Document:

EX-4.5

 Exhibit 4.5 

GLOBAL NOTE 
 THIS SECURITY IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 UNLESS THIS SECURITY IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), AND CLEARSTREAM BANKING, S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR,
“EUROCLEAR/CLEARSTREAM”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED AS NOMINEE OF ELAVON FINANCIAL SERVICES DAC AS COMMON
DEPOSITARY (THE “DEPOSITARY”) OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS AN INTEREST HEREIN. 

EMERSON ELECTRIC CO. 

2.000% Note due 2029 
  

			
	 €500,000,000
	 	No.: A-1
		 	CUSIP: 291011 BJ2
	 Issue Date: January 15, 2019
	 	ISIN: XS1916073254
		 	Common Code: 191607325

 Emerson Electric Co., a Missouri corporation (the “Issuer”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of the common depositary for Euroclear and Clearstream, or registered assigns, the principal sum of €500,000,000, or such other principal sum as shall be set forth in the Schedule of Exchanges of Interests
attached hereto, on October 15, 2029 (the “Maturity Date”), and to pay interest at 2.000% per annum annually in arrears on each October 15, commencing October 15, 2019 (each, an “Interest Payment Date”), with the
interest computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the 2029 Notes (or January 15, 2019,
if no interest has been paid on the 2029 Notes), to, but excluding, the next scheduled 2029 Interest Payment Date, which payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market
Association. 
 If an Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the related payment of interest or principal, as
applicable, will be made on the next Business Day with the same force and effect as if it were made on the date the payment was due, and no interest will accrue on the amount so payable for the period from and after that Interest Payment Date or the
Maturity Date, as the case may be, to the date the payment is made. Interest payments will include accrued interest from and including the date of issue or from and including the last date in respect to which interest has been paid, as the case may
be, to, but excluding, the Interest Payment Date or the Maturity Date, as the case may be. 

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof. Such
further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid or become obligatory
for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof or the Authenticating Agent referred to herein. 

 IN WITNESS WHEREOF, Emerson Electric Co. has caused this instrument to be signed by facsimile by its duly
authorized officers and has caused a facsimile of its corporate seal to be affixed hereunto or imprinted hereon. 
  

			
	EMERSON ELECTRIC CO.
		
	By:	 	 /s/ F.J. Dellaquila

	Title:	 	 Senior Executive Vice President and

Chief Financial Officer

		
	By:	 	 /s/ J.H. Thomasson

	Title:	 	Vice President and Treasurer

 [SEAL] 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities described in the within-mentioned Indenture. 
  

							
	Dated: January 15, 2019	 		 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
		 		 	 By ELAVON FINANCIAL SERVICES DAC, UK BRANCH,

as Authenticating Agent appointed by the Trustee

				
		 		 	By:	 	 /s/ Chris Hobbs

		 		 		 	Authorized Signatory
				
		 		 	By:	 	 /s/ Michael Leong

		 		 		 	Authorized Signatory

 EMERSON ELECTRIC CO. 

2.000% Notes due 2029 
 This Note
is one of a duly authorized issue of unsecured debentures, notes or other evidence of indebtedness of the Issuer (hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an
indenture dated as of December 10, 1998 (herein called the “Original Indenture”), duly executed and delivered by the Issuer to The Bank of New York Mellon Trust Company, N.A. (successor to The Bank of New York Mellon (formerly known
as The Bank of New York)), as trustee (herein called the “Original Trustee”), as supplemented by a First Supplemental Indenture dated as of January 15, 2019 (the “First Supplemental Indenture” and, together with the Original
Indenture, the “Indenture”), among the Issuer, the Original Trustee and Wells Fargo Bank, National Association, as series trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference
is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the holders of the Securities. The Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may be subject to different sinking, purchase or
analogous funds (if any) and may otherwise vary as in the Indenture provided. This Note is one of a series designated as the 2.000% Notes due 2029 of the Issuer, limited in aggregate principal amount to €500,000,000 (herein called the
“Notes”). 
 The Notes of this series are redeemable, in whole or from time to time in part, at the Issuer’s option, prior to
the Par Call Date (as defined below), at a redemption price equal to the greater of (i) 100 percent of the principal amount of the Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal
and interest thereon (exclusive of interest accrued to that Redemption Date) discounted to that Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus 30 basis points,
plus, in either case, accrued and unpaid interest on the principal amount being redeemed to that Redemption Date. 
 The Notes of this
series are redeemable, in whole or from time to time in part, at the Issuer’s option, on or after the Par Call Date, at a redemption price equal to 100 percent of the principal amount of the Notes being redeemed, plus accrued and unpaid
interest on the principal amount being redeemed to the applicable Redemption Date. 
 Notwithstanding the foregoing, installments of
interest on the Notes which are due and payable on an Interest Payment Date falling on or prior to the relevant Redemption Date shall be payable to the holders of those Notes, registered as such at the close of business on the relevant record date
according to their terms and the provisions of the Indenture. 
 Notice of any redemption will be mailed or otherwise transmitted in
accordance with the applicable procedures of Euroclear or Clearstream to each Holder of the Notes not less than 30 days but not more than 60 days before the Redemption Date of the Notes being redeemed. 

If less than all of the Notes of this series are to be redeemed, the Notes of this series to be redeemed shall be selected by the Paying Agent
by a method the Paying Agent deems to be fair and appropriate or, in the event that the Notes are represented by one or more Global Notes, beneficial interests therein shall be selected for redemption by Clearstream and Euroclear in accordance with
their respective applicable procedures therefor. If the Notes are listed on any national securities exchange, Euroclear or Clearstream will select Notes in compliance with the requirements of the principal national securities exchange on which the
Notes are listed. Notwithstanding the foregoing, if less than all of the Notes are to be redeemed, no Notes of a principal amount of €100,000 or less shall be redeemed in part. 

“Comparable Government Bond Rate” means, with respect to any redemption date, the price, expressed as a percentage (rounded
to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on this series of Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the redemption date, would be
equal to the gross redemption yield on such Business Bay of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as
determined by an independent investment bank selected by the Issuer. 

