Document:

Form of Notice of Stock Option Grant and Employee Stock Option Agreement

 Exhibit 10.109.1 
 NOTICE OF STOCK OPTION GRANT 
 under the 
 1987 MICROSEMI CORPORATION STOCK PLAN 
 You have been granted the following
Option to purchase Common Stock, par value $.20 per share, of Microsemi Corporation (the “Company”): 
  

			
	Name of Employee:	  	«First_Name» «Last_Name»
		
	 Total Number of Shares
 Subject to this Option:
	  	«M    Shares»
		
	Exercise Price Per Share:	  	«Price_per_Share»
		
	Date of Grant:	  	«Grant_Date»

  

			
	 Dates First
 Exercisable:
	  	Until the first anniversary of the Date of Grant, this Option may not be exercised with respect to any of the Shares covered hereby.
		
		  	During the second year, this Option may be exercised as to not more than one-third of the total number of Shares covered hereby.
		
		  	During the third year, this Option may be exercised as to an additional one-third, but cumulatively not more than two- thirds of the total number of Shares covered hereby.
		
		  	On or after the third anniversary of the Date of Grant, this Option may be exercised up to one hundred percent of the total number of Shares covered hereby.

 The Purchase Price, and the amount of tax withholding, shall be payable in any of the following
forms: (i) in United States dollars and paid in cash, by certified check or by bank draft; (ii) shares of the Company’s Common Stock already owned by Grantee for a period of at least six (6) months surrendered in good form for
transfer (such shares shall be valued at their Fair Market Value on the date the Option is exercised); (iii) by the Company withholding from Grantee out of the Company’s Stock otherwise deliverable upon exercise (such shares shall be
valued at their Fair Market Value on the date the Option is exercised); or (iv) provided that a public market for the Company’s Stock exists, through a “same day sale” commitment from Grantee and a broker-dealer that is a member
of the National Association of Securities Dealers (an “NASD Dealer”), whereby Grantee irrevocably elects to exercise his Option and to sell at least the necessary portion of the Company’s Stock so purchased and whereby the NASD Dealer
irrevocably commits upon receipt of such Company Stock to forward payment in United States dollars directly to the Company.
  

 1 

 By your signature and the signatures of the Company’s representatives below, you and the Company
agree that this Option is granted under and governed by the terms and conditions of the 1987 Microsemi Corporation Stock Plan, as amended, and the Stock Option Agreement, both of which are made a part of this document. 
  

					
	EMPLOYEE:	 	 	 	MICROSEMI CORPORATION
			
	 Signature:
	 	By:	 	
	 	 		 	 
	  	 		 	 
			
	 Name: «First_Name» «Last_Name»
	 	Name:	 	 James J. Peterson

			
		 	Title:	 	 President & CEO

			
		 	By:	 	
		 		 	 
			
		 	Name:	 	 David R. Sonksen

			
		 	Title:	 	 Executive Vice President, CFO,
 Treasurer and Secretary

  

 2 

 MICROSEMI CORPORATION 
 STOCK OPTION AGREEMENT 
 UNDER THE 1987 MICROSEMI CORPORATION STOCK
PLAN 
 THIS STOCK OPTION AGREEMENT (“Agreement”) is made pursuant to an option grant notice (the “Notice of Stock
Option Grant”) attached hereto and incorporated into this Agreement by this reference, made as of the Date of Grant as set forth in the Notice of Stock Option Grant, between Microsemi Corporation, a Delaware corporation (the
“Company”) and the option holder (“Employee”), whose identity is as set forth in the Notice of Stock Option Grant. (Capitalized terms in the Notice of Option Grant attached hereto shall have the meanings ascribed to them in this
Agreement). 
 WHEREAS, the Company desires to carry out the purposes of the 1987 Microsemi Corporation Stock Plan (the “Plan”) by
affording the Employee an opportunity to purchase shares of the Company’s Common Stock (the “Stock”); and 
 WHEREAS, to the
maximum extent permitted by law, this Option is intended to qualify as an ISO (as defined below); 
 THEREFORE, in consideration of the
mutual covenants hereinafter set forth and for other good and valuable consideration, the parties have agreed, and do hereby agree as follows: 
 Section 1. Grant of Option 
 On the terms and conditions set forth in the Notice of Stock Option Grant and this
Agreement, the Company grants to the Employee on the Date of Grant a right and option to purchase, at the Exercise Price, all or any portion of the number of Shares set forth in the Notice of Stock Option Grant (the “Option”) to the extent
exercisable as set forth in the Notice of Option Grant. To the maximum extent permitted by law, this Option is intended to qualify as an ISO under Section 422 of the Code but shall constitute a non-qualified stock option to the extent that it
fails in whole or in part to qualify as an ISO for any reason. 
 Section 2. Purchase Price  
 The Exercise Price represents not less than one hundred percent (100%) of the Fair Market Value per Share as of the Date of Grant; or in the event
that the Employee owns more than 10% of the total combined voting power of all classes of stock of the Company, the Exercise Price represents not less than 110% of the Fair Market Value per Share at Date of Grant. 
 Section 3. Medium of Payment  
 The Purchase Price shall be payable in any form of consideration described in the Notice of Stock Option Grant, or in any combination thereof. The Company shall not be required to issue or permit transfer of Shares of the Company Stock upon
exercise of a Stock Option until the Purchase Price is fully paid. 
 Section 4. Option Term  
 (a) No part of the Option shall be exercised after six (6) years from the Date of Grant, except in the event Employee owns at the Date of Grant more
than 10% of the total combined voting power of the Company, in which case no part of the Option may be exercised after five (5) years from the Date of Grant. 
  

