Document:

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EXHIBIT 10.12

                            INDEMNIFICATION AGREEMENT

         This INDEMNIFICATION AGREEMENT (this "Agreement") is made and executed
as of March 3, 2009, by and between AMERICAN ENVIRONMENTAL ENERGY, INC., a
Nevada corporation (the "Corporation"), and Steven Byle, an individual residing
at _____________________________________ (the "Indemnitee").

                                    PREAMBLE

         The Corporation is aware that, in order to induce highly competent
persons to serve the Corporation as Directors or in other capacities, the
Corporation must provide such persons with adequate protection through insurance
and indemnification against inordinate risks of claims and actions against them
arising out of their service to and activities on behalf of the Corporation. The
difficulty of obtaining adequate Directors' and officers' liability insurance in
the current market has increased the difficulty of attracting and retaining such
persons. The Board of Directors of the Corporation has determined that (1) it is
essential to the best interests of the Corporation's stockholders that the
Corporation act to assure such persons that there will be increased certainty of
such protection in the future, and that (2) it is reasonable, prudent and
necessary for the Corporation contractually to obligate itself to indemnify such
persons to the fullest extent permitted by applicable law so that they will
continue to serve the Corporation free from undue concern that they will not be
so indemnified. The Indemnitee is willing to serve, continue to serve, and take
on additional service for or on behalf of the Corporation on the condition that
he or she be so indemnified.

         NOW, THEREFORE, in consideration of the premises and the mutual
promises and covenants contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Corporation and the Indemnitee do hereby agree as follows:

1.       SERVICE BY THE INDEMNITEE

         The Indemnitee will continue to serve as a Director of the Corporation
faithfully and will discharge his duties and responsibilities to the best of his
ability so long as he is duly elected or qualified in accordance with the
provisions of the Articles of Incorporation and Bylaws of the Corporation and
the Nevada Revised Statutes, as may be amended from time to time, or until his
earlier death, resignation or removal. The Indemnitee may at any time and for
any reason resign from such position (subject to any other contractual
obligation or other obligation imposed by operation of law), in which event the
Corporation shall have no obligation under this Agreement to continue the
Indemnitee in any such position. Nothing in this Agreement shall confer upon the
Indemnitee the right to continue in the employ of the Corporation or as a
Director of the Corporation or affect the right of the Corporation to terminate
the Indemnitee's employment at any time in the sole discretion of the
Corporation, with or without cause, subject to any contract rights of the
Indemnitee created or existing otherwise than under this Agreement.

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2.       INDEMNIFICATION

         The Corporation shall indemnify the Indemnitee to the fullest extent
permitted by the Nevada Revised Statutes or other applicable law, as in effect
from time to time. Without diminishing the scope of the indemnification provided
by this Section, the rights of indemnification of the Indemnitee provided
hereunder shall include, but shall not be limited to, those rights hereinafter
set forth, except that no indemnification shall be paid to the Indemnitee:

(i) on account of any suit in which judgment is rendered against the Indemnitee
for disgorgement of profits made from the purchase or sale by the Indemnitee of
securities of the Corporation pursuant to the provisions of Section 16(b) of the
Securities Exchange Act of 1934, as amended, or similar provisions of any
federal, state or local statutory law;

(ii) on account of conduct of the Indemnitee which is finally adjudged by a
court of competent jurisdiction to have been knowingly fraudulent or to
constitute willful misconduct;

(iii) in any circumstance where such indemnification is expressly prohibited by
applicable law;

(iv) with respect to liability for which payment is actually made to the
Indemnitee under a valid and collectible insurance policy or under a valid and
enforceable indemnity clause, bylaw or agreement (other than this Agreement),
except in respect of any liability in excess of payment under such insurance,
clause, bylaw or agreement;

(v) if a final decision by a court having jurisdiction in the matter shall
determine that such indemnification is not lawful (and, in this respect, both
the Corporation and the Indemnitee have been advised that it is the position of
the Securities and Exchange Commission that indemnification for liabilities
arising under the federal securities laws is against public policy and is,
therefore, unenforceable, and that claims for indemnification should be
submitted to the appropriate court for adjudication); or

(vi) in connection with any proceeding (or part thereof) initiated by the
Indemnitee, or any proceeding by the Indemnitee against the Corporation or its
Directors, officers, employees or other Indemnitees, unless (i) such
indemnification is expressly required to be made by law, (ii) the proceeding was
authorized by the Board of Directors of the Corporation, (iii) such
indemnification is provided by the Corporation in its sole discretion, pursuant
to the powers vested in the Corporation under applicable law, or (iv) except as
provided in Sections 10 and 13 hereof.

