Document:

exv10w8

 

Exhibit 10.8

CHANGE OF CONTROL AGREEMENT

     THIS CHANGE OF CONTROL AGREEMENT (the “Agreement”), is dated as of April 30, 2007, by
and between NEOSE TECHNOLOGIES, INC. (the “Company”) and Debra J. Poul (the
“Employee”).

Background

     The Employee, a senior executive of the Company, and the Company are parties to a Change of
Control Agreement dated October 7, 2002 (“Original Agreement”), pursuant to which the
Company and the Employee established certain protections for the Employee in the event of his or
her termination of employment. The parties desire to replace the Original Agreement with this
Agreement.

Terms

          NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and promises
contained herein, and intending to be bound hereby, the parties agree as follows:

1. Definitions. As used herein:

          1.1. “Base Salary” means, as of any given date, the annual base rate of salary payable
to the Employee by the Company, as then in effect; provided, however, that in the case of a
resignation by the Employee for the Good Reason described in Section 1.8.4, “Base Salary” will mean
the annual base rate of salary payable to the Employee by the Company, as in effect immediately
prior to the reduction giving rise to the Good Reason.

          1.2. “Board” means the Board of Directors of the Company.

          1.3. “Cause” means fraud, embezzlement, or any other serious criminal conduct that
adversely affects the Company committed intentionally by the Employee in connection with his or her
employment or the performance of her duties as an officer or director of the Company or the
Employee’s conviction of, or plea of guilty or nolo contendere to, any felony.

          1.4. “Change in Control” means a change in ownership or control of the Company
effected through:

               1.4.1. the direct or indirect acquisition by any person or related group of persons (other
than the Company or a person that directly or indirectly controls, is controlled by, or is under
common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the
Securities Exchange Act of 1934, as amended) of securities possessing more than 50% of the total
combined voting power of the Company’s outstanding securities;

               1.4.2. a change in the composition of the Board over a period of 36 months or less such that a
majority of the Board members ceases, by reason of one or more contested elections for Board
membership, to be comprised of individuals who either (a) have been board members continuously
since the beginning of such period, or (b) have been elected or nominated for election as Board
members during such period by at least a majority of the Board

 

members described in clause (a) who were still in office at the time such election or
nomination was approved by the Board;

               1.4.3. the consummation of any consolidation, share exchange or merger of the Company (a) in
which the stockholders of the Company immediately prior to such transaction do not own at least a
majority of the voting power of the entity which survives/results from that transaction, or (b) in
which a shareholder of the Company who does not own a majority of the voting stock of the Company
immediately prior to such transaction, owns a majority of the Company’s voting stock immediately
after such transaction; or

               1.4.4. the liquidation or dissolution of the Company or any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all or substantially all the
assets of the Company, including stock held in subsidiary corporations or interests held in
subsidiary ventures.

          1.5. “Code” means Internal Revenue Code of 1986, as amended.

          1.6. “Disability” means the Employee’s inability, by reason of any physical or mental
impairment, to substantially perform her regular duties as contemplated by this Agreement, as
determined by the Board in its sole discretion (after affording the Employee the opportunity to
present her case), which inability is reasonably contemplated to continue for at least one year
from its commencement and at least 90 days from the date of such determination.

          1.7. “Good Reason” means, without the Employee’s prior written consent, any of the
following:

               1.7.1. an adverse change in the Employee’s title;

               1.7.2. a reduction in the Employee’s authority, duties or responsibilities, or the assignment
to the Employee of duties that are inconsistent, in a material respect, with Employee’s position;

               1.7.3. the relocation of the Company’s headquarters more than 15 miles from Horsham,
Pennsylvania, unless such move reduces the Employee’s commuting time;

               1.7.4. a reduction in the Employee’s Base Salary or in the amount, expressed as a percentage
of Base Salary, of the Employee’s Target Bonus;

               1.7.5. the Company’s failure to pay or make available any material payment or benefit due
under this Agreement or any other material breach by the Company of this Agreement.

However, the foregoing events or conditions will constitute Good Reason only if the Employee
provides the Company with written objection to the event or condition within 60 days following the
occurrence thereof, the Company does not reverse or otherwise cure the event or condition within 30
days of receiving that written objection and the Employee resigns her employment within 90 days
following the expiration of that cure period.

