Document:

Change in Control Severance Agreement between the Company and Hiten Varia

 Exhibit 10.1 
 

 
 March 9, 2007 
 Hiten Varia

 5300 Royal Lane 
 Dallas, TX 75229 
  

	Re:	Change in Control Severance Agreement 

 Dear Hiten, 
 If your service with i2 terminates as a result of an Involuntary Termination, (as defined in the i2 1995 Stock Option/Stock Issuance Plan and the 2001 Non-Officer Stock
Option/Stock Issuance Plan, collectively, the “Plans”) or by constructive termination within 24 months of a Corporate Transaction, as defined in the Plans, whereby i2 is acquired, you will receive a severance payment of six (6) months
of base salary and on-target bonus potential, and Company paid COBRA Benefits (medical and dental only) in consideration for a Release and Waiver of Claims (in a form acceptable to i2) against i2 and any successor company assuming this Agreement.
These payments will be subject to typical withholdings. This severance payment will not be available to you if your employment is terminated for Cause, as defined below. 
 This severance package is exclusive and is not offered in conjunction with any other severance packages or benefits, except as indicated herein. The package will be binding on any successor to or acquirer of i2.
Nothing in this Agreement is meant to exclude or supersede any accelerated vesting to which you may be entitled pursuant to such applicable Stock Plan. 
 You will be responsible for all taxes applicable to any payments or benefits under this Agreement and subject to applicable withholding requirements. You should consult your tax advisor for the tax consequences of payments or benefits under
this Agreement. 
 For purposes of this Agreement, you will not be deemed to have been terminated if your manager, job assignment, position, duties and/or
title having been changed so long as your compensation has not been materially reduced by more than 15% as a direct result of such change. 
 For purposes of
this Agreement, the term “Cause” means (i) termination based on your conviction or plea of “guilty” or “no contest” to any crime constituting a felony in the jurisdiction in which committed, any crime involving
moral turpitude (whether or not a felony), or any other violation of criminal law involving dishonesty or willful misconduct that materially injures i2 (whether or not a felony); (ii) your substance abuse that in any manner interferes with the
performance of your duties; (iii) your failure or refusal to perform your duties at all, or to follow the lawful and proper directives of your manager or i2 policies; (iv) your breach of the i2’s Employee Proprietary Information
Agreement (“EPIA”); (v) misconduct by you that discredits or damages i2; (vi) termination based upon your inability to perform due to your death or disability; (vii) your indictment for a felony violation of federal or state
securities laws; or (viii) your chronic absence from work for reasons other than a medically validated illness. 
 CORPORATE
HEADQUARTERS    11701 Luna Road Dallas, TX 75234    469-357-1000 tel    469-357-1798 fax    www.i2.com 

 

 
 You hereby confirm your agreement and compliance with the terms of your other agreements with i2, including without limitation
the EPIA and your stock option agreements with i2, none of which are superseded by this Agreement. 
 Nothing in this Agreement constitutes a commitment of
employment for a definite period of time. The parties hereby acknowledge that your employment may be terminated with or without notice at any time by either you or i2, with or without cause. 
 Sincerely, 
 Michael McGrath 
 President and Chief Executive Officer 
  

	
	 /s/ Hiten Varia

	 Accepted - Hiten Varia

	
	 March 9, 2007

	 Date

 CORPORATE HEADQUARTERS    11701 Luna Road Dallas, TX
75234    469-357-1000 tel    469-357-1798 fax    www.i2.comChange in Control Severance Agreement 2007 between the Company and P. Chatterjee

