Document:

exv10w16

 

Exhibit 10.16

CONSULTING AGREEMENT

     This Consulting Agreement (“Agreement”) is made and entered into as of October 20, 2006,
(“Effective Date”), by and between ImaRx Therapeutics, Inc. (“ImaRx”), having a principal place of
business at 1635 East 18th Street, Tucson, AZ 85719, and Evan C. Unger, MD (“Consultant”), an
individual, having a principal place of business at 6227 E. Miramar Drive, Tucson, AZ 85719,
provided Consultant has signed the Confidential Separation Agreement delivered to Consultant
concurrently with this Agreement.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements set
forth herein, ImaRx and Consultant, intending to be legally bound, hereby agree as follows:

     1. Retention of Services. ImaRx hereby retains Consultant to serve as the
head of ImaRx’s Scientific Advisory Board, and to be available on an as-needed basis as reasonably
requested by ImaRx, for the period and upon the other terms and conditions set forth in this
Agreement. The parties estimate that Consultant will be required to spend no more than 20% of his
business time per month (maximum 35 hours per month) providing services to ImaRx pursuant to this
Agreement. The parties acknowledge that Consultant is currently a member of ImaRx’s Board of
Directors and that any time spent by Consultant in such capacity is not covered by this Agreement.

     2. Term. The term of this Agreement (the “Term”) commenced upon the date
hereof and shall continue for a period of twelve (12) months.

     3. Compensation.

          3.1 Consulting Fee. As compensation for Consultant’s covenants and agreements
hereunder and for Consultant’s services during the Term, ImaRx shall pay to Consultant an aggregate
amount of $50,000 (the “Consulting Fee”). ImaRx shall pay the Consulting Fee to Consultant on a
monthly basis within 10 days following the submission of an appropriate invoice, indicating
services rendered and hours worked during the month. Consultant must obtain written
pre-authorization from ImaRx’s President and CEO to expend more than 35 hours per month on behalf
of ImaRx. Any unauthorized hours in excess of 35 hours in any given month may not be paid by ImaRx
in its discretion.

          3.2 Stock Options. All of the stock options previously issued to Consultant (the
“Options”) shall continue to vest during the Term in accordance their terms as described in that
certain Second Amended Executive Employment Agreement dated May 15, 2006 by and between Consultant
and ImaRx. If ImaRx’s common stock is registered under Section 12 of the Securities Exchange Act
of 1934 (the “Exchange Act”), ImaRx shall use its good faith efforts to register under the
Securities Act of 1933 on Form S-8 (or any successor form) all common stock issued and/or issuable
under ImaRx’s 2000 Stock Plan, including the shares issued or issuable upon exercise of stock
options or incentives granted or awarded to Consultant under the 2000 Stock Plan, and its good
faith efforts to qualify such common stock for sale under such state securities or ‘blue sky’ laws
as ImaRx shall determine are required to issue the shares of common stock under the 2000 Stock Plan
and for the resale of such shares by the recipients thereof, provided that ImaRx shall have no
obligation to qualify such stock in any particular jurisdiction in which ImaRx would be required to
execute a general consent to service of process in effecting such qualification, unless ImaRx is
already subject to service in such jurisdiction and except as may be required by the Securities
Act.

          3.3 Business Expenses. ImaRx agrees to reimburse Consultant for any reasonable and
necessary out-of-pocket expenses incurred by him that are directly related to the

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services provided under this Agreement, subject to the submission of appropriate supporting documentation. All
expenses exceeding $1,000.00, excluding airfare and lodging, must be preauthorized by ImaRx.
General overhead and administrative expenses will not be reimbursed.

     4. Independent Contractor Relationship. Consultant’s relationship with
ImaRx will be that of an independent contractor, and nothing in this Agreement is intended to, or
should be construed to, create a partnership, agency, joint venture or employment relationship.
Consultant will not be entitled to any of the benefits that ImaRx may make available to its
employees, including, but not limited to, group health, life insurance, profit-sharing or
retirement benefits, paid vacation, holidays or sick leave. Consultant will not be authorized to
make any representation, contract or commitment on behalf of ImaRx. Consultant will be solely
responsible for obtaining any business or similar licenses required by any federal, state or local
authority. In addition, Consultant will be solely responsible for, and will file on a timely
basis, all tax returns and payments required to be filed with, or made to, any federal, state or
local tax authority with respect to the performance of services and receipt of fees under this
Agreement. No part of Consultant’s compensation will be subject to withholding by ImaRx for the
payment of any social security, federal, state or any other employee payroll taxes. ImaRx will
regularly report amounts paid to Consultant by filing a Form 1099-MISC with the Internal Revenue
Service as required by law.