2

 

          1.8. “Intellectual Property” means (a) all inventions (whether patentable or
unpatentable and whether or not reduced to practice), all improvements thereto, and all patents and
patent applications claiming such inventions, (b) all trademarks, service marks, trade dress,
logos, trade names, fictitious names, brand names, brand marks and corporate names, together with
all translations, adaptations, derivations, and combinations thereof and including all goodwill
associated therewith, and all applications, registrations, and renewals in connection therewith,
(c) all copyrightable works, all copyrights, and all applications, registrations, and renewals in
connection therewith, (d) all mask works and all applications, registrations, and renewals in
connection therewith, (e) all trade secrets (including research and development, know-how,
formulas, compositions, manufacturing and production processes and techniques, methodologies,
technical data, designs, drawings and specifications), (f) all computer software (including data,
source and object codes and related documentation), (g) all other proprietary rights, (h) all
copies and tangible embodiments thereof (in whatever form or medium), or similar intangible
personal property which have been or are developed or created in whole or in part by the Employee
(i) at any time and at any place while the Employee is employed by Company and which, in the case
of any or all of the foregoing, are related to and used in connection with the business of the
Company, or (ii) as a result of tasks assigned to the Employee by the Company.

          1.9. “Proprietary Information” means any and all information of the Company or of any
subsidiary or affiliate of the Company. Such Proprietary Information shall include, but shall not
be limited to, the following items and information relating to the following items: (a) all
intellectual property and proprietary rights of the Company (including without limitation
Intellectual Property), (b) computer codes or instructions (including source and object code
listings, program logic algorithms, subroutines, modules or other subparts of computer programs and
related documentation, including program notation), computer processing systems and techniques, all
computer inputs and outputs (regardless of the media on which stored or located), hardware and
software configurations, designs, architecture and interfaces, (c) business research, studies,
procedures and costs, (d) financial data, (e) distribution methods, (f) marketing data, methods,
plans and efforts, (g) the identities of actual and prospective customers, contractors and
suppliers, (h) the terms of contracts and agreements with customers, contractors and suppliers, (i)
the needs and requirements of, and the Company’s course of dealing with, actual or prospective
customers, contractors and suppliers, (j) personnel information, (k) customer and vendor credit
information, and (l) any information received from third parties subject to obligations of
non-disclosure or non-use. Failure by the Company to mark any of the Proprietary Information as
confidential or proprietary shall not affect its status as Proprietary Information under the terms
of this Agreement.

          1.10. “Pro Rata Bonus” means, with respect to each calendar year, a pro-rata bonus for
such year equal to the amount of Employee’s Target Bonus for such year multiplied by a fraction,
the numerator of which is the number of days during the year that transpired before the date of the
Employee’s termination of employment and the denominator of which is 365.

          1.11. “Release” means a release substantially identical to the one attached hereto as
Exhibit A.

          1.12. “Restrictive Covenants” means the covenants set forth in Sections 6.1, 6.2 and
6.3 of this Agreement.

3

 

          1.13. “Target Bonus” means, with respect to any year, the target amount of the annual
bonus payable to the Employee with respect to that year, whether under an employment or incentive
agreement, under any bonus plan or policy of the Company, or otherwise, and whether or not all
applicable performance goals have been met and conditions to the payment of such bonus have been
satisfied.

2. Termination.

          2.1. In General. The Company may terminate the Employee’s employment at any time. The
Employee may terminate her employment at any time, provided that before the Employee may
voluntarily terminate her employment with the Company, she must provide 30 days prior written
notice (or such shorter notice as is acceptable to the Company) to the Company. Upon any
termination of the Employee’s employment with the Company for any reason: (a) the Employee (unless
otherwise requested by the Board) concurrently will resign any officer or director positions she
holds with the Company, its subsidiaries or affiliates, and (b) the Company will pay to the
Employee all accrued but unpaid compensation (including without limitation salary and bonus)
through the date of termination, and (c) except as explicitly provided in Sections 2, 3 or 4, or
otherwise pursuant to COBRA, all compensation and benefits will cease and the Company will have no
further liability or obligation to the Employee. The foregoing will not be construed to limit the
Employee’s right to payment or reimbursement for claims incurred under any insurance contract
funding an employee benefit plan, policy or arrangement of the Company in accordance with the terms
of such insurance contract.

          2.2. Termination Without Cause or For Good Reason. If the Employee’s employment by
the Company ceases due to a termination by the Company without Cause or a resignation by the
Employee for Good Reason, then, in addition to the payments and benefits provided for in Section
2.1 above and subject to Section 5 below, the Company will:

               2.2.1. Pay to the Employee a lump sum cash payment equal to the Pro-Rata Bonus for the
calendar year in which the termination occurs;

               2.2.2. Pay to the Employee a lump sum cash payment equal to the sum of (i) Employee’s Base
Salary, as in effect on such date, and (ii) Employee’s Target Bonus for the calendar year in which
the termination occurs;

               2.2.3. Continue to provide medical benefits to the Employee (and, if covered immediately prior
to such termination, his or her spouse and dependents) for a period of one year commencing from the
date of the Employee’s termination of employment at a monthly cost to the Employee equal to the
Employee’s monthly contribution, if any, toward the cost of such coverage immediately prior to such
termination; and

               2.2.4. Arrange for the provision to the Employee of reasonable executive outplacement services
by a provider selected by the mutual agreement of the Company and the Employee.

