Document:

Employment agreement between the registrant and Ona Karasa

 Exhibit 10.26 
  
 EMPLOYMENT AGREEMENT 
  
 between 
  
 ATLAS DMT 
  
 A DIVISION OF AVENUE A, INC. 
  
 and 
  
 ONA M. KARASA 
  

 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (“Agreement”) is dated as of September 9,
2002, between Atlas DMT, a division of Avenue A, Inc., a Washington corporation (“Atlas”), and Ona M. Karasa (“Executive”). 
  
 WHEREAS, Executive desires to serve as Senior Vice President of Development and Technology of Atlas and Atlas desires to retain the services of Executive
upon the terms and conditions set forth herein; and 
  
 WHEREAS,
Executive is willing to continue to provide services to Atlas upon the terms and conditions set forth herein. 
  
 NOW, THEREFORE, for and in consideration of the foregoing premises and for other good and valuable consideration, the sufficiency and receipt of which are
hereby acknowledged, Atlas and Executive hereby agree as follows: 
  

	1.	EMPLOYMENT 

  
 Atlas will employ Executive and Executive will accept employment by Atlas as Senior Vice President of Development and Technology. During Executive’s
employment, Executive shall serve Atlas faithfully and to the best of her ability, devoting substantially all her working time, attention and energies to the business of Atlas. Executive’s status, duties and responsibilities shall be reasonably
commensurate with her title, and she shall perform such duties as lawfully assigned to her. Executive shall not engage in any other business activity (except the management of personal investments and charitable and civic activities which in the
aggregate do not interfere with the performance of Executive’s duties hereunder) without first obtaining the written consent of Avenue A, Inc.’s President and CEO. 
  

	2.	COMPENSATION AND BENEFITS 

  
 a) Compensation will be $230,000 per year paid semi-monthly in 24 equal payments. 
  
 b) Executive will receive a signing bonus of $30,000 to be paid on or before September 30, 2002. This bonus will be subject
to customary withholding for federal taxes. 
  
 c) Executive will
be eligible to participate in the Avenue A, Inc. 2002 executive bonus plan. Subject to meeting established financial goals, Board approval and other conditions of the plan, Executive will participate on a pro rata basis for the period from September
9 to December 31, 2002. 
  

 d) During her employment, Executive will be entitled to participate in all employee benefit plans in
which executives of Atlas may participate. 
  

	3.	TERMINATION 

  
 Employment of Executive pursuant to this Agreement may be terminated as follows: 
  

	 	3.1.	By Atlas 

  
 With or without Cause (as defined below), Atlas may terminate the employment of Executive at any time upon giving Notice of Termination (as defined
below). 
  

	 	3.2.	By Executive 

  
 Executive may terminate her employment at any time, for any reason, upon giving Notice of Termination. 
  

	 	3.3.	Automatic Termination 

  
 This Agreement and Executive’s employment hereunder shall terminate automatically upon the death or total disability of Executive. The term
“total disability” as used herein shall mean Executive’s inability to perform the duties set forth in paragraph 1 hereof for a period or periods aggregating ninety (90) calendar days in any 12-month period as a result of physical or
mental illness, loss of legal capacity or any other cause beyond Executive’s control, unless Executive is granted a leave of absence by the Board of Directors of Avenue A, Inc. Executive and Atlas hereby acknowledge that Executive’s
ability to perform the duties specified in paragraph 1 hereof is of the essence of this Agreement. Termination hereunder shall be deemed to be effective (a) at the end of the calendar month in which Executive’s death occurs or (b) immediately
upon a determination by the Board of Directors of Avenue A, Inc. of Executive’s total disability, as defined herein. 
  

	 	3.4.	Notice 

  
 The term “Notice of Termination” shall mean at least thirty (30) days’ written notice of termination, by either party, of Executive’s
employment, during which period Executive’s employment and performance of services will continue; provided, however, that Atlas may, upon notice to Executive and without reducing Executive’s compensation during such period, excuse
Executive from any or all of her duties during such period. . The effective date of the termination (the “Termination Date”) of Executive’s employment hereunder shall be the date on which such 30-day period expires. 
  