3.       ACTIONS OR PROCEEDINGS OTHER THAN AN ACTION BY OR IN THE RIGHT OF THE
         CORPORATION

         The Indemnitee shall be entitled to the indemnification rights provided
in this Section if he is a party or is threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative in nature, other than an action by or
in the right of the Corporation, by reason of the fact that he is or was a
director, officer, employee or agent of the Corporation, or is or was serving at
the request of the Corporation as a director, officer, employee or agent or
fiduciary of any other entity, including, but not limited to, another
corporation, partnership, joint venture or trust, or by reason of any act or
omission by him in any such capacity. Pursuant to this Section, the Indemnitee
shall be indemnified against all expenses (including attorneys' fees), costs,
judgments, penalties, fines and amounts paid in settlement which were actually
and reasonably incurred by him in connection with such action, suit or
proceeding (including, but not limited to, the investigation, defense or appeal
thereof), if he acted in good faith and in a manner he reasonably believed to be
in or not opposed to the best interests of the Corporation, and, with respect to
any criminal action or proceeding, if he had no reasonable cause to believe his
conduct was unlawful.

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4.       ACTIONS BY OR IN THE RIGHT OF THE CORPORATION

         The Indemnitee shall be entitled to the indemnification rights provided
in this Section if he is a person who was or is a party or is threatened to be
made a party to any threatened, pending or completed action, suit or proceeding
brought by or in the right of the Corporation to procure a judgment in its favor
by reason of the fact that he is or was a director, officer, employee or agent
or fiduciary of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, employee, agent or fiduciary of another
entity, including, but not limited to, another corporation, partnership, joint
venture or trust, or by reason of any act or omission by him in any such
capacity. Pursuant to this Section, the Indemnitee shall be indemnified against
all expenses (including attorneys' fees), costs and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit or
proceeding (including, but not limited to, the investigation, defense or appeal
thereof), if he acted in good faith and in a manner he reasonably believed to be
in or not opposed to be the best interests of the Corporation; provided,
however, that no such indemnification shall be made in respect of any claim,
issue, or matter as to which applicable law expressly prohibits such
indemnification by reason of any adjudication of liability of the Indemnitee to
the Corporation, unless and only to the extent that the Courts of the State of
Nevada or the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, the Indemnitee is fairly and reasonably entitled
to indemnity for such expenses and costs which such court shall deem proper.

5.       INDEMNIFICATION FOR COSTS, CHARGES AND EXPENSES OF SUCCESSFUL PARTY

         Notwithstanding the other provisions of this Agreement, to the extent
that the Indemnitee has served on behalf of the Corporation as a witness or
other participant in any claim, action or proceeding, or has been successful, on
the merits or otherwise, in defense of any action, suit or proceeding referred
to in Sections 3 and 4 hereof, or in defense of any claim, issue or matter
therein, including, but not limited to, the dismissal of any action without
prejudice, he shall be indemnified against all costs, charges and expenses
(including attorneys' fees) actually and reasonably incurred by him in
connection therewith.

6.       PARTIAL INDEMNIFICATION

         If the Indemnitee is entitled under any provision of this Agreement to
indemnification by the Corporation for some or a portion of the expenses
(including attorneys' fees), costs, judgments, fines and amounts paid in
settlement actually and reasonably incurred by him in connection with the
investigation, defense, appeal or settlement of such suit, action, investigation
or proceeding described in Section 3 or 4 hereof, but is not entitled to
indemnification for the total amount thereof, the Corporation shall nevertheless
indemnify the Indemnitee for the portion of such expenses (including reasonable
attorneys' fees), costs, judgments, penalties, fines and amounts paid in
settlement actually and reasonably incurred by him to which the Indemnitee is
entitled. Without limiting the generality of the foregoing, if the action suit,
and so forth, is brought against the Indemnitee in his capacity as a director,
officer, or employee and a stockholder, the presumption shall be that recovery
is sought by reason of the Indemnitee's status as a director, officer or
employee.