 3 

 (b) If for any reason whatsoever Employee ceases to be employed by the Company or any of its
subsidiaries, or by a company issuing or assuming an Option in a transaction to which Code Section 424(a) applies, then (I) any unexercised options which shall on or before the date of termination have become exercisable shall terminate
three months after the date of termination, except that if Employee dies, or becomes disabled within the meaning of Section 22(e) (3) of the Code, before this option is terminated, the three-month period will become one year; and (II) any
unexercised options which shall on or before the date of termination have not become exercisable shall terminate on the date of termination. 
 (c) A leave of absence (not in excess of three months) approved in writing by the Committee shall not be deemed a termination of employment for the purposes of this Agreement. Any leave of absence in excess of three months shall be
equivalent to a termination of employment. 
 (d) Notwithstanding any provisions of paragraph (b) of this Section 4 to the contrary, if the
exercise of the Option following termination and during the applicable time period set forth in paragraph (b) or sale during such period of the Shares acquired on exercise would violate any of the provisions of the federal securities laws (or any
Company policy related thereto), the time period to exercise the Option shall be extended until the later of (i) forty-five (45) days after the date that the exercise of the Option or sale of the Shares acquired on exercise would not be a violation
of the federal securities laws (or a related Company policy), or (ii) the end of the applicable time period set forth in paragraph (b). 
 (e) Paragraph (d) of this Section 4 shall not apply to, and shall be of no force or effect whatsoever upon, any Option to the extent that, at the date of termination, it is an ISO. 
 Section 5. Time of Exercise  
 The portion of this Option which has become exercisable may be exercised at any time or from time to time (so long as this Option has not expired), as to any part or all hereof; provided that this Option may not be exercised for a fraction
of a share of Stock. 
 Section 6. Method of Exercise  
 (a) Each exercise of this Option shall be by written notice of exercise delivered to the President of the Company at its principal place of business
specifying the number of shares of Stock to be purchased and accompanied by payment in the manner described in Section 3 hereof. The notice shall be in substantially the form of the Notice of Exercise of Stock Option attached hereto.

 (b) As soon as practicable after any exercise of this Option in accordance with the foregoing provisions, the Company shall, without
transfer or issue tax to the Employee, deliver certificate(s) to the Employee representing the Stock as to which this Option has been exercised. 
 Section 7. Non-Transferability  
 This Option, and all rights and privileges hereunder, shall be non-assignable
and non-transferable by the Employee, either voluntarily or by operation of law (except by will or by operation of the laws of descent and distribution), shall not be pledged or hypothecated in any way, and shall be exercisable during the
Employee’s lifetime only by the Employee. 
 Section 8. Shares Authorizations, Consents, Etc.  
 The Company, during the term of this Option, will keep available the number of shares of Stock required to satisfy this Option. The Company will seek to
obtain from each regulatory commission or agency having jurisdiction such authority as may be required to issue and sell Stock to satisfy the Option. Inability of the Company to obtain from any such regulatory commission or agency authority which
counsel for the Company deems necessary for the lawful issuance and sale of the Stock to satisfy the Option, shall relieve the Company from any liability for failure to issue and sell Stock to satisfy the Option until such time as that such
authority is obtained. 
  

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 Section 9. Investment Representations  
 Employee may be required, if it is deemed necessary in the opinion of counsel for the Company, to represent to the Company at the time of exercise that it
is his or her intention to acquire the Stock for his private investment only and not for resale or distribution to the public. The Company may stamp any certificates representing such Stock with a legend to the effect that such Stock has not been
registered under the Securities Act of 1933 and that the Stock may not be sold or transferred until so registered, or until an opinion of counsel satisfactory to the Company is received to the effect that such registration is not necessary. In the
event this Option and the Stock issued pursuant to this Option are registered under the Securities Act of 1933, as amended, then such investment representations and legend restrictions pursuant to Federal securities law shall be inapplicable with
respect to such Stock. Nothing herein shall be deemed to obligate the Company to so register any of such Stock. 
 Section 10.
Rights as Stockholder  
 The Employee shall have no rights as a stockholder with respect to any Stock covered by this Option until
the certificate(s) representing such Stock shall have been issued and delivered to him or her. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such Stock certificate(s) are delivered to the
Employee. 
 Section 11. Adjustments for Changes in Capital Structure  
 (a) If the Shares of the Company’s stock are increased, decreased, changed into or exchanged for a different number or kind of shares pursuant to a
reorganization, recapitalization, reclassification, stock dividend, stock split or reverse stock split, an appropriate and proportionate adjustment shall be made changing the number or kind of Shares allocated to any unexercised portion of this
Option; except that if such change results from a stock dividend, such adjustment shall only be made if the aggregate of all stock dividends paid by the Company (including the one causing the change) during the one-year period ending at the close of
business on the day the change occurs exceeds 5% of the Shares of the Company’s Stock as it was constituted at the beginning of such one-year period (and any such adjustment shall equal all such stock dividends in the event that no adjustment
was made for prior stock dividends during such year because such stock dividends aggregated less than such 5%). All adjustments shall be made without changing the aggregate Purchase Price applicable to the unexercised portion of this Option, and
therefore a corresponding adjustment shall be made in the Exercise Price for each Share covered by this Option. 
 (b) Upon a reorganization,
merger or consolidation of the Company with one or more corporations as a result of which the Company is not the surviving corporation and results in a “Change of Control,” the Company shall use its best efforts but shall be under no
obligation, to cause the reorganization, merger or consolidation agreement to include a provision for the continuance of the Plan and for the assumption of this Option, or the substitution for this Option of new options covering the stock of a
successor corporation, or a parent or subsidiary thereof, with appropriate adjustments as to number and kind of shares of Stock and Exercise Prices. 
 (c) Upon the dissolution or liquidation of the Company, or upon a sale of substantially all of its property, or a reorganization, merger or consolidation described above which does not include a provision for
continuance of the Plan or assumption of this Option (“Terminating Transactions” herein), the Plan shall terminate forthwith, 

  

