Document:

Exhibit 10.1

 

EMPLOYMENT
AGREEMENT

 

This Agreement is made to
be effective as of January 25, 2009 (“Effective Date”), by and between
WESTERN PLAINS ENERGY L.L.C., a limited liability company organized under the
laws of Kansas (the “Company”) and
Steven R. McNinch (“Employee”).

 

RECITALS:

 

WHEREAS, the Company
wishes to engage Employee’s services upon the terms and conditions hereinafter
set forth; and

 

WHEREAS, the Employee
wishes to be employed by the Company upon the terms and conditions hereinafter
set forth, and the parties desire to set forth the terms upon which the Company
will employ him.

 

NOW, THEREFORE, in
consideration of the premises and mutual promises set forth herein, the
sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.                                       Employment; Duties. 
Subject to the terms of this Agreement, the Company hereby agrees to
employ Employee as its General Manager and Chief Executive Officer, and in any other capacity that the
Company shall determine is necessary or appropriate in connection with the
operation of the Company, and Employee hereby agrees to serve in such
capacity.  Employee’s principal area of
responsibility, subject to modification by the Company, shall be to serve as
the chief operating officer and to oversee the day to day operations of the
company.  The Employee shall at all time
report to and take direction from the Board of Managers and shall perform such
additional duties not inconsistent with this position as shall be designated
from time to time by the Company.

 

2.                                       Loyalty to
Company. 
Employee agrees to use his best efforts to promote the interests of the
Company and shall, except for illness, reasonable vacation periods and leaves
of absence approved by the Company, devote his full business time and energies
to the business and affairs of the Company. 
Employee shall schedule his vacations so as to not unreasonably
interfere with the business of the Company. 
Employee will not during the term hereof have any business interests or
activities which are adverse to the interests of the Company.  Employee further agrees that he will not
accept any compensated employment from any other employer during the term of
this Agreement except with the prior written consent of the Company.

 

3.                                       Compensation and Benefits.

 

3.1                                 Base Salary. 
As compensation for Employee’s services rendered hereunder, the Company
shall pay to Employee a base salary at an annual rate equal to One hundred Sixty-four
thousand five hundred dollars ($164,500) (the “Base Salary”).  The Base Salary shall be reviewed by the
Board of Managers periodically (but no more than once a year) and may be
modified to reflect, among other factors, Employee’s performance, the cost of
living and the

 

 

profitability of
the Company.  The Base Salary shall be
payable to Employee semi-monthly, in accordance with the Company’s standard
practice for management personnel and the Company shall make all tax
withholding required by applicable law.

 

3.2                                             Signing Bonus. 
The Employee will be entitled to a $25,000.00 contract signing bonus
payable upon execution of this contract by Employee and Company.

 

3.3                                             Incentive Compensation. 
The Employee will be entitled to earn additional, incentive compensation
on a quarterly basis equal to .0033 of net earnings, not to exceed 110% of base
salary, as long as the performance of the plant meets the following minimum
requirements:

 

(a)          The overall operations of the plant are
producing a positive cash flow.

(b)         The conversion rate of grain to anhydrous
alcohol is at least 2.65 to 1.

(c)          Cost of production, less the price of
grain is no more than 5% over budget.

 

3.4                                             Benefits.  Employee
shall be entitled to participate in all benefit programs established by the
Company and generally applicable to the Company’s staff, including group health
and life insurance.  Employee shall also
be reimbursed for reasonable and necessary business expenses incurred in the
course of his employment with the Company pursuant to Company policies
established from time to time.

 

3.5                                             Office, Equipment and Assistance. 
The Company shall provide for Employee all facilities, equipment and
services suitable to his position and adequate for the performance of his
duties.

 

3.6                                             Vacation and Time off. 
The Company shall provide Four weeks of paid vacation two weeks of which
must be taken consecutively. At the end of this contract the vacation policy
will be reviewed. Time off and sick days will be the same as what is in the
Employee Handbook.

 

4.                                       Term of Employment.

 

4.1                                 “At Will” Employment.”  Employee is an employee “at will.”  As such, his employment may be terminated at
any time, by either the Employee or the Company, for no reason or any reason
not prohibited by law.  If either party
terminates the Agreement, Employee shall have no claim for compensation beyond
the last day actually worked except as provided in Section 4.4 below or as
otherwise required by law.  No officer,
manager or agent of the Company has the authority to orally modify these
provisions.  Any representation to the
contrary regarding the Employee’s status by any person is invalid and
unenforceable and therefore will not be relied upon unless the agreement is set
forth in an amendment to this Agreement and signed by the appropriate officer.

 

4.2                                 Expiration Date. 
Unless sooner terminated as provided in this Section 4, this
Agreement shall expire on January 25, 2012 (the “Expiration Date”).  Following the Expiration

 

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Date, or unless
sooner terminated as provided herein, Employee shall have no claim against the Company
for salary or benefits, except as set forth herein.

 

4.3                                 Death or Incapacity. 
This Agreement shall automatically terminate upon the death or Total
Disability of Employee, subject to subsection (b) below.

 

(a)                                  In the event of termination because of
death, Employee shall have no further claim against the Company for
compensation or benefits beyond the last day actually worked, except that his
surviving spouse and any other dependents shall be entitled to benefits to the
extent required by law.