          2.3. Termination Due to Death or Disability. If the Employee’s employment by the
Company ceases due to death or Disability, then, in addition to the payments and benefits provided
for in Section 2.1 above and subject to Section 5 below, the Company will pay to

4

 

Employee the payments and provide to Employee the benefits described in Sections 2.2.1, 2.2.2,
2.2.3 and 2.2.4, provided that the cash payments described in such Sections will be offset by the
actuarial present value of the benefits paid or payable to the Employee (or her representatives,
heirs, estate or beneficiaries) pursuant to any life insurance or disability plans, policies or
arrangements of the Company by virtue of her death or such Disability (including, for this purpose,
only that portion of such life insurance or disability benefits funded by the Company or by premium
payments made by the Company).

          2.4. The payments and benefits described in Sections 2.2 and 2.3 are in lieu of (and not in
addition to) any other severance arrangement maintained by the Company.

3. Certain Terminations Following a Change in Control. If the Employee’s employment with
the Company ceases within twelve months following a Change in Control as a result of a termination
by the Company without Cause or a resignation by the Employee for Good Reason, then in lieu of the
payments and benefits provided for in Section 2.2,:

          3.1. The Company will pay to the Employee on the date of termination a lump sum cash payment
equal to the Pro-Rata Bonus for the calendar year in which the termination occurs;

          3.2. The Company will pay to the Employee on the date of termination a lump sum cash payment
equal to the sum of (i) eighteen months of the Employee’s Base Salary as in effect on such date,
and (ii) the product of 1.5 times the Employee’s Target Bonus for the calendar year in which the
termination occurs;

          3.3. The Company will continue to provide medical benefits to the Employee (and, if covered
immediately prior to such term, her spouse and dependents) for a period of eighteen months
commencing from the date of the Employee’s termination of employment at a monthly cost to the
Employee equal to the Employee’s monthly contribution, if any, toward the cost of such coverage
immediately prior to such termination;

          3.4. The Company will arrange for the provision to the Employee of reasonable executive
outplacement services by a provider selected by the mutual agreement of the Company and the
Employee      ; and

          3.5. All outstanding stock options then held by the Employee will then become fully vested and
immediately exercisable and will remain exercisable and, notwithstanding any inconsistent language
in any equity incentive plan or agreement, will remain exercisable for the shortest of (a) the 18
month period immediately following the Employee’s termination of employment, (b) the period
remaining until the scheduled expiration of the option (determined without regard to the Employee’s
termination of employment), or (c) the longest period that does not result in the option becoming
subject to an additional tax under Section 409A of the Code.

4. Parachute Payments.

          4.1. Generally. All amounts payable to the Employee under this Agreement will be made
without regard to whether the deductibility of such payments (considered together with any other
entitlements or payments otherwise paid or due to the Employee) would be limited or

5

 

precluded by Section 280G of the Code and without regard to whether such payments would
subject the Employee to the excise tax levied on certain “excess parachute payments” under Section
4999 of the Code (the “Parachute Excise Tax”).

          4.2. Gross-Up. If all or any portion of the payments or other benefits provided under
any section of this Agreement, either alone or together with any other payments and benefits which
the Employee receives or is entitled to receive from the Company or its affiliates (whether paid or
payable or distributed or distributable) pursuant to the terms of this Agreement or otherwise
pursuant to or by reason of any other agreement, policy, plan, program or arrangement, including
without limitation any stock option, stock appreciation right or similar right, or the lapse or
termination of any restriction on or the vesting or exercisability of any of the foregoing (the
“Payment”) would result in the imposition of a Parachute Excise Tax, the Employee will be
entitled to an additional payment (the “Gross-up Payment”) in an amount such that the net
amount of the Payment and the Gross-up Payment retained by the Employee after the calculation and
deduction of all excise taxes (including any interest or penalties imposed with respect to such
taxes) on the Payment and all federal, state and local income tax, employment tax and excise tax
(including any interest or penalties imposed with respect to such taxes) on the Gross-up Payment
provided for in this Section 4.2, and taking into account any lost or reduced tax deductions on
account of the Gross-up Payment, shall be equal to the Payment.