 Exhibit 10.2 
 

 
 March 9, 2007 
 Pallab
Chatterjee 
 5004 York Street 
 Plano, TX 75093 
  

	Re:	Change in Control Severance Agreement 

 Dear Pallab, 
 If your service with i2 terminates as a result of an Involuntary Termination, (as defined in the i2 1995 Stock Option/Stock Issuance Plan and the 2001 Non-Officer Stock
Option/Stock Issuance Plan, collectively, the “Plans”) or by constructive termination within 24 months of a Corporate Transaction, as defined in the Plans, whereby i2 is acquired, you will receive a severance payment of six (6) months
of base salary and on-target bonus potential, and Company paid COBRA Benefits (medical and dental only) in consideration for a Release and Waiver of Claims (in a form acceptable to i2) against i2 and any successor company assuming this Agreement.
These payments will be subject to typical withholdings. This severance payment will not be available to you if your employment is terminated for Cause, as defined below. 
 This severance package is exclusive and is not offered in conjunction with any other severance packages or benefits, except as indicated herein. The package will be binding on any successor to or acquirer of i2.
Nothing in this Agreement is meant to exclude or supersede any accelerated vesting to which you may be entitled pursuant to such applicable Stock Plan. 
 You will be responsible for all taxes applicable to any payments or benefits under this Agreement and subject to applicable withholding requirements. You should consult your tax advisor for the tax consequences of payments or benefits under
this Agreement. 
 For purposes of this Agreement, you will not be deemed to have been terminated if your manager, job assignment, position, duties and/or
title having been changed so long as your compensation has not been materially reduced by more than 15% as a direct result of such change. 
 For purposes of
this Agreement, the term “Cause” means (i) termination based on your conviction or plea of “guilty” or “no contest” to any crime constituting a felony in the jurisdiction in which committed, any crime involving
moral turpitude (whether or not a felony), or any other violation of criminal law involving dishonesty or willful misconduct that materially injures i2 (whether or not a felony); (ii) your substance abuse that in any manner interferes with the
performance of your duties; (iii) your failure or refusal to perform your duties at all, or to follow the lawful and proper directives of your manager or i2 policies; (iv) your breach of the i2’s Employee Proprietary Information
Agreement (“EPIA”); (v) misconduct by you that discredits or damages i2; (vi) termination based upon your inability to perform due to your death or disability; (vii) your indictment for a felony violation of federal or state
securities laws; or (viii) your chronic absence from work for reasons other than a medically validated illness. 
 CORPORATE
HEADQUARTERS    11701 Luna Road Dallas, TX 75234    469-357-1000 tel    469-357-1798 fax    www.i2.com 

 

 
 You hereby confirm your agreement and compliance with the terms of your other agreements with i2, including without limitation
the EPIA and your stock option agreements with i2, none of which are superseded by this Agreement. 
 Nothing in this Agreement constitutes a commitment of
employment for a definite period of time. The parties hereby acknowledge that your employment may be terminated with or without notice at any time by either you or i2, with or without cause. 
 Sincerely, 
 Michael McGrath 
 President and Chief Executive Officer 
  

	
	 /s/ Pallab Chatterjee

	 Accepted - Pallab Chatterjee

	
	 March 9, 2007

	 Date

 CORPORATE HEADQUARTERS    11701 Luna Road Dallas, TX
75234    469-357-1000 tel    469-357-1798 fax    www.i2.comLeave of Absence Agreement dated January 4, 2007

 LEAVE OF ABSENCE AGREEMENT 
 THIS LEAVE OF ABSENCE AGREEMENT (this “Agreement”) is made and entered into effective as of January 4, 2007, (the “Effective
Date”), by and between Cortex Pharmaceuticals, Inc., a Delaware corporation (the “Company”), and Dr Gary Rogers, an employee of the Company (“Dr. Rogers”). 
 In consideration of the mutual covenants and agreements hereinafter set forth, the parties to this Agreement agree as follows: 
  

	 	1.	Leave of Absence, Consulting. 

 (a) Leave of
Absence. Dr. Rogers has requested, and the Company hereby grants, a three month leave of absence from his full-time employment, commencing January 4, 2007, and ending March 31, 2007, subject to the conditions of this Agreement.

 (b) Services. During his leave of absence, Dr. Rogers shall continue to provide to the Company services relating to
(i) ongoing prosecution of patent applications, (ii) evaluation and drafting of new patent applications, (iii) the Company’s medicinal chemistry activities, and (iv) evaluation of in-licensing opportunities. The priority for
the Company will be to assure that patent evaluation, drafting and prosecution will be completed in a timely manner. If Dr. Rogers has limited availability, the patent issues should always prevail over work on the chemistry. 
 (c) Time Commitment. Dr. Rogers shall render such services at such times as mutually and reasonably agreed upon between the Company and
Dr. Rogers, provided that (i) Dr. Rogers shall provide at least ten (10) hours of service per week and the Company shall not require more than twenty (20) hours of service per week without prior written agreement between
both parties. Dr. Rogers will send a completed timesheet electronically every two weeks to Dr. Varney outlining the hours and details of services provided. 
 (d) Payment. During his leave of absence, the Company will continue to pay Dr. Rogers an amount equal to his current base salary by debiting his accrued paid time off for each day of leave up to the total
accrued days at the beginning of the leave of absence. As of the date hereof, Dr. Rogers has 71.88 days of paid time off accrued. For each day of work (defined as 8 hours) that Dr. Rogers performs services under this Agreement, the Company
will pay Dr. Rogers an amount equal to one day of his current base salary without debiting his accrued paid time off. 
 (e) Other
Benefits. During his leave of absence, Dr. Rogers shall not be entitled to any employee benefits, including without limitation, paid time off and holiday pay. However, group benefits for himself and any applicable dependents under the
Company’s group medical, dental, vision, life, and disability insurance shall remain in full force during the duration of this agreement. 
 (f) Reimbursement of Expenses. Dr. Rogers shall be reimbursed for all reasonable out-of-pocket expenses incurred by him in rendering services hereunder, including travel expenses if travel is requested by the Company, provided
that the incurrence of such expenses over $1,000 has received the prior written approval of the Company. Dr. Rogers shall be reimbursed within thirty (30) days of the submission of an expense report in which adequate support is provided
for the expenses to be reimbursed. 

