Document:

Exhibit 10.30

 

PROPRIETARY AND CONFIDENTIAL 
 INFORMATION AND
 NON-COMPETITION AND NON-SOLICITATION AGREEMENT

 

This Proprietary and Confidential Information and Non-Competition and Non-Solicitation Agreement (the “Agreement”) is made by and between Aspen Technology, Inc. (the “Company”) and Antonio J. Pietri (the “Employee”) as of July 1, 2013.

 

1.                                      Condition of Employment and Additional Consideration.

 

The Employee acknowledges that his/her employment and/or the continuance of that employment with the Company is contingent upon his/her agreement to sign and adhere to the provisions of this Agreement.  The Employee acknowledges that the nature of the Company’s business is such that protection of its proprietary and confidential information is critical to the business’ survival and success.

 

2.                                      Proprietary and Confidential Information.

 

(a)                                 The Employee agrees that all information and know-how, whether or not in writing, of a private, proprietary, secret or confidential nature concerning the Company’s business or financial affairs (collectively, “Proprietary Information”) is and shall be the exclusive property of the Company.  By way of illustration but not limitation, Proprietary Information may include systems, software and codes, or systems, software and codes in the course of development, or planned or proposed systems, software or codes, customer and prospect lists, contacts at or knowledge of customers or prospective customers, customer accounts and other customer financial information, price lists and all other pricing, marketing and sales information relating to the Company or any customer or supplier of the Company, databases, modules, products, processes, methods, techniques, operations, projects, developments, plans, research data, financial data and personnel data.  The Employee will not disclose any Proprietary Information to others outside the Company or use the same for any unauthorized purposes without written approval by an officer of the Company, either during or at any time after employment, unless and until such Proprietary Information has become public knowledge without fault by the Employee.  While employed by the Company, the Employee will use the Employee’s best efforts to prevent publication or disclosure of any confidential or Proprietary Information concerning the business, products, processes or affairs of the Company.

 

(b)                                 The Employee agrees that all disks, software, computers, files, letters, memoranda, reports, records, data, drawings, notebooks, program listings, or written, photographic, or any other record or copy thereof containing Proprietary Information, whether created by the Employee or others, which shall come into the Employee’s custody or possession, shall be and are the exclusive property of the Company to be used only in the performance of the Employee’s duties for the Company.  Upon termination or earlier, upon request of the Company, the Employee agrees to return to the Company any and all originals and/or copies of materials in the Employee’s custody or possession containing Proprietary Information.

 

(c)                                  The Employee acknowledges that his/her obligations with regard to Proprietary Information that are set out in paragraphs (a) and (b) above, extend to all information, know-how, records and tangible property of customers of the Company or suppliers to the Company or of any third party who may have disclosed or entrusted the same to the Company or to the Employee in the course of the Company’s business.

 

(d)                                 All Proprietary Information in any form, whether patentable or copyrightable or not, which the Employee generates either solely or jointly during Employee’s employment by the Company, excluding information developed outside the scope of employ as approved in writing by Employee’s manager, (the “Developments”) will be the sole and exclusive property of the Company (and in the case of copyrightable material, will be a “WORK MADE FOR HIRE” by the Employee for the Company).  Employee will promptly and fully disclose all Developments to the Company and, if deemed necessary by the Company and at the Company’s expense, will execute and deliver such instruments as the Company may request to protect its right, title, and interest in and to any of the Developments.

 

(e)                                  Notwithstanding the foregoing, “Proprietary Information” shall not include any information that (i) is or become generally known to and available for use by the public or in the Company’s industry other than as a result of any act or omission by the Employee, (ii) was in the possession of the Employee prior to the disclosure of the Proprietary Information by the Company, or (iii) Employee acquires outside of the relationship between the parties to this Agreement, from a third party that is lawfully in possession of such Proprietary Information and under no obligation of confidence to a disclosing party.

 

 

3.                                      Non-Competition and Non-Solicitation.

 

While the Employee is employed by the Company and for a period of twelve (12) months following the Employee’s termination or cessation of such employment for any reason, the Employee will not directly or indirectly:

 

(a)                                 Engage in any project that is substantially similar to or competitive with any project in which the Employee was engaged in the 12 months immediately prior to his/her termination or cessation;

 

(b)                                 Either alone or in association with others, recruit, solicit, induce, hire or engage as an independent contractor or attempt to recruit, solicit, induce, hire or engage as an independent contractor, any person who was employed by the Company at any time during the period of the Employee’s employment with the Company, except for an individual whose employment with the Company has been terminated for a period of six months or longer at the time of such recruitment, solicitation, inducement, hire or engagement as an independent contractor; and

 

(c)                                  Either alone or in association with others, solicit, divert or take away, or attempt to divert or to take away, the business or patronage of any of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company which were contacted, solicited or served by the Employee while he/she was employed by the Company during the last twelve months of Employee’s employment with the Company, and induce the same either (a) to cease to do business with the Company, or (b) to do business with any other firm, partnership, or entity, in actual or proposed competition with the Company, except in connection with the performance of business or patronage of the clients, customers or accounts, or prospective clients, customers or accounts, of the Company that is not competitive with the business of the Company.

 

(d)                                 The Employee acknowledges that the restrictions contained in this Agreement are necessary for the protection of the business and goodwill of the Company and are considered by the Employee to be reasonable for such purpose.  The Employee agrees that any breach of this Agreement will cause the Company substantial and irrevocable damage and therefore, in the event of any such breach, in addition to such other remedies which may be available, the Company shall have the right to seek specific performance and injunctive relief without posting a bond.

 

(e)                                  The geographic scope of this Section shall extend to anywhere the Company or any of its subsidiaries is doing business, has done business or has plans to do business and any region in which the Employee had customer contact or access to information and files regarding customers.

 

(f)                                   If any restriction set forth in this Section 3 is found by any court of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.