     5. Ventures. If, during the Term of this Agreement, Consultant is engaged
in or associated with the planning or implementing of any project, program, or venture involving
ImaRx and a third party or parties, all rights in the project, program, or venture shall belong to
ImaRx and shall constitute a corporate opportunity belonging exclusively to ImaRx. Except as
approved in writing by the Board, Consultant shall not be entitled to any interest in such project,
program, or venture or to any commission, finder’s fee, or other compensation in connection
therewith other than the Consulting Fee to be paid to Consultant as provided in this Agreement.

     6. Method of Performing Services; Results. In accordance with ImaRx’s
objectives, Consultant will determine the method, details and means of performing the services
required by this Agreement. ImaRx shall have no right to, and shall not, control the manner or
determine the method of performing Consultant’s services. Consultant shall provide the services
for which Consultant is engaged to the reasonable satisfaction of ImaRx.

     6.1 Workplace, Hours and Instrumentalities. Consultant may perform the services
required by this Agreement at any place or location and at such times as Consultant shall
determine. Consultant agrees to provide all tools and instrumentalities, if any, required to
perform the services under this Agreement.

     7. Intellectual Property Rights.

          7.1 Disclosure and Assignment of Innovations.

               (a) Innovations; ImaRx Innovations. “Innovations” includes processes, machines,
compositions of matter, improvements, inventions (whether or not protectable under patent laws),
works of authorship, information fixed in any tangible medium of expression (whether or not
protectable under copyright laws), moral rights, mask works, trademarks, trade names, trade dress,
trade secrets, know-how, ideas (whether or not protectable under trade secret laws), and all other
subject matter protectable under patent, copyright, moral right, mask work, trademark, trade secret
or other laws, and includes without limitation all new or useful art, combinations, discoveries,
formulae, manufacturing techniques, technical developments, discoveries, artwork, software, and
designs. “ImaRx’s Business” means “the development and distribution or sale of gas or liquid
filled vessicles for therapeutic or targeted diagnostic use (both with and without ultrasound),
targeted diagnostic bubbles, and thrombolytic drug products. ImaRx Innovations” are Innovations
that

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Consultant, solely or jointly with others, conceives, reduces to practice, creates, derives,
develops or makes within the scope of Consultant’s work for ImaRx under this Agreement.

               (b) Disclosure and Ownership of ImaRx Innovations. Consultant agrees to make and
maintain adequate and current records of all ImaRx Innovations, which records shall be and remain
the property of ImaRx. Consultant agrees to promptly disclose to ImaRx every ImaRx Innovation.
Consultant hereby does and will assign to ImaRx, or ImaRx’s designee, Consultant’s entire worldwide
right, title and interest in and to all ImaRx Innovations and all associated records and
intellectual property rights.

               (c) Assistance. Consultant agrees to execute upon ImaRx’s request a signed transfer of
ImaRx Innovations to ImaRx in the form included with this Agreement for each of the ImaRx
Innovations, including, but not limited to, computer programs, notes, sketches, drawings and
reports. Consultant agrees to assist ImaRx in any reasonable manner to obtain, perfect and
enforce, for ImaRx’s benefit, ImaRx’s rights, title and interest in any and all countries, in and
to all patents, copyrights, moral rights, mask works, trade secrets, and other property rights in
each of the ImaRx Innovations. Consultant agrees to execute, when requested, for each of the ImaRx
Innovations (including derivative works, improvements, renewals, extensions, continuations,
divisionals, continuations in part, or continuing patent applications thereof), (i) patent,
copyright, mask work or similar applications related to such ImaRx Innovation, (ii) documentation
(including without limitation assignments) to permit ImaRx to obtain, perfect and enforce ImaRx’s
right, title and interest in and to such ImaRx Innovation, and (iii) any other lawful documents
deemed necessary by ImaRx to carry out the purpose of this Agreement. In the event that ImaRx is
unable for any reason to secure Consultant’s signature to any document Consultant is required to
execute under this Paragraph 7.1(c) (“Assistance”), Consultant hereby irrevocably designates and
appoints ImaRx and ImaRx’s duly authorized officers and agents as Consultant’s agents and
attorneys-in-fact to act for and in Consultant’s behalf and instead of Consultant, to execute such
document with the same legal force and effect as if executed by Consultant.

