Document:

Employment agreement with Louis R. Bucalo

 Exhibit 10.2 
 

 
 September 17, 2007 
 Louis
R. Bucalo, MD 
 Dear Lou: 
 The Board of Directors of Titan
Pharmaceuticals, Inc. (the “Company”) is pleased to confirm the terms of the modification of your employment with the Company, in which you will serve as Executive Chairman of the Company’s Board of Directors. Such change in
your role is referred to herein as the “Transition.” If the terms discussed below are acceptable, please sign this letter (the “Agreement”) where indicated and return it to the Company by September 20, 2007, retaining
a copy for your records. 
  

	 	1.	Effective Date. The effective date of the Transition and this Agreement will be the date on which the incoming President and Chief Executive Officer commences his employment
with the Company in accordance with the terms of his offer letter dated July 31, 2007 (the “Effective Date”). 

  

	 	2.	Role. As of the Effective Date, you shall continue your employment with the Company solely in the position of Executive Chairman of the Company’s Board of Directors. As
Executive Chairman of the Board, you will work with the Company’s incoming President and Chief Executive Officer and assist the Company in identifying business opportunities, establishing corporate strategies and interacting with members of the
financial community. You will serve as liaison with the Company’s Chief Executive Officer and, consistent therewith, you agree to participate in regular meetings and teleconferences with the Company’s Chief Executive Officer as necessary
to effectuate your role, but in no event to occur less than once a month. You will report directly to the Board of Directors. 

  

	 	3.	Compensation 

  

	 	(a)	Salary. During the two year (24 month) period following the Effective Date, you will be paid a monthly salary of $31,250.00 less applicable withholdings ($375,000.00
annually). During the third year of this Agreement and thereafter, you will be paid a monthly salary of $15,625.00 less applicable withholdings ($187,500.00 annually). All reasonable business expenses will be reimbursed so long as they are incurred
in the ordinary course of business. 

  

 400 Oyster Point Blvd., Suite 505, South San Francisco, CA 94080 Tel. (650) 244-4990 Fax (650)
244-4956 

 Louis R. Bucalo, MD 
 September 17, 2007 
 Page 2 
  

	 	(b)	Bonus. You will be eligible for a bonus, the payment and amount of which shall be at the discretion of the Company’s Board of Directors, upon the occurrence of each of
the following events: (i) FDA approval of Iloperidone; (ii) positive Phase IIb results for Sphermaine; and (iii) positive Phase III results for Probuphine. Each such bonus shall be paid to you at the time and regular schedule in which
annual bonuses are paid by the Company for each calendar year, unless otherwise agreed by you and the Company. 

  

	 	(c)	Stock Options. On the first date following the Effective Date on which the Company makes its annual grants of stock options to its executive officers, you will receive stock
options to acquire 150,000 shares of the Company’s Common Stock (the “Options”), which Options will be granted pursuant to and governed by the terms and conditions of the Company’s 2002 Stock Option Plan, as amended (the
“Plan”), and will contain customary terms and conditions. The exercise price of the Options will be determined per the Plan as of the grant date. Thereafter, you shall be eligible to receive additional annual grants of options under
the Plan in amounts that are in accordance with the Company’s past practices with respect to you. Notwithstanding the foregoing, all unvested Options automatically will become vested and exercisable immediately prior to the occurrence of a
Change of Control. For the purposes of this Agreement, a “Change of Control” shall be deemed to occur (i) upon a sale or transfer of substantially all of the assets of the Company; (ii) upon the acquisition by any person, entity
or group of beneficial ownership of 50 percent or more of either the outstanding shares of common stock of the Company or the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election
of directors; or (iii) upon a merger or consolidation of the Company or any of its subsidiaries with any other corporation, which results in the stockholders of the Company prior thereto continuing to represent less than 50 percent of the
combined voting power of the voting securities of the Company or the surviving entity after the merger; provided, however, than en event described in (i), (ii) or (iii) above shall not be treated as a Change of Control, unless such event
is also a change in the ownership of the Company (within the meaning of Treasury Regulation Section 409A-3(i)(5)(v)), a change in the effective control of the Company (within the meaning of Treasury Regulation Section 409A-3(i)(5)(vi) or a
change in the ownership of a substantial portion of the Company’s assets (within the meaning of Treasury Regulation Section 409A-3(i)(5)(vii)). 

