Document:

Unassociated Document

    GS
      MORTGAGE SECURITIES CORP., DEPOSITOR

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-7F

    CLASS
      [   ] CERTIFICATE

     

    UNLESS
      THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
      TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE TRUSTEE, IN ITS CAPACITY
      AS CUSTODIAN FOR DTC (IN SUCH CAPACITY, THE “CUSTODIAN”) OR ITS AGENT FOR
      REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED
      IS
      REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED
      BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT MADE TO CEDE & CO.
      OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
      DTC),
      ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
      PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
      AN INTEREST HEREIN.

     

    [THE
      YIELD TO THE HOLDER OF THIS CERTIFICATE WILL BE EXTREMELY SENSITIVE TO THE
      RATE
      OF PRINCIPAL PAYMENTS (INCLUDING PREPAYMENTS) ON THE MORTGAGE
      LOANS.]

     

    [THIS
      CLASS [   ] CERTIFICATE SHALL NOT BE ENTITLED TO ANY DISTRIBUTIONS
      WITH RESPECT TO PRINCIPAL.]

     

    [THIS
      CLASS [   ] CERTIFICATE IS SUBORDINATED TO THE EXTENT DESCRIBED HEREIN
      AND IN THE TRUST AGREEMENT REFERENCED HEREIN.]

     

    [THIS
      CLASS [   ] CERTIFICATE REPRESENTS A REMIC REGULAR INTEREST FOR
      FEDERAL INCOME TAX PURPOSES.]

     

    [FOR
      FEDERAL INCOME TAX PURPOSES, THIS CLASS [ ] CERTIFICATE REPRESENTS OWNERSHIP
      OF
      A REMIC REGULAR INTEREST AND A RIGHT TO RECEIVE PAYMENT FROM A BASIS RISK
      RESERVE FUND.]

     

    [THE
      PRINCIPAL OF THIS CLASS [ ] CERTIFICATE IS SUBJECT TO PREPAYMENT FROM TIME
      TO
      TIME WITHOUT SURRENDER OF OR NOTATION ON THIS CERTIFICATE. ACCORDINGLY, THE
      CERTIFICATE PRINCIPAL BALANCE OF THIS CERTIFICATE MAY BE LESS THAN THAT SET
      FORTH BELOW. ANYONE ACQUIRING THIS CERTIFICATE MAY ASCERTAIN ITS CURRENT
      CERTIFICATE PRINCIPAL BALANCE BY INQUIRY OF THE
      CUSTODIAN.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    GS
      MORTGAGE SECURITIES CORP., DEPOSITOR

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-7F

    CLASS
      [   ] CERTIFICATE

     

    
      	
              MAXIMUM
                AGGREGATE INITIAL CERTIFICATE [PRINCIPAL] [NOTIONAL] BALANCE OF THE
                CLASS
                [   ] CERTIFICATES AS OF THE CLOSING DATE: $[ ]

            	 	
              INITIAL
                CERTIFICATE [PRINCIPAL] [NOTIONAL] BALANCE OF THIS CERTIFICATE AS
                OF THE
                CLOSING DATE: $[   ]

            
	 	 	 
	
              INITIAL
                CERTIFICATE RATE PER ANNUM: [ ]%

            	 	
              PERCENTAGE
                INTEREST: [   ]%

            
	 	 	 
	
              MINIMUM

              DENOMINATION:

            	 	
              $[  
                ] AND $1 IN EXCESS OF $[   ]

            
	 	 	 
	
              DATE
                OF THE TRUST AGREEMENT: AS OF

              JUNE
                1, 2006

            	 	
              AGGREGATE
                SCHEDULED PRINCIPAL BALANCE AS OF THE CUT-OFF DATE OF THE MORTGAGE
                LOANS
                HELD BY THE TRUST: $609,955,387

            
	 	 	 
	
              CLOSING
                DATE:

              JULY
                28, 2006

            	 	 
	 	 	 
	
              FIRST
                DISTRIBUTION DATE:

              AUGUST
                25, 2006

            	 	 
	 	 	 
	
              SCHEDULED
                FINAL DISTRIBUTION DATE:

              [  
                ]

            	 	
              TRUSTEE:
                U.S. BANK, NATIONAL ASSOCIATION

            
	 	 	 