               (d) Out-of-Scope Innovations. If Consultant incorporates any Innovations relating in
any way to ImaRx’s Business or demonstrably anticipated research or development or business which
were conceived, reduced to practice, created, derived, developed or made by Consultant either
outside of the scope of Consultant’s work for ImaRx under this Agreement or prior to the Effective
Date (collectively, the “Out-of-Scope Innovations”) into any of the ImaRx Innovations, Consultant
hereby grants to ImaRx or ImaRx’s designees a royalty-free, irrevocable, worldwide, fully paid-up
license (with rights to sublicense through multiple tiers of sublicensees) to practice all
applicable patent, copyright, moral right, mask work, trade secret and other intellectual property
rights relating to any Out-of-Scope Innovations which Consultant incorporates, or permits to be
incorporated, in any ImaRx Innovations. Consultant agrees that Consultant will not incorporate, or
permit to be incorporated, any Innovations conceived, reduced to practice, created, derived,
developed or made by others or any Out-of-Scope Innovations into any of the ImaRx Innovations
without ImaRx’s prior written consent.

          7.2 Confidential Information.

               (a) Definition of Confidential Information. “Confidential Information” as used in this
Agreement shall mean any and all technical and non-technical information including patent,
copyright, trade secret, and proprietary information, techniques, sketches, drawings, models,
inventions, know-how, processes, apparatus, equipment, algorithms, software programs, software
source documents, and formulae related to the current, future and proposed products and services
of ImaRx, ImaRx’s suppliers and customers, and includes, without limitation, ImaRx
Innovations, ImaRx Property (defined below), and ImaRx’s information concerning research,
experimental work, development, design details and specifications, engineering, financial
information, procurement

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requirements, purchasing manufacturing, customer lists, business forecasts, sales and merchandising and marketing plans and information.

               (b) Nondisclosure and Nonuse Obligations. Except as permitted in this paragraph,
Consultant shall neither use nor disclose the Confidential Information. Consultant may use the
Confidential Information solely to perform services for the benefit of ImaRx. Consultant agrees
that Consultant shall treat all Confidential Information of ImaRx with the same degree of care as
Consultant accords to Consultant’s own Confidential Information, but in no case less than
reasonable care. If Consultant is not an individual, Consultant agrees that Consultant shall
disclose Confidential Information only to those of Consultant’s employees who need to know such
information, and Consultant certifies that such employees have previously agreed, either as a
condition of employment or in order to obtain the Confidential Information, to be bound by terms
and conditions substantially similar to those terms and conditions applicable to Consultant under
this Agreement. Consultant agrees not to communicate any information to ImaRx in violation of the
proprietary rights of any third party. Consultant will immediately give notice to ImaRx of any
unauthorized use or disclosure of the Confidential Information and agrees to assist ImaRx in
remedying any such unauthorized use or disclosure of the Confidential Information.

               (c) Exclusions from Nondisclosure and Nonuse Obligations. Consultant’s obligations
under Paragraph 7.2(b) (“Nondisclosure and Nonuse Obligations”) with respect to any portion of the
Confidential Information shall not apply to any such portion which Consultant can demonstrate: (a)
was in the public domain at or subsequent to the time such portion was communicated to Consultant
by ImaRx through no fault of Consultant; (b) was rightfully in Consultant’s possession free of any
obligation of confidence at or subsequent to the time such portion was communicated to Consultant
by ImaRx; or (c) was developed by employees of Consultant independently of and without reference to
any information communicated to Consultant by ImaRx. A disclosure of Confidential Information by
Consultant, either: (a) in response to a valid order by a court or other governmental body; (b)
otherwise required by law; or (c) necessary to establish the rights of either party under this
Agreement, shall not be considered to be a breach of this Agreement or a waiver of confidentiality
for other purposes; provided, however, that Consultant shall provide prompt prior written notice
thereof to ImaRx to enable ImaRx to seek a protective order or otherwise prevent such disclosure.

          7.3 Ownership and Return of ImaRx Property. All materials (including, without
limitation, documents, drawings, models, apparatus, sketches, designs, lists, all other tangible
media of expression), equipment, documents, data, and other property furnished to Consultant by
ImaRx, whether delivered to Consultant by ImaRx or made by Consultant in the performance of
services under this Agreement (collectively, the “ImaRx Property”) are the sole and exclusive
property of ImaRx or ImaRx’s suppliers or customers, and Consultant hereby does and will assign to
ImaRx all rights, title and interest Consultant may have or acquire in the ImaRx Property.
Consultant agrees to keep all ImaRx Property at Consultant’s premises unless otherwise permitted in
writing by ImaRx. At the end of this Agreement, or at ImaRx’s request, and no later than five (5)
days after the end of this Agreement or ImaRx’s request, Consultant shall destroy or deliver to
ImaRx, at ImaRx’s option: (a) all ImaRx Property; (b) all tangible media of expression in
Consultant’s possession or control which incorporate or in which are fixed any Confidential
Information; and (c) written certification of Consultant’s compliance with Consultant’s obligations
under this subparagraph.

          7.4 Observance of ImaRx Rules. At all times while on ImaRx’s premises, Consultant will
observe ImaRx’s rules with respect to conduct, health and safety and protection of persons and
property.