 

4.                                      Other Agreements.

 

The Employee hereby represents that, except as the Employee has disclosed in writing to the Company, the Employee is not bound by the terms of any agreement with any previous employer or other party to refrain from using or disclosing any trade secret or confidential or proprietary information in the course of his/her employment with the Company or to refrain from competing, directly or indirectly, with the business of such previous employer or any other party.  The Employee further represents that his/her performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by the Employee in confidence or in trust prior to his/her employment with the Company, and the Employee will not disclose to the Company or induce the Company to use any confidential or proprietary information or material belonging to any previous employer or others.

 

5.                                      Not An Employment Contract.

 

The Employee acknowledges that this Agreement does not constitute a contract of employment and does not imply that the Company will continue the Employee’s employment for any period of time.

 

6.                                      General Provisions.

 

(a)                                 No Conflict.  The Employee represents that the execution and performance by him/her of this Agreement does not and will not conflict with or breach the terms of any other agreement by which the Employee is bound.

 

(b)                                 Entire Agreement.  This Agreement supersedes all prior agreements, written or oral, between the Employee and the Company relating to the subject matter of this Agreement.  This Agreement may not be modified, changed or discharged in whole or in part, except by an agreement in writing signed by the Employee and the Company.  The Employee agrees that any change or changes in his/her employment duties, or compensation after the signing of this Agreement shall not affect the validity or scope of this Agreement.

 

(c)                                  Severability.  The invalidity or unenforceability of any portion of this Agreement shall not affect or impair the validity or enforceability of any other portion of this Agreement.

 

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(d)                                 Waiver.  No delay or omission by the Company in exercising any right under this Agreement will operate as a waiver of that or any other right.  A waiver or consent given by the Company on any one occasion is effective only in that instance and will not be construed as a bar to or waiver of any right on any other occasion.

 

(e)                                  Successor and Assigns.  This Agreement shall be binding upon and inure to the benefit of both parties and their respective successors and assigns, including any corporation or entity with which or into which the Company may be merged or which may succeed to all or substantially all of its assets or business, provided however that the obligations of the Employee are personal and shall not be assigned by the Employee.

 

(f)                                   Governing Law, Forum and Jurisdiction.  This Agreement shall be governed by and construed as a sealed instrument under and in accordance with the laws of the Commonwealth of Massachusetts without regard to conflict of laws provisions.  Any action, suit, or other legal proceeding which is commenced to resolve any matter arising under or relating to any provision of this Agreement shall be commenced only in a court of the Commonwealth of Massachusetts (or, if appropriate, a federal court located within Massachusetts), and the Company and the Employee each consents to the jurisdiction of such a court.

 

(g)                                  Captions.  The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this Agreement.

 

THE EMPLOYEE ACKNOWLEDGES THAT HE/SHE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND AGREES TO ALL OF THE PROVISIONS IN THIS AGREEMENT.

 

WITNESS our hands and seals:

 

 

	
EMPLOYEE
    	
 
    	
ASPEN   TECHNOLOGY, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Antonio J. Pietri
    	
 
    	
By:
    	
/s/   Don Casey
    
	
(Signature)
    	
 
    	
 (Signature)
    
	
 
    	
 
    	
 
    
	
Antonio   J. Pietri
    	
 
    	
Don   Casey
    
	
(Print Name)
    	
 
    	
(Print Name)
    
	
 
    	
 
    	
 
    
	
April 24th , 2013
    	
 
    	
Director
    
	
(Date)
    	
 
    	
(Print   title)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
April 24th, 2013
    
	
 
    	
 
    	
(Date)
    

 

3Anavex Life Sciences Corp.: Exhibit 10.7 - Filed by newsfilecorp.com

Mr. Christopher Missling, PhD 

c/o Anavex Life Sciences Corp. 

New York, NY 

Dear Dr. Missling,

June 27, 2013

Anavex Life Sciences Corporation, a Nevada corporation
(“Employer” and, together with its subsidiaries, the “Company”),
agrees to employ Christopher Missling, PhD (“you”), and you agree to
accept such employment upon the following terms and conditions set forth in this
agreement (this “Agreement”). 

1. Term. The term of your employment hereunder shall
commence on July 5th, 2013 (the “Start Date”) and shall end on the
earliest of (i) July 5th, 2016, (ii) the date on which your employment is
terminated by Employer or you pursuant to Paragraph 10 or (iii) the date of your
death or the date of termination of your employment by reason of incapacity
(determined in accordance with Paragraph 8) (the “Employment Term”). The
period from the Start Date until July 5th, 2016, regardless of any earlier
termination, shall hereinafter be referred to as the “Original Employment
Term”.

2. Titles and Authority.

(a) Officer Positions and Reporting Lines. During the
Employment Term, you shall have the title of “President and Chief Executive
Officer” and “Chief Financial Officer” of Employer and shall have the powers,
responsibilities and authorities customary for the chief executive officer of
corporations of the size, type and nature of Employer. During the Employment
Term, you will report solely and directly to the board of directors of Employer
(the “Board”). You hereby accept such employment and agree to devote
substantial business and professional time and energy to the business and
affairs of the Company.

Notwithstanding the foregoing, you shall be permitted to serve
(i) as an employee, consultant, officer and/or director of, and provide services
to, Brimberg and R.F. Lafferty, and (ii) on the board of directors of any other
company or entity, except for companies that do compete directly with the
Company’s principal line of business within the United States.

(b) Service on the Board. You shall serve as a member of
the Board upon Start Date. During the Employment Term, the Board shall nominate
you for reelection to the Board at the expiration of each term of office, and you agree to
serve as a member of the Board for each period for which you are so elected.

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3. Cash Compensation.

(a) Base Salary. In consideration for the services
performed by you pursuant to this Agreement, the Company shall pay to you, and
you will be entitled to receive and hereby agree to accept, an initial monthly
base salary of Twenty Thousand Dollars ($20,000), subject to increases in the
discretion of the Board or its Compensation Committee (“Base
Salary”), payable in accordance with the Company’s normal payroll payment
practices.