	 	 	
              CUSTODIAN:
                DEUTSCHE BANK NATIONAL TRUST COMPANY 

            
	 	 	 
	
              NO.
                [   ]

            	 	
              CUSIP
                NO.: [   ]

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    GS
      MORTGAGE SECURITIES CORP., DEPOSITOR

    MORTGAGE
      PASS-THROUGH CERTIFICATES, SERIES 2006-7F

    CLASS
      [   ] CERTIFICATE

     

    evidencing
      a beneficial ownership interest in a Trust Fund consisting of the entire
      beneficial ownership of a pool of certain fixed-rate, one- to four-family,
      first
      lien Mortgage Loans formed and sold by

    

    GS
      MORTGAGE SECURITIES CORP.

     

    THIS
      CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN, AND IS NOT
      GUARANTEED BY, GS MORTGAGE SECURITIES CORP., THE SERVICERS, THE TRUSTEE, THE
      CUSTODIANS OR ANY OF THEIR AFFILIATES. 

     

    THIS
      CERTIFIES THAT:

     

    CEDE
      & CO.

     

    is
      the
      registered owner of the Percentage Interest evidenced by this Certificate in
      the
      Class [ ] Certificates (the “Class [ ] Certificates”) issued pursuant to a
      master servicing and trust agreement, dated as specified above (the “Trust
      Agreement”), among GS Mortgage Securities Corp., as Depositor (hereinafter the
“Depositor,” which term includes any successor entity under the Trust
      Agreement), Wells Fargo Bank, N.A., as securities administrator and master
      servicer (in such capacities, the “Securities Administrator” and the “Master
      Servicer,” respectively) and Deutsche Bank National Trust Company, as custodian
      (“the Custodian”), and U.S. Bank National Association, as Trustee (the
“Trustee”), a summary of certain of the pertinent provisions of which is set
      forth hereafter. The Trust Fund consists primarily of a pool of Mortgage Loans.
      This Certificate is issued under and is subject to the terms, provisions and
      conditions of the Trust Agreement and also is subject to certain terms and
      conditions set forth in the Assignment Agreements and the related documents
      assigned pursuant thereto to which the Holder of this Certificate, by virtue
      of
      the acceptance hereof, assents and by which such Certificateholder is
      bound.

     

      [Distributions
      of principal of and interest on this Certificate (including the final
      distribution on this Certificate) will be made out of the related Available
      Distribution Amount, to the extent and subject to the limitations set forth
      in
      the Trust Agreement, on the 25th day of each month, or if such day is not a
      Business Day, the next succeeding Business Day, beginning in August 2006 (each,
      a “Distribution Date”), commencing on the first Distribution Date specified
      above, to the Person in whose name this Certificate is registered at the close
      of business on the last Business Day of the related Interest Accrual Period
      (the
“Record Date”). The “Interest Accrual Period” for any Distribution Date is the
      immediately preceding calendar month. All sums distributable on this Certificate
      are payable in the coin or currency of the United States of America as at the
      time of payment is legal tender for the payment of public and private
      debts.]

     

    [Distributions
      of principal of and interest on this Certificate (including the final
      distribution on this Certificate) will be made out of the related Available
      Distribution Amount, to the extent and subject to the limitations set forth
      in
      the Trust Agreement, on the 25th day of each month, or if such day is not a
      Business Day, the next succeeding Business Day, beginning in August 2006 (each,
      a “Distribution Date”), commencing on the first Distribution Date specified
      above, to the Person in whose name this Certificate is registered at the close
      of business on the last Business Day of the related Interest Accrual Period
      (the
“Record Date”). The “Interest Accrual Period” for any Distribution Date is the
      period beginning on and including the 25th
      day of
      the month immediately preceeding the month in which such Distribution Date
      occurs and ending on and including the 24th
      day of
      the month in which such Distribution Date occurs. All sums distributable on
      this
      Certificate are payable in the coin or currency of the United States of America
      as at the time of payment is legal tender for the payment of public and private
      debts.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [Distributions
      of interest on this Certificate (including the final distribution on this
      Certificate) will be made out of the related Available Distribution Amount,
      to
      the extent and subject to the limitations set forth in the Trust Agreement,
      on
      the 25th day of each month, or if such day is not a Business Day, the next
      succeeding Business Day, beginning in August 2006 (each, a “Distribution Date”),
      commencing on the first Distribution Date specified above, to the Person in
      whose name this Certificate is registered at the close of business on the last
      Business Day of the related Interest Accrual Period (the “Record Date”). The
“Interest Accrual Period” for any Distribution Date is the period beginning on
      and including the 25th
      day of
      the month immediately preceeding the month in which such Distribution Date
      occurs and ending on and including the 24th
      day of
      the month in which such Distribution Date occurs. All sums distributable on
      this
      Certificate are payable in the coin or currency of the United States of America
      as at the time of payment is legal tender for the payment of public and private
      debts.]

