Document:

exv10w2

Exhibit 10.2

March 1, 2011

Ms. Cristina Wasiak

[Street]

[City, State, Zip Code]

RE: Transition Agreement

Dear Ms. Wasiak:

Whereas you and Calamos Advisors LLC (the Company) agree that it is in our mutual interest to have
an orderly transition of your responsibilities and separation of your employment from the Company,
this Transition Agreement outlines the terms and conditions related to such transition and
separation. The receipt of any payments or benefits described below, with the exception Paragraph
8 (Vacation), is contingent upon you executing this letter as well as the attached General Release.

	1.	 	Employment: Your employment with the Company will continue through April 30, 2011
(“Separation Date”) and then terminate. You will continue to receive your regular salary
through that date.
	 
	2.	 	Responsibilities: You will continue to fulfill your role as Chief Financial Officer through
the Separation Date. Your main focus will be to ensure the orderly completion, signature and
filing of the Calamos Asset Management Inc.’s 2010 Annual Report on Form 10-K (“Form 10-K”),
and such other matters as directed by the Company. Upon the execution of this Transition
Agreement, you will be expected to work in our office in Naperville, Illinois only as much as
requested by the Company or as required to complete the Form 10-K. You may work the balance
of your working time offsite, and agree to remain accessible as may be necessary to advise the
Company on or manage business matters as they arise.
	 
	3.	 	Payments: The Company shall issue the following payments to you on the Separation Date:

	 	a.	 	Severance pay equal to six-months of salary, or $150,000, payable in a
lump sum.
	 
	 	b.	 	A special payment of $290,000.

	 	 	The gross amount of your total payments will be $440,000 less federal and state income tax (the
federal withholding will be the federally required 25% supplemental rate) and any other
applicable withholdings.
	 
	4.	 	Career Transition Services: The Company will provide you, at the Company’s expense, up to
nine-months of career transition services at a provider of our choice. If you choose to use
career transition services, you must commence using them within 60 days of the date of
execution of this Transition Agreement.
	 
	5.	 	Company Property: Any Company property in your possession, such as computer equipment,
building access card, cell phone, keys, etc., must be returned within two weeks of your
Separation Date. Severance payments and other benefits described in this Transition Agreement
are contingent upon you returning Company property.
	 
	6.	 	Personal Belongings: Your personal belongings must be picked-up within two weeks of the
Separation Date; you can arrange a mutually convenient time to pick up your items. Any
personal belongings not picked-up after 30 days from the Separation Date will be packaged and
forwarded to the address set forth above.
	 
	7.	 	Profit Sharing 401(k) Plan: Under the Calamos Profit Sharing 401(k) Plan (the “Plan”) you
have several options including a roll-over or keeping your funds in the Plan. Specific
information about the Plan will be included in your separation package.
	 
	8.	 	Vacation: You will be paid for any earned, but unused, vacation through the Separation Date,
less federal and state income tax and any other applicable withholdings.

 

 

	9.	 	Termination of Associate Benefits: Your medical, dental and vision coverage will end on the
Separation Date. You may continue coverage by electing COBRA; relevant information is
included in your exit package. All other benefits will end on the Separation Date.
	 
	10.	 	Confidential Information: You agree that following your Separation Date set forth in
Paragraph 1 above, you will continue to abide by the terms of the Confidentiality Agreement
and Restrictive Covenants (“Confidentiality Agreement”) you signed previously, a copy of which
is attached to this Transition Agreement. You and the Company agree that if you become
employed within two years of the Separation Date in a financial management capacity similar to
the role you performed for the Company with a company engaged in the Business (as defined in
the Confidentiality Agreement), such employment will be a “Permitted Exception” as defined in
section 4.2 of the Confidentiality Agreement. You further agree that you and your agents,
representatives, and attorneys of record will keep the existence and terms of this Transition
Agreement strictly confidential and will not communicate the existence and terms of such
Transition Agreement orally or in writing to any third party, other than (a) trusted personal
advisors, (b) your legal, accounting, and tax advisors to the extent necessary for them to
provide services to you, and (c) as required by law or legal process. Once the matter of your
planned separation is publically disclosed by the Company (or by one of its affiliates, as the
case may be), you may talk to other parties about your impending separation, but not the terms
unless and to the extent the terms are also publically disclosed by the Company (or by one of
its affiliates, as the case may be).
	 
	11.	 	Cooperation: You agree that you will (i) provide reasonable assistance and cooperation to
the Company and its affiliates in activities related to open work matters (through the
Separation Date) and the prosecution or defense of any pending or future lawsuits,
arbitrations, other proceedings or claims involving the Company or its affiliates that relate
to work you have performed or will perform (“CALAMOS Litigation”); (ii) make yourself
available to the Company or its affiliates on reasonable notice and without the need for
issuance of any subpoena or similar process to testify or assist in any CALAMOS Litigation;
(iii) refrain from knowingly providing any information related to any claim or potential
CALAMOS Litigation to any non-Calamos representatives unless you shall (A) have first obtained
the consent of the Chief Executive Officer or General Counsel of the Company or (B) are
required to provide testimony pursuant to legal process in which case you will consult with
and permit the Company’s legal counsel to be present to such testimony.
	 
	12.	 	Non-Disparagement: You agree that you shall not make any negative or disparaging comments
about the Company or its members, managers, officers, employees, affiliates, products, or
services. The Company agrees it will reciprocate on this provision and not make negative or
disparaging remarks about you. More specifically, you and the Company agree to describe the
circumstances of your departure from the Company in accordance with the draft outline attached
hereto as Attachment “A”. If contacted by a prospective employer for a reference regarding
you, the Company agrees to provide the dates of employment, the positions you held and a
description of your job responsibilities.
	 
	13.	 	Acknowledgement: You acknowledge that the aforementioned payments (Paragraph 3) and career
transition services (Paragraph 4) constitute consideration in exchange for executing the
General Release which is attached hereto and made part hereof, in that these include amounts
and benefits to which you would not have been entitled had you not signed this release.
	 
	14.	 	Indemnification: The Company will continue to indemnify you on the same basis and subject to
the same terms and conditions as provided to you as an officer of the Company. Such provision
is made in accordance with Article VI of the Company’s Second Amended and Restated Certificate
of Incorporation (“Article VII), a copy of which is attached as Attachment “B”.

In order to confirm your agreement to the terms of this Transition Agreement and to initiate the
payment of the above described severance payment, you must execute and return this Transition
Agreement and the attached General Release within 21 days from the date of this Transition
Agreement. After that date, you will forfeit all

2

 

rights to the above-described benefits other than those legally mandated. You and the Company also
agree to execute a second release within seven days of the Separation Date that will cover the time
between the signing of the attached General Release and your last day of employment with the
Company. We advise you to consult an attorney prior to executing this Transition Agreement and the
General Release.