 

(b)                                 Employee shall not be entitled to any
compensation or benefits beyond the last day actually worked in the event of
his Total Disability.  For purposes of
this Section 4.3, Total Disability shall be determined by Employee’s
attending physician but shall be based on the Employee’s inability to perform
the material responsibilities of his job with the Company, not any
occupation.  In the event that the
Company shall disagree with the determination of the physician selected by
Employee, it shall so notify him in writing not less than 10 days following
receipt of the determination.  Employee
and Company shall then endeavor to mutually agree on another physician to
examine Employee and make the determination, and the determination of the
second physician shall be binding on the parties.  In the event the parties are unable to agree
on a second physician, then the parties may apply to an arbitrator to make the
selection of the physician.  Notwithstanding
a determination of Total Disability as described above, in the event that
Employee is able to return to the material responsibilities of his job within
six months of the date of determination of Total Disability, as determined by
the same physician who made the original determination, Employee shall be
entitled to return to the Company as an employee under the same terms and
conditions as set forth herein.

 

4.4                                 Payment Upon Termination.

 

(a)                                  If this Agreement is terminated by the
Company for Cause, Employee shall not be entitled to severance pay of any kind
but shall be entitled to all reasonable reimbursable business expenses incurred
by Employee and the Base Salary earned by Employee prior to the date of
termination, and all obligations of the Company under Paragraph 3 hereof,
including the right to any incentive compensation, shall terminate upon the
termination date designated by the Company, except to the extent otherwise
required by law.  For the purpose of this
Section, “Cause” shall include the following:

 

(i)                                     Breach of fiduciary duty or criminal
conduct by the Employee having the effect of materially adversely affecting the
Company and/or its reputation;

 

(ii)                                  Willful failure by the Employee to
substantially perform his duties hereunder;

 

(iii)                               Engagement by the Employee in the use of
narcotics or alcohol to the extent that the performance of his duties is
materially impaired;

 

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(iv)                              Material breach of the terms of this
Agreement by the Employee or failure to substantially comply with proper
instructions of the Company’s Board of Managers;

 

(v)                                 Willful misconduct by the Employee which
is materially injurious to the Company; or

 

(vi)                              Any act or omission on the part of the
Employee not described above, but which constitutes material and willful
misfeasance, willful malfeasance, or gross negligence in the performance of his
duties to the Company.

 

The determination
of any event or events and circumstances constituting “Cause” shall be made by
the Board of Managers, which decision shall be final and binding on the parties.

 

(b)                                 In the event that Employee is terminated
without Cause prior to the Expiration Date, the Company shall pay Employee Base
Salary at the rate prevailing for Employee immediately prior to such
termination for the period up to and including 730 days as severance pay,
payable in accordance with Company’s normal payroll.  Employee shall also be entitled to receive
benefits to which he was entitled immediately preceding the date of termination
until the Expiration Date.

 

(c)                                  In the event Employee is terminated
without Cause at any time, in the event of the death of the Employee or his
Total Disability as defined in Section 4.3, Employee or his estate shall
be entitled to receive all incentive compensation earned under the provisions
of Section 3.2 above, such compensation to be paid at the times and in the
amounts as described in Exhibit A.

 

5.                           Confidentiality / Intellectual Property /
Noncompetition Covenant.

 

5.1                                 Confidential
Information.  The Employee and the Company recognize
that due to the nature of his engagement hereunder, and the relationship of the
Employee to the Company, the Employee will have access to and will acquire, and
may assist in developing, confidential and proprietary information relating to
the business and operations of the Company and its affiliates, including,
without limiting the generality of the foregoing, information with respect to
their present and prospective products, systems, customers, agents, processes,
sales and marketing methods.  The
Employee acknowledges that such information has been and will continue to be of
central importance to the business of the Company and its affiliates and that
disclosure of it to, or its use by, others could cause substantial loss to the
Company. Employee agrees that he will not, during the term of this Agreement or
at any time after the termination hereof, disclose any of such confidential
information to any third party or use such confidential information in any way
to compete with or to act in any other way adverse to the Company, except with
the prior written consent of the Company. 
Provisions of this paragraph shall not however apply to information
which is or which becomes available to the general public through no fault of
Employee.

 

5.3                                 Trade Secrets. 
The Employee will keep confidential any trade secrets or confidential or
proprietary information of the Company and its affiliates which are now known
to him or which hereafter may become known to him as a result of his employment
or association

 

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with the Company and
shall not at any time directly or indirectly disclose any such information to
any person, firm or corporation, or use the same in any way other than in
connection with the business of the Company or its affiliates during and at all
times after the expiration of the term of employment.  For purposes of this Agreement, “trade
secrets or confidential or proprietary information” means information unique to
the Company or any of its affiliates that has a significant business purpose
and is not known or generally available from sources outside the Company or any
of its affiliates or typical of industry practice.  Trade secrets or confidential or proprietary
information may include information with respect to the Company’s personnel records,
present and prospective products, systems, customers, agents, processes, sales
and marketing methods.

 

5.4                                 Patents. 
The Employee will assign permanently to the Company exclusive rights to
any patents awarded to him on the basis of ideas developed by the Employee for
the Company during or prior to the Term of Employment and its affiliates and
ideas developed by the Employee within one year following the termination of
his employment from the Company which are related to such employment and/or the
business of the Company.

