Document:

EX-10.1

EMPLOYMENT AGREEMENT

EMPLOYMENT AGREEMENT, dated as of June   , 2010 by and between Exide Technologies (the
“Company”) and James R. Bolch (“Executive”).

WHEREAS, the Company and Executive mutually desire to enter into an Employment Agreement
providing that the Executive will assume the responsibilities and assume the title of President and
Chief Executive Officer (the “Employment Agreement”);

NOW THEREFORE, in consideration of the premises and the mutual covenants set forth below, the
parties hereby agree as follows:

1. Employment. The Company hereby agrees to employ Executive, and Executive hereby
accepts such employment, on the terms and conditions hereinafter set forth.

2. Term. The period of employment of Executive by the Company under this Agreement
(the “Employment Period”) shall commence on or before August 1, 2010 (the “Commencement Date”) and
shall continue through the second anniversary of such Commencement Date; provided, that the
Employment Period shall automatically be renewed for additional one-year periods thereafter unless
either party shall give ninety (90) days prior written notice of its intent not to renew the
Employment Period. The Employment Period may be sooner terminated by either party in accordance
with Section 6 of this Agreement.

3. Position and Duties. During the Employment Period, Executive shall serve as
President and Chief Executive Officer, reporting directly to the Board of Directors of the Company
(the “Board”). Executive shall have those powers and duties contained in the Company’s Amended and
Restated Bylaws, as well as those responsibilities normally associated with the position of
President and Chief Executive Officer of entities comparable to the Company and such other powers
and duties as may be prescribed by the Board; provided that, such other powers and
duties are consistent with Executive’s position as President and Chief Executive Officer and do not
violate any applicable laws or regulations. Executive shall devote all of his working time,
attention and energies to the performance of his duties for the Company; provided, that
Executive may serve on the board of directors of no more than one other company, subject to the
approval of the Board. As soon as practicable following the Commencement Date and upon the
resignation of the prior Chief Executive Officer from his employment as Chief Executive Officer,
the Board shall appoint Executive as a member of the Board. Thereafter, the Company shall nominate
Executive for election to the Board at the Company’s next annual meeting following the Commencement
Date, such election to be determined by shareholder vote.

4. Place of Performance. The place of employment of Executive shall be at the
Company’s principal executive offices in Milton, Georgia, although Executive acknowledges that he
shall be required to travel on Company business regularly during the Employment Period.

5. Compensation and Related Matters.

(a) Base Salary. During the Employment Period, (i) commencing on the Commencement
Date, the Company shall pay Executive an annualized base salary of $850,000, (ii) commencing on the
first anniversary of the Commencement Date, the Company shall pay Executive an annualized base
salary of $900,000 and (iii) thereafter, the Company shall pay Executive an annualized base salary
as determined by the Board; provided, that such annualized base salary shall not be less
than $900,000 (such amounts, “Base Salary”). Executive’s Base Salary shall be paid in accordance
with the Company’s customary payroll practices. The Board of Directors, upon the recommendation of
the Compensation Committee of the Board (the “Compensation Committee”), shall periodically review
Executive’s Base Salary for increase (but not decrease), consistent with the compensation practices
and guidelines of the Company. If Executive’s Base Salary is increased by the Company, such
increased Base Salary shall then constitute the Base Salary for all purposes of this Agreement.

(b) Inducement Awards.

(i) The Company shall pay Executive a bonus equal to $1.5 million in a cash
lump sum on the Commencement Date;

(ii) The Company shall pay Executive an additional bonus equal to $1 million in
a cash lump sum on the first anniversary of the Commencement Date; provided,
that Executive is employed by the Company on such date (except as otherwise provided
in Section 8 below);

(iii) Subject to Executive’s continuing employment through December 31, 2012
(except as otherwise provided in Section 8 below), the Company shall pay Executive
$1,713,200 in a cash lump sum on such date (the amounts in Section 5(b)(i), Section
5(b)(ii) and Section 5(b)(iii) collectively, the “Inducement Bonus”); and

(iv) On the Commencement Date, the Company shall grant Executive 750,000 shares
of restricted common stock of the Company (the “Initial Equity Grant”). Such
Initial Equity Grant shall vest in full on the third anniversary of the Commencement
Date subject to Executive’s continuous employment except as otherwise provided in
this Agreement. Such Initial Equity Grant shall be evidenced by a restricted stock
agreement consistent with the terms of this Agreement.

In the event Executive’s employment is terminated by Executive without Good Reason or by the
Company for Cause prior to the second anniversary of the Commencement Date, Executive shall be
obligated to repay a prorated portion of the Inducement Bonus, to the extent paid, based on a
fraction the numerator of which is (x) twenty-four (24) minus the number of complete calendar
months Executive is employed by the Company and the denominator of which is (y) twenty-four (24)
(the “Refund Obligation”). For the avoidance of doubt, the Company shall have the right to
withhold the Refund Obligation from any amounts due Executive to the extent such withholding would
not give rise to a failure to comply with Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”).

(c) Annual Bonuses. During each fiscal year of the Company which occurs during the
Employment Period, commencing with the 2011 fiscal year (April 1, 2010 through March 31, 2011),
Executive shall be eligible for an annual performance bonus (the “Bonus”), dependent upon the
achievement of pre-established performance goals established by the Compensation Committee and
approved by the Board. For the 2011 fiscal year, the Bonus shall not be prorated for Executive’s
partial fiscal year of employment. Executive’s target Bonus shall be 125% of Base Salary (“Target
Bonus”), and may be greater if justified by performance in excess of the pre-established
performance goals. Similarly, the Bonus may be less than Target if the Company’s performance is
below the pre-established goals.

Executive shall be eligible for such additional discretionary bonuses as may be determined by
the Compensation Committee and approved by the Board.

Except as provided in Section 8 below, any Bonus earned during a fiscal year shall be paid at
such time as the Company customarily pays annual bonuses, provided, that, Executive
is still employed as of such payment date.

(d) Long Term Incentive. During the Employment Period, commencing with the 2011
fiscal year (April 1, 2010 through March 31, 2011), Executive shall be eligible to receive annual
equity awards with a target value at the date of award equal to 300% of Base Salary. Such equity
awards shall vest as follows: one-third (1/3) shall vest in three equal annual installments
beginning on the first anniversary of the grant date and continuing on each such anniversary date
thereafter and two-thirds (2/3) shall vest on the third anniversary of the grant date, which
two-thirds (2/3) shall be dependent upon the achievement of pre-established performance goals
established by the Compensation Committee and approved by the Board. For the 2011 fiscal year,
such equity award (i) shall not be prorated for Executive’s partial fiscal year of employment due
to the Commencement Date, (ii) shall be the number of shares determined based on a per share price
of $10 per share of Company common stock and (iii) shall vest based on a deemed grant date of April
1, 2010.

(e) Relocation Expenses. The Company shall reimburse Executive for the costs of
relocating his primary residence from the greater Mooresville, North Carolina area to the greater
Atlanta, Georgia area in accordance with its policy as in effect from time to time;
provided, that the home sale provision shall be extended from one year to two years and the
temporary living expense reimbursement period shall be extended from 90 days to 180 days, provide
however that such temporary living expense reimbursement shall not exceed $30,000 in the aggregate.

(f) Expenses. During the Employment Period, the Company shall promptly reimburse
Executive for all reasonable business expenses upon the presentation of reasonably itemized
statements of such expenses in accordance with the Company’s policies and procedures now in force
or as such policies and procedures may be modified with respect to all senior executive officers of
the Company. Any such reimbursement under this Section 5 shall be for expenses incurred by
Executive during the Employment Period and such reimbursement shall be made not later than the last
day of the calendar year following the calendar year in which Executive incurs the expense. In no
event will the amount of expenses so reimbursed by the Company in one year affect the amount of
expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year.

(g) Vacation. During the Employment Period, Executive shall be entitled to 4 weeks of
paid vacation per year to be used and accrued in accordance with the Company’s policy as it may be
established from time to time. In addition to vacation, Executive shall be entitled to the number
of sick days, personal days and national holidays per year that other senior executive officers of
the Company with similar tenure are entitled under the Company’s policies.

(h) Welfare, Pension and Incentive Benefit Plans and Perquisites. During the
Employment Period, Executive shall be entitled to participate in such employee benefit plans
offered by the Company, or which it may adopt from time to time, for its senior executives, in
accordance with the eligibility requirements for participation therein, including, without
limitation, the Company’s automobile and relocation allowance policy. The Company shall reimburse
Executive for any out-of-pocket COBRA expenses related to coverage for Executive or his dependents
incurred by Executive during the initial waiting period prior to becoming eligible to participate
in the Company’s employee benefit plans. Additionally, during the Employment Period, Executive
shall receive a monthly automobile allowance in accordance with the practice or policy applicable
to senior executives of the Company as in effect from time to time; provided, that such
allowance to Executive shall be no less favorable than as provided to any other senior executives
of the Company. Executive acknowledges that the Company may seek to obtain key-man life (or
similar) insurance in connection with Executive’s employment hereunder, and Executive agrees to
cooperate with the Company’s reasonable requests to obtain such coverage, including, without
limitation, submitting to reasonable physical examinations.

6. Termination. Executive’s employment hereunder may be terminated during the
Employment Period under the following circumstances:

(a) Death. Executive’s employment hereunder shall terminate upon his death.

(b) Disability. If, as a result of Executive’s incapacity due to physical or mental
illness, Executive shall have been substantially unable to perform his duties hereunder with
reasonable accommodation for an entire period of three (3) consecutive months, and within thirty
(30) days after written Notice of Termination is given after such three (3) month period, Executive
shall not have returned to the substantial performance of his duties on a full-time basis, the
Company shall have the right to terminate Executive’s employment hereunder for “Disability”, and
such termination in and of itself shall not be, nor shall it be deemed to be, a breach of this
Agreement.

(c) Cause. The Company shall have the right to terminate Executive’s employment for
Cause, and such termination in and of itself shall not be, nor shall it be deemed to be, a breach
of this Agreement. For purposes of this Agreement, the Company shall have “Cause” to terminate
Executive’s employment upon Executive’s (i) willful and continued failure, which continues after
ten (10) business days prior written notice to Executive from the Board, to substantially perform
his duties with the Company (other than any such failure resulting from his incapacity due to
physical or mental illness) or to comply with the reasonable policies of the Company as written or
at the reasonable direction of the Board, (ii) an act or omission that constitutes willful
misconduct, gross negligence or fraud, (iii) misappropriation, embezzlement, or dishonesty with
respect to his duties with the Company or (iv) conviction or entering a plea of “guilty” or “no
contest” to a felony.