 5 

 
and this Option shall terminate. Notwithstanding the preceding sentence, if as of immediately prior to the Terminating Transaction, Employee would be
entitled to exercise any unexercised portions of this Option, he or she shall have the right at such time immediately prior to the consummation of the Terminating Transaction as the Company shall designate, to exercise this Option to the full extent
provided herein. 
 (d) Subject to Section 11(e), in the event of a Change in Control, each Option shall, at the discretion of the
Committee either (i) be canceled in exchange for a payment in cash of an amount equal the number of Shares covered by the Option multiplied by the excess, if any, of the fair value, as determined in good faith by the Board of Directors, of the
price paid per share of Common Stock in the Change in Control transaction over the Exercise Price and/or (ii) vest and become fully exercisable regardless of the vesting and exercise schedule otherwise applicable to such Option. If the
reorganization, merger or consolidation agreement so provides, the Plan and this Option shall continue in the manner and under the terms so provided in such agreement. 
 (e) Notwithstanding Section 11(d), no cancellation, acceleration of exercisability, vesting, cash settlement or other payment provided in Section 11(d) shall occur with respect to an Option upon a Change in
Control if the Committee reasonably determines in good faith prior to the occurrence of the Change in Control that such Option shall be honored or assumed, or new rights substituted therefor (such honored, assumed or substituted award, an
“Alternative Award”), by the Employee’s new employer (or the parent or a subsidiary of such new employer) immediately following the Change in Control, provided that such Alternative Award (i) is based on stock which is or will
be, within sixty (60) days after the Change in Control, traded on an established securities market; (ii) provides Employee with rights and entitlements substantially equivalent to or better than the rights, terms and conditions applicable under
the Option; (iii) has substantially equivalent economic value to the Option (determined at the time of the Change in Control); and (iv) vests and becomes fully exercisable and transferable in the event that Employee’s employment is
involuntarily terminated or terminated by Employee following a material reduction in the Employee’s base salary or Employee’s incentive compensation opportunity or a material reduction in the Employee’s responsibilities, in any such
case without the Employee’s written consent. 
 Section 12. Continuation of Employment 
 Nothing herein shall confer upon Employee any right to continue in the employment of the Company or any of its subsidiaries, or interfere in any way with
the right of the Company or any such subsidiary (subject to the terms of any separate employment agreement to the contrary) at any time to terminate such employment or increase or decrease the compensation of Employee from the rate in existence on
the Date of Grant. 
 Section 13. Tax Treatment and Withholding Taxes  
 The aggregate Fair Market Value (determined with respect to each ISO at the time such ISO is granted) of the Shares with respect to which ISOs are
exercisable for the first time by an option holder during any calendar year (under this or any other option, this Plan or any other plan of the Company) shall not exceed $100,000. Any portion exceeding this annual limit shall be a nonqualified stock
option. Also, in order to qualify as an ISO, the underlying Stock may not be sold within one (1) year from the date the Option is exercised and also may not be sold within two (2) years from the date the Option was granted. Also, in order to qualify
as an ISO, the Option must be granted to an employee of the Company or a parent or subsidiary corporation as of the Date of Grant. Further requirements apply, including without limitation that the Option exercise period may not be extended beyond
that originally provided herein. If the Option does not qualify as an ISO, or is subsequently disqualified by a disposition of the shares, the Company has the right to require Employee or Employee’s permitted successor in interest to pay the
Company the amount of any 

  

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taxes which the Company may be required to withhold with respect to such shares and the Employee shall be responsible for the additional taxes on the
Employee that result. The Company has the right to require Employee or Employee’s permitted successors in interest to pay the Company the amount of any taxes which the Company may be required to withhold with respect to Option Shares. The
Company expects that any difference between the Exercise Price of a nonqualified stock option and the Fair Market Value of a share of Common Stock on the day of exercise will be treated as compensation by the Internal Revenue Service and subject to
withholding taxes on the date of exercise. 
 The foregoing is not intended to provide tax advice. The Employee should consult his or her own
tax advisor(s). 
 Section 14. The Plan  
 The Option is subject to, and the Company and Employee agree to be bound by, all of the terms and conditions of the Plan as the same shall be amended from time to time in accordance with the terms thereof, but,
without the consent of Employee, no such amendment shall adversely affect the Employee’s rights under this Option. Pursuant to the Plan, the Committee has the final authority to construe and interpret the provisions of the Plan and this Option.
A copy of the Plan in its present form is available for inspection by the Employee during business hours at the principal office of the Company. 
 Section 15. Governing Law 
 This Agreement shall be subject to, and governed by, the laws of the State of
California irrespective of the fact that one or more of the parties now is, or may become, a resident of a different state. 
 Section 16. Construction  
 In the event any parts of this Agreement are found to be void, the remaining
provisions of this Agreement shall nevertheless be binding with the same effect as though the void parts were deleted. 
 Section 17. Binding Effect  
 This Agreement shall inure to the benefit of and be binding on the parties hereto
and their respective heirs, executors, administrators, successors and assigns. 
 Section 18. Definitions  
 “Agreement” shall mean this Stock Option Agreement. 
 “Change in Control” shall mean the occurrence of any of the following events: 
 (i)
Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) is or becomes the “beneficial owner” (as defined in Rule 13d 3 under said Act), directly or indirectly, of
securities of the Company representing more than fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting securities; 
 (ii) Consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of
the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approving a plan of complete liquidation of the
Company 

  

 7 

 
or a consummation of the sale or disposition by the Company of all or substantially all of the Company’s assets. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 “Date of Grant” shall mean the date specified in the Notice of Stock Option Grant, or, if later, the later of (i) the date on which the Board of Directors or a committee thereof resolved to grant this
Option or (ii) the first day of the Employee’s service as a common-law employee of the Company, a parent or a subsidiary. 
 “Exercise Price” shall mean the amount for which one Option Share may be purchased upon exercise of this Option, as specified in the Notice of Stock Option Grant. 
 “Notice of Stock Option Grant” shall mean the document so entitled to which this Agreement is attached. 
 “Employee” shall mean the individual named in the Notice of Stock Option Grant. 
 “Fair Market Value” shall mean the fair market value of a Share, as determined by the Committee in good faith. Such determination shall be
conclusive and binding on all persons. 
 “ISO” shall mean an incentive stock option under Section 422 of the Code.

 “NQSO” or “nonqualified stock option” shall mean an Option under the Plan that does not qualify as an incentive stock
under Section 422 of the Code. 
 “Option Shares” shall mean the Shares acquired upon exercise of the Option. 
 “Purchase Price” shall mean the Exercise Price multiplied by the number of Shares with respect to which this Option is being exercised.

 “Share” shall mean one share of Stock, as adjusted in accordance with Section 11 (if applicable). 
  

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 Employee Name & Address: 
 Date: 
 Ms. Debbie Weber 
 MICROSEMI CORPORATION 
 2381 Morse Avenue 
 Irvine, California 92614 
  

	RE:	STANDARD EXERCISE OF EMPLOYEE STOCK OPTION 

 Dear Ms. Weber: 
 Under the terms of the Microsemi Corporation Stock Option Agreement dated
                                , I hereby present notice to
exercise                     shares of the Company’s common stock at a price of
$                     per share. 
 I am enclosing
a check in the amount of $                     to cover full payment price of the shares to be purchased. 
  

	***	 I hereby agree to notify Microsemi Corporation of the sale amount, net of commission, within five (5) days after selling these shares (for W-2 reporting purposes at
the end of the calendar year). 

  

	
	 Sincerely,

	
	   
	 (Employee’s Signature)

	
	  
	 (Employee’s Social Security Number)

	
	ACCEPTED BY:
	
	   
	 Debbie Weber

	 MICROSEMI CORPORATION

 Microsemi Corporation 
 CASHLESS STOCK OPTION EXERCISE FORM AND INSTRUCTIONS 
 NOTE: Copy this form and complete one form for each Grant
Date being exercised. 
  

