Document:

EX-10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of the 17th day of
February 2006 by and between Memory Pharmaceuticals Corp., a Delaware Corporation (the “Company”),
and Tony Scullion (hereinafter referred to as “you” or “your”). This Agreement shall supersede
your prior Employment Agreement with the Company dated July 2, 2001 and the amendments thereof
dated August 6, 2001 and March 4, 2002.

1. Positions. Your positions will be Chairman of the Board of Directors and an
employee of the Company. Your responsibilities associated with those positions shall be governed by
the Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, as in effect
from time to time, and shall be subject to all applicable rules, regulations and procedures.

Your responsibilities as an employee of the Company shall include, but will not be limited to,
providing advice relating to business and strategic development and such other responsibilities as
may be assigned by the Company from time to time, which may be performed at such other location as
mutually agreed You agree to devote an average, over the Term (as defined below), of approximately
eight (8) to twelve (12) hours per week to these activities.

The Company will reimburse you for all reasonable home office expenses incurred by you in the
course of the performance of services hereunder.

You agree not to engage in any activities outside of the scope of your employment that would
detract from, or interfere with, the fulfillment of your responsibilities or duties under this
Agreement or that would violate the Confidentiality and Noncompetition Agreement dated September 4,
2001 and signed by you on July 5, 2001 (“Confidentiality Agreement”).

2. Starting Date/Nature of Relationship. Your employment under this Agreement will
start on February 17, 2006 (the “Start Date”) and shall continue until January 31, 2007 (the
“Term”). At the conclusion of the Term, unless both parties mutually agree to extend your
employment, your employment shall end if not terminated earlier in accordance with the provisions
below. You agree to tender your resignation from the Company’s Board of Directors (the “Board”)
immediately upon the earliest to occur of (i) the conclusion of the Term, (ii) the termination of
your employment by you, or (iii) the termination of your employment by the Company with Cause (as
defined below). In the event your employment is terminated by the Company without Cause, at the
request of the Board, you agree to resign as Chairman of the Board effective upon the date of such
termination without Cause; however, you shall have the right to remain as a director of the Company
for the remainder of the Term. The parties may agree to renew this Agreement beyond the Term in
writing; however, such renewal shall not be automatic.

3. Compensation. Your base salary will be at the gross semi-monthly rate of
$8,333.33, less applicable deductions.

4. Benefits.

(a) You will be entitled as an employee of the Company to receive such benefits as are
generally provided its employees and executives and for which you are eligible in accordance with
Company policy as in effect from time to time. The Company retains the right to change, add or
cease any particular benefit relating to its employees and executives generally. At this time, the
Company is offering a benefit program, consisting of medical, dental, life and short/long term
disability insurance, as well as a 401(k) retirement plan and flexible spending plan.

(b) The Company will pay the 2006 premium in the approximate amount of $14,530 per year
relating to your existing life insurance policy.

(c) The Company shall provide you with tax preparation for the years 2005 and 2006 in an
amount up to $12,000 per year.

(d) The Company shall reimburse you for up to $5,000 for legal fees incurred by you in
connection with this Agreement.

5. Termination.

(a) The Company may terminate the employment relationship without Cause (as defined below)
upon thirty (30) days’ notice. Upon termination by the Company without Cause during the Term, or
in the event of your death or disability after such termination during the Term, (i) you will
continue to receive an amount equal to your base salary, less applicable deductions payable in
accordance with standard payroll procedures, that you otherwise would have received during the
balance of such Term of employment, (ii) the Company shall make the payments set forth in paragraph
4(b) and (c) above. You shall not be entitled to any further payments or benefits, except as
described herein.

(b) The Company may terminate the employment relationship at any time during the Term with
Cause. You shall not be eligible for any further compensation or Company paid benefit continuation
if this Agreement is terminated by the Company for Cause prior to the conclusion of the Term. For
the purpose of this paragraph, “Cause” shall be defined as (i) your conviction of a felony, either
in connection with the performance of your obligations to the Company or otherwise, which adversely
affects your ability to perform such obligations or materially adversely affects the business
activities, reputation, goodwill or image of the Company, (ii) your willful disloyalty, deliberate
dishonesty, breach of fiduciary duty, (iii) your breach of the terms of this Agreement, or your
failure or refusal to carry out any material tasks assigned to you by the Company in accordance
with the terms hereof, which breach or failure continues for a period of more than thirty (30) days
after your receipt of written notice thereof from the Company, (iv) the commission by you of any
fraud, embezzlement or deliberate disregard of a significant rule or policy of the Company known to
you or contained in a policy and procedure manual provided to you which results in material loss,
damage or injury to the Company, or (v) the material breach by you of any of the provisions of the
Confidentiality Agreement.