  

	 	(d)	Benefits. During your Employment, you will be eligible to continue to participate in the Company’s group health plan, 401(k) plan and all other Company sponsored
employee benefit plans then offered to the Company’s senior executives and, if any, other health benefits comparable to those to which you are currently entitled pursuant to the Former Agreement (as defined in Section 8 hereof).

 Louis R. Bucalo, MD 
 September 17, 2007 
 Page 3 
  

	 	(e)	Vacation. Within 30 days’ after the Effective Date, the Company will pay you, less applicable withholdings and deductions, for your accrued but unused vacation time as
of the Effective Date in accordance with Company policy. As of the date hereof, you have 568.06 hours of accrued but unused vacation time, the payment for which would be $106,811.67. In recognition of the flexible schedule associated with your
position as Executive Chairman, you acknowledge and agree that such position does not include a vacation benefit. 

  

	 	4.	Termination. 

  

	 	(a)	“At-Will” Retention. You or the Company may terminate your employment hereunder at any time, for any reason, with or without Cause, by giving 30 day’s written
notice to the other party. 

  

	 	 (b)
	 Severance. If your employment is terminated (i) by the Company without Cause or by you for Good Reason, the
Company will continue to pay your monthly salary on a regular bi-monthly basis at the applicable rate or rates set forth in Section 3(a) for a 24-month period beginning on the date of termination of employment, the Options will vest in full
upon such termination of employment and your other options will continue to vest pursuant to their existing vesting schedule during the balance of such 24-month period or (ii) due to your death or Disability, the Company will pay to you or your
estate your monthly salary on a regular bi-monthly basis for 12 months, provided that any payments pursuant to clause (ii) shall be offset against other payments to which you may be entitled under the Company’s policies in effect at such
time. Payments made under this section shall be subject to all applicable withholdings. Notwithstanding the foregoing, to the extent that severance payments provided pursuant to this section come within the definition of “nonqualified deferred
compensation” under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder (collectively, “Section 409A”), and only to the extent necessary to
comply with Section 409A, the payment of such severance payments shall be delayed and made to you no earlier than the earlier of (i) the last day of the 6th complete calendar month following termination of your employment with the Company or (ii) the date of your death, except, as permitted by Section 409A, that the payment of such severance payments
shall not be so delayed from when they would otherwise be paid to the extent that (x) they otherwise would be paid on or before March 15 of the calendar year following the calendar year in which your employment is terminated or
(y) such amounts constitute “involuntary severance” under Section 409A and are less than or equal to the lesser of (A) 200% of your annual 

 Louis R. Bucalo, MD 
 September 17, 2007 
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compensation for the calendar year preceding the calendar year of your termination of employment or (B) 200% of the limitation amount under
Section 401(a)(17) of the Code on tax-qualified retirement plan compensation in effect for the calendar year of your termination of employment. Any payment delayed by reason of the prior sentence shall be paid out in a single lump sum at the
end of such required delay period in order to catch up to the original payment schedule. 

  