 “Comparable Government Bond” means, in relation to any Comparable
Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Issuer, a German federal government bond whose maturity is closest to the maturity of the applicable series of Notes to be redeemed, or if such
independent investment bank in its discretion determines that such similar bond is not in issue, such other German federal government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German
federal government bonds selected by the Issuer, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Par Call Date” means July 15, 2029. 

If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) or treaties of the
United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations, rulings or treaties, which change or amendment is announced
or becomes effective on or after the date of issuance of the Notes, the Issuer becomes or will become obligated to pay additional amounts as described under Section 2.07 of the First Supplemental Indenture with respect to the Notes, then the
Issuer may at any time at its option redeem, in whole, but not in part, the outstanding Notes on not less than 15 nor more than 60 days’ prior notice, at a redemption price equal to 100 percent of their principal amount, together with
accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption; provided such obligation cannot be avoided by its taking reasonable measures available to it, not including substitution of the obligor under the Notes.

 Pursuant to Section 2.07 of the First Supplemental Indenture, the Issuer will, subject to the exceptions and limitations set forth
in Section 2.07 of the First Supplemental Indenture, pay such additional amounts (“Additional Amounts”) as will result in the receipt by each beneficial owner of a Note that is not a United States person (as defined below) of such
amounts, after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States (including any withholding or deduction with respect to the
payment of such Additional Amounts) as would have been received had no such withholding or deduction been required. 
 As used herein, the
term “United States” means the United States of America (including the states of the United States and the District of Columbia and any political subdivision thereof) and the term “United States person” means any individual who
is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia
(other than a partnership that is not treated as a United States person under any applicable Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

Whenever in the Indenture (including in this Note) there is referenced, in any context, the payment of amounts based on the payment of
principal of, or premium, if any, or interest on, the Notes of this series, or any other amount payable thereunder or with respect thereto, such reference will be deemed to include the payment of Additional Amounts as described hereunder to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 The Indenture contains provisions for
defeasance at any time of the entire Indebtedness of this Note or certain restrictive covenants and Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 

In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be declared, and upon
such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

 The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of
the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding (as defined in the Indenture) of all series to be affected (voting as one class), evidenced as in the Indenture provided, to execute
supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each such
series; provided, however, that no such supplemental indenture shall (i) extend the final maturity of any Security, or reduce the principal amount thereof or any premium thereon, or reduce the rate or extend the time of payment of any
interest thereon, or reduce any amount payable on redemption thereof or reduce the amount of the principal of an Original Issue Discount Security (as defined in the Indenture) payable upon acceleration thereof or the amount thereof provable in
bankruptcy, or impair or affect the rights of any Holder to institute suit for the payment thereof, or, if the Securities provide therefor, any right of repayment at the option of the Holder, without the consent of the Holder of each Security so
affected, or (ii) reduce the aforesaid percentage of Securities, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holder of each Security affected. It is also provided in the Indenture
that, with respect to certain defaults or Events of Default regarding the Securities of any series, prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in aggregate principal amount Outstanding of the
Securities of such series (or, in the case of certain defaults or Events of Default, all or certain series of the Securities) may on behalf of the Holders of all the Securities of such series (or all or certain series of the Securities, as the case
may be) waive any such past default or Event of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or premium, if any, or interest on any of the Securities. Any such consent
or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes which may be issued in exchange or substitution
herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note in the manner, at the respective
times, at the rate and in the coin or currency herein prescribed. 
 No Global Note may be transferred except as a whole by the Depositary
to a nominee of the Depositary. Subject to certain conditions, the Notes represented by the Global Note are exchangeable for certificated notes in definitive form of like tenor in minimum denominations of €100,000 principal amount and integral
multiples of €1,000 in excess thereof if: (1) the Depositary provides notification that it is unwilling, unable or no longer qualified to continue as depositary for the Global Note and a successor is not appointed by the Issuer within
90 days; (2) the Issuer has been notified that both Clearstream and Euroclear have been closed for business for a continuous period of 14 days (other than by reason of holiday, statutory or otherwise) or have announced an intention
permanently to cease business or have in fact done so and no successor clearing system is available, (3) the Issuer has or will become subject to adverse tax consequences which would not be suffered were the Notes represented by the Global Note
in definitive form, or (4) an event of default entitling the Holders of the applicable Notes to accelerate the maturity thereof has occurred and is continuing. Upon the occurrence of any of the preceding events, the Issuer will notify the
Trustee in writing that, upon surrender by the participants of their interest in such Global Note, Securities in definitive form will be issued to each Person that such participants and the Depositary identify as being the beneficial owner of the
related Securities. Beneficial interests in Global Notes may be exchanged for Securities in definitive form of the same series upon request but only upon at least 30 days’ prior written notice given to the Trustee by or on behalf of the
Depositary in accordance with customary procedures. 
 For purposes of the Notes, “Business Day” shall mean any day that is not a
Saturday or Sunday and that is not a day on which banking institutions are authorized or obligated by law or executive order to close in the City of New York or London and on which the Trans-European Automated Real-time Gross Settlement Express
Transfer system (the TARGET2 system), or any successor thereto, operates. 
 All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The acceptance of this Note shall be deemed to constitute the consent and agreement of the Holder hereof to all of the terms and provisions of
the Indenture. Terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

 THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS
OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Insert assignee’s social security or tax I.D. no.) 
  

 
  
  

 
  
  

 
  
  

 
  

(Print or type assignee’s name, address and zip code) 

and irrevocably appoint
                                     as agent to transfer this
Note on the books of the Issuer. The agent may substitute another to act for him. 
  