     8. No Conflict of Interest. During the term of this Agreement, Consultant
will not accept work, enter into a contract, or accept an obligation, inconsistent or incompatible
with Consultant’s

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obligations, or the scope of services rendered for ImaRx, under this Agreement.
Consultant warrants that, to the best of Consultant’s knowledge, there is no other contract or duty
on the part of Consultant that conflicts with or is inconsistent with this Agreement. This
paragraph 8 does not prevent Consultant from performing the same or similar services for clients
other than ImaRx so long as such services do not directly or indirectly conflict with Consultant’s
obligations under this Agreement.

     9. Termination.

          9.1 Termination by ImaRx. ImaRx may terminate this Agreement immediately upon
Consultant’s breach of Paragraph 7 (“Intellectual Property Rights”) or 8 (“No Conflict of
Interest”) of this Consulting Agreement or breach of the Confidential Separation Agreement signed
concurrently herewith. For any other material breach of this Agreement by Consultant, ImaRx may
terminate this Agreement if Consultant has not cured the breach within thirty (30) days of
receiving written notice from ImaRx.

          9.2 Termination by Consultant. Consultant may terminate this Agreement for ImaRx’s
material breach of this Agreement if ImaRx has not cured the breach within thirty (30) days of
receiving written notice from Consultant.

          9.3 Duties Upon Termination. Upon termination of this Agreement for any reason,
Consultant agrees to cease all work on behalf of ImaRx and promptly deliver the results to ImaRx.
ImaRx shall promptly pay Consultant all fees and approved expenses incurred by Consultant to the
date of termination within thirty (30) days after receiving Consultant’s final invoice.

     10. General Provisions.

          10.1 Successors and Assigns. The rights and obligations of ImaRx under this Agreement
shall inure to the benefit of and shall be binding upon the successors and assigns of ImaRx.
Consultant may not assign its rights, subcontract or otherwise delegate its obligations under this
Agreement without ImaRx’s prior written consent.

          10.2 Survival. The definitions contained in this Agreement and the rights and
obligations contained in Paragraphs 7 (“Intellectual Property Rights”) and 10 (“General
Provisions”) will survive any termination or expiration of this Agreement.

          10.3 Notices. Any notice required or permitted by this Agreement shall be in writing
and shall be delivered as follows, with notice deemed given as indicated: (a) by personal
delivery, when delivered personally; (b) by overnight courier, upon written verification of
receipt; (c) by telecopy or facsimile transmission, upon acknowledgment of receipt of electronic
transmission; or (d) by certified or registered mail, return receipt requested, upon verification
of receipt. Notice shall be sent to the addresses set forth above or to such other address as
either party may specify in writing.

          10.4 Governing Law. This Agreement shall be governed in all respects by the laws of
the United States of America and by the laws of the State of Arizona, as such laws are applied to
agreements entered into and to be performed entirely within Arizona between Arizona
residents. Each of the parties irrevocably consents to the exclusive personal jurisdiction of
the federal and state courts located in Arizona, as applicable, for any matter arising out of or
relating to this Agreement, except that in actions seeking to enforce any order or any judgment of
such federal or state courts located in Arizona, such personal jurisdiction shall be nonexclusive.

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          10.5 Severability. If any provision of this Agreement is held by a court of law to be
illegal, invalid or unenforceable, (i) that provision shall be deemed amended to achieve as nearly
as possible the same economic effect as the original provision, and (ii) the legality, validity and
enforceability of the remaining provisions of this Agreement shall not be affected or impaired
thereby.

          10.6 Waiver; Amendment; Modification. No term or provision hereof will be considered
waived by ImaRx, and no breach excused by ImaRx, unless such waiver or consent is in writing signed
by ImaRx. The waiver by ImaRx of, or consent by ImaRx to, a breach of any provision of this
Agreement by Consultant, shall not operate or be construed as a waiver of, consent to, or excuse of
any other or subsequent breach by Consultant. This Agreement may be amended or modified only by
mutual agreement of authorized representatives of the parties in writing.

          10.7 Entire Agreement. This Agreement constitutes the entire agreement between the
parties relating to this subject matter and supersedes all prior or contemporaneous oral or written
agreements concerning such subject matter. The terms of this Agreement will govern all services
undertaken by Consultant for ImaRx.

     IN WITNESS WHEREOF, the parties have executed this Agreement on the dates shown below.

	 	 	 	 	 	 	 
	ImaRx Therapeutics, Inc.
	 