In the event that the above terms and conditions are acceptable to you, I ask that you please
execute this Transition Agreement and the General Release attached hereto and return them in the
enclosed self-addressed stamped envelope provided for your convenience.

	 	 	 	 	 
	Sincerely,

 	 	 
	/s/ Gary J. Felsten
 	 	 
	Gary J. Felsten 	 	 
	Senior Vice President & Director, Human Resources	 	 
	 

Accepted and Agreed to

This 1st day of March, 2011

	 	 	 	 	 
	 	 	 
	/s/ Cristina Wasiak
 	 	 
	Cristina Wasiak 	 	 
	 	 	 
	 

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CONFIDENTIALITY AND RESTRICTIVE COVENANTS AGREEMENT

     This Agreement is made by and between the undersigned employee (“Employee”) and Calamos
Advisors LLC, Calamos Holdings LLC and/or Calamos Asset Management, Inc. (Calamos Advisors LLC,
together with Calamos Holdings LLC and/or Calamos Asset Management, Inc., and any of their
respective subsidiaries, are collectively referred to as the “Company”).

     As a condition to and in consideration of Employee’s employment or continued employment by the
Company and/or the opportunity to be eligible to receive annual incentives or bonus compensation
and/or awards under the Calamos Asset Management, Inc. Incentive Compensation Plan and any
successor, replacement or similar plan (collectively, the “Incentive Plan”), the parties agree to
the following:

1. EMPLOYEE’S ACKNOWLEDGEMENT

     1.1 Company’s Interest. Employee agrees and acknowledges that in order to assure the
Company that it will retain its value and that of the Business (as that term is defined herein) as
a going concern, it is necessary that Employee not utilize special knowledge of the Business and
its relationships with clients to compete with the Company.

     1.2 “Business” and “Competing Activity”. For purposes of this Agreement, “Business”
means the provision of investment management, investment advisory, portfolio management, financial
analysis, research or similar services relating to the investment of international or domestic
equity or debt securities or other activities or services of the type provided by the Company or
its affiliates to its clients on a worldwide basis including, without limitation, open-end and
closed-end, registered and unregistered, investment companies (“Funds”), and the direct and
indirect sale and/or distribution of equity interests in the Funds in which Employee was involved
while employed by the Company or about which Employee has Confidential Information; and “Competing
Activity” or “Competing Activities” means engaging in the Business.

     1.3 Employee’s Position. Employee further acknowledges that during the period of
Employee’s employment with the Company (the “Term”):

          (a) the Company is and will be engaged in the Business during the Term and thereafter;

          (b) Employee will occupy a position of trust and confidence with the Company, and during the
employment, Employee will have access to the Company’s trade secrets and with other proprietary and
Confidential Information concerning the Company and the Business;

          (c) the agreements and covenants contained in this Agreement are essential to protect the
Company, the near permanent client relationships and the goodwill of the Business and compliance
with such agreements and covenants will not impair Employee’s ability to procure subsequent and
comparable employment; and

          (d) Employee’s employment with the Company has special, unique and extraordinary value to the
Company and the Company would be irreparably damaged if

 

 

Employee were to provide services to any person or entity in violation of the provisions of
this Agreement.

2. CONFIDENTIAL INFORMATION

     2.1 Disclosure or Use. Employee understands and acknowledges, that by virtue of his
or her employment with the Company, he or she has learned or will learn or develop Confidential
Information (as that term is defined herein). Employee further acknowledges that unauthorized
disclosure or use of such Confidential Information, other than in discharge of his or her duties,
will cause the Company irreparable harm. Accordingly, during the term of his or her employment and
thereafter, Employee agrees not to use any Confidential Information except in furtherance of his or
her duties for the Company, nor to disclose any Confidential Information except to officers or
other employees of the Company when it is necessary, in the ordinary course of business, to do so.
Upon termination of employment with the Company for any reason, Employee shall not, directly or
indirectly, disclose, publish, communicate or use on his or her behalf or another’s behalf, any
Confidential Information. Employee acknowledges that the Company operates and competes
internationally, and that the Company will be harmed by unauthorized disclosure or use of
Confidential Information, regardless of where such disclosure or use occurs, and that therefore
this Agreement is not limited to any single state, country or jurisdiction.

     2.2 Confidential Information. For purposes of this Agreement, “Confidential
Information” shall mean trade secrets and other proprietary information concerning the products,
processes or services of the Company or any of its affiliates, which information (a) has not been
made generally available to the public, and is useful or of value to Company’s current or
anticipated business activities or of those of any affiliate or client of Company; or (b) has been
identified to Employee as confidential, either orally or in writing, including, but not limited to:
computer programs; research and other statistical data and analyses; marketing, organizational or
other research and development, or business plans; personnel information, including the identity of
other employees of the Company, their responsibilities, competence, abilities, and compensation;
financial, accounting and similar records of Company, its affiliates and/or any fund or account
managed by the Company or its affiliates (such funds or accounts referred to herein as “Company
Funds”); current and prospective client lists and information on clients and their employees;
client investment objectives, the nature of their investment portfolios and contractual agreements
with the Company or its affiliates; information concerning planned or pending investment products,
acquisitions or divestitures; and information concerning the marketing and/or sale or distribution
of equity interests in the Funds. Confidential Information shall not include information which:
(i) is in or hereafter enters the public domain through no fault of Employee; (ii) is obtained by
Employee from a third party having the legal right to use and disclose the same; or (iii) is in the
possession of Employee prior to receipt from the Company (as evidenced by Employee’s written
records pre-dating the date of employment).

3. COMPANY PROPERTY

     All notes, reports, plans, published memoranda or other documents created, developed,
generated or held by Employee during employment, concerning or related to the Company’s or its
affiliates business, and whether containing or relating to Confidential Information or not, and all
tangible personal property of the Company or its affiliates entrusted to Employee or in Employee’s
direct or indirect possession or control, are the property of the Company, and will be

2

 

promptly delivered to the Company and not thereafter used by Employee upon termination of
Employee’s employment for any reason whatsoever.

4. NON-COMPETITION

     4.1 Non-Compete. Except as provided below, during the term of Employee’s employment
with the Company and for a two year period after termination of such employment for any reason (the
“Post-Termination Non-Compete Period”), Employee shall not own or control any interest in, or act
as an officer, director, employee, consultant, advisor or lender to any firm, corporation,
institution, business or entity (each an “Entity”) directly or indirectly engaged in the Business
anywhere in the United States or Europe.

