Document:

Registrant's 2004 Equity Incentive Plan

 Exhibit 10.23 
 CoTherix, Inc. 2004 Equity Incentive Plan 
 Notice of Stock Option Grant 
 You have been granted the following option to purchase shares of the Common Stock of CoTherix, Inc. (the “Company”): 
  

	 Name of Optionee: 
	 «Name» 

  

	 Total Number of Shares: 
	 «Total Shares» 

  

	 Type of Option: 
	 Nonstatutory Stock Option (NSO) 

  

	 Exercise Price Per Share: 
	 $«PricePerShare» 

  

	 Date of Grant: 
	 «Date of Grant» 

  

	 Date Exercisable 
	 This option may be exercised at any time after the Date of Grant for all or any part of the Shares subject to this option.

  

	 Vesting Commencement Date: 
	 «Date of Vesting Commencement» 

  

	 Vesting Schedule: 
	 The Shares subject to this option shall vest with respect to [25][8.33]% of the Shares when you complete each 3-month period of continuous
“Service” (as defined in the Plan) from the Vesting Commencement Date. The Shares are subject to a right of repurchase by the Company if exercised early. 

  

	 Expiration Date: 
	 «Expiration Date». This option expires earlier if your Service terminates earlier, as described in the Stock Option Agreement.

 You and the Company agree that this option is granted under and governed by the terms and conditions of the 2004 Equity Incentive Plan
(the “Plan”) and the Stock Option Agreement, both of which are attached to and made a part of this document. 
 You further agree that the Company
may deliver by email all documents relating to the Plan or this option (including, without limitation, prospectuses required by the Securities and Exchange Commission) and all other documents that the Company is required to deliver to its security
holders (including, without limitation, annual reports and proxy statements). You also agree that the Company may deliver these documents by posting them on a web site maintained by the Company or by a third party under contract with the Company. If
the Company posts these documents on a web site, it will notify you by email. 
  

			
	Optionee:	 	CoTherix, Inc.
		
		 	 By:   

		
		 	 Title:

 CoTherix, Inc. 2004 Equity Incentive Plan 
 Stock Option Agreement 
  

			
	Tax Treatment	  	This option is intended to be an incentive stock option under section 422 of the Internal Revenue Code or a nonstatutory stock option, as provided in the Notice of Stock Option
Grant.
		
	Vesting	  	This option vests in installments, as shown in the Notice of Stock Option Grant.
		
	Exercisability	  	You may exercise all or a part of this option prior to its expiration at the time or times set forth in the Notice of Stock Option Grant. Shares purchased by exercising this option may be
subject to the Right of Repurchase (described below).
		
	Term	  	This option expires in any event at the close of business at Company headquarters on the day before the 10th anniversary of the Date of Grant, as shown in the Notice of Stock Option Grant. (It will expire earlier if your Service (as defined in the Plan) terminates,
as described below.)
		
	Termination of Service	  	Subject to the terms of the 2004 Equity Incentive Plan, if your Service terminates for any reason, then this option will expire at the close of business at Company headquarters on the date
twelve months after your termination date. The Company determines when your Service terminates for this purpose.
		
	Restrictions on Exercise	  	The Company will not permit you to exercise this option if the issuance of shares at that time would violate any law or regulation.
		
	Notice of Exercise	  	 When you wish to exercise this option, you must comply with the Company’s Insider Trading Policy and notify the Company by filing the proper
“Notice of Exercise” form at the address given on the form. Your notice must specify how many shares you wish to purchase. Your notice must also specify how your shares should be registered. Provided you are in compliance with the
Company’s Insider Trading Policy, the notice will be effective when the Company receives it.
  
 If someone else wants to exercise this option after your death, that person must prove to the Company’s satisfaction that he or she is entitled to do so.

  

 2 

			
	Form of Payment	  	 When you submit your notice of exercise, you must include payment of the option exercise price for the shares that you are purchasing. To the
extent permitted by applicable law, payment may be made in one (or a combination of two or more) of the following forms:
  
 •      Your personal check, a cashier’s check or a money order.
  
 •      Certificates for
shares of Company stock that you own, along with any forms needed to effect a transfer of those shares to the Company. The value of the shares, determined as of the effective date of the option exercise, will be applied to the option exercise price.
Instead of surrendering shares of Company stock, you may attest to the ownership of those shares on a form provided by the Company and have the same number of shares subtracted from the option shares issued to you.