	 	 	 	 	 	 
	By:

	 	/s/ Bradford A. Zakes	 	By:	 	/s/ Evan C. Unger
	 

	 	 
	 	 	 	 
	 

	 	Bradford A. Zakes
	 	 	 	Evan C. Unger, MD
	 

	 	 	 	 	 	 
	Date:

	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 

6exv10w17

 

Exhibit 10.17

CONFIDENTIAL SEPARATION AGREEMENT

AND MUTUAL GENERAL RELEASE OF ALL CLAIMS

     This Confidential Separation Agreement and Mutual General Release of All Claims (“Separation
Agreement”) is made by and between ImaRx Therapeutics, Inc. (“ImaRx”) and Evan C. Unger, MD
(“Executive”) with respect to the following facts:

     A. Executive was employed by ImaRx as the President and Chief Executive Officer (“CEO”)
pursuant to a Second Amended Executive Employment Agreement dated May 15, 2006 (“Employment
Agreement”).

     B. Executive’s employment ceased effective October 19, 2006 (“Separation Date”). Executive’s
continues to hold a director position on ImaRx’s Board of Directors. Executive has been paid all
wages due as of the Separation Date.

     C. A dispute has arisen regarding whether Executive has earned any accrued, unused paid time
off (“PTO Dispute”). ImaRx maintains that Executive, as President and CEO, took vacation and sick
leave at his discretion during his employment and did not accrue any PTO. Accordingly, ImaRx
denies that Executive is owed any accrued, unused PTO as of the Separation Date. Executive is
willing to resolve the PTO Dispute on the terms set forth in this agreement.

     D. The parties desire to settle all claims and issues that have, or could have been raised, in
relation to Executive’s employment with ImaRx and arising out of or in any way related to the acts,
transactions or occurrences between Executive and ImaRx to date, including, but not limited to,
Executive’s employment with ImaRx or the termination of that employment, on the terms set forth
below.

     THEREFORE, in consideration of the promises and mutual agreements hereinafter set forth, it is
agreed by and between the undersigned as follows:

     1. Severance Package. ImaRx agrees to provide Executive with the following payments
and benefits (“Severance Package”) to which he is not otherwise entitled. Executive acknowledges
and agrees that this Severance Package constitutes adequate legal consideration for the promises
and representations made by him in this Separation Agreement.

          1.1 Severance Payment. ImaRx agrees to pay Executive the equivalent of one (1) year’s
base salary, or $250,000.00, less all appropriate federal and state income and employment taxes
(“Severance Payment”) in accordance with the following two sentences. For the first six (6) months
following the Separation Date, the Severance Payment will be made in twelve (12) equal installments
in accordance with ImaRx’s regular payroll schedule, followed by a one-time lump sum payment for
the remaining six (6) months, on the next regular payday. This Section 1.1 reflects the benefits
described in Section 6.3(A) of the Employment Agreement, and is subject to the terms and conditions
of this Separation Agreement. Other than as described in this Section 1.1, no further benefits or
payments are due to Executive under Section 6.3(A) or any other provision of the Employment
Agreement.

          1.2 Continuation of Group Health Benefits. ImaRx agrees to pay the premiums required
to continue Executive’s group health care coverage through
October 31, 2007, under the applicable provisions of the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”), provided that Executive elects to continue and remains
eligible for these benefits under COBRA, and does not obtain health coverage through another
employer during this period. This Section 1.2 provides benefits in addition to those contemplated
under Section 6.3 of the Employment Agreement, and is subject to the terms and

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conditions of this Separation Agreement. If Executive’s group health insurance coverage
included Executive’s dependents immediately prior to the Separation Date, such dependents shall
also be covered at ImaRx’s expense.

          1.3 Computers and Cellular Phone. ImaRx agrees to allow Executive to retain the Sony
laptop computer, Dell computer and monitor, and Palm Treo 650 issued to Executive by ImaRx that is
currently in Executive’s possession or control. However, all confidential or proprietary
information in the computers, Palm Treo 650 or on any computer disks within Executive’s possession
or control must be returned in accordance with below paragraph 6 and its subparts.

          1.4 Attorneys’ Fees. ImaRx agrees to pay Executive’s attorneys’ fees incurred in
connection with the negotiation of this Separation Agreement up to a maximum of $6,091.00, subject
to applicable taxes, if any.

          1.5 Consulting Agreement. As additional consideration for Executive’s acceptance of
this Separation Agreement, ImaRx agrees to retain Executive as a consultant, pursuant to the terms
of the Consulting Agreement between ImaRx and Executive, which Executive is executing concurrently
with this Separation Agreement (the “Consulting Agreement”).

          1.6 Stock Option Vesting. Notwithstanding any provision in the Employment Agreement
(including without limitation Section 6.3 or Section 7) to the contrary, the provisions of Section
6.3 or Section 7 of the Employment Agreement providing for accelerated vesting of any and all stock
options granted to Executive shall be null and void and of no force or effect. The vesting of any
and all stock options granted to Executive shall be governed by Section 3.2 of the Consulting
Agreement.