     4.2 Permitted Exceptions. During the Post-Termination Non-Compete Period, Section 4.1
shall not prohibit Employee from directly or indirectly owning or controlling any interest in, or
acting as an officer, director, employee, consultant or advisor of, or otherwise rendering services
to any Entity which is directly or indirectly involved in Competing Activities, if, prior to
commencing such relationship Employee has delivered to such Entity a copy of this Agreement, and
then for only as long as Employee (i) complies with his other obligations under this Agreement,
(ii) does not directly or indirectly take, or otherwise participate in or assist such Entity with
respect to, any acts or actions described in Section 5 below, and (iii) upon request of the Company
provides the Company with a written representation of compliance with obligations and restrictions
set forth in this Agreement and such other information as is reasonably requested by the Company to
demonstrate such compliance by Employee. In addition, Section 4.1 shall not prohibit Employee from
being a passive owner of not more than an aggregate of two percent (2%) of the outstanding shares
of any class of securities of a corporation which is publicly traded, so long as Employee does not
have any active participation in the business of such corporation.

5. COMPANY NAME, CLIENTS AND EMPLOYEES

     Employee understands that the Company’s name, the name of any proprietary mutual funds and
accounts managed by the Company (such proprietary mutual funds, accounts and any other client
account managed by the Company, the “Company Accounts”) and the investment performance of any
Company Account and the Company’s relationships with its clients and employees are extremely
valuable and are the result of the expenditure of substantial time, effort and resources by the
Company. Therefore, during the period of Employee’s employment and the Post-Termination
Non-Compete Period, Employee agrees that he will not, directly or indirectly, on his or her behalf
or another’s behalf:

          (a) solicit the Company’s or its affiliates’ clients with whom Employee had contact or about
whom Employee learned to developed Confidential Information while employed by the Company to
provide, or offer to provide, or provide to any such clients, services or products of the kind
generally offered or provided by Company or its affiliates; or

          (b) solicit, induce or encourage any person who is then in the employ of the Company to leave
his or her employment, agency or office with Company, or employ, or become employed with any such
person or persons, for the purpose of providing or offering to provide, services or products of the
kind generally offered by Company or its affiliates; or

3

 

          (c) refer to the Company, “Calamos”, “Calamos Investments” or “Calamos Asset Management” or
any other name used by the Company, any Company Account or the investment performance thereof, or
Employee’s prior association with the Company or its affiliates or any Company Account in any
public filing or in any advertisement or marketing of any service or product which is a Competing
Activity; or

          (d) maintain a relationship of the type described in Section 4.1 with any Entity which refers
to the Company, any Company Account or the investment performance thereof, or Employee’s prior
association with Company or any Company Account in any public filing or in any advertisement or
marketing of any service or product which is a Competing Activity.

     Notwithstanding the foregoing, nothing in paragraph (c) or (d) of this Section 5 shall
prohibit Employee or any other person or Entity from referring to information described in said
paragraphs, provided such reference is not made in advertising or marketing in newspapers,
magazines, trade journals or other public media, or direct advertising or marketing materials, and
such information is limited to the extent that (i) such information is contained in SEC Form ADV
filings previously made by the Company, or (ii) reference to such information is otherwise required
by law. The Company and Employee agree that, based on applicable rules, regulations and court
decisions in effect as of the date this Agreement is entered into, information relating to the
investment performance of any Company Account in connection with any Competing Activity is not a
reference to which “is otherwise required by law” within the meaning of said clause (ii).

6. MISCELLANEOUS

     6.1 Acknowledgment and Remedies. In executing this Agreement, Employee does not rely
on any inducements, promises or representations of the Company, or its officers or directors, other
than the terms and conditions specifically set forth in this Agreement. Employee further
acknowledges that the statements herein are true and correct; that Employee has read and
understands all of the terms of this Agreement; that the Company’s offer of employment or
continuing employment and/or participation in the Incentive Plan constitutes adequate consideration
for Employee’s obligations hereunder and for the covenants set forth above. Employee acknowledges
that failure to comply with Sections 2 through 5 will cause irreparable damage to the Company.
Therefore, Employee agrees that, in addition to any other remedies at law or in equity available to
the Company for Employee’s breach or threatened breach of this Agreement, the Company is entitled
to specific performance or injunctive relief against Employee to prevent such damage or breach,
without bond. In addition, in the event of a breach or a violation of any of the covenants or
provisions of Sections 2 through 5 of this Agreement, the Employee shall be obligated to repay to
the Company any amounts received under any Incentive Plan and shall forfeit all rights to future
payments or benefits under such Plan.

     In the event of a breach or a violation by Employee of any of the covenants and provisions of
Sections 2 through 5 of this Agreement, the running of the non-compete period set forth in Section
4.1 and the period of restriction on the use of the Company name and solicitation of clients and
employees set forth in Section 5 (but not of Employee’s obligation thereunder), shall be tolled
during the period of the continuance of any actual breach or violation thereof.

     6.2 Notices. Except when actual receipt is expressly required by the terms hereof,
notice is considered given either (i) when delivered in person, (ii) when sent by Federal Express

4

 

or comparable overnight night mail service, or (iii) two (2) days after deposit in the United
States mail in a sealed envelope or container by either registered or certified mail with return
receipt requested and postage prepaid, and addressed to the party or person to be notified at the
address set forth on the signature page hereof. Either party may require, by notice given at any
time or from time to time, subsequent notices to a different address; provided, however, that a
P.O. Box shall not be considered to be an address for purposes of this Agreement. Notices given
before actual receipt of notice of change shall not be invalidated by the change.

     6.3 Waiver, Modification and Interpretation. Except as set forth herein, no
provisions of this Agreement may be modified, waived or discharged unless such waiver, modification
or discharge is agreed to in a writing signed by all the parties hereto, and, in the case of the
Company, such waiver, modification or discharge has been authorized or approved by the Chief
Executive Officer or Co-Chief Investment Officer of the Company, or by another duly authorized
officer of the Company. Any waiver by any party hereto of any breach of any kind or character
whatsoever by any other party shall not be construed as a continuing waiver of, or consent to, any
subsequent breach of this Agreement on the part of the other party or parties.

     6.4 Choice of Law. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Illinois applicable to contracts made and
to be performed in Illinois, without giving effect to the conflict of law principles thereof.
Employee further agrees that the state and federal courts located in the State of Illinois shall
have exclusive jurisdiction in any such action or proceedings based on or arising out of this
Agreement, and Employee submits to the personnel jurisdiction of such courts, consents above of
process, and waives any obligation to jurisdiction, venue, or services of process.