          4.3. Measurements and Adjustments. The determination of the amount of the payments
and benefits paid and payable to the Employee, and whether and to what extent payments under
Section 4.2 are required to be made, will be made at the Company’s expense by an independent
auditor selected by mutual agreement of the Company and the Employee, which auditor shall provide
the Employee and the Company with detailed supporting calculations with respect to its
determination within 15 business days after the receipt of notice from the Employee or the Company
that the Employee has received or will receive a payment that is potentially subject to the
Parachute Excise Tax. For the purposes of determining whether any payments will be subject to the
Parachute Excise Tax and the amount of such Parachute Excise Tax, such payments will be treated as
“parachute payments” within the meaning of Section 280G of the Code, and all “parachute payments”
in excess of the “base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated
as subject to the Parachute Excise tax, unless and except to the extent that, in the opinion of
independent accounting experts reasonably selected by the Company, such payments (in whole or in
part) either do not constitute “parachute payments” or represent reasonable compensation for
services actually rendered (within the meaning of Section 280G(b)(4) of the Code) in excess of the
“base amount,” or such “parachute payments” are otherwise not subject to such Parachute Excise Tax.
For purposes of determining the amount of the Gross-up Payment, if any, the Employee shall be
deemed to pay federal income taxes at the highest applicable marginal rate of federal income
taxation for the calendar year in which the gross-up payment is to be made and to pay any
applicable state and local income taxes at the highest applicable marginal rate of taxation for the
calendar year in which the gross-up payment is to be made, net of the maximum reduction in federal
income taxes which could be obtained from the deduction of such state or local taxes if paid in
such year (determined without regard to limitations on deductions based upon the amount of the
Employee’s adjusted gross income); and to have otherwise allowable deductions for federal, state
and local income tax purposes at least equal to those disallowed because of the inclusion of the
gross-up payment in the Employee adjusted gross income. Any Gross-up Payment shall be paid by the
Company at the time the

6

 

Employee is entitled to receive the Payment. Any determination by the auditor shall be
binding upon the Company and the Employee.

          4.4. Underpayment or Overpayment. In the event of any underpayment or overpayment to
the Employee (determined after the application of Section 4.2), the amount of such underpayment or
overpayment will be, as promptly as practicable, paid by the Company to the Employee or refunded by
the Employee to the Company, as the case may be, with interest at the applicable federal rate
specified in Section 1274(d) of the Code.

5. Timing of Payments Following Termination.

          5.1. Subject to Section 5.2, and notwithstanding any other provision of this Agreement, the
payments and benefits described in Sections 2, 3 and 4 are conditioned on the Employee’s execution
and delivery to the Company, within 60 days following cessation of employment, of a Release in a
manner consistent with the Older Workers Benefit Protection Act and any similar state law that is
applicable. The amounts described in Sections 2.2 or 3 (as applicable) will be paid in a lump sum,
on the eighth day following the Employee’s execution and delivery of the Release, provided the
Release has not been revoked by the Employee.

          5.2. To the extent compliance with the requirements of Treas. Reg. §1.409A-3(i)(2) (or any
successor provision) is necessary to avoid the application of an additional tax under Section 409A
of the Code on payments due to the Employee upon or following her separation from service, then
notwithstanding any other provision of this Agreement (or any otherwise applicable plan, policy,
agreement or arrangement), any such payments that are otherwise due within six months following the
Employee’s separation from service will be deferred (without interest) and paid to the Employee in
a lump sum immediately following that six month period.

6. Restrictive Covenants. As consideration for all of the payments to be made to the
Employee pursuant to Sections 2, 3, and 4 of this Agreement, the Employee agrees to be bound by the
Restrictive Covenants set forth in this Section 6. The Restrictive Covenants will apply without
regard to whether any termination of the Employee’s employment is initiated by the Company or the
Employee, and without regard to the reason for that termination.

          6.1. Confidentiality. The Employee recognizes and acknowledges that the Proprietary
Information is a valuable, special and unique asset of the business of the Company. As a result,
both during the Employee’s employment by the Company and thereafter, the Employee will not, without
the prior written consent of the Company, for any reason either directly or indirectly divulge to
any third-party or use for her own benefit, or for any purpose other than the exclusive benefit of
the Company, any Proprietary Information, provided that the Employee may during her employment by
the Company disclose Proprietary Information to third parties as may be necessary or appropriate to
the effective and efficient discharge of her duties as an employee hereunder (provided that the
third party recipient has signed the Company’s then-approved confidentiality or similar agreement)
or as such disclosures may be required by law. If the Employee or any of her representatives
becomes legally compelled to disclose any of the Proprietary Information, the Employee will provide
the Company with prompt written notice so that the Company may seek a protective order or other
appropriate remedy. The non-disclosure

7

 

and non-use obligations with respect to Proprietary Information set forth in this Section 6.2
shall not apply to any information that is in or becomes part of the public domain through no
improper act on the part of the Employee.

          6.2. Property of the Company.

               6.2.1. Proprietary Information. All right, title and interest in and to Proprietary
Information will be and remain the sole and exclusive property of the Company. The Employee will
not remove from the Company’s offices or premises any documents, records, notebooks, files,
correspondence, reports, memoranda or similar materials of or containing Proprietary Information,
or other materials or property of any kind belonging to the Company unless necessary or appropriate
in the performance of her duties to the Company. If the Employee removes such materials or
property in the performance of her duties, the Employee will return such materials or property to
their proper files or places of safekeeping as promptly as possible after the removal has served
its specific purpose. The Employee will not make, retain, remove and/or distribute any copies of
any such materials or property, or divulge to any third person the nature of and/or contents of
such materials or property or any other oral or written information to which she may have access or
become familiar in the course of his or her employment, except to the extent necessary in the
performance of her duties. Upon termination of the Employee’s employment with the Company, she
will leave with the Company or promptly return to the Company all originals and copies of such
materials or property then in her possession.