							
	 Client’s Name: 
	  	  	    	Date: 	  	  
				
	 Account Number: 
	  	  	    	SS #: 	  	  

  

					
	 Number of Shares to be Exercised
	  	  	  	 Officers/Directors subject to Rule 144 ONLY. Please read and initial:

			
	 Exercise Price
	  	$                                      
                                	  	                     I certify that I have mailed the necessary 144 papers
(copy attached) to the SEC prior to the submission of this exercise form. I have also faxed to the Broker a signed Seller’s Rep. Letter and copy of the 144 form. Both forms are required to sell MSCC shares. Contact the Broker for help with
these forms.
	 Date of Grant
	  	  	  
	 Expiration Date (10 years after Grant Date) 
	  	  	  
	 Total Exercise Cost (Shares x Price)
	  	$                                      
                              	  

 Execution Instructions to
                                     (the “Broker”)
(One Instruction line MUST be selected) 
  

					
	  ̈
	  	1.	  	Sell all shares upon exercise and approval of this application. You hereby grant the Broker time and price discretion in regards to the sale of your shares which is used to potentially maximize
execution price. Shares sold may be combined in the interest of fairness to employees submitting exercise forms on the same day and also, to help maximize the execution price for sellers on the same day. You will not be notified or contacted prior
to the sale of shares after receipt of this executed form by the Broker.
	  ̈
	  	2.	  	Sell ________ shares upon approval and receipt of this form. (Conditions and order handling as stated in “Selection One” apply). This option allows selling of shares necessary to at
least equal your exercise cost and any applicable tax withholding and thereby avoiding any margin balance in your account. NOTE: Holding Microsemi stock in your account on margin is not allowed per Microsemi policy). Any remaining shares will be
held in your account at the Broker. Additional orders to sell the balance can be sent to the Broker. You are welcome to leave these fully paid for shares in your account without any time limit. Future sales of these shares may be restricted during
Microsemi “black-out” periods, as promulgated by Microsemi’s legal counsel, and which are subject to modification at any time.
	  ̈
	  	3.	  	I wish to place specific execution instructions on all of my shares and will contact the Broker promptly after submitting this form to Microsemi’s corporate office for processing. I
understand that I need to sell enough shares on the first day this approved form is received by the Broker to cover the exercise cost of my options.

 Typically, forms sent to Microsemi in early AM will usually be processed on the same day. However, it is the
policy of Microsemi that processing of option exercise forms may take up to 72 hours to complete. 
  

	***	 	I hereby agree to notify Microsemi Corporation of the sale amount, net of commission, within five days (5) after selling these shares (for W-2 reporting purposes at the
end of the calendar year). 

  

					
			
	   	 		 	   
			
	Client Signature I acknowledge and understand the instructions I have issued to the Broker and Microsemi on this form. I hereby authorize the Broker to provide relevant
information to Microsemi for W-2 reporting purposes (i.e., date, price & number of shares). I also authorize the Broker and its clearing agent, to journal the cost of the option exercise and any applicable tax withholding to Microsemi
Corporation’s account.	 		 	DATE

 SECTION BELOW TO BE COMPLETED BY MICROSEMI REPRESENTATIVE 
 Registration Instructions: All shares must be free of restrictions and delivered within fifteen (15) business days (NYSE Par. M, Sec 5) 
                      The Broker or its Clearing Agent should
send a DWAC request for the shares on:                     . 

                      Shares will be registered in the name of:
                                        
                                         .

 In connection with the above notice of exercise, we hereby agree to arrange for delivery of the shares specified above, upon payment, by physical Delivery
to the following address:  
 Authorized Signature:
                                        
                                        
                                        

	Direct	Correspondence To: DEBBIE WEBER – Microsemi Corporate Office FAX #: (949) 756-2602 

  

	***	 To CONFIRM RECEIPT of your request to exercise options, call DEBBIE WEBER at: (949) 221-7102.Employment Agreement

 Exhibit 10.82 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the “Agreement”) is entered
into effective as of December 2, 2005 by and between Mark W. Salyer (“Employee”) and BioDelivery Sciences International, Inc. (the “Company”). 
 WHEREAS, the Company and Employee are willing to commence an employment relationship, on the terms, conditions and covenants set forth in this
Agreement. 
 NOW, THEREFORE, in consideration of Employee’s commencement of employment with the Company, the mutual agreements
and covenants contained herein and other good and valuable consideration, receipt of which Employee and the Company hereby acknowledge, Employee and the Company agree, as follows: 
 1. Position. Employee agrees to employment with the Company in the position of Executive Vice President of Sales and Marketing of the Company.
Employee further agrees to perform the job duties and to carry out the responsibilities of that position, as reasonably determined by the Chief Executive Officer of the Company from time to time or the Board of Directors of the Company (the
“Board of Directors”) consistent with the customary duties of such position and the Bylaws of the Company. Employee shall report to the Chief Executive Officer of the Company. Employee’s first date of employment shall be
January 9, 2006 (the “Start Date”). Employee acknowledges and agrees that his position with the Company shall deem him to be an “executive officer” of the Company for purposes of Section 16 of the Securities
Exchange Act of 1934, as amended, and rules and regulations promulgated thereunder (the “Exchange Act”), and accordingly, Employee agrees to timely make all filings required to be made by him with the Securities and Exchange
Commission under the Exchange Act. 
 2. Employee’s Effort. Employee shall perform his duties in the capacity as an employee and
in such capacity shall spend all of his business time and best efforts, skill and attention to his position and to the business and interests of the Company. Employee shall be primarily responsible for coordinating and overseeing the Company’s
sales and marketing efforts relating to its pharmaceutical products and formulations. 
 3. Base Salary; Bonus; Benefits. 

(a) Base Salary. The Company shall pay Employee compensation for services rendered in the amount of Two Hundred and Twenty Thousand Dollars
($220,000) per annum (the “Base Salary”), payable on a bi-weekly basis or otherwise in accordance with the Company’s standard policies. Employee’s Base Salary may be subject to adjustment as determined by the Board of
Directors or a designated committee thereof in its sole and absolute discretion; provided, however, that the Base Salary will be reviewed on an annual basis and at no time during the Term shall the Base Salary be decreased from the amount
then in effect. 