			
	Your Signature:	  	  

		  	 (Sign exactly as your name appears on the other side of this Note)

		
	Your Name:	  	  

 Date:
                                 

 

					
	Signature Guarantee:	  	  
	  	*

 *NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized signature
Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable
to the Trustee. 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 

The following exchanges of an interest in this Global Note for an interest in another Global Note or for a Definitive Security, or exchanges of an interest in
another Global Note or a Definitive Security for an interest in this Global Note have been made: 
  

									
	 Date of Exchange
	  	 Amount of
decrease
in Principal Amount of
this Global Note
	  	 Amount of increase
in Principal
Amount of
this Global Note
	  	
Principal Amount of this
Global Note
following
such decrease or increase
	  	 Signature of authorized
signatory or
Trustee or
Securities CustodianExhibit 10.1

 

Execution Version

 

SEPARATION AND RELEASE AGREEMENT

 

This SEPARATION AND RELEASE AGREEMENT (this “Agreement”) is entered into as of January 15, 2019 to be effective on the Effective Date (as defined in Section 20(g) below), by and between Onconova Therapeutics, Inc. (the “Company”) and Ramesh Kumar, Ph.D. (the “Executive”).

 

RECITALS

 

WHEREAS, pursuant to the terms of an Employment Agreement, effective as of July 1, 2015, entered into by and between the Company and Executive (the “Employment Agreement”), Executive has been employed as the Company’s President and Chief Executive Officer until June 19, 2018 and as Chief Executive Officer until January 15, 2019;

 

WHEREAS, the Company and Executive have come to a mutual agreement with respect to Executive’s termination from employment with the Company to be effective February 17, 2019 (the “Termination Date”); and

 

WHEREAS, as consideration for Executive’s execution and non-revocation of this Agreement (including Exhibit A attached hereto) containing a release of all claims against the Company and its affiliates, the Company is willing to enter into this Agreement containing certain benefits to which Executive is not otherwise entitled.

 

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth and intending to be legally bound hereby, the parties hereby agree as follows:

 

1.             Termination from Employment.  Executive’s termination from employment with the Company shall be effective on the Termination Date; provided that as of January 15, 2019, Executive shall no longer be an officer or director of the Company or its parents, subsidiaries and affiliates and provided, further, that Executive shall be paid $10,000 in salary for the period of employment beginning on January 15, 2019 and ending on the Termination Date.  Provided that the terms and conditions set forth herein are satisfied, Executive shall be entitled to the following:

 

(a)           Severance Payments and Benefits.  So long as Executive continues to comply with the Restrictive Covenants (as defined in Section 4(a) below), Executive will receive the following severance payments and benefits:

 

(i)            Severance Payments.  The Company will pay Executive a severance amount equal to $933,774, which is the sum of (x) $602,435, 12 months of base salary at the rate in effect immediately prior to January 15, 2019 and (y) $331,339, 55% of the base salary amount referred to in Section 1(a)(i)(x).  The severance amount shall be paid in installments in accordance with the Company’s normal payroll practices over the 12-month period following the Termination Date.  The first payment will be made within 60 days following the Termination Date and will include unpaid installments for the period from the Termination Date to the first payment date.

 

 

(ii)           Health Benefits.  For the 12-month period following the Termination Date, provided that Executive timely elects continued health coverage under COBRA, the Company will reimburse Executive for the monthly COBRA cost of continued health coverage for Executive and, where applicable, his spouse and dependents, at the level in effect as of the Termination Date, less the employee portion of the applicable premiums that Executive would have paid had he remained employed during such 12-month period (the COBRA continuation coverage period shall run concurrently with the 12-month period for which Executive is provided with reimbursements under this Section 1(a)(ii)) (“COBRA Reimbursements”).  The COBRA Reimbursements will commence within the 60-day period following the Termination Date and will be paid on the first payroll date of each month, provided that Executive demonstrates proof of payment of the applicable premiums prior to the applicable COBRA Reimbursement payment date.

 

(iii)          Stock Option Acceleration.  Contingent on this Agreement becoming effective on the Effective Date, the Compensation Committee of the Board of Directors (the “Committee”) has approved acceleration of vesting of all outstanding stock options to purchase Company common stock held by Executive on the Termination Date (“Outstanding Options”).

 

(iv)          2018 Annual Bonus.  To the extent not yet paid as of the Termination Date, the Company will pay Executive an annual bonus (if any) for fiscal year 2018 in the amount of $254,877, which was determined in accordance with Section 3(b) of the Employment Agreement.  Such bonus payment will be paid to Executive in January 2019 at the same time as such bonuses are paid to other executives of the Company who are eligible for 2018 annual bonuses.

 

(b)           Accrued Benefits.  The Company will pay or provide Executive with any base salary and vacation pay earned, accrued and owing but not yet paid as of the Termination Date and any vested benefits accrued and due under any applicable benefit plans and programs of the Company, without regard as to whether this Agreement or the Second Release (as defined below in Section 1(c)) become effective.  In addition, the Company shall reimburse Executive within 30 days after the Termination Date for all previously unreimbursed business expenses, in accordance with the Company’s reimbursement policy.

 

(c)           Additional Benefits.  Provided that this Agreement and the Termination Date Release Agreement in the form attached hereto as Exhibit A and incorporated herein, which may be executed on, but not before, the Termination Date (the “Second Release”), become effective, and so long as Executive continues to comply with the Restrictive Covenants, the Company agrees to provide Executive the following additional benefits:

 

(i)            Option Extension.  The Company will amend the post-termination exercise periods set forth in the agreements reflecting the Outstanding Options such that Executive shall have until the earlier of (i) January 15, 2022 and (ii) the last day of the applicable ten-year term of the applicable Outstanding Option to exercise the Outstanding Options.

 

(ii)           COBRA Reimbursement Extension.  If Executive remains on COBRA coverage for the entire 12-month period referenced above in Section 1(b)(ii), the

 

2

 

Company will continue to pay Executive COBRA Reimbursements for an additional six-month period following the expiration of the 12-month period (the COBRA continuation coverage period shall continue to run concurrently with the additional six-month period for which Executive is provided with COBRA Reimbursements under this Section 1(c)(ii)).  The COBRA Reimbursements will continue until the end of the applicable six-month period, provided that Executive demonstrates proof of payment of the applicable premiums prior to the applicable COBRA Reimbursement payment date.