          1.7 Amendment to Employment Agreement. Notwithstanding any provision in the
Employment Agreement to the contrary, the entirety of Section 7 of the Employment Agreement shall
be null and void and of no force or effect. In consideration for the benefits offered to Executive
under this Separation Agreement, Executive waives and relinquishes any and all rights or claims to
any and all benefits under Section 7 of the Employment Agreement.

     2. Section 409A Compliance. The parties intend for the Employment Agreement and the
Separation Agreement (collectively, this “Agreement”) either to satisfy the requirements of Section
409A of Internal Revenue Code of 1986, as amended and all applicable guidance promulgated
thereunder (“Section 409A”) or to be exempt from the application of Section 409A, and this
Agreement shall be construed and interpreted accordingly. If this Agreement either fails to
satisfy the requirements of Section 409A or is not exempt from the application of Section 409A,
then the parties hereby agree to amend or to clarify this Agreement in a timely manner so that this
Agreement either satisfies the requirements of Section 409A or is exempt from the application of
Section 409A. This Section 2 shall operate as an amendment to the Employment Agreement to bring
the Employment Agreement into good faith compliance with Section 409A and shall replace and
supersede any inconsistent provisions of the Employment Agreement.

          2.1 Notwithstanding any provision in this Agreement or in the Consulting Agreement to the
contrary, any termination of employment contemplated under this Agreement shall satisfy the
requirements of a “separation from service” under Section 409A.

          2.2 Notwithstanding any provision in this Agreement to the contrary, in the event Executive is
a “specified employee,” as defined in Section 409A, any severance payment, severance benefits or
other amounts payable under this Agreement that would be subject to the special rule regarding
payments to “specified employees” under Section 409A(a)(2)(B) of the

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Internal Revenue Code of 1986, as amended (the “Code”), shall be delayed by six months such
that the first payment is made no earlier than the first date of the seventh month following the
Executive’s separation from service (or the date of Executive’s death, whichever is earlier).

          2.3 Notwithstanding any provision in the Employment Agreement (including without limitation
Section 6.3 or Section 7) to the contrary, the original exercise periods for any and all stock
options granted to Executive as determined under the original stock option award agreement(s) shall
remain unchanged and shall not be extended.

          2.4 To ensure satisfaction of the requirements of Section 409A(b)(3) of the Code, assets shall
not be set aside, reserved in a trust or other arrangement, or otherwise restricted for purposes of
the payment of amounts payable under this Agreement.

          2.5 ImaRx hereby informs Executive that the federal, state, local and/or foreign tax
consequences (including without limitation those tax consequences implicated by Section 409A) of
this Agreement are complex and subject to change. Executive hereby acknowledges that ImaRx has
advised him that he should consult with his own personal tax or financial advisor in connection
with this Agreement and its tax consequences. Executive understands and agrees that ImaRx has no
obligation and no responsibility to provide Executive with any tax or other legal advice in
connection with this Agreement. Executive agrees that he shall bear sole and exclusive
responsibility for any and all personal adverse federal, state, local and/or foreign tax
consequences (including without limitation those tax consequences implicated by Section 409A) of
this Agreement.

     3. Mutual General Release.

          3.1 Executive unconditionally, irrevocably and absolutely releases and discharges ImaRx, and
any parent and subsidiary corporations, divisions and affiliated corporations, partnerships or
other affiliated entities of ImaRx, past and present, as well as ImaRx’s employees, officers,
directors, agents, successors and assigns (collectively, “Released Parties”) and ImaRx hereby
unconditionally, irrevocably and absolutely releases and discharges Executive, from all claims
related in any way to the transactions or occurrences between them to date, to the fullest extent
permitted by law, including, but not limited to, Executive’s employment with ImaRx, the termination
of Executive’s employment, the PTO Dispute and all other losses, liabilities, claims, charges,
demands and causes of action, known or unknown, suspected or unsuspected, arising directly or
indirectly out of or in any way connected with Executive’s employment with ImaRx. This release is
intended to have the broadest possible application and includes, but is not limited to, any tort,
contract, common law, constitutional or other statutory claims, including, but not limited to
alleged violations of the federal Fair Labor Standards Act, Title VII of the Civil Rights Act of
1964 and the Americans with Disabilities Act, the Age Discrimination in Employment Act of 1967, as
amended, the Arizona Civil Rights Act, and all claims for attorneys’ fees, costs and expenses.
However, this General Release is not intended to bar any claims that, by statute, may not be
waived, such as any challenge to the validity of Executive’s release of claims under the Age
Discrimination in Employment Act of 1967, as amended, as set forth in this Agreement.

