounts that accrued prior to the termination date and are required to be paid to him
pursuant to any employee benefit plan in accordance with such plan and/or by law, but no other
compensation of any kind or amount.

          6.2 In the event Executive’s employment and this Agreement are terminated pursuant to Section
5.2 (Death), Executive’s beneficiary or a beneficiary designated by Executive in writing to the
Company, or in the absence of such beneficiary, Executive’s estate, shall be entitled to receive
Executive’s then current Base Salary through the end of the month in which his death occurs, and
such other amounts that accrued prior to the termination date and are required to be paid to him
pursuant to any employee benefit plan in accordance with such plan and/or by law, but no other
compensation of any kind or amount.

          6.3 Unless Section 7 applies, in the event Executive’s employment and this Agreement are
terminated by the Company pursuant to Section 5.5 (Without Cause) or by Executive for “Good Reason”
(as defined below), (A) the Company shall pay to Executive, as a severance allowance, his then
current monthly Base Salary for the twelve (12) month period following the date of termination,
payable in the Company’s discretion either on the Company’s regular paydays throughout that
12-month period or in a one time lump sum amount, and such other salary that accrued prior to the
termination date and amounts required to be paid to him pursuant to any employee benefit plan in
accordance with such plan and/or by law; (B) the Company shall pay on Executive’s behalf for a
period of twelve (12) months all premiums for

4

 

medical, dental and vision insurance coverage that were in place at the time of termination of
Executive’s employment; and (C) Executive shall receive accelerated vesting for twelve (12) months
from the date of Executive’s termination for all stock options granted by the Company to Executive
before or after the Commencement Date, and extension of the option exercise period for an
additional twelve (12) months beyond the period set forth in the governing option documents for
such exercise, provided, however, that the period for exercise of such stock options shall not be
extended beyond the date on which they would have terminated had Executive continued to be employed
by the Company; but no other compensation or benefits of any kind. Executive shall be entitled to
receive these benefits and payments only if he complies with his continuing obligations to the
Company as set forth in this Agreement, provided, however, that the Company shall not deny any such
benefits unless it has provided written notice to Executive of any claimed breach of such
continuing obligations, and Executive has failed to cure each such breach within fifteen days after
receipt of such written notice of breach; and the exercise period of any such options shall be
tolled during such fifteen (15) day period or any longer period required to resolve any disputed
claim of breach of such continuing obligations, provided, that such stock options shall not be
extended beyond the date on which they would have terminated had Executive continued to be employed
by the Company.

          6.4 The provisions of this Section 6 shall not affect Executive’s participation in or
terminating distributions and vested rights under, any pension, profit sharing, insurance or other
employee benefit plan of the Company to which Executive is entitled pursuant to the terms of such
plans.

     7. Change in Control. In the event a Change in Control (as defined below) occurs
and, in the twelve month period preceding or following the Change in Control, Executive’s
employment and this Agreement are terminated by the Company or its successor, assigns or transferee
pursuant to Section 5.5 (Without Cause) or by Executive for “Good Reason” (as defined below), then
the Company shall, within thirty (30) days after occurrence of the last of these conditions (the
“Trigger Date”), pay Executive a lump sum amount equal to one-hundred percent (100%) of Executive’s
then current annual Base Salary (less applicable withholdings) and pay on Executive’s behalf for a
period of twelve months following such termination all premiums for medical, dental and vision
insurance coverage that were in place at the time of termination of Executive’s employment. In
addition, one hundred percent (100%) of Executive’s unvested options (whether granted before or
after the Commencement Date) as of the Trigger Date, shall automatically vest as of the Trigger
Date and the exercise period for all such stock options shall be extended an additional twelve (12)
months (but in any case not beyond the date on which they would have terminated had Executive
continued to be employed by the Company).