 

(iii)          Change in Control Protection Period.  The definition of “Change in Control Protection Period” as defined in the Employment Agreement, shall be amended to read as follows: “‘Change in Control Protection Period’ shall mean the period that commences six (6) months prior to and ends twelve (12) months following a Change in Control.”  For purposes of the commencement of the six-month period prior to a Change in Control, the date of termination of Executive’s employment shall be the date on which Executive ceases to be the Chief Executive Officer of the Company, which will occur on January 15, 2019.

 

(iv)          Attorneys’ Fees.  The Company shall pay or reimburse Executive up to $15,000 for reasonable attorneys’ fees incurred by Executive in connection with the review, negotiation and documentation of this Agreement and the Consulting Agreement, within 30 days following presentation of appropriate receipts for such fees.

 

(d)           Effect of the Agreement.  If this Agreement or the Second Release does not become effective because Executive fails to sign this Agreement or the Second Release, or Executive revokes this Agreement or the Second Release, Executive shall be entitled only to the payments and benefits provided under the Employment Agreement, including those payments and benefits set forth in Sections 1(a) and 1(b) of this Agreement, the Change in Control Protection Period (as defined in the Employment Agreement) will remain unchanged and the Termination Date shall be the last day of the applicable consideration period (or the date of revocation, in the event Executive revokes this Agreement or the Second Release), but no later than February 17, 2019.

 

2.             Company Release.

 

(a)           In exchange for the benefits described in Sections 1(c) above, Executive agrees to execute and not revoke the Second Release, and, in addition, on behalf of Executive and his heirs, estate, executors, administrators, successors, and assigns, Executive hereby releases and waives all claims available under federal, state or local law against the Company and its directors, officers, employees, and consultants and its respective past, present, and future parents, affiliated companies, subsidiaries, successors, and assigns (“Company Releasees”) acting in any capacity whatsoever, of and from any and all manner of legally waivable actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, whether known or unknown, which Executive ever had, now has or hereafter may have, or which Executive’s heirs, executors or administrators may have against the Company Releasees, by reason of any matter, cause or thing whatsoever from the beginning of Executive’s employment with the Company to and including the date on which Executive executes this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship and/or the termination of

 

3

 

Executive’s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future, which includes any claim or right based upon or arising under any federal, state or local fair employment practices or equal opportunity laws, including, but not limited to, any claims under Rehabilitation Act of 1973, 29 U.S.C §§ 701 et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 2000e et seq. (“Title VII”), the Civil Rights Act of 1871, 42 U.S.C. § 1981, the Civil Rights Act of 1991, 2 U.S.C. §§ 60 et seq., the Age Discrimination in Employment Act of 1967, 29 U.S.C. §§ 621 et seq. (the “ADEA”), the Older Workers Benefit Protection Act (the “OWBPA”), the Americans with Disabilities Act of 1990, 29 U.S.C. §§ 706 et seq. (the “ADA”), the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq. (the “FMLA”, the Equal Pay Act of 1963, 29 U.S.C. §§ 206(d) et seq. (the “EPA”), the Employee Retirement Security Act of 1974, 29 U.S.C. §§ 301 et seq. (“ERISA”), the Pennsylvania Human Relations Act, the Pennsylvania Equal Pay Law, the Pennsylvania Whistleblower Law, all as amended, as well as wrongful termination claims, breach of contract claims, discrimination claims, harassment claims, retaliation claims, whistleblower claims (to the fullest extent they may be released under applicable law), defamation or other tort claims, and claims for attorneys’ fees and costs.

 

(b)           In waiving and releasing any and all claims against the Company Releasees, whether or not now known to Executive, Executive understands that this means that if Executive later discovers facts different from or in addition to those facts currently known by Executive, or believed by Executive to be true, the waivers and releases of this Agreement will remain effective in all respects, despite such different or additional facts and Executive’s later discovery of such facts, even if Executive would not have agreed to this Agreement if Executive had prior knowledge of such facts.

 

(c)           Executive is not waiving (i) his right to vested accrued benefits under the terms of the Company’s employee benefit plans according to the terms of such plans, (ii) amounts payable or provided under this Agreement, (iii) claims for unemployment, workers’ compensation, state disability and/or paid family leave insurance benefits, (iv) any medical claim incurred during Executive’s employment that is payable under applicable medical plans or an employer-insured liability plan, (v) any right to indemnification under the charter or bylaws of the Company, or under any directors and officers insurance policy, in each case with respect to the performance of Executive’s duties as an officer or director of the Company or its subsidiaries or affiliates, (vi) claims as a stockholder of the Company, (vii) claims arising after the date on which Executive signs this Agreement, or (viii) claims that are not otherwise waivable under applicable law.

 

(d)           Executive has not filed any claims against Company Releasees based on any event that took place on or before the date Executive executes this Agreement, and Executive has not previously purported to have assigned or transferred, to any person or entity, any claim released by Executive under this Agreement.

 

3.             Executive Release.

 

(a)           In consideration of Executive executing this Agreement and the Second Release, the Company now and forever hereby releases and discharges Executive, his successors and assigns, executors and administrators (hereinafter collectively referred to as the “Executive

 

4

 

Releasees”) acting in any capacity whatsoever, of and from any and all manner of legally waivable actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, whether known or unknown, which the Company ever had, now has or hereafter may have, or which the Company may have against the Executive Releasees, by reason of any matter, cause or thing whatsoever from the beginning of Executive’s employment with the Company to and including the date on which the Company executes this Agreement, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship and/or the termination of Executive’s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future, which includes any claim or right based upon or arising under any federal, state or local laws.

 

(b)           Notwithstanding the foregoing, nothing contained in this Agreement shall in any way diminish or impair: (i) any claims the Company may have that may arise after the date the Company executes this Agreement, and (ii) any claims the Company may have against Executive relating to fraud, embezzlement or other similar acts.