          6.3. Acknowledgments. The Employee acknowledges that the Restrictive Covenants are
reasonable and necessary to protect the legitimate interests of the Company and its affiliates and
that the duration and geographic scope of the Restrictive Covenants are reasonable given the nature
of this Agreement and the position the Employee holds within the Company. The Employee further
acknowledges that the Restrictive Covenants are included herein in order to induce the Company to
enter into this Agreement and that the Company would not have entered into this Agreement in the
absence of the Restrictive Covenants.

          6.4. Remedies and Enforcement Upon Breach.

               6.4.1. Specific Enforcement. The Employee acknowledges that any breach by her,
willfully or otherwise, of the Restrictive Covenants will cause continuing and irreparable injury
to the Company for which monetary damages would not be an adequate remedy. The Employee shall not,
in any action or proceeding to enforce any of the provisions of this Agreement, assert the claim or
defense that such an adequate remedy at law exists. In the event of any such breach by the
Employee, the Company shall have the right to enforce the Restrictive Covenants by seeking
injunctive or other relief in any court, without any requirement that a bond or other security be
posted, and this Agreement shall not in any way limit remedies of law or in equity otherwise
available to the Company.

               6.4.2. Judicial Modification. If any court determines that any of the Restrictive
Covenants, or any part thereof, is unenforceable because of the duration of such provision, such
court shall have the power to modify such provision and, in its modified form, such provision shall
then be enforceable.

8

 

               6.4.3. Accounting. If the Employee breaches any of the Restrictive Covenants, the
Company will have the right and remedy to require the Employee to account for and pay over to the
Company all compensation, profits, monies, accruals, increments or other benefits derived or
received by the Employee as the result of such breach. This right and remedy will be in addition
to, and not in lieu of, any other rights and remedies available to the Company under law or in
equity.

7. Miscellaneous.

          7.1. No Liability of Officers and Directors for Severance Upon Insolvency.
Notwithstanding any other provision of the Agreement and intending to be bound by this provision,
the Employee hereby (a) waives any right to claim payment of amounts owed to her, now or in the
future, pursuant to this Agreement from directors or officers of the Company if the Company becomes
insolvent, and (b) fully and forever releases and discharges the Company’s officers and directors
from any and all claims, demands, liens, actions, suits, causes of action or judgments arising out
of any present or future claim for such amounts.

          7.2. Successors and Assigns. The Company may assign this Agreement to any successor to
all or substantially all of its assets and business by means of liquidation, dissolution, merger,
consolidation, transfer of assets, or otherwise. The rights of the Employee hereunder are personal
to the Employee and may not be assigned by her.

          7.3. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the Commonwealth of Pennsylvania without regard to the principles of conflicts of
laws.

          7.4. Enforcement. Any legal proceeding arising out of or relating to this Agreement
will be instituted in the United States District Court for the Eastern District of Pennsylvania, or
if that court does not have or will not accept jurisdiction, in any court of general jurisdiction
in the Commonwealth of Pennsylvania, and the Employee and the Company hereby consent to the
personal and exclusive jurisdiction of such courts and hereby waive any objections that they may
have to personal jurisdiction, the laying of venue of any such proceeding and any claim or defense
of inconvenient forum.

          7.5. Waivers; Separability. The waiver by either party hereto of any right hereunder
or any failure to perform or breach by the other party hereto shall not be deemed a waiver of any
other right hereunder or any other failure or breach by the other party hereto, whether of the same
or a similar nature or otherwise. No waiver shall be deemed to have occurred unless set forth in a
writing executed by or on behalf of the waiving party. No such written waiver shall be deemed a
continuing waiver unless specifically stated therein, and each such waiver shall operate only as to
the specific term or condition waived. If any provision of this Agreement shall be declared to be
invalid or unenforceable, in whole or in part, such invalidity or unenforceability shall not affect
the remaining provisions hereof which shall remain in full force and effect.

          7.6. Notices. All notices and communications that are required or permitted to be
given hereunder shall be in writing and shall be deemed to have been duly given when delivered

9

 

personally or upon mailing by registered or certified mail, postage prepaid, return receipt
requested, as follows:

If to the Company, to:

Neose Technologies, Inc.

102 Rock Road

Horsham PA 19044

Attn: General Counsel

Fax: 215-315-9100

With a copy to:

Pepper Hamilton LLP

3000 Two Logan Square

18th & Arch Streets

Philadelphia, PA 19103

Attn: Barry M. Abelson, Esquire

Fax: 215-981-4750

If to Employee, to:

Debra J. Poul

1320 Beaumont Drive

Gladwyne, PA 19035-1302

or to such other address as may be specified in a notice given by one party to the other party
hereunder.

