Document:

exv10w30

Exhibit 10.30

EXECUTIVE EMPLOYMENT AGREEMENT

     THIS EMPLOYMENT AGREEMENT (the “Agreement”), is effective as of 03/01/2006 (the “Effective
Date”) by and between Cornerstone BioPharma, Inc., a Delaware corporation (the “Company”), and
Brian Dickson (the “Executive”), an individual residing in North Carolina.

WITNESSETH:

     WHEREAS, the Company wishes to employ the Executive, and the Executive desires to accept
employment with the Company, upon the terms and conditions of this Agreement.

     NOW, THEREFORE, in consideration of the foregoing, of the mutual promises herein, and of other
good and valuable consideration, including the employment of the Executive by the Company and the
compensation to be received by the Executive from the Company from time to time, and specifically
the compensation to be received by the Executive pursuant to Section 4 hereof, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending legally to be bound,
hereby agree as follows:

     1. Employment. The Company hereby employs the Executive and the Executive hereby
accepts employment as Chief Medical Officer of the Company upon the terms and conditions of this
Agreement.

     2. Duties. The Executive shall faithfully perform all duties of the Company related to
the position or positions held by the Executive, including but not limited to all duties set forth
in this Agreement and/or in the Bylaws of the Company related to the position or positions held by
the Executive and all additional duties that are prescribed from time to time by the Board of
Directors of the Company (the “Board”) or other designated officers of the Company. The Executive
shall devote the Executive’s full time and attention to the performance of the Executive’s duties
and responsibilities on behalf of the Company and in furtherance of its best interests; provided,
however, that the Executive, subject to the Executive’s obligations hereunder, shall also be
permitted to make personal investments, perform reasonable volunteer services and, with the prior
consent of the Company, serve on outside boards of directors for non-profit corporations. The
Executive shall comply with all Company policies, standards, rules and regulations (the “Company
Policies”) and all applicable government laws, rules and regulations that are now or hereafter in
effect. The Executive acknowledges receipt of copies of all written Company Policies that are in
effect as of the date of this Agreement.

     3. Term. Unless earlier terminated as provided herein, the initial term of this
Agreement shall commence on the Effective Date and shall continue until 12/31/2006. Thereafter,
this Agreement shall automatically renew on a year-to-year basis on the same terms and conditions
set forth herein unless: (a) earlier terminated or amended as provided herein or (b) either party
gives written notice of non-renewal at least sixty (60) days prior to the end of the initial term
or any renewal term of this Agreement. The initial term of this Agreement and all renewals thereof
are referred to herein as the “Term.”

 

 

     4. Compensation. During the Term, as compensation for the services rendered by the
Executive under this Agreement, the Executive shall have previously received or be entitled to
receive the following (all payments are subject to applicable withholdings):

          (a) Base Salary. The Executive shall receive a monthly salary of $19,583.35 (equal to
an annual salary of $235,000.22) payable in accordance with the then-current standard payroll
policies of the Company or as otherwise agreed to by the parties. The Executive’s salary may be
increased from time to time by the Board.

          (b) Bonuses. The Executive shall be eligible to participate in all bonus or profit
sharing plans adopted by the Board. The amount awarded to the Executive under any profit sharing or
bonus plan shall be in the discretion of the Board or any committee administering such plan, based
on its assessment of the Executive’s and the Company’s performance during the relevant period, but
it is the expectation of the Company that any such bonus would be in the range of 35% of the
Executive’s annual base salary.

          (c) Options. On 01/17/2006, the Executive was granted an option to purchase up to
425,000 shares of the Common Stock of Cornerstone BioPharma Holdings, Inc., a Delaware corporation
and parent corporation of the Company (“Parent”), at an exercise price of $.10 per share. The terms
and conditions of such option, including vesting, are governed by a[n] [Nonstatutory] [Incentive]
Stock Option Agreement issued by the Company to the Executive under Parent’s Stock [Option]
[Incentive] Plan.

          On 02/08/2006 the Executive was granted an option to purchase up to 325,000 shares of the
Common Stock of Cornerstone BioPharma Holdings, Inc., a Delaware corporation and parent corporation
of the Company (“Parent”), at an exercise price of $.10 per share. The terms and conditions of such
option, including vesting, are governed by a[n] [Nonstatutory] [Incentive] Stock Option Agreement
issued by the Company to the Executive under Parent’s Stock [Option] [Incentive] Plan.