          3.2 The parties acknowledge that they may discover facts or law different from, or in addition
to, the facts or law that they know or believe to be true with respect to the claims released in
this Separation Agreement and agree, nonetheless, that this Separation Agreement and the release
contained in it shall be and remain effective in all respects notwithstanding such different or
additional facts or the discovery of them.

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          3.3 The parties declare and represent that they intend this Separation Agreement to be
complete and not subject to any claim of mistake, and that the release herein expresses a full and
complete release and the parties intend the release herein to be final and complete. The parties
execute this release with the full knowledge that this release covers all possible claims against
the Released Parties, to the fullest extent permitted by law.

          3.4 Executive expressly waives his right to recovery of any type, including damages or
reinstatement, in any administrative or court action, whether state or federal, and whether brought
by Executive or on his behalf, related in any way to the matters released herein.

     4. Representation Concerning Filing of Legal Actions. The parties represent that, as
of the date of this Separation Agreement, they have not filed any lawsuits, charges, complaints,
petitions, claims or other accusatory pleadings against each other or any of the other Released
Parties in any court or with any governmental agency.

     5. Mutual Nondisparagement. Executive agrees that he will not make any voluntary
statements, written or oral, or cause or encourage others to make any such statements that defame,
disparage or in any way criticize the personal and/or business reputations, practices or conduct of
ImaRx or any of the other Released Parties. Similarly, ImaRx, through its officers and directors,
agrees that it will not make any voluntary statements, written or oral, or cause or encourage
others to make any such statements that defame, disparage or in any way criticize the personal
and/or business reputations, practices or conduct of Executive.

     6. Confidentiality and Return of ImaRx Property.

          6.1 Confidential Separation Information. Executive agrees that the terms and
conditions of this Separation Agreement, as well as the discussions that led to the terms and
conditions of this Separation Agreement (collectively referred to as the “Confidential Separation
Information”) are intended to remain confidential between Executive and ImaRx. Executive further
agrees that he will not disclose the Confidential Separation Information to any other persons,
except that Executive may disclose such information to his immediate family members and to his
attorney(s) and accountant(s), if any, to the extent needed for legal advice or income tax
reporting purposes. When releasing this information to any such person, Executive shall advise the
person receiving the information of its confidential nature. Neither Executive, nor anyone to whom
the Confidential Separation Information has been disclosed will respond to, or in any way
participate in or contribute to, any public discussion, notice or other publicity concerning the
Confidential Separation Information. Without limiting the generality of the foregoing, Executive
specifically agrees that neither he, his immediate family, his attorney nor his accountant, if any,
shall disclose the Confidential Separation Information to any current, former or prospective
employee of ImaRx. Nothing in this section will preclude Executive from disclosing information
required in response to a subpoena duly issued by a court of law or a government agency having
jurisdiction or power to compel such disclosure, or from giving full, truthful and cooperative
answers in response to a duly issued subpoena.

          6.2 Confidential or Proprietary Information. Executive also agrees that he will not
use, remove from ImaRx’s premises, make unauthorized copies of or disclose any confidential or
proprietary information of ImaRx or any affiliated or related entities, including but not limited
to, their trade secrets, copyrighted information, customer lists, any information encompassed in
any research and development, reports, work in progress, drawings, software, computer files or
models, designs, plans, proposals, marketing and sales programs, financial projections, and all
concepts or ideas, materials or information related to the business or sales

4

 

of ImaRx and any affiliated or related entities that has not previously been released to the
public by an authorized representative of those companies.

          6.3 Continuing Obligations. Executive agrees to abide by all the surviving provisions
of the Employment Agreement and the Invention and Confidential Information Agreement, including but
not limited to, promises to protect all confidential and proprietary information of ImaRx and
promises not to compete with ImaRx, not to solicit any of ImaRx’s employees, and not to induce any
of ImaRx’s customers to discontinue doing business with ImaRx for a period of 12 months from the
Separation Date.

          6.4 Return of Company Property. By signing this Separation Agreement, Executive
represents and warrants that he will have returned to ImaRx on or before the Separation Date, all
ImaRx property, including all confidential and proprietary information, as described in paragraph
6.2 above or the Invention and Confidential Information Agreement, and all materials and documents
containing trade secrets and copyrighted materials, including all copies and excerpts of the same,
except at provided in paragraph 1.3 above.

     7. Enforcement. If Executive breaches any of the terms in paragraphs 5 or 6 above or
their subparts, ImaRx will immediately cease making the separation payments described in
subparagraph 1.1 above, to the extent those payments have not yet been made. This shall in no way
limit ImaRx’s right to pursue all legal and equitable remedies available to it as a result of
Executive’s breach of this Separation Agreement.