(d) Good Reason. Executive may terminate his employment for Good Reason within ninety
(90) days following the occurrence of any of the events detailed in subsections (i) through (vi) in
this Section 6(d), any of which is not cured by the Company, if curable, within thirty (30) days
following Executive’s written notice to the Board. For purposes of this Agreement, “Good Reason”
shall mean: (i) a material adverse change in Executive’s authority, duties or responsibilities,
(ii) a material reduction in Base Salary, (iii) other action or inaction that constitutes a
material breach by the Company of the Agreement, (iv) relocation of Executive’s place of employment
more than fifty (50) miles from the current executive offices in Milton, Georgia; provided,
that such relocation materially increases Executive’s commute to work, or (v) a requirement that
Executive report to anyone other than the Board.

(e) Without Cause. The Company shall have the right to terminate Executive’s
employment hereunder without Cause at any time by providing Executive with a Notice of Termination
and such termination shall not in and of itself be, nor shall it be deemed to be, a breach of this
Agreement.

(f) Without Good Reason. Executive shall have the right to terminate his employment
hereunder without Good Reason by providing the Company with a Notice of Termination at least sixty
(60) days prior to such termination, and such termination shall not in and of itself be, nor shall
it be deemed to be, a breach of this Agreement.

(g) Expiration of the Employment Period. Executive’s employment shall terminate upon
expiration of the Employment Period (including any renewals thereof) and such termination shall not
be a breach of this Agreement.

7. Termination Procedure.

(a) Notice of Termination. Any termination of Executive’s employment by the Company
or by Executive during the Employment Period (other than termination pursuant to Section 6(a))
shall be communicated by written Notice of Termination to the other party hereto in accordance with
Section 12. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which
shall indicate the specific termination provision in this Agreement relied upon and shall set forth
in reasonable detail the facts and circumstances claimed to provide a basis for termination of
Executive’s employment under the provision so indicated.

(b) Date of Termination. “Date of Termination” shall mean (i) if Executive’s
employment is terminated by his death, the date of his death, (ii) if Executive’s employment is
terminated pursuant to Section 6(b), thirty (30) days after Notice of Termination (provided that
Executive shall not have returned to the substantial performance of his duties on a full-time basis
during such thirty (30) day period), and (iii) if Executive’s employment is terminated for any
other reason, the date on which a Notice of Termination is given or any later date (within ninety
(90) days after the giving of such notice which date shall be at least thirty days after the date
of notice if the termination is made pursuant to Section 6(f)) set forth in such Notice of
Termination; provided, that, if applicable, the Notice of Termination shall not be
effective until the cure period has expired and such event or events leading to such termination
have not yet been cured.

8. Compensation Upon Termination or During Disability. In the event Executive is
disabled or his employment terminates during the Employment Period, the Company shall provide
Executive with the payments set forth below, and Executive shall not be entitled to any additional
severance payments or benefits from the Company. Upon Executive’s termination of employment for
any reason, upon the request of the Board, he shall resign as an officer and director of the
Company or any of its affiliates.

(a) Termination By Company without Cause or By Executive With Good Reason or Due to
Expiration and Non-Renewal of Employment Period By Company. Notwithstanding any other
provision to the contrary contained herein, if Executive’s employment is terminated by the Company
without Cause, by the Executive with Good Reason, or due to the expiration and non-renewal of the
Employment Period by the Company:

(i) The Company shall pay to Executive no later than the second regularly scheduled
pay day following the Date of Termination and in all events no later than thirty
(30) days following the Date of Termination (1) his earned, but yet unpaid Base
Salary through the Date of Termination, (2) any earned, but unpaid vacation pay and
(3) any amounts due pursuant to Section 5 for reasonable expenses incurred for which
reimbursement has been timely requested, but not paid prior to such termination of
employment (the “Accrued Obligations”); and

(ii) The Company shall pay to Executive the Bonus that would have been paid to
Executive had he remained employed through the end of the fiscal year in which such
termination occurs, if any, based on actual results and pro-rated to reflect the
number of days Executive was employed during such fiscal year over the number of
days in such fiscal year, to be paid at such time as the Company customarily pays
bonuses, but not later than 2-1/2 months after the end of the calendar year which
contains the end of the fiscal year in which such termination occurs;
provided, that for purposes of proration in respect of fiscal year 2011,
Executive shall be deemed to have been employed as of April 1, 2010 (the “Pro-Rated
Bonus”); and 

(iii) The Company will pay to Executive on the day that is sixty (60) days following
the Date of Termination (the “Severance Payment Date”) a lump sum cash payment equal
to (x) 225% of the Base Salary for the remainder of the Employment Period;
provided, that, in no event will such amount be based on less than
twelve (12) months remaining in the Employment Period; and

(iv) The Company will pay to Executive on the Severance Payment Date any unpaid
portion of the Inducement Bonus and any unvested portion of the Initial Equity Grant
shall immediately vest as of the Date of Termination; and

(v) Only in the event Executive timely elects continuation coverage under COBRA, the
Company shall pay Executive (no more than 45 days in arrears) an additional monthly
amount equal to the excess of (A) the monthly medical, vision and dental benefits
premiums payable in respect of the Executive and his dependents under the Company’s
benefit plans over (B) the current cost of such benefits to active employees as in
effect from time to time until the earlier of, identified and treated separately
with respect to each type of coverage, (1) the first of the month after Employee
becomes eligible for such coverage by another employer or (2) the date that is
eighteen months following the Date of Termination. Executive agrees to inform the
Company immediately if he becomes eligible for health insurance coverage by another
employer. Additional information about COBRA may be obtained by contacting the
Executive Vice President—Human Resources, Exide Technologies, at 13000 Deerfield
Parkway, Building 200, Milton, Georgia 30004. All other Executive insurance
coverages, including but not limited to life insurance, terminate on the Date of
Termination; and

(vi) Executive shall be entitled to any other rights, compensation and/or benefits
as may be due to Executive in accordance with the terms and provisions of any
agreements, plans or programs of the Company; and

(vii) Executive shall receive no further benefits or compensation, except as
required by this Agreement or by law.

(viii) For purposes of determining the amounts to be paid to Executive pursuant to
this Section 8(a), no reduction of or change to Base Salary, which would constitute
Good Reason under Section 7(d) shall be taken into account, regardless of the reason
for the termination giving rise to Executive’s right to be paid, and the Company’s
obligation to pay, the amounts required under Section 8(a).

(b) Termination By Company for Cause, By Executive Without Good Reason or Due to
Non-Renewal of Employment Period By Executive. If Executive’s employment is terminated by the
Company for Cause or by Executive (other than for Good Reason) or due to the non-renewal of the
Employment Period by Executive:

(i) the Company shall pay Executive the Accrued Obligations no later than the second
regularly scheduled pay day following the Date of Termination and in all events no
later than thirty (30) days following the Date of Termination; and

(ii) Executive shall be entitled to any other rights, compensation and/or benefits
as may be due to Executive in accordance with the terms and provisions of any
agreements, plans or programs of the Company; and

(iii) Executive shall receive no further benefits or compensation, except as
required by this Agreement or by law

(c) Death or Disability. During any period that Executive fails to perform his duties
hereunder as a result of incapacity due to physical or mental illness (“Disability Period”),
Executive shall be paid his Base Salary through the Date of Termination, off-set by any disability
insurance for which the premiums were paid by the Company. Notwithstanding any other provision to
the contrary contained herein, following the Date of Termination occurring pursuant to Section 6(a)
or Section 6(b) hereof:

(i) the Company shall pay Executive (or Executive’s beneficiary, legal
representatives or estate, as the case may be) (A) the Accrued Obligations no later
than the second regularly scheduled pay day following the Date of Termination and in
all events no later than thirty (30) days following the Date of Termination and (B)
the Pro-Rated Bonus at the time specified in Section 8(a)(ii) above; and

(ii) the Company will pay to Executive (or Executive’s beneficiary, legal
representatives or estate, as the case may be) on the Severance Payment Date any
unpaid portion of the Inducement Bonus and any unvested portion of the Initial
Equity Grant shall immediately vest as of the Date of Termination; and

(iii) Executive (or Executive’s beneficiary, legal representatives or estate, as the
case may be) shall be entitled to any other rights, compensation and/or benefits as
may be due such person in accordance with the terms and provisions of any
agreements, plans or programs of the Company; and

(iv) Executive (or Executive’s beneficiary, legal representatives or estate, as the
case may be) shall receive no further benefits or compensation, except as required
by this Agreement or by law.

(d) Release Requirement. As a condition of receiving any payments under Section 8(a)
other than the Accrued Obligations or other rights, compensation and/or benefits as may be due to
Executive (or Executive’s beneficiary, legal representative(s) or estate) in accordance with the
terms and provisions of any agreements, plans or programs of the Company (collectively, the
“Non-Releasable Obligations”), Executive shall execute a release, in a form reasonably acceptable
to the Company, thereby releasing the Company and its affiliates from any and all obligations and
liabilities to the Executive arising from or in connection with the Executive’s employment or
termination of employment with the Company and its affiliates, other than the Non-Releasable
Obligations and the benefits and indemnification obligations provided pursuant to Sections 23, 24
and 25 of this Agreement, to the fullest extent permitted by law. Such release will be provided by
the Company to the Executive within five (5) days following the termination of the Executive’s
employment and must be executed and returned (and not revoked) by the Executive to the Company
within 60 days following such termination of employment. If the Executive executes the release and
does not revoke the release within 60 days of his or her termination of employment, payment of the
severance payments and benefits will be made (or commence, in the case of installments) on the
Severance Payment Date; provided, that the Pro-Rated Bonus shall be paid on the later of
(i) the Severance Payment Date and (ii) the time specified in Section 8(a)(ii) hereof.
Notwithstanding anything in this Agreement to the contrary, if the Executive does not execute the
release and/or the release does not become irrevocable within 60 days of such termination of
employment, the Executive shall not receive any severance payments or benefits under Section 8(a)
other than the Non-Releasable Obligations. Further, notwithstanding anything in this Agreement to
the contrary, if the Company does not provide such release to Executive within thirty (30) days
following the termination of the Executive’s employment, no such release shall be required as a
condition of receipt of any benefits under Section 8(a).

