Document:

Redemption Letter Agreement, dated May 13, 2009

 Exhibit 10.1 
 UST 311 
 UNITED STATES DEPARTMENT OF
THE TREASURY 
 1500 Pennsylvania Avenue, NW 
 Washington, D.C. 20220 
 May 13, 2009 
 Ladies and Gentlemen: 
 Reference is made to that certain
Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the Treasury
(the “Investor”) and the company set forth on Schedule A hereto (the “Company”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement. Pursuant
to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to purchase the
number of shares of its common stock set forth on Schedule A hereto (the “Warrant”). 
 In connection with the consummation
of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as permitted by the
Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009: 
 (a) The
Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares; and 
 (b) The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth
on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends to, but excluding, the date hereof. 
 The Investor and the Company hereby agree that, notwithstanding Section 4.4 of the Securities Purchase Agreement, immediately following consummation
of the Repurchase, but subject to compliance with applicable securities laws, the Investor shall be permitted to Transfer all or a portion of the Warrant or Substitute Warrant (as defined below) with respect to, and/or exercise the Warrant or
Substitute Warrant for, all or a portion of the number of shares of Common Stock issuable thereunder, at any time and without limitation, and Section 4.4 of the Securities Purchase Agreement shall be deemed to be amended in order to permit the
foregoing. The Company shall take all steps as may be reasonably requested by the Investor to facilitate any such Transfer. 

 UST 311 
 In addition, the Company agrees that within 15 calendar days of the date hereof the Company shall either (a) deliver to the Investor a notice of intent to repurchase the Warrant in accordance with
Section 4.9(b) of the Securities Purchase Agreement (the “Warrant Repurchase Notice”), or (b) issue and deliver to the Investor a new warrant, in substantially the form of the Warrant, except with the deletion of
Section 13(H) thereof, to purchase the number of shares of Common Stock into which the Warrant is then exercisable (the “Substitute Warrant”), which Substitute Warrant shall be deemed the “Warrant” for all
purposes under the Securities Purchase Agreement. 
 In the event that the Company delivers a Warrant Repurchase Notice and the Company and
the Investor fail to agree on the Fair Market Value of the Warrant pursuant to the procedures (including the Appraisal Procedure), and in accordance with the time periods, set forth in Section 4.9(c) of the Securities Purchase Agreement or the
Company revokes the delivery of such Warrant Repurchase Notice, then the Company shall deliver a Substitute Warrant to the Investor within 5 calendar days of the earlier of the failure to agree on the Fair Market Value and the revocation of the
Warrant Repurchase Notice. 
 Effective as of the date of receipt of the Substitute Warrant, if applicable, the Investor hereby provides
notice, pursuant to Section 4.5(p) of the Securities Purchase Agreement, of its intention to sell the Substitute Warrant. 
 This letter
agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to
be performed entirely within such State. 
 This letter agreement may be executed in any number of separate counterparts, each such
counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed
sufficient as if actual signature pages had been delivered. 
 [Remainder of this page intentionally left blank] 

 UST 311 
 In witness whereof, the parties have duly executed this letter agreement as of the date first written above. 
  

			
	UNITED STATES DEPARTMENT OF THE TREASURY
		
	By:	 	 /s/ Duane D. Morse

	Name:	 	Duane Morse
	Title:	 	Chief Risk and Compliance Officer
	
	ALLIANCE FINANCIAL CORPORATION
		
	By:	 	 /s/ Jack H. Webb

	Name:	 	Jack H. Webb
	Title:	 	 Chairman of the Board, President and
 Chief Executive
Officer

 UST 311 
 SCHEDULE A 
  

			
	General Information:	 	
		
	 Date of Letter Agreement incorporating the Securities
 Purchase Agreement:
	 	12/19/08
		
	 Name of the Company:
	 	Alliance Financial Corporation
		
	 Corporate or other organizational form of the Company:
	 	Publicly Traded Stock Company (Bank Holding Company)
		
	 Jurisdiction of organization of the Company:
	 	New York
		
	 Number and series of preferred stock issued to the
 Investor at the Closing:
	 	26,918
		
	 Number of Initial Warrant Shares:
	 	173,069
		
	Terms of the Repurchase:	 	
		
	 Number of Preferred Shares repurchased by the Company:
	 	26,918
		
	 Share certificate number (representing the Preferred
 Shares previously issued to the Investor at the Closing):
	 	CPP-1
		
	 Per share Liquidation Amount of Preferred Shares:
	 	$1,000
		
	 Accrued and unpaid dividends on Preferred Shares:
	 	$328,997.78
		
	 Aggregate purchase price for Repurchased Preferred Shares:
	 	$27,246,997.78
		
	Investor wire information for payment of purchase price:	 	 The Bank of New York Mellon
 ABA #
021000018
 GLA/111567
 Ref : a/c #629904
 Ref: acct name: BETA EESA Preferred AccountResignation letter of Michael J. Soja

 Exhibit 10.1 
 March 11, 2009 
 Dr. Paul Ashton 
 President
and CEO 
 pSivida Corp. 
 400 Pleasant Street 
 Watertown, MA 02472 
 Re: Resignation 
 Dear Paul: 
 By this letter (this “Resignation Letter”) I hereby
resign as Vice President, Finance and Chief Financial Officer of pSivida Corp. (the “Company”), effective as of the close of business on March 20, 2009 (the “Resignation Effective Time”). I also hereby resign, effective as
of the Resignation Effective Time, from all offices and other positions, including as a member of fiduciary and other committees, with the Company, the Company’s subsidiaries and the Company’s benefit plans. Subject to the terms and
conditions of this Resignation Letter and provided that I have delivered to the Company a release of claims in the form hereto attached as Exhibit A (the “Release”) within 21 days following the Resignation Effective Time and do not
revoke the Release within the seven-day period specified in the Release, the Company hereby agrees to provide me the benefits and payments described in Section 8(c) of my employment agreement with the Company dated as of May 16, 2006 (my
“Employment Agreement”), as amended by this Resignation Letter, as though my employment had been terminated by the Company without Cause or by me for Good Cause, following adequate prior notice, as of the Resignation Effective Time. This
Resignation Letter amends my Employment Agreement as follows: 
  

	 	(1)	The requirements under my Employment Agreement for notice prior to termination of employment will be deemed satisfied by this Resignation Letter. 