     6.5 Headings. The headings used in this Agreement are for convenience only and are
not part of its operative language. They shall not be used to affect the construction of any
provisions hereof.

     6.6 Severability. The provisions of this Agreement are severable and should any
provision hereof be void, voidable or unenforceable under any applicable law, such void, voidable
or unenforceable provision shall not affect or invalidate any other provision of this Agreement,
which shall continue to govern the relative rights and duties of the parties as though the void,
voidable or unenforceable provision were not a part hereof. In addition, if any provision is held
to be overbroad, a court may modify that provision to the extent necessary to make the provision
enforceable, and enforce the provision as modified. It is the intention and agreement of the
parties that all of the terms and conditions hereof be enforced to the fullest extent permitted by
law.

     6.7 Entire Agreement. This Agreement constitutes the entire understanding between the
parties hereto with respect to the subject matter hereof and supersedes all negotiations,
representations, prior discussions and preliminary and other agreements between the parties hereto
relating to the subject matter hereof.

     6.8 Binding Effect. This Agreement shall be binding upon and inure to the benefit of
the parties hereto, their heirs, personal representatives, successors and assigns.

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	CALAMOS ADVISORS LLC for itself
and its affiliates	 	EMPLOYEE:	 
	By:

	 	/s/ Gary J. Felsten
	 	/s/ Cristina Wasiak	 
	 

	 	 
	 	 	 
	 

	 	Signature
	 	Employee Signature	 
	 
	 	 	 	 	 
	Date:

	 	6/30/09
	 	C. Wasiak	 
	 

	 	 	 	 	 
	 

	 	 	 	Employee Name (Please Print)	 
	 
	 	 	 	 	 
	 

	 	 	 	[Street]	 
	 

	 	 	 	 	 
	 

	 	 	 	Address	 
	 
	 	 	 	 	 
	 

	 	 	 	[City, State, Zip Code]	 
	 

	 	 	 	 	 
	 

	 	 	 	City, State and Zip Code	 
	 
	 	 	 	 	 
	 

	 	 	 	Date: 6/20/09	 

6

 

Attachment A

	 	 	 

	

	 	 

FOR IMMEDIATE RELEASE

Contact:

Jennifer McGuffin

Investor Relations

630-245-1780

IR@calamos.com

Calamos Asset Management, Inc. Announces Planned Departure of Chief Financial Officer

NAPERVILLE, Ill., March 7, 2011 — Calamos Asset Management, Inc. (NASDAQ: CLMS) announced
today the planned departure of Cristina Wasiak, Senior Vice President and Chief Financial
Officer, effective April 30, 2011. Calamos said that it is in the process of initiating a
search for her successor.

Ms. Wasiak was appointed Chief Financial Officer in April 2008. “During Cris’ tenure at
Calamos, the firm navigated through a significant market dislocation and remains in strong
financial health,” a company spokesperson stated. “After helping Calamos navigate through this
time of transition, Ms. Wasiak plans to take some personal time before pursuing new challenges,”
the company said.

Calamos Asset Management, Inc. (NASDAQ: CLMS) is a globally diversified investment firm offering
equity, convertible, defensive equity, fixed- income and alternative investment strategies, among
others. The firm serves institutions and individuals via separately managed accounts and a family
of open-end and closed-end funds, offering a risk-managed approach to capital appreciation and
income-producing strategies. For more information, visit www.calamos.com.

From time to time, information or statements provided by us, including those within this news
release, may contain certain forward-looking statements relating to future events, future financial
performance, strategies, expectations, the competitive environment and regulations.
Forward-looking statements are based on information available at the time those statements are made
and/or management’s good faith belief as of that time with respect to future events, and are
subject to risks and uncertainties that could cause actual performance or results to differ
materially from those expressed in or suggested by the forward-looking statements. For a discussion
concerning some of these and other risks, uncertainties and other important factors that could
affect future results, see “Forward-Looking Information” in “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” and, where applicable, “Risk Factors” in our
annual and quarterly reports filed with the U.S. Securities and Exchange Commission.

# # # #

 

 

Attachment B

Excerpt from

SECOND AMENDMENT AND RESTATED

CERTIFICATE OF INCORPORATION

OF

CALAMOS ASSET MANAGEMENT, INC. (the “Corporation”)

ARTICLE VI

Limitation of Directors’ Liability; Indemnification by Corporation; Insurance

     Section 1. Limitation of Directors’ Liability. (a) No director of the Corporation shall be
personally liable to the Corporation or its stockholders for monetary damages for breach of
fiduciary duty as a director, except, to the extent provide by applicable law, for liability (i)
for breach of the director’s duty of loyalty to the Corporation or its stockholders, (ii) for acts
or omissions not in good faith or which involve intentional misconduct or a knowing violation of
law, (iii) pursuant to Section 174 of the DGCL or (iv) for any transaction from which the director
derived an improper personal benefit. If the DGCL is hereafter amended to authorize corporate
action further limiting or eliminating the person liability of directors, then the liability of
each director of the Corporation shall be limited or eliminated to the full extent permitted by the
DGCL as so amended from time to time.

     (b) Neither the amendment nor repeal of this Article VI, Section 1, nor the adoption of any
provision of this Amended and Restated Certification of Incorporation inconsistent with this
Article VI, Section 1, shall eliminate or reduce the effect of this Article VI, Section 1, in
respect of any matter occurring, or any cause of action, suit or claim that, but for this Article
VI, Section 1, would accrue or arise, prior to such amendment, repeal or adoption of an
inconsistent provision.

     Section 2. Indemnification by Corporation. (a) Subject to Article VI, Section 2(d)
below, the Corporation shall indemnify any 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, whether civil,
criminal, administrative or investigative (other than an action by or in the right of the
Corporation) by reason of the fact that the person 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 of another corporation, partnership, joint venture, trust or other enterprise,
against expenses (including reasonable attorneys` fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by the person in connection with such action, suit or
proceeding if the person acted in good faith and in a manner the person reasonably believed to be
in , or not opposed to, the interests of the Corporation, and, with respect to any criminal action
or proceeding, had no reasonable cause to believe the person`s conduct was unlawful. The
termination of the action, suit or proceeding by judgment, order, settlement, conviction, or upon a
plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the
person did not act in good faith and in a manner which the person reasonably believed to be in or
not opposed to the best interests of the Corporation, and, with respect to any criminal action or
proceeding, had reasonable cause to believe that the person`s conduct was unlawful.