(e) Section 280G. Notwithstanding any other provision of this Agreement to the
contrary, if any payments or benefits provided or to be provided to or for the benefit of Executive
(or Executive’s beneficiary, legal representatives or estate, as the case may be) by the Company or
its affiliates (or any successors thereto) (whether pursuant to the terms of this Agreement or
otherwise) (the “Payments”) that, but for this Section 8(e), would be considered “excess parachute
payments” under Code Section 280G, then such Payments shall be limited to the greatest amount which
may be paid or provided to or in respect of Executive under Code Section 280G without causing the
imposition of an excise tax on Executive under Code Section 4999 (or any successor provision), but
only if, by reason of such reduction, the net after tax benefit to Executive of such reduced
Payments shall exceed the net after tax benefit of the Payments if such reduction were not made.
The determination of whether the Payments would be considered excess parachute payments and the
calculation of all the amounts referred to in this Section 8(e), including the relative net after
tax benefits (which shall take into account, without limitation, all applicable federal, state and
local employment, income and excise taxes), shall be made by a nationally recognized accounting
firm selected by Executive and reasonably agreeable to the Company and at the expense of the
Company (the “Accounting Firm”), which Accounting Firm shall provide detailed supporting
calculations. Executive shall have a reasonable period of time in which to review the
determination made by the Accounting Firm and Company and Executive agree to cooperate generally
and in good faith regarding such determination. Any final determination by the Accounting Firm
shall be binding upon the Company and Executive. In the event that the Payments to or in respect
of the Executive are to be reduced in accordance with this Section 8(e), the reductions shall be
made in the following order (i) cancellation of accelerated vesting of stock options for which the
per share exercise price exceeds the then per share fair market value of the Company’s common
stock; (ii) reduction of cash payments that do not constitute deferred compensation within the
meaning of Code Section 409A; (iii) cancellation of accelerated vesting of stock options for which
the per share exercise price does not exceed the then per share fair market value of the Company’s
common stock; (iv) cancellation of accelerated vesting of restricted stock; and (v) reduction in
any other payments or benefits in a manner that complies with Code Section 409A. Within each such
category, the Payments that will result in the greatest present value reduction in the Payments
with the least reduction in economic value to Executive shall be reduced first.

9. Restrictive Covenants.

(a) Acknowledgments. Executive acknowledges that: (i) as a result of Executive’s
employment by the Company, Executive will obtain Confidential Information (as defined below); (ii)
the Confidential Information has been developed and created by the Company and its affiliates at
substantial expense, and the Confidential Information constitutes valuable proprietary assets;
(iii) the Company and its affiliates will suffer substantial damage and irreparable harm which will
be difficult to compute if, during the Employment Period and thereafter, Executive should enter a
Competitive Business (as defined herein) in violation of the provisions of this Agreement; (iv) the
nature of the Company’s and its affiliate’s business is such that it could be conducted any where
in the world and that it is not limited to a geographic scope or region; (v) the Company and its
affiliates will suffer substantial damage which will be difficult to compute if, during the term of
employment or thereafter, Executive should solicit or interfere with the Company’s and its
affiliate’s employees, clients or customers or should divulge Confidential Information relating to
the business of the Company and its affiliates; (vi) the provisions of this Agreement are
reasonable and necessary for the protection of the business of the Company and its affiliates; (vi)
the Company would not have hired Executive or provided the Inducement Bonus or Initial Equity Grant
and other benefits contemplated under Agreement unless he agreed to be bound by the terms hereof;
and (vii) the provisions of this Agreement will not preclude Executive from other gainful
employment. “Competitive Business” as used in this Agreement shall mean any business which
competes, directly or indirectly, with any aspect of the Company’s business. “Confidential
Information” as used in this Agreement shall mean any and all confidential and/or proprietary
knowledge, data, or information of the Company or any affiliate, including, without limitation,
any: (A) trade secrets, drawings, inventions, methodologies, mask works, ideas, processes,
formulas, source and object codes, data, programs, software source documents, works of authorship,
know-how, improvements, discoveries, developments, designs and techniques, and all other work
product of the Company or any affiliate, whether or not patentable or registrable under trademark,
copyright, patent or similar laws; (B) information regarding plans for research, development, new
service offerings and/or products, marketing, advertising and selling, distribution, business
plans, business forecasts, budgets and unpublished financial statements, licenses, prices and
costs, suppliers, customers or distribution arrangements; (C) any information regarding the skills
and compensation of employees, suppliers, agents, and/or independent contractors of the Company or
any affiliate; (D) concepts and ideas relating to the development and distribution of content in
any medium or to the current, future and proposed products or services of the Company or any
affiliate; or (E) any other information, data or the like that is labeled confidential or orally
disclosed to Executive as confidential.

(b) Confidentiality. In consideration of the benefits provided for in this Agreement,
Executive agrees not to, at any time, either during the Employment Period or thereafter, divulge,
use, publish or in any other manner disclose, directly or indirectly, to any person, firm,
corporation or any other form of business organization or arrangement and keep in the strictest
confidence any Confidential Information, except (i) as may be necessary to the performance of
Executive’s duties hereunder, (ii) with the Company’s express written consent, (iii) to the extent
that any such information is in or becomes in the public domain other than as a result of
Executive’s breach of any of obligations hereunder, or (iv) where required to be disclosed by court
order, subpoena or other government process and in such event, Executive shall cooperate with the
Company in attempting to keep such information confidential. Upon termination, Executive agrees to
promptly deliver to the Company the originals and all copies, in whatever medium, of all such
Confidential Information.

(c) Non-Compete. In consideration of the benefits provided for in this Agreement,
Executive covenants and agrees that during his employment and for a period of twenty-four months
following the termination of his employment for whatever reason (the “Restricted Period”), he will
not, for himself, or in conjunction with any other person, firm, partnership, corporation or other
form of business organization or arrangement (whether as a shareholder, partner, member, principal,
agent, lender, director, officer, manager, trustee, representative, employee or consultant),
directly or indirectly, be employed by, provide services to, in any way be connected, associated or
have any interest in, or give advice or consultation to any Competitive Business with the Company
or any of its affiliates without the Company’s prior written consent. Should Executive be found,
by a court of competent jurisdiction, to have breached his non-compete obligation, the Restricted
Period shall be extended for the term of the breach as found by the Court. The foregoing provision
shall not prohibit Executive’s ownership of a de minimis amount of stock in any public company.

(d) Non-Solicitation of Employees. In consideration of the benefits provided for in
this Agreement, Executive covenants and agrees that during the Restricted Period, Executive shall
not directly or indirectly attempt to solicit, employ or retain, or have or cause any other person
or entity to solicit, employ or retain, any person who is employed or is providing services to the
Company and its affiliates at the time of his termination of employment or was or is providing such
services within the two year period before or after his termination of employment. Should
Executive be found, by a court of competent jurisdiction, to have breached his non-solicitation
obligation, the Restricted Period shall be extended for the term of the breach as found by the
Court.

(e) Non-Solicitation of Clients and Customers. In consideration of the benefits
provided for in this Agreement, Executive covenants and agrees that during the Restricted Period,
he will not, for himself, or in conjunction with any other person, firm, partnership, corporation
or other form of business organization or arrangement (whether as a shareholder, partner, member,
lender, principal, agent, director, officer, manager, trustee, representative, employee or
consultant), directly or indirectly: (i) solicit or accept any business that is directly related to
the business of the Company or its affiliates, from any person or entity who, at the time of, or at
the time during the twelve months preceding such termination, was an existing or prospective
customer or client of the Company or its affiliates; (ii) request or cause any of the Company’s or
its affiliates’ clients or customers to cancel or terminate any business relationship with the
Company or its affiliates involving services or activities which were directly or indirectly the
responsibility of Executive during his employment; or (iii) request or cause any employee of the
Company or its affiliates to breach or threaten to breach any terms of said employee’s agreements
with the Company or its affiliates or to terminate his or her employment with the Company or its
affiliates.

(f) Post-Employment Property. The parties agree that any work of authorship,
invention, design, discovery, development, technique, improvement, source code, hardware, device,
data, apparatus, practice, process, method or other work product whatever (whether patentable or
subject to copyright, or not, and hereinafter collectively called “discovery”) related to training
or marketing methods and techniques that Executive, either solely or in collaboration with others,
has made or may make, discover, invent, develop, perfect, or reduce to practice during the term of
his employment, or within six (6) months thereafter, whether or not during regular business hours
and created, conceived or prepared on the Company’s or any affiliates’ premises or otherwise shall
be the sole and complete property of the Company and/or its affiliates and may not be used by
Executive outside of the Company. More particularly, and without limiting the foregoing, Executive
agrees that all of the foregoing and any (i) inventions (whether patentable or not, and without
regard to whether any patent therefor is ever sought), (ii) marks, names, or logos (whether or not
registrable as trade or service marks, and without regard to whether registration therefor is ever
sought), (iii) works of authorship (without regard to whether any claim of copyright therein is
ever registered), and (iv) trade secrets, ideas, and concepts ((i) — (iv) collectively,
“Intellectual Property Products”) created, conceived, or prepared on the Company’s or its
affiliates’ premises or otherwise, whether or not during normal business hours, shall perpetually
and throughout the world be the exclusive property of the Company and/or its affiliates, as the
case may be, as shall all tangible media (including, but not limited to, papers, computer media of
all types, and models) in which such Intellectual Property Products shall be recorded or otherwise
fixed. Executive further agrees promptly to disclose in writing and deliver to the Company all
Intellectual Property Products created during his engagement by the Company, or within six (6)
months thereafter, whether or not during normal business hours. Executive agrees that all works of
authorship created by Executive during his engagement by the Company shall be works made for hire
of which the Company or its affiliates is the author and owner of copyright. To the extent that
any competent decision-making authority should ever determine that any work of authorship created
by Executive during his engagement by the Company is not a work made for hire, Executive hereby
assigns all right, title and interest in the copyright therein, in perpetuity and throughout the
world, to the Company. To the extent that this Agreement does not otherwise serve to grant or
otherwise vest in the Company or its affiliates all rights in any Intellectual Property Product
created by Executive during his engagement by the Company, or within six (6) months thereafter,
Executive hereby assigns all right, title and interest therein, in perpetuity and throughout the
world, to the Company. Executive agrees to execute, immediately upon the Company’s reasonable
request and without charge, any further assignments, applications, conveyances or other
instruments, at any time after execution of this Agreement, whether or not Executive is engaged by
the Company at the time such request is made, in order to permit the Company, its affiliates and/or
their respective assigns to protect, perfect, register, record, maintain, or enhance their rights
in any Intellectual Property Product; provided, that, the Company shall bear the
cost of any such assignments, applications or consequences. Upon termination of Executive’s
employment by the Company for any reason whatsoever, and at any earlier time the Company so
requests, Executive will immediately deliver to the custody of the person designated by the Company
all originals and copies of any documents and other property of the Company in Executive’s
possession, under Executive’s control or to which he may have access.

(g) Enforcement. If Executive commits a breach, or threatens to commit a breach, of
any of the provisions of this Section 9, the Company shall have the right and remedy to have the
provisions specifically enforced by any court having jurisdiction, it being acknowledged and agreed
by Executive that the services being rendered hereunder to the Company are of a special, unique and
extraordinary character and that any such breach or threatened breach will cause irreparable injury
to the Company and that money damages will not provide an adequate remedy to the Company. Such
right and remedy shall be in addition to, and not in lieu of, any other rights and remedies
available to the Company at law or in equity. Accordingly, Executive consents to the issuance of
an injunction, whether preliminary or permanent, consistent with the terms of this Agreement.
Should Executive breach his non-compete obligation, the Company may cease its reimbursement of any
COBRA premiums that it is paying to Executive. Any such cessation of reimbursement shall not
reduce any monetary damages that may be available to the Company as a result of the breach.