     

    [Distributions
      of principal of this Certificate (including the final distribution on this
      Certificate) will be made out of the related Available Distribution Amount,
      to
      the extent and subject to the limitations set forth in the Trust Agreement,
      on
      the 25th day of each month, or if such day is not a Business Day, the next
      succeeding Business Day, beginning in August 2006 (each, a “Distribution Date”),
      commencing on the first Distribution Date specified above, to the Person in
      whose name this Certificate is registered at the close of business on the last
      Business Day of the related Interest Accrual Period (the “Record Date”). All
      sums distributable on this Certificate are payable in the coin or currency
      of
      the United States of America as at the time of payment is legal tender for
      the
      payment of public and private debts.]

     

    Principal
      of and interest on this Certificate will be paid in accordance with the terms
      of
      the Trust Agreement, the Assignment Agreements and the related documents
      assigned pursuant thereto. Principal and interest allocated to this Certificate
      on any Distribution Date will be an amount equal to this Certificate’s
      Percentage Interest of the Available Distribution Amount to be distributed
      on
      this Class of Certificates as of such Distribution Date, with a final
      distribution to be made upon retirement of this Certificate as set forth in
      the
      Trust Agreement.

     

    [This
      Certificate will not be entitled to any distribution of principal. Distributions
      of interest on this Certificate will be paid in accordance with the terms of
      the
      Trust Agreement, the Assignment Agreements and the related documents assigned
      pursuant thereto. Interest allocated to this Certificate on any Distribution
      Date will be in an amount equal to this Certificate’s Percentage Interest of the
      Available Distribution Amount to be distributed on this Class of Certificates
      as
      of such Distribution Date, with a final distribution to be made upon retirement
      of this Certificate as set forth in the Trust Agreement.]

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    [This
      Certificate will not be entitled to any distribution of interest. Principal
      of
      this Certificate will be paid in accordance with the terms of the Trust
      Agreement, the Assignment Agreements and the related documents assigned pursuant
      thereto. Principal allocated to this Certificate on any Distribution Date will
      be an amount equal to this Certificate’s Percentage Interest of the Available
      Distribution Amount to be distributed on this Class of Certificates as of such
      Distribution Date, with a final distribution to be made upon retirement of
      this
      Certificate as set forth in the Trust Agreement.]

     

    This
      Certificate is one of a duly authorized issue of Certificates designated as
      Mortgage Pass-Through Certificates, Series 2006-7F (herein called the
“Certificates”), and representing a Percentage Interest in the Class of
      Certificates specified on the face hereof equal to the quotient, expressed
      as a
      percentage, obtained by dividing the denomination of this Certificate specified
      on the face hereof by the aggregate Certificate Balance of all the Class [
      ]
      Certificates. The Certificates are issued in multiple Classes designated as
      specifically set forth in the Trust Agreement. The Certificates will evidence
      in
      the aggregate 100% of the beneficial ownership of the Trust Fund.

     

    All
      distributions or allocations made with respect to each Class on any Distribution
      Date shall be allocated in accordance with the Trust Agreement. Payment shall
      be
      made either (1) by check mailed to the address of each Certificateholder as
      it
      appears in the Certificate Register on the Record Date immediately prior to
      such
      Distribution Date or (2) by wire transfer of immediately available funds to
      the
      account of a Certificateholder at a bank or other entity having appropriate
      facilities therefor, if such Certificateholder shall have so notified the
      Securities Administator in writing by the Record Date immediately prior to
      such
      Distribution Date and such Certificateholders is the registered owner of Regular
      Certificates with an initial Certificate Balance of at least $1,000,000. The
      Securities Administator may charge the Certificateholder a fee for any payment
      made by wire transfer. Final distribution on the Certificates will be made
      only
      upon surrender of the Certificates at the offices of the Certificate Registrar
      set forth in the notice of such final distribution.