     (b) Subject to Article VI, Section 2(d) below, the Corporation shall indemnify any person who
was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit by or in the right of the Corporation to procure a judgment in its favor

 

 

by reason of the fact that the person 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 of another corporation, partnership, joint venture, trust or other enterprise
against expenses (including reasonable attorneys’ fee) actually and reasonably incurred by the
person in connection with the defense or settlement of such action or suit if the person acted in
good faith and in a timely manner the person reasonably believed to be in or not opposed to the
best interests of the Corporation and except that no indemnification shall be made in respect of
any claim, issue or matter as to which such person shall have been adjudged to be liable to the
Corporation unless and only to the extent that the Court of Chancery of the State of Delaware 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, such person is
fairly and reasonably entitled to indemnity for such expenses which the Court of Chancery or such
other court shall deem proper.

     (c) To the extent that a present or former director or officer of the Corporation has been
successful on the merits or otherwise in defense of any action, suit or proceeding referred to in
Article VI, Sections 2(a) and (b), or in defense of any claim, issue or matter therein, such person
shall be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred
by such person in connection therewith.

     (d) Any indemnification under Article VI, Sections 2(a) and (b) (unless ordered by a court)
shall be made by the Corporation only as authorized in the specific case upon a determination that
indemnification of the present or former director, officer, employee or agent is proper in the
circumstances because the person has met the applicable standard of conduct set forth in Article
VI, Sections 2(a) and (b). Such determination shall be made, with respect to a person who is a
director or officer at the time of such determination, (i) by a majority vote of the directors who
are not parties to such action, suit or proceeding, even though less than a quorum, or (ii) by a
committee of such directors designated by majority vote of such directors, even though less than a
quorum, or (iii) if there are no such directors, or if such directors so direct, by independent
legal counsel in a written opinion, or (iv) by the stockholders of the Corporation. Such
determination shall be made, with respect to former directors, officers, employees and agents, by
any person or persons having the authority to act on the matter on behalf of the Corporation.

     (e) Expenses (including reasonable attorneys’ fees) incurred by an officer, director, employee
or agent in defending any civil, criminal, administrative or investigative action, suit or
proceeding may be paid by the Corporation in advance of the final disposition of such action, suit
or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay
such amount if it shall ultimately be determined that such person is not entitled to be indemnified
by the Corporation pursuant to this Article VI. Such expenses (including reasonable attorneys’
fees) incurred by former directors and officers or other employees and agents may be so paid upon
such terms and conditions, if any, as the Corporation deems appropriate.

     (f) The indemnification and advancement of expenses provided by, or granted pursuant to, this
Article VI shall not be deemed exclusive of any other rights to which those seeking indemnification
or advancement of expenses may be entitled under any law, bylaw, agreement, vote of stockholders or
disinterested directors or otherwise, both as to action in such person’s official capacity and as
to action in another capacity while holding such office.

     (g) For purposes of this Article VI, reference to “the Corporation” shall include, in addition
to the resulting corporation, any constituent corporation (including any constituent of a
constituent) absorbed in a consolidation or merger which, if its separate existence had continued,
would have had power and authority to indemnify its directors, officers, and employees or agents so
that any person who is or was a director, officer, employee or agent of such constituent

 

 

corporation, or is or was serving at the request of such constituent corporation as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, shall stand in the same position under the provisions of this Article VI with respect
to the resulting or surviving corporation as such person would have with respect to such
constituent corporation if its separate existence had continued.

     (h) For purposes of this Article VI, references to “other enterprises” shall include employee
benefit plans; references to “fines” shall includes any excise taxes assessed on a person with
respect to an employee benefit plan; and reference to “serving at the request of the Corporation”
shall include any service as a director, officer, employee or agent of the Corporation which
imposes duties on, or involves service by, such director, officer, employee or agent with respect
to an employee benefit plan, its participants, or beneficiaries; and a person who acted in good
faith and in a manner such person reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to
the best interests of the Corporation” as referred to in this Article VI.

     (i) The indemnification and advancement of expenses provided by, or granted pursuant to, this
Article VI shall, unless otherwise provided when authorized or ratified, continue as to a person
who has ceased to be a director, officer, employee or agent and shall inure to the benefit of their
heirs, executors and administrators of such a person.

     Section 3. Insurance. The Corporation may purchase and maintain insurance on behalf
of any person who is or was a director, officer, employee or agent of the Corporation, or is or was
serving at the request of the Corporate as a director, officer, trustee, employee or agent of
another corporation, partnership, joint venture, trust or other enterprise against any liability
asserted against such person and incurred by such person in any such capacity, or arising out of
such person’s status as such, whether or not the Corporation would have the power to indemnify such
person against liability under the provisions of Section 145 of the DGCL.

 

 

GENERAL RELEASE

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
the undersigned, with the intention of binding herself, her heirs, executors, administrators and
assigns, does hereby release, remise, acquit, and forever discharge Calamos Advisors LLC (“the
Company”), and its present and former members, managers, officers, executives, agents, employees,
affiliated entities, divisions, parents, subsidiaries, successors, predecessors, and assigns
(collectively the “Released Parties”), of and from any and all claims, actions, causes of action,
demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses,
attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether now
known or unknown, suspected or unsuspected, which the undersigned, individually or as a member of a
class, now has, owns or holds or has at any time heretofore had, owned or held against any Released
Party, arising out of or in any way connected with the undersigned’s employment relationship with
Calamos Advisors LLC and its predecessor and affiliated entities, or the termination thereof,
including without limitation, any claims for severance or vacation benefits, unpaid wages, salary
or bonus, breach of contract, wrongful discharge, impairment of economic opportunity, reimbursement
for fines paid, intentional infliction of emotional harm or other tort, or employment
discrimination under any applicable federal, state, local or foreign statutes, provisions, orders,
or regulations (including, but not limited to, any claims arising under any federal civil rights
statutes including Title VII of the Civil Rights Act of 1964 (Title VII), as amended, 42
U.S.C. 2000e et seq.; 42 U.S.C. 1981, 1983, 1985, 1986; the Age Discrimination in Employment Act
(ADEA), as amended, 29 U.S.C. 621 et seq.; the Americans with Disabilities Act (ADA),
as amended, 42 U.S.C. 12101 et seq.; the Fair Labor Standards Act (FLSA), as
amended, 29 U.S.C. 201 et seq.; the Family Medical Leave Act (FMLA), 29 U.S.C. 2601 et seq.;
the Employee Retirement Income Security Act of 1974 (ERISA), as amended, 29 U.S.C. 1001 et
seq.; and any other claims that may arise under state or local civil rights acts, workers
compensation laws, and wage and hour laws, and all claims for wages, vacation pay, severance pay,
back pay, front pay, or other compensation, benefits, or damages at law or equity that may have
been created as a result of the undersigned’s employment with Calamos Advisors LLC and its
affiliated entities or the termination thereof, excepting only (i) those obligations of Calamos
Advisors LLC and/or its affiliated entities under that certain Transition Agreement between Calamos
Advisors LLC and/or its affiliated entities and the undersigned (the “Transition Agreement”), in
connection with which this General Release is being executed and delivered, (ii) any right to
defense and indemnification the undersigned may have under applicable corporate law, the
organizational documents of any Released Party or any right as an insured under any D&O or
liability insurance policy now or previously in force, (iii) any claims or rights that may arise
after the undersigned signs this General Release, and (iv) any claims which cannot be waived by
law.