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	4.	TERMINATION PAYMENTS AND ACCELERATION OF VESTING 

  
 In the event of termination of the employment of Executive, all compensation and benefits set forth in this Agreement shall terminate except as
specifically provided in this section 4. 
  

	 	4.1.	Termination by Atlas 

  
 a) Upon termination by Atlas, Atlas shall pay Executive any unpaid annual base salary at the rate of pay in effect at the time of termination (hereinafter
“Base Salary”) through the Termination Date. Such payment will be made on the Termination Date or within 15 days thereafter. 
  
 b) If (1) Avenue A, Inc. winds up the Atlas division’s business or if (2) Avenue A, Inc. sells all or substantially all of the assets of the Atlas
division, and if Atlas or the purchaser of all or substantially all of the Atlas assets (hereinafter referred to as “Purchaser”) terminates Executive’s employment without Cause in connection with such winding up or sale, then
Executive shall be entitled to receive termination payments equal to three months annual Base Salary, plus an additional three months Base Salary for each full year in which the Executive has been employed with Atlas, up to a total termination
benefit of nine months annual Base Salary. In the case of termination of Executive by Purchaser without Cause within one year of the date of sale of all or substantially all of the assets of Atlas, such termination shall be deemed to be “in
connection” with that sale. In the case of termination of Executive by Atlas without Cause within 180 days of the completion date of the winding up of the Atlas business or sale of all or substantially all of the assets of Atlas, such
termination shall be deemed “in connection” with those events. 
  
 c) The termination payments will be paid semi-monthly in equal parts in accordance with the same time schedule that Atlas or Purchaser makes its customary payroll. Atlas or Purchaser may deduct customary withholdings
including social security, federal and state income taxes, and state disability insurance from these severance payments; however, any and all such obligations shall be Executive’s responsibility. Atlas or Purchaser will issue and file
appropriate tax documents in connection with any termination payments. 
  
 d) The termination payments described in this section 4 are expressly contingent upon Executive’s signing upon termination a release in the form attached hereto as Exhibit A, and are further contingent upon Executive’s full
compliance with the terms of her previously executed Confidentiality, Inventions Assignment, Noncompetition and Nonsolicitation Agreement with Atlas (the “Confidentiality Agreement”). In the event Executive were to materially breach this
Confidentiality Agreement, her right to any termination payments under this Agreement shall be extinguished and Atlas or Purchaser 

  

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shall cease payments, and Executive shall immediately return to Atlas or Purchaser any termination payments already made. If Executive is terminated by Atlas
or Purchaser for Cause, Executive shall not be entitled to receive any of the foregoing benefits, other than those set forth in clause (a) above. 
  
 e) If (1) Avenue A, Inc. winds up the Atlas division’s business or if (2) Avenue A, Inc. sells all or substantially all of the assets of the Atlas
division, and if Atlas or Purchaser terminates Executive’s employment without Cause in connection with such winding up or sale, then the portion of any Avenue A, Inc. stock option or substitute option granted by Purchaser held by Executive
immediately prior to the Termination Date that is unvested shall automatically vest, immediately prior to the Termination Date, in an amount equal to the portion that would have vested during the “Applicable Period” (as defined in the
table below) immediately following the Termination Date, assuming, for purpose of determining the amount, that no termination had occurred and Executive had continued Executive’s employment with Atlas or Purchaser during the Applicable Period
In the case of termination of Executive by Purchaser without Cause within one year of the date of sale of all or substantially all of the assets of Atlas, such termination shall be deemed to be “in connection” with that sale. In the case
of termination of Executive by Atlas without Cause within 180 days of the completion date of the winding up of the Atlas business or sale of all or substantially all of the assets of Atlas, such termination shall be deemed “in connection”
with those events. 
  

			
	 Executive’s Continuous Employment with Atlas or Purchaser
	  	Applicable Period
		
	 Less than one year
	  	Three Months
		
	 At least one year but less than two years
	  	Six Months
		
	 2 years or more
	  	Nine Months

  
 If the end of the Applicable Period
falls in the middle of a quarter for option vesting purposes, the vesting acceleration described above shall be pro rated for the actual number of days between the beginning of such quarter and the last day of the Applicable Period. 
  