	 	(c)	Cause. For purposes of this Agreement, “Cause” means (i) any willful misconduct by you in the performance of your duties; (ii) gross negligence in
the performance, or negligent or intentional substantial non-performance, by you of your duties; (iii) your conviction by a competent court of law of or having plead guilty or no contest to any felony or misdemeanor (other than minor traffic
violations or offences of a comparable magnitude not involving dishonesty, fraud, or breach of trust); (iv) your breach of your duty of loyalty to the Company; or (v) a material breach by you of the terms this Agreement; provided
that, prior to any termination of this Agreement for Cause, you shall be entitled to appear with counsel before the Board of Directors of the Company, and further provided that, in the case of items (ii), (iv) and (v), the Company
shall provide written notice to you of the grounds on which Cause is asserted and a thirty (30) day opportunity to cure, if curable, following delivery of such notice. For purposes hereof, an action will be considered “willful” only
if it is done intentionally, purposely and knowingly, distinguished from an act done carelessly, thoughtlessly or inadvertently. Additionally, the Company shall not consider your conduct within the scope of your duties and undertaken in good faith
as falling within the scope of clauses (ii) or (v) above. For the purpose of this Agreement, your date of termination in the event your role is terminated for Cause shall be the date on which your are given notice of termination as
provided for in this section, or any later date as may be set forth in such notice of termination. However, notwithstanding the preceding sentence, in the event you are provided with notice of the grounds on which Cause is asserted and an
opportunity to cure such grounds as provided for in this section, and you fail to cure such grounds within the cure period, your date of termination for such Cause shall be the expiration of such cure period. 

  

	 	(d)	Disability. For purposes of this Agreement, “Disability” shall mean a mental or physical condition that renders you incapable of diligently performing all of
your essential duties and obligations to the Company for any period of three (3) consecutive months or four (4) months in any twelve (12) month period. 

  

	 	(e)	 Good Reason. You may terminate your employment hereunder for Good Reason, at any time, provided that (i) you provide the Company with at least thirty
(30) days’ (but not greater than one hundred twenty (120) days) prior 

 Louis R. Bucalo, MD 
 September 17, 2007 
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written notice thereof within sixty (60) days of the occurrence of the event giving rise to Good Reason, and (ii) you provide the Company with a
thirty (30) day opportunity to cure the event giving rise to Good Reason following the delivery of such notice (the “Cure Period”). For the purpose of this Agreement, the term “Good Reason” means (i) a
material and substantial diminution your duties, authority, or responsibilities that would be inconsistent with your position, (ii) a material failure by the Company to pay your salary as provided for herein; or (iii) any other material
breach by the Company of the terms this Agreement or the Indemnification Agreement between you and the Company, provided, in each case, that such event is not cured during the Cure Period. For the avoidance of any doubt, if you do not provide the
Company with timely notice as provided for in this section with respect to an event purporting to give rise to Good Reason, you shall have waived your right to terminate your employment hereunder for Good Reason with respect to such event. For the
purpose of this Agreement, your date of termination in the event you resign your employment for Good Reason shall be the expiration date of the Cure Period, provided the Company has failed to materially cure the event giving rise to Good Reason.

  

	 	5.	Non-Compete and Outside Activities. You agree that, while serving as Executive Chairman of the Board of the Company, you will not engage in any activity that is competitive
with the Company. Also while serving as Executive Chairman pursuant to this Agreement, approval of the Company’s Board of Directors shall be required prior to your acceptance of any employment, consulting or advisory relationship with any
for-profit enterprise within the biotechnology/pharmaceutical industry and notice to the Company’s Board shall be required with respect to your acceptance of any role as a biotechnology/pharmaceutical industry advisor to an investment bank,
fund or private equity firm. It is understood that buying and selling of securities of any public company does not constitute a violation of this Agreement. 

  

	 	6.	Attorneys Fees. Within 30 days of your execution and delivery to the Company of this Agreement, the Company shall either directly pay or reimburse you for all reasonable
legal fees and expenses which you have incurred in your analysis and negotiation of this Agreement up to a maximum amount of $12,500, provided you have previously provided to the Company documents evidencing such fees and expenses.

  

	 	7.	 Code Section 409A. Unless otherwise expressly provided, any payment of compensation by the Company to you, whether pursuant to this Agreement or
otherwise, shall be made on or before March 15 of the calendar year following the calendar year in which your right to such payment vests (i.e., is not subject to a “substantial risk of forfeiture” as defined by
Section 409A). All payments of “nonqualified deferred compensation” (within the meaning of Section 409A) by the 

 Louis R. Bucalo, MD 
 September 17, 2007 
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Company to you are intended to comply with the requirements of Section 409A, and shall be interpreted consistent therewith. Neither the Company nor you,
individually or in combination, may accelerate any such deferred payment, except in compliance with Section 409A, and no amount shall be paid prior to the earliest date on which it is permitted to be paid under Section 409A.
Notwithstanding anything herein to the contrary, no amendment may be made to this Agreement if it would cause this Agreement or any payment hereunder to not be in compliance with the requirements of Section 409A. The Company agrees to make you
whole, on an after tax basis (federal, state and local), for any and all penalties and interest to which you may become subject pursuant to Section 409A as a result of any compensation paid or to be paid by the Company to you pursuant to this
Agreement. 