          7.1 Definition of Change in Control. For purposes of this Agreement, a “Change in
Control” shall be deemed to have occurred if, at any time during the Term, any of the following
events occurs:

               7.1.1 if the Company does not have a class of securities registered under Section 12 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”):

5

 

                    7.1.1.1 any person, as that term is used in Section 13(d) and Section 14(d)(2) of the
Exchange Act, becomes a beneficial owner (as defined in Rule 13d-3 under the Exchange Act or
any successor rule or regulation), directly or indirectly, of securities of the Company
representing 50% or more of the combined voting power of the Company’s then outstanding
Voting Stock, as defined below, provided, however, that for purposes of this
paragraph, the term “person” shall exclude (A) a trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any of its subsidiaries, (B) a
person who beneficially owns 25% or more of the Company’s outstanding Voting Stock on the
Effective Date, or (C) any person who becomes such a beneficial owner in connection with a
bona fide financing transaction.

                    7.1.1.2 the Company is merged, consolidated or reorganized into or with another
corporation or other legal person (an “Acquiring Person”) or securities of the Company are
exchanged for securities of an Acquiring Person, and as a result of such merger,
consolidation, reorganization or exchange less than a majority of the combined voting power
of the then outstanding securities of the Acquiring Person immediately after such
transaction is held, directly or indirectly, in the aggregate by the holders of securities
entitled to vote generally in the election of directors (“Voting Stock”) of the Company
immediately prior to such transaction;

                    7.1.1.3 the Company, in any transaction or series of related transactions, sells or
otherwise transfers, directly or indirectly, all or substantially all of its assets, on a
consolidated basis, to an Acquiring Person, and less than a majority of the combined voting
power of the then outstanding securities of the Acquiring Person immediately after such sale
or transfer is held, directly or indirectly, in the aggregate by the holders of Voting Stock
of the Company immediately prior to such sale or transfer; or

                    7.1.1.4 during any period of two consecutive years, individuals who at the beginning of
any such period constitute the directors of the Company cease for any reason to constitute
at least a majority thereof, unless the election, or the nomination for election by the
Company’s stockholders, of each director of the Company first elected during such period was
approved by at least a majority vote of the directors of the Company then still in office
who were directors of the Company at the beginning of any such period;

               or

               7.1.2 if the Company has a class of securities registered under Section 12 of the Exchange
Act:

                    7.1.2.1 any person, as that term is used in Section 13(d) and Section 14(d)(2) of the
Exchange Act, becomes, is discovered to be, or files a report on Schedule 13D or 14D-1 (or
any successor schedule, form or report) disclosing that such person is, a beneficial owner
(as defined in Rule 13d-3 under the Exchange Act or any successor rule or regulation),
directly or indirectly, of securities of the Company representing 25% or more of the
combined voting power of the Company’s then outstanding Voting Stock, provided,
however, that for purposes of this paragraph, the

6

 

term “person” shall exclude (A) a trustee or other fiduciary holding securities under
an employee benefit plan of the Company or any of its subsidiaries, (B) a person who
becomes such a beneficial owner in connection with the Company’s initial public offering of
common stock or (C) any person who was a shareholder of the Company immediately prior to the
Company’s initial public offering of common stock; or 

                    7.1.2.2 any of the events described in Sections 7.1.1.2, 7.1.1.3 or 7.1.1.4 (the latter
being modified to refer to such a change of a majority of the Board of Directors during any
one year period).

Notwithstanding the foregoing, a transaction shall not constitute a Change in Control if its sole
purpose is to change the state of the Company’s incorporation or to create a holding company that
will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately before such transaction.

          7.2 Definition of Good Reason. As used in this Agreement, “Good Reason” means any of
the following: (i) a material reduction in Executive’s title, status, authority, or responsibility
at the Company, provided that a reduction of Executive to the title, authority and responsibilities
of Chief Operating Officer or any other “C level” office relating to a principal business function
or unit shall not of itself constitute Good Reason; or (ii) a material reduction in the salary or
other benefits in effect for the Executive, provided comparable reductions have not been made in
the salary or other benefits of the other members of senior management of the Company; or (iii)
except with Executive’s prior written consent, relocation of Executive’s principal place of
employment to a location more than 25 miles from the Company’s executive offices in Tucson,
Arizona; or (iv) ) any breach by the Company of its material obligations under this Agreement
unless such breach is cured within 30 days after written notice of breach from Executive.