     

    The
      Certificates are issuable in fully registered form only, without coupons, in
      denominations specified in the Trust Agreement. As provided in the Trust
      Agreement and subject to any limitations on transfer of this Certificate by
      a
      Depository or its nominee and certain limitations set forth in the Trust
      Agreement, the transfer of this Certificate is registrable in the Certificate
      Register upon surrender of this Certificate for registration of transfer at
      the
      principal Corporate Trust Office of the Securities Administrator or such other
      offices or agencies appointed by the Securities Administrator for that purpose
      and such other locations provided in the Trust Agreement, duly endorsed by
      or
      accompanied by an assignment in the form below or other written instrument
      of
      transfer in form satisfactory to the Securities Administrator and the
      Certificate Registrar duly executed by the Certificateholder hereof, or such
      Certificateholder’s attorney duly authorized in writing, and thereupon one or
      more new Certificates of the same Class in the same aggregate Certificate
      Balance will be issued to the designated transferee or transferees.

     

    As
      provided in the Trust Agreement and subject to certain limitations therein
      set
      forth, this Certificate is exchangeable for a new Certificate of the same Class
      in the same denomination. No service charge will be made for any such
      registration of transfer or exchange, but the Custodian may require payment
      of a
      sum sufficient to cover any tax or other governmental charge that may be imposed
      in connection with any transfer or exchange of Certificates.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
      Depositor, the Securities Administrator, the Master Servicer, the Servicers,
      the
      Trustee, the Custodians and the Certificate Registrar and any agent of the
      Depositor, the Securities Administrator, the Master Servicer, the Servicers,
      the
      Trustee, the Custodians or the Certificate Registrar may treat the Person in
      whose name this Certificate is registered as the owner hereof for all purposes,
      and none of the Depositor, the Securities Administrator, the Master Servicer,
      the Trustee, the Custodians, the Servicers, the Certificate Registrar or any
      such agent shall be affected by notice to the contrary.

     

    The
      obligations created by the Trust Agreement will terminate upon payment to the
      Certificateholders of all amounts held in the Collection Account and the
      Certificate Account required to be paid to the Certificateholders pursuant
      to
      the Trust Agreement, following the earlier of: (i) the final payment or other
      liquidation (or any advance with respect thereto) of the last Mortgage Loan
      remaining in the Trust Fund or the disposition of all property acquired upon
      foreclosure of any such Mortgage Loan and (ii) the purchase of all the assets
      of
      the Trust Fund by the Class C Certificateholder or the Master Servicer as
      specified in the Trust Agreement, when the aggregate Scheduled Principal Balance
      of the Mortgage Loans equals 1% or less of the aggregate Scheduled Principal
      Balance of the Mortgage Loans as of the Cut-off Date. Written notice of
      termination will be given to each Certificateholder, and the final distribution
      will be made only upon surrender and cancellation of the Certificates at an
      office or agency appointed by the Securities Administrator, which will be
      specified in the notice of termination.

     

    Unless
      the certificate of authentication hereon has been executed by the Certificate
      Registrar, by manual signature, this Certificate shall not be entitled to any
      benefit under the Trust Agreement or be valid for any purpose.

     

    THIS
      CERTIFICATE AND THE TRUST AGREEMENT
      SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
      OF
      NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN
      SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW), AND THE OBLIGATIONS, RIGHTS
      AND
      REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
      LAWS.

     

    The
      Trustee has executed this Certificate on behalf of the Trust as Trustee under
      the Trust Agreement, and the Trustee shall be liable hereunder only in respect
      of the assets of the Trust Fund.

     

    Capitalized
      terms used herein and not defined herein shall have the meaning given them
      in
      the Trust Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the Trustee has caused this Certificate to be duly
      executed.

     

    Dated:
      August ____, 2006

    U.S.
      BANK
      NATIONAL ASSOCIATION,

    as
      Trustee

    

    

    By:
      _________________________________

    AUTHORIZED
      OFFICER

    

    

     

    CERTIFICATE
      OF AUTHENTICATION

     

    THIS
      IS
      ONE OF THE CERTIFICATES REFERRED TO IN THE WITHIN-MENTIONED TRUST
      AGREEMENT.