The undersigned understands that by releasing employment discrimination claims against the Released
Parties, she also forever releases and discharges any right she may have to file or recover in a
lawsuit she may bring herself on the same claims and also any right she may have to any relief that
she might otherwise be entitled to as a result of any charge filed with, or proceeding instituted
by, the Equal Employment Opportunity Commission or any other comparable enforcement authority.

 

 

The undersigned acknowledges and agrees that neither the Transition Agreement nor this General
Release are to be construed in any way as an admission of any liability whatsoever by any Released
Party under Title VII, ADEA or any other federal or state statute or principle of common law, any
such liability having been expressly denied.

The undersigned further declares and represents that she has carefully read and fully understands
the terms of this General Release, that she has had the opportunity to seek the advice and
assistance of counsel with respect to this General Release, and that she knowingly and voluntarily,
of her own free will without any duress, being fully informed and after due deliberation, accepts
the terms of and signed the same of her own free act.

The undersigned acknowledges that the severance payment and other benefits described in the
Transition Agreement in Paragraphs 3 and 4, constitute consideration in exchange for executing this
General Release in that these include amounts and benefits to which she would not have been
entitled had she not signed this general release.

The undersigned acknowledges that Calamos Advisors LLC advised her in writing to consult with
an attorney before executing this General Release (and this paragraph also constitutes written
direction), that she was given a period of 21 days within which to consider this General Release,
that she had an adequate opportunity to review it, that she fully understands its terms, that she
was not coerced into signing it, and that she has signed it knowingly and voluntarily.

The Company releases the undersigned from any and all sums of money, claims, demands, suits,
debts, dues, contracts, accounts, agreements, promises, damages, causes of action and judgments of
whatever kind or nature, whether known or unknown, suspected or unsuspected, that the Released
Parties may own, hold, have, or claim to have arising from your employment at the Company as of the
date of the Transition Agreement, excepting only: (i) claims by the Released Parties arising from
any breach of the Transition Agreement; and (ii) any claim or right which cannot be waived by law,
including claims arising after the date of the Transition Agreement.

The undersigned shall have the right to revoke this General Release during a period of seven (7)
days following her execution of this General Release. In order to revoke the General Release, the
undersigned must notify Calamos Advisors LLC, in writing, of her decision to revoke, and said
notice must be received by no later than seven (7) days following the execution of this General
Release. If the undersigned revokes this General Release, she shall promptly repay all severance
that she may have received pursuant to the Transition Agreement to which this General Release is
attached.

 

 

PLEASE READ THIS RELEASE CAREFULLY. IT CONTAINS A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

	 	 	 	 	 
	 	 	 
	/s/ Cristina Wasiak
 	 	 
	Cristina Wasiak 	 	 
	Date:  3/1/2011 	 	 
	 

County of DuPage    )     SS

State of Illinois               )

Subscribed and sworn to before me this 1st day of March 2011.

	 	 	 	 	 
	 	 	 
	/s/ Kara Tanzi
 	 	 
	Notary Public 	 	 
	My Commission Expires:  4/22/14 	 	 
	 

	 	 	 	 	 
	For the Company

 	 	 
	/s/ Gary J. Felsten
 	 	 
	Gary J. Felsten 	 	 
	 	 	 
	 

Date: March 1, 2011exv10w3

Exhibit 10.3

Mr. Eugene Rusch

February 16, 2011

February 16, 2011

Eugene C. Rusch

1310 Crowne Reserve Drive

Birmingham, AL 35244

			
	Re:	 	Separation Agreement and Release

Dear Gene:

As we have discussed, your employment with SurModics, Inc., including its subsidiary SurModics
Pharmaceuticals, Inc. (“SurModics”), will end effective February 16, 2011. The purpose of this
Separation Agreement and Release letter (“Agreement”) is to set forth the specific separation pay
and benefits that SurModics will provide you in exchange for your agreement to the terms and
conditions of this Agreement.

By your signature below, you agree to the following terms and conditions:

     1. End of Employment.

	 	a.	 	Your employment with SurModics will be continued until February
16, 2011, and this will be considered your Employment Termination Date.
	 
	 	b.	 	Except as otherwise provided in this Agreement, you will be
entitled to your current rate of salary and employment benefits through your
Employment Termination Date, after which, you will not be entitled to any
compensation or other benefits of employment except as set forth in this
Agreement.
	 
	 	c.	 	You are not eligible for any other payments or benefits except
for those expressly described in this Agreement, provided that you sign and do
not rescind this Agreement, and otherwise comply with the terms of this
Agreement.

     2. Separation Pay and Benefits. Specifically in consideration of your signing this
Agreement and subject to the limitations, obligations, and other provisions contained in this
Agreement, SurModics agrees as follows:

	 	a.	 	To pay you a lump sum amount, less applicable withholdings, equal to (i) six
(6) months base salary, and (ii) $100,000 (in satisfaction of amounts owed to you as a
retention payment). The payment described in this Section 2.a. will be paid within ten
(10) business days after the expiration of the rescission periods described in Section
5 below; or on the next scheduled pay-date following the expiration of the rescission
periods described in Section 5 below, whichever is later, and shall be considered
timely if placed in the U.S. Mail, postage prepaid, and postmarked on the date such
payment is due. If the date such payment would be due falls on a weekend or holiday,
payment

 

 

Mr. Eugene Rusch

February 16, 2011

	 	 	 	shall be considered timely if it is placed in the U.S. Mail, postage prepaid, on the
next business day following such weekend or holiday.
	 
	 	b.	 	To pay you a lump sum benefits continuation payment of $6,528, less applicable
withholdings, to assist you with the cost of COBRA insurance continuation following
your Employment Termination Date, to be paid within ten (10) business days after the
expiration of the rescission periods described in Section 6 below. By your signature
below, you acknowledge and agree that SurModics may modify or terminate its group
insurance plans at any time and that you shall have the same right to participate in
SurModics’ group insurance plans only as is provided on an equivalent basis to
SurModics’ employees. In order to continue coverages, you must elect COBRA coverage in
accordance with the applicable plan documents. Nothing in this Agreement extends your
COBRA period for continuation of your insurance coverage under SurModics’ group plans.
	 
	 	c.	 	To provide outplacement support through Right Management Consultants for three
months; provided, however, that if you have not located suitable employment within
three (3) months, the outplacement services will be extended for one additional three
month period.