          7.7. Entire Agreement; Amendments. This Agreement and the attached exhibit contain
the entire agreement and understanding of the parties relating to the provision of severance
benefits upon termination, and merges and supersedes all prior and contemporaneous discussions,
agreements and understandings of every nature relating to that subject, including without
limitation the Noncompetition and Confidentiality Agreement by and between the Employee and the
Company dated September 26, 1996 and the letter dated August 23, 2005, and the Change of Control
Agreement dated October 11, 2005 between the Employee and Company. This Agreement may not be
changed or modified, except by an Agreement in writing signed by each of the parties hereto.

          7.8. Withholding. The Company will withhold from any payments due to Employee
hereunder, all taxes, FICA or other amounts required to be withheld pursuant to any applicable law.

          7.9. Headings Descriptive. The headings of sections and paragraphs of this Agreement
are inserted for convenience only and shall not in any way affect the meaning or construction of
any provision of this Agreement.

10

 

          7.10. Counterparts. This Agreement may be executed in multiple counterparts, each of
which will be deemed to be an original, but all of which together will constitute but one and the
same instrument.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first
above written.

	 	 	 	 	 	 	 
	 	 	NEOSE TECHNOLOGIES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ George J. Vergis, Ph.D.	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	George J. Vergis, Ph.D.	 	 
	 

	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	     /s/ Debra J. Poul	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Debra J. Poul	 	 

11

 

Exhibit A

Release and Non-Disparagement Agreement

          THIS RELEASE AND NON-DISPARAGEMENT AGREEMENT (this “Release”) is made as of the ___
day of                     , ___by and between
                     (the “Employee”) and NEOSE
TECHNOLOGIES, INC. (the “Company”).

          WHEREAS, the Employee’s employment as an executive of the Company has terminated; and

          WHEREAS, pursuant to Section[s] [2] [3] [and 4] of the Change of Control Agreement by and
between the Company and the Employee dated as of April 30, 2007 (the “Change of Control
Agreement”), the Company has agreed to pay the Employee certain amounts and to provide him or
her with certain rights and benefits, subject to the execution of this Release.

          NOW THEREFORE, in consideration of these premises and the mutual promises contained herein,
and intending to be legally bound hereby, the parties agree as follows:

SECTION 1. Consideration. The Employee acknowledges that: (a) the payments, rights and
benefits set forth in Section[s] [2] [3] [and 4] of the Change of Control Agreement constitute full
settlement of all of his or her rights under the Change of Control Agreement, (b) he or she has no
entitlement under any other severance or similar arrangement maintained by the Company, and (c)
except as otherwise provided specifically in this Release, the Company does not and will not have
any other liability or obligation to the Employee. The Employee further acknowledges that, in the
absence of his or her execution of this Release, the payments and benefits specified in Section[s]
[2] [3] [and 4] of the Change of Control Agreement would not otherwise be due to the Employee.

SECTION 2. Release and Covenant Not to Sue. The Employee hereby fully and forever releases
and discharges the Company and its parents, affiliates and subsidiaries, including all predecessors
and successors, assigns, officers, directors, trustees, employees, agents and attorneys, past and
present, from any and all claims, demands, liens, agreements, contracts, covenants, actions, suits,
causes of action, obligations, controversies, debts, costs, expenses, damages, judgments, orders
and liabilities, of whatever kind or nature, direct or indirect, in law, equity or otherwise,
whether known or unknown, arising through the date of this Release, out of his or her employment by
the Company or the termination thereof, including, but not limited to, any claims for relief or
causes of action under the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., or any
other federal, state or local statute, ordinance or regulation regarding discrimination in
employment and any claims, demands or actions based upon alleged wrongful or retaliatory discharge
or breach of contract under any state or federal law. The Employee expressly represents that he or
she has not filed a lawsuit or initiated any other administrative proceeding against the Company
(including for purposes of this Section 2, its parents, affiliates and subsidiaries), and that he
or she has not assigned any claim against the Company (or its parents, affiliates and subsidiaries)
to any other person or entity. The Employee further promises not to initiate a lawsuit or to bring
any other claim against the Company (or its parents, affiliates and subsidiaries) arising out of or
in any way related to his or her employment by the Company or the termination of that employment.
The forgoing will not be deemed to release the Company from (a) claims solely to enforce this
Release, (b) claims solely to enforce Section[s] [2] [3] [and 4] of the Change of Control
Agreement, (c) claims for indemnification under the Company’s By-Laws, under any indemnification
agreement between the Company and the Employee or under any similar agreement or (d) claims solely
to enforce the terms of any equity incentive award agreement

12

 

between the Employee and the Company. This Release will not prevent the Employee from filing a
charge with the Equal Employment Opportunity Commission (or similar state agency) or participating
in any investigation conducted by the Equal Employment Opportunity Commission (or similar state
agency); provided, however, that any claims by the Employee for personal relief in connection with
such a charge or investigation (such as reinstatement or monetary damages) would be barred.