  

	 	8.	Entire Agreement. This Agreement constitutes the entire understanding and agreement of the parties hereto regarding the subject matter hereof. As of the Effective Date, this
Agreement supersedes the Employment Agreement dated February 1, 1993, as amended to date, between you and the Company (the “Former Agreement”). The Company and Executive each acknowledge and agree that they are not relying on, and
they may not rely, on any oral or written representation of any kind that is not set forth in writing in this Agreement. Notwithstanding the foregoing, the Proprietary Information and Inventions Agreement and the Indemnification Agreement between
you and the Company shall remain in full force and effect. 

 To accept this offer, please sign in the space below, indicating your acceptance
and agreement to the terms contained herein. No amendment or modification of the terms of this Agreement will be valid unless made in writing and signed by you and an authorized officer of the Company. 
 Sincerely, 

	
	
	/s/ Eurelio Cavaleir
	Eurelio Cavalier, Chairman of the Compensation Committee

  

	
	Accepted by:
	
	/s/ Louis R. Bucalo
	Louis R. Bucalo, MD
	
	9/17/07
	Date:Release, dated August 2, 2007, by and between Fiserv, Inc. and Michael D. Gantt

 Exhibit 10.1 
 RELEASE OF CLAIMS 
 This RELEASE OF CLAIMS (“Release”) is made and entered into by and between Michael D.
Gantt (“I” or “me”) and Fiserv, Inc. (“Company”). 
  

	1.	Termination of Employment. 

 I agree that, effective on
July 27, 2007, I have voluntarily resigned my employment with the Company. 
  

	2.	Payment. 

 In consideration of the promises exchanged in this
Release, the Company agrees to provide to me a one-time bonus in the amount of $150,000, from which the Company will withhold employment and income taxes. This amount will be paid to me within twenty-one (21) days of the date on which I sign
and return this Release to the Company, using the contact information in Section 8A. I agree that this one-time bonus is offered to me only because I have signed this Release and have waived certain rights, as stated in this Release. By signing
this Release, I understand that I waive all rights to further payments of any compensation or benefits. 
  

	3.	Release of Claims. 

 In exchange for the Company’s promises
contained in this Release, I agree to irrevocably and unconditionally release the Claims, as stated in Section 4, which I may now have against the Company or any other Released Parties. The “Released Parties” are the Company, all
related companies, partnerships, joint ventures and, with respect to each of them, their predecessors, successors, past and present employees, officers, directors, stockholders, owners, representatives, assigns, attorneys, agents, insurers, employee
benefit programs (and administrators and insurers of such programs), and any other persons acting by, through, under or in connection with any of the persons or entities listed in this Section. 
  

	4.	Claims Released. 

  

	 	A.	I understand and agree that I am releasing all known and unknown claims, promises, causes of action, or similar rights of any type that I may have (the “Claims”) against
any Released Party, except for those detailed in Section 5 below. I further understand that the Claims I am releasing may arise under many different laws (including statutes, regulations, other administrative guidance, and common law
doctrines), including, but by no means limited to: 

  

	 	(i)	Anti-discrimination statutes, such as the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, and Executive Order 11141, which prohibit age
discrimination in employment; Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1866, and Executive Order 11246, which prohibit discrimination based on race, color, national origin, religion, or sex; the Equal
Pay Act, which prohibits paying men and women unequal pay for equal work; the Americans With Disabilities Act and Sections 503 and 504 of the Rehabilitation Act of 1973, which prohibit discrimination based on disability; and any other federal,
state, or local laws prohibiting employment or wage discrimination; 