     

    WELLS
      FARGO BANK, N.A.,

    as
      Certificate Registrar

    

    

    By:
      _________________________________

    AUTHORIZED
      SIGNATORY

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ABBREVIATIONS

     

    The
      following abbreviations, when used in the inscription on the face of this
      Certificate, shall be construed as though they were written out in full
      according to applicable laws or regulations:

     

    
      	
              TEN
                COM-as tenants in common

            	
              UNIF
                GIFT MIN ACT - Custodian  

              (Cust)
                (Minor)

            
	
              TEN
                ENT -as tenants by the entireties

            	 
	
              JT
                T EN- as joint tenants with rights of survivorship and not as Tenants
                in
                Common

            	
              Under
                Uniform Gifts to Minors Act __________

              (State)

            

    

     

    Additional
      abbreviations may also be used though not in the above list.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FORM
      OF
      TRANSFER

     

    FOR
      VALUE
      RECEIVED, the undersigned hereby sells, assigns and transfers unto 

     

    _________________________________________________________

     

    PLEASE
      INSERT SOCIAL SECURITY

    OR
      OTHER
      IDENTIFYING NUMBER OF ASSIGNEE 

     

    _________________________________________________________

     

    _________________________________________________________                   

    (Please
      print or typewrite name and address of assignee) 

    

    the
      within Certificate and does hereby irrevocably constitute and appoint __________
      (Attorney)
      to transfer the said Certificate in the Certificate Register of the within-named
      Trust, with full power of substitution in the premises.

    

    

    

      
        	
                Dated:

              	 	 	 
	 	 	 	
                NOTICE:
                  The signature to this assignment must correspond with the name
                  as written
                  upon the face of this Certificate in every particular without alteration
                  or enlargement or any change
                  whatever.

              

      

    

     

     

    
      	 	 	 
	SIGNATURE GUARANTEED: The signature
              must be
              guaranteed by a commercial bank or trust company or by a member firm
              of
              the New York Stock Exchange for another national Certificates exchange.
              Notarized or witnessed signatures are not acceptable.	 	 

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DISTRIBUTION
      INSTRUCTIONS

     

     

    The
      assignee should include the following for purposes of distribution:

     

     

    Distribution
      shall be made, by wire transfer or otherwise, in immediately available funds,
      to
      ___________________________, for the account of _____________________, account
      number _________________, or if mailed by check to
      ______________________________. Applicable reports and statements should be
      mailed to __________________________. This information is provided by
      ____________________________, the assignee named above, or _______________,
      as
      agent.Exhibit
      10.3 

    SEVERANCE
      BENEFITS AGREEMENT

     

    This
      SEVERANCE BENEFITS AGREEMENT (the “Agreement”)
      is
      made and entered into as of this 8th
      day of
      August, 2006, by and between Brian Lenz, an individual resident of the State
      of
      New Jersey (the “Executive”)
      and
      VioQuest Pharmaceuticals, Inc., a Delaware corporation (the “Company”).

     

    RECITALS

     

    WHEREAS,
      Executive is currently employed as an executive officer of the
      Company;

     

    WHEREAS,
      the Board of Directors of the Company (the “Board”)
      has
      determined that it is in the best interests of the Company to reinforce and
      encourage the continuity of management personnel in the event of any potential
      Change in Control (as hereinafter defined); and 

     

    WHEREAS,
      the Board believes this objective can best be served by providing for a
      compensation arrangement for the Executive upon the Executive’s termination of
      employment under certain circumstances in the event of a Change of
      Control.

     

    NOW,
      THEREFORE, in consideration of the mutual promises and covenants and the
      respective undertakings of the Company and Executive set forth below, the
      Company and Executive agree as follows:

     

    AGREEMENT

     

    1.
      Certain
      Definitions.

     

    (a) Annual
      Compensation.
      For the
      purposes of this Agreement, “Annual
      Compensation”
shall
      mean Executive’s annual base salary, as adjusted from time to time by the Board
      of Directors of the Company. 

     

    (b) Change
      of Control.
      For the
      purposes of this Agreement, the term “Change
      of Control”
shall
      have the meaning ascribed to it in the Company’s 2003 Stock Option Plan.