 

(c)           In waiving and releasing any and all claims against Executive Releasees, subject to subsection (b), whether or not now known to the Company, the Company understands that this means that if the Company later discovers facts different from or in addition to those facts currently known by the Company, the waivers and releases of this Agreement will remain effective in all respects, despite such different or additional facts and the Company’s later discovery of such facts, even if the Company would not have agreed to this Agreement if the Company had prior knowledge of such facts.

 

4.             Executive’s Obligations.

 

(a)           Executive agrees to comply with the restrictive covenants and representations set forth in Sections 5, 6 and 7 of the Employment Agreement, and all other written restrictive covenants and agreements with the Company, including restrictive covenants under equity grants, and all confidentiality and other obligations with respect to the Company under the applicable Company policies, including without limitation non-competition, non-solicitation, confidentiality and insider trading restrictions (collectively, the “Restrictive Covenants”).  The parties agree that the non-competition covenant in Section 5(b) of the Employment Agreement shall apply for 24 months instead of 12 months and that the definition of “Competitor” for purposes of the non-competition covenant shall be revised to be defined as follows:  “any person, company, or entity whose primary business competes directly or indirectly with the Company’s rigosertib molecule in all its forms directly focused on myelodysplastic syndromes (MDS), or any clinical or preclinical compounds that are intended for health authority (i.e., U.S. Food & Drug Administration and European Medicines Agency) submission being marketed, sold, distributed and/or developed by the Company during Dr. Kumar’s employment by the Company or at the time of termination of Dr. Kumar’s employment by the Company (“Company Products”).  For the avoidance of doubt, a pharmaceutical company will not be deemed a “Competitor,” if Dr. Kumar’s responsibilities with such company are not focused on any Company Products.”  Executive expressly acknowledges that continuing to comply with the terms of the Restrictive Covenants and Section 4(b) below is a material term of this Agreement.  Executive further acknowledges that in the event that Executive violates any of the Restrictive

 

5

 

Covenants and fails to cure such violation within 30 days after written notice from the Company, provided that the Company shall not be required to provide notice and opportunity to cure in the event that such violation (i) is not susceptible to remedy or (ii) relates to the same type of acts or omissions as to which such notice has been given on a prior occasion, (A) Executive shall forfeit any unpaid amounts described in Section 1(a)(i), (a)(ii), (c)(ii) and (c)(iv), (B) Executive shall return to the Company 50% of the gross amounts previously paid under Section 1(a)(i), (a)(ii), (c)(ii) and (c)(iv), (C) any post-termination exercise period with respect to any Outstanding Option that is still outstanding on the date of the violation shall cease, (D) the modification to the Change in Control Protection Period set forth in Section 1(c)(iii) shall cease to apply and (E) the Company shall have no further obligation to Executive, except as otherwise provided herein.

 

(b)           Executive further agrees that, except as expressly permitted in Section 7 below, Executive will not disparage or subvert the Company, or make any statement reflecting negatively on the Company, its affiliated corporations or entities, or any of its or their officers, directors, employees, agents or representatives, including, but not limited to, any matters relating to the operation or management of the Company, Executive’s employment and the termination of Executive’s employment, irrespective of the truthfulness or falsity of such statement.  The Company agrees that it will instruct its executive officers and directors not to disparage or subvert Executive, or make any statement to any person outside the Company reflecting negatively on Executive, including, but not limited to, any matters relating to Executive’s performance or the termination of Executive’s employment, irrespective of the truthfulness or falsity of such statement.

 

(c)           Effective as of January 15, 2019, Executive will be deemed to have resigned all Company-related positions, including as an officer and director of the Company and its parents, subsidiaries and affiliates.

 

(d)           Upon termination of the Consulting Agreement (defined below), Executive warrants that Executive will return all Company property or delete or destroy electronically stored Company property that may be on any of Executive’s own personal computing devices (e.g., PDA, laptop, thumbdrive, etc.) and Executive will not retain any property of the Company.

 

(e)           Notwithstanding any other provision of this Agreement, in the event that prior to January 15, 2022 Executive participates individually or as a member of a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended), in a takeover transaction by a bidder who seeks to replace all or a majority of the members of the Company’s Board of Directors (the “Board”) through a tender offer or a proxy contest (followed by a merger or a tender offer), and which transaction was not recommended by the Board to the Company’s stockholders for acceptance, then (i) Executive shall forfeit any unpaid amounts described in Section 1(a)(i), (a)(ii), (c)(ii) and (c)(iv), (ii) any post-termination exercise period with respect to any Outstanding Option that is still outstanding on the date of the violation shall cease, (iii) the modification to the Change in Control Protection Period set forth in Section 1(c)(iii) shall cease to apply and (iv) the Company shall have no further obligation to Executive, except as otherwise provided herein.

 

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5.             Consulting Agreement.  The Company and Executive agree to enter into a consulting arrangement pursuant to which the Company is willing to engage Executive to provide certain services to the Company as a consultant following the Termination Date, and the terms of such arrangement shall be set forth in a separate consulting agreement between the Company and Executive (the “Consulting Agreement”).

 

6.             No Admission of Liability.  It is expressly understood and agreed that this Agreement (including Exhibit A attached hereto), and any acts undertaken hereunder, shall not be construed as an admission of liability or wrongdoing on the part of the Company under any law, statute, regulation or ordinance.