          (d) Restricted Stock. On  N/A  the Executive purchased  N/A  shares of the Common Stock of Parent for $ N/A  per share. The terms and conditions
for such purchase were set forth in a Stock Purchase Agreement entered into between Parent and the
Executive.

          (e) Benefits. The Executive shall be entitled to receive those benefits provided from
time to time to other executive employees of the Company, in accordance with the terms and
conditions of the applicable plan documents; provided that, the Executive meets the eligibility
requirements thereof. All such benefits are subject to amendment or termination from time to time
by the Company without the consent of the Executive or any other employee of the Company.

          (f) Vacation. The Executive shall be entitled to three (3) weeks paid vacation per
calendar year (with the vacation for any partial year being prorated) to be taken at such times as
may be approved by his/her supervisor. A maximum of five (5) vacation days earned in one
calendar year may be used in the next subsequent calendar year. Upon the termination of the

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Executive’s employment with the Company, cash shall be paid in lieu of accrued but unused vacation.

          (g) Business Expenses. The Company shall pay, or reimburse the Executive for, all
reasonable expenses incurred by the Executive directly related to conduct of the business of the
Company; provided that, the Executive complies with the Company’s policies for the reimbursement or
advancement of business expenses that are now or hereafter in effect.

     5. Termination. This Agreement and the Executive’s employment by the Company shall or
may be terminated, as the case may be, as follows:

          (a) Termination upon Expiration of the Term. This Agreement and the Executive’s
employment by the Company shall terminate upon the expiration of the Term.

          (b) Termination by the Executive. The Executive may terminate this Agreement and his
employment by the Company thirty (30) days after notice to the Company.

          (c) Termination by the Company. The Company may terminate this Agreement and the
Executive’s employment by the Company upon notice to the Executive (or his personal
representative):

               (i) at any time and for any reason;

               (ii) upon the death of the Executive, in which case this Agreement shall terminate
immediately; provided that, such termination shall not prejudice any benefits payable to the
Executive’s spouse or beneficiaries which are fully vested as of the date of death;

               (iii) if the Executive is permanently disabled (as defined herein), in which case this
Agreement shall terminate immediately; provided that, such termination shall not prejudice any
benefits payable to the Executive, the Executive’s spouse or beneficiaries which are fully vested
as of the date of the termination of this Agreement. For purposes of this Agreement, the Executive
shall be considered permanently disabled when a qualified medical doctor mutually acceptable to the
Company and the Executive or the Executive’s personal representative shall have certified in
writing that: (a) the Executive is unable, because of a medically determinable physical or mental
disability, to perform substantially all of the Executive’s duties, with or without a reasonable
accommodation, for more than one hundred and eighty (180) calendar days measured from the last full
day of work; or (b) by reason of mental or physical disability, it is unlikely that the Executive
will be able, within one hundred and eighty (180) calendar days, to resume substantially all
business duties and responsibilities in which the Executive was previously engaged and otherwise
discharge the Executive’s duties under this Agreement;

               (iv) upon the liquidation, dissolution or discontinuance of business by the Company in any
manner or the filing of any petition by or against the Company under any federal or state
bankruptcy or insolvency laws, which petition shall not be dismissed within sixty

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(60) days after filing; provided that, such termination shall not prejudice the Executive’s
rights as a stockholder or a creditor of the Company; or

               (v) “for cause” (as defined herein). “For cause” shall be determined by the Board by a
majority vote without the participation of the Executive in such vote and shall mean:

                    (1) Any material breach of the terms of this Agreement by the Executive, or the failure of the
Executive to diligently and properly perform the Executive’s duties for the Company or the
Executive’s failure to achieve the objectives specified by the Board;

                    (2) The Executive’s misappropriation or unauthorized use of the Company’s tangible or
intangible property, or breach of the Proprietary Information Agreement (as defined herein);

                    (3) Any material failure to comply with the Company Policies or any other policies and/or
directives of the Board;

                    (4) The Executive’s use of illegal drugs or any illegal substance, or the Executive’s use of
alcohol in any manner that materially interferes with the performance of the Executive’s duties
under this Agreement;

                    (5) Any dishonest or illegal action (including, without limitation, embezzlement) or any other
action whether or not dishonest or illegal by the Executive which is materially detrimental to the
interest and well-being of the Company, including, without limitation, harm to its reputation;