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7.       DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION

         Upon written request by the Indemnitee for indemnification pursuant to
Section 3 or 4 hereof, the entitlement of the Indemnitee to indemnification
pursuant to the terms of this Agreement shall be determined by the following
person or persons, who shall be empowered to make such determination: (a) the
Board of Directors of the Corporation, by a majority vote of a quorum consisting
of Disinterested Directors (as hereinafter defined); or (b) if such a quorum is
not obtainable or, even if obtainable, if the Board of Directors, by the
majority vote of Disinterested Directors, so directs, by Independent Counsel (as
hereinafter defined) in a written opinion to the Board of Directors, a copy of
which shall be delivered to the Indemnitee. Such Independent Counsel shall be
selected by the Board of Directors and approved by the Indemnitee. Upon failure
of the Board to so select, or upon failure of the Indemnitee to so approve such
Independent Counsel, such Independent Counsel shall be selected by the
appropriate authority of the State of Nevada or such other person as the such
authority shall designate to make such selection. Such determination of
entitlement to indemnification shall be made not later than 45 days after
receipt by the Corporation of a written request for indemnification. Such
request shall include documentation or information which is necessary for such
determination and which is reasonably available to the Indemnitee. Any costs or
expenses (including attorneys' fees) incurred by the Indemnitee in connection
with his request for indemnification hereunder shall be borne by the
Corporation. The Corporation hereby indemnifies and agrees to hold the
Indemnitee harmless therefrom irrespective of the outcome of the determination
of the Indemnitee's entitlement to indemnification. If the person making such
determination shall determine that the Indemnitee is entitled to indemnification
as part (but not all) of the application for indemnification, such person shall
reasonably prorate such partial indemnification among such claims, issues or
matters.

8.       PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS

         The Secretary of the Corporation shall, promptly upon receipt of the
Indemnitee's request for indemnification, advise in writing the Board of
Directors, or such other person or persons as are empowered to make the
determination pursuant to Section 7, that the Indemnitee has made such request
for determination. Upon making such request for indemnification, the Indemnitee
shall be presumed to be entitled to indemnification hereunder and the
Corporation shall have the burden of proof in the making of any determination
contrary to such presumption. If the person or persons so empowered to make such
determination shall have failed to make the requested indemnification within 45
days after receipt by the Corporation of such request, the requisite
determination of entitlement to indemnification shall be deemed to have been
made and the Indemnitee shall be absolutely entitled to such indemnification,
absent actual and material fraud in the request for indemnification. The
termination of any action, suit, investigation or proceeding described in
Section 3 or 4 hereof by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not, of itself: (a) create a
presumption that the Indemnitee did not act in good faith and in a manner which
he reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, that the
Indemnitee had reasonable cause to believe that his conduct was unlawful; or (b)
otherwise adversely affect the rights of the Indemnitee to indemnification,
except as may be provided herein.

9.       ADVANCEMENT OF EXPENSES AND COSTS

         All reasonable expenses and costs actually incurred by the Indemnitee
(including attorneys' fees, retainers and advances of disbursements required of
the Indemnitee) shall be paid by the Corporation in advance of the final
disposition of such action, suit or proceeding, if so requested by the

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Indemnitee, within 20 days after the receipt by the Corporation of a statement
or statements from the Indemnitee requesting such advance or advances. The
Indemnitee may submit such statements from time to time. The Indemnitee's
entitlement to such expenses shall include those incurred in connection with any
proceeding by the Indemnitee seeking an adjudication or award in arbitration
pursuant to this Agreement. Such statement or statements shall reasonably
evidence the expenses and costs incurred by him in connection therewith and
shall include or be accompanied by an undertaking by or on behalf of the
Indemnitee to repay such amount if it is ultimately determined that the
Indemnitee is not entitled to be indemnified against such expenses and costs by
the Corporation pursuant to this Agreement or otherwise.