 

7.             Permitted Conduct.  Nothing in this Agreement (including Exhibit A attached hereto) shall prohibit or restrict Executive from initiating communications directly with, responding to any inquiry from, providing testimony before, providing information to, reporting possible violations of law or regulation to, or filing a claim or assisting with an investigation directly with a self-regulatory organization or a government agency or entity, including the Equal Employment Opportunity Commission, the Department of Labor, the National Labor Relations Board, the Department of Justice, the Securities and Exchange Commission, Congress, any agency Inspector General or any other federal, state or local regulatory authority, or from making other disclosures that are protected under the whistleblower provisions of state or federal law or regulation.  Nor does this Agreement (including Exhibit A attached hereto) require Executive to obtain prior authorization from the Company before engaging in any conduct described in this Section 7, or to notify the Company that Executive has engaged in any such conduct.  Executive acknowledges and agrees, however, that, to the fullest extent permitted by law, Executive is waiving and releasing any claim or right to recover from the Company any monetary damages or any other form of personal relief based on any claim, charge, complaint or action against the Company covered by the general release of claims set forth in the Agreement (including Exhibit A hereto).  Nothing in this Agreement (including Exhibit A attached hereto) is intended to or shall prevent, impede or interfere with Executive’s non-waivable right to receive and fully retain a monetary award from a government-administered whistleblower award program for providing information directly to a government agency.  Please take notice that federal law provides criminal and civil immunity to federal and state claims for trade secret misappropriation to individuals who disclose a trade secret to their attorney, a court, or a government official in certain, confidential circumstances that are set forth at 18 U.S.C. §§ 1833(b)(1) and 1833(b)(2), related to the reporting or investigation of a suspected violation of the law, or in connection with a lawsuit for retaliation for reporting a suspected violation of the law.

 

8.             Cooperation.  Executive agrees that, upon the Company’s reasonable notice to Executive, Executive shall fully cooperate with the Company in investigating, defending, prosecuting, litigating, filing, initiating or asserting any actual or potential claims or investigations that may be made by or against the Company to the extent that such claims or investigations may relate to any matter in which Executive was involved (or alleged to have been involved) while employed with the Company or of which Executive has knowledge by virtue of Executive’s employment with the Company.  Upon submission of appropriate documentation, Executive shall be reimbursed for reasonable and pre-approved out-of-pocket expenses incurred and for his time (at a rate of $250 per hour, provided that if such cooperation occurs during the term of the Consulting Agreement, Executive has provided services under the Consulting

 

7

 

Agreement of at least 20 hours during the month in which he renders such cooperation) in rendering such cooperation.

 

9.             No Other Benefits or Compensation.  Effective on Executive’s Termination Date, Executive shall cease to be a participant in the benefit plans of the Company, except that Executive may thereafter elect continued health coverage under COBRA, subject to the terms of the health plan and subject to Executive paying the applicable premiums.  Executive acknowledges that, upon receiving the payments and benefits provided for in Section 1, Executive has received all benefits and amounts due from the Company related to Executive’s employment with the Company, including all wages, overtime, bonuses, commissions, incentives, sick pay, personal leave and vacation pay to which Executive is entitled and that no other amounts are due to Executive other than as set forth in this Agreement.  Executive also acknowledges that Executive was provided any leaves to which Executive was entitled in connection with Executive’s employment with the Company.  Notwithstanding the foregoing, nothing in this Agreement or the Second Release is a waiver, modification or forfeiture of any vested accrued benefit that Executive may have under the Company’s benefit plans.

 

10.          Section 409A.   This Agreement is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or an exemption, and the provisions of this Section 10 shall apply notwithstanding any provisions of this Agreement to the contrary.  Severance benefits under this Agreement are intended to be exempt from section 409A of the Code under the “short-term deferral” exception, to the maximum extent applicable, and then under the “separation pay” exception, to the maximum extent applicable.  All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under section 409A of the Code.  For purposes of section 409A of the Code, the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments and each payment shall be treated as a separate payment.  With respect to any payments that are subject to section 409A of the Code, in no event shall Executive, directly or indirectly, designate the calendar year of a payment.  With respect to any payments that are subject to section 409A of the Code, in no event shall the timing of Executive’s execution of this Agreement, directly or indirectly, result in Executive designating the calendar year of payment of any amount set forth in Section 1 above, and if a payment of any amount set forth in Section 1 above is subject to section 409A of the Code and could be made in more than one taxable year, based on timing of the execution of this Agreement, payment shall be made in the later taxable year.  Any reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code.

 

11.          No Conflicting Agreements.  Other than the Employment Agreement, which is replaced and superseded by this Agreement (including Exhibit A attached hereto), Executive represents that he is not a party to any existing agreement which would prevent him from entering into and performing this Agreement.  Executive shall not enter into any other agreement that is in conflict with his obligations under this Agreement or the Second Release.

 

12.          Entire Agreement, Amendment and Assignment.  The parties understand that no promise, inducement or other agreement not expressly contained herein has been made conferring any benefit upon them; that this Agreement (including Exhibit A attached hereto) and

 

8

 

the provisions of the Employment Agreement that survive Executive’s termination of employment, including but not limited to the Restrictive Covenants, contain the entire agreement between the parties with respect to the subject matter hereof, and that the terms of this Agreement (including Exhibit A attached hereto) are contractual and not recitals only.  No modification to any provision of this Agreement (including Exhibit A attached hereto) shall be binding unless in writing and signed by the Company and Executive.  All of the terms and provisions of this Agreement (including Exhibit A attached hereto) shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and permitted assigns of the parties hereto, except that the duties and responsibilities of Executive hereunder are of a personal nature and shall not be assignable or delegable in whole or in part by Executive.

 

13.          Waiver.  No waiver of any rights under this Agreement (including Exhibit A attached hereto) shall be effective unless in writing signed by the party to be charged.  A waiver by any of the parties hereto of a breach of any provision of this Agreement (including Exhibit A attached hereto) by another party shall not operate or be construed as a waiver of any subsequent breach.

 

14.          Taxes.  All payments under this Agreement shall be made subject to applicable tax withholding, and the Company shall withhold from any payments under this Agreement, all federal, state and local taxes as the Company is required to withhold pursuant to any law or governmental rule or regulation.  Executive shall bear all expense of, and be solely responsible for, all federal, state and local taxes due with respect to any payment received under this Agreement.