(c) You may terminate the employment relationship during the Term upon thirty (30) days’
written notice to the Company’s President and Chief Executive Officer. If you terminate the
employment relationship at any time prior to the conclusion of the Term, the Company will pay you
within two weeks of such termination, your current base salary earned through the termination date
plus any expenses. You shall not be entitled to any further payments or benefits, except as
described herein.

(d) The Company agrees that at present, under the terms of your stock options, you have the
right to exercise such options at any time up to three (3) months following your termination of
employment or ceasing to serve as a director, whichever shall occur later. At any time (i) prior
to the termination of your employment at the conclusion of the Term, or by you during the Term, or
(ii) within thirty days following termination of your employment by the Company without Cause
during the Term, the Company shall, upon your written request, extend the period during which you
may exercise your stock options for such additional period as shall then be allowable under
applicable law (including, without limitation, Section 409A of the Internal Revenue Code of 1986,
as amended and recodified), provided, however, that such period shall not exceed the end of the
calendar year during which such stock options otherwise would expire (the “Extension Request”).
You hereby acknowledge that it is your responsibility to seek and obtain the advice of your tax
professionals prior to requesting an extension hereunder, and that the Company shall have no
obligation to advise you regarding the tax consequences to you of any extension.

(e) Upon termination of your employment by the Company without Cause during the Term, the
Company shall pay your portion of the COBRA payment for your continued group health benefits for
the balance of such Term, which shall count towards the benefit continuation period required by
applicable law. The remainder of the benefit continuation period shall be at your own expense. If
you obtain alternate coverage during any period of Company paid benefit continuation, you are
required to notify the President and Chief Executive Officer of the Company in writing within
thirty (30) days thereof and such Company paid benefit continuation shall terminate immediately.
Upon termination of your employment (i) by the Company with Cause during the Term, (ii) by you
during the Term, or (iii) at the conclusion of the Term, you will be eligible for benefit
continuation at your own expense consistent with applicable law.

(f) All payments and benefits provided pursuant to this Agreement, including but not limited
to paragraph 5 (but excluding the last sentence of subparagraph 5(e) and the first sentence of
paragraph 7, are conditioned upon your execution and non-revocation of a General Release
substantially in the form attached hereto as Exhibit A at the time of termination. Your refusal to
execute a General Release shall constitute a waiver by you of any and all benefits referenced in
this paragraph. In addition, the Company will not be obligated to continue any such payments to
you under this paragraph in the event you materially breach the terms of the Confidentiality
Agreement.

6. Confidentiality. The Company considers the protection of its confidential
information and proprietary materials to be very important. Your previously executed
Confidentiality Agreement is hereby reaffirmed and shall remain in full force and effect during and
following the termination of your employment.

7. Indemnification. Both during the Term and thereafter, the Company shall continue to
honor all of its indemnification obligations to you, in your capacity as a current or former
director and officer of the Company, whether such indemnification obligations arise pursuant to the
Company’s certificate of incorporation, bylaws or otherwise. The Company shall maintain in effect
for a minimum of five years from the date hereof the current directors’ and officers’ liability
insurance policies which are then maintained by the Company, provided that the Company may
substitute therefor policies of at least the same coverage containing terms and conditions which
are not materially less favorable.

8. General.

(a) This Agreement, together with the Confidentiality Agreement, will constitute our entire
agreement as to your employment by the Company and will supersede any prior agreements or
understandings, whether in writing or oral, including your prior Employment Agreement with the
Company dated July 2, 2001 and the amendments thereof dated August 6, 2001 and March 4, 2002. Any
applicable stock option agreements shall remain in full force and effect.