The Compensation Committee of the Board (the “Compensation
Committee”) may review your salary at least annually and may increase (but
not decrease, including as it may be increased from time to time) the Base
Salary. The result of any such review shall be reported to you by the
Compensation Committee promptly after it occurs. 

(b) Annual Bonus Compensation. In addition to your Base
Salary, during the Employment Term you shall be eligible to earn an annual bonus
for each whole or partial calendar year during the Employment Term, determined
and payable as follows (the “Bonus”):

(i)

Your Bonus for each whole calendar year during the Employment
Term, beginning with 2013, will be based upon achievement of one or more
performance goals established by the Compensation Committee, which may include
individualized performance goals applicable uniquely to you. The Employer shall
deliver to you a list of that year’s performance goals by end of 1st
quarter of each year.

(ii)

Commencing July 5th, 2013, your target bonus for each calendar
year during the Employment Term shall be one hundred percent (100%) of
annualized Base Salary, as in effect on July 5th of each applicable performance
year; provided that the Compensation Committee may review your target bonus at
least annually and may increase (but not decrease, including as it may be
increased from time to time) the target bonus. The result of any such annual
review shall be reported to you by the Compensation Committee promptly after it
occurs. Your target bonus, as it may be so increased from time to time, is
referred to herein as the “Target Bonus”. As the actual amount payable to
you as Bonus will be dependent upon the achievement of performance goal(s)
referred to in Paragraph 3(b)(i), your actual Bonus may be less than, greater
than or equal to the Target Bonus.

4. Stock Options and Related Incentive Plans. In
addition to your Base Salary and Bonus, you shall receive the following grants:

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(i)

Sign on Options. You shall receive upon the execution of
this Agreement a fully vested option (the “Sign on Option”) to purchase
Two Million (2,000,000) shares of Anavex Common Stock (“Common Stock”).
The Sign on Option shall have an exercise price equal to the Fair Market Value
of the Common Stock on the execution date of this Agreement (“Grant
Date”). As of the Grant Date, the Company has closed a private placement
transaction for 2,196,133 shares of restricted shares of the Company at a price
of $.40 per share (such price, the “Fair Market Value”). The Company
deems that such sales constitute the Fair Market Value as of the date hereof for
the all of the securities issued to you under this Agreement. 

(ii)

Sign on Restricted Stock Grant.

	 	(a) 	
      You shall receive upon the execution of this Agreement,
      Four Million (4,000,000) Shares of Common Stock (the “Restricted
      Stock”).

	 	 	 
	 	(b) 	
      The Restricted Stock shall vest
upon:

	 	a. 	the following milestone schedule: 
	 	  	 
	 	o 	1/4 shall vest upon the Company starting the
      Phase Ib/IIb human study; 
		o 	1/4 shall vest upon the Company in-licensing
      additional assets (e.g. valuable IP, compounds or drug products) in
      clinical or pre-clinical stage; 
		o 	1/4 shall vest upon the Company securing
      additional non-dilutive equity funding in 2013 (i.e. at share price higher
      than the previous funding) of at least $5M in cash; 
		o 	1/4 shall vest upon the Employer or any of its
      subsidiaries listing at a major stock exchange like NYSE, NYSE MKT or
      NASDAQ. 

You shall have the authority to direct and carry out the
milestones set forth above.

(iii)

In addition to any other bonus compensation afforded you
hereunder, the Employer shall annually issue bonus compensation to you in an
amount equal to the aggregate of all taxes due upon the vesting of the
Restricted Stock. If the Employer does not have sufficient working capital and/or funding capability to timely
make the payments required under this subsection (defined as payment amount is
more than 15% of Company’s treasury), the Employer shall be entitled to make
such payment in shares of Common Stock of the Employer.

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(iv)

In the case of a Change in Control (as defined in Paragraph 9
below), all of the Restricted Stock shall fully vest.

5. Benefits.

(a) During the Employment Term, you shall be entitled to
participate in such life and medical insurance, pension and other employee
benefit plans as the Company may have or establish from time to time. You shall
be entitled to four (4) weeks paid vacation during each calendar year during the
Employment Term.

(b) Employer shall provide you with appropriate, in your
discretion, life insurance during the Employment Term at Employer’s cost, the
beneficiary or beneficiaries of which shall be designated by you or the assignee
of such policy.

6. Business Expenses, Perquisites. 

(a) During the Employment Term, you shall be reimbursed for
such reasonable travel and other expenses incurred in the performance of your
duties hereunder.

(b) Employer shall pay all fees and expenses of your counsel
and other fees and expenses which you may incur in an effort to establish
entitlement to compensation or other benefits under this Agreement in accordance
with Paragraph 10. 

(c) Employer shall provide and maintain adequate D&O
insurance throughout the Employment Term and in any case in an amount not less
than Two Million Dollars ($2,000,000). 

7. Confidential Information. 

(a) Company Information. You agree at all times during
the term of your employment and thereafter, to hold in the strictest confidence,
and not to use, except for the benefit of the Company, or to disclose to any
person, firm or corporation without written authorization of the Board, any
confidential Information of the Company, except under a non-disclosure agreement
duly authorized and executed by the Company. You understand that
“Confidential Information” means any non-public information that relates
to the actual or anticipated business or research and development of the
Company, technical data, trade secrets or know-how, including, but not limited
to, research, product plans or other information regarding Company’s products or
services and markets therefore, customer lists and customers (including, but not
limited to, customers of the Company on whom you called with whom you became
acquainted during the term of your employment), software developments,
inventions, processes, formulas, technology, designs, drawings, engineering,
hardware configuration information, marketing, finances or other business
information. 

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You further understand that Confidential Information does not
include any of the foregoing items that have become publicly known and made
generally available through no wrongful act of yours or of others who were under
confidentiality obligations as to the item or items involved or improvements or
new versions thereof.