 

5.5                                 Noncompetition Covenant. 
Employee agrees that during the term of his employment hereunder and for
a period of two years thereafter, Employee will not compete with the Company by
engaging in activities similar to those of the Company within a 200 mile radius
around the Company’s existing plant (“Covenant Area”).  Such noncompetition covenant shall include
all forms of competition, direct or indirect, including competition as an
employee, proprietor, shareholder, officer, director, consultant, trustee,
independent contractor or in any other capacity with any business or
organization in the Covenant Area.

 

5.6                                 Injunctive Relief. 
It is agreed that Employee’s services are unique, and that any breach or
threatened breach by Employee of any provisions of this Paragraph 5 may not be
remedied solely by damages.  Accordingly,
in the event of a breach or threatened breach by Employee of any of the
provisions of this Paragraph 5, the Company shall be entitled to injunctive
relief without a showing of actual damages, restraining Employee and any
business, firm, partnership, individual, corporation, or entity participating
in such breach or attempted breach, from engaging in any activity which would
constitute a breach of this Paragraph 5. 
Nothing herein, however, shall be construed as prohibiting the Company
from pursuing any other remedies available at law or in equity for such breach
or threatened breach, including the recovery of damages.

 

5.7                                 The provisions of this Paragraph 5 shall
survive the termination of this Agreement and the termination of Employee’s
employment for any reason.

 

6.                                       Miscellaneous.

 

6.1                                 Assignability. 
Employee may not assign his rights and obligations under this Agreement
without the prior written consent of the Company, which consent may be withheld
for any reason or for no reason.

 

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6.2                                 Severability. 
In the event that any of the provisions of this Agreement shall be held
to be invalid or unenforceable, the remaining provisions shall nevertheless
continue to be valid and enforceable as though the invalid or unenforceable
parts had not been included therein. 
Without limiting the generality of the foregoing, in the event that any
provision of Paragraph 6 relating to time period and/or areas of restriction
shall be declared by a court of competent jurisdiction to exceed the maximum
time period or areas(s) such court deems enforceable, said time period
and/or area(s) of restriction shall be deemed to become, and thereafter be,
the maximum time period and/or area for which such are enforceable.

 

6.3                                 Entire Agreement. 
This Agreement constitutes the entire agreement between the parties
relating to the subject matter hereof and supersedes all prior agreements or
understandings among the parties hereto with respect to the subject matter
hereof.

 

6.4                                 Amendments. 
This Agreement shall not be amended or modified except by a writing
signed by both parties hereto.

 

6.5                                 Waiver.  The failure
of either party at any time to require performance of the other party of any
provision of this Agreement shall in no way affect the right of such party
thereafter to enforce the same provision, nor shall the waiver by either party
of any breach of any provision hereof be taken or held to be a waiver of any
other or subsequent breach, or as a waiver of the provision itself.  This Agreement shall be governed by and
interpreted in accordance with the laws of the State of Kansas without regard
to the conflict of laws of such State. 
The benefits of this Agreement may not be assigned nor any duties under
this Agreement be delegated by Employee without the prior written consent of
the Company, except as contemplated in this Agreement.  This Agreement and all of its rights,
privileges, and obligations will be binding upon the parties and all successors
and agreed to assigns thereof.

 

6.6                                 Binding
Agreement.  This Agreement shall be effective as of
the date hereof and shall be binding upon and inure to the benefit of the
Employee, his heirs, personal and legal representatives, guardians and
permitted assigns.  The rights and
obligations of the Company under this Agreement shall inure to the benefit of
and shall be binding upon any successor or assignee of the Company.

 

6.7                                 Headings.  The headings
or titles in this Agreement are for the purpose of reference only and shall not
in any way affect the interpretation or construction of this Agreement.

 

6.8                                 No Conflict. 
The Employee represents and warrants that he is not subject to any
agreement, order, judgment or decree of any kind that would prevent him from
entering into this Agreement or performing fully his obligations hereunder.

 

6.9                                 Survival.  The rights
and obligations of the parties shall survive the termination of Employee to the
extent that any performance is required under this Agreement.

 

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6.10                           Counterparts. 
This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which shall together constitute
one and the same document.

 

6.11                           Notices.  Any notice to
be given hereunder by either party to the other may be effected in writing by
personal delivery, or by mail, certified with postage prepaid, or by overnight
delivery service.  Notices sent by mail
or by an overnight delivery service shall be addressed to the parties at the
addresses appearing following their signatures below, or upon the employment
records of the Company but either party may change its or his address by
written notice in accordance with this paragraph.

 

6.12                           Opportunity to Consult Counsel. 
The Parties hereto represent and agree that, prior to executing this
Agreement, each has had the opportunity to consult with independent counsel
concerning the terms of this Agreement.

 

6.13                           Attorney Fees.  In the event of any dispute, arbitration,
litigation between the Parties or proceeding before any court of competent
jurisdiction, the prevailing party shall be entitled to reasonable attorney
fee, costs and expenses.

 

IN WITNESS
WHEREOF, the parties hereto have properly and duly executed this Agreement as
of the date first written above.

 

THE COMPANY:

 

WESTERN PLAINS ENERGY,
L.L.C.