		
	Withholding Taxes and Stock Withholding	  	You will not be allowed to exercise this option unless you make arrangements acceptable to the Company to pay any withholding taxes that may be due as a result of the option exercise. With
the Company’s consent, these arrangements may include withholding shares of Company stock that otherwise would be issued to you when you exercise this option. The value of these shares, determined as of the effective date of the option
exercise, will be applied to the withholding taxes.
		
	Right of Repurchase	  	Until they vest in accordance with the Notice of Stock Option Grant, the shares acquired under this Agreement will be Restricted Shares, which are shares subject to the Company’s Right
of Repurchase. The Company, however, may decline to exercise its Right of Repurchase or may exercise its Right of Repurchase only with respect to a portion of the Restricted Shares. If the Right of Repurchase is exercised, the Company will pay you
an amount equal to the Exercise Price for each of the Restricted Shares being repurchased (the “Repurchase Price”).
		
	Lapse of Repurchase Right	  	If Shares are early exercised and the Company exercises its Right of Repurchase, such Right of Repurchase will lapse in accordance with the vesting schedule set forth in the Notice of Stock
Option Grant.
		
	Acceleration	  	 This option will fully vest and any effective Right of Repurchase will lapse entirely if either of the following events occurs:
  
 •      Your Service
terminates because of retirement at or after age 65, total and permanent disability, or death, or
  
 •      The Company is subject to a “change in control” (as defined in the Plan)
before your Service terminates.
  
 For all purposes under this Agreement, “total and
permanent disability” means that you are unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which has lasted, or can be expected
to last, for a continuous period of not less than one year.
  
 In no event will vesting
continue after your Service has terminated for any reason.

  

 3 

			
	Escrow of Restricted Shares	  	Upon issuance, the certificate(s) for Restricted Shares will be deposited in escrow with the Company to be held in accordance with this Agreement. All ordinary cash dividends on Restricted
Shares (or on other securities held in escrow) will be paid directly to you and will not be held in escrow. Restricted Shares, together with any other assets held in escrow under this Agreement, will be (i) surrendered to the Company for repurchase
upon exercise of the Right of Repurchase or (ii) released to you upon your request to the extent that the Shares have ceased to be Restricted Shares (but not more frequently than once every six months). In any event, all shares that have ceased to
be Restricted Shares, together with any other vested assets held in escrow under this Agreement, will be released within 90 days after the termination of your Service.
		
	Exercise of Right of Repurchase	  	The Company may exercise its Right of Repurchase for some or all Restricted Shares by written notice to you during the ninety day period following the termination of your Service for any
reason (the “Repurchase Period”). The Company will be deemed to have exercised its Right of Repurchase automatically for all of the Restricted Shares at the close of the Repurchase Period, unless it previously notified you that it will not
exercise its Right of Repurchase for some or all of the Restricted Shares or that it will exercise its Right of Repurchase before the close of the Repurchase Period. During the Repurchase Period, the Company will pay you the Repurchase Price in cash
or cash equivalents and/or by canceling indebtedness to the Company incurred by you in the purchase of the Restricted Shares. The certificate(s) representing the Restricted Shares to be repurchased will be delivered to the Company properly endorsed
for transfer.
		
	Stockholder Rights	  	 You, or your estate or heirs, have no rights as a stockholder of the Company until you have exercised this option by giving the required notice to
the Company and paying the exercise price. No adjustments are made for dividends or other rights if the applicable record date occurs before you exercise this option, except as described in the Plan.
  
 If the Right of Repurchase is exercised and the Company makes available the Repurchase Price, then
you shall no longer have any rights as a holder of the Restricted Shares (other than the right to receive payment of the Repurchase Price). The Restricted Shares will be deemed to have been repurchased whether or not the certificate(s) therefore
have been delivered to the Company.

  

 4 

			
	Adjustments	  	 In the event of a stock split, a stock dividend or a similar change in Company stock, the number of shares covered by this option and the exercise
price per share may be adjusted pursuant to the Plan.
 In the event of a merger or consolidation of the Company with or into another entity, any other
corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or other similar
transaction affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares shall
immediately be subject to the Right of Repurchase and shall immediately be delivered to the Company to be held in escrow. Appropriate adjustments shall be made to the number and/or class of the Restricted Shares and to the price per share to be paid
upon exercise of the Right of Repurchase, provided that the aggregate Repurchase Price shall remain the same. In the event of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, the Right of
Repurchase may be exercised by the Company’s successor.