(b) Former Employer Information. You agree that you will
not, during your employment with the Company, improperly use or disclose any
proprietary information or trade secrets of any former employer or other person
or entity and that you will not bring onto the premises of the Company any
unpublished document or proprietary information belonging to any such employer,
person or entity unless consented to in writing by such employer, person or
entity.

(c) Third Party Information. You recognize that the
Company has received and in the future will receive from third parties their
confidential or proprietary information subject to a duty on the Company’s part
to maintain the confidentiality of such information and to use it only for
certain limited purposes. You agree to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person,
firm or corporation or to use it except as necessary in carrying out your work
for the Company consistent with the Company’s agreement with such third
party.

(d) Employer Ownership. The results and proceeds of your
services to the Company, whether or not created during the Employment Term,
including, without limitation, any works of authorship resulting from your
services and any works in progress resulting from such services, shall be
works-made-for-hire and Employer shall be deemed the sole owner throughout the
universe of any and all rights of every nature in such works, with the right to
use, license or dispose of the works in perpetuity in any manner Employer
determines in its sole discretion without any further payment to you, whether
such rights and means of use are now known or hereafter defined or
discovered.

8. Incapacity. In the event you become totally medically
disabled and you will not be able to substantially perform your duties for at
least six (6) consecutive months or a total of one hundred eighty (180) days
during any two hundred seventy (270) day period, the Board, at any time after
such disability has continued for sixty (60) consecutive days, may determine,
provided such determination is made while the disability is still in effect,
that Employer requires such duties and responsibilities be performed by another
executive. In the event that you become “disabled” within the meaning of such
term under Employer’s Short-Term Disability (STD) and its Long-Term Disability
(LTD) program, you will first receive benefits under the STD program
for the first twenty-six (26) weeks of absence in accordance with such program,
which will be equal to your salary, and the amount of such benefits will offset
any salary that otherwise would be paid to you pursuant to this Agreement.
Thereafter, you will be eligible to receive benefits under the LTD program in
accordance with its terms.

5

 For purposes of this Agreement, you will be
considered to have experienced a termination of employment with Employer as of
the date you first become eligible to receive benefits under the LTD program,
and until that time you shall be treated for all purposes of this Agreement as
an active employee of Employer. Upon receipt of benefits under the LTD program,
you will also be entitled to receive the following in accordance with the
payment provisions set forth in Paragraph 9(d)(iii) and subject to the
provisions of Paragraph 9(d)(v):

(i)

Employer will pay your Accrued Compensation and Benefits;

(ii)

Employer will pay you a prorated Bonus for the year of your
termination of employment based on your Target Bonus and the number of calendar
days of such year elapsed through the date of your termination of
employment;

(iii)

all of your outstanding unvested options will vest, and all
such options and all of your outstanding options that have previously vested
will remain exercisable for the greater of three years and the period provided
for under the terms of the applicable award agreement, but in no event beyond
their normal expiration date;

(iv)

all of your unvested and outstanding restricted stock and/or
restricted stock units and any other type of equity awards that are then
unvested and outstanding, in each case, as of the date on which the Employment
Term ends shall vest and be settled within ten (10) business days after your
termination date; and

(v)

Employer will continue to provide you with life insurance
coverage as set forth in Paragraph 5(b) until the end of the Original Employment
Term or, if earlier, the date on which you become eligible for at least as much
insurance coverage from a third party employer at such employer’s expense;
provided, however, that Employer may decrease the amount of life insurance
coverage it provides you so long as the amount of such coverage that it continues to provide, and the amount of such
coverage provided to you from a third party employer at such employer’s expense,
aggregates at least the amount set forth in Paragraph 5(b).

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9. Change in Control. Change in Control means the
occurrence of any of the following events: (i) any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial
owner” (as defined in Rule 13d-3 of the Exchange Act), directly or indirectly,
of securities of the Company representing fifty percent (50%) or more of the
total voting power represented by the Company’s then outstanding voting
securities; (ii) the consummation of the sale or disposition by the Company of
all or substantially all of the Company’s assets; or (iii) the consummation of a
merger or consolidation of the Company with any other corporation, other than a
merger consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity or its parent) fifty percent (50%) of the total voting power
represented by the voting securities of the Company or such surviving entity or
its parent outstanding immediately after such merger or consolidation.

10. Termination. 

(a) Termination for Cause. Employer may, at its option,
terminate your employment for Cause (as defined below). For purposes of this
Agreement, termination of your employment for “Cause” shall mean
termination of your employment due to any of the following:

(i) 

your engaging or participating in intentional acts of material
fraud against the Company;

 (ii)

your willful misfeasance having a material adverse effect on
the Company (except in the event of your incapacity as set forth in Paragraph
8);

(iii) 

your conviction of a felony; 

(iv)

your willful unauthorized disclosure of trade secret or other
confidential material information of the Company;

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(v)

your terminating your employment without Good Reason (as
defined below) other than for death or incapacity pursuant to Paragraph 8 (it
being understood that your terminating your employment during the Original
Employment Term without Good Reason prior to the end of the Original Employment
Term shall constitute “Cause”);

(vi)

your willful and material violation of any policy of the
Company that is generally applicable to all employees or all officers of the
Company including, but not limited to, policies concerning insider trading or
sexual harassment, Supplemental Code of Ethics for Senior Financial Officers,
and Employer’s Business Conduct Statement;

(vii)

your willful failure to cooperate fully with a bona fide
Company internal investigation or an investigation of the Company by regulatory
or law enforcement authorities whether or not related to your employment with
the Company (an “Investigation”), after being instructed by the Board to
cooperate or your willful destruction of or knowing and intentional failure to
preserve documents of other material known by you to be relevant to any
Investigation; or

(viii)

your willful and material breach of the provisions of this
Agreement.