     

    (c) Termination
      Without Cause.
      For the
      purposes of this Agreement, “Termination
      Without Cause”
shall
      mean termination of the Executive by the Company for reasons other
      than:

     

    (i) the
      conviction of a felony; 

     

    (ii) the
      conviction of theft or embezzlement of Company property, or the commission
      of an
      act involving moral turpitude that materially and adversely affects the
      Company’s reputation and business prospects; or

     

    (iii) the
      failure of Executive to substantially perform his material duties and
      responsibilities of his employment (excluding nonperformance resulting from
      Executive’s disability) which failure is not cured within thirty (30) days after
      written notice from the Company specifying the act of nonperformance or within
      such longer period (but no longer than 90 days in any event) as is reasonably
      required to cure such nonperformance. 

     

    (d) Constructive
      Termination.
      For the
      purposes of this Agreement, “Constructive
      Termination”
shall
      mean:

     

    (i) Executive
      has been demoted or has otherwise incurred a material reduction in his authority
      or responsibility; 

     

    (ii) an
      adverse change in Executive’s annual compensation or benefits; or

     

    (iii) in
      the
      course and scope of Executive’s employment with the Company, Executive has been
      subjected to any conduct that constitutes prohibited employment discrimination
      under the provisions of Title VII of the federal Civil Rights Act of 1964,
      as
      amended, or other federal, state or local law.

     

    For
      the
      purposes of this definition, Executive’s responsibilities, authority, status,
      position, offices, titles, duties and reporting requirements are to be
      determined as of the date of this Agreement. 

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2. Severance
      Benefits.

     

    (a) Termination
      Following Change of Control. In
      the
      event that Executive’s employment is terminated within one (1) year following a
      Change of Control and such termination is either (i) Without Cause, or (ii)
      is a
      Constructive Termination, then (A) Executive shall be entitled to receive,
      in
      addition to all compensation due and payable to or accrued (which includes
      milestone based bonus achievements) for the benefit of Executive as of the
      date
      of termination, his Annual Compensation, payable in semi-monthly installments
      over a period of twelve (12) months in accordance with the Company’s normal
      payroll practices in effect at such time, and (B) any and all outstanding
      options to purchase shares of stock in the Company granted to Executive shall
      immediately vest and become immediately exercisable (whether entered into before
      or after the date of this Agreement), in addition to the Company’s healthcare
      and insurance benefits program over a period of twelve (12) months.

     

    The
      provisions of this Section 2(a), including without limitation the acceleration
      of all outstanding options to purchase shares of stock in the Company, shall
      apply following any Change of Control notwithstanding any provision otherwise
      in
      any stock option agreement between the Company and the Executive which provides
      for the grant to Executive of the right to purchase shares of stock of the
      Company.

     

    (b) Other
      Termination.
      In the
      event that Executive’s employment is terminated (i) at a time other than a
      1-year period following a Change of Control, and (ii) Without Cause, then
      Executive shall be entitled to receive, in addition to all compensation due
      and
      payable to or accrued (which includes milestone based bonus achievements) for
      the benefit of Executive as of the date of termination, one-half of his Annual
      Compensation, payable in semi-monthly installments over a period of six (6)
      months in accordance with the Company’s normal payroll practices in effect at
      such time, in addition to the Company’s healthcare and insurance benefits
      program over a period of six (6) months. 

     

    (c) Notwithstanding
      anything to the contrary contained in this Section 2, the Company shall have
      no
      obligation to pay, and Executive shall have no obligation to receive, any of
      the
      benefits provided for in paragraphs (a) and (b) of this Section 2 upon
      termination of Executive’s employment unless Executive executes a separate
      agreement releasing the Company from any and all liability in connection with
      the termination of Executive’s employment.

     

    3. Resolution
      of Disputes.
      

     

    If
      there
      shall be any dispute between the Company and the Executive (i) in the event
      of
      any termination of Executive’s employment by the Company, whether such
      termination was Without Cause, or (ii) in the event of a Constructive
      Termination of employment by the Company, then, unless and until there is a
      final, nonappealable judgment by a court of competent jurisdiction declaring
      that such termination was not Without Cause or that the determination by the
      Executive of the existence of a Constructive Termination was not made in good
      faith, the Company shall pay, and provide all benefits to Executive and/or
      Executive’s family or other beneficiaries, as the case may be, that the Company
      would be required to pay or provide pursuant to Section 2 hereof, as the case
      may be, as though such termination were by the Company Without Cause or was
      a
      Constructive Termination by the Company; provided,
      however,
      that the
      Company shall not be required to pay any disputed amounts pursuant to this
      Section except upon receipt of an undertaking by or on behalf of Executive
      to
      repay all such amounts to which Executive is ultimately adjudged by such court
      not to be entitled. 