 

15.          Governing Law; Venue.  This Agreement (including Exhibit A attached hereto) shall be governed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the conflicts of law or choice of law principles thereof.  If any dispute between the parties leads to litigation, the parties agree that the courts of the Commonwealth of Pennsylvania or the federal courts in Pennsylvania shall have the exclusive jurisdiction and venue over such litigation.  All parties consent to personal jurisdiction in the Commonwealth of Pennsylvania, and agree to accept service of process outside of the Commonwealth of Pennsylvania as if service had been made in that state.

 

16.          Notices.  All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement (including Exhibit A attached hereto) shall be in writing and shall be deemed to have been given when delivered personally to the recipient, two business days after the date when sent to the recipient by reputable express courier service (charges prepaid) or four (4) business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid.  Such notices, demands and other communications shall be sent to Executive and to the Company at the addresses set forth below,

 

	
If to Executive:
    	
 
    	
The most recent address in the Company’s files.
    
	
 
    	
 
    	
 
    
	
If   to the Company:
    	
 
    	
Onconova   Therapeutics, Inc.

375 Pheasant Run
    

 

9

 

	
 
    	
 
    	
Newtown, PA 18940
    
	
 
    	
 
    	
Attn:    President
    

 

or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party.

 

17.          Survivability.  The respective rights and obligations of the parties under this Agreement (including Exhibit A attached hereto) shall survive termination of Executive’s services to the extent necessary to the intended preservation of such rights and obligations.

 

18.          Counterparts.  This Agreement (including Exhibit A attached hereto) shall become binding when any one or more counterparts hereof, individually or taken together, shall bear the signatures of Executive and the Company.  This Agreement (including Exhibit A attached hereto) may be executed in two or more counterparts (including facsimile counterparts or as a “pdf” or similar attachment to an email), each of which shall be deemed to be an original as against any party whose signature appears thereon, but all of which together shall constitute but one and the same instrument.

 

19.          Severability.  If any provision of this Agreement (including Exhibit A attached hereto) or application thereof to anyone or under any circumstances is adjudicated to be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect any other provision or application of this Agreement (including Exhibit A attached hereto) which can be given effect without the invalid or unenforceable provision or application and shall not invalidate or render unenforceable such provision or application in any other jurisdiction.

 

20.          Acknowledgement.  Executive hereby acknowledges that:

 

(a)           The Company hereby advises Executive to consult with an attorney before signing this Agreement and the Second Release;

 

(b)           Executive has obtained independent legal advice from an attorney of Executive’s own choice with respect to this Agreement or Executive has knowingly and voluntarily chosen not to do so;

 

(c)           Executive freely, voluntarily and knowingly entered into this Agreement after due consideration;

 

(d)           Executive has 21 days to review and consider this Agreement;

 

(e)           If Executive knowingly and voluntarily chooses to do so, Executive may accept the terms of this Agreement on or before the consideration period provided for in Section 20(d) above has expired, and Executive may accept the terms of the Second Release on, but not before the Termination Date;

 

(f)            Executive is signing this Agreement on or after January 15, 2019;

 

(g)           Executive has a right to revoke this Agreement by notifying the General Counsel, c/o the Company in writing within seven days of Executive’s execution of this

 

10

 

Agreement.  Unless revoked, this Agreement will become effective on the eighth day following its execution (the “Effective Date”);

 

(h)           Changes to the Company’s offer contained in this Agreement that are immaterial will not restart the consideration period;

 

(i)            In exchange for Executive’s waivers, releases and commitments set forth herein and in the Second Release, including Executive’s waiver and release of all claims arising under the ADEA, the payments, benefits and other considerations that Executive is receiving pursuant to this Agreement exceed any payment, benefit or other thing of value to which Executive would otherwise be entitled, and are just and sufficient consideration for the waivers, releases and commitments set forth herein;

 

(j)            No promise or inducement has been offered to Executive, except as expressly set forth herein, and Executive is not relying upon any such promise or inducement in entering into this Agreement and/or the Second Release; and

 

(k)           EXECUTIVE REPRESENTS THAT EXECUTIVE HAS READ THE TERMS OF THIS AGREEMENT, THAT THIS AGREEMENT IS WRITTEN IN A MANNER THAT EXECUTIVE CAN UNDERSTAND AND THAT THE COMPANY HAS NOT MADE ANY REPRESENTATIONS CONCERNING THE TERMS OR EFFECTS OF THIS AGREEMENT OTHER THAN THOSE CONTAINED HEREIN.

 

[Signature Page Follows]

 

11

 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have duly executed this Agreement as of the date first above written.

 

	
 
    	
ONCONOVA   THERAPEUTICS, INC.
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Steven M. Fruchtman
    
	
 
    	
Name:
    	
Steven   M. Fruchtman
    
	
 
    	
Title:
    	
President
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
RAMESH   KUMAR, PH.D.
    
	
 
    	
 
    
	
 
    	
/s/ Ramesh Kumar
    

 

12

 

Exhibit A

 

Termination Date Release Agreement

 

In consideration of the compensation and benefits payable to Ramesh Kumar, Ph.D. (the “Executive”) under Section 1(c) of the attached Separation and Release Agreement (“Separation Agreement”) by and between Onconova Therapeutics, Inc. (the “Company”) and Executive, the terms of which are incorporated by reference to this Termination Date Release Agreement (the “Second Release”), Executive hereby executes this Second Release.