For purposes of the foregoing definition, an act or omission
shall be considered “willful” if done, or omitted to be done, by you with
knowledge and intent. Anything herein to the contrary notwithstanding, Board
will give you written notice, not more than thirty (30) calendar days after the
occurrence of the event constituting “cause” comes to the attention of another
“executive officer” of Employer (as defined by the rules and regulations of the
Securities Exchange Commission for purposes of the Securities Exchange Act of
1934, as amended), prior to terminating this Agreement for the cause set forth
in clauses (i), (ii) (iv), (vi), (vii) and (viii) above. Such notice shall set
forth the nature of any alleged misfeasance in reasonable detail and the conduct
required to cure such misfeasance. Except for a breach which cannot by its
nature be cured, you shall have thirty (30) calendar days from your receipt of
such notice within which to cure and within which period Employer cannot
terminate this Agreement for the stated reasons, and, if so cured, after which
period Employer cannot terminate your employment under this Agreement for the
stated reasons. For purposes of this Agreement, no such purported termination of
your employment for cause set forth in clauses (i), (ii), (iv), (vi), (vii) and
(viii) above shall be effective without such notice.

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(b) Good Reason Termination. Upon written notice to
Employer, you may terminate your employment hereunder for “Good Reason”
at any time during the Original Employment Term not more than thirty (30)
calendar days after you become aware of the occurrence of the event constituting
Good Reason. Such notice shall state an effective date no earlier than thirty
(30) calendar days after the date it is given. Employer shall have thirty (30)
calendar days from the giving of such notice within which to cure and within
which period you cannot terminate your employment under this Agreement for the
stated reasons and, if so cured, after which you cannot terminate your
employment under this Agreement for the stated reasons; provided, however, that
this sentence shall not apply with respect to events which by their nature
cannot be cured. Good Reason shall mean, without your prior written consent,
other than in connection with the termination of your employment for “Cause” (as
defined above) or incapacity (as set forth in Paragraph 8) or as a result of
your death:

(i)

your removal from or any failure to re-elect you as President
and Chief Executive Officer of Employer;

(ii)

your failure to be elected or reelected to the Board at any
meeting of shareholders of the Company at which your term as director is
scheduled to expire or position of director is subject to a vote;

(iii)

the assignment to you by Employer of duties inconsistent with
the usual and customary duties associated with a chief executive officer of a
publicly traded company comparable to Employer;

(iv)

the diminution or withdrawal of a meaningful portion of your
authority or responsibilities as set forth in Paragraph 2;

(v)

a reduction in your Base Salary, Bonus, Target Bonus or other
compensation levels as the same may be increased from time to time during the
Employment Term;

(vi)

Employer’s requiring you to be based anywhere other than the
New York metropolitan area, except for required travel on the Company’s business;

9

(vii)

termination by you of your employment, during the thirty (30)
day period following the twelve-month anniversary of the date on which there
occurs a Material Event, based on your good faith determination that the
occurrence of the Material Event has adversely and materially affected your
ability to perform your CEO duties effectively; or

(viii)

any other material breach by Employer of its material
obligations hereunder, including but not limited to a breach of Paragraph 2.

For purposes of clause (vii) above, a Material Event shall have
occurred on the date on which a majority of the independent directors of the
Board ceases to consist of (1) those individuals constitute the independent
directors of the Board (the “Original Independent Directors”) and
(2) those successor independent directors who are elected or appointed to the
Board, either by a vote of the Board or by action of the shareholders of the
Employer pursuant to a recommendation by the Board, as a result of the death or
voluntary retirement or resignation of an Original Independent Director (or any
such successor), including a voluntary determination by such Original
Independent Director (or such successor) not to stand for re-election.

(c) Termination Without Cause. Employer may terminate
your employment without Cause at any time during the Original Employment Term by
written notice to you.

(d) Termination Payments, Etc.

(i)

Termination for Cause. In the event that Employer
terminates your employment for Cause, Employer shall promptly pay and provide
you with Accrued Compensation and Benefits. For purposes of this Agreement,
“Accrued Compensation and Benefits” shall consist of: (w) reimbursement
of any unpaid business expenses to which your are entitled to reimbursement
pursuant to Paragraph 6 that were incurred prior to the effective date of your
termination (the “Termination Date”); (x) your Base Salary through the
Termination Date (as such date is determined in accordance with Paragraph 10(a)
or 10(b), as applicable); (y) any Bonus with respect to any completed calendar
year that is determined by the Compensation Committee for you for each calendar
year in which you were employed but has not yet been paid; and (z) all other
vested compensation and benefits to which you are entitled as of the Termination
Date under the terms and conditions applicable to such compensation and
benefits, including vested stock options, restricted shares, restricted stock units, the Deferred Salary and
Deferred Compensation.

10

(ii)

Termination without Cause or Resignation with Good
Reason. In the event that Employer terminates your employment without Cause,
or if you resign your employment for Good Reason, you shall be entitled to
receive the following:

a.

Employer will pay and provide your Accrued Compensation and
Benefits;

b.

Employer will pay you a prorated Bonus for the year of your
termination of employment based on your Target Bonus and the number of calendar
days of such year elapsed through the date of your termination of
employment;

c.

Employer will pay you a severance payment (the “Severance
Payment”) as follows:

(i) Upon a termination of your employment without Cause at any
time during the Employment Term or by you for Good Reason prior: three (3) times
the sum of: (A) your annual Salary in effect at the time of termination (or, if
your Salary has been reduced in violation of this Agreement, your highest Salary
during the Employment Term); and (B) the average of the annual Bonuses payable
to you (whether or not actually paid) with respect to the last three completed
calendar years in which you served as the President and Chief Executive Officer
of Employer (or such fewer years you served in such capacity) prior to the
Termination Date.

(ii) Upon a termination of your employment for Good Reason
during the Employment Term: the sum of: (A) three (3) times your annual Salary
in effect at the time of termination (or, if your Salary has been reduced in
violation of this Agreement, your highest Salary during the Employment Term);
and (B) two (2) times the average of the annual Bonuses payable to you (whether
or not actually paid) with respect to the last three completed calendar years in
which you served as the President and Chief Executive Officer of Employer (or
such fewer years you served in such capacity) prior to the Termination Date.

d.