  

	 	(2)	The Company will not make any payments described under Section 8(c)(i) of my Employment Agreement. Instead, the Company will pay me a total of $413,149.00 in cash in the
following manner: (a) within 2 business days of the effective date of the Release, a lump sum payment of $37,559, and (b) a lump sum payment of $37,559 on each of April 30, 2009, May 31, 2009, June 30,
2009, July 31, 2009, August 31, 2009, September 30, 2009, October 31, 2009, November 30, 2009, December 31, 2009 and January 31, 2010. 

  

	 	 (3)
	 Notwithstanding the terms of any agreement to the contrary, including without limitation the terms of the Non-statutory
Stock Option certificate evidencing the stock option granted to me on September 4, 2008 over 100,000 shares of common stock (the “September 4th Option Grant”) and the Non-statutory Stock Option certificate evidencing the stock option granted to me on September 10, 2008 over 10,000 shares of common stock (the “September 10, 2008 Option Grant”), the
September 4th Option Grant and the September 10th Option Grant will be deemed to have automatically and immediately vested and become exercisable upon the termination of my employment and, provided the Release becomes effective as provided above, remain exercisable
for a period of one (1) year following the Resignation Effective Time. If the Release does not become effective as provided above, the September 4th Option Grant and the September 10th Option Grant will cease to be exercisable on the 28th day following the Resignation Effective
Time. 

 Except as provided in this Resignation Letter, the terms of my Employment Agreement shall continue in full force and
effect to the extent provided in my Employment Agreement. 
 I also agree that I will not disparage the Company or any of its employees, officers, directors
or agents in communications with third parties. 
 I understand that all payments made to me shall be subject to applicable tax withholding and that the
Company will not be liable for any additional taxes, or any penalties or interest, with respect to any amounts that may be payable to me. 
 If the Company
agrees to these terms, please so indicate by executing this letter agreement in the space indicated below, whereupon my resignation will take effect on the terms indicated above. 
  

	
	 /s/ Michael J. Soja

	Michael J. Soja

  

			
	 The Company agrees to the terms
 hereinabove
specified, effective as of
 the date of this letter agreement.

	
	 /s/ Lori Freedman

	By:	 	Lori Freedman
	Title:	 	 Vice President, Corporate Affairs,
 General Counsel and
Secretary

 EXHIBIT A 
 RELEASE OF CLAIMS 
 FOR AND IN CONSIDERATION OF the benefits to be provided me in connection with the
termination of my employment, as set forth in the employment agreement between me and pSivida Corp. (the “Company”) dated as of May 16, 2006, as amended by my Resignation Letter dated March 11, 2009 (the “Agreement”),
which benefits are subject to my signing of this Release of Claims and to which I am not otherwise entitled, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, I, on my own behalf and on
behalf of my heirs, executors, administrators, beneficiaries, representatives and assigns, and all others connected with me, hereby release and forever discharge the Company, its subsidiaries and other affiliates and all of their respective past,
present and future officers, directors, trustees, shareholders, employees, agents, general and limited partners, members, managers, joint venturers, representatives, successors and assigns, and all others connected with any of them, both
individually and in their official capacities, from any and all causes of action, rights and claims of any type or description, known or unknown, which I have had in the past, now have, or might now have, through the date of my signing of this
Release of Claims, in any way resulting from, arising out of or connected with my employment by the Company or any of its subsidiaries or other affiliates or the termination of that employment or pursuant to any federal, state or local law,
regulation or other requirement (including without limitation Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act, the Americans with Disabilities Act, and the fair employment practices laws of the state or states in
which I have been employed by the Company or any of the subsidiaries or other affiliates, each as amended from time to time). 
 Excluded
from the scope of this Release of Claims is (i) any claim arising under the terms of the Agreement and (ii) any right of indemnification or contribution that I have pursuant to the Certificate of Incorporation, Constitution, By-Laws or
other governing documents of the Company or any of its subsidiaries or other affiliates. 
 In signing this Release of Claims, I acknowledge
my understanding that I may not sign it prior to the termination of my employment, but that I may consider the terms of this Release of Claims for up to twenty-one (21) days (or such longer period as the Company may specify) from the later of
the date my employment with the Company terminates or the date I receive this Release of Claims. I also acknowledge that I am advised by the Company and its affiliates to seek the advice of an attorney prior to signing this Release of Claims; that I
have had sufficient time to consider this Release of Claims and to consult with an attorney, if I wished to do so, or to consult with any other person of my choosing before signing; and that I am signing this Release of Claims voluntarily and with a
full understanding of its terms. 
 I further acknowledge that, in signing this Release of Claims, I have not relied on any promises or
representations, express or implied, that are not set forth expressly in the Agreement. I understand that I may revoke this Release of Claims at any time within seven (7) days of the date of my signing by written notice to the General Counsel
of the Company and that this Release of Claims will take effect only upon the expiration of such seven-day revocation period and only if I have not timely revoked it. 

 Intending to be legally bound, I have signed this Release of Claims under seal as of the date written below. 

 

			
	Signature:	 	 /s/ Michael J. Soja

			
		
	Name (please print):	 	 Michael J. Soja

			
		
	Date Signed:	 	 March 21, 2009

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