                    (6) The Executive’s failure to fully disclose any material conflict of interest the Executive
may have with the Company in a transaction between the Company and any third party which is
materially detrimental to the interest and well-being of the Company;

                    (7) Any adverse action or omission by the Executive which would be required to be disclosed
pursuant to public securities laws or which would limit the ability of the Company or any entity
affiliated with the Company to sell securities under any Federal or state law or which would
disqualify the Company or any affiliated entity from any exemption otherwise available to it; or

                    (8) The Executive’s violation of the Company’s Policies prohibiting harassment, unlawful
discrimination, retaliation or workplace violence.

          (d) Obligations of the Company Upon Termination.

               (i) Upon the termination of this Agreement: (A) pursuant to the expiration of the Term; (B) by
the Executive pursuant to paragraph 5(b); or (C) by the Company

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pursuant to paragraph 5(c)(ii), (iii), (iv), or (v), the Company shall have no further
obligations hereunder other than the payment of all compensation and other benefits payable to the
Executive through the date of such termination.

               (ii) Upon termination of this Agreement: by the Company pursuant to paragraph 5(c)(i) and
provided the Executive executes and does not revoke a Release and Settlement Agreement in the form
acceptable to the Company: (1) the Company shall pay the Executive an amount equal to 3 months base
salary (less all applicable deductions) payable in a lump sum thirty (30) days after the
termination of Executive’s employment with the Company; (2) the Executive shall to be entitled to
receive all Company benefits to which the Executive was entitled as of the date of termination,
subject to the terms of all applicable benefit plans and to the extent such benefits can be
provided to a non-employee (or to the extent such benefits cannot be provided to non-employees,
then the Company shall pay to Executive on the first business day of each month during the
applicable period the amount that the Company was paying the applicable third party for such
benefits immediately prior to the termination of Executive’s employment with the Company), at the
same average level and on the same terms and conditions which applied immediately prior to the date
of the Executive’s termination, for the shorter of: (i) 3 months following the date of such
termination or (ii) until the Executive obtains reasonably comparable coverage from another
employer. Notwithstanding the foregoing, if and to the extent required in order to avoid the
imposition on Executive of any excise tax under Section 409A (“Code Section 409A”) of the Internal
Revenue Code of 1986, as amended (the “Code”), the payment of any severance or other payments under
this Section 5 shall not commence until, and shall be made on, the first business day after the
date that is six (6) months following the date of Executive’s termination of employment, and in
such event the initial payment shall include a catch-up amount covering amounts that would
otherwise have been paid during the six-month period following Executive’s termination date.

     6. Proprietary Information Agreement. The terms of the Proprietary Information,
Inventions, Non-Competition and Non-Solicitation Agreement by and between the Company and the
Executive, dated 03/01/2006 (the “Proprietary Information Agreement”), are hereby incorporated by
reference and are a material part of this Agreement.

     7. Representations and Warranties.

          (a) The Executive represents and warrants to the Company that the Executive’s performance of
this Agreement and as an employee of the Company does not and will not breach any noncompetition
agreement or any agreement to keep in confidence proprietary information acquired by the Executive
in confidence or in trust prior to the Executive’s employment by the Company. The Executive
represents and warrants to the Company that the Executive has not entered into, and agrees not to
enter into, any agreement that conflicts with or violates this Agreement.

          (b) The Executive represents and warrants to the Company that the Executive has not brought
and shall not bring with the Executive to the Company, or use in the performance of the Executive’s
responsibilities for the Company, any materials or documents of a former employer which are not
generally available to the public or which did not belong to the

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Executive prior to the Executive’s employment with the Company, unless the Executive has
obtained written authorization from the former employer or other owner for their possession and use
and provided the Company with a copy thereof.

     8. Indemnification by the Executive. The Executive shall indemnify and hold harmless
the Company, its directors, officers, stockholders, agents, and employees against all claims,
costs, expenses, liabilities, and lost profits, including amounts paid in settlement, incurred by
any of them as a result of the breach by the Executive of any provision of this Agreement.