All of your outstanding unvested Employer stock options will
vest, and all such options and all of your outstanding Employer stock options
that have previously vested will remain exercisable for (i) in the event such termination of
employment is by Employer without Cause, the greater of the period provided in
accordance with the provisions of grant, or for three (3) years from the end of
Employment Term and (ii) in the event such termination of employment is by you
for Good Reason, the third anniversary of the date of such termination, but in
each case, in no event beyond their normal expiration date;

11

e.

All of your unvested and outstanding restricted stock and/or
restricted stock units and any other type of equity awards that are then
unvested and outstanding, in each case, as of the date on which the Employment
Term ends shall vest and be settled within ten (10) business days after your
Termination Date;

f.

Employer will continue to provide you with life insurance
coverage as set forth in Paragraph 5(b) until the end of the Original Employment
Term (without regard to any earlier termination of the Employment Term) or, if
earlier, the date on which you become eligible for at least as much insurance
coverage from a third party employer at such employer’s expense; provided,
however, that Employer may decrease the amount of life insurance coverage it
provides you so long as the amount of such coverage that it continues to
provide, and the amount of such coverage provided to you from a third party
employer at such employer’s expense, aggregates at least the amount set forth in
Paragraph 5(b); and

g.

You and your eligible dependents shall be entitled to continued
participation at your sole cost, in all medical, dental and hospitalization
benefit plans or programs (the “Health and Welfare Benefits”) in
which you and/or they were participating on the date of the termination of your
employment until the earlier of (A) 36 months following termination of your
employment and (B) the date, or dates, you receive equivalent coverage and
benefits under the plans and programs of a subsequent employer (the
“Continuation Period”); but only to the extent that you make a
payment to Employer in an amount equal to the monthly premium payments (both the
employee and employer portion) required to maintain such coverage for a
similarly situated active employee (and such employee’s dependants) of Employer
on or before the first day of each calendar month commencing with the first
calendar month following Termination Date and Employer shall reimburse you (on a
tax-grossed up basis) for the amount of such premiums, if any, in excess of any
employee contributions necessary to maintain such coverage for the Continuation
Period; provided, however, that, in the event Employer is unable to provide you
with the Health and Welfare Benefits during the Continuation Period under the
terms of the applicable Employer plan(s), Employer shall obtain comparable
coverage for you and your dependants at no additional cost to you (including on a
tax-grossed basis, if applicable) during the Continuation Period. 

12

11. Death. If you die during the Employment Term, your
beneficiary or estate shall be entitled to receive the following:

(i)

Employer will pay your Accrued Compensation and Benefits
through the date of your death;

(ii)

Employer will pay a prorated Bonus for the year of your death
based on your Target Bonus and the number of calendar days elapsed during the
year through the date of your death;

(iii) all of your outstanding unvested Employer stock options
will vest; (iv)

all such options and all of your outstanding options that have
previously vested will remain exercisable for the period provided for under the
terms of the applicable award agreement; and

(v)

all of your unvested and outstanding Restricted Stock and/or
Restricted Stock Units and any other type of equity award will vest and be
settled within ten (10) business days after the date of your death.

12. Indemnification. The Company shall indemnify you to
the fullest extent allowed under applicable law. In connection therewith, the
Company and you shall enter into an indemnification agreement, in substantially
the form attached hereto as Appendix A, on the execution date of this
Agreement. 

13. Disputes. Any disputes between the parties to this
Agreement shall be settled by arbitration in New York, New York under the
auspices of the American Arbitration Association, before a panel of three (3)
arbitrators, in accordance with the National Rules for the Resolution of
Employment Disputes promulgated by the Association. Each party shall select an
arbitrator and the two (2) arbitrators shall select a third and these three
arbitrators shall form the panel. The decision in such arbitration shall be
final and conclusive on the parties and judgment upon such decision may
be entered into in any court having jurisdiction thereof.

13

 Costs of the
arbitration or litigation, including, without limitation, reasonable attorneys’
fees and expenses of both parties, shall be borne by Employer if you prevail on
at least one of the issues that is the subject of the arbitration. If you do not
so prevail, you and Employer shall equally share costs of the arbitration or
litigation and your attorneys’ fees, and the Employer shall bear its own
attorneys’ fees and expenses. In any case the Employer shall bear all your
reasonable attorneys’ fees and expenses upfront. Nothing herein shall prevent
Employer from seeking equitable relief in court as provided for in Paragraph
7(i) or shall prevent either party from seeking equitable relief in court in aid
of arbitration under applicable law.

After this Agreement has been executed by Employer and a fully
executed copy returned to you via email / pdf or fax, it shall constitute a
binding agreement between us.

Very truly yours,

	Anavex Life Sciences Corporation 	      June 27th, 2013 

	/s/ Tom
    Skarpelos	 
	Name: Tom Skarpelos 	 
	Title: Director 	 

ACCEPTED AND AGREED:

	/s/ Christopher
      Missling 	 
	 
	Christopher Missling, PhD 	      July 5th, 2013 

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APPENDIX A

INDEMNIFICATION AGREEMENT

     THIS INDEMNIFICATION AGREEMENT
(the “Agreement”) is made on July 5th, 2013, by and between Anavex
Life Sciences Corporation, a Nevada corporation (the “Company”),
and Christopher Missling, PhD (the “Indemnitee”).