     8. Release. As a condition precedent to the Company’s obligation to provide Executive
with the amounts set forth in Section 6.3 or Section 7, Executive must first execute and deliver to
the Company a mutual legal release in the form attached hereto as Exhibit A, with such
changes as the Company deems necessary in order to maintain the breadth of such release in the
event of changes in applicable laws, rules or regulations, it being the intent of the parties that
the release be as broad as possible.

     9. Ventures. If, during the Term of this Agreement, Executive is engaged in or
associated with the planning or implementing of any project, program, or venture involving the
Company and a third party or parties, all rights in the project, program, or venture shall belong
to the Company and shall constitute a corporate opportunity belonging exclusively to the Company.
Except as approved in writing by the Board, Executive shall not be entitled to any interest in such
project, program, or venture or to any commission, finder’s fee, or other compensation in
connection therewith other than the Base Salary to be paid to Executive as provided in this
Agreement.

     10. Restrictions.

7

 

          10.1 Definitions. For purposes of this Agreement, the following terms shall have the
following meanings:

               10.1.1 “Trade Secrets” means information that is not generally known about the Company
or its business, including without limitation about its products, recipes, projects, designs,
developmental or experimental work, computer programs, data bases, know-how, processes, business
partners, manufacturers, customers, suppliers, business plans, marketing plans and strategies,
financial or personnel information, and information obtained from third parties under
confidentiality agreements. “Trade Secrets” also means formulas, patterns, compilations, programs,
devices, methods, techniques, or processes that derive independent economic value, actual or
potential, from not being generally known to the public or to other persons who can obtain economic
value from its disclosure or use, and is the subject of efforts that are reasonable under the
circumstances to maintain its secrecy. In particular, the parties agree and acknowledge that the
following list, which is not exhaustive and is to be broadly construed, enumerates some of the
Company’s Trade Secrets, the disclosure of which would be wrongful and would cause irreparable
injury to the Company: (i) pharmaceutical manufacturing; (ii) formulation technology; (iii) pricing
information; (iv) product development, marketing, sales, customer, manufacturer and supplier
information related to any Company product or service available commercially or in any stage of
development during Executive’s employment with the Company; and (v) Company marketing and business
strategies, ideas, and concepts. Executive acknowledges that the Company’s Trade Secrets were and
are designed and developed by the Company at great expense and over lengthy periods of time, are
secret, confidential, and unique, and constitute the exclusive property of the Company.

               10.1.2 “Restricted Field” means the business of developing, manufacturing, licensing
and selling (i) treatment of vascular thrombosis comprising thrombolytic drugs with or without
bubbles and ultrasound, and (ii) oxygen delivery with bubbles or fluorocarbon emulsions.

               10.1.3 “Non-Competition Period” means a period of 12 months after the termination of
Executive’s employment with the Company unless a court of competent jurisdiction determines that
that Period is unenforceable under applicable law because it is too long, in which case the
Non-Competition Period shall be for the longest of the following periods that the court determines
is reasonable under the circumstances: 11 months, 10 months, 9 months, 8 months, 7 months, or 6
months after the termination of Executive’s employment with the Company.

               10.1.4 “Business Territory” means the entire United States, unless a court of
competent jurisdiction determines that that geographic scope is unenforceable under applicable law
because it is too broad, in which case the Business Territory shall be amended by eliminating
geographical areas and states from the following list until the Business Territory is determined to
be reasonable: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware,
District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky,
Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana,
Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota,
Ohio, Oklahoma, Oregon, Pennsylvania, Rhode

8

 

Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington,
Washington, District of Columbia, West Virginia, Wisconsin, Wyoming, Pima County, Arizona, Maricopa
County, Arizona, Tucson, Arizona, Phoenix, Arizona. The parties acknowledge and agree that if any
of the geographic areas or States listed above are required by law to be eliminated, it would be
fair and appropriate to do so in the inverse order of the volume of revenue received or projected
to be received by the Company from such area or State at the time of determination.