     9. Notices. All notices, requests, consents, approvals, and other communications to,
upon, and between the parties shall be in writing and shall be deemed to have been given,
delivered, made, and received when: (a) personally delivered; (b) deposited for next day delivery
by Federal Express, or other similar overnight courier services; (c) transmitted via telefacsimile
or other similar device to the attention of the Company President or Chief Executive Officer with
receipt acknowledged; or (d) three (3) days after being sent or mailed by certified mail, postage
prepaid and return receipt requested, addressed to the Company at 2000 Regency Parkway, Cary, North
Carolina 27511, and to the Executive at 9308 Royal Crest Drive, Raleigh, NC 27617.

     10. Effect. This Agreement shall be binding on and inure to the respective benefit of
the Company and its successors and assigns and the Executive and his personal representatives.

     11. Entire Agreement. This Agreement constitutes the entire agreement between the
parties with respect to the matters set forth herein and supercedes all prior agreements and
understandings between the parties with respect to the same. To the extent any conflict exists or
arises between this agreement and any other Company policy or procedure, this agreement shall take
precedence and govern.

     12. Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision.

     13. Amendment and Waiver. No provision of this Agreement, including the provisions of
this Paragraph, may be amended, modified, deleted, or waived in any manner except by a written
agreement executed by the parties.

     14. No Assignment. Neither this Agreement nor any interest herein may be assigned by
either party without the consent of the other party.

     15. Construction. This Agreement shall be construed and enforced in accordance with
the laws of the State of North Carolina, other than its rules with respect to choice of law.

     16. Consent to Jurisdiction and Venue. Each of the parties agrees that any suit,
action, or proceeding arising out of this Agreement may be instituted against it in the District
Court of Wake County, North Carolina or in the United States District Court for the Eastern
District of North Carolina (assuming that such court has subject matter jurisdiction over such
suit, action or proceeding). Each of the parties hereby waives any objection that it may have to
the venue of any

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such suit, action, or proceeding, and each of the parties hereby irrevocably consents to the
personal jurisdiction of any such court in any such suit, action, or proceeding.

     17. Counterparts. This Agreement may be executed in more than one counterpart, each of
which shall be deemed an original, and all of which shall be deemed a single agreement.

     18. Headings. The headings herein are for convenience only and shall not affect the
interpretation of this Agreement.

[The remainder of this page is intentionally left blank.]

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     IN WITNESS WHEREOF, the parties have executed this Employment Agreement as of the day and year
first above written.

	 	 	 	 	 
	 	Cornerstone BioPharma, Inc.

 	 
	 	By:  	/s/ Craig A. Collard
 	 
	 	 	Name:  	Craig A. Collard 	 
	 	 	Title:  	CEO 	 
	 
	 	Executive

 	 
	 	/s/ Brian Dickson
 	 
	 	(Signature) 	 
	 

8exv10w31

Exhibit 10.31

CORNERSTONE BIOPHARMA, INC.

AGREEMENT REGARDING EMPLOYMENT, EMPLOYEE DUTIES, OWNERSHIP

OF EMPLOYEE DEVELOPMENTS, AND CONFIDENTIALITY

     This EMPLOYMENT AGREEMENT (“Agreement”), dated as of March 3, 2008, is entered into by and
between Cornerstone BioPharma, Inc. and/or its affiliates (“Cornerstone” or “Company”), a Nevada
corporation with offices at 2000 Regency Parkway, Suite 255, Cary, North Carolina 27511 and George
Esgro (“Employee”).

RECITALS

     WHEREAS, Employee is presently employed by Cornerstone, and

     WHEREAS, Cornerstone desires to secure the continued services and employment of the Employee,
and the Employee is willing to render such services on the terms and conditions set forth herein;

     NOW THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto
agree as follows, effective as of the Consummation Date:

TERMS OF AGREEMENT

     In consideration of the Recitals (which are incorporated herein) and the mutual covenants in
this Agreement, the parties agree as follows:

     1. Definitions. For the purpose of this Agreement, the terms used as headings in this Section
1, and parenthetically defined elsewhere in this Agreement, shall have the indicated meanings and
may be used in the singular or plural.

     “Affiliate.” Any business entity controlled by, controlling, or under common control or in
joint venture with, the Company.