		
	Transfer of Option and/or Restricted Shares	  	 Prior to your death, only you may exercise this option. You cannot transfer or assign this option. For instance, you may not sell this option or
use it as security for a loan. If you attempt to do any of these things, this option will immediately become invalid. You may, however, dispose of this option in your will or a beneficiary designation.
  
 Regardless of any marital property settlement agreement, the Company is not obligated to honor a
notice of exercise from your former spouse, nor is the Company obligated to recognize your former spouse’s interest in your option in any other way.
  
 You may not transfer, assign, encumber or otherwise dispose of any Restricted Shares without the Company’s written consent, except as provided in the next sentence.
You may transfer Restricted Shares to one or more members of your immediate family or to a trust established by you for the benefit of you and/or one or more members of your immediate family, provided in either case that the transferee agrees in
writing on a form prescribed by the Company to be bound by all provisions of this Agreement. If you transfer any Restricted Shares, then this Agreement shall apply to the transferee to the same extent as to you.
  
 For all purposes under this Agreement, your “immediate family” includes your children,
stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law and shall include adoptive relationships.

  

 5 

			
	Restrictions on Resale	  	You agree not to sell any option shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale. This restriction will apply
as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.
		
	Retention Rights	  	Your option or this Agreement does not give you the right to be retained by the Company or a subsidiary of the Company in any capacity. The Company and its subsidiaries reserve the right to
terminate your Service at any time, with or without cause.
		
	Applicable Law	  	This Agreement will be interpreted and enforced under the laws of the State of Delaware (without regard to choice-of-law provisions that would require the application of the law of any other
jurisdiction).
		
	The Plan and Other Agreements	  	 The text of the Plan is incorporated in this Agreement by reference. Capitalized terms not otherwise defined in this Agreement shall be defined as
set forth in the Plan.
  
 This Agreement and the Plan constitute the entire understanding
between you and the Company regarding this option. Any prior agreements, commitments or negotiations concerning this option are superseded. This Agreement may be amended only by another written agreement between the parties.

 BY SIGNING THE COVER
SHEET OF THIS AGREEMENT, YOU AGREE TO ALL OF THE 
 TERMS AND CONDITIONS DESCRIBED ABOVE AND IN
THE PLAN. 
  

 6Employment Offer Letter between Abhay Joshi and Registrant dated April 10, 2006

 Exhibit 10.29 
 [ON COTHERIX, INC. LETTERHEAD] 
 Delivered via Federal Express and Email 
 February 24, 2006 
 Abhay Joshi, Ph.D. 
 8 Twin Branch 
 Irvine, CA 92620 
 (714) 544-0729 
 Dear Abhay: 
 CoTherix, Inc. (the “Company”) is pleased to offer you employment on the following terms: 
 1. Position. Your initial title will be Executive Vice President and Chief Technical Officer, and you will initially report to Donald
Santel, Chief Executive Officer. This is a full-time exempt position. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would prohibit you from performing your
duties for the Company. 
 2. Cash Compensation. Subject to adjustment pursuant to the Company’s employment compensation
policies as in effect and revised from time to time: 
  

	 	•	 	You will be paid at an annualized rate of $275,000 per year, payable in accordance with the Company’s standard payroll schedule, which is currently semi-monthly.

  

	 	•	 	In addition, you would be eligible to participate in the Company’s bonus program. As currently structured, the bonus program would provide that your target bonus level
would be up to thirty-five percent (35%) of your salary earned in 2006 subject to your continued eligibility to participate in the program. The bonus, if any, would be subject to objective and subjective criteria established by the
Company, including Company and individual performance. The bonus, if any, for any calendar year would be paid after the Company’s books for that year have been closed and would be paid only if you are employed by the Company at the time of
payment. 

  

 Page 1 of 7 

 Abhay Joshi 
 February 24,
2006 
 3. Additional Bonuses. 
  

	 	•	 	You will be eligible to receive a $40,000 sign-on bonus (“Sign-On Bonus”) payable within 30 days of your first date of full-time employment with the
Company (“Employment Commencement Date”). 