 

 

	
  By:

  	
  /s/
  Jeff Torluemke

  	
   

  
	
   

  	
  Jeff
  Torluemke

  	
   

  
	
   

  	
  President, Board of
  Managers

  	
   

  

 

EMPLOYEE:

 

 

	
  /s/ Steven R. McNinch

  	
   

  
	
  Steven
  R. McNinch, CEO

  	
   

  

 

7Exhibit 10.1

 

ALLOS
THERAPEUTICS, INC.

EMPLOYMENT AGREEMENT

 

DAVID
CLARK

 

THIS EMPLOYMENT AGREEMENT (the “Agreement”)
is entered into effective as of June 25, 2009, by and between ALLOS THERAPEUTICS, INC., (the “Company”),
and DAVID CLARK (“Employee”)
(collectively, the “Parties”).

 

WHEREAS,
the Company
wishes to continue to employ Employee and to assure itself of the continued
services of Employee on the terms set forth herein;

 

WHEREAS,  Employee
wishes to be so employed under the terms set forth herein;

 

NOW, THEREFORE, in consideration of the promises, mutual
covenants, the above recitals, and the agreements herein set forth, and for
other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the Parties agree to the following terms and conditions of
Employee’s employment:

 

1.             EMPLOYMENT.  The Company
hereby agrees to employ Employee as Vice President, Finance and
Employee hereby accepts such employment upon the terms and conditions set forth
herein as of the date first written above. 
Employee commenced employment with the Company on April 4, 2004.

 

2.             AT-WILL EMPLOYMENT. 
It is understood and agreed by the Company and
Employee that this Agreement does not contain any promise or representation
concerning the duration of Employee’s employment with the Company. Employee
specifically acknowledges that his employment with the Company is at-will and
may be altered or terminated by either Employee or the Company at any time,
with or without cause and/or with or without notice.  The nature, terms or conditions of Employee’s
employment with the Company cannot be changed by any oral representation,
custom, habit or practice, or any other writing.  In addition, that the rate of salary, any
bonuses, paid time off, other compensation, or vesting schedules are stated in
units of years or months does not alter the at-will nature of the employment,
and does not mean and should not be interpreted to mean that Employee is
guaranteed employment to the end of any period of time or for any period of time. In the event of conflict
between this disclaimer and any other statement, oral or written, present or
future, concerning terms and conditions of employment, the at-will relationship
confirmed by this disclaimer shall control. 
This at-will status cannot be altered except in writing signed by
Employee and the Chairman of the Board of Directors.

 

3.             DUTIES.  Employee shall
render full-time services to the Company as its Vice President,
Finance.  Employee shall
report to the Company’s Chief Executive Officer.  Employee shall devote his best efforts and
his full business time, skill and attention to the performance of his duties on
behalf of the Company.  Of course, the
Company reserves the right to modify Employee’s job duties and responsibilities
as necessary.

 

4.             POLICIES AND PROCEDURES.  Employee
agrees that he is subject to and will comply with the policies and procedures
of the Company, as such policies and procedures may 

 

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be modified, added to or eliminated from time to time
at the sole discretion of the Company, except to the extent any such policy or
procedure specifically conflicts with the express terms of this Agreement.  Employee further agrees and acknowledges that
any written or oral policies and procedures of the Company do not constitute
contracts between the Company and Employee.

 

5.             COMPENSATION.  For all services rendered and to be
rendered hereunder, the Company agrees to pay to the Employee, and the Employee
agrees to accept a base salary of $215,250 per annum. Any such salary shall be
payable in equal biweekly installments and shall be subject to such deductions
or withholdings as the Company is required to make pursuant to law, or by
further agreement with the Employee.  The
Board of Directors may adjust the Employee’s compensation from time to time in
its sole and complete discretion.

 

6.             BONUS.  Employee will be eligible to participate
in the Company’s Corporate Bonus Plan, pursuant to which Employee will be
eligible for an annual bonus award to be determined in accordance with the
terms of the plan (“Annual Bonus”).  For 2009, Employee’s target bonus award under
the Corporate Bonus Plan shall equal 25% of Employee’s actual base salary
earned in 2009, weighted 60% to the achievement of the Company’s corporate
objectives and 40% to the achievement of individual objectives approved by the
Compensation Committee of the Company’s Board of Directors, in consultation
with the Chief Executive Officer.  A copy
of the Corporate Bonus Plan has been provided to Employee.

 

7.             Intentionally omitted.

 

8.             OTHER BENEFITS.  While employed by the Company as provided
herein:

 

(a)           Employee and Employee Benefits. 
The Employee shall be entitled to all benefits to which other officers
of the Company are entitled, on terms comparable thereto, including, without
limitation, participation in the 401(k) plan, group insurance policies and
plans, medical, health, vision, and disability insurance policies and plans,
and the like, which may be maintained by the Company for the benefit of its
employees. The Company reserves the right to alter and amend the benefits
received by Employee from time to time at the Company’s discretion.

 

(b)           Out-of-Pocket Expense Reimbursement. 
The Employee shall receive, against presentation of proper receipts and
vouchers, reimbursement for direct and reasonable out-of-pocket expenses
incurred by him in connection with the performance of his duties hereunder,
according to the policies of the Company.

 

(c)           Personal Time Off.  The Employee
shall be entitled to personal time off and sick leave according to the Company’s
benefits package.

 

9.             PROPRIETARY AND OTHER OBLIGATIONS. 
Employee has signed and agrees to comply with the Company’s standard
form of Employee Confidentiality and Inventions Assignment Agreement (“Confidentiality Agreement”) as a condition
of his continued employment by the Company.