               10.1.5 “Non-Solicitation Period” means a period of 12 months after the termination of
Executive’s employment with the Company.

          10.2 Non-Disclosure Obligations. Executive shall not at any time during the period
specified in Section 4.A. of the Invention and Confidential Information Agreement attached hereto
as Exhibit B, without the express written consent of a superior officer or the Board of the
Company, publish, disclose, or divulge to any person, firm or corporation, or use directly or
indirectly for the Executive’s own benefit or for the benefit of any person, firm, corporation or
entity other than the Company, any Trade Secrets of the Company.

          10.3 Non-Competition Obligations. Executive acknowledges the substantial amount of
time, money, and effort that the Company has spent and will spend in developing its products and
other strategically important information (including Trade Secrets), and agrees that during
Executive’s employment with the Company hereunder and during the Non-Competition Period, Executive
will not, alone or with others, directly or indirectly, as an employee, agent, consultant, advisor,
owner, manager, lender, officer, director, employee, partner, stockholder, or otherwise, engage in
any Restricted Field activities in the Business Territory, nor have any such relationship with any
person or entity that engages in Restricted Field activities in the Business Territory; provided,
however, that nothing in this Agreement will prohibit Executive from owning a passive investment of
less than one percent of the outstanding equity securities of any company listed on any national
securities exchange or traded actively in any national over-the-counter market so long as Executive
has no other relationship with such company in violation of this Agreement. The Non-Competition
Period set forth in this Section 10.3 shall be tolled during any period in which the Executive is
in breach of the restriction set forth in this Section 10.3. 

          10.4 Agreement Not to Solicit Customers. Executive agrees that during Executive’s
employment with the Company hereunder and during the Non-Solicitation Period, Executive will not,
either directly or indirectly, on Executive’s own behalf or in the service or on behalf of others,
solicit, divert, or appropriate, or attempt to solicit, divert, or appropriate, to any business
that engages in Restricted Field activities in the Business Territory (i) any person or entity
whose account with the Company was sold or serviced by or under the supervision of Executive during
the twelve (12) months preceding the termination of such employment, or (ii) any person or entity
whose account with the Company has been directly solicited at least twice by the Company within the
year preceding the termination of Executive’s employment (the “Customers”). The Non-Solicitation
Period set forth in this Section 10.4 shall be tolled during any period in which the Executive is
in breach of the restriction set forth in this Section 10.4.

          10.5 Agreement Not to Solicit Employees. Executive agrees that during Executive’s
employment with the Company hereunder and during the Non-Solicitation Period,

9

 

Executive will not, either directly or indirectly, on Executive’s own behalf or in the service
or on the behalf of others solicit, divert, or hire away, or attempt to solicit, divert, or hire
away any person then employed by the Company, nor encourage anyone to leave the Company’s employ.
The Non-Solicitation Period set forth in this Section 10.5 shall be tolled during any period in
which the Executive is in breach of the restriction set forth in this Section 10.5.

          10.6 Defamatory Statements. Executive agrees that during Executive’s employment with
the Company hereunder and thereafter, he will not, either directly or indirectly, defame the
reputation, character, or image of the Company or its products, services, employees, directors, or
officers.