 (b) Optional Bonus. Employee shall also be elligible to receive a cash bonus (based upon the
achievement of personal and corporate objectives to be determined each year by the Chief Executive Officer of the Company) for each Company fiscal year of up to fifty percent (50%) of the Base Salary, which bonus shall be granted in the sole
and absolute discretion of the Board of Directors or a designated committee thereof. 
 (c) Other Compensation and Benefits. In
addition, Employee shall receive such additional compensation or other benefits as are provided to Company employees generally and similarly-situated Company employees specifically (including, without limitation: (i) three (3) weeks paid
vacation, (ii) five (5) sick days, (iii) health insurance, dental insurance, life insurance and long and short term disability insurance and (iv) 401(k) Plan (effective 60 days after the Start Date) with company match, in each
case as administered in accordance with prevailing Company policy, as the same may be determined from time to time in the sole discretion of the Board of Directors or a designated committee thereof. Furthermore, Employee: (i) shall be provided
with 100,000 stock options that will be vest in 1/3 increments over 3 years (beginning on the first anniversary of the Start Date), which grant shall be memorialized in a separate option agreement and administered in accordance with the
Company’s Amended and Restated 2001 Incentive Plan, (ii) shall be reimbursed up to $30,000 for brokerage fees relating to the sale of, and the physical relocation of Employee’s furniture from, his town home in Livingston, New Jersey
to Cary, North Carolina and (iii) shall be reimbursed from time-to-time for reasonable business expenses properly documented as per the Company’s policy. 
 4. Term; Termination. Unless earlier terminated under this Section 4, this Agreement and the status and obligations of Employee thereunder as an employee of the Company (except as provided for below) shall
be effective for a period ending on December 31, 2006 (the “Initial Term”) and, after the expiration of the Initial Term, this Agreement shall automatically renew for successive one (1) year terms (each a “Renewal
Term” and, collectively with all Renewal Terms and the Initial Term, the “Term”) unless, and subject to the proviso contained in Section 4(b) below, following the Initial Term, either party gives thirty
(30) days’ advance written notice of its intention not to renew this Agreement at the conclusion of the next Renewal Term. Termination of this Agreement shall not, in any event, affect any rights that Employee may have been specifically
granted to Employee by the Board of Directors or a designated committee thereof pursuant to any of the Company’s retirement plans, supplementary retirement plans, profit sharing and savings plans, healthcare, 401(k) any other employee benefit
plans sponsored by the Company, it being understood that no such rights are granted hereunder. In addition, notwithstanding the expiry or termination of this Agreement pursuant to this Section 4 or otherwise, Employee’s rights and
obligations under Sections 5 through 14 inclusive of this Agreement and those contained within the Confidentiality and Intellectual Property Agreement attached hereto as Exhibit A, to be executed simultaneously with this Agreement (the
“Confidentiality Agreement”), shall survive the such termination or expiration of this Agreement in accordance with the terms of such Sections. 
 (a) Death. This Agreement shall automatically terminate upon the death of Employee and all of his rights hereunder, including the rights to receive compensation and benefits, except as otherwise required by
law, shall terminate. 
  

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 (b) Termination with Notice by Either Party. The Company or Employee may terminate this Agreement
for any reason or no reason upon thirty (30) days prior written notice to the other. In case of termination by the Company only under this paragraph: (i) if such termination occurs at any time prior to the first (1st) anniversary of
the Start Date, the Company shall pay Employee a one-time cash severance payment equal to one-half (1/2) of the Base Salary and (ii) if such termination occurs at any time on or following the first (1st) anniversary of the Start Date,
the Company shall pay Employee a one-time cash severance payment equal to a a full year’s Base Salary. The Company shall have no further obligations to Employee following termination and may condition payment of such severence amount upon the
Company’s receipt of a general release by Employee in the form reasonably acceptable to the Company and Employee. 
 (c) Termination
for Cause. In the event of a termination by the Company for Cause (as defined below), the Company will pay the Employee the Base Salary earned and expenses reimbursable under this Agreement incurred through the date of the Employee’s
termination, and shall have no further responsibility for termination or other payments to Employee. As used herein, the term “Cause” shall mean any one or more of the following as determined in the reasonable discretion of the
Company: 
 (i) a continuing material breach or material default (including, without limitation, any material deriliction of duty) by
Employee of the terms of this agreement, or any related agreement (including the Confidentiality Agreement), except for any such breach or default which is caused by the physical disability of Employee (as determined by a neutral physician);

 (ii) gross negligence, willful misfeasance or breach of fiduciary duty by Employee; 
 (iii) the commission by Employee of an act of fraud, embezzlement or any felony or crime of dishonesty in connection with Employee’s duties; or

 (iv) conviction of Employee of a felony or any other crime that would materially and adversely affect: (i) the business reputation
of the Company or (ii) the performance of the Employee’s duties hereunder. 
 (d) Termination for Good Reason. Employee may
terminate his employment under this Agreement at any time for Good Reason (as defined below). In case of termination hereof by the Employee for Good Reason, the Company shall pay Employee a one-time cash severance payment equal to his annual Base
Salary (it being agreed that the Company may condition payment of such severence amount upon its receipt of a general release by Employee in the form reasonably acceptable to the Company and Employee) and Employee shall maintain any rights that
Employee may have been specifically granted to Employee pursuant to any of the Company’s retirement plans, supplementary retirement plans, profit sharing and savings plans, healthcare, 401(k) any other employee benefit plans sponsored by the
Company. Following the payment of severance, the Company shall have no further obligations to Employee following termination. 
  

 3 

 For purposes of this Agreement, the term “Good Reason” means, in each case without the
consent of Employee: 
 (i) any material diminution in the office, title, duties, powers, authority or responsibilities, which diminution is
not corrected within thirty (30) days after the Company receives written notice thereof from Employee; 
 (ii) Employee’s place of
work is moved more than seventy-five (75) miles from Employee’s home address in Cary, North Carolina; 
 (iii) (A) the
Company fails to pay Employee his Base Salary in accordance with generally applicable Company policy or (B) Employee’s Base Salary is decreased without consent of Employee, which failure or decrease is not corrected within thirty
(30) days after the Company receives written notice thereof from Employee; or 
 (iv) Employee is discriminatorily denied material
benefits under the Company’s prevailing policies and plans, which denial is not corrected within thirty (30) days after the Company receives written notice thereof from Employee. 
 5. Confidentiality. Employee shall keep, deal and treat confidential, proprietary, non-public and confidential information of the Company in
strict accordance with the terms and provisions of the Confidentiality Agreement, which agreement: (i) shall be deemed incorported herein and an integral part hereon and (ii) shall be executed by Employee and delivered to the Company
simultaneously with the execution and delivery of this Agreement. The terms of this paragraph shall survive termination of this Agreement. 
 6. Assignment and Disclosure of Inventions. Employee shall assign and transfer to the Company his entire right, title and interest in and to all Inventions (as defined in the Confidentiality Agreement) and disclose to the Company all
Inventions in accordance with the terms set forth in the Confidentiality Agreement. The terms of this paragraph shall survive termination of this Agreement. 
 7. Prior Inventions. It is understood that all Inventions, if any, patented or unpatented, which Employee made prior to the date that the Company and Employee entered into this Agreement, are excluded from the
scope of this Agreement. To preclude any possible uncertainty, Employee has set forth on Exhibit A to the Confidentiality Agreement a complete list of all such prior inventions, including numbers of all patents and patent applications, and a
brief description of all unpatented inventions which are not the property of another party (including, without limitation a current or previous contracting party). If no items are included on Exhibit A to the Confidentiality Agreement,
Employee has no such prior inventions. Employee will notify the Company in writing before Employee makes any disclosure or performs any work on behalf of the Company which appears to threaten or conflict with proprietary rights Employee claims in
any such invention or idea. In the event of Employee’s failure to give such notice, Employee will make no claim against the Company with respect to any such inventions or ideas. The terms of this paragraph shall survive termination of this
Agreement. 
  