 

1.             Release.

 

(a)           In further consideration of Executive’s compensation and benefits described in Sections 1(c) of the Separation Agreement, on behalf of Executive and his heirs, estate, executors, administrators, successors, and assigns, Executive hereby releases and waives all claims available under federal, state or local law against the Company and its directors, officers, employees, and consultants and its respective past, present, and future parents, affiliated companies, subsidiaries, successors, and assigns (“Releasees”) acting in any capacity whatsoever, of and from any and all manner of legally waivable actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, whether known or unknown, which Executive ever had, now has or hereafter may have, or which Executive’s heirs, executors or administrators may have against the Releasees, by reason of any matter, cause or thing whatsoever from the beginning of Executive’s employment with the Company to and including the date on which Executive executes this Second Release, and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to Executive’s employment relationship and/or the termination of Executive’s employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future, which includes any claim or right based upon or arising under any federal, state or local fair employment practices or equal opportunity laws, including, but not limited to, any claims under Rehabilitation Act of 1973, 29 U.S.C §§ 701 et seq., Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 2000e et seq. (“Title VII”), the Civil Rights Act of 1871, 42 U.S.C. § 1981, the Civil Rights Act of 1991, 2 U.S.C. §§ 60 et seq., the Age Discrimination in Employment Act of 1967, 29 U.S.C. §§ 621 et seq. (the “ADEA”), the Older Workers Benefit Protection Act (the “OWBPA”), the Americans with Disabilities Act of 1990, 29 U.S.C. §§ 706 et seq. (the “ADA”), the Family and Medical Leave Act of 1993, 29 U.S.C. §§ 2601 et seq. (the “FMLA”, the Equal Pay Act of 1963, 29 U.S.C. §§ 206(d) et seq. (the “EPA”), the Employee Retirement Security Act of 1974, 29 U.S.C. §§ 301 et seq. (“ERISA”), the Pennsylvania Human Relations Act, the Pennsylvania Equal Pay Law, the Pennsylvania Whistleblower Law, all as amended, as well as wrongful termination claims, breach of contract claims, discrimination claims, harassment claims, retaliation claims, whistleblower claims (to the fullest extent they may be released under applicable law), defamation or other tort claims, and claims for attorneys’ fees and costs.

 

(b)           In waiving and releasing any and all claims against the Releasees, whether or not now known to Executive, Executive understands that this means that if Executive later discovers facts different from or in addition to those facts currently known by Executive, or believed by Executive to be true, the waivers and releases of this Second Release will remain

 

13

 

effective in all respects, despite such different or additional facts and Executive’s later discovery of such facts, even if Executive would not have agreed to this Second Release if Executive had prior knowledge of such facts.

 

(c)           Executive is not waiving (i) his right to vested accrued benefits under the terms of the Company’s employee benefit plans according to the terms of such plans, (ii) amounts payable or provided under the Separation Agreement, (iii) claims for unemployment, workers’ compensation, state disability and/or paid family leave insurance benefits, (iv) any medical claim incurred during Executive’s employment that is payable under applicable medical plans or an employer-insured liability plan, (v) any right to indemnification under the charter or bylaws of the Company, or under any directors and officers insurance policy, in each case with respect to the performance of Executive’s duties as an officer or director of the Company or its subsidiaries or affiliates, (vi) claims as a stockholder of the Company, (vii) claims arising after the date on which Executive signs this Second Release or (viii) claims that are not otherwise waivable under applicable law.

 

(d)           Executive has not filed any claims against Releasees based on any event that took place on or before the date Executive executes this Second Release, and Executive has not previously purported to have assigned or transferred, to any person or entity, any claim released by Executive under this Second Release.

 

2.             Governing Law; Venue.  This Second Release shall be governed in accordance with the laws of the Commonwealth of Pennsylvania, without regard to the conflicts of law or choice of law principles thereof.  If any dispute between the parties leads to litigation, the parties agree that the courts of the Commonwealth of Pennsylvania or the federal courts in Pennsylvania shall have the exclusive jurisdiction and venue over such litigation.  All parties consent to personal jurisdiction in the Commonwealth of Pennsylvania, and agree to accept service of process outside of the Commonwealth of Pennsylvania as if service had been made in that state.

 

3.             Acknowledgement.  Executive hereby acknowledges that:

 

(a)           The Company hereby advises Executive to consult with an attorney before signing this Second Release;

 

(b)           Executive has obtained independent legal advice from an attorney of Executive’s own choice with respect to this Second Release or Executive has knowingly and voluntarily chosen not to do so;

 

(c)           Executive freely, voluntarily and knowingly entered into this Second Release after due consideration;

 

(d)           Executive has 21 days to review and consider this Second Release;

 

(e)           If Executive knowingly and voluntarily chooses to do so, Executive may accept the terms of this Second Release on or before the consideration period provided for in Section 3(d) above has expired, but not before the Termination Date (as defined in the Separation Agreement);

 

14

 

(f)            Executive is signing this Second Release on or after the Termination Date;

 

(g)           Executive has a right to revoke this Second Release by notifying the General Counsel, c/o the Company in writing within seven days of Executive’s execution of this Second Release.  Unless revoked, this Second Release will become effective on the eighth day following its execution;

 

(h)           Changes to the Company’s offer contained in this Second Release that are immaterial will not restart the consideration period;

 

(i)            In exchange for Executive’s waivers, releases and commitments set forth herein, including Executive’s waiver and release of all claims arising under the ADEA, the payments, benefits and other considerations that Executive is receiving pursuant to the Separation Agreement exceed any payment, benefit or other thing of value to which Executive would otherwise be entitled, and are just and sufficient consideration for the waivers, releases and commitments set forth herein;

 

(j)            No promise or inducement has been offered to Executive, except as expressly set forth herein, and Executive is not relying upon any such promise or inducement in entering into this Second Release; and

 

(k)           EXECUTIVE REPRESENTS THAT EXECUTIVE HAS READ THE TERMS OF THIS SECOND RELEASE, THAT THIS SECOND RELEASE IS WRITTEN IN A MANNER THAT EXECUTIVE CAN UNDERSTAND AND THAT THE COMPANY HAS NOT MADE ANY REPRESENTATIONS CONCERNING THE TERMS OR EFFECTS OF THIS SECOND RELEASE OTHER THAN THOSE CONTAINED HEREIN.

 

IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have duly executed this Second Release as of the dates set forth below.

 

	
RAMESH   KUMAR, PH.D.
    	
 
    	
ONCONOVA   THERAPEUTICS, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Steven   M. Fruchtman
    
	
 
    	
 
    	
Title:
    	
President
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
 
    	
 
    	
Date:
    	
 
    

 

15

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