(h) Blue Pencil. If, at any time, the provisions of this Section 9 shall be
determined to be invalid or unenforceable under any applicable law, by reason of being vague or
unreasonable as to area, duration or scope of activity, this Agreement shall be considered
divisible and shall become and be immediately amended to only such area, duration and scope of
activity as shall be determined to be reasonable and enforceable by the court or other body having
jurisdiction over the matter, and Executive and the Company agree that this Agreement as so amended
shall be valid and binding as though any invalid or unenforceable provision had not been included
herein.

(i) EXECUTIVE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS SECTION 9 AND HAS HAD THE
OPPORTUNITY TO REVIEW ITS PROVISIONS WITH ANY ADVISORS AS HE CONSIDERED NECESSARY AND THAT
EXECUTIVE UNDERSTANDS THIS AGREEMENT’S CONTENTS AND SIGNIFIES SUCH UNDERSTANDING AND AGREEMENT BY
SIGNING BELOW.

10. Resolution of Differences Over Breaches of Agreement. The parties shall use good
faith efforts to resolve any controversy or claim arising out of, or relating to this Agreement or
the breach thereof, first in accordance with the Company’s internal review procedures, except that
this requirement shall not apply to any claim or dispute under or relating to Section 9 of this
Agreement or for which preliminary injunctive relief may be sought by any party. If despite their
good faith efforts, the parties are unable to resolve such controversy or claim through the
Company’s internal review procedures, then such controversy or claim shall be resolved by binding
arbitration for resolution in Atlanta, Georgia in accordance with the rules and procedures of the
Employment Dispute Resolution Rules of the American Arbitration Association then in effect. The
decision of the arbitrator shall be final and binding on both parties, and any court of competent
jurisdiction may enter judgment upon the award. Each party shall pay its own expenses, including
legal fees, in such dispute and shall split the cost of the arbitrator and the arbitration
proceedings.

11. Successors; Binding Agreement . The rights and benefits of Executive hereunder
shall not be assignable, whether by voluntary or involuntary assignment or transfer by Executive.
This Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of
the Company, and the heirs, executors and administrators of the Executive, and shall be assignable
by the Company to any entity acquiring substantially all of the assets of the Company, whether by
merger, consolidation, sale of assets or similar transactions.

12. Notice. For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be deemed to have been
duly given when delivered either personally or by United States certified or registered mail,
return receipt requested, postage prepaid, addressed, in case of Executive, to the last address on
file with the Company and if to the Company, to its executive offices or to such other address as
any party may have furnished to the others in writing in accordance herewith, except that notices
of change of address shall be effective only upon receipt.

13. Governing Law. This Agreement is governed by, and is to be construed and enforced
in accordance with, the laws of Delaware without regard to principles of conflicts of laws. If,
under such law, any portion of this Agreement is at any time deemed to be in conflict with any
applicable statute, rule, regulation or ordinance, such portion shall be deemed to be modified or
altered to conform thereto or, if that is not possible, to be omitted from this Agreement, and the
invalidity of any such portion shall not affect the force, effect and validity of the remaining
portion hereof.

14. Amendment. No provisions of this Agreement may be amended, modified, or waived
unless such amendment or modification is agreed to in writing signed by Executive and by a duly
authorized officer of the Company, and such waiver is set forth in writing and signed by the party
to be charged. No waiver by either party hereto at any time of any breach by the other party
hereto of any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or
subsequent time.

15. Survival. The respective obligations of, and benefits afforded to, Executive and
Company as provided in Sections 8, 9, 22, 23, 24 and 25 of this Agreement shall survive the
termination of this Agreement.

16. No Conflict of Interest. During the Employment Period, Executive shall not
directly, or indirectly render service, or undertake any employment or consulting agreement with
another entity without the express written consent of the Company.

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

18. Entire Agreement. This Agreement sets forth the entire agreement of the parties
hereto in respect of the subject matter contained herein and supersedes all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of such subject
matter. Any prior agreement of the parties hereto in respect of the subject matter contained
herein is hereby terminated and canceled as of the date hereof.

19. Section Headings. The section headings in this Agreement are for convenience of
reference only, and they form no part of this Agreement and shall not affect its interpretation.

20. Withholding. All payments hereunder shall be subject to any required withholding
of Federal, state and local taxes pursuant to any applicable law or regulation.

21. Representation. Executive represents and warrants to the Company, and Executive
acknowledges that the Company has relied on such representations and warranties in employing
Executive, that neither Executive’s duties as an employee of the Company nor his performance of
this Agreement will breach any other agreement to which Executive is a party, including without
limitation, any agreement limiting the use or disclosure of any information acquired by Executive
prior to his employment by the Company. In addition, Executive represents and warrants and
acknowledges that the Company has relied on such representations and warranties in employing
Executive, that he has not entered into, and will not enter into, any agreement, either oral or
written, in conflict herewith. If it is determined that Executive is in breach or has breached any
of the representations set forth herein, the Company shall have the right to terminate the
Executive’s employment for Cause.

22. Mitigation. Executive shall not be required to mitigate amounts payable under
this Agreement by seeking other employment or otherwise, and there shall be no offset against
amounts due Executive under this Agreement on account of subsequent employment except as
specifically provided herein.

23. Indemnification. The Company agrees that if Executive is made a party or
threatened to be made a party to any action, suit or proceeding, whether civil, criminal,
administrative or investigative (a “Proceeding”), by reason of the fact that Executive is or was a
director or officer of the Company or any subsidiary of the Company or is or was serving at the
request of the Company or any subsidiary as a director, officer, member, employee or agent of
another corporation or partnership, joint venture, trust or other enterprise, including, without
limitation, service with respect to employee benefit plans, whether or not the basis of such
Proceeding is alleged action in an official capacity as trustee, director, officer, member,
employee or agent while serving as a trustee, director, officer, member, employee or agent,
Executive shall be indemnified and held harmless by the Company to the fullest extent authorized by
the Company’s bylaws.

24. Negotiation Fees. The Company shall reimburse Executive for his reasonable legal
fees and expenses relating to the preparation and negotiation of this Agreement, but not to exceed
$25,000.

25. Section 409A.

(a) Compliance. Notwithstanding anything herein to the contrary, this Agreement is
intended to be interpreted and applied so that the payments and benefits set forth herein either
shall either be exempt from the requirements of Code Section 409A, or shall comply with the
requirements of Code Section 409A, and, accordingly, to the maximum extent permitted, this
Agreement shall be interpreted to be exempt from or in compliance with Code Section 409A. To the
extent that the Company determines that any provision of this Agreement would cause the Executive
to incur any additional tax or interest under Code Section 409A, the Company shall be entitled to
reform such provision to attempt to comply with or be exempt from Code Section 409A through good
faith modifications. To the extent that any provision hereof is modified in order to comply with
Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent
reasonably possible, maintain the original intent and economic benefit to Executive and the Company
without violating the provisions of Code Section 409A.

(b) Separate Payments. Notwithstanding anything in this Agreement to the contrary,
the right to receive installment payments hereunder shall be treated as a right to receive a series
of separate payments in accordance with Code Section 409A and Final Treasury Regulation Section
1.409A-2(b)(2)(iii).

(c) Short-Term Deferral. Except as otherwise specifically provided, amounts payable
under this Agreement, other than those expressly payable on a deferred or installment basis, will
be paid as promptly as practicable following the date they are earned and vested and, in any event,
on or prior to March 15 of the year following the first calendar year in which such amounts are no
longer subject to a substantial risk of forfeiture, as such term is defined in Section 409A of the
Code.

(d) Specified Employee. Notwithstanding any provision in this Agreement or elsewhere
to the contrary, if on his Date of Termination Executive is deemed to be a “specified employee”
within the meaning of Code Section 409A and the Final Treasury Regulations using the identification
methodology selected by the Company from time to time, or if none, the default methodology under
Code Section 409A, any payments or benefits due upon a termination of Executive’s employment under
any arrangement that constitutes a “deferral of compensation” within the meaning of Code Section
409A shall be delayed and paid or provided (or commence, in the case of installments)(together with
any such payments or benefits that otherwise would have been paid or provided during such delayed
period) on the first payroll date on or following the earlier of (i) the date which is six (6)
months and one (1) day after Executive’s termination of employment for any reason other than death,
and (ii) the date of Executive’s death, and any remaining payments and benefits shall be paid or
provided in accordance with the normal payment dates specified for such payment or benefit;
provided, that, payments or benefits that qualify as short-term deferral (within
the meaning of Code Section 409A and Final Treasury Regulations Section 1.409A-1(b)(4)) or
involuntary separation pay (within the meaning of Code Section 409A and Final Treasury Regulations
Section 1.409A-1(b)(9)(iii)(A)) and are otherwise permissible under Section 409A and the Final
Treasury Regulations, shall not be subject to such six-month delay.

(e) Separation from Service. Notwithstanding anything in this Agreement or elsewhere
to the contrary, a termination of employment shall not be deemed to have occurred for purposes of
any provision of this Agreement providing for the payment of any amounts or benefits that
constitute “non-qualified deferred compensation” within the meaning of Code Section 409A upon or
following a termination of Executive’s employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A and, for purposes of any such provision of
this Agreement, references to a “termination,” “termination of employment” or like terms shall mean
“separation from service” and the date of such separation from service shall be the Date of
Termination for purposes of any such payment or benefits.

(f) No Designation. In no event may Executive, directly or indirectly, designate the
calendar year of any payment to be made under this Agreement or otherwise which constitutes a
“deferral of compensation” within the meaning of Code Section 409A.

(g) Expense Reimbursement. With regard to any provision herein that provides for
reimbursement of costs and expenses or in-kind benefits, except as permitted by Code Section 409A,
(i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits,
provided during any taxable year shall not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year, and (iii) such payments shall be made
on or before the last day of Executive’s taxable year following the taxable year in which the
expense was incurred.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above
written.

	 	 	 	 	 
	 	 	

	 	

	 	 	 
	 	 	 	 	EXIDE TECHNOLOGIES

	 	 	 
	 	 	 
	 	 	 	 	      /s/ John P. Reilly—

	 	 	 	 	 

	 	 	 	 	

	 	 	 	 	By: JOHN P. REILLY

Title: CHAIRMAN

	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	      /s/ James R. Bolch—

	 	 	 	 	 

	 	 	 	 	

	 	 	 	 	ExecutiveEX-10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of June
9, 2010 (the “Effective Date”), by and between EpiCept Corporation, a Delaware corporation
(together with its successors and assigns, the “Company”), and John V. Talley, Jr. (the
“Executive”).