 

10.          TERMINATION.  Employee and
the Company each acknowledge that either party has the right to terminate
Employee’s employment with the Company at any time for any reason whatsoever,
with or without cause or advance notice pursuant to the following:

 

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(a)           Termination by Death or Disability. 
Subject to applicable state or federal law, in the event Employee shall
die during the period of his employment hereunder or become permanently
disabled, as evidenced by notice to the Company and Employee’s inability to
carry out his job responsibilities for a continuous period of more than three
months, Employee’s employment and the Company’s obligation to make payments
hereunder shall terminate on the date of his death, or the date upon which, in
the sole determination of the Board of Directors, Employee has failed to carry
out his job responsibilities for three months, except that the Company shall
pay Employee’s estate any salary earned but unpaid prior to termination, all
accrued but unused vacation and any business expenses that were incurred but
not reimbursed as of the date of termination. 
Vesting of any unvested stock options and/or other stock awards shall
cease on the date of termination.

 

(b)           Voluntary Resignation by Employee. 
In the event Employee voluntarily terminates his employment with the
Company (other than for Good Reason (as defined below)), the Company’s
obligation to make payments hereunder shall cease upon such termination, except
that the Company shall pay Employee any salary earned but unpaid prior to
termination, all accrued but unused vacation and any business expenses that
were incurred but not reimbursed as of the date of termination.  Vesting of any unvested stock options and/or
other stock awards shall cease on the date of termination.

 

(c)           Termination for Just Cause.  In the event
the Employee is terminated by the Company for Just Cause (as defined below),
the Company’s obligation to make payments hereunder shall cease upon the date
of receipt by Employee of written notice of such termination (the “date of termination” for purposes of this
paragraph 10(c)), except that the Company shall pay Employee any salary
earned but unpaid prior to termination, all accrued but unused vacation and any
business expenses that were incurred but not reimbursed as of the date of
termination.  Vesting of any unvested
stock options and/or other stock awards shall cease on the date of termination.

 

(d)           Termination by the Company without Just Cause or
Resignation for Good Reason (Other Than Change in Control). 
The Company shall have the right to terminate Employee’s employment with
the Company at any time without Just Cause. 
In the event Employee is terminated by the Company without Just Cause or
Employee resigns for Good Reason (other than in connection with a Change in
Control (as defined below)), and upon the execution of a full general release
by Employee (“Release”, in the form attached
hereto as Exhibit A),
releasing all claims known or unknown that Employee may have against the
Company as of the date Employee signs such release, and upon the written
acknowledgment of his continuing obligations under the Confidentiality
Agreement, Employee shall be entitled to receive the following severance
benefits:  (i) continuation of
Employee’s base salary, then in effect, for a period of six (6) months
following the Termination Date, paid on the same basis and at the same time as
previously paid; (ii) payment of any accrued but unused vacation and sick
leave; and (iii) the Company shall pay the premiums of Employee’s group
health insurance COBRA continuation coverage, including coverage for Employee’s
eligible dependents, for a maximum period of six (6) months following a
termination without Just Cause or resignation for Good Reason; provided, however, that (a) the Company shall pay
premiums for Employee’s eligible dependents only for coverage for which those
eligible dependents were enrolled immediately prior to the termination without
Just Cause or resignation for Good Reason and (b) the Company’s obligation
to pay such premiums shall cease immediately upon Employee’s eligibility for
comparable group health insurance provided by a new employer of Employee.  

 

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Vesting of any unvested stock options or other stock
awards shall cease on the date of termination.

 

(e)           Change in Control Severance Benefits. 
In the event that the Company (or any surviving or acquiring
corporation) terminates Employee’s employment without Just Cause or Employee
resigns for Good Reason within one (1) month prior to or twelve (12)
months following the effective date of a Change in Control (“Change in Control Termination”), and upon
the execution of a Release, Employee shall be entitled to receive the following
Change in Control severance benefits:  (i) a
lump-sum cash payment in an amount equal to (A) Employee’s annual base
salary then in effect, plus (B) the greater of (1) Employee’s
annualized target bonus award for the year in which Employee’s employment
terminates or (2) the Annual Bonus amount paid to Employee in the
immediately preceding year; (ii) payment of any accrued but unused
vacation and sick leave; (iii) payment of Employee’s target bonus award
for the year in which Employee’s employment terminates, prorated through the
date of the Change in Control Termination; (iv) the Company (or any
surviving or acquiring corporation) shall pay the premiums of Employee’s group
health insurance COBRA continuation coverage, including coverage for Employee’s
eligible dependents, for a maximum period of twelve (12) months following a
Change in Control Termination; and (v) the Company (or any surviving or
acquiring corporation) shall pay the costs of outplacement assistance services
from an outplacement agency selected by Employee for a period of six (6) months
following a Change in Control Termination, up to maximum of $7,500 in
aggregate; provided, however, that (a) the
Company (or any surviving or acquiring corporation) shall pay premiums for
Employee’s eligible dependents only for coverage for which those eligible
dependents were enrolled immediately prior to the Change in Control Termination
and (b) the Company’s (or any surviving or acquiring corporation’s)
obligation to pay such premiums shall cease immediately upon Employee’s
eligibility for comparable group health insurance provided by a new employer of
Employee.  Employee agrees that the
Company’s (or any surviving or acquiring corporation’s) payment of health
insurance premiums will satisfy its obligations under COBRA for the period
provided.  No insurance premium payments
will be made following the effective date of Employee’s coverage by a health
insurance plan of a subsequent employer. 
For the balance of the period that Employee is entitled to coverage
under federal COBRA law, if any, Employee shall be entitled to maintain such
coverage at Employee’s own expense.