10.      REMEDIES OF THE INDEMNITEE IN CASES OF DETERMINATION NOT TO INDEMNIFY
         OR TO ADVANCE EXPENSES

         In the event that a determination is made that the Indemnitee is not
entitled to indemnification hereunder or if payment has not been timely made
following a determination of entitlement to indemnification pursuant to Sections
7 and 8, or if expenses are not advanced pursuant to Section 9, the Indemnitee
shall be entitled to a final adjudication in an appropriate court of the State
of Nevada or any other court of competent jurisdiction of his entitlement to
such indemnification or advance. Alternatively, the Indemnitee may, at his
option, seek an award in arbitration to be conducted by a single arbitrator
pursuant to the rules of the American Arbitration Association, such award to be
made within 60 days following the filing of the demand for arbitration. The
Corporation shall not oppose the Indemnitee's right to seek any such
adjudication or award in arbitration or any other claim. Such judicial
proceeding or arbitration shall be made de novo and the Indemnitee shall not be
prejudiced by reason of a determination (if so made) that he is not entitled to
indemnification. If a determination is made or deemed to have been made pursuant
to the terms of Section 7 or Section 8 hereof that the Indemnitee is entitled to
indemnification, the Corporation shall be bound by such determination and shall
be precluded from asserting that such determination has not been made or that
the procedure by which such determination was made is not valid, binding and
enforceable. The Corporation further agrees to stipulate in any such court or
before any such arbitrator that the Corporation is bound by all the provisions
of this Agreement and is precluded from making any assertions to the contrary.
If the court or arbitrator shall determine that the Indemnitee is entitled to
any indemnification hereunder, the Corporation shall pay all reasonable expenses
(including attorneys' fees) and costs actually incurred by the Indemnitee in
connection with such adjudication or award in arbitration (including, but not
limited to, any appellate proceedings).

11.      NOTIFICATION AND DEFENSE OF CLAIM

         Promptly after receipt by the Indemnitee of notice of the commencement
of any action, suit or proceeding, the Indemnitee will, if a claim in respect
thereof is to be made against the Corporation under this Agreement, notify the
Corporation in writing of the commencement thereof, but the omission to so
notify the Corporation will not relieve the Corporation from any liability that
it may have to the Indemnitee otherwise than under this Agreement.
Notwithstanding any other provision of this Agreement, with respect to any such
action, suit or proceeding as to which the Indemnitee gives notice to the
Corporation of the commencement thereof:

(i) The Corporation will be entitled to participate therein at its own expense;
and

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(ii) Except as otherwise provided in this Section 11(b), to the extent that it
may wish, the Corporation, jointly with any other indemnifying party similarly
notified, shall be entitled to assume the defense thereof, with counsel
satisfactory to the Indemnitee. After notice from the Corporation to the
Indemnitee of its election to so assume the defense thereof, the Corporation
shall not be liable to the Indemnitee under this Agreement for any legal or
other expenses subsequently incurred by the Indemnitee in connection with the
defense thereof other than reasonable costs of investigation or as otherwise
provided below. The Indemnitee shall have the right to employ his own counsel in
such action, suit or proceeding, but the fees and expenses of such counsel
incurred after notice from the Corporation of its assumption of the defense
thereof shall be at the expense of the Indemnitee unless (i) the employment of
counsel by the Indemnitee has been authorized by the Corporation, (ii) the
Indemnitee shall have reasonably concluded that there may be a conflict of
interest between the Corporation and the Indemnitee in the conduct of the
defense of such action, or (iii) the Corporation shall not in fact have employed
counsel to assume the defense of the action, in each of which cases the fees and
expenses of counsel shall be at the expense of the Corporation. The Corporation
shall not be entitled to assume the defense of any action, suit or proceeding
brought by or on behalf of the Corporation or as to which the Indemnitee shall
have reached the conclusion provided for in clause (ii) above.

(iii) The Corporation shall not be liable to indemnify the Indemnitee under this
Agreement for any amounts paid in settlement of any action or claim effected
without its written consent. The Corporation shall not settle any action or
claim in any manner that would impose any penalty or limitation on the
Indemnitee without the Indemnitee's written consent. Neither the Corporation nor
the Indemnitee will unreasonably withhold their consent to any proposed
settlement.