 (g) Option Vesting. Dr. Rogers’ options to purchase Company stock shall continue in
force and shall continue to vest during Dr. Rogers’ leave of absence. 
 (f) Workplace and Materials. Dr. Rogers shall
maintain a safe and healthful workspace in which to render the services contemplated by this Agreement. The Company shall allow Dr. Rogers the use of a company owned laptop computer and Blackberry and access to email. Dr. Rogers shall keep
the Company generally informed of his availability, and shall maintain contact with the Company by phone and email. 
  

	 	2.	After Leave of Absence. 

 (a) Notice from
Dr. Rogers. On or before March 1, 2007, Dr. Rogers shall notify the Company of his intent to return to full-time employment, or to formally resign from employment with the Company as of March 31, 2007. If Dr. Rogers does
not provide such notice, he will be deemed to resign on March 31, 2007. 
 (b) Return to Full-Time Employment. If Dr. Rogers
elects to return to full-time employment, the Company agrees to employ him at an appropriate position and with compensation commensurate with the Company’s needs and Dr. Rogers’ experience and responsibility. The Company does not
guarantee that Dr. Rogers will be reinstated to the same or a comparable position, or have equivalent compensation, on his return from leave as he held and received prior to his leave. Any such employment shall be at-will. However, if Cortex
has to implement staff reductions due to financial difficulties, the Company may decide not to reinstate Dr Rogers. 
 (c) No Return to
Full-Time Employment, Continuing Consulting. If Dr. Rogers resigns effective March 31, 2007, he shall be paid any remaining unused paid time off pay in a lump sum, and he shall continue to provide the consulting services described
above through December 31, 2007, or later by mutual agreement. As compensation for such consulting, Dr. Rogers shall be paid at the rate of one hundred and twenty five dollars ($125) per hour. Such compensation will be paid monthly. At
such time, Dr. Rogers shall execute a customary Consulting Agreement, which shall include confidentiality and invention assignment provisions. Dr. Rogers’ options to purchase Company stock shall continue in force and shall continue to
vest during Dr. Rogers’ consulting, provided however that Dr. Rogers acknowledges that any exercise of an incentive stock option more than three months following his resignation shall be treated, for tax purposes, as a non-qualified
stock option. 
  

	 	3.	Miscellaneous. 

 (a) Notices. All notices,
requests, demands and other communications (collectively, “Notices”) given or made pursuant to this Agreement shall be in writing and shall be deemed to have been duly given if sent by recognized international courier, or facsimile
confirmed by first class mail, to the following addresses: 
  

	 	(i)	If to the Company, to: 

 Cortex
Pharmaceuticals, Inc. 
 15231 Barranca Parkway 
 Irvine, California 92618 
 Attention: Chief Operating Officer 
 Facsimile: 949 727 3657 
  

 2 

	 	(ii)	If to Dr. Rogers, to: 

 Address:

 Facsimile: 
 Any Notice shall
be deemed duly given when received by the addressee thereof, provided that any Notice sent by recognized international courier shall be deemed to have been duly two business days from the date sent, unless sooner received. Any of the parties to this
Agreement may from time to time change its address for receiving Notices by giving written Notice thereof in the manner set forth above. 
 (b) Entire Agreement. Any existing agreements between the parties concerning the ownership of discoveries, protection of trade secrets, or other intellectual property rights shall remain in force by their terms. To the extent this
Agreement conflicts with any existing agreement between the parties concerning the terms of Dr. Rogers’ employment, this Agreement shall control. This Agreement otherwise contains the sole and entire agreement and understanding of the
parties with respect to the entire subject matter of this Agreement, and any and all prior discussions, negotiations, commitments and understandings, whether oral or otherwise, relating to the subject matter of this Agreement are hereby merged
herein. No representations, oral or otherwise, express or implied, other than those contained in this Agreement, have been relied upon by any party to this Agreement. 
 (c) Arbitration. Any dispute arising under this Agreement shall be resolved exclusively by final and binding arbitration under the auspices of the American Arbitration Association (or such other arbitrator as
the parties may agree upon) in Orange County, California, in accordance with the current rules of the AAA for employment disputes and applicable California law. Both parties understand that they are waiving the right to trial by judge or jury in
Superior Court. 
 IN WITNESS WHEREOF, this Agreement has been made and entered into as of the date and year first above written. 

 

	
	“Company”
	
	Cortex Pharmaceuticals, Inc.
	
	 /s/ Mark A. Varney

	Mark Varney, Ph.D.,
	Chief Operating and Chief Scientific Officer
	
	“Dr. Rogers”
	
	 /s/ Gary A. Rogers

	Gary Rogers, Ph.D.

  

 3

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