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	 	4.2.	Termination by Executive 

  
 In the case of termination of Executive’s employment by Executive for any reason, Executive shall be paid the compensation set forth in clause 4.1
(a) and shall not be entitled to the benefits under clauses 4.1(b) or 4.1(e) above. 
  

	 	4.3.	Termination as a Result of Death or Total Disability 

  
 In the event of termination of Executive’s employment pursuant to subparagraph 3.3, Executive or her estate shall be paid the compensation set forth
in clause 4.1 (a) and shall not be entitled to any of the benefits under clauses 4.1(b) or 4.1(e) above. 
  

	 	4.4.	Cause 

  
 Wherever reference is made in this Agreement to termination being with or without Cause, “Cause” shall include, without limitation, the
occurrence of one or more of the following events: 
  
 a) willful misconduct, insubordination, or dishonesty in the performance of Executive’s duties or other knowing and material violation of Atlas’s or Purchaser’s policies and procedures in effect from time to time which
results in a material adverse effect on Atlas or Purchaser; 
  
 b) the continued failure of Executive to satisfactorily perform her duties after receipt of written notice that specifically identifies the areas in which Executive’s performance is deficient; 
  
 c) willful actions (or intentional failures to act) in bad
faith by Executive with respect to Atlas or Purchaser that materially impair Atlas’s or Purchaser’s business, goodwill or reputation; 
  
 d) conviction of Executive of a felony involving an act of dishonesty, moral turpitude, deceit or fraud, or the commission of acts that
could reasonably be expected to result in such a conviction; 
  
 e) current use by the Executive of illegal substances; or 
  
 f) any material violation by Executive of Executive’s Confidentiality Agreement with Atlas. 
  

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	5.	CONFIDENTIALITY, NONCOMPETITION AND NONSOLICITATION AGREEMENT 

  
 Executive is subject to the terms of the Confidentiality Agreement entered into concurrently with this Agreement and the terms of the Confidentiality
Agreement shall survive the termination of Executive’s employment with Atlas. 
  

	6.	REPRESENTATIONS AND WARRANTORS; NO VIOLATION 

  
 In order to induce Atlas to enter into this Agreement, Executive represents and warrants to Atlas that neither the execution nor the performance of this
Agreement by Executive will violate or conflict in any way with any other agreement by which Executive may be bound, or with any other duties imposed upon Executive by corporate or other statutory or common law. 
  

	7.	NOTICE AND CURE OF BREACH 

  
 Whenever a breach of this Agreement by either party is relied upon as justification for any action taken by the other party pursuant to any provision of
this Agreement, other than pursuant to the definition of “Cause” set forth above, before such action is taken, the party asserting the breach of this Agreement shall give the other party at least 14 days’ prior written notice of the
existence and the nature of such breach before taking further action hereunder and shall give the party purportedly in breach of this Agreement the opportunity to correct such breach during the 14-day period. 
  

	8.	FORM OF NOTICE 

  
 All notices given hereunder shall be given in writing, shall specifically refer to this Agreement and shall be personally delivered or sent by telecopy or
other electronic facsimile transmission or by registered or certified mail, return receipt requested, at the address set forth below or at such other address as may hereafter be designated by notice given in compliance with the terms hereof:

  

			
	 If to Executive:
	  	 Ona M. Karasa
 6977 Island Center Road
 Bainbridge Island, WA 98110

		
	 If to Atlas:
	  	 Avenue A, Inc.
 506 Second Avenue
 Seattle, WA 98104
 Facsimile: (206) 521-8808
 Attention: President and CEO

  

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 If notice is mailed, such notice shall be effective upon mailing, or if notice is personally delivered or sent by
telecopy or other electronic facsimile transmission, it shall be effective upon receipt. 
  

	9.	ASSIGNMENT 

  
 This Agreement is personal to Executive and shall not be assignable by Executive. Atlas may assign its rights hereunder to (a) any corporation resulting
from any merger, consolidation or other reorganization to which Avenue A, Inc. is a party or (b) any corporation, partnership, association or other person to which Atlas may transfer all or substantially all of the assets and business of Atlas
existing at such time. All of the terms and provisions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. 
  