     In consideration of the
Indemnitee’s past and future services to or on behalf of the Company and to
benefit the Company, the Company and the Indemnitee hereby agree as follows:

     1. DEFINITIONS. For the
purposes of this Agreement: a) “Claim” means any threatened, pending or
completed action, suit or proceeding, liability, claim, damage, judgment, cost
or expense (including attorneys’ fees, expenses, bonds and costs of
investigation) or any inquiry or investigation that the Indemnitee in good faith
believes might lead to the institution of any such action, suit or proceeding,
whether civil, criminal, administrative, investigative or other. b)
“Independent Counsel” means a law firm or member of a law firm that has
not within the last five years represented the Company or the Indemnitee in a
matter material to either or in a matter material to any other party to the
action, suit or proceeding giving rise to the Indemnitee’s claim for
indemnification under this Agreement. Independent Counsel shall not include any
member of a law firm who would have a conflict of interest under applicable
standards of professional conduct in representing the Company or the Indemnitee
in an action hereunder. Such Independent Counsel shall be chosen by the
Indemnitee and approved by the Board of Directors of the Company (the “Board
of Directors”) which approval shall not be unreasonably withheld. c)
“Reviewing Party” means (1) the Board of Directors of the Company by a
majority vote of a quorum consisting of directors who were not parties to the
action, suit, or proceeding, or (2) if such a quorum is not obtainable, or, even
if obtainable a quorum of disinterested directors so directs, by Independent
Counsel in a written opinion, or (3) by the shareholders of the Company. 

     2. INDEMNITY. Subject to
Sections 8 and 9 hereof, the Company agrees to indemnify and hold the Indemnitee
harmless, to the fullest extent permitted by law, including, but not limited to,
the extent and in the manner herein provided, from and against any and all
Claims of any type arising from or related to his past or future acts or
omissions as a director or officer of the Company and/or its subsidiaries (which
term shall mean any entities of which the Company owns directly, or through any
such subsidiaries, at least 50% of the voting stock (hereinafter referred to as
“Subsidiaries”)), as applicable. This indemnity shall extend to all
matters except to the extent applicable law prohibits indemnification.

     3. JUDGMENTS. Subject to
Sections 8 and 9 hereof, the Company agrees to promptly pay on behalf of the
Indemnitee any and all judgments against the Indemnitee for damages arising from
acts or omissions as a director or officer of the Company and/or its
Subsidiaries when any such judgment becomes final and subject to execution
against the Indemnitee, to the full extent allowable under applicable law.

     4. APPEAL BONDS. Subject
to Sections 8 and 9 hereof, the Company shall pay the cost of, provide
collateral for and cause to be timely and duly filed in Court, appellate bonds
to prevent execution of judgment against the Indemnitee during the pendency of
appeals as the Indemnitee may reasonably initiate, to the full extent allowable
under applicable law.

     5. COST OF DEFENSE.
Subject to Sections 8 and 9 hereof, the Company shall promptly pay the
reasonable cost of the defense of the Indemnitee against any and all Claims
against him arising from the Indemnitee’s past or future acts or omissions as a
director or officer of the Company and/or its Subsidiaries when statements for
legal services are delivered to the Company or the Indemnitee (including any
required retainer amounts), to the full extent allowable under applicable
law.

     6. FINES, COSTS, FEES.
Subject to Sections 8 and 9 hereof, the Company shall promptly pay on the
Indemnitee’s behalf any fines, court costs, legal fees or other charges assessed
against him related to any Claim where allegations against the Indemnitee arise
from his acts or omissions as a director or officer of the Company and/or its
Subsidiaries, to the full extent allowable under applicable law.

15

     7. ADVANCE PAYMENT OF
EXPENSES. Expenses incurred by the Indemnitee in connection with defending a
Claim shall be paid by the Company as they are incurred and in advance of the
final disposition of such Claim within twenty (20) days of receipt of an
undertaking by the Indemnitee, in substantially the same form as Exhibit “A”
hereto, to repay such amount if it is ultimately determined by a court of
competent jurisdiction that he is not entitled to be indemnified by the Company.
If the Company fails to advance any amounts required to be advanced under this
Section 7 within twenty (20) days after receipt of an undertaking by the
Indemnitee, the Indemnity may at any time thereafter bring suit against the
Company for specific performance or to recover the unpaid amount. If successful
in whole or in part, the Indemnitee shall also be entitled to be paid the
expense of prosecuting such claim.

     8. GENERAL RIGHT TO
INDEMNIFICATION. Upon written demand by the Indemnitee for indemnification
under the terms of this Agreement (unless otherwise ordered by a court or
advanced pursuant to Section 7 hereof or advanced pursuant to applicable law, as
the same may be amended from time to time (but, in the case of any such
amendment with reference to events occurring prior to the effective date
thereof, only to the extent that such amendment permits the Company to provide
broader indemnification rights than such law permitted the Company to provide
prior to such amendment)), the Indemnitee shall be entitled to such
indemnification unless the Reviewing Party determines within thirty (30) days of
receiving Indemnitee’s written demand that the Indemnitee would not be permitted
to be indemnified under applicable law. The Indemnitee and its counsel shall be
given an opportunity to be heard and to present evidence on the Indemnitee’s
behalf before the Reviewing Party. If the Reviewing Party determines that the
Indemnitee is not entitled to indemnification, the Reviewing Party shall provide
the Indemnitee, concurrently with its determination, a detailed written
explanation setting forth its reasons. The failure to provide the Indemnitee
with a detailed written explanation shall entitle the Indemnitee to a
presumption that the Indemnitee has met the applicable standard of conduct and
that the unfavorable determination was wrongful in any subsequent suit brought
by either the Indemnity or the Company to determine whether the Indemnitee is
entitled to indemnification.