  

	 	•	 	In addition, you would be eligible to receive a one-time bonus for [* * *] (“[* * *] Bonus”). If the [* * *] is on or before [* * *], the amount of the [* *
*] will be $50,000. If the [* * *] is on or after [* * *] but no later than [* * *], the amount of the 

	 	  	[* * *] will be $25,000. No [* * *] would be payable if the [* * *] is later than [* * *]. The [* * *], if any, would be paid within thirty (30) days of the [* * *], only if
you are employed by the Company at the time of payment. 

 4. Expenses Related to Relocating to the San Francisco Bay
Area. You agree that you will permanently move to the San Francisco Bay Area within six (6) months following your Employment Commencement Date. In order to assist you in your relocation, the Company will do the following: 

 

	 	•	 	Pay up to $4,000 per month to rent temporary housing for you in the San Francisco Bay Area, which housing shall be identified and selected by you, for up to eight
(8) months after your Employment Commencement Date (“Rental Expense”). During your first month of employment, the Company will also reimburse rental car expenses as part of the $4,000 per month Rental Expense. The Company will
pay the temporary housing Rental Expense on a monthly basis to your landlord as provided in your rental agreement, a copy of which you agree to provide to the Company. If prior to the end of the eight-month period (a) you complete the sale of
your home in Irvine, California, (b) you purchase a home in the San Francisco Bay Area, or (c) your employment with the Company ends for any or no reason, the Company’s obligation to pay the Rental Expense shall terminate and, at the
Company’s option, shall be pro-rated for the applicable month. 

  

	 	•	 	Reimburse you for reasonable travel expenses for up to six (6) months after your Employment Commencement date for visits between you and your family between the San
Francisco Bay Area and Irvine consistent with the Company’s travel policy or as otherwise pre-approved (“Travel Expenses”). 

  

	 	•	 	Reimburse you or pay on your behalf up to $30,000 for the move and temporary storage of your household items from Irvine to the San Francisco Bay Area (“Moving
Expenses”). The Company will, at your option, either (i) reimburse you, in accordance with the Company’s reimbursement policy and systems, for amounts paid to a licensed moving company, or (ii) pay the Moving Expenses
directly to a licensed moving company within thirty (30) days after being invoiced for services performed, or on such other terms as may be agreed between the Company and the licensed moving company. 

  

 Page 2 of 7 
 Confidential treatment has been requested as to certain portions of this agreement. Such omitted confidential information has been designated by asterisks and has been filed separately with the Securities and Exchange
Commission. 

 Abhay Joshi 
 February 24, 2006 
  

	 	•	 	Reimburse to you an after-tax amount not to exceed $110,000 in the aggregate for your documented real estate commission paid by you to a broker and other seller-based
closing costs for the sale of your home in Irvine occurring within twelve (12) months after your Employment Commencement Date and your documented closing expenses, related to your purchase of a home in the San Francisco Bay Area occurring
within twelve (12) months after your Employment Commencement Date (“Real Estate Reimbursement”). The Company will reimburse you for amounts pursuant to the Real Estate Reimbursement in accordance with the Company’s
reimbursement policy and systems. 

 5. Bonus & Relocation Repayment. In the event that you resign from
employment with the Company for any reason or are terminated by the Company for Cause (as defined in this Section) within eighteen (18) months after your Employment Commencement Date, you agree that you will repay to the Company all amounts
paid to you or on your behalf (“Repayment Amount”) pursuant to Sections 3 and 4, including any applicable Sign-On Bonus, [* * *] Bonus, Rental Expense, Travel Expenses, Moving Expenses, and Real Estate Reimbursement. However, if you
are subject to an Involuntary Termination (as defined in this Section) that occurs within twelve (12) months after a Change in Control (as defined in this Section) and within eighteen (18) months after your Employment Commencement Date,
you would not be required to repay to the Company the Repayment Amount. Any Repayment Amount must be paid within thirty (30) days after your last date of employment with the Company. You agree that the Company may make any deduction necessary
from your last paycheck(s) to satisfy these repayment obligations to the Company and you hereby (a) consent to any such deduction and any other action that may be taken by the Company and as permitted by law, and (b) agree that you will
sign any additional agreement or document that the Company deems necessary with respect to making this deduction or otherwise enforcing its right to receive the Repayment Amount. 
 For all purposes under this letter agreement (except as otherwise specified), the following terms as used in this Section 5 shall have the meanings
ascribed to them below: 
 “Involuntary Termination” means either (a) involuntary discharge by the Company for reasons
other than Cause (as defined below) or (b) voluntary resignation following (i) a change in your position with the Company that materially reduces your level of authority or responsibility, (ii) a reduction in your base salary by more
than ten percent (10%) or (iii) receipt of notice that your principal workplace will be relocated more than forty-five (45) miles. 
 “Cause” means (a) an unauthorized use or disclosure of the Company’s confidential information or trade secrets, (b) a breach of any agreement between you and the Company, (c) a failure to comply with the
Company’s written policies or rules, (d) conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state 
  