 

In addition, notwithstanding anything contained in Employee’s stock
option and/or other stock award agreements to the contrary, in the event the
Company (or any surviving or acquiring corporation) terminates Employee’s
employment without Just Cause or Employee resigns for Good Reason within one (1) month
prior to or twelve (12) months following the effective date of a Change in
Control, and any surviving corporation or acquiring corporation assumes
Employee’s stock options and/or other stock awards, as applicable, or
substitutes similar stock options or stock awards for Employee’s stock options
and/or other stock awards, as applicable, in accordance with the terms of the
Company’s equity incentive plans, then (i) the vesting of all of Employee’s
stock options and/or other stock awards (or any substitute stock options or
stock awards), as applicable, shall be accelerated in full and (ii) the
term and the period during which Employee’s stock options may be exercised
shall be extended to twelve (12) months after the date of Employee’s termination
of employment; provided, that, in
no event shall such options be exercisable after the expiration date of such
options as set forth in the stock option grant notice and/or agreement
evidencing such options.

 

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(f)            Legal Costs. 
In the event Employee institutes and prevails in litigation regarding
the validity or enforceability of, or liability under, any material provision
of this Section 10 or any guarantee of performance thereof, the Employee
shall be entitled to payment of his reasonable attorneys’ fees and expenses by
the Company.

 

11.          DEFINITIONS.

 

(a)           Just
Cause.  As used in this Agreement, “Just Cause” shall mean the occurrence of
one or more of the following: (i) Employee’s conviction of a felony or a
crime involving moral turpitude or dishonesty; (ii) Employee’s
participation in a fraud or act of dishonesty against the Company; (iii) Employee’s
intentional and material damage to the Company’s property; (iv) material
breach of Employee’s employment agreement, the Company’s written policies, or
the Confidentiality Agreement that is not remedied by Employee within fourteen
(14) days of written notice of such breach from the Board of Directors; or (v) conduct
by Employee which demonstrates Employee’s gross unfitness to serve the Company
as Vice President, Finance, as determined
in the sole discretion of the Board of Directors.  Employee’s physical or mental disability or
death shall not constitute cause hereunder.

 

(b)           Good Reason.  As used in this Agreement, “Good Reason” shall mean any one of the
following events which occurs without Employee’s consent on or after the
commencement of Employee’s employment provided that Employee has first provided
written notice to any member of the Board (or the surviving corporation, as
applicable) of the occurrence of such event(s) within 90 days of the first
such occurrence and the Company (or surviving corporation) has not cured such
event(s) within 30 days after Employee’s written notice is received by
such member of the Board (or by the surviving corporation):  (i) a reduction of Employee’s then
existing annual salary base or annual bonus target by more than ten percent
(10%), unless the Employee accepts such reduction or such reduction is done in
conjunction with similar reductions for similarly situated employees of the
Company (it being understood that, solely for purposes of this paragraph 11(b),
such a reduction in the annual bonus target not accepted by Employee is
considered a material breach of this Agreement); (ii) any request by the
Company (or any surviving or acquiring corporation) that the Employee relocate
to a new principal base of operations that would increase Employee’s one-way
commute distance by more than thirty-five (35) miles from his then-principal
base of operations, unless Employee accepts such relocation opportunity; or (iii) for
purposes of Section 10(e) only, if, following a Change in Control,
Employee’s benefits and responsibilities are materially reduced, or Employee’s
base compensation or annual bonus target are reduced by more than 10%, in each
case, by comparison to the benefits, responsibilities, base compensation or
annual bonus target in effect immediately prior to such reduction (it being
understood that, solely for purposes of this paragraph 11(b), the
aforementioned reductions in the annual bonus target or benefits are considered
a material breach of this Agreement).

 

(c)           Change in Control.  As used in this Agreement, a “Change in Control” is defined as: (a) a
sale, lease, exchange or other transfer in one transaction or a series of
related transactions of all or substantially all of the assets of the Company
(other than the transfer of the Company’s assets to a majority-owned subsidiary
corporation); (b) a merger or consolidation in which the Company is not
the surviving corporation (unless the holders of the Company’s outstanding
voting stock immediately prior to such transaction own, immediately after such
transaction, securities representing at least fifty percent (50%) of the voting
power of the corporation or other entity surviving such transaction); (c) a
reverse merger in which the 

 

5

 

Company is the surviving corporation but the shares of
the Company’s common stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of
securities, cash or otherwise (unless the holders of the Company’s outstanding
voting stock immediately prior to such transaction own, immediately after such
transaction, securities representing at least fifty percent (50%) of the voting
power of the Company); or (d) any transaction or series of related
transactions in which in excess of 50% of the Company’s voting power is
transferred.

 

12.          TERMINATION OF COMPANY’S OBLIGATIONS. 
Notwithstanding any provisions in this Agreement to the contrary, the
Company’s obligations, and Employee’s rights pursuant to Sections 10(d) and
10(e) herein shall cease and be rendered a nullity immediately should Employee
fail to comply with the provisions of the Confidentiality Agreement or if
Employee directly or indirectly competes with the Company.