  

	 	(ii)	 Employment statutes, such as the WARN Act, which requires that advance notice be given of certain work force reductions; the Employee Retirement Income Security Act
of 1974, which, among other things, protects employee benefits; the Fair Labor Standards Act of 1938 and state laws which regulate wage and hour matters; 

	 	 
the Family and Medical Leave Act of 1993 and any state family or medical leave laws, which require employers to provide leaves of absence under certain
circumstances; the Sarbanes Oxley Act, and any other federal, state or local laws relating to employment, such as veterans’ reemployment rights laws; 

  

	 	(iii)	Other laws, such as any federal, state, or local laws providing workers’ compensation benefits, restricting an employer’s right to terminate employees, or otherwise
regulating employment; any federal, state, or local law enforcing express or implied employment contracts or requiring an employer to deal with employees fairly or in good faith; 

  

	 	(iv)	Tort and Contract Claims, such as claims for wrongful discharge, physical or personal injury, emotional distress, fraud, fraud in the inducement, negligent misrepresentation,
defamation, invasion of privacy, interference with contract or with prospective economic advantage, breach of express or implied contract, breach of covenants of good faith and fair dealing, and similar or related claims; and

  

	 	(v)	Claims related to or under the Company’s arbitration policy. 

  

	 	B.	Examples of Released Claims include, but are not limited to: 

  

	 	(i)	Claims that in any way relate to my employment with the Company or any other Released Party, or the termination of that employment, such as Claims for compensation, bonuses,
commissions, lost wages, or unused accrued vacation or sick pay; 

  

	 	(ii)	Claims that in any way relate to the design or administration of any employee benefit program; 

  

	 	(iii)	Claims that I have irrevocable or vested rights to severance or similar benefits or to post-employment health or group insurance benefits; or 

  

	 	(iv)	any Claims to attorneys’ fees or other indemnities. 

  

	 	C.	I understand that I am releasing Claims that I may not know about. That is my knowing and voluntary intent, even though I recognize that someday I might learn that some or all of
the facts I currently believe to be true are untrue and even though I might then regret having signed this Release. Nevertheless, I am assuming that risk and I agree that this Release shall remain effective in all respects in any such case. I
expressly waive all rights I might have under any law that is intended to protect me from waiving unknown claims. I understand the significance of doing so. 

  

	5.	Claims Not Released. 

  

	 	A.	In signing this Release, I have not agreed to release my claim for the following: 

  

	 	(i)	The right to enforce this Release; 

  

	 	(ii)	The right to a claim for benefits pursuant to any State’s Workers Compensation Act; 

  

	 	(iii)	The right to seek unemployment compensation benefits, although I understand that nothing contained in this Release precludes the Company from asserting its right to contest such
benefits; 

  

	 	(iv)	The right to challenge the knowing and voluntary nature of this Release under the ADEA or the OWBPA; or 

  

	 	(v)	Any rights or claims which accrue after I sign this Release. 

	 	B.	In signing this Release, I agree that the Company has not waived its right to enforce any obligations of any written agreement, signed by me, including, but not limited to:

  

	 	(i)	The right to enforce this Release; 

  

	 	(ii)	The right to enforce these written agreements entered into by me: 

  

	 	•	 	 Fiserv, Inc. Employee Restricted Stock Agreement, dated February 21, 2006, 

  

	 	•	 	 Fiserv, Inc. Employee Non-Qualified Stock Option Agreement, dated February 23, 2004, 

  

	 	•	 	 Fiserv, Inc. Employee Non-Qualified Stock Option Agreement, dated February 16, 2005, 

  

	 	•	 	 Fiserv, Inc. Employee Non-Qualified Stock Option Agreement, dated February 21, 2006. 

  

	6.	Terms of the Release. 

 I hereby agree that: 
  

	 	A.	I have read this Release. I understand it and I agree to its terms and conditions freely and voluntarily. 

  

	 	B.	In evaluating this Release, I have made my own assessment of the facts and circumstances. I have not relied on any statements or representations made by the Company, other than
those contained in this Release. 