(b) This Agreement shall be governed by the law of the State of New Jersey. In the event of
any legal proceedings relating to this letter agreement and/or the subject matter thereof, the
parties consent to the exclusive jurisdiction of the courts located in the State of New Jersey.
THE PARTIES HEREBY EXPRESSLY WAIVE THEIR RIGHT TO HAVE A JURY TRIAL.

(c) This Agreement is not assignable by either party except that it shall inure to
the benefit of and be binding upon any successor to the Company by merger or consolidation or the
acquisition of all or substantially all of the Company’s assets.

	 	 	 
	By: /s/ James R. Sulat

	 	

	 

	Name:

Title:

	 	James R. Sulat

President & Chief Executive Officer

ACCEPTED AND AGREED:

/s/ Tony Scullion

Tony Scullion

	 	 	Date: February 17, 2006

1

EXHIBIT A

FORM OF GENERAL RELEASE 

1. For and in consideration of the payments and other benefits described in the Employment
Agreement dated as of February 17, 2006 (the “Employment Agreement”), by and between Memory
Pharmaceuticals Corp. (the “Company”), and Tony Scullion (the “Employee”) and for other good and
valuable consideration, Employee hereby releases the Company and its respective divisions,
operating companies, affiliates, subsidiaries, parents, branches, predecessors, successors,
assigns, officers, directors, trustees, employees, agents, shareholders, administrators,
representatives, attorneys, insurers and fiduciaries, past, present and future (the “Released
Parties”) from any and all claims of any kind arising out of or related to Employee’s employment
with the Company, Employee’s separation from employment with the Company or derivative of
Employee’s employment, which Employee now has or may have against the Released Parties, whether
known or unknown to Employee, by reason of facts which have occurred on or prior to the date that
Employee has signed this General Release. Such released claims include, without limitation, any
alleged violation of the Age Discrimination in Employment Act, as amended, the Older Worker
Benefits Protection Act; Title VII of the Civil Rights of 1964, as amended; Sections 1981 through
1988 of Title 42 of the United States Code; the Civil Rights Act of 1991; the Equal Pay Act; the
Americans with Disabilities Act; the Rehabilitation Act; the Family and Medical Leave Act; the Fair
Labor Standards Act; the Employee Retirement Income Security Act of 1974, as amended; the Worker
Adjustment and Retraining Notification Act; the National Labor Relations Act; the Fair Credit
Reporting Act; the Occupational Safety and Health Act; the Uniformed Services Employment and
Reemployment Act; the Employee Polygraph Protection Act; the Immigration Reform Control Act; the
retaliation provisions of the Sarbanes-Oxley Act of 2002; the Federal False Claims Act; the New
Jersey Law Against Discrimination; the New Jersey Domestic Partnership Act; the New Jersey
Conscientious Employee Protection Act; the New Jersey Family Leave Act; the New Jersey Wage and
Hour Law; the New Jersey Equal Pay Law; the New Jersey Occupational Safety and Health Law; the New
Jersey Smokers’ Rights Law; the New Jersey Genetic Privacy Act; the New Jersey Fair Credit
Reporting Act; the retaliation provisions of the New Jersey Workers’ Compensation Law (and
including any and all amendments to the above) and/or any other alleged violation of any federal,
state or local law, regulation or ordinance, and/or contract or implied contract or tort law or
public policy or whistleblower claim, having any bearing whatsoever on Employee’s employment by and
the termination of Employee’s employment with the Company, including, but not limited to, any claim
for wrongful discharge, back pay, vacation pay, sick pay, wage, commission or bonus payment, money
or equitable relief or damages of any kind, attorneys’ fees, costs, and/or future wage loss.

2. Employee acknowledges that he has been paid and/or has received all compensation, wages,
bonuses, commissions, and/or benefits to which he may be entitled and that no other compensation,
wages, bonuses, and/or benefits are due to him.

3. It is understood that this General Release is not intended to and does not affect or
release any future rights or any claims arising after the date hereof.

4. Employee understands that the consideration provided to him under the terms of the
Agreement or otherwise does not constitute an admission by the Company that it has violated any law
or legal obligation.