 

13.          CODE SECTION 409A COMPLIANCE.  To the extent
any payments or benefits pursuant to Section 10 above (a) are paid
from the date of termination of Employee’s employment through March 15 of
the calendar year following such termination, such severance benefits are
intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations and thus payable pursuant to the “short-term deferral”
rule set forth in Section 1.409A-1(b)(4) of the Treasury
Regulations; (b) are paid following said March 15, such Severance
Benefits are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations made upon an involuntary separation from service and
payable pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury
Regulations, to the maximum extent permitted by said provision, (c) represent
the reimbursement or payment of costs for outplacement services, such payments
are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of
the Treasury Regulations and to qualify for the exception from deferred
compensation pursuant to Section 1.409A-1(b)(9)(v)(A); and (d) are in
excess of the amounts specified in clauses (a), (b) and (c) of this
paragraph, shall (unless otherwise exempt under Treasury Regulations) be
considered separate payments subject to the distribution requirements of Section 409A(a)(2)(A) of
the Internal Revenue Code of 1986, as amended (the “Code”),
including, without limitation, the requirement of Section 409A(a)(2)(B)(i) of
the Code that payments or benefits be delayed until 6 months after Employee’s
separation from service if Employee is a “specified employee” within the
meaning of the aforesaid section of the Code at the time of such separation
from service. In the
event that a six month delay of any such separation payments or benefits is
required, on the first regularly scheduled pay date following the conclusion of
the delay period Employee shall receive a lump sum payment or benefit in an
amount equal to the separation payments and benefits that were so delayed, and
any remaining separation payments or benefits shall be paid on the same basis
and at the same time as otherwise specified pursuant to this Agreement (subject
to applicable tax withholdings and deductions).

 

14.          PARACHUTE TAXES.

 

(a)           The following terms shall have the meanings set forth below for
purposes of this Section 14:

 

(i)            “Accounting Firm” means a certified
public accounting firm chosen by the Company.

 

6

 

(ii)           “After-Tax” means after taking into
account all applicable Taxes and Excise Tax.

 

(iii)         “Excise Tax” means the excise tax imposed by Section 4999
of the Code, together with any interest or penalties imposed with respect to
such excise tax.

 

(iv)          “Payment” means any payment, distribution or benefit in the
nature of compensation (within the meaning of Section 280G(b)(2) of
the Code) to or for the benefit of Employee, whether paid or payable pursuant
to this Agreement or otherwise.

 

(v)            “Safe Harbor Amount” means 2.99 times
Employee’s “base amount,” within the meaning of Section 280G(b)(3) of
the Code.

 

(vi)          “Taxes” means all federal, state, local and foreign income,
excise, social security and other taxes, other than the Excise Tax, and any
associated interest and penalties.

 

(b)           If any Payment due Employee is subject to the Excise Tax, then such
Payment shall be adjusted, if necessary, to equal the greater of (x) the
Safe Harbor Amount or (y) the Payment, whichever results in such Employee’s
receipt, After-Tax, of the greatest amount of the Payment. The reduction of
Employee’s Payments pursuant to this Section 14, if applicable, shall be
made by first reducing the acceleration of Employee’s stock option vesting (if
any) and the acceleration of the vesting of Employee’s other stock awards (if
any), and then by reducing the payments under Section 10(e)(v), (iv),
(ii), (iii) and (i), in that order, unless an alternative method of
reduction is elected by Employee, subject to approval by the Company, and in
any event shall be made in such a manner as to maximize the economic present
value of all Payments actually made to Employee, determined by the Accounting
Firm as of the date of the Change in Control for purposes of Section 280G
of the Code using the discount rate required by Section 280G(d)(4) of
the Code.

 

(c)           All determinations required to be made under this Section 14,
including whether and in what manner any Payments are to be reduced pursuant to
the second sentence of Section 14(b), and the assumptions to be utilized
in arriving at such determinations, shall be made by the Accounting Firm, and
shall be binding upon the Company and Employee, except to the extent the
Internal Revenue Service or a court of competent jurisdiction makes an
inconsistent final and binding determination. The Accounting Firm shall provide
detailed supporting calculations both to the Company and Employee within
fifteen (15) business days after receiving notice from Employee that there has
been a Payment or such earlier time as may be requested by the Company. All
fees and expenses of the Accounting Firm shall be borne solely by the Company.

 

15.          MISCELLANEOUS.

 

(a)           Taxes.  Except as
specifically set forth herein, Employee agrees to be responsible for the payment of
any taxes due on any and all compensation, stock options and/or other stock
awards, or other benefits provided by the Company pursuant to this Agreement.

 

(b)           Modification/Waiver. 
This
Agreement may not be amended, modified, superseded, canceled, renewed or
expanded, or any terms or covenants hereof waived, except by a writing executed
by each of the parties hereto or, in the case of a waiver, by the party waiving

 

7

 

compliance. 
Failure of any party at any time or times to require performance of any
provision hereof shall in no manner affect his or its right at a later time to
enforce the same.  No waiver by a party
of a breach of any term or covenant contained in this Agreement, whether by
conduct or otherwise, in any one or more instances shall be deemed to be or
construed as a further or continuing waiver of any agreement contained in the
Agreement.