     8. No Admissions. By entering into this Separation Agreement, the parties make no
admission that they have engaged, or are now engaging, in any unlawful conduct. The parties
understand and acknowledge that this Separation Agreement is not an admission of liability and
shall not be used or construed as such in any legal or administrative proceeding.

     9. Older Workers’ Benefit Protection Act. This Separation Agreement is intended to
satisfy the requirements of the Older Workers’ Benefit Protection Act, 29 U.S.C. sec. 626(f).
Executive, by this Separation Agreement, is advised to consult with an attorney before executing
this Separation Agreement.

          9.1 Acknowledgments/Time to Consider. Executive acknowledges and agrees that (a) he
has read and understands the terms of this Separation Agreement; (b) he has been advised in writing
to consult with an attorney before executing this Separation Agreement; (c) that he has obtained
and considered such legal counsel as Executive deems necessary; (d) that he has been given
twenty-one (21) days to consider whether or not to enter into this Separation Agreement (although
Executive may elect not to use the full 21-day period at his option); and (e) that by signing this
Separation Agreement, Executive acknowledges that he does so freely, knowingly, and voluntarily.

          9.2 Revocation/Effective Date. This Separation Agreement shall not become effective
or enforceable until the eighth day after Executive signs this Separation Agreement. In other
words, Executive may revoke Executive’s acceptance of this Separation Agreement within seven (7)
days after the date Executive signs it. Executive’s revocation must be in writing and received by
ImaRx’s President & CEO by 5:00 p.m. on the seventh day in order to be effective. If Executive
does not revoke acceptance within the seven (7) day period, Executive’s acceptance of this
Separation Agreement shall become binding and enforceable on the eighth day (“Effective Date”).
The Severance Package shall become due and payable in accordance with paragraph 1, provided this
Separation Agreement has not been revoked.

          9.3 Preserved Rights of Executive. This Separation Agreement does not waive or
release any rights or claims that Executive may have under the Age Discrimination in

5

 

Employment Act that arise after the execution of this Separation Agreement. In addition, this
Separation Agreement does not prohibit Executive from challenging the validity of this Separation
Agreement’s waiver and release of claims under the Age Discrimination in Employment Act of 1967, as
amended.

     10. Severability. In the event any provision of this Separation Agreement shall be
found unenforceable by an arbitrator or a court of competent jurisdiction, the provision shall be
deemed modified to the extent necessary to allow enforceability of the provision as so limited, it
being intended that the parties shall receive the benefits contemplated herein to the fullest
extent permitted by law. If a deemed modification is not satisfactory in the judgment of such
arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and
enforceability of the remaining provisions shall not be affected thereby.

     11. Applicable Law. The validity, interpretation and performance of this Separation
Agreement shall be construed and interpreted according to the laws of the United States of America
and the State of Arizona.

     12. Binding on Successors. The parties agree that this Separation Agreement shall be
binding on, and inure to the benefit of, his or its successors, heirs and/or assigns.

     13. Full Defense. This Separation Agreement may be pled as a full and complete
defense to, and may be used as a basis for an injunction against, any action, suit or other
proceeding that may be prosecuted, instituted or attempted by either party in breach hereof.

     14. Good Faith. The parties agree to do all things necessary and to execute all
further documents necessary and appropriate to carry out and effectuate the terms and purposes of
this Separation Agreement.

     15. Entire Agreement; Modification. This Separation Agreement, including the
surviving provisions of the Employment Agreement and Inventions and Confidential Information
Agreement signed by Executive, is intended to be the entire agreement between the parties and
supersedes and cancels any and all other and prior agreements, written or oral, between the parties
regarding this subject matter. It is agreed that there are no collateral agreements or
representations, written or oral, regarding the terms and conditions of Executive’s separation of
employment with ImaRx and settlement of all claims between the parties other than those set forth
in this Separation Agreement. This Separation Agreement may be amended only by a written instrument
executed by all parties hereto.

THE PARTIES TO THIS SEPARATION AGREEMENT HAVE READ THE FOREGOING SEPARATION AGREEMENT AND FULLY
UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS
SEPARATION AGREEMENT ON THE DATES SHOWN BELOW.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	11-24-06	 	 	 	By:	 	  /s/ Evan C. Unger	 	 
	 

	 	 

	 	 	 	 	 	 

     Evan C. Unger, MD
	 	 
	 

	 	 	 	 	 	 	 	     ImaRx Therapeutics, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	11/28/06	 	 	 	By:	 	   /s/ Bradford A. Zakes	 	 
	 

	 	 

	 	 	 	 	 	 

     Bradford A. Zakes
	 	 
	 

	 	 	 	 	 	 	 	     President & CEO	 	 

6

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