	10.	WAIVERS 

  
 No delay or failure by any party hereto in exercising, protecting or enforcing any of its rights, titles, interests or remedies hereunder, and no course
of dealing or performance with respect thereto, shall constitute a waiver thereof. The express waiver by a party hereto of any right, title, interest or remedy in a particular instance or circumstance shall not constitute a waiver thereof in any
other instance or circumstance. All rights and remedies shall be cumulative and not exclusive of any other rights or remedies. 
  

	11.	ARBITRATION 

  
 Any controversies or claims arising out of or relating to this Agreement shall be fully and finally settled by arbitration in the city of Seattle in
accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect (the “AAA Rules”), conducted by one arbitrator either mutually agreed upon by Atlas and Executive or chosen in accordance with
the AAA Rules, except that the parties thereto shall have any right to discovery as would be permitted by the Federal Rules of Civil Procedure for a period of 90 days following the commencement of such arbitration and the arbitrator thereof shall
resolve any dispute which arises in connection with such discovery. The prevailing party shall be entitled to costs, expenses and reasonable attorneys’ fees, and judgment upon the award rendered by the arbitrator may be entered in any court
having jurisdiction thereof. 
  

	12.	AMENDMENTS IN WRITING 

  
 No amendment, modification, waiver, termination or discharge of any provision of this Agreement, nor consent to any departure therefrom by either party
hereto, shall in any event be effective unless the same shall be in writing, specifically identifying this 

  

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Agreement and the provision intended to be amended, modified, waived, terminated or discharged and signed by Atlas and Executive, and each such amendment,
modification, waiver, termination or discharge shall be effective only in the specific instance and for the specific purpose for which given. No provision of this Agreement shall be varied, contradicted or explained by any oral agreement, course of
dealing or performance or any other matter not set forth in an agreement in writing and signed by Atlas and Executive. 
  

	13.	APPLICABLE LAW 

  
 This Agreement shall in all respects, including all matters of construction, validity and performance, be governed by, and construed and enforced in
accordance with, the laws of the state of Washington, without regard to any rules governing conflicts of laws. 
  

	14.	SEVERABILITY 

  
 If any provision of this Agreement shall be held invalid, illegal or unenforceable in any jurisdiction, for any reason, including, without limitation, the
duration of such provision, its geographical scope or the extent of the activities prohibited or required by it, then, to the full extent permitted by law (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and
shall be liberally construed in order to carry out the intent of the parties hereto as nearly as may be possible, (b) such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision
hereof, and (c) any court or arbitrator having jurisdiction thereover shall have the power to reform such provision to the extent necessary for such provision to be enforceable under applicable law. 
  

	15.	HEADINGS 

  
 All headings used herein are for convenience only and shall not in any way affect the construction of, or be taken into consideration in interpreting,
this Agreement. 
  

	16.	COUNTERPARTS 

  
 This Agreement, and any amendment or modification entered into pursuant to paragraph 12 hereof, may be executed in any number of counterparts, each of
which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same instrument. 
  

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	17.	ENTIRE AGREEMENT 

  
 This Agreement on and as of the date hereof, together with the Confidentiality Agreement, constitutes the entire agreement between Atlas and Executive
with respect to the subject matter hereof and all prior or contemporaneous oral or written communications, understandings or agreements between Atlas and Executive with respect to such subject matter are hereby superseded and nullified in their
entireties. 
  
 IN WITNESS WHEREOF, the parties have executed and
entered into this Agreement on the date set forth above. 
  

	
	 EXECUTIVE:

	
	 /s/ Ona M. Karasa

	

	 Ona M. Karasa

  

			
	 Avenue A, Inc.