 

(c)           Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this
Agreement is held to be invalid, illegal or unenforceable in any respect under
any applicable law or rule in any jurisdiction, such invalidity,
illegality or unenforceability will not affect any other provision or any other
jurisdiction, but this Agreement will be reformed, construed and enforced in
such jurisdiction as if such invalid, illegal or unenforceable provisions had
never been contained herein.

 

(d)           Successors
and Assigns.  This Agreement is intended to bind and inure
to the benefit of and be enforceable by Employee and the Company, and their
respective successors, assigns, heirs, executors and administrators, except
that Employee may not assign any of his duties hereunder and he may not assign
any of his rights hereunder without the written consent of the Company, which
shall not be withheld unreasonably.

 

(e)           Notices.  All notices given hereunder shall be given by
certified mail, addressed, or delivered by hand, to the other party at his or
its address as set forth herein, or at any other address hereafter furnished by
notice given in like manner.  Employee
promptly shall notify Company of any change in Employee’s address.  Each notice shall be dated the date of its
mailing or delivery and shall be deemed given, delivered or completed on such
date.

 

(f)            Governing
Law; Personal Jurisdiction and Venue.  This Agreement and all disputes relating
to this Agreement shall be governed in all respects by the laws of the State of
Colorado as such laws are applied to agreements between Colorado residents
entered into and performed entirely in Colorado.  The Parties acknowledge that this Agreement
constitutes the minimum contacts to establish personal jurisdiction in Colorado
and agree to a Colorado court’s exercise of personal jurisdiction.  The Parties further agree that any disputes
relating to this Agreement shall be brought in courts located in the State of
Colorado.

 

(g)           Entire Agreement.  This Agreement together with the Exhibits
A  and B attached hereto set forth the
entire agreement and understanding of the parties hereto with regard to the employment
of the Employee by the Company and supersede any and all prior agreements,
arrangements and understandings, written or oral, pertaining to the subject
matter hereof, including the Original Agreement.  No representation, promise or inducement
relating to the subject matter hereof has been made to a party that is not
embodied in these Agreements, and no party shall be bound by or liable for any
alleged representation, promise or inducement not so set forth.

 

[Remainder of Page Intentionally
Left Blank]

 

8

 

IN WITNESS WHEREOF, the parties have each duly executed this
EMPLOYMENT AGREEMENT effective as of
the day and year first above written.

 

	
   

  	
  ALLOS THERAPEUTICS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ Marc H. Graboyes

  
	
   

  	
  By:

  	
  Marc H. Graboyes

  
	
   

  	
  Its:

  	
  Senior Vice President, General Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
  Address: 11080 CirclePoint Road

  
	
   

  	
   

  	
  Westminster, CO 80020

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/ David Clark

  
	
   

  	
  David Clark

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
  11080 CirclePoint Road

  
	
   

  	
   

  	
  Westminster, CO 80020

  
					

 

9

 

EXHIBIT A TO EMPLOYMENT AGREEMENT

 

RELEASE AGREEMENT

 

I understand that my position with Allos Therapeutics, Inc. (the “Company”)
terminated effective                       ,
           (the “Separation
Date”).  The Company has agreed that if I
choose to sign this Release, the Company will pay me certain severance or
consulting benefits pursuant to the terms of the Employment Agreement (the “Agreement”)
between myself and the Company, and any agreements incorporated therein by
reference.  I understand that I am not
entitled to such benefits unless I sign this Release and it becomes fully
effective.  I understand that, regardless
of whether I sign this Release, the Company will pay me all of my accrued
salary and vacation through the Separation Date, to which I am entitled by law.

 

In consideration for the severance benefits I am receiving under the
Agreement, I hereby release the Company and its officers, directors, agents,
attorneys, employees, shareholders, parents, subsidiaries, and affiliates from
any and all claims, liabilities, demands, causes of action, attorneys’ fees,
damages, or obligations of every kind and nature, whether they are now known or
unknown, arising at any time prior to the date I sign this Release.  This general release includes, but is not
limited to:  all federal and state
statutory and common law claims, claims related to my employment or the
termination of my employment or related to breach of contract, tort, wrongful
termination, discrimination, wages or benefits, or claims for any form of
equity or compensation.  Notwithstanding
the release in the preceding sentence, I am not releasing any right of
indemnification I may have for any liabilities arising from my actions within
the course and scope of my employment with the Company.

 

If I am forty (40) years of age or older as of the Separation Date, I
acknowledge that I am knowingly and voluntarily waiving and releasing any
rights I may have under the federal Age Discrimination in Employment Act of
1967, as amended (“ADEA”).  I also
acknowledge that the consideration given for the waiver in the above paragraph
is in addition to anything of value to which I was already entitled.  I have been advised by this writing, as
required by the ADEA that:  (a) my
waiver and release do not apply to any claims that may arise after my signing
of this Release; (b) I should consult with an attorney prior to executing
this Release; (c) I have twenty-one (21) days within which to consider
this Release (although I may choose to voluntarily execute this Release
earlier); (d) I have seven (7) days following the execution of this
release to revoke the Release; and (e) this Release will not be effective
until the eighth day after this Release has been signed both by me and by the
Company (“Effective Date”).

 

Agreed:

 

	
  ALLOS THERAPEUTICS INC.

  	
   

  	
  DAVID CLARK

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Title: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

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