W I T N E S S E T H :

WHERAS, the Company and the Executive entered into an employment agreement as of October
28, 2004 (the “Original Agreement”), pursuant to which the Executive serves as the
President and Chief Executive Officer of the Company;

WHEREAS, the Original Agreement was amended as of December 30, 2008 (the “Amended
Agreement”), and the Company and the Executive desire to amend and restate the Amended
Agreement in its entirety to provide for the continuing employment of the Executive as the
Company’s President and Chief Executive Officer;

WHEREAS, the Company desires to continue to employ the Executive as its President and Chief
Executive Officer and the Executive desires to continue such employment with the Company and
continue to serve on the Board, subject to the terms and provisions of this Agreement;

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the receipt of which is mutually acknowledged, the Company
and the Executive (collectively, the “Parties”) agree as follows:

1. Definitions. Capitalized terms not otherwise defined herein shall have the
meanings set forth in Exhibit A.

2. Term. The Company hereby continues to employ the Executive under this Agreement,
and the Executive hereby accepts such continued employment, for the Term. The Term shall commence
as of the Effective Date and shall end on December 31, 2011; provided, however, that the Term shall
thereafter be automatically extended for unlimited additional one-year periods unless, at least
three (3) months prior to the then-scheduled date of expiration of the Term, either (x) the Company
gives notice to the Executive that it is electing not to so extend the Term or (y) the Executive
gives notice to the Company that he is electing not to so extend the Term. Notwithstanding the
foregoing, (a) upon the occurrence of a Change in Control, the Term shall automatically be extended
for one additional year from the date of the Change in Control; provided, however, that if the
Change in Control occurs after September 30 of a given year and the Company has not delivered
timely notice of non-renewal, the Term shall still end on the December 31 of the following year, as
if the Change in Control had not occurred, and (b) the Term may be earlier terminated in strict
accordance with the provisions of Section 8, in which event the Executive’s employment hereunder
shall expire.

3. Positions, Duties and Location.

(a) During the Term, the Executive shall serve as the President and Chief Executive Officer of
the Company; shall have all authorities, duties and responsibilities customarily exercised by an
individual serving in those positions at entities of the size and nature of the Company; shall be
assigned no duties or responsibilities that are materially inconsistent with, or that materially
impair his ability to discharge, the foregoing duties and responsibilities; and shall report solely
and directly to the Board. The Company shall use reasonable efforts to cause the nomination of the
Executive for election to the Board, and his election, so long as he is employed hereunder.

(b) During the Term, the Executive shall devote substantially all of his business time and
efforts to the business and affairs of the Company. However, nothing in this Agreement or
elsewhere shall preclude the Executive from: (i) serving on the boards of a reasonable number of
business entities, trade associations and charitable organizations; provided that prior to
accepting appointment to any board of a business entity or trade association, the Executive shall
obtain the approval of the Board, which approval shall not be unreasonably withheld, (ii) engaging
in charitable activities and community affairs, (iii) accepting and fulfilling a reasonable number
of speaking engagements, and (iv) managing his personal investments and affairs; provided that such
activities do not either individually or in the aggregate materially interfere with the proper
performance of his duties and responsibilities hereunder, or in any way create or present a
conflict of interest. Exhibit B sets forth a list of boards of business entities and trade
associations on which the Executive serves as of the Effective Date.

(c) During the Term, the Executive’s principal office, and principal place of employment,
shall be at the Company’s headquarters.

4. Base Salary. Commencing as of the Effective Date, the Executive shall receive a
Base Salary of $435,000. The Base Salary shall be payable in accordance with the regular payroll
practices applicable to senior executives of the Company generally, but no less frequently than
monthly. The Base Salary shall be reviewed no less frequently than annually during the Term for
increase in the discretion of the Board (or its compensation committee). The Base Salary shall not
be decreased at any time, or for any purpose, during the Term (including, without limitation, for
the purpose of determining benefits due under Section 8) without the prior written consent of the
Executive.

5. Annual Incentive Awards.

(a) The Executive shall be eligible for an annual incentive award in respect of each calendar
year during the Term. The Executive’s annual target incentive opportunity (the “Target”), shall
equal 55% of his Base Salary, with no maximum potential award.

(b) The amount of the incentive award referred to in this Section 5, which amount shall be
determined by the Board or any compensation committee thereof, is to be (i) determined and paid as
promptly as reasonably practicable following the close of the calendar year to which such award
relates and (ii) paid no later than the earlier of (x) the date that other senior executives of the
Company are paid corresponding awards and (y) March 15 of the year following the year for which it
was earned.

6. Additional Long-Term Incentives. During the Term, the Executive shall be eligible
for additional long-term incentives (including, without limitation, additional Stock Option
grants), and for special awards, in the sole discretion of the Board or its compensation committee.

7. Other Benefits.

(a) Employee and Fringe Benefits. During the Term, the Executive shall be entitled to
participate in all employee benefit plans, programs and arrangements, and all fringe benefits and
perquisites, made available generally to other senior executives of the Company. The Executive
shall be entitled to participate in all such plans, programs, arrangements, fringe benefits, and
perquisites at a level, and on terms and conditions, that are commensurate with his positions and
responsibilities at the Company and no less favorable to him than to other senior executives of the
Company generally. The Executive shall be entitled to post-retirement welfare and other benefits
on no less favorable a basis than that applying generally to other senior executives of the
Company. Nothing in the preceding three sentences of this Section 7(a) shall be construed to
require the Company to establish or maintain any particular employee benefit plan, program or
arrangement, or any particular fringe benefit or perquisite, except as expressly set forth
elsewhere in this Agreement. The Executive also shall be entitled, during the Term, to (i)
continuation of automobile benefits as such benefits are set forth in the offer letter dated
October 23, 2001 from Gert Caspritz to the Executive; (ii) receive such additional fringe benefits
and perquisites as the Company may, in its discretion, from time to time provide; and (iii) no less
than twenty (20) days’ paid vacation per calendar year (which, if not used, may be carried over
from year to year, up to a maximum of forty (40) accrued vacation days).

(b) Reimbursement of Business and Other Expenses. The Executive shall be promptly
reimbursed for all expenses reasonably incurred by him in connection with his service under this
Agreement, subject to documentation in accordance with reasonable policies previously communicated
to him in writing. The Executive shall also be promptly reimbursed for any and all expenses
(including, without limitation, attorneys’ fees and other charges of counsel) reasonably incurred
by him in connection with the negotiation, documentation and implementation of these employment
arrangements.

(c) Supplemental Insurance Benefits. Beginning on or promptly following the Effective
Date and continuing throughout the Term, the Executive shall be provided, at no cost to the
Executive, with term life and long-term disability insurance coverage on terms to be negotiated by
and that are mutually acceptable to the Executive and the Company; provided that the annual
cost to the Company, in combination with any life insurance and long-term disability insurance
provided to the Executive under Section 7(a) or otherwise, shall not exceed $15,000.

(d) The payment or reimbursement of any expense pursuant to this Agreement or otherwise in
one of the Executive’s taxable years shall not affect the amount of the payment or reimbursement of
any other expense pursuant to such paragraphs in any other taxable years. Notwithstanding anything
to the contrary anywhere, any payment or benefit under this Agreement or otherwise that is exempt
from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), pursuant
to final Treasury Regulation Section 1.409A-1(b)(9)(v)(A) or (C), shall be paid or provided to
Executive only to the extent that (i) the expenses are not incurred, or the benefits are not
provided, beyond the last day of the second taxable year following taxable year in which
Executive’s employment terminates pursuant to Section 8; (ii) such expenses are reimbursed no later
than the last day of the third taxable year following the taxable year in which Executive’s
employment terminates pursuant to Section 8; and (iii) the right to payment or reimbursement or
in-kind benefits may not be liquidated or exchanged for any other benefit.

8. Termination of Employment.

(a) Termination Due to Death. In the event that the Executive’s employment hereunder
is terminated due to his death, the Term shall expire and his estate or his beneficiaries (as the
case may be) shall be entitled to the following:

(i) an amount, payable in a lump sum promptly following the date of his death (but in no event
later than the second regularly scheduled payroll date following the Termination Date), equal to
(x) one third of his Base Salary times (y) a fraction, the numerator of which is the number of days
he is employed with the Company in the calendar year of his death, and the denominator of which is
the number of days in such year.

(ii) each outstanding Stock Option, to the extent that such Stock Option is not then vested
and exercisable, shall (x) become vested and exercisable as of the date of death with respect to
fifty percent (50%) of any securities and other property subject to it for which it is not then
vested and exercisable; (y) become vested and exercisable with respect to the remainder of such
securities and other property ratably and quarterly over two (2) years immediately following the
date of death; and (z) remain exercisable for all securities and other property for which it is or
becomes exercisable, through at least the later of the ninetieth (90th) day after it becomes fully
vested and exercisable and the first anniversary of the date of this death, but in no event beyond
its maximum stated term; and

(iii) the benefits described in Section 8(i).

(b) Termination Due to Disability. In the event that the Executive’s employment
hereunder is terminated due to Disability, the Term shall expire and he shall be entitled to the
following:

(i) an amount, payable in a lump sum promptly following the Termination Date (but in no event
later than the second regularly scheduled payroll date following the Termination Date), equal to
(x) one third of his Base Salary times (y) a fraction, the numerator of which is the number of days
he is employed with the Company in the calendar year of the termination of his employment
hereunder, and the denominator of which is the number of days in such year;

(ii) each outstanding Stock Option shall (x) become vested and exercisable as of the
Termination Date with respect to fifty percent (50%) of any securities and other property subject
to it for which it is not then vested and exercisable; (y) become vested and exercisable with
respect to the remainder of any such securities and other property ratably and quarterly over the
two (2) years immediately following the Termination Date; and (z) remain exercisable for all
securities and other property for which it is or becomes exercisable, through at least the later of
the ninetieth (90th) day following the date upon which such Stock Option becomes fully vested and
exercisable and the first anniversary of the Termination Date, but in no event beyond its maximum
stated term; and

(iii) the benefits described in Section 8(i).

No termination of the Executive’s employment hereunder for Disability shall be effective unless (x)
the Executive first gives fifteen (15) days’ written notice of such termination to the Company or
(y) the Company first gives fifteen (15) days’ written notice of such termination to the Executive.

(c) Termination for Cause.

(i) No termination of the Executive’s employment hereunder for Cause shall be effective as a
termination for Cause unless the provisions of this Section 8(c)(i) shall first have been complied
with. The Executive shall be given written notice by the Board of its intention to terminate him
for Cause, such notice (the “Cause Notice”) to state in detail the particular circumstances
that constitute the grounds on which the proposed termination for Cause is based. The Executive
shall be entitled to a hearing before the Board before any termination for Cause becomes effective.
Such hearing shall be held within fifteen (15) days of his receiving such Cause Notice, provided
that he requests such hearing within ten (10) days of receiving such Cause Notice. If, within
thirty (30) days following such hearing (if timely requested), and otherwise within thirty (30)
days after such Cause Notice is given to the Executive, the Board gives written notice to the
Executive confirming that, in the judgment of at least a majority of the members of the Board,
Cause for terminating his employment on the basis set forth in the original Cause Notice exists,
his employment hereunder shall thereupon be terminated for Cause, subject to de
novo review, at the Executive’s election, through arbitration in accordance with Section
14.