SECTION 3. Restrictive Covenants. The Employee acknowledges that the terms of Section 6 of
the Change in Control Agreement will survive the termination of his or her employment. The
Employee affirms that the restrictions contained in Section 6 of the Change in Control Agreement
are reasonable and necessary to protect the legitimate interests of the Company, that he or she
received adequate consideration in exchange for agreeing to those restrictions and that he or she
will abide by those restrictions.

SECTION 4. Non-Disparagement. The Company (meaning, solely for this purpose, Company’s
directors and executive officers and other individuals authorized to make official communications
on Company’s behalf) will not disparage the Employee or the Employee’s performance or otherwise
take any action which could reasonably be expected to adversely affect the Employee’s personal or
professional reputation. Similarly, the Employee will not disparage Company or any of its
directors, officers, agents or employees or otherwise take any action which could reasonably be
expected to adversely affect the reputation of the Company or the personal or professional
reputation of any of the Company’s directors, officers, agents or employees.

SECTION 5. Cooperation. The Employee further agrees that, subject to reimbursement of his
or her reasonable expenses, he or she will cooperate fully with the Company and its counsel with
respect to any matter (including litigation, investigations, or governmental proceedings) which
relates to matters with which the Employee was involved during his or her employment with Company.
The Employee shall render such cooperation in a timely manner on reasonable notice from the
Company.

SECTION 6. Rescission Right. The Employee expressly acknowledges and recites that (a) he
or she has read and understands this Release in its entirety, (b) he or she has entered into this
Release knowingly and voluntarily, without any duress or coercion; (c) he or she has been advised
orally and is hereby advised in writing to consult with an attorney with respect to this Release
before signing it; (d) he or she was provided 21 calendar days after receipt of the Release
to consider its terms before signing it (or such longer period as is required for this Release to
be effective under the Age Discrimination in Employment Act or any similar state law); and (e) he
or she is provided seven (7) calendar days from the date of signing to terminate and revoke this
Release (or such longer period required by applicable state law), in which case this Release shall
be unenforceable, null and void. The Employee may revoke this Release during those seven (7) days
(or such longer period required by applicable state law) by providing written notice of revocation
to the Company.

SECTION 7. Challenge. If the Employee violates or challenges the enforceability of any
provisions of the Noncompetition Agreement or this Release, no further payments, rights or benefits
under Section[s] [2] [3] [and 4] of the Change of Control Agreement will be due to the Employee.

SECTION 8. Miscellaneous.

          8.1. No Admission of Liability. This Release is not to be construed as an admission
of any violation of any federal, state or local statute, ordinance or regulation or of any duty
owed by

13

 

the Company to the Employee. There have been no such violations, and the Company specifically
denies any such violations.

          8.2. No Reinstatement. The Employee agrees that he or she will not apply for
reinstatement with the Company or seek in any way to be reinstated, re-employed or hired by the
Company in the future.

          8.3. Successors and Assigns. This Release shall inure to the benefit of and be
binding upon the Company and the Employee and their respective successors, executors,
administrators and heirs. The Employee may make any assignment of this Release or any interest
herein, by operation of law or otherwise. The Company may assign this Release to any successor to
all or substantially all of its assets and business by means of liquidation, dissolution, merger,
consolidation, transfer of assets, or otherwise.

          8.4. Severability. Whenever possible, each provision of this Release will be
interpreted in such manner as to be effective and valid under applicable law. However, if any
provision of this Release is held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability will not affect any other provision, and this Release
will be reformed, construed and enforced as though the invalid, illegal or unenforceable provision
had never been herein contained.

          8.5. Entire Agreement; Amendments. Except as otherwise provided herein, this Release
contains the entire agreement and understanding of the parties hereto relating to the subject
matter hereof, and merges and supersedes all prior and contemporaneous discussions, agreements and
understandings of every nature relating to the subject matter hereof. This Release may not be
changed or modified, except by an Agreement in writing signed by each of the parties hereto.

          8.6. Governing Law. This Release shall be governed by, and enforced in accordance
with, the laws of the Commonwealth of Pennsylvania without regard to the application of the
principles of conflicts of laws.

          8.7. Counterparts and Facsimiles. This Release may be executed, including execution
by facsimile signature, in one or more counterparts, each of which shall be deemed an original, and
all of which together shall be deemed to be one and the same instrument.

          IN WITNESS WHEREOF, the Company has caused this Release to be executed by its duly authorized
officer, and the Employee has executed this Release, in each case as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	NEOSE TECHNOLOGIES, INC.	 	   
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name & Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 

14<PAGE>
                                                                  EXHIBIT 10.12

                            ERESEARCHTECHNOLOGY, INC.