		
	By	 	 /s/ Brian McAndrews

	 	 	

	 	 	 Brian McAndrews

	 	 	 Its President and CEO

  

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 EXHIBIT A 
  

WAIVER AND RELEASE 
  
 For and in consideration of the severance payments and benefits set out in the Employment Agreement attached hereto, Executive, on behalf of herself and
her agents, heirs, successors and assigns, expressly waives any claims against and releases Atlas, Avenue A, Inc. (including Atlas’s, Avenue A, Inc’s officers, directors, stockholders, managers, agents and representatives) from any and all
claims, demands, liabilities, damages, obligations, actions or causes of action of any kind, known or unknown, past or present, arising out of, relating to, or in connection with Executive’s employment, termination of employment, or the holding
of any office with Atlas or any other related entity. The claims released by Executive include, but are not limited to, claims for defamation, libel, invasion of privacy, intentional or negligent infliction of emotional distress, wrongful
termination, constructive discharge, breach of contract, breach of the covenant of good faith and fair dealing, breach of fiduciary duty, fraud, or for violation of any federal, state or other governmental statute or ordinance, including, without
limitation, Title VII of the Civil Rights Act of 1964, the federal Age Discrimination in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Employment Retirement Income Security Program or any other legal
limitation on the employment relationship. 
  
 This waiver and
release shall not waive or release claims (1) where the events in dispute first arise after execution of this Release; (2) for rights or benefits due under the Employment Agreement attached hereto; or (3) relating to Executive’s rights to
indemnity as a corporate officer of Atlas. 
  
 Executive agrees
she has been provided the opportunity to consider for twenty-one (21) days whether to enter into this Release, and has voluntarily chosen to enter into it on this date. Executive may revoke this Release for a period of seven (7) days following the
execution of this Release; this Release shall become effective following expiration of this seven (7) day period. This Release shall be effective when signed. Executive acknowledges that she is voluntarily executing this Release, that she has
carefully read and fully understands all aspects of this Release and the attached Employment Agreement, that she has not relied upon any representations or statements not set forth herein or made by Avenue A’s agents or representatives, that
she has been advised to consult with an attorney prior to executing the Release, and that, in fact, she has consulted with an attorney of her choice as to the subject matter and effect of this Release. 
  

					
			
	  	 	 	 	  
	
	 	 	 	

	 Ona M. Karasa
	 	 	 	Date

  

 -10-Release and Settlement Agreement

 
Exhibit 10.1 
  
 RELEASE AND
SETTLEMENT AGREEMENT 
  
 This Release and Settlement Agreement
(“Agreement”) is entered into effective January 6, 2004 (the “Effective Date”) by and between POZEN Inc., a Delaware corporation (the “Company”), and Matthew E. Czajkowski (“Employee”).

  
 WHEREAS, Employee voluntarily resigned from all positions with
the Company and therefore Employee’s employment with the Company terminated on the Effective Date, and Employee and the Company now desire to fully and finally settle and resolve all matters arising, directly or indirectly, out of
Employee’s employment or the conclusion thereof according to the terms of this Agreement; and 
  
 WHEREAS, this Agreement provides Employee with valuable consideration to which Employee is not otherwise entitled, and as a partial inducement to the
Company to grant such consideration, Employee and the Company have agreed to enter into this Agreement. 
  
 NOW, THEREFORE, in consideration of the premises, which are incorporated herein by reference, and the mutual promises contained herein and the payment of
the monies hereinafter recited, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows: 
  
 1. Employee voluntarily resigned from all positions with the Company and therefore Employee’s employment with the Company terminated as of the
Effective Date. Employee hereby waives all rights to reemployment or reinstatement from and after that date and Employee agrees that Employee will not reapply for employment with the Company. 
  
 2. For and in consideration of the release set forth below in Section 3, the
Company shall pay Employee (a) seven month’s base salary ($135,562) (the “Salary Severance”); and (b) the average annual bonus awarded Employee over the previous two years ($ 79,720) (the “Bonus Severance”). The Salary
Severance and the Bonus Severance will be paid to Employee in twelve equal installments of $ 17,940.17 each (less all applicable withholdings and deductions) commencing on the next regularly scheduled pay date after the eighth day after Employee
executes and does not revoke this Agreement. In addition, Employee shall continue to receive at Company’s expense all Company benefits to which Employee was entitled as of the Effective Date subject to the terms of the applicable benefit plans
and to the extent such benefits can be provided to non-employees at the same average level and upon the same terms and conditions that applied prior to the Effective Date, until the earlier of (i) January 5, 2005; or (ii) until Employee obtains
comparable coverage from another employer. 
  