 4 

 8. Competition. Employee will not do, or intend to do, any of the following, either directly or
indirectly, during Employee’s employment with the Company and during the period of two (2) years after Employee’s cessation of employment with the Company, anywhere in the world. In the event that a court of competent jurisdiction
determines that Employee improperly competes with the Company in violation of this Section 11, the period during which he engages in such competition shall not be counted in determining the duration of the two (2) year non-compete
restriction: 
 (a) For purposes of this Agreement, “Competitive Activity” shall mean the development, manufacture, sale,
license, packaging or marketing of any drug-delivery technologies or products or formulations incorporating such technologies which relate in any manner to: (i) drugs for the treatment of pain, insomnia, anxiety, nausea, vomiting and for the
prevention of addiction that are administered through the oral cavity (including the tongue) and/or the mucosa of the inner lip or cheek, (ii) the conversion of intravenus drugs to drugs that can be administerd orally via drug-delivery
technologies and (ii) any technology, product or formulation which Employee was actively and directly participating in on behalf of the Company or any subsidiary of the Company or joint venture in which the Company is participating at the time
of termination (it being understood, for the avoidance of doubt, that the words “actively and directly” shall not include Employee’s actions in a merely supervisory capacity). 
 (b) Employee agrees that, during the time frames described herein, he shall not, directly or indirectly, own, manage, operate, control, consult for, be
an officer or director of, work for, or be employed in any capacity by any company, eleemosynary institution or any other business, entity, agency or organization (or a discrete business unit within any such entity) whose primary business purpose is
to engage in a Competitive Activity; provided, however, that Employee may serve as a director, consultant or scientific advisor of such an entity that is either a Company licensee, or, for non-licensees, in such capacity as the Board of
Directors has granted him written permission, such permission not to be unreasonably withheld. 
 (c) Employee shall not solicit or perform
services in connection with any Competitive Activity for any prior or current customers of the Company or any entities with which the Company has undertaken joint studies or developmental activities; or 
 (d) Employee shall not knowingly solicit for employment (or, following such solicitation, employ) any then current employees employed by the Company
without the Company’s consent. 
 Employee and Company agree that the phrase “Employee’s cessation of employment with the
Company” as used in this Agreement, refers to any separation from his employment at the Company either voluntarily or involuntarily, either with cause or without cause, or whether the separation is at the behest of the Company or Employee.
Nothing in this Agreement shall preclude him from employment at a not-for-profit or governmental institution, provided that no for-profit business involved in drug delivery directly or indirectly derives a benefit from Employee’s employment.

  

 5 

 9. Other Obligations. 
 (a) Employee acknowledges that the Company from time to time may have agreements with other persons or with the U.S. Government, or agencies thereof,
which impose obligations or restrictions on the Company regarding inventions made during the course of work thereunder or regarding the confidential nature of such work. Employee will be bound by all such obligations and restrictions and will take
all action necessary to discharge the obligations of the Company thereunder. 
 (b) Employee acknowledges that all of Employee’s
obligations under this Agreement (but not including the restrictive covenants contained herein) shall be subject to any applicable agreements with, and policies issued by the Company to which Employee and all other similarly-situated employees are
subject. 
 10. Injunctive Relief. Employee acknowledges that any breach or attempted breach by Employee of paragraphs 5 through 9 of
this Agreement or of the Confidentiality Agreement shall cause the Company irreparable harm for which any adequate monetary remedy does not exist. Accordingly, in the event of any such breach or threatened breach, the Company shall be entitled to
obtain injunctive relief, without the necessity of posting a bond or other surety, restraining such breach or threatened breach. 
 11.
Reasonable Terms. Employee acknowledges and agrees that the restrictive covenants contained in this Agreement and the Confidentiality Agreement have been reviewed by Employee with the benefit of counsel and that such covenants are reasonable
in all of the circumstances for the protection of the legitimate interests of the Company. 
 12. Modification. This Agreement and the
Confidentiality Agreement may not be changed, modified, released, discharged, abandoned, or otherwise amended, in whole or in part, except by an instrument in writing, signed by Employee and by the Company. Any subsequent change or changes in
Employee’s relationship with the Company or Employee’s compensation shall not affect the validity or scope of this Agreement. 
 13. Entire Agreement. Employee acknowledges receipt of this Agreement and the Confidentiality Agreement, and agrees that, with respect to the subject matter hereof and thereof, it is Employee’s entire agreement with the Company,
superseding any previous oral or written communications, representations, understandings with the Company or any office or representative thereof. Employee acknowledges that, in executing this Agreement and the Confidentiality Agreement, Employee
has had the opportunity to seek the advice of independent legal counsel, and has read and understood all of the terms and provisions of the Agreement and the Confidentiality Agreement. 
 14. Severability. In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable, the entire
Agreement shall not fail on account thereof. It is further agreed that if any one or more of such paragraphs or provisions shall be judged to be void as going beyond what is reasonable in all of the circumstances for the protection of the interests
of the Company, but would be valid if part of the wording thereof were deleted or the period 
  