                                 2007 BONUS PLAN

     Set forth below is a summary of the 2007 Bonus Plan approved by the
Compensation Committee of the Board of Directors on February 15, 2007, to be
effective for fiscal 2007.

     The purpose of the plan is to promote the interests of the Company and its
stockholders by providing employees with financial rewards upon achievement of
specified business objectives, and to help the Company attract and retain
employees by providing attractive compensation opportunities linked to
performance results. All of the Company's employees are eligible to participate
in the plan, subject in some cases to certain waiting periods and with the
exception that certain sales personnel who participate in a separate commission
incentive plan do not participate in the plan.

     In general, awards will be based upon the extent to which a specified
combination of the following performance targets are achieved:

     -    Revenues;

     -    Income Before Income Taxes;

     -    Contract Revenues Targets (revenue projected to be generated by new
          contracts into which the Company enters with all but certain specified
          customers during the applicable bonus period, regardless of when the
          revenue is actually recognized by the Company); and

     -    Individual performance goals.

     The Compensation Committee establishes the performance targets and
individual performance goals for the Company's President and Chief Executive
Officer and Chief Financial Officer. The President and Chief Executive Officer
establishes the performance targets and individual performance goals for the
executive officers. Performance targets for the remainder of the plan
participants are set by the President and Chief Executive Officer; while
departmental supervisors establish the individual performance goals for other
participants in their respective departments.

     Each participant in the plan has a targeted bonus opportunity, and a
specified percentage of that opportunity relates to the extent to which each
performance target applicable to the participant is achieved. For each
performance target other than departmental or individual performance goals, the
plan sets forth specific levels at which 50%, 75%, 100%, 125% and 150% of the
target is achieved. A participant receives that specified percentage of the
portion of the bonus opportunity applicable to the target to the extent a
particular benchmark is achieved. Where the extent to which a target is achieved
falls between the specified percentage targets, the participant receives a pro
rated portion of the bonus opportunity. As a result of the foregoing, the
maximum bonus payable to a participant under the plan is 150% of the
participant's bonus opportunity. For departmental and individual performance
goals, the participant's departmental supervisor determines the extent to which
the goals have been achieved and any related bonus has been earned.

     The bonus opportunities and the related performance targets for each of the
Company's executive officers are as follows:
<PAGE>
<TABLE>
<CAPTION>
                                                                                 PERCENTAGE OF BONUS BASED ON:
                                                                      --------------------------------------------------
                                                                                                                 GLOBAL
                                                                                   INCOME                       CONTRACT
                                                                                   BEFORE       INDIVIDUAL      REVENUES
                                                        BONUS                      INCOME       PERFORMANCE     TARGETS
NAME                       POSITION                  OPPORTUNITY      REVENUES      TAXES          GOALS          (2)
-------------------------  ----------------------    -----------      --------     -------      -----------     --------
<S>                        <C>                       <C>              <C>          <C>          <C>             <C>
Michael J. McKelvey, Ph.D  President, Chief            185,000           20          60              20              -
                           Executive Officer and
                           Director

Joel Morganroth, MD1       Chairman of the Board        94,640           30          70               -              -
                           of Directors and
                           Chief Scientific
                           Officer

Richard A. Baron           Executive Vice              137,500           20          60              20              -
                           President, Chief
                           Financial Officer and
                           Secretary

Thomas P. Devine           Executive Vice              112,500           20          60              20              -
                           President and Chief
                           Development Officer

Amy Furlong                Executive Vice              110,000           20          60              20              -
                           President, Cardiac
                           Safety

Jeffrey S. Litwin, MD      Executive Vice              130,000           20          35              20             25
                           President and Chief
                           Medical Officer

John M. Blakeley           Senior Vice                  95,000           30          30              40              -
                           President,
                           International
                           Operations and Sales

Robert S. Brown            Senior Vice                 117,500           20          60              20              -
                           President, Strategic
                           Marketing, Planning &
                           Outsourcing
                           Partnerships

George Tiger               Senior Vice                 100,000           30          30               -             40
                           President, Americas
                           Sales
</TABLE>

1.   Dr. Morganroth's bonus, if any, is earned by and paid to his professional
     corporation pursuant to the management consulting agreement between Joel
     Morganroth M.D., P.C. and the Company.

2.   If a contract is cancelled, completed or otherwise terminated without the
     Company recognizing the revenues contemplated by a Contract Revenues Target
     based on which a bonus has been paid, then any portion of the bonus that
     would not have been paid had such unrecognized revenues not been included
     in the Contract Revenues Target will be deducted from any future bonus
     payable under the Plan or any future bonus plan and may, in the
     alternative, be deducted from other future compensation payable to the
     affected participant.

     Notwithstanding the foregoing, the Committee retains the discretion under
the plan to adjust the amount of any bonus to be paid, regardless of whether or
the extent to which any of the objective criteria, including revenue, net income
and Contract Revenues targets, are achieved.

                                       2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]