 Page 3 of 7 
 Confidential treatment has been requested as to certain portions of this agreement. Such omitted confidential information has been designated by asterisks and has been filed separately with the Securities and Exchange
Commission. 

 Exhibit 10.29 
  
 
thereof, (e) negligence or willful misconduct, (f) insubordination, (g) any repeated failure to perform assigned duties, or (h) any act
or omission that would constitute legal cause. The foregoing, however, is not an exclusive list of all acts or omissions that the Company may consider as grounds for discharging you without Cause. 
 6. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits.
Enclosed, for your reference, is a Summary of Current Employee Benefits. The Company reserves the right to modify, change, or discontinue all or part of these benefits at any time at its sole discretion. 
 7. Stock Option. Subject to the approval of the Company’s Board of Directors, you will be granted an option to purchase 100,000
shares of the Company’s Common Stock. The exercise price per share will be equal to the fair market value per share on the date the option is granted. The option will be subject to the terms and conditions applicable to options granted
under the Company’s 2004 Equity Incentive Plan (the “Plan”), as described in the Plan and the applicable Stock Option Agreement. You will vest in twenty-five percent (25%) of the option shares after twelve (12) months
of continuous service, and the balance will vest in equal monthly installments over the next thirty-six (36) months of continuous service, as described in the applicable Stock Option Agreement. 
 If the Company is subject to a Change in Control (as defined in the Plan) before your Service (as defined in the Plan) with the Company terminates, then
your option will become exercisable with respect to fifty percent (50%) of the then unvested option Shares (as defined in the Plan). If you are subject to an Involuntary Termination (as defined in the Plan) within twelve (12) months after
the Change in Control, then your option will become exercisable in full with respect to all of the option Shares. 
 A copy of the Plan is
enclosed for your reference. 
 8. Severance Pay. If the Company terminates your employment for any reason other than Cause, then
(a) the Company will continue to pay your base salary for a period of six (6) months following the termination of your employment; and (b) to the extent that you are eligible for COBRA coverage and elect COBRA coverage, the Company
will pay your COBRA premiums until the earlier of (i) six (6) months following the termination of your employment or (ii) such time as you secure alternative employment providing health care benefits. With respect to the foregoing,
your base salary will be paid at the rate in effect at the time of the termination of your employment and in accordance with the Company’s standard payroll procedures, and you agree to notify the Company immediately if you secure alternate
employment providing health care benefits. 
 Notwithstanding the preceding paragraph, no amounts will be paid under this Section 8
unless you (a) sign a general release (in a form prescribed by the Company) of all known and unknown claims that you may then have against the Company or persons affiliated with the Company; (b) have returned all Company property and
(c) agree in writing not to compete or assist any other person or entity in competing or preparing to compete against the Company for at least two (2) years after the termination of your employment. 
  

 Page 4 of 7 

 Abhay Joshi 
 February 24, 2006 
 9. Proprietary Information and Inventions Agreement. Like all Company employees, you will be
required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is enclosed. 
 10. Insider Trading Policy and Certification. Like all Company employees, you will be required, as a condition of your employment with the
Company, to sign the Company’s standard Insider Trading Policy and Certification, a copy of which is enclosed. 
 11. Proof of
Authorization to Work in the United States. As required by law, your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States. Enclosed, for your reference, is the
I-9 document that you will be required to complete on your first day of employment. Please refer to this document and bring the correct identification with you. Failure to provide proper identification may delay placement on payroll and ultimately
result in mandatory termination. 
 12. Employment Relationship. Employment with the Company is for no specific period of time. Your
employment with the Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Although your job duties, title, compensation and benefits, as well
as the Company’s personnel policies and procedures, may change from time to time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and the Chief Financial Officer or the Chief
Executive Officer of the Company. 
 13. Outside Activities. While you render services to the Company, you agree that you will not
engage in any other employment, consulting or other business activity without the prior written consent of the Company. While you render services to the Company you also will not assist any person or entity in competing with the Company or in
preparing to compete with the Company. In addition, while you render services to the Company and for one (1) year thereafter, you will not engage in, and will not assist any person or entity in, soliciting, recruiting, or hiring away from the
Company any employees or consultants of the Company. 
 14. Withholding Taxes. All forms of compensation referred to in this letter
agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by law. 
 15.
Arbitration. You and the Company agree to waive any rights to a trial before a judge or jury and agree to arbitrate before a neutral arbitrator any and all claims or disputes arising out of this letter agreement and any and all claims arising
from or relating to your employment with the Company, including (but not limited to) claims against any current or former employee, director or agent of the Company, claims of wrongful termination, retaliation, discrimination, harassment, breach of
contract, breach of the covenant of good faith and fair 