 6 

 thereof reduced or the range of activities covered thereby reduced in scope, the said reduction shall be deemed to apply
with such modifications as may be necessary to make them valid and effective and any such modification shall not thereby affect the validity of any other paragraph or provisions contained in this Agreement. 
 15. Successors and Assigns. This Agreement shall be binding upon Employee’s heirs, executors, administrators or other legal representatives
and is for the benefit of the Company, its successors and assigns. 
 16. Governing Law. This Agreement shall be governed by the laws
of the State of New York except for any conflicts of law rules thereof that might direct the application of the substantive law of another state. 
 17. Counterparts. This Agreement may be signed in counterparts and delivered by facsimile transmission, and each such counterpart shall be deemed an original and all of which shall together constitute one agreement. 
 18. Arbitration. Except as provided for in Section 10 hereof or in the Confidentiality Agreement, in the event that the Company or Employee,
his spouse or any other person claiming benefits on behalf of or through Employee, has a dispute or claim based upon this Agreement including the interpretation or application of the terms and provisions of this Agreement, the sole and exclusive
remedy is for that party to submit the dispute to binding arbitration in accordance with the rules of arbitration of the American Arbitration Association (“AAA”) in Raleigh, North Carolina. Any arbitrator selected to arbitrate any
such dispute shall be independent and neutral and will have the power to interpret this Agreement. Any determination or decision by the arbitrator shall be binding upon the parties and may be enforced in any court of law. The expenses of the
arbitrator will be paid 50% by the Company and 50% by Employee, his spouse or other person, as the case may be, provided that the arbitrator shall be free to apportion such fees between the parties as he/she may determine in their discretion as
permitted by the AAA rules of arbitration. The parties agree that this arbitration provision does not apply to the right of Employee to file a charge, testify, assist or participate in any manner in an investigation, hearing or proceeding before the
Equal Employment Opportunity Commission or any other agency pertaining to any matters covered by this Agreement and within the jurisdiction of the agency. 
 19. No Waiver. No waiver by the Company of any breach of this Agreement by Employee shall constitute a waiver of any subsequent breach. 
 20. Notice. Any notice hereby required or permitted to be given shall be sufficiently given if in writing and upon mailing by registered or
certified mail, postage prepaid, to either party at the address of such party or such othis address as shall have been designated by written notice by such party to the other party. 
  

 7 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first forth above.

  

			
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	By:	 	 /s/ Mark A. Sirgo

	Name:	 	Mark A. Sirgo
	Title:	 	President and CEO
	
	 /s/ Mark W. Salyer

	Mark W. Salyer

 [Signature Page to Employment Agreement] 
  

 8 

 Exhibit A 
 Form of Confidentiality and Intellectual Property Agreement 
 CONFIDENTIALITY AND INTELLECTUAL
PROPERTY AGREEMENT 
 This CONFIDENTIALITY AND INTELLECTUAL PROPERTY AGREEMENT (this “Agreement”) is entered into
effective for all purposes as of [                     ], 200     by
                                 (“Employee”) in favor of
BioDelivery Sciences International, Inc., a Delaware corporation (the “Company”). 
 In consideration and as a condition of
Employee providing services to the Company pursuant to that certain Employment Agreement, dated as of the date hereof, between Employee and the Company (the “Employment Agreement”), Employee hereby agrees as follows: 
 1. Confidentiality. At all times, Employee shall keep confidential, except as the Company may otherwise consent to in writing, and not disclose, or
make any use of except for the benefit of the Company, at any time either during or subsequent to performance by Employee of services for the Company, any trade secrets, confidential information, knowledge, data or other information of the Company
relating to products, processes, know-how, technical data, designs, formulas, test data, customer lists, business plans, marketing plans and strategies, and pricing strategies or other subject matter pertaining to any business of the Company or any
of its clients, customers, consultants, licensees or affiliates (collectively, the “Confidential Information”), which Employee may produce, obtain or otherwise learn of during the course of his performance of services and after the
expiration or termination of the Employment Agreement. The “Confidential Information” shall not include information, technical data or know-how that is or becomes part of the public domain not as a result of any inaction or action of the
Employee. Employee shall not deliver, reproduce, or in any way allow any such Confidential Information to be delivered to or used by any third parties without the specific direction or consent of a duly authorized representative of the Company.

 2. Return of Confidential Material. Upon the expiration or termination the Employment Agreement, Employee shall promptly surrender
and deliver to the Company all records, materials, equipment, drawings, documents, lab notes and books and data of any nature pertaining to any Invention (as defined below) or Confidential Information of the Company or to the services provided by
Employee, and Employee will not take or retain (in any form or format) any description containing or pertaining to any Confidential Information which Employee may produce or obtain during the course of the services provided under the Employment
Agreement or otherwise. 
 3. Assignment of Inventions and Moral Rights. 
 (a) Employee hereby assigns and transfers to the Company, on a perpetual, worldwide and royalty-free basis, his entire right, title and interest in and to
all Inventions. As used in this agreement, the term “Inventions” shall mean all ideas, improvements, designs, discoveries, developments, drawings, notes, documents, information and/or materials, whether or not patentable and whether
or not reduced to practice, made or conceived by Employee (whether made solely by Employee or jointly with others) which: (i) occur or are conceived during the period in which Employee performs services for the Company pursuant to the
Employment Agreement and (ii) which relate in any manner to drug, nutraceuticals, genes, vaccines, vitamin or other compound delivery technologies involving liposomes, proteoliposomes, cochleates, buccal, transmucosal, transdermal or oral
applications and/or derivatives thereof (“Delivery Technologies”), applications of the Delivery Technologies to specific drugs, nutraceuticals, genes, vaccines, vitamins or other compounds, or result from any task assigned to or
undertaken by Employee or any work performed by Employee for or on behalf of the Company or any of its affiliates. 

 (b) Employee hereby irrevocably transfers and assigns to the Company any and all Moral Rights that
Employee may have in any Inventions. Employee also hereby forever waives and agrees never to assert against the Company, its successors or licensees any and all Moral Rights which Employee may have in any Inventions, even after expiration or
termination of the Employment Agreement. For purposes of this Agreement, the term “Moral Rights” means any right to claim authorship of a work, any right to object to any distortion or other modification of a work, and any similar
right, existing under the law of any country in the world, or under any treaty. 
 4. Disclosure of Inventions. In connection with all
Inventions contemplated by Section 3 hereof: 
 (a) Employee will disclose all Inventions promptly in writing to the Chief Scientific
Officer of the Company, with a copy to the President of the Company, in order to permit the Company to enforce and perfect the rights to which the Company is entitled under this Agreement; 
 (b) Employee will, at the Company’s request, promptly execute a written assignment of title to the Company for any Invention, and Employee will
preserve all Inventions as Confidential Information in accordance with the terms hereof; and 
 (c) Upon request, Employee will assist the
Company or its nominee (at the Company’s expense) during and at any time during or subsequent to the performance of services by Employee for the Company in every reasonable way in obtaining for the Company’s own benefit patents and
copyrights for all Inventions in any and all countries, which Inventions shall be and remain the sole and exclusive property of the Company or its nominee, whether or not patented or copyrighted. Employee will execute such papers and perform such
lawful acts as the Company deems to be necessary to allow the Company to exercise all rights, title and interest in such patents and copyrights. 
 5. Execution of Documents. During the terms of the Employment Agreement, this Agreement and at all times thereafter, Employee will execute, acknowledge and deliver to the Company or its nominee upon request and at its expense all
such documents, including applications for patents and copyrights and assignments of inventions, patents and copyrights to be issued therefore, as the Company may reasonably determine necessary or desirable to apply for and obtain letters patents,
and copyrights on Inventions in any and all countries and/or to protect the interest of the Company or its nominee in Inventions, patents and copyrights and to vest title thereto in the Company or its nominee. 
 6. Maintenance of Records. Employee will keep and maintain adequate and current written records of all Inventions made or conceived by Employee
(in the form of notes, sketches, drawings and as may be specified by the Company), and shall deliver such records promptly to the Company at the Company’s request, whether made solely by Employee or jointly with others, which records shall be
available to and remain the sole property of the Company at all times. 
 7. Prior Inventions. It is understood that all ideas,
improvements, designs and discoveries, whether or not patentable and whether or not reduced to practice, which Employee made prior to the time the Company and Employee began to consider any possible performance of services contemplated by the
Employment Agreement (herein referred to as “Excluded Inventions”) are excluded from the definition of Inventions as used herein. Set forth on Exhibit A attached hereto is a complete list of all Excluded 