  

	 	C.	I have been advised of my right to seek legal counsel of my own choosing and have done so, or have had adequate opportunity to do so. 

  

	 	D.	I understand that I have twenty-one (21) days from the date on which the Company presented this Release to me to consider it. 

  

	 	E.	I understand that I may revoke my signature on and agreement to the terms of this Release within seven (7) days after the date that I sign it and give it to the Company by
sending written notice to the Company, stating my intention to revoke. I understand that if I do exercise this right and revoke this release, I will not be entitled to receive the severance benefit, as stated in Section 2, above, and that
neither the Company nor I will be bound by any of the obligations stated in this Release. I also understand that this Release has no effect until the time for my right to revoke it has expired. 

  

	7.	No Wrongdoing. 

 By entering into this release, the Company has not
admitted that it has acted wrongfully with respect to my employment or that it has violated any laws, regulations or orders governing my employment, or breached any contract or other obligations concerning my employment. 
  

	8.	Additional Covenants. 

  

	 	A.	I will use the following “Contact Information” when I communicate about this Release to the Company: Charles W. Sprague, Fiserv, Inc., 255 Fiserv Drive, Brookfield,
Wisconsin 53045. 

  

	 	B.	I will not seek future employment with the Company or any of its affiliates. I understand that if, at any time, I submit an application for employment with the Company or any of its
affiliates, my application for employment may be disregarded without consideration and without further notice to me. 

	 	C.	The circumstances leading to and the contents and terms of this Agreement are confidential. I agree and promise that I will not disclose the contents of this Agreement or the fact
that I have entered into any severance agreement with anyone other than my spouse, legal advisors, tax advisors, all of whom will be advised of the requirement of confidentiality, or as otherwise required by law. 

  

	 	D.	I agree that I will return to the Company all of the Company’s property in my possession, including, but not limited to, all documents and copies of documents, computer
hardware and software, and telecommunications equipment. 

  

	 	E.	I agree, on a permanent basis following the termination of my employment, not to speak in a disparaging fashion about the Company, members of its management, or its products,
business strategies, services, or other related matters. The Company agrees that members of its management will not speak in a disparaging fashion about me. In response to a request made by a potential employer, the Company agrees that it will
provide only my dates of employment and job title. It is understood that either party to this Agreement may give truthful testimony if legally required to do so. 

  

	 	F.	I will not participate in, counsel, assist, or cooperate with any investigation or litigation against the Company involving any alleged discrimination against me or against any
other person or persons, except that I may give truthful testimony if legally required to do so. Neither Company’s signing of this Agreement nor any actions taken by Company in compliance with the terms of this Agreement constitute an admission
by Company that it has unlawfully discriminated against or wrongfully discharged me or that it has violated any federal, state or local law, Executive Order or regulation or breached any actual or implied contract of employment.

  

	 	G.	Any provision of this Release that is deemed invalid, illegal or unenforceable shall be modified to the extent necessary to make it enforceable and shall not affect the
enforceability or validity of the remaining portions of this Release. 

  

	 	H.	The terms of this Release will be governed by the laws of the State of Wisconsin. Any legal action brought to enforce this Release shall be brought in a court of competent
jurisdiction in the State of Wisconsin. 

  

	 	I.	This Release represents the entire agreement as to the subject matter contained in this Release between the Company and me. I understand and agree that this Release cannot be
changed unless the change is in writing and is signed by me and by an authorized representative of the Company. 

							
	Employee: Michael D. Gantt	 		 	Company: Fiserv, Inc.	 	
				
	 /s/ Michael D. Gantt
	 		 	 /s/ Norman J. Balthasar
	 	
	Signature	 		 	Signature	 	
				
	 Michael D. Gantt
	 		 	 Norman J. Balthasar
	 	
	Printed Name	 		 	Printed Name	 	
				
	 July 28, 2007
	 		 	 August 2, 2007
	 	
	Date	 		 	Date

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