5. Employee agrees, to the fullest extent permitted by law, that he will not commence,
maintain, prosecute or participate in any action or proceeding of any kind against the Company
based on any of the claims waived herein occurring up to and including the date of his signature.
Employee represents and warrants that he has not done so as of the effective date of this General
Release. Notwithstanding the foregoing agreement, representation and warranty, if Employee
violates any of the provisions of this paragraph, Employee agrees to indemnify and hold harmless
the Company from and against any and all costs, attorneys’ fees and other expenses authorized by
law which result from, or are incident to, such violation. This paragraph is not intended to
preclude Employee from (1) enforcing the terms of the General Release Agreement; (2) challenging
the validity of this General Release; or (3) filing a charge or participating in any investigation
or proceeding conducted by the Equal Employment Opportunity Commission.

6. Employee further agrees to waive his right to any monetary or equitable recovery should any
federal, state or local administrative agency pursue any claims on his behalf arising out of or
related to his employment with and/or separation from employment with the Company and promises not
to seek or accept any award, settlement or other monetary or equitable relief from any source or
proceeding brought by any person or governmental entity or agency on his behalf or on behalf of any
class of which he is a member with respect to any of the claims he has waived.

7. Employee acknowledges and agrees that Employee has read this General Release carefully, and
acknowledges that he has been given at least twenty one (21) days from the date of receipt of this
General Release to consider all of its terms and has been advised to consult with any attorney and
any other advisors of the Employee’s choice prior to executing this General Release. Employee
fully understands that, by signing below, Employee is voluntarily giving up any right which
Employee may have to sue or bring any other claims against the Released Parties, including any
rights and claims under the Age Discrimination in Employment Act. Employee will have seven (7)
days from the date he signs this General Release to revoke it by notifying the Company in writing
(to the attention of the President and Chief Executive Officer) prior to expiration of the seven
(7) day period.

8. Employee agrees to keep confidential all information contained in this General Release and
relating to this General Release, except (1) to the extent the Company consents in writing to such
disclosure; (2) if Employee is required by process of law to make such disclosure and Employee
promptly notifies the Company of his receipt of such process; or (3) because Employee must disclose
certain terms on a confidential basis to his financial consultant, attorney or spouse.

9. This Agreement and the Employment Agreement constitute and contain the complete
understanding between Employee and the Company with respect to the subject matter addressed herein,
and supersede and replace all prior negotiations and all agreements, if any, whether written or
oral, concerning the subject matter of this Agreement, except for the Confidentiality and
Noncompetition Agreement dated September 4, 2001 and signed by you on July 5, 2001, which is hereby
reaffirmed, remain in full force and effect and is not in any way diminished by this General
Release.

10. This General Release shall be construed and enforced in accordance with, and governed by,
the laws of the State of New Jersey, without regard to principles of conflict of laws. If any
clause of this General Release should ever be determined to be unenforceable, it is agreed that
this will not affect the enforceability of any other clause or the remainder of this General
Release.

11. This General Release is final and binding and may not be changed or modified except as set
forth herein or in a writing signed by both parties. The parties have executed this General
Release with full knowledge of any and all rights they may have, and they hereby assume the risk of
any mistake in fact in connection with the true facts involved, or with regard to any facts which
are now unknown to them.

12. By signing this General Release, Employee acknowledges that: (1) he has read this General
Release completely; (2) he has had an opportunity to consider the terms of this General Release;
(3) he has had the opportunity to consult with an attorney of his choosing prior to executing this
General Release to explain this General Release and its consequences; (4) he knows that he is
giving up important legal rights by signing this General Release; (5) he has not relied on any
representation or statement not set forth in this General Release; (6) he understands and means
everything that he has said in this General Release, and he agrees to all its terms; and (7) he has
signed this General Release voluntarily and entirely of his own free will.

	 	 	 
	     

Date

     

Date

	 	     

Tony Scullion

     

Memory Pharmaceuticals Corp.

By:

Subscribed to and Sworn before me

this            day of      , 200_

     

NOTARY PUBLIC

2EX-10.1

THE ST. JOE COMPANY

ANNUAL INCENTIVE PLAN

1. PURPOSES

The St. Joe Company Annual Incentive Plan is a component of the Company’s overall strategy to pay
its employees for performance. The purposes of this Plan are to: (A) motivate senior executives and
other employees by tying their compensation to performance; (B) reward exceptional performance that
supports overall Company objectives; and (C) attract and retain top performing employees.