          10.7 Reasonableness. Executive and the Company agree that the covenants set forth in
this Agreement are appropriate and reasonable when considered in light of the nature and extent of
the Company’s business. Executive further acknowledges and agrees that: (i) the Company has a
legitimate interest in protecting the Company’s business activities and its current, pending, and
potential Trade Secrets; (ii) the covenants set forth herein are not oppressive to Executive and
contain reasonable limitations as to time, scope, geographical area, and activity; (iii) the
covenants do not harm in any manner whatsoever the public interest; (iv) Executive’s chosen
profession, trade, or business is in manufacturing, developing, and marketing pharmaceutical drugs,
products and devices (the “Profession”); (v) the Restricted Field is only a very small or limited
part of the Profession, and Executive can work in many different jobs in Executive’s Profession
besides those in the Restricted Field; (vi) the covenants set forth herein do not completely
restrain Executive from working in Executive’s Profession, and Executive can earn a livelihood in
Executive’s Profession without violating any of the covenants set forth herein; (vii) Executive has
received and will receive substantial consideration for agreeing to such covenants, including
without limitation the consideration to be received by Executive under this Agreement; (viii) if
Executive were to work for a competing company that engages in activities in the Restricted Field,
there would be a substantial risk that Executive would inevitably disclose Trade Secrets to that
company; (ix) the Company competes with other companies that engage in Restricted Field activities
in the Business Territory, and if Executive were to engage in prohibited activities in the
Restricted Field within the Business Territory, it would harm the Company; (x) the Company expends
considerable resources on hiring, training, and retaining its employees and if Executive were to
engage in prohibited activities during the Non-Solicitation Period, it would harm the Company; and
(xi) the Company expends considerable resources acquiring, servicing, and retaining its Customers
and if Executive were to engage in prohibited activities during the Non-Solicitation Period, it
would harm the Company.

     11. Other Agreements. Executive reaffirms Executive’s obligations set forth in the
Employee Agreement Concerning Invention Assignment Non-Disclosure and Non-Competition attached
hereto as Exhibit B, which Executive has previously executed and delivered; provided, that
in the event of any inconsistency between Exhibit B and the terms of Section 10 above, the
terms of Section 10 shall be controlling. Executive further acknowledges and agrees that he will
comply with all other Company policies and procedures. The terms of any Indemnity Agreement
between the Executive and Company will also continue in full force and effect.

10

 

     12. Assignment. This Agreement shall not be assignable, in whole or in part, by
either party without the written consent of the other party, except that the Company may, without
the consent of Executive, assign its rights and obligations under this Agreement to any
corporation, firm or other business entity (i) with or into which the Company may merge or
consolidate, (ii) to which the Company may sell or transfer all or substantially all of its assets
or (iii) of which at least a majority of the equity investment and of the voting control is owned,
directly or indirectly, by, or is under common ownership with, the Company. Upon such assignment
by the Company, the Company shall exercise commercially reasonable efforts to obtain the assignees’
written agreement enforceable by Executive to assume and perform, from and after the date of such
assignment, the terms, conditions, and provisions imposed by this Agreement upon the Company.

     13. Other Provisions.

          13.1 Governing Law. This Agreement is made under and shall be governed by and
construed in accordance with the laws of the State of Arizona without reference to conflicts of law
provisions thereof.

          13.2 Injunctive Relief. Executive agrees that it would be difficult to compensate the
Company fully for damages for any violation of the provisions of this Agreement. Accordingly,
Executive specifically agrees that the Company shall be entitled to temporary and permanent
injunctive relief to enforce the provisions of this Agreement. This provision with respect to
injunctive relief shall not, however, diminish the right of the Company to claim and recover
damages in addition to injunctive relief.

          13.3 Prior Agreements. This Agreement and its exhibits contain the entire agreement
of the parties relating to the subject matter hereof and supersedes all prior agreements and
understandings with respect to such subject matter, and the parties hereto have made no agreements,
representations, or warranties relating to the subject matter of this Agreement which are not set
forth herein.

          13.4 Withholding Taxes and Right of Offset. The Company may withhold from all
payments and benefits under this Agreement all federal, state, city, or other taxes as shall be
required pursuant to any law or governmental regulation or ruling. Executive agrees that the
Company may offset any payments owed to Executive pursuant to this Agreement by any amounts owed by
Executive to the Company.

          13.5 Amendments. No amendment or modification of this Agreement shall be deemed
effective unless made in writing signed by Executive and the Company.

          13.6 No Waiver. No term or condition of this Agreement shall be deemed to have been
waived nor shall there be any estoppel to enforce any provisions of this Agreement, except by a
statement in writing signed by the party against whom enforcement of the waiver or estoppel is
sought. Any written waiver shall not be deemed a continuing waiver unless specifically stated,
shall operate only as to the specific term or condition waived, and shall not constitute a waiver
of such term or condition for the future or as to any act other than that specifically waived.