12.      OTHER RIGHTS TO INDEMNIFICATION

         The indemnification and advancement of expenses (including attorneys'
fees) and costs provided by this Agreement shall not be deemed exclusive of any
other rights to which the Indemnitee may now or in the future be entitled under
any provision of the Bylaws of the Corporation, any provision of the Certificate
of Incorporation of the Corporation, any vote of stockholders or Disinterested
Directors, any provision of law or otherwise.

13.      ATTORNEYS' FEES AND OTHER EXPENSES TO ENFORCE AGREEMENT

         In the event that the Indemnitee is subject to or intervenes in any
proceeding in which the validity or enforceability of this Agreement is at issue
or seeks an adjudication or award in arbitration to enforce his rights under, or
to recover damages for breach of, this Agreement, the Indemnitee, if he prevails
in whole or in part in such action, shall be entitled to recover from the
Corporation and shall be indemnified by the Corporation against any actual
expenses for attorneys' fees and disbursements reasonably incurred by him.

14.      DURATION OF AGREEMENT

         This Agreement shall continue until and terminate upon the later of:
(a) five years after the Indemnitee has ceased to occupy any of the positions or
have any relationship described in Sections 3 and 4 of this Agreement, and (b)
the final termination of all pending or threatened actions, suits, proceedings
or investigations to which the Indemnitee may be subject by reason of the fact
that he is or was a director, officer, employee, agent or fiduciary of the
Corporation or is or was serving at the request of the Corporation as a
director, officer, employee, agent or fiduciary of any other entity, including,
but not limited to, another corporation, partnership, joint venture or trust, or
by reason of any act or omission by him in any such capacity. The
indemnification provided under this Agreement shall continue as to the
Indemnitee even though he may have ceased to be a director or officer of the
Corporation. This Agreement shall be binding upon the Corporation and its
successors and assigns and shall inure to the benefit of the Indemnitee and his
spouse, successors, assigns, heirs, devisees, executors, administrators or other
legal representatives.

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15.      SEVERABILITY

         If any provision or provisions of this Agreement shall be held invalid,
illegal or unenforceable for any reason whatsoever, (a) the validity, legality
and enforceability of the remaining provisions of this Agreement (including, but
not limited to, all portions of any Sections of this Agreement containing any
such provision held to be invalid, illegal, or unenforceable) shall not in any
way be affected or impaired thereby, and (b) to the fullest extent possible, the
provisions of this Agreement (including, but not limited to, all portions of any
paragraph of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that are not themselves invalid, illegal or
unenforceable) shall be construed so as to give effect to the intent manifest by
the provision held invalid, illegal or unenforceable.

16.      COUNTERPARTS

         This Agreement may be executed in counterparts, each of which shall for
all purposes be deemed to be an original but all of which together shall
constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought shall be required to be produced to
evidence the existence of this Agreement.

17.      CAPTIONS

         The captions and headings used in this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.

18.      DEFINITIONS

         For purposes of this Agreement: "Disinterested Director" shall mean a
Director of the Corporation who is not or was not a party to the action, suit,
investigation or proceeding in respect of which indemnification is being sought
by the Indemnitee. "Independent Counsel" shall mean a law firm or a member of a
law firm that neither is presently nor in the past five years has been retained
to represent: (i) the Corporation or the Indemnitee in any matter material to
either such party, or (ii) any other party to the action, suit, investigation or
proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term "Independent Counsel" shall not include any person who,
under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Corporation or the
Indemnitee in an action to determine the Indemnitee's right to indemnification
under this Agreement.

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19.      MODIFICATION AND WAIVER

         No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by both parties hereto. No waiver of any of
the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor shall such waiver
constitute a continuing waiver.

20.      NOTICES

         All notices, requests, demands or other communications hereunder shall
be in writing and shall be deemed to have been duly given if (i) delivered by
hand with receipt acknowledged by the party to whom said notice or other
communication shall have been directed or if (ii) mailed by certified or
registered mail, return receipt requested, with postage prepaid, on the date
shown on the return receipt:

         If to the Indemnitee, to:          Steven Byle

         If to the Corporation, to:         American Environmental Energy, Inc.
                                            Attention:  Secretary

or to such other address as may be furnished to the Indemnitee by the
Corporation or to the Corporation by the Indemnitee, as the case may be.