 Inventions, including numbers of all patents and patent applications, and a brief description of all unpatented
inventions which are not the property of another party (including, without limitation, a current or previous contracting party). The list is complete and if no items are included on Exhibit A, Employee shall be deemed to have no such prior
inventions within the definition of Inventions. Employee will notify the Company in writing before Employee makes any disclosure or performs any work on behalf of the Company which appears to threaten or conflict with proprietary rights Employee
claims in any such Invention or idea. In the event of Employee’s failure to give such notice, Employee will make no claim against the Company with respect to any such inventions or ideas. 
 8. Other Obligations. Employee acknowledges that the Company, from time to time, may have agreements with other persons or entities or with the
U.S. Government, or agencies thereof, which impose obligations or restrictions on the Company regarding inventions made during the course of work thereunder or regarding the confidential nature of such work. Employee will be bound by all such
obligations and restrictions and will take all action necessary to discharge the obligations of the Company thereunder. 
 9. Trade
Secrets of Others. Employee represents that his performance of all the terms of this Agreement and the Employment Agreement and as a employee of the Company does not and will not breach any agreement to keep in confidence proprietary
information, knowledge or data acquired by Employee in confidence or in trust, and Employee will not disclose to the Company, or induce the Company to use, any confidential or proprietary information or material belonging to any other person or
entity. Employee will not enter into any agreement, either written or oral, in conflict herewith. 
 10. Non-Solicitation. Employee
agrees that he will not, without the prior written consent of the Company, at any time during the term of the Employment Agreement or for a period of two (2) years from the date of the expiration or termination of the Employment Agreement for
whatever reason, either individually or through any entity controlled by Employee, and either on Employee’s behalf or on behalf of any other person or entity competing or endeavoring to compete with the Company, directly or indirectly,
knowingly solicit for employment or retention (or, following such solicitation, employ or retain) as an employee, independent contractor or agent, any person who is an employee of the Company as of the date of the expiration or termination of the
Employment Agreement or was an employee of the Company at any time during the two (2) year prior to the the expiration or termination of the Employment Agreement. Employee further agrees that, should Employee be approached by a person who
Employee has actual knowledge was an employee of the Company or any subsidiary or joint venture thereof during the period while Employee was employed by the Company, Employee will not offer to nor employ or retain (or refer to a third party) as an
employee, independent contractor or agent any such person for a period of two (2) years following the expiration or termination of the Employment Agreement. 
 11. Injunctive Relief. Employee acknowledges that any breach or attempted breach by Employee of this Agreement or any provision hereof shall cause the Company irreparable harm for which any adequate monetary
remedy does not exist. Accordingly, in the event of any such breach or threatened breach, the Company shall be entitled to obtain injunctive relief, without the necessity of posting a bond or other surety, restraining such breach or threatened
breach. 
 12. Modification. This Agreement may not be changed, modified, released, discharged, abandoned, or otherwise amended, in
whole or in part, except by an instrument in writing, signed by Employee and by the Company. Any subsequent change or changes in the relationship between the Company and Employee or in Employee’s compensation by the Company shall not affect the
validity or scope of this Agreement. 

 13. Reasonable Terms. Employee acknowledges and agrees that the restrictive covenants contained in
this Agreement have been reviewed by Employee with the benefit of counsel and that such covenants are reasonable in all of the circumstances for the protection of the legitimate interests of the Company. 
 14. Entire Agreement. Employee acknowledges receipt of this Agreement, and agrees that with respect to the subject matter thereof it is
Employee’s entire agreement with the Company, superseding any previous oral or written communications, representations, understandings, or agreements with the Company or any officer or representative thereof. 
 15. Severabilitv. In the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable, the entire
Agreement shall not fail on account thereof. It is further agreed that if any one or more of such paragraphs or provisions shall be judged to be void as going beyond what is reasonable in all of the circumstances for the protection of the interests
of the Company, but would be valid if part of the wording thereof were deleted or the period thereof reduced or the range of activities covered thereby reduced in scope, the said reduction shall be deemed to apply with such modifications as may be
necessary to make them valid and effective and any such modification shall not thereby affect the validity of any other paragraph or provisions contained in this Agreement. 
 16. Successors and Assigns. This Agreement shall be binding upon the heirs, executors, administrators or other legal representatives of Employee
and is for the benefit of the Company, its successors and assigns. Employee may not assign Employee’s rights or delegate Employee’s duties under this Agreement or the Employment Agreement either in whole or in part without the prior
written consent of the Company. Any attempted assignment or delegation without such consent will be null and void. 
 17. Governing
Law. This Agreement shall be governed by the laws of the State of New York except for any conflicts of law rules thereof which might direct the application of the substantive laws of another state. 
 EXECUTED as of the date set forth below. 
  

			
	  
	  	  

	[                                    ]	  	Witness
		  	Print Name:

 Dated:
                    , 200     
 Accepted and Agreed: 
  

			
	BIODELIVERY SCIENCES INTERNATIONAL, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A TO 
 CONFIDENTIALITY AND INTELLECTUAL PROPERTY AGREEMENT 
 PRIOR INVENTIONS WITHIN THE SCOPE OF
ASSIGNMENT 
 The following is a complete list of all inventions or improvements patented or, unpatented, that have been made or
conceived or first reduced to practice by the undersigned alone or jointly with others prior to the time the Company and the undersigned first began to consider the undersigned’s performance of services for the Company. The undersigned desires
to remove the inventions and improvements listed, if any, from the operation of the foregoing Agreement. 
 Check one:

 No inventions or improvements. 
 As follows: 
 Additional sheets attached. 
  

			
	Dated: [                     ], 200    	  	  

		  	[                                    ]

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