     

    4. Withholding.
      

     

    The
      Company may withhold from any amounts payable under this Agreement the minimum
      Federal, state and local taxes as shall be required to be withheld pursuant
      to
      any applicable law, statute or regulation.

     

    5. Successors
      and Assigns.
      

     

    This
      Agreement is binding upon, and shall inure to the benefit of the Company and
      all
      successors and assigns of the Company. This Agreement shall be binding upon
      and
      inure to the benefit of the Executive and his heirs and personal
      representatives. The Company will require any successor (whether direct or
      indirect, by purchase, merger or consolidation or otherwise) to all or
      substantially all of the business and/or assets of the Company to assume
      expressly and agree to perform this Agreement in the same manner and to the
      same
      extent that the Company would be required to perform it if no such succession
      had taken place. Failure of the Company to obtain such agreement, prior to
      the
      effectiveness of any such succession shall be a material breach of this
      Agreement and shall entitle the Executive to any Severance Payment payable
      pursuant to Section 2 hereof.

     

    6. Miscellaneous.
      

     

    (a) Governing
      Law; Amendment.
      This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of New Jersey, without reference to principles of conflict of laws.
      The captions of this Agreement are not part of the provisions hereof and shall
      have no force or effect. This Agreement may not be amended or modified except
      by
      a written agreement executed by the parties hereto or their respective
      successors and legal representatives.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (b) Notice.
      All
      notices and other communications under this Agreement shall be in writing and
      shall be given by hand to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows: 

     

    IF
      TO THE
      EXECUTIVE:

     

    Brian
      Lenz

    2
      Beckett
      Court

    Trenton,
      New Jersey 08628

    

    IF
      TO THE
      COMPANY:

     

    VioQuest
      Pharmaceuticals, Inc.

    Attn:
      Chief Executive Officer

    180
      Mount
      Airy Road, Suite 203

    Basking
      Ridge, New Jersey 07920

    

    or
      to
      such other address as either party furnishes to the other in writing in
      accordance with paragraph (b) of this Section 6. Notices and communications
      shall be effective when actually received by the addressee.

     

    (c) Severability.
      The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this Agreement.
      If any provision of this Agreement shall be held invalid or unenforceable in
      part, the remaining portion of such provision, together with all other
      provisions of this Agreement, shall remain valid and enforceable and continue
      in
      full force and effect to the fullest extent consistent with the
      law.

     

    (d) Waiver.
      The
      Executive's or the Company's failure to insist upon strict compliance with
      any
      provision of, or to assert any right under, this Agreement shall not be deemed
      to be a waiver of such provision or right or of any other provision of or right
      under this Agreement.

     

    (e) Counterparts.
      This
      Agreement may be executed in several counterparts, each of which shall be deemed
      an original, and said counterparts shall constitute but one and the same
      instrument.

     

    (f) Entire
      Agreement.
      This
      Agreement constitutes the entire agreement between the parties, and shall
      supersede all prior agreements and understandings between the parties with
      respect to the subject matter hereof and may not be modified or terminated
      orally. No modification, termination or attempted waiver of this Agreement
      shall
      be valid unless in writing and signed by the party against whom the same is
      sought to be enforced. 

     

    IN
      WITNESS WHEREOF, the Executive has hereunto set the Executive’s hand and
      pursuant to the due authorization of its Board, the Company has caused this
      Agreement to be executed in its name and on its behalf, all as of the day and
      year first written above.

     

    

     

    
      	
              
                VIOQUEST
                  PHARMACEUTICALS, INC.

              

            	
              
                EXECUTIVE:

              

               

            
	
              By:
                /s/
                Daniel E.
                Greenleaf                        
                

              Daniel
                E. Greenleaf

              President
                & Chief Executive Officer

            	
              /s/
                Brian
                Lenz                                
                

              Brian
                Lenz

              Chief
                Financial Officer

            
	 	 

    

    

     

    
      
         

      

      
        3

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