21.      GOVERNING LAW

         The parties hereto agree that this Agreement shall be governed by, and
construed and enforced in accordance with, the laws of the State of Nevada,
applied without giving effect to any conflicts-of-law principles.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day
and year first above written.

AMERICAN ENVIRONMENTAL ENERGY, INC.

By:      /s/ BRENT A. BREWER
    -------------------------------------------------
         Brent A. Brewer, CEO and President

INDEMNITEE

By:      /s/ STEVEN BYLE
    -------------------------------------------------
         Steven Byle

                                       8Exhibit 10.7

 

	
  Dyax Corp.

  300 Technology Square

  Cambridge, MA 02139

  	
   

  

 

CONFIDENTIAL
DOCUMENT

 

March 2, 2009

 

Henry
E. Blair

c/o Dyax Corp.

300
Technology Square

Cambridge,
MA 02139

 

Dear
Henry,

 

On
behalf of Dyax Corp., this letter will confirm the terms of your continued
employment as an employee of Dyax now that you have retired as its Chief
Executive Officer and are continuing to serve as its Chairman of the Board.

 

Supervision:

 

You
will be reporting directly to the Company’s Chief Executive Officer with
respect to your duties other than as Chairman of the Board.

 

Responsibilities:

 

As
Chairman of the Board of Directors, you will be responsible for managing the
meetings of the Board of Directors.    In
your role as an employee of the Company you will be responsible for (i) facilitating
the transition of the role of Chief Executive Officer by acting in an advisory
role to the current Chief Executive Officer, and (ii) such other  duties as the Company’s Chief Executive
Officer may designate consistent with your role as Chairman and former Chief
Executive Officer.  All such duties will
be performed and discharged, faithfully, diligently and to the best of your
ability and in compliance with all applicable laws and regulations.

 

Salary:

 

As
an exempt employee you will receive a monthly salary of $54,167 on a full-time
basis during 2009, or at such reduced commitment and pro-rated compensation as
the Chief Executive Officer may approve, and thereafter as a part-time employee
for up to twenty (20) hours per week or such reduced commitment as the Chief
Executive Officer may approve, which in any case shall result in a pro-rated
reduction of your monthly salary equal to the amount of your approved work
commitment.   Your monthly salary will be
paid in accordance with the Company’s standard payroll practice.  Given the advisory nature of your role, you
will not be eligible to participate in the Company’s bonus plan.

 

Benefits:

 

You
will eligible to participate in Dyax’s employee benefits in the same manner
provided generally to Dyax’s exempt employees, including health and dental
insurance, 401(k) savings plan, short-term disability insurance and life
insurance.  In addition, upon your
retirement or other termination of employment other than by Dyax for cause, you
will be entitled to receive a Medicare supplement at a fixed dollar cost to
Dyax of $6,000 annually for ten years after termination of employment, provided
that the initial payment shall be delayed until expiration of the Delay Period
described in “Code Section 409A” below.

 

 

Acceleration
and Extension of Options:

 

Upon
your execution and delivery of this agreement to Dyax, all option shares  subject to stock options held by you as of January 2,
2009 that were not then exercisable (the “Unvested Shares”) shall become
immediately exercisable effective as of the date of such execution and delivery
of this agreement, and the period of exercisability of all outstanding options
held by you as of January 2, 2009 (the “Pre-Existing Options”) shall be
extended to permit exercise of each such option for its stated term until the
tenth anniversary of its respective date of grant; provided, however, that if
your employment is terminated for cause your rights to exercise your stock
options shall be forfeited as set forth below. 
In addition, if you die while holding any of your Pre-Existing
Options, then the personal representative of your estate or the person or
persons to whom any such option is transferred pursuant to your will or the
laws of inheritance shall have the full stated term of the
Pre-Existing Option to exercise such option; provided, however, that
notwithstanding the extension of the exercise period of your Pre-Existing
Options, you acknowledge and agree, on behalf of your estate and your heirs,
that if any of such options that was awarded to you as an incentive stock
option (an “ISO”) is not exercised within one year after your date of death
then it shall cease to qualify as an “incentive stock option” under the Code
and shall thereafter be treated as a non-statutory stock option.  You also acknowledge and agree that to the
extent that any of your Pre-Existing Options is an ISO and has an exercise
price below the closing price of Dyax common stock on the date of this agreement,
the amendments effected by this agreement shall disqualify it from continuing
to be an ISO and it shall hereafter be treated as a non-statutory stock option.