11

 

          13.7 Severability. To the extent any provision of this Agreement shall be invalid or
unenforceable, it shall be considered deleted from this Agreement and the remainder of such
provision and of this Agreement shall be unaffected and shall continue in full force and effect.

          13.8 Indemnification. Executive shall be entitled as an officer and director to be
indemnified by the Company under the Organizational Documents, as set forth therein, and to receive
the benefits, if any, of any director and officer liability insurance obtained by the Company in
its discretion from time to time, subject to the terms, provisions and conditions of any such
insurance.

          13.9 Headings. The headings in this Agreement are included solely for reference
purposes and shall not be considered in the interpretation or construction of this Agreement.

          13.10 Notices. All notices, requests, demands and other communications under this
Agreement shall be in writing and shall be delivered personally, by overnight courier or similar
means, by United States certified or registered mail, return receipt requested, postage prepaid, or
sent by facsimile transmission with written confirmation of receipt, at the addresses specified
below or such other addresses as the parties may designate by like notice. Any such notice shall
be effective upon receipt if delivered personally, by overnight courier or by United States
certified or registered mail, or on the next business day following transmittal if sent by
facsimile transmission.

	 	 	 	 	 
	 

	 	If to the Company:
	 	ImaRx Therapeutics, Inc.

1635 East 18th Street

Tucson, AZ 85719

Attn: Chairman of the Board

Telephone: 520-770-1259

Facsimile: 520-791-2437
	 
	 	 	 	 
	 

	 	copy to:
	 	DLA Piper

701 Fifth Ave., Suite 7000

Seattle, Washington 98104

Attn: John M. Steel, Esq.

Telephone: (206) 839-4800

Facsimile: (206) 839-4801

	 
	 	 	 	 
	 

	 	If to Executive:
	 	Bradford A. Zakes

1220 W. Saddlehorn Dr.

Oro Valley, AZ 85704

Telephone 520-975-5024

          13.11 No Mitigation Obligation. It will be difficult, and may be impossible, for
Executive to find reasonably comparable employment following the termination of Executive’s
employment with the Company, and the noncompetition covenant contained in Section 10 hereof

12

 

will further limit the employment opportunities for Executive. Accordingly, the parties
hereto expressly agree that the payments provided for in Section 6.3 and Section 7 by the Company
to Executive will be liquidated damages, and that Executive shall not be required to seek other
employment, or otherwise, to mitigate any payment provided for hereunder.

          13.12 Remedies Cumulative. Remedies under this Agreement of either party hereto are
in addition to any remedy or remedies to which such party is entitled or may become entitled at law
or in equity.

          13.13 Attorneys’ Fees. In the event suit is brought to enforce the terms of this
Agreement or to collect any moneys due hereunder, or to collect money damages for breach hereof,
the prevailing party shall be entitled to recover, in addition to any other remedy, reimbursement
for reasonable attorneys’ fees, court costs, costs of investigation and other related expenses
incurred in connection therewith.

          13.14 Counterparts. This Agreement may be executed in any number of counterparts, all
such counterparts shall be deemed to constitute one and the same instrument, and each of said
counterparts shall be deemed an original hereof.

          13.15 Survivability. Sections 4.3, 6, 7, 8, 10 and 13 of this Agreement shall survive
the termination of this Agreement and the termination of Executive’s employment with the Company.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first set
forth above.

	 	 	 	 	 
	 	“Company”: ImaRx Therapeutics, Inc.

 	 
	 	 	By:  	/s/
Richard L. Love 	 
	 	 	Name:  	Richard L. Love 	 
	 	 	Title:  	Chairman of
the Board 	 
	 	 	 
	 	"Executive":	/s/
Bradford A. Zakes 	 
	 	 	Bradford A. Zakes 	 
	 	 	 	 

13

 

	 	 	 	 	 

Exhibit A

Form of Release

[Needs to be attached]

 

 

Exhibit B

Employee Agreement Concerning Invention Assignment

Non-Disclosure and Non-Competition

[Needs to be attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00136-of-00352.parquet"}]]