     “Confidential Information.” All confidential and proprietary information of the Company and
its Affiliates, in whatever form, tangible or intangible, not otherwise publicly disclosed or
generally available (other than as a result of a wrongful disclosure by the Employee), whether or
not discovered or developed by the Employee, including information entrusted to the Company and/or
its Affiliates by others. Without limiting the generality of the foregoing, Confidential
Information shall include but shall not be limited to: (a) customer lists, lists of potential
customers and details of agreements with customers; (b) acquisition, expansion, marketing,
financial and other business information and plans of the Company or any of its Affiliates; (c)
research and development; (d) data concerning usage of prescription drugs and any other data
compiled by the Company or any of its Affiliates; (e) computer programs; (f) sources of supply; (g)
identity of specialized consultants and contractors and Confidential Information developed by them
for the Company or any of its Affiliates; (h) purchasing, operating and other cost data; (i)
special customer needs, cost and pricing data; (j) employee information (including, but not
limited to, personnel, payroll, compensation and benefit data and plans); and (k) patient records
and data, including all such information recorded in manuals, memoranda, projections, minutes,

 

 

plans, drawings, designs, formula books, specifications, computer programs and records, whether or
not legended or otherwise identified by the Company or any of its Affiliates as Confidential
Information, as well as such information that is the subject of meetings and discussions and not
recorded.

     “Developments.” All data, discoveries, findings, reports, designs, inventions, improvements,
methods, practices, techniques, developments, programs (computer or otherwise), formulas, plans,
concepts, and ideas, whether or not patentable, relating to the present and planned future
activities and the Products and Services of the Company or any of its Affiliates.

     “Products and Services.” All products or services sold, rented, leased, rendered or otherwise
made available to customers by the Company or any of its Affiliates, as well as products and
services in any stage of development by the Company or any of its Affiliates, although not yet
commercialized or not generally available.

     “Territory.” The United States of America, its territories and possessions and other
jurisdictions outside the United States where the company does business.

     2. Employment.

          2.1 Your employment is for an indefinite term and is terminable by either You or the Company
at any time, with or without cause. Cornerstone requests as a courtesy, that two weeks notice be
given by You in advance of any termination by You of employment. Cornerstone reserves the absolute
right to make any changes in assignment, personnel, or employee benefits at any time. No
representative of Cornerstone has any authority to make any contrary inconsistent statements
concerning the term of your employment, or to alter the at will employment relationship, except the
President or Chief Executive Officer of Cornerstone, and only then in a written agreement.

          a. You agree not to work for any competitive enterprise during your employment with
Cornerstone, including after hours, on weekends, or during vacation time, even if only
organizational assistance or limited consultation is involved.

          b. You agree that Cornerstone strictly forbids the unauthorized use of proprietary data owned
by another enterprise and that if you become aware of such unauthorized use, you will immediately
report it to your supervisor.

          c. You also agree not to accept any materials from anyone that could violate the Computer
Fraud and Abuse Act as set forth in Title 18, U.S.C. § 1030.

          2.2 Change in Control. If any change in control occurs, it is understood that any unvested
rights in Company stock, stock options, benefits or otherwise that are currently unvested and would
have become vested through the passage of time shall immediately vest. A change in control is
defined as the transfer of greater than 50% of the common ownership of the group to an unrelated
third party.

     3. Expenses. Pursuant to the Company’s customary policies in force at the time of payment,
the Executive shall be promptly reimbursed, against presentation of vouchers or

 

 

receipts therefor,
for all expenses properly and reasonably incurred by him on behalf of the Company and its
Affiliates in the performance of his duties hereunder.

     4. Termination.

          4.1 By the Company for Cause. Upon written notice, the Company may discharge the Employee and
terminate this Agreement for Cause. As used in this Section 4, Cause shall mean any one or more
than one of the following: (i) an act or acts of personal dishonesty or misrepresentation taken by
the Employee and intended to result in substantial personal enrichment of the Employee at the
expense of the Company; (ii) repeated violations by the Employee of the Employee’s obligations
under this Agreement which are demonstrably willful and deliberate on the Executive’s part and
which are not remedied within thirty (30) days after receipt of notice from the Company, or (iii)
the conviction of the Employee of a felony.

          4.2 By the Company Without Cause or By the Employee for Good Reason. The Company on written
notice to the Employee may discharge the Employee and terminate this Agreement without Cause at any
time.