2. DEFINITIONS

“Award” means an award under this Plan of a conditional opportunity to receive a payment of cash,
restricted stock or a combination of cash and restricted stock, if the applicable performance
target(s) is (are) satisfied in the applicable performance period.

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

“Committee” means the Compensation Committee of the Company’s Board of Directors, or such other
committee designated by the Board of Directors, which is authorized to administer the Plan under
Section 3 hereof. The Committee shall be comprised solely of directors who are outside directors
under Code Section 162(m).

“Company” means The St. Joe Company and any corporation or other business entity of which the
Company (i) directly or indirectly has an ownership interest of 50% or more, or (ii)
has a right to elect or appoint 50% or more of the board of directors or other governing body.

“Participant” means any employee to whom an Award is granted under the Plan.

“Plan” means this Plan, which shall be known as The St. Joe Company Annual Incentive Plan.

3. ADMINISTRATION

A. The Plan shall be administered by the Committee. The Committee shall have the authority to:

(i) determine all questions of policy and interpretation pertaining to the Plan;

(ii) adopt such rules, regulations, agreements and instruments as it deems necessary
for the proper administration of the Plan;

(iii) select employees to receive Awards;

(iv) determine the terms of Awards;

(v) determine amounts subject to Awards (within the limits prescribed in the Plan);

(vi) determine whether Awards will be granted in replacement of or as alternatives to
any other incentive or compensation plan of the Company;

(vii) grant waivers of Plan or Award conditions (but with respect to Awards intended to
qualify under Code Section 162(m), only as permitted under that Section);

(viii) accelerate the payment of Awards (but with respect to Awards intended to qualify
under Code Section 162(m), only as permitted under that Section);

(ix) correct any defect, supply any omission, or reconcile any inconsistency in the
Plan, any Award or any Award notice; and

(x) take any and all other actions it deems necessary or advisable for the proper
administration of the Plan.

B. The Committee may delegate its authority to grant and administer Awards to a separate
committee; however, only the Committee may grant and administer Awards which are intended to
qualify as performance-based compensation under Code Section 162(m).

4. ELIGIBILITY

Any executive officer of the Company as determined by the Committee and any other employee
designated by the Chief Executive Officer or the Committee may become Participants in the Plan.

5. PERFORMANCE GOALS

A. The Committee shall establish in writing one or more performance goals applicable to a
particular fiscal year in advance of the deadlines applicable under Code Section 162(m) and while
the outcome of the performance goal remains substantially uncertain within the meaning of Code
Section 162(m).

B. Each performance goal applicable to a fiscal year shall be based upon one or more of the
following business criteria, either individually or in any combination: (1) net income, (2)
stockholder return, (3) earnings per share, (4) revenue, (5) revenue growth, (6) operating income,
(7) market share, (8) return on net assets, (9) return on equity, (10) return on investment, (11)
cash flow, (12) share price performance, (13) net earnings before interest and taxes, less any
minority interests, (14) earnings before taxes less any minority interests, and (15) the number of
land-use entitlements held by the Company. The business criteria selected may be applied to either
the Company as a whole or to a business unit or subsidiary, either individually or in any
combination, and measured either annually or cumulatively over a period of years, on an absolute
basis or relative to a pre-established target, to previous years’ results or to a designated
comparison index, in each case as specified by the Committee in the Award.

C. The Committee shall determine the target level of performance that must be achieved with
respect to each business criterion that is identified in a performance goal in order for a
performance goal to be treated as attained.

D. The Committee may base performance goals on one or more of the foregoing business criteria.
In the event performance goals are based on more than one business criterion, the Committee may
determine to make Awards upon attainment of the performance goal relating to any one or more of
such criteria, provided the performance goals, when established, are stated as alternatives to one
another at the time the performance goal is established.

E. To preserve the intended incentives and benefits of an Award based on one or more of the
business criteria described above, the Committee shall apply the objective formula or standard with
respect to the applicable performance goal in a manner that shall eliminate, in whole or in part,
in such manner as is specified by the Committee, the effects of any of the following: asset
write-downs or dispositions; acquisition-related charges; litigation, claim judgments, settlements
or tax settlements; the effects of changes in tax law, accounting principles or other such laws or
provisions affecting reported results; accruals for reorganization and restructuring programs;
unrealized gains or losses on investments; and any extraordinary non-recurring items as described
in Accounting Principles Board Opinion No. 30 and/or in management’s discussion and analysis of
financial condition and results of operations appearing in the annual report on Form 10-K for the
applicable year.