     3. Release of Claims. Specifically in consideration of the separation pay and
benefits described in Section 2, and to which you would not otherwise be entitled, by signing this
Agreement you, for yourself and anyone who has or obtains legal rights or claims through you, agree
to the following:

          a. You hereby do release, agree not to sue, and forever discharge all of your rights you may
have to any relief of any kind from SurModics (as defined below) of and from any and all manner of
claims, demands, actions, causes of action, administrative claims, liability, damages, claims for
punitive or liquidated damages, claims for attorney’s fees, costs, interest and disbursements,
individual or class action claims, requests for equitable relief, or any other demands of any kind
whatsoever, you have or might have against them or any of them, whether known or unknown, in law or
equity, contract or tort, arising out of or in connection with your employment with SurModics, or
the termination of that employment, or otherwise, and however originating or existing, from the
beginning of time through the date of your signing this Agreement.

          b. This release includes, without limiting the generality of the foregoing, all of your rights
to relief of any kind from SurModics for any claims, including claims you may have for wages,
bonuses, commissions, penalties, deferred compensation, vacation pay, separation benefits, back
pay, front pay, reinstatement, equitable relief, compensatory damages, damages for alleged personal
injury, liquidated damages, punitive damages, failure to keep any promise, breach of a covenant of
good faith and fair dealing, breach of fiduciary duty, estoppel, your claims, if any as a
“whistleblower”, defamation, invasion of privacy, negligence, assault, battery, intentional or
negligent infliction of emotional distress, fraud, misrepresentation, retaliation or reprisal,
constructive discharge, false imprisonment, interference with contractual or business
relationships, improper discharge (based on contract, common law, or statute, including any
federal, state or local statute or ordinance prohibiting discrimination or retaliation in
employment), violation of the United States Constitution, the Minnesota Constitution, the
California Constitution, the Age Discrimination in Employment Act, 29 U.S.C. § 621 et
seq., the Minnesota Human Rights Act, Minn. Stat. § 363.01 et seq., Title
25 of the Code of Alabama, the California Fair Employment and

 

 

Mr. Eugene Rusch

February 16, 2011

Housing Act, Cal. Gov’t Code § 12900 et seq., the Unruh Civil Rights Act, Cal. Civ.
Code § 51 et seq., the California Law on Equal Pay, Cal. Labor Code § 1197.5, Title
VII of the Civil Rights Act, 42 U.S.C. § 2000e et seq., the Americans with
Disabilities Act, 42 U.S.C. § 12101 et seq., the Employee Retirement Income
Security Act of 1976, 29 U.S.C. § 1001 et seq., the Family and Medical Leave Act,
29 U.S.C. § 2601 et seq., 42 U.S.C. § 1981, the Equal Pay Act, the Worker
Adjustment and Retraining Notification Act, the Sarbanes-Oxley Act, the Genetic Information
Nondiscrimination Act, the Fair Credit Reporting Act, the Lilly Ledbetter Fair Pay Act of
2009, any claim arising under workers’ compensation non-interference or non-retaliation
statutes such as Minn. Stat. § 176.82, and any claim for retaliation or discrimination based on
sex, race, color, creed, religion, age, national origin, marital status, sexual orientation,
genetic information, disability, status with regard to public assistance or any other protected
class, or sexual or other harassment.

          c. This release also includes all rights you have under Cal. Civil Code § 1542, which states
that: “A general release does not extend to claims which the creditor does not know or suspect to
exist in his favor at the time of executing the release, which if known by him must have materially
affected his settlement with the debtor.” You agree that this waiver covers all claims whether or
not you now know about such claims. You hereby waive any and all relief not provided for in this
Agreement. You understand and agree that, by signing this Agreement, you waive and release any
past, present, or future claim to employment with SurModics.

          d. You affirm that you have not caused or permitted, and to the full extent permitted by law
will not cause or permit to be filed, any charge, complaint, or action of any nature or type
against SurModics, including but not limited to any action or proceeding raising claims arising in
tort or contract, or any claims arising under federal, state, or local laws, including
discrimination laws. Excluded from this covenant are any claims which cannot be waived by law,
including, without limitation, the right to file a charge with or participate in any investigation
conducted by the Equal Employment Opportunity Commission (“EEOC”) or any state or local agency.
Nothing in this Agreement is intended to interfere with such right. You agree to waive, however,
your right to any monetary recovery should the EEOC or any state or local agency pursue any claims
on your behalf.

          e. You are not, by signing this Agreement, releasing or waiving (1) any vested interest you
may have in any 401(k) or employee stock purchase plan by virtue of your employment with SurModics,
(2) any rights or claims that may arise after the Agreement is signed, (3) the post-employment
benefits and payment specifically promised to you under this Agreement, (4) the right to institute
legal action for the purpose of enforcing the provisions of this Agreement, or (5) the right to
file a claim for unemployment benefits.

          f. SurModics, as used in this Section 3, shall mean SurModics, Inc. and its related entities,
insurers, and its and their present and former officers, directors, shareholders, trustees,
employees, agents, attorneys, representatives and consultants, and the successors and assigns of
each, whether in their individual or official capacities, and the current and former trustees or
administrators of any pension or other benefit plan applicable to the employees or former employees
of SurModics, in their official and individual capacities.

     4. Notice of Right to Consult Attorney and Forty-Five (45) Day Consideration Period.
By signing this Agreement, you acknowledge and agree that SurModics has informed you by this
Agreement that (1) you have the right to consult with an attorney of your choice prior to signing
this

 

 

Mr. Eugene Rusch

February 16, 2011

Agreement, and (2) you are entitled to forty-five (45) days from the receipt of this Agreement and
Disclosure, not counting the day upon which you receive them, to consider whether the terms of this
Agreement are acceptable to you. SurModics encourages you to use the full 45-day period to
consider this Agreement but you have the right, if you choose, to sign this Agreement prior to the
expiration of the forty-five (45) day period.

     5. Notice of Right to Rescind this Agreement. You are hereby notified of your right
to rescind the release of all claims contained in Section 3 with within fifteen (15) calendar days
of your signing this Agreement. This Agreement will not become effective unless and until the
15-day rescission period has expired without your rescission of it. In order to be effective, the
rescission must

          a. Be in writing; and

          b. Delivered to Jan Webster, SurModics, Inc., 9924 West 74th Street, Eden Prairie,
MN 55344-3523, by hand or mail within the required period.