 3. (a) In
consideration of the payment by the Company of the amounts set forth in Section 2 above, the promises and covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
Employee for himself, his executors, heirs, administrators, assigns, and anyone claiming by, through, or under them, hereby irrevocably (except as specifically set forth below) and unconditionally releases and forever discharges the Company and each
of its past, present, and future officers, directors, employees and stockholders (the “Company Releasees”) from any and all claims, demands, 

 charges, lawsuits, debts, defenses, actions or causes of action, obligations, damages, sums of money, loss of services,
compensation, pain and suffering, attorneys’ fees, cost and expenses of suit, and liabilities whatsoever (“Employee Claims”), which Employee had, now has or may have, whether the same be at law, in equity, or mixed, where known or
unknown, suspected or unsuspected, now existing or which may arise hereafter, arising out of or related to, any matter, cause, or event which has happened, developed, or occurred before the execution of this Agreement, including without limitation,
any and all suits in tort or contract, and any Employee Claims or suits relating to the breach of an oral or written contract, misrepresentation, defamation, and interference with prospective economic advantage, interference with contract,
intentional and negligent infliction of emotional distress, negligence, promissory estoppel, invasion of privacy, libel, slander, breach of the covenant of good faith and fair dealing, any claims relating to or arising out of Employee’s right
to purchase any shares of stock of the Company, including without limitation any claims for misrepresentation, fraud or securities fraud under any state or federal law, and Employee Claims arising out of, based on, or connected with Employee’s
employment by the Company and the termination of that employment including any causes of action or Employee Claims for unlawful employment discrimination arising under or based on Title VII of the Civil Rights Act of 1964, as amended; the Employee
Retirement Income Security Act of 1974, as amended; the Rehabilitation Act of 1973, as amended; the Americans with Disabilities Act; the Occupational Safety and Health Act of 1970, as amended; the National Labor Relations Act of 1935, as amended;
the Fair Labor Standards Act of 1938, as amended; the Family and Medical Leave Act of 1993, as amended; the Age Discrimination in Employment Act, as amended; the Older Workers Benefit Protection Act, as amended; Section 1981 of the Civil Rights Act
of 1866; the Equal Pay Act of 1963; Section 1985 of the Civil Rights Act of 1871; and any other state or federal equal employment opportunity law, public policy, order, or regulation affecting or relating to the Claims or rights of employees, which
Employee ever had, now has, or claims to have against the Company (including all officers, directors and affiliates thereof and all officers, directors, partners and affiliates of any subsidiary thereof), except such rights, benefits, and claims of
Employee which expressly accrue under and pursuant to this Agreement. Employee further agrees not to institute any charge, complaint, or lawsuit to challenge the validity of this Agreement or the circumstances surrounding its execution. It is
expressly agreed and understood that the release contained herein is a GENERAL RELEASE. Employee agrees that the amount specified above as the consideration for the release granted in this Section 3 is valid consideration to which Employee is not
otherwise entitled. 
  
 (b) In consideration of the execution of
this Agreement by Employee, the promises and covenants set forth in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company hereby irrevocably and unconditionally releases
and forever discharges Employee from any and all claims, demands, charges, lawsuits, debts, defenses, actions or causes of action, obligations, damages, sums of money, loss of services, compensation, pain and suffering, attorney’s fees, costs,
and expenses of suit, and liabilities whatsoever (“Employer Claims”) which the Company had, now has or may have, whether the same be at law, in equity or mixed, where known or unknown, suspected or unsuspected, now existing or which may
arise hereafter, arising out of or related to, any matter, cause, or event which has happened, developed, or occurred before the execution of this Agreement, including without limitation any and all suits in tort or contract, and any Employer Claims
or suits relating to the breach of an oral or written contract, misrepresentation, and interference with contract, negligence, promissory estoppel, libel, slander, breach of the covenant of good faith and fair dealing, and Employer Claims arising
out of, based on, or connected with Employee’s employment with the Company and the termination of that employment, except for claims relating to fraud, embezzlement, falsification of records or violation of any civil or criminal law.