          4.3 Death. This Agreement shall terminate forthwith upon the death of the Employee.

     5. Developments, Confidential Information and Related Matters.

          5.1 Assignment of Developments. All Developments that are at any time made, conceived or
suggested by the Employee, whether acting alone or in conjunction with others, during or as a
result of the Employee’s employment under this Agreement or thereafter, shall be the sole and
absolute property of the Company, free of any reserved or other rights of any kind on the
Employee’s part. During the Employee’s employment by the Company and thereafter, the Employee shall
promptly make full disclosure of any such Developments to the Company and, at its cost and expense,
do all acts and things (including, among others, the execution and delivery under oath of patent
and copyright applications and instruments of assignment) deemed by the Company to be necessary or
desirable at any time in order to effect the full assignment to the Company of the Employee’s right
and title, if any, to such Developments.

          5.2 Restrictions on Use and Disclosure. The Employee acknowledges that the Confidential
Information is valuable and proprietary to the Company (or to third parties that have entrusted
Confidential Information to the Company), and, except as required by the Employee’s duties
hereunder, the Employee shall not at any time, directly or indirectly, use, copy, publish,
summarize, disseminate, describe or otherwise disclose any Confidential Information or Developments
without the prior written consent of the Company.

          5.3 Return of Documents. Upon termination of the Employee’s employment with the Company, or at
the Company’s request, whichever is sooner, the Employee shall forthwith deliver to the Company all
manuals, memoranda, projections, minutes, plans, drawings, designs, formula books, specifications,
listings, records, notebooks, computer
programs and similar repositories of, or containing Confidential Information and Developments,
including all copies, then in the Employee’s possession or control, whether prepared by

 

 

the
Employee or others. Upon such termination, the Employee shall not retain any copies or abstracts of
any such documents or materials.

          5.4 Restrictions on Competitive Employment. During the term of the Employee’s employment and
for a period of twelve (12) months after the termination of the Employee’s employment for any
reason, pursuant to this Agreement or thereafter, absent the Company’s prior written approval, the
Employee shall not (as an individual, principal, agent, employee, consultant or otherwise) within
the Territory, directly or indirectly, engage in activities competitive with, nor render services
to any firm or business engaged or about to become engaged in the Business of the Company. In
addition, the Employee shall not have an equity interest in any such firm or business other than as
a 1% or less shareholder of a public corporation.

          5.5 Inducement; Enticement. During the term of the Employee’s employment, pursuant to this
Agreement, the Employee shall not, directly or indirectly: (a) solicit or contact any customer or
prospective customer of the Company or any of its Affiliates as to matters that relate to the
Business of the Company or which is in any way inconsistent or interferes therewith; (b) induce, or
attempt to induce, any employees or agents or consultants of the Company or any of its Affiliates
to do anything from which the Employee is restricted by reason of Sections 5.1 through 5.5; or (c)
offer or aid others to offer employment to any employees of the Company or any of its Affiliates.

          5.6 Survival and Other Matters. The provisions of Sections 5.1 through 5.5 shall survive the
termination of this Agreement and shall continue in effect during and after any employment of the
Employee after the end of the Employment Period and the termination of this Agreement. This
provision shall not be construed to limit the survival of any other provisions that also survive
the termination of this Agreement by the express or implied terms of such provisions.

     6. Notices. All notices and other communications provided for or permitted hereunder shall be
in writing and shall be deemed to have been duly given on the date that they are delivered
personally or sent by registered or certified mail (return receipt requested) postage prepaid to
the parties at the following addresses (or at such other address for any party as shall be
specified by like notice, provided that notices of a change of address shall be effective only upon
receipt thereof):

	 	(a)	 	If to the Company:
	 
	 	 	 	Cornerstone BioPharma, Inc.

2000 Regency Parkway, Suite 255

Cary, NC 27511

Attention: Craig Collard, President and CEO

 

 

	 	 	 	With a copy at the same address to:

	 	 	 	Hutchison Law Group, PLLC

Trinity Road, Suite 400

Raleigh, NC 27607

Attn: John Fogg, Attorney at Law

	 	(b)	 	If to the Employee, at the last address included
on the Company’s payroll records.

     7. Miscellaneous.

          7.1 Representations and Covenants. In order to induce the Company to enter into this
Agreement, the Employee makes the following representations and covenants to the Company and
acknowledges that the Company is relying upon said representations and covenants:

	 	(a)	 	No agreements or obligations exist to which the Employee is a
party or otherwise bound, in writing or otherwise, which in any way interfere
with, impede or preclude him from fulfilling all of the terms and conditions of
this Agreement.
	 