 

Termination and Severance:

 

All
employees at Dyax are employed at will.  “Employment
at will” refers to the traditional relationship between employer and employee,
allowing either party to unilaterally terminate the employment
relationship.  While we ask you to
provide at least ninety (90) days prior notice, you will be free to resign at
any time.  Similarly, the Company
reserves the right to terminate your employment at any time, with or without
cause and with or without prior notice. 
Additionally, this agreement
shall terminate on December 31, 2011, unless you and Dyax mutually agree
to extend it.

 

However,
upon the first to occur of termination 
of your employment by the Company without “cause” or a “change in
control” of the Company (as defined in the regulations promulgated pursuant to Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”)), Dyax agrees to
pay you a lump sum severance payment in an amount equal to twelve (12) times
your monthly base salary in effect at the date of termination (giving effect to
any pro rating of that salary), less any applicable withholding.  Other than your rights under COBRA, your
Medicare supplement and any continued vesting of any options granted to you
after January 2, 2009 for your service as Chairman of the Board, all other
benefits to you will cease upon any termination of your employment.

 

If
your employment is terminated for “cause” by the Company or is terminated by
you for any reason, your compensation and 
benefits will cease as of the termination date.  In addition, solely in the event your
employment is terminated for “cause” by the Company, your Accelerated Stock
Options will be immediately forfeited and terminated to the extent they have
not been exercised before the date of your termination and your right to
exercise all your Pre-Existing Options beyond 90 days after such termination of
employment shall also be forfeited and of no further effect.  For purposes of this offer, “cause” will
mean:

 

(i)                                     the willful and continued failure by you to
perform your duties with the Company (other than any such failure resulting
from your incapacity due to physical or mental illness), as determined by the
Board of Directors; or

(ii)                                  any act of material misconduct or the
commission of any act of dishonesty or moral turpitude in connection with your
employment, as determined by the Board of Directors; or

(iii)                               the conviction of a felony or a crime
involving moral turpitude.

 

Code Section 409A:

 

A
termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or
benefits that is considered deferred compensation upon or following a
termination of employment unless such termination of employment is also a “separation
from

 

2

 

service”
within the meaning of Code Section 409A. 
If you are a “specified employee” on the date of termination within the
meaning of that term under Code Section 409A(a)(2)(B), then with regard to
any payment or the provision of any benefit that is considered deferred
compensation under Code Section 409A payable on account of a “separation
from service,” such payment or benefit shall be made or provided at the date
which is the earlier of (i) the expiration of the six (6)-month period
measured from the date of your “separation from service”, and (ii) the
date of your death (the “Delay Period”). 
Upon the expiration of the Delay Period, all payments and benefits
delayed pursuant to this provision shall be paid or reimbursed to you in a lump
sum.

 

All
expenses or other reimbursements under this Agreement shall be made on or prior
to the last day of the taxable year following the taxable year in which such
expenses were incurred by you (provided that if any such reimbursements
constitute taxable income to you, such reimbursements shall be paid no later
than March 15th of the calendar year following the calendar year in which
the expenses to be reimbursed were incurred), and no such reimbursement or
expenses eligible for reimbursement in any taxable year shall in any way affect
the expenses eligible for reimbursement in any other taxable year.

 

If
this letter correctly sets forth our agreement on the subject matter hereof,
kindly sign and return to Dyax the enclosed copy of this letter.  Such document, together with your
confidentiality agreement in favor of the Company, will then constitute the
complete agreement with respect to your employment by the Company, and will
supersede all prior oral or written agreements relating to such matters,
including, without limitation, any previous employment agreements you had with
Dyax.

 

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    /s/
  Gustav Christensen

  
	
   

  	
  Gustav
  Christensen

  
	
   

  	
  President
  and Chief Executive Officer

  

 

I
acknowledge receipt and agree with the foregoing terms and conditions.

 

 

	
    /s/
  Henry E. Blair

  	
   

  	
   

  
	
  Henry
  E. Blair

  	
   

  

 

3

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