  

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 4. The Company hereby advises Employee to consult with an attorney prior to executing this Agreement.
Employee is also advised that he has at least twenty-one (21) days to consider the meaning and effect of this Agreement. If Employee elects to sign this Release and return it to the Company before twenty-one (21) days have elapsed from the date
Employee has received this Agreement, Employee acknowledges that any such election is a knowing and voluntary waiver of the right to take twenty-one (21) days to consider this Release and that Employee has made this decision after receiving advice
from legal counsel or after rejecting the Company’s recommendation that Employee obtain the advice of counsel. Employee further understands that Employee may revoke the releases granted by Employee in Section 3 of this Agreement relating to the
Age Discrimination in Employment Act and the Older Workers Benefit Protection Act, (the “Preserved Claims”), for a period of seven (7) days following the date Employee executes this Agreement (the “Revocation Period”). This
Agreement shall become effective and enforceable with respect to Employee once the Revocation Period has expired without exercise by Employee of Employee’s rights described in this Section 4. If Employee shall exercise the revocation rights
contemplated in this Section, Employee shall retain, and not release, his respective rights with respect to the Preserved Claims. Any revocation within the Revocation Period must be submitted in writing to the Company and shall state, “I,
Matthew E. Czajkowski, hereby revoke my acceptance of the release by me of the Preserved Claims as described in our Agreement which I signed and dated on January 9, 2004.” Any such revocation shall be delivered personally to the Company or sent
to the Company by certified mail to the attention of John R. Plachetka and received within seven (7) days of execution of this Agreement. If Employee elects to return this Agreement, Employee must execute and return it to the Company on or before
January 29, 2004. Employee acknowledges that the waivers and releases contained herein are made knowingly, consciously, and with full appreciation that Employee will be forever foreclosed from pursuing any of the rights so waived and released.

  
 5. Effective as of the Effective Date, Employee agrees to
resign from all positions held by him in the Company, including without limitation Chief Financial Officer, Senior Vice President, Finance and Administration and Assistant Secretary. Notwithstanding any provision of this Agreement to the contrary,
nothing in this Agreement is intended to or shall alter, limit, modify, amend, release, or discharge any of Employee’s rights (a) to indemnity by or from the Company, whether by contract, operation of law or otherwise; and (b) as a shareholder
of the Company or with respect to options to purchase any shares of stock of the Company that have vested on or before the execution of this Agreement. 
  
 6. Employee hereby represents and warrants to the Company that Employee is the sole and exclusive owner of the claims or causes of action being released
by this Agreement, that Employee has not conveyed or assigned any interest in such claims or causes of action to any person or entity, and that such claims and causes of action have been fully and effectively released for all purposes. Employee
further represents and warrants that Employee has no claims, lawsuits or actions pending in his own name or on behalf of any other person or entity against any of the Company Releasees and does not intend to bring any claims on behalf of himself or
any other person against any of the Company Releasees. Employee further represents and warrants that Employee will not participate or provide assistance to any person or entity who files a claim or intends to file a claim against the Company, unless
ordered to do so by a court of competent jurisdiction. 
  
 7.
Employee acknowledges that Employee has read this Agreement and fully understands its meaning and intent, and has executed this Agreement knowingly and voluntarily, as a free and voluntary act, without duress, coercion, or undue influence exerted by
or on behalf of any person or entity. 
  

 3 

 8. Neither the Company nor Employee shall be regarded as a prevailing party for any purpose, including,
but not limited to, determining responsibility for or entitlement to attorneys’ fees under any statute or otherwise. The Company and Employee expressly waive, as to each other, any and all claims for attorneys’ fees. 
  
 9. This Agreement will not be used or construed by any person or entity as an
admission of liability or finding or admission that any party’s rights were in any way violated by any other party and this Agreement may not be offered or received in evidence in any action or proceeding as an admission or concession of
liability or wrongdoing on the part of any party. 
  
 10. Each of
the Company and Employee will keep the terms of this Agreement strictly confidential and shall not disclose any information concerning the terms of this Agreement or provide a copy of the same to anyone except the party’s spouse (if
applicable), legal or tax advisor, unless otherwise required by a court of competent jurisdiction. If required by law to produce a copy or to make such disclosure, Employee will give the Company reasonable advance notice prior to such production or
disclosure. 
  