  

 Page 5 of 7 

 
Abhay Joshi 
 February 24, 2006 
  
 
dealing, defamation, invasion of privacy, fraud, misrepresentation, constructive discharge or failure to provide a leave of absence, or claims regarding
commissions, stock options or bonuses, infliction of emotional distress or unfair business practices. 
 The arbitrator’s decision must
be written and must include the findings of fact and law that support the decision. The arbitrator’s decision will be final and binding on both parties, except to the extent applicable law allows for judicial review of arbitration awards. The
arbitrator may award any remedies that would otherwise be available to the parties if they were to bring the dispute in court. The arbitration will be conducted in accordance with the National Rules for the Resolution of Employment Disputes of the
American Arbitration Association; provided, however that the arbitrator must allow the discovery authorized by the California Arbitration Act or the discovery that the arbitrator deems necessary for the parties to vindicate their respective
claims or defenses. The arbitration will take place in San Mateo County or, at your option, the county in which you primarily worked with the Company at the time when the arbitrable dispute or claim first arose. 
 You and the Company will share the costs of arbitration equally, except that the Company will bear the cost of the arbitrator’s fee and any other
type of expense or cost that you would not be required to bear if you were to bring the dispute or claim in court. Both the Company and you will be responsible for their own attorneys’ fees, and the arbitrator may not award attorneys’ fees
unless a statute or contract at issue specifically authorizes such an award. 
 The foregoing notwithstanding, this arbitration provision
does not apply to workers’ compensation or unemployment insurance claims. 
 If an arbitrator or court of competent jurisdiction (the
“Neutral”) determines that any provision of this arbitration provision is illegal or unenforceable, then the Neutral shall modify or replace the language of this arbitration provision with a valid and enforceable provision, but only
to the minimum extent necessary to render this arbitration provision legal and enforceable. 
 16. Entire Agreement. This letter
agreement supersedes and replaces any prior agreements, representations or understandings, whether written, oral or implied, between you and the Company. 
 ***** 
 Continued on next page. 
  

 Page 6 of 7 

 Abhay Joshi 
 February 24, 2006 
 We hope that you will accept our offer to join the Company. This offer is contingent upon your acceptance
by March 8, 2006 and upon your starting work with the Company on or before April 10, 2006. 
 Please call Don Santel
at 650-808-6502 with any questions. Please indicate your acceptance of this offer by signing both copies of this offer letter and returning one original to me in the enclosed self-addressed stamped envelope. The other original of the offer letter is
for your files. 
 In addition, please fax your acceptance to our confidential fax machine. The facsimile number is 650-808-6897.
Please, also sign the two copies of the Proprietary Information and Inventions Agreement and the Insider Trading Policy and return one of each with the offer letter in the enclosed self-addressed stamped envelope. 
 I await a positive response and anticipate the valuable contribution that you will make to CoTherix. 
  

			
	Very truly yours,
	
	COTHERIX, INC.
		
	By:	 	 /s/ CHRISTINE GRAY-SMITH

		 	Christine Gray-Smith
		 	Executive Vice President and
		 	Chief Financial Officer

 I have read, and accept and agree to, this letter agreement: 
  

	
	 /s/ Abhay Joshi

	Signature of Abhay Joshi

  

			
	Start Date:	 	April 10, 2006

  

			
	Dated:	 	March 7, 2006

 Enclosures: 
 Proprietary Information and Inventions Agreement 
 Insider Trading Policy 
 I-9 
 2004 Equity Incentive Plan 
 Summary of Current Employee Benefits 
 Self-addressed return envelope 
  

 Page 7 of 7

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