	 	(b)	 	The Employee, during his employment by the Company, shall use
his best efforts to disclose to the President in writing or by other effective
method any bona fide information known by him that would have any material
negative impact on the Company or an Affiliate.

          7.2 Entire Agreement. This Agreement contains the entire understanding of the parties as to
the subject matter hereof and fully supersedes all prior oral and written agreements and
understandings between the parties with respect to such subject matter. This Agreement also
supersedes and nullifies any and all change-of-control, severance or other employment-related
agreements entered into.

          7.3 Amendment; Waiver. This Agreement may not be amended, supplemented, cancelled or
discharged, except by written instrument executed by the party as to whom enforcement is sought. No
failure to exercise, and no delay in exercising, any right, power or privilege hereunder shall
operate as a waiver thereof. No waiver of any breach of this Agreement shall be deemed to be a
waiver of any preceding or succeeding breach of this Agreement.

          7.4 Binding Effect; Assignment. The rights and obligations of this Agreement shall bind and
inure to the benefit of the surviving corporation in any merger or consolidation in which the
Company is a party, or any assignee of all or substantially all of the Company’s business and
properties. The Employee’s rights and obligations under this Agreement may not be assigned by him,
except that his right to receive accrued but unpaid compensation, unreimbursed expenses and other
rights, if any, provided under this Agreement which survive termination of this Agreement shall
pass after death to the personal representatives of his estate.

 

 

          7.5 Headings. The headings contained in this Agreement (except those in Section 1) are for
reference purposes only and shall not affect the meaning or interpretation of this Agreement.

          7.6 Counterparts. This Agreement may be executed in one or more copies, each of which shall be
deemed an original.

          7.7 Governing Law; Interpretation. This Agreement shall be construed in accordance with and
governed for all purposes by the laws and public policy of the State of North Carolina, without
regard to any principles of conflict of laws. Service of process in any dispute shall be effective
(a) upon the Company, if served upon the Chairman of the Board, the President or any Executive Vice
President of the Company (other than the Executive); and (b) upon the Executive, if delivered to
the Employee’s residence last known to the Company. The Employee acknowledges that a breach of
Sections 5.1 through 5.5 would cause grave and irreparable injury to the Company that would not be
compensable in money damages, and therefore, in addition to the Company’s other express and implied
remedies, the Company shall be entitled to injunctive and other equitable relief to prevent any
actual, intended or likely injuries that may result from such breach. However, nothing in this
Section shall limit any other right or remedy to which the Company may be entitled.

          7.8 Further Assurances. Each party agrees at any time, and from time-to-time, to execute,
acknowledge, deliver and perform, and/or cause to be executed, acknowledged, delivered and
performed, all such further acts, deeds, assignments, transfers, conveyances, powers of attorney
and/or assurances as may be necessary, and/or proper to carry out the provisions and/or intent of
this Agreement.

          7.9 Gender; Singular; Plural. In this Agreement, the use of one gender (e.g., “he”, “she” and
“it”) shall mean each other gender; and the singular shall mean the plural, and vice versa, all as
the context may require.

          7.10 Severability. The parties acknowledge that the terms of this Agreement are fair and
reasonable at the date signed by them. However, in light of the possibility of a change of
conditions or differing interpretations by a court of what is fair and reasonable, the parties
stipulate as follows: if any one or more of the terms, provisions, covenants or restrictions of
this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated;
further, if any one or more of the terms, provisions, covenants or restrictions contained in this
Agreement shall for any reason be determined by a court of competent jurisdiction to be excessively
broad as to duration, geographical scope, activity or subject, it shall be construed, by limiting
or reducing it, so as to be enforceable to the maximum extent compatible with then applicable law.

 

 

          7.11 Consents. Any consent, approval or authorizations required hereunder shall mean the
written consent, approval or authorization of the Chairman of the Board of the Company or such
other officer as may be designated in writing by the Board of Managers.

[SIGNATURE PAGE FOLLOWS]

 

 

EXECUTION

     The parties, intending to be legally bound in accordance with its terms as of the date first
above written.

	 	 	 	 	 
	Cornerstone BioPharma, Inc.

 	 	 
	/s/ Craig Collard
 	 	 
	By:  Craig Collard 	 	 
	Its:  President & CEO 	 	 
	 

	 	 	 	 	 
	 	 	 
	     /s/ George Esgro
 	 	 
	George Esgro

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