(ii) In the event that the Executive’s employment hereunder is terminated for Cause in
accordance with Section 8(c)(i), the Term shall expire and he shall be entitled to (x) the right to
exercise each outstanding Stock Option, to the extent that such Stock Option is vested or
exercisable as of the Termination Date, for at least the lesser of thirty (30) days following the
Termination Date and the remainder of its maximum stated term and (y) the benefits described in
Section 8(i).

(d) Termination Without Cause. In the event that the Executive’s employment hereunder
is terminated by the Company other than (x) due to death in accordance with Section
8(a); (y) for Disability in accordance with Section 8(b); or (z) for Cause in accordance with
Section 8(c)(i), the Term shall expire and he shall be entitled to:

(i) an amount, payable in a lump sum promptly following the Termination Date (but in no event
later than the first regularly scheduled payroll date following the Termination Date), equal to (w)
one and one half times (x) his Base Salary; provided, however, that in the case of a termination
resulting from the expiration of the Term pursuant to the notice of non-extension from the Company
in accordance with Section 2, the amount shall equal one and one quarter (1.25) times his Base
Salary;

(ii) each Stock Option that was granted prior to the Effective Date and is outstanding as of
the Termination Date shall (A) become fully vested as of the Termination Date, (B) become
exercisable as of the Termination Date with respect to fifty percent (50%) of any securities and
other property subject to it for which it is not then exercisable, (C) become exercisable with
respect to the remainder of any such securities and other property ratably and monthly over the two
(2) years immediately following the Termination Date, and (D) remain exercisable, for all
securities and other property for which it is or becomes exercisable, through at least the later of
the ninetieth (90th) day following the date upon which such Stock Option becomes fully exercisable
and the first anniversary of the Termination Date, but in no event beyond its maximum stated term;
provided, however, that in the case of a termination due to expiration of the Term
pursuant to notice of non-extension from the Company, all Stock Options shall be treated as if
granted after the Effective Date, and thus in accordance with the following clause (iii);

(iii) each Stock Option that is granted on or after the Effective Date and is outstanding as
of the Termination Date shall be fully vested and exercisable, as of the Termination Date, to the
extent that it is then scheduled to become vested or exercisable within eighteen months following
the Termination Date (had his employment hereunder continued indefinitely), and shall remain
exercisable through the first anniversary of the Termination Date (but in no event beyond its
maximum stated term);

(iv) each time-vested equity award that is outstanding as of the Termination Date shall vest,
and become non-forfeitable, as of the Termination Date to the extent that it is then scheduled to
become vested within eighteen months following Termination Date (had his employment hereunder
continued indefinitely);

(v) each performance-vesting equity award that is outstanding as of the Termination Date shall
become vested, and non-forfeitable, to the extent that the applicable performance vesting criteria
are achieved within eighteen months following the Termination Date;

(vi) continued participation, for 18 months immediately following the Termination Date, in all
employee welfare benefit plans, programs and arrangements, on terms and conditions that are no less
favorable to him than those applied immediately prior to the Termination Date, and with COBRA
benefits commencing thereafter; provided, however, that in the case of a termination due to
expiration of the Term pursuant to notice of non-extension from the Company, the continuation
period shall be 12 months rather than 18 months; and

(vii) the benefits described in Section 8(i).

(e) Constructive Termination Without Cause. In the event that a Constructive
Termination Without Cause occurs, the Term shall expire and the Executive shall have the same
entitlements as provided under Section 8(d) in the case of a termination without Cause.

(f) Voluntary Termination. In the event that the Executive terminates his employment
hereunder prior to the then-scheduled expiration of the Term on his own initiative, other than by
death, for Disability or in a Constructive Termination Without Cause, the Term shall expire and he
shall have the same entitlements as provided in Section 8(c)(ii) in the case of a termination for
Cause. A voluntary termination under this Section 8(f) shall not be deemed a breach of this
Agreement.

(g) Change in Control. In the event that the Executive’s employment hereunder is
terminated within six months prior to, or within one year and a day following, a Change in Control
and (i) such termination is governed by Section 8(d) (relating to terminations without Cause) or
(ii) such termination is a Constructive Termination without Cause that is based on events that
occurred within six months prior to, or within one year following, a Change in Control, then the
Executive shall, in lieu of the benefits described in Sections 8(d)(i) through 8(d)(vi), be
entitled to:

(i) an amount, payable in a lump sum promptly following the Termination Date (but in no event
later than the first regularly scheduled payroll date following the Termination Date), equal to (A)
two times (B) the sum of (x) his Base Salary and (y) the greater of (I) the Executive’s Target for
the year in which the termination occurs and (II) the annual incentive award awarded to the
Executive for the most recently completed calendar year;

(ii) have each outstanding Stock Option (including both time-vesting and performance-vesting
awards) become fully vested and exercisable as of the Termination Date and remain exercisable
through the first anniversary of the Termination Date, but in no event beyond its maximum stated
term;

(iii) have each other equity-based award (including both time-vesting and performance-vesting
awards) become fully vested, and non-forfeitable, as of the Termination Date; and

(iv) continued participation, for 24 months immediately following the Termination Date, in all
employee welfare benefit plans, programs and arrangements, in which the Executive was participating
immediately prior to the Termination Date, on terms and conditions that are no less favorable to
him than those applied immediately prior to the Termination Date, and with COBRA benefits
commencing thereafter.

(h) Expiration of the Term. In the event that the Executive’s employment hereunder
terminates by expiration of the Term pursuant to notice of non-extension from the Executive in
accordance with Section 2, the Executive shall be entitled:

(i) to have any Stock Option that is, or becomes, vested or exercisable as of the Termination
Date remain exercisable for at least the lesser of ninety (90) days following such date and the
remainder of its maximum stated term; and

(ii) the benefits described in Section 8(i).

(i) Miscellaneous.

(i) On any termination of the Executive’s employment hereunder, he shall be entitled to:

(A) Base Salary through the Termination Date;

(B) the balance of any annual, long-term, or other incentive award earned in respect
to any period ending on or prior to the Termination Date, or payable (but not yet paid) on
or prior to the Termination Date;

(C) a lump-sum payment in respect of accrued but unused vacation days at his Base
Salary rate in effect as of the Termination Date; provided that no payment shall be made in
respect of more than forty (40) accrued but unused vacation days;

(D) other or additional benefits in accordance with the terms of the applicable plans,
programs and arrangements of the Company and its Affiliates (including, without limitation,
Sections 6, 7, 9 and 10 and any Stock Option agreement); and

(E) payment, promptly when due, of all amounts due in connection with the termination.

(ii) In the event of any termination of his employment hereunder, the Executive shall be under
no obligation to seek other employment or otherwise mitigate the obligations of the Company under
this Agreement or otherwise, and there shall be no offset against amounts or benefits due to the
Executive under this Agreement or otherwise on account of any remuneration or other benefit earned
or received by the Executive after such termination. Any amounts due under this Section 8 are
considered to be reasonable by the Company and are not in the nature of a penalty.

9. Change in Control.

(a) In the event that a Change in Control occurs while the Executive is employed by the
Company, each outstanding Stock Option shall (i) become fully vested as of the date of the Change
in Control, (ii) become exercisable as of such date with respect to fifty percent (50%) of any
securities and other property subject to it for which it is not then exercisable, (iii) become
vested and exercisable with respect to the remainder of such securities and other property ratably
and monthly over the year immediately following the Change in Control, and (iv) remain exercisable
through at least the later of the first anniversary of the Change in Control and the ninetieth
(90th) day after it becomes fully vested and exercisable, but in no event after its
maximum stated term.

(b) If (i) the aggregate of all amounts and benefits due to the Executive, under this
Agreement or under any other plan, program, agreement or arrangement of the Company or of any of
its Affiliates, would, if received by the Executive in full and valued under Section 280G of the
Code, constitute “parachute payments” as such term is defined in and under Section 280G of the Code
(collectively, “280G Benefits”), and if (ii) such aggregate would, if reduced by all
federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to
Section 4999 of the Code, be less than the amount the Executive would receive, after all taxes, if
the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to
only three (3) times the Executive’s “base amount,” as defined in and under Section 280G of the
Code, less $1.00, then (iii) the cash 280G Benefits (other than cash benefits relating to the
acceleration of equity awards) that do not constitute “deferred compensation” for purposes of
Section 409A of the Code shall (to the extent that the reduction of cash 280G Benefits (other than
cash benefits relating to the acceleration of equity awards) can achieve the intended result) be
reduced, pro rata, or eliminated, to the extent necessary so that the 280G Benefits received by the
Executive will not constitute parachute payments; and (iv) if elimination of the cash 280G
Benefits (other than cash benefits relating to the acceleration of equity awards) that do not
constitute such “deferred compensation” is insufficient to achieve the intended result, then the
remaining cash 280G Benefits (other than cash benefits relating to the acceleration of equity
awards) shall (to the extent that reduction of all cash 280G Benefits (other than cash benefits
relating to the acceleration of equity awards) can achieve the intended result) be reduced (on such
pro rata or other basis as complies with Section 409A) or eliminated to the extent necessary so
that the 280G Benefits received by the Executive will not constitute parachute payments. The
determinations with respect to this Section 9(b) shall be made by an independent auditor (the
“Auditor”) paid by the Company. The Auditor shall be the Company’s regular independent
auditor unless the Executive reasonably objects to the use of that firm, in which event the Auditor
will be a nationally recognized United States public accounting firm chosen by the Parties.

(c) It is possible that after the determinations and selections made pursuant to Section 9(b)
the Executive will receive 280G Benefits that are, in the aggregate, either more or less than the
amount provided under Section 9(b) (hereafter referred to as an “Excess Payment” or
“Underpayment”, respectively). If it is established, pursuant to a final determination of
a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved,
that an Excess Payment has been made, then the Executive shall promptly repay the Excess Payment to
the Company, together with interest on the Excess Payment at the applicable federal rate (as
defined in and under Section 1274(d) of the Code) from the date of the Executive’s receipt of such
Excess Payment until the date of such repayment. In the event that it is determined (x) by
arbitration pursuant to Section 14, (y) by a court or (z) by the Auditor upon request by any of the
Parties, that an Underpayment has occurred, the Company shall promptly pay an amount equal to the
Underpayment to the Executive (but in any event within 10 days of such determination), together
with interest on such amount at the applicable federal rate from the date such amount would have
been paid to the Executive had the provisions of Section 9(b) not been applied until the date of
payment.