     9. RIGHT OF INDEMNITEE TO
BRING SUIT. 

          a)
If there has been no determination by the Reviewing Party or if the Reviewing
Party determines that the Indemnitee substantively would not be permitted to be
indemnified in whole or in part under applicable law, the Indemnitee shall have
the right to bring suit seeking an initial determination by the court or
challenging any such determination by the Reviewing Party or any aspect thereof
(and the Indemnitee shall be entitled to any presumption specified in Section 8
hereof), and the Company hereby consents to service of process and to appear in
any such proceeding. Any determination by the Reviewing Party otherwise shall be
conclusive and binding on the Company and the Indemnitee. 

          b)
In any action brought by the Indemnitee to enforce a right to indemnification
hereunder, or by the Company to recover payments by the Company of expenses
incurred by the Indemnitee in connection with a Claim in advance of its final
disposition, the burden of proving that the Indemnitee is not entitled to be
indemnified under this Agreement or otherwise shall be on the Company. Neither
the failure of the Company or the Reviewing Party to have made a determination
prior to the commencement of such action that indemnification of the Indemnitee
is proper in the circumstances because the Indemnitee has met the applicable
standard of conduct set forth under applicable law, nor an actual determination
by the Company or the Reviewing Party that the Indemnitee has not met such
applicable standard of conduct, shall create a presumption that the Indemnitee
has not met the applicable standard of conduct or, in the case of such an action
brought by the Indemnitee, be a defense to the Claim. 

          c)
The Company shall pay all expenses (including attorneys’ fees) actually and
reasonably incurred by the Indemnitee in connection with such judicial
determination, whether or not the Indemnitee prevails in such proceeding.

     10. INSURANCE. If a loss,
payment or expense contemplated by this Agreement is paid by the Company and is
also covered by collectible insurance, the Indemnitee shall cooperate with the
Company to effect collection of all available insurance and through assignment,
reimbursement to the Company or otherwise exercise all reasonable efforts to
cause applicable insurance benefits to be paid to or on behalf of the Company,
thus reducing the Company’s payments under this Agreement.

     11. LAW, CONSTRUCTION,
ARBITRATION. This Agreement is to be liberally construed to provide the
Indemnitee with the broadest indemnity permitted by applicable law and
ambiguities in the terms of this Agreement, if any, choice of law, or
construction of laws are to be resolved in the Indemnitee’s favor. The
Indemnitee shall be entitled to the benefits of all changes in law, whether
effected by statute, regulation, rule, judicial decision or otherwise, which in
any way expand his right to be indemnified by the Company or to have the Company
advance his expenses. The laws of the State of New York shall apply.

16

     12. OTHER MEANS OF
INDEMNITY. The Company acknowledges that the benefits to the Indemnitee of
this Agreement are not exclusive and that the Indemnitee retains all rights of
indemnity or repayment from the Company that are available to him by applicable
law, other agreements, the Articles of Incorporation and By-Laws of the Company
and/or its Subsidiaries or by vote of the Board of Directors or shareholders of
the Company.

     13. SUBROGATION. In the
event of payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of the Indemnitee, who
shall execute all papers required and shall do everything that may be necessary
to secure such rights, including the execution of such documents necessary to
enable the Company to bring suit to enforce such rights.

     14. NO DUPLICATION OF
PAYMENTS. The Company shall not be liable under this Agreement to make any
payment in connection with any Claim made against the Indemnitee to the extent
the Indemnitee has otherwise actually received payment (under any insurance
policy or otherwise).

     15. TERM. This Agreement
shall remain in full force and effect until terminated by the mutual consent of
the parties in writing. Termination of the Indemnitee’s status as a director or
officer of the Company and/or its Subsidiaries does not terminate this
Agreement. This Agreement shall inure to the benefit of the Indemnitee, his
estate, heirs, and the personal representative (executor/administrator) of his
estate.

     16. GOOD FAITH. If any
dispute arises under this Agreement or any attack is made by any party related
to the enforcement of this Agreement, it shall be conclusively presumed that the
Indemnitee acted in good faith in executing this Agreement and for the best
interest of the Company. The Company acknowledges that it is fully informed of
all decisions and votes made by the Indemnitee in the past, if any, and
recognizes its right to keep itself informed in the future.

     17. DEFENSE. If any claim
is threatened or commenced against the Indemnitee other than by or on behalf of
the Company, he shall notify the Company in writing. His failure to do so or to
do so promptly, however, shall not diminish his rights under this Agreement
except to the extent the Company demonstrates by clear and convincing evidence
that his failure caused it actual damage. The Company may assume the defense of
the claim, but only if it pays all costs and expenses of defense, acknowledges
to the Indemnitee in writing that it is obligated to indemnify him with respect
to the claim, and permits him to select defense counsel. Any counsel the
Indemnitee selects shall be reasonably satisfactory to the Company. If the
Company assumes the defense, the Indemnitee shall cooperate with the Company in
that defense if it pays his costs and expenses of doing so. The Company shall
not settle any claim in any manner which would impose a penalty, liability or
limitation on the Indemnitee unless the Indemnitee first consents to the
settlement in writing. He shall not withhold his consent unreasonably.

     18. SEVERABILITY. If any
provision of this Agreement shall be held to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions (including portions of any paragraph of this Agreement containing an
invalid, illegal or unenforceable provision) shall not be impaired. To the
extent practicable, any invalid, illegal or unenforceable provision of this
Agreement shall be deemed modified as necessary to comply with all applicable
laws.

     19. AMENDMENTS AND
WAIVERS. No amendment of this Agreement shall be binding unless the
amendment is written and executed by both parties. Any waiver of a provision of
this Agreement shall not constitute a waiver of any other provision.

     20. SPECIFIC PERFORMANCE.
The parties hereto agree that irreparable damage would occur in the event that
any provision of this Agreement was not performed in accordance with the terms
hereof and that the parties shall be entitled to specific performance of the
terms hereof, in addition to any other remedy at law or in equity.

     IN WITNESS WHEREOF, the
parties hereto have caused this Indemnification Agreement to be duly executed as
of the date first above written.

By: Anavex Life Sciences Corporation

	Tom Skarpelos	 	Christopher Missling
	  	 	  
	Name: Tom Skarpelos 	 	Name: Christopher Missling, PhD 
	Title: Director 	 	  

17

EXHIBIT “A”

UNDERTAKING

WHEREAS, the undersigned is a defendant in an action
brought in (insert name and location of court) entitled (insert name and number