This Agreement will be effective upon the expiration of the 15-day period without rescission. You
understand that if you rescind any part of this Agreement in accordance with this Section 6, you
will not receive the separation pay or benefits described in Section 2 and you will be obligated to
return any such benefits and payment if already received.

     6. Return of Property. By signing this Agreement, you acknowledge and agree that all
documents and materials relating to the business of, or the services provided by, SurModics are the
sole property of SurModics. By signing this Agreement you further agree and represent that you
have returned to SurModics all of its property, including but not limited to, all customer records
and other documents and materials, whether on computer disc, hard drive or other form, and all
copies thereof, within your possession or control, which in any manner relate to the business of,
or the duties and services you performed on behalf of SurModics.

     7. Confidential and Proprietary Information. By signing this Agreement, you
acknowledge and agree that you have had access in your employment with SurModics to confidential
and proprietary information of SurModics and further acknowledge and agree that the release or
disclosure of any confidential or proprietary information of SurModics will cause SurModics
irreparable injury. By signing this Agreement, you acknowledge that you have not used or
disclosed, and agree that you will not at any time use or disclose, to any other entity or person,
directly or indirectly, any confidential or proprietary information of SurModics. For purposes of
this Agreement, the term “confidential or proprietary information” shall include, but not be
limited to, customer lists and information pertaining to customer lists; contact lists; and
information about the personal or business affairs of SurModics’ customers, vendors, or employees.

     8. Non-Disparagement. You agree not to defame, or denigrate the reputation,
character, image, products or services of SurModics.

     9. Confidentiality. You agree not to disclose or discuss, directly or indirectly, in
any manner whatsoever, any information regarding either; (1) the contents and terms of this
Agreement, or (2) the substance and/or nature of any dispute between SurModics and any employee or
former employee, including yourself. You agree that the only people with whom they

 

 

Mr. Eugene Rusch

February 16, 2011

may discuss this confidential information are your legal and financial advisors and your spouse,
provided they agree to keep the information confidential, or as otherwise required by law.

     10. Non-Competition. You acknowledge and reaffirm your commitment to adhere to the
Invention/Non-Disclosure Agreement you previously entered with SurModics, which is attached to this
agreement (the “Non-Competition Agreement”). You agree that that Non-Competition Agreement
survives your separation from employment, is unaffected by this Agreement and remains binding upon
you according to its terms.

     11. Remedies. If you breach any term of this Agreement, SurModics shall be entitled
to its available legal and equitable remedies, including but not limited to suspending and
recovering any and all payments and benefits made or to be made under this Agreement. If SurModics
seeks and/or obtains relief from an alleged breach of this Agreement, all of the provisions of this
Agreement shall remain in full force and effect.

     12. Non-Admission. It is expressly understood that this Agreement does not
constitute, nor shall it be construed as, an admission by SurModics or you of any liability or
unlawful conduct whatsoever. SurModics and you specifically deny any liability or unlawful
conduct.

     13. Successors and Assigns. This Agreement is personal to you and may not be assigned
by you without the written agreement of SurModics. The rights and obligations of this Agreement
shall inure to the successors and assigns of SurModics.

     14. Law Governing. This Agreement shall be governed and construed in accordance with
the laws of the State of Minnesota.

     15. Full Agreement. This Agreement contains the full agreement between you and
SurModics and may not be modified, altered, or changed in any way except by written agreement
signed by both parties. The parties agree that this Agreement supersedes and terminates any and
all other written and oral agreements and understandings between the parties, except for the
Non-Competition Agreement, and any stock option grant agreements between you and SurModics, which
shall remain in full force and effect according to their terms.

     16. Acknowledgment of Payment. By signing this agreement, you represent and confirm
that you have been fully paid for all wages, overtime, commissions, bonuses, and other compensation
that you earned during my employment with SurModics or that were due to you in connection with the
termination of that employment, including without limitation any amounts owed to you under the
SurModics Pharmaceuticals cash retention program implemented in December 2010. You also represent
and confirm that during your employment with SurModics you received all leaves of absence that you
requested and to which you were entitled under the Family Medical Leave Act or any other law.

     17. Taxes. The payments under this Agreement are intended to be exempt from, or to
comply with, the provisions of Section 409A of the Internal Revenue Code and the
interpretative guidance thereunder, including the exceptions for short-term deferrals, separation
pay arrangements, reimbursements, and in-kind distributions, and shall be administered accordingly.
SurModics makes no representation or warranty to you regarding the tax treatment of any payment
hereunder and you will be solely responsible for taxes in connection with any such payments.

 

 

Mr. Eugene Rusch

February 16, 2011

     18. Acknowledgment of Reading and Understanding. By signing this Agreement, you
acknowledge that you have read this Agreement, including the release of claims contained in Section
3, and understand that the release of claims is a full and final release of all of your rights
that you may have to any relief of any kind for any claims against SurModics (as defined in Section
3). By signing, you also acknowledge and agree that you have entered into this Agreement
knowingly and voluntarily.

* * * * *

After you have reviewed this Agreement and obtained whatever advice and counsel you consider
appropriate regarding it, please evidence your agreement to the provisions set forth in this
Agreement by dating and signing both copies. Please then return one copy of this Agreement in the
envelope provided. You should keep the other copy for your records.

Sincerely,

SURMODICS, INC.

	 	 	 	 	 

	By

	 	/s/ Jan Marie Webster
 

	 	 
	 

	 	Jan Marie Webster	 	 
	 

	 	Vice President, Human Resources	 	 

 

 

Mr. Eugene Rusch

February 16, 2011

ACKNOWLEDGMENT AND SIGNATURE

          By signing below, I acknowledge and agree to the following:

	•	 	I have had adequate time to consider whether to sign this Separation Agreement and Release.
	 
	•	 	I have read this Separation Agreement and Release and the Disclosure carefully.
	 
	•	 	I understand and agree to all of the terms of the Separation Agreement and Release and the
Disclosure.
	 
	•	 	I am knowingly and voluntarily releasing my claims against SurModics.
	 
	•	 	I have not, in signing this Agreement, relied upon any statements or explanations made by
SurModics except as for those specifically set forth in this Separation Agreement and Release.
	 
	•	 	I intend this Separation Agreement and Release to be legally binding.

Accepted this 16 day of February, 2011.

	 	 	 

	/s/ Eugene C. Rusch
 

	 	 
	Signature
	 	 
	 
	 	 
	Eugence C. Rusch
 

	 	 
	Print Name

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