10. Indemnification.

(a) If the Executive is made a party, is threatened to be made a party, or reasonably
anticipates being made a party, to any Proceeding by reason of the fact that he is or was a
director, officer, member, employee, agent, manager, trustee, consultant or representative of the
Company or any of its Affiliates or is or was serving at the request of the Company or any of its
Affiliates, or in connection with his service hereunder, as a director, officer, member, employee,
agent, manager, trustee, consultant or representative of another Person, or if any Claim is made,
is threatened to be made, or is reasonably anticipated to be made, that arises out of or relates to
the Executive’s service in any of the foregoing capacities, then the Executive shall promptly be
indemnified and held harmless, to the extent then permitted or authorized with respect to any other
director or officer of the Company, against any and all costs, expenses, liabilities and losses
(including, without limitation, attorneys’ and other professional fees and charges, judgments,
interest, expenses of investigation, penalties, fines, ERISA excise taxes or penalties and amounts
paid or to be paid in settlement, incurred or suffered by the Executive in connection therewith or
in connection with seeking to enforce his rights under this Section 10(a), and such indemnification
shall continue as to the Executive even if he has ceased to be a director, officer, member,
employee, agent, manager, trustee, consultant or representative of the Company or other Person and
shall inure to the benefit of his heirs, executors and administrators. The Executive shall be
entitled to prompt advancement of any and all costs and expenses (including, without limitation,
attorneys’ and other professional fees and charges) incurred by him personally in connection with
any such Proceeding or Claim, or in connection with seeking to enforce his rights under this
Section 10(a), to the extent then permitted or authorized with respect to any other director or
officer of the Company, any such advancement to be made within fifteen (15) days after the
Executive gives written notice, supported by reasonable documentation, requesting such advancement.
Such notice shall include an undertaking by the Executive to repay the amount advanced if he is
ultimately determined not to be entitled to indemnification against such costs and expenses.
Nothing in this Agreement shall operate to limit or extinguish any right to indemnification,
advancement of expenses, or contribution that the Executive would otherwise have (including,
without limitation, by agreement or under applicable law).

(b) A directors’ and officers’ liability insurance policy (or policies) shall be kept in
place, during the Term and thereafter until at least the sixth anniversary of the Termination Date,
providing coverage to the Executive that is no less favorable to him in any respect (including,
without limitation, with respect to scope, exclusions, amounts, and deductibles) than the coverage
then being provided to any other present or former officer or director of the Company.

11. Restrictive Covenants.

(a) During the Term and at all times thereafter, the Executive shall not, without the prior
written consent of the Company, divulge, disclose or make accessible to any other Person any
Confidential Information except (v) to the Company and its Affiliates, or to any authorized (or
apparently authorized) agent or representative of any of them, (w) in connection with performing
his duties hereunder, (x) when required to do so by law or by a court, governmental agency,
legislative body, arbitrator or other Person with apparent jurisdiction to order him to divulge,
disclose or make accessible such information, (y) in the course of any Proceeding under
Section 11(c) or 14 or (z) in confidence to an attorney or other professional advisor for the
purpose of securing professional advice. In the event that the Executive is required to disclose
any Confidential Information pursuant to clause (x) or (y) of the immediately preceding sentence,
he shall (A) promptly give the Company notice that such disclosure is or may be made and (B)
cooperate with the Company, at its reasonable request and sole expense, in seeking to protect the
confidentiality of the Confidential Information.

(b) The Executive shall not, for his own benefit or the benefit of any other Person, without
the prior written consent of the Company and other than in connection with his services hereunder:

(i) during the Term, and in the event of any termination of the Executive’s employment
hereunder, for the remainder of the then-scheduled Term, provided that such period shall be no less
than twelve (12) months and shall not exceed eighteen (18) months (such period, the “Restricted
Period”), perform material services for, or otherwise have material involvement with (whether
as an officer, director, partner, consultant, security holder, owner, employee, independent
contractor or otherwise), any Person that competes materially (whether directly or indirectly) with
the Company in the Business in the United States; provided further that the Executive may in any
event (x) own up to a five percent (5%) passive ownership interest in any public or private entity
and (y) be employed by, or otherwise have material association with, any business that competes
materially with the Company in the Business if his employment or association does not involve
competing with the Company in the Business.

(ii) during the Restricted Period, personally solicit, aid in the solicitation of, induce or
otherwise encourage (whether directly or indirectly) any individual who is, at the time of such
encouragement, employed as an executive, highly-compensated employee, or managerial/supervisory
employee of the Company, to cease such employment; or

(iii) during the Restricted Period, personally solicit, aid in the solicitation of, induce, or
otherwise encourage (whether directly or indirectly) any Person that was a customer of the Company
at any time during the Term for the purpose of (a) selling services or products to such Person in
competition with the Company in the Business or (b) inducing such Person to cancel, transfer or
cease doing Business in whole or in part with the Company.

(c) The Executive acknowledges and agrees that the Company’s Business and the services it
provides are highly competitive, and that the restrictions contained in this Section 11 are
reasonable and necessary to protect the Company’s legitimate business interests. The Executive
further acknowledges that any actual or prospective breach may irreparably cause damage to the
Company for which money damages may not be adequate. Therefore, in the event of any actual or
threatened breach by the Executive of any of the provisions of Section 11(a) or 11(b) above, the
Company shall be entitled to seek, through arbitration in accordance with Section 14 or from any
court with jurisdiction over the matter and the Executive, temporary, preliminary and permanent
equitable/injunctive relief restraining the Executive from violating such provision and to seek, in
addition, but solely through arbitration in accordance with Section 14, money damages, together
with any and all other remedies available under applicable law.

12. Assignability; Binding Nature.

(a) This Agreement shall be binding upon and inure to the benefit of the Parties and their
respective successors, heirs (in the case of the Executive) and assigns.

(b) No rights or obligations of the Company under this Agreement may be assigned or
transferred by it except that such rights and obligations may be assigned or transferred pursuant
to a merger, consolidation or other combination in which the Company is not the continuing entity,
or a sale or liquidation of all or substantially all of the business and assets of the Company,
provided that the assignee or transferee is the successor to all or substantially all of the
business and assets of the Company and such assignee or transferee expressly assumes the
liabilities, obligations and duties of the Company as set forth in this Agreement. In the event of
any merger, consolidation, other combination, sale of business and assets, or liquidation as
described in the preceding sentence, the Company shall use its best reasonable efforts to cause
such assignee or transferee to promptly and expressly assume the liabilities, obligations and
duties of the Company hereunder.

(c) No rights or obligations of the Executive under this Agreement may be assigned or
transferred by the Executive other than his rights to compensation and benefits, which may be
transferred only by will or by operation of law, except to the extent otherwise provided in Section
17(e).

13. Representations.

(a) The Company represents and warrants that (i) it is fully authorized by action of its Board
(and of any other Person or body whose action is required) to enter into this Agreement and to
perform its obligations under it, (ii) the execution, delivery and performance of this Agreement by
it does not violate any applicable law, regulation, order, judgment or decree or any agreement,
arrangement, plan or corporate governance document of the Company or any of its Affiliates,
(collectively, “Company Arrangements”) and (iii) upon the execution and delivery of this Agreement
by the Parties, this Agreement shall be its valid and binding obligation, enforceable against it in
accordance with its terms, except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.

(b) The Executive represents and warrants that (i) to the best of his knowledge and belief,
delivery and performance of this Agreement by him does not violate any law or regulation applicable
to the Executive, (ii) delivery and performance of this Agreement by him does not violate any
applicable order, judgment or decree or any agreement to which the Executive is a party or by which
he is bound and (iii) upon the execution and delivery of this Agreement by the Parties, this
Agreement shall be a valid and binding obligation of the Executive, enforceable against him in
accordance with its terms, except to the extent that enforceability may be limited by applicable
bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.

14. Resolution of Disputes. Any Claim arising out of or relating to this Agreement,
any other agreement between the Executive and the Company or its Affiliates, the Executive’s
employment with the Company, or any termination thereof (collectively, “Covered Claims”) shall
(except to the extent otherwise provided in Section 11(c) with respect to certain requests for
injunctive relief) be resolved by binding confidential arbitration, to be held in the Borough of
Manhattan in New York City, in accordance with the Commercial Arbitration Rules of the American
Arbitration Association then in effect and this Section 14. Judgment upon the award rendered by
the arbitrator(s) may be entered in any court having jurisdiction thereof. Following the
occurrence of a Change in Control, or any termination of the Executive’s employment within 6 months
prior to a Change in Control, the Executive shall be entitled to prompt advancement of any and all
costs and expenses (including without limitation attorneys’ fees and other professional fees and
charges) incurred by him in connection with any such Covered Claim, or in connection with seeking
to enforce his rights under this Section 14, any such advancement to be made within 15 days after
the Executive gives written notice, supported by reasonable documentation, requesting such
advancement; provided, however, that to the extent that it is determined through
arbitration that the Company substantially prevailed in respect of a Covered Claim, the Executive
shall promptly reimburse the Company for all costs and expenses advanced to the Executive in
respect of such Covered Claim. Pending the resolution of any Covered Claim, the Executive (and his
beneficiaries) shall continue to receive all payments and benefits due under this Agreement or
otherwise, except to the extent that the arbitrators otherwise provide.

15. 409A Matters. Notwithstanding anything anywhere to the contrary, this Agreement
is intended to be interpreted and applied so that the payment of the benefits set forth herein
either shall either be exempt from the requirements of Section 409A of the Code or shall comply
with the requirements of such provision. Notwithstanding anything anywhere to the contrary, if the
Executive is a “specified employee” (within the meaning of Section 409A of the Code or any
regulations or guidance thereunder (“Section 409A”)), any payments or arrangements due upon
a termination of the Executive’s employment under any arrangement that constitutes a “deferral of
compensation” (within the meaning of Section 409A) and which do not otherwise qualify under the
exemptions under Treas. Regs. Section 1.409A, shall be delayed and paid or provided on the earlier
of (i) the date which is six months after the Executive’s “separation from service” (as such term
is defined in Section 409A) for any reason other than death, and (ii) the date of the Executive’s
death. After the Termination Date, the Executive shall have no duties or responsibilities that are
inconsistent with having a “separation from service” as of such date for purposes of Section 409A.
Any amounts otherwise payable to the Executive following a termination of his employment that are
not so paid by reason of this Section 15 shall be paid as soon as practicable after, and in any
event within thirty (30) days after, the date that is six months after the Executive’s separation
from service (or, if earlier, the date of his death), together with interest on the delayed payment
at the Company’s cost of borrowing. Each payment under this Agreement or otherwise shall be
treated as a separate payment for purposes of Section 409A.

16. Notices. Any notice, consent, demand, request, or other communication given to a
Person in connection with this Agreement shall be in writing and shall be deemed to have been given
to such Person (x) when delivered personally to such Person, or (y) provided that a written
acknowledgment of receipt is obtained, five (5) days after being sent by prepaid certified or
registered mail, or two (2) days after being sent by a nationally recognized overnight courier, to
the address (if any) specified below for such Person (or to such other address as such Person shall
have specified by ten (10) days’ advance notice given in accordance with this Section 16), or (z)
in the case of the Company only, on the first business day after it is sent by facsimile to the
facsimile number set forth below (or to such other facsimile number as shall have specified by ten
(10) days’ advance notice given in accordance with this Section 16), with a confirmatory copy sent
by certified or registered mail or by overnight courier in accordance with this Section 16.