 11. Except as required by law, Employee will not
do or say anything that a reasonable person would expect at the time would have the effect of diminishing or constraining the goodwill and good reputation of the Company or the Company Releasees or the Company’s business, products or services.
This obligation will include refraining from making negative statements about the Company Releasees or the Company’s methods of doing business, the effectiveness of its business policies, and the quality of any of its services or personnel.
Except as required by law, the Company will not do or say anything that a reasonable person would expect at the time would have the effect of diminishing or constraining the goodwill and good reputation of Employee. The Company will not disparage or
seek to injure the Employee’s reputation. 
  
 12. Except as
required or permitted by law, Employee will keep strictly confidential and not use for personal benefit or disclose to others any confidential or proprietary business or financial information or trade secrets of the Company, or other technical,
business, or financial information, the use or disclosure of which may be contrary to the Company’s interests. This obligation shall remain in effect as to any confidential business or financial information or trade secrets of the Company for
so long as such confidential business or financial information or such trade secrets shall remain confidential and protected information of the Company under applicable law. 
  
 13. Employee will return all property of the Company to the Company wherever located on or before the Effective Date,
including, without limitation, all reports, files, memoranda, records, computer hardware and software, laptop computer and accessories, credit cards, card-key passes, door, file, vehicle and other keys, computer access codes, disks and instructional
manuals, calculators, cellular telephones, and other physical or personal property which have been provided for Employee’s use in connection with his employment with the Company. 
  
 14. This Agreement shall be binding upon and inure to the benefit of each of the Company and Employee and their respective
predecessors, successors, assigns, heirs, executors, and administrators. Employee shall not assign this Agreement or delegate Employee’s obligations hereunder without the prior written consent of the Company. 
  

 4 

 15. The Company and Employee acknowledge that this Agreement is intended to be a binding contract between
them and shall not be modified except by writing signed by each of the Company and Employee. Employee acknowledges that Employee has not relied on any representation or statement by any of the Company Releasees or by any of the Company
Releasees’ agents, representatives or attorneys regarding the subject matter, basis or effect of this Release 
  
 16. Each of the parties acknowledges and recognizes that a violation of this Agreement and its covenants will cause irreparable damage to the other party
and that the other party will have no adequate remedy at law for such violation. Accordingly, each of the parties agrees that the other party will be entitled, as a matter of right, to an injunction from any court of competent jurisdiction
restraining any further violation of the Agreement or covenant. This right to injunctive relief will be cumulative and in addition to whatever remedies the parties may otherwise have at law. 
  
 17. The parties agree that the Company’s past, present, and future
officers, directors, agents, shareholders, debt holders, employees, and representatives are each beneficiaries of this Agreement, and may rely on it directly for enforcement of the release set forth in Section 3 and the other benefits contained
herein. 
  
 18. If one or more of the provisions, or portions
thereof, of this Agreement are determined to be illegal or unenforceable, the remainder of this Agreement will not be affected by that determination and each remaining provision, or portion thereof, will continue to be valid and effective and will
be enforceable to the fullest extent permitted by law. 
  
 19.
This Agreement is made and entered into in the State of North Carolina and shall be governed by and construed in accordance with the laws of the State of North Carolina. 
  
 20. Employee acknowledges receiving this Agreement on the 6th day of January 2004. 
  
 PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND
UNKNOWN CLAIMS. 
  
 IN WITNESS WHEREOF, the parties hereto,
intending to be legally bound hereby, have executed this RELEASE AND SETTLEMENT AGREEMENT this the 12th day of
January, 2004 to be effective as of the Effective Date. 
  

			
	 EMPLOYEE:

		
	 Signature:
	 	 /s/ Matthew E. Czajkowski

	 	 	 Matthew E. Czajkowski

  

			
	 POZEN INC.

		
	 By:
	 	 /s/ John R. Plachetka

	 	 	 John R. Plachetka

	 	 	 Chairman, President and CEO

  

 5

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