F. In its sole discretion, the Committee may reduce, but may not increase, an Award calculated
using performance goals based on objective business criteria and intending to be performance-based
compensation for purposes of Code Section 162(m). In determining the amount of any reduced Award,
the Committee reserves the right to apply subjective, discretionary criteria to determine a revised
Award amount. The reduction in, or elimination of, any Award for a Participant by the Committee
may not, directly or indirectly, increase the amount of any Award to any other Participant.

G. For Participants who will not be receiving Awards subject to Code Section 162(m), the
Committee may provide for the establishment of other criteria in addition to performance goals for
the calculation of Awards, including, but not limited to, strategic goals, individual employee
objectives and discretionary employee performance multipliers. Such subjective, discretionary
criteria, however, shall not be used for purposes of determining performance-based compensation for
purposes of Code Section 162(m), except to the extent that such criteria would have the effect of
reducing an Award that was otherwise calculated in accordance with Code Section 162(m).

6. AWARDS

A. Awards may be made on the basis of Company and/or business unit performance goals and
formulas, as well as strategic goals and individual employee objectives, or any combination of the
foregoing, all as determined by the Committee. Awards shall be determined by the application of
one or more multipliers to an individual target Award expressed in dollars or as a percentage of a
Participant’s base salary. The multiplier(s) shall be determined, in whole or in part, by
reference to the applicable performance goals or other objectives. Awards may be greater than or
less than 100% of the target Award. During any Company fiscal year, however, no single Participant
shall receive an Award of more than $3,000,000.

B. The Committee, in its discretion, may elect to make payment of all or part of any Award in
restricted shares of the Company’s common stock. In such event, any restricted shares issued shall
be pursuant to an award under one or more of the Company’s incentive stock plans.

C. The Committee, in its discretion, may reduce or eliminate a Participant’s Award at any time
before it is paid, whether or not calculated on the basis of pre-established performance goals or
formulas.

D. The payment of an Award requires that the Participant be an active employee and on the
Company’s payroll on the last day of the fiscal year to which such Award relates in order to
receive any portion of the Award. The Committee may make exceptions to this requirement in the case
of retirement, death, disability, a corporate change in control, or in such other circumstances as
determined by the Committee in its sole discretion.

E. No executive officer shall receive any payment under the Plan unless the Committee has
certified, by resolution or other appropriate action in writing, that the amount thereof has been
accurately determined in accordance with the terms, conditions and limits of the Plan and that the
applicable performance goals and any other material terms previously established by the Committee
or set forth in the Plan were in fact satisfied.

F. The Company shall withhold all applicable federal, state, local and foreign taxes required
by law to be paid or withheld relating to the receipt or payment of any Award.

7. GENERAL

A. The Plan shall become effective as of February 13, 2006, subject to shareholder approval of
the Plan to the extent required by Code Section 162(m).

B. Any rights of a Participant under the Plan are personal to the Participant and shall not be
assignable by such Participant, by operation of law or otherwise, except by will or the laws of
descent and distribution. No Participant may create a lien on any funds or rights to which he or
she may have an interest under the Plan, or which is held by the Company for the account of the
Participant under the Plan.

C. Participation in the Plan shall not give any employee any right to remain in the Company’s
employ. Further, the adoption of this Plan shall not be deemed to give any employee or other
individual the right to be selected as a Participant or to be granted an Award.

D. To the extent any person acquires a right to receive payments from the Company under this
Plan, such rights shall be no greater than the rights of an unsecured creditor of the Company.

E. The Plan shall be governed by and construed in accordance with the laws of the State of
Florida.

F. The Board may amend, suspend or terminate the Plan at any time and from time to time,
provided however that no amendment to the Plan shall be effective unless approved by the Company’s
shareholders, to the extent such shareholder approval is required under Code Section 162(m) with
respect to Awards which are intended to qualify under that Section. In no event shall the
amendment, suspension or termination of the Plan adversely affect the rights of any Participant to
a previously granted Award without such Participant’s written consent.

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