	 	 	 
	If to the Company:
	 	EpiCept Corporation

777 Old Saw Mill River Road

Tarrytown, NY 10591

Attn: Chief Executive Officer

Fax #: (914) 606-3501

	With a copy to:
	 	Eilenberg & Krause LLP

11 East 44th Street, 19th Floor

New York, NY 10017

Attn: Adam Eilenberg, Esq.

Fax #: 212-986-2399

	 	 	 	If to the Executive: The address of his principal residence as it appears in the
Company’s records, with a copy to him (during the Term) at his principal office at the
Company, and a copy to:

Morrison Cohen LLP

909 Third Avenue

New York, NY 10022

Attn: Robert M. Sedgwick, Esq.

Fax: 212-735-8708

	 	 	 
	If to a beneficiary

of the Executive:

	 	The address most recently specified by the Executive or

beneficiary.

17. Miscellaneous.

(a) Entire Agreement. This Agreement contains the entire understanding and agreement
among the Parties concerning the specific subject matter hereof and supersedes in its entirety, as
of the Effective Date, any prior employment agreement between the Executive and the Company,
provided, however, that nothing herein shall limit or reduce any right or benefit that shall have
accrued to the Executive as of the Effective Date under any prior employment agreement or
otherwise.

(b) Amendment or Waiver. No provision in this Agreement may be amended unless such
amendment is set forth in a writing that expressly refers to the provision of this Agreement that
is being amended and that is signed by the Executive and by an authorized (or apparently
authorized) officer of the Company. No waiver by any Person of any breach of any condition or
provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar
condition or provision at the same or any prior or subsequent time. To be effective, any waiver
must be set forth in a writing signed by the waiving Person and must specifically refer to the
condition(s) or provision(s) of this Agreement being waived.

(c) Conflicts. In the event of any conflict between any provision of this Agreement
and any provision of any other Company Arrangement, the provisions of this Agreement shall control
unless the Executive otherwise agrees in a writing that expressly refers to the provision of this
Agreement whose control he is waiving. There shall be no contractual or similar restrictions on
his right to terminate his employment with the Company, or on his post-employment activities, other
than restrictions expressly set forth in this Agreement and restrictions enforceable solely through
loss of benefits to which he might otherwise be entitled.

(d) Headings. The headings of the Sections and sub-sections contained in this
Agreement are for convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement.

(e) Beneficiaries/References. The Executive shall be entitled, to the extent
permitted under applicable law, to select and change a beneficiary or beneficiaries to receive any
compensation or benefit hereunder following the Executive’s death by giving written notice thereof
to the Company. In the event of the Executive’s death or a judicial determination of his
incompetence, references in this Agreement to the Executive shall be deemed, where appropriate, to
refer to his beneficiary, estate or other legal representative.

(f) Survivorship. Except as otherwise set forth in this Agreement, the respective
rights and obligations of the Parties hereunder shall survive any termination of the Executive’s
employment.

(g) Severability. To the extent that any provision or portion of this Agreement shall
be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining
provisions of this Agreement shall remain in full force and effect so as to achieve the intentions
of the Parties, as set forth in this Agreement, to the maximum extent possible.

(h) Withholding Taxes. The Company may withhold from any amount or benefit payable
under this Agreement taxes that it is required to withhold pursuant to any applicable law or
regulation.

(i) Governing Law. This Agreement shall be governed, construed, performed and
enforced in accordance with its express terms, and otherwise in accordance with the laws of the
State of New York, without reference to principles of conflict of laws.

(j) Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original, and all of which together shall be deemed to be one and the same
instrument. Signatures delivered by facsimile shall be effective for all purposes.

1

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set
forth above.

EpiCept Corporation

By:       

Name: A. Collier Smyth

Title: Chairman of the Compensation

Committee of the Board of Directors

The Executive

      

John V. Talley, Jr.

EXHIBIT A

DEFINITIONS

a. “Affiliate” of a Person shall mean any Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person.

b. “Agreement” shall mean this Employment Agreement, which includes for all purposes
its Exhibits.

c. “Base Salary” shall mean the Executive’s annualized base salary, as in effect from
time to time.

d. “Board” shall mean the board of directors of the Company.

e. “Business” shall mean any and all material businesses conducted by the Company
during the Term.

f. “Cause” shall mean:

i. the Executive is convicted of, or pleads guilty or nolo contendere to, a felony; or

ii. in carrying out his duties hereunder, the Executive engages in conduct that constitutes
willful gross neglect or willful gross misconduct and that results, or is reasonably likely to
result, in significant injury to the Company or to its business, financial condition, or prospects.
Notwithstanding the foregoing, in connection with any termination of the Executive’s employment
following a Change in Control, or by the Company in anticipation of a Change in Control, no act or
failure to act on the part of the Executive shall be deemed to be “willful” unless such act or
omission was not in good faith and without a reasonable belief that the Executive’s action or
omission was in, or not opposed to, the interests of the Company.

g. “Change in Control” shall mean the occurrence of any of the following events:

i. any “person”, as such term is used as of the Effective Date in Section 13(d) of the
1934 Act, or group of persons, becomes (directly or indirectly) a “beneficial owner”, as
such term is used as of the Effective Date in Rule 13d-3 promulgated under that Act, of fifty
percent (50%) or more of the Voting Securities of the Company (measured either by number of Voting
Securities or by voting power);

ii. a majority of the Board consists of individuals other than “Incumbent Directors,”
which term means the members of the Board on the Effective Date; provided that any
individual becoming a director subsequent to such date whose election or nomination for election
was supported (other than in connection with any actual or threatened proxy contest) by two-thirds
of the directors who then comprised the Incumbent Directors shall be considered to be an Incumbent
Director; or

iii. (x) the Company combines with another entity and is the surviving entity, or (y) all or
substantially all of the assets or business of the Company is disposed of pursuant to a sale,
merger, consolidation, liquidation, dissolution or other transaction or series of transactions
(collectively, a “Triggering Event”) unless the holders of Voting Securities of the
Company immediately prior such Triggering Event beneficially own, directly or indirectly, by reason
of their ownership of Voting Securities of such Company immediately prior to such Triggering Event,
more than fifty percent (50%) of the Voting Securities (measured both by number of Voting
Securities and by voting power) of (q) such Company, in the case of a combination in which such
Company is the surviving entity, and (r) in any other case, the entity (if any) that succeeds to
substantially all of such Company’s business and assets.

h. “Claim” shall include, without limitation, any claim, demand, request,
investigation, dispute, controversy, threat, discovery request, or request for testimony or
information.

i. “Code” shall mean the Internal Revenue Code of 1986, as amended. Any reference to
a particular section of the Code shall include any provision that modifies, replaces or supersedes
such section.

j. “Common Stock” shall mean Common Stock, par value $.0001, of the Company.

k. “Confidential Information” shall mean all confidential or proprietary information
developed or used by the Company or its Affiliates relating to their business, operations,
employees, customers, suppliers or distributors including, but not limited to: confidential or
proprietary customer lists, purchase orders, financial data, pricing information and price lists;
confidential or proprietary business plans and market strategies and arrangements; confidential or
proprietary books, records, manuals, advertising materials, catalogues, correspondence, mailing
lists, production data, sales materials, sales records, purchasing materials, purchasing records,
personnel records and quality control records; confidential or proprietary trademarks, copyrights
and patents, and applications therefor; trade secrets; confidential or proprietary inventions,
processes, procedures, research records, market surveys and marketing know-how; and confidential or
proprietary technical papers, software, computer programs, data bases and documentation thereof,
including but not limited to source codes, algorithms, processes, formulae and flow charts. The
term “Confidential Information” shall not include any document, record, data compilation,
or other information that is known or generally available to the public, or within any trade or
industry of the Company or any of its Affiliates, other than as a result of the Executive’s breach
of Section 11(a).

l. “Constructive Termination Without Cause” shall mean a termination by the Executive
of his employment hereunder on thirty (30) days’ written notice given by him to the Company within
one (1) year following the occurrence of any of the following events without his express prior
written consent, unless all grounds for such termination shall have been fully cured within thirty
(30) days after the Executive gives notice to the Company requesting cure (such notice to be given
within 90 days after Executive becomes aware of such event):

i. any failure to continue the Executive as President and Chief Executive Officer;

ii. any material diminution in the Executive’s responsibilities or authorities; the assignment
to him of duties that are materially inconsistent with, or materially impair his ability to
perform, the duties then assigned to him; or any adverse change in the Executive’s reporting
structure;

iii. any relocation of the Executive’s principal office, or principal place of employment, to
a location that is more than fifty (50) miles from (x) its location in Tarrytown, New York, as of
the Effective Date or (y) the Executive’s residence in Connecticut as of the Effective Date;

iv. any material breach by the Company or any of its Affiliates of any of their material
obligations to the Executive; or

v. any failure of the Company to obtain the assumption in writing of its obligations under
this Agreement by any successor to all or substantially all of its business or assets within
fifteen (15) days after any reconstruction, amalgamation, combination, merger, consolidation, sale,
liquidation, dissolution or similar transaction.

m. “Disability” shall mean the Executive’s inability, with or without reasonable
accommodation and due to physical or mental incapacity, to substantially perform his duties and
responsibilities hereunder for an aggregate of 180 days in any 365 day period.

n. “Executive” shall have the meaning set forth in the preamble to this Agreement, as
modified by Section 17(e).

o. “1934 Act” shall mean the Securities Exchange Act of 1934, as amended.

p. “1933 Act” shall mean the Securities Act of 1933, as amended.

q. “Person” shall mean any individual, corporation, partnership, limited liability
company, joint venture, trust, estate, board, committee, agency, body, employee benefit plan, or
other person or entity.

r. “Proceeding” shall include, without limitation, any actual, threatened or
reasonably anticipated action, suit or proceeding, whether civil, criminal, administrative,
investigative, appellate, formal, informal or other.

s. “Stock Option” shall mean any compensatory option or warrant to acquire securities
of the Company or any of its Affiliates; any compensatory stock appreciation right, phantom stock
option or analogous right granted by or on behalf of the Company or any of its Affiliates; and any
option or right received in respect of any of the foregoing options or rights.

t. “Termination Date” shall mean the date on which the Executive’s employment
hereunder terminates in accordance with this Agreement.

u. “Voting Securities” shall mean issued and outstanding securities of any class or
classes having general voting power, under ordinary circumstances in the absence of contingencies,
to elect, the members of the board of directors, or other governing body, of the issuer.

EXHIBIT B

SERVICE ON BOARDS OF DIRECTORS

Faith in the Future Fund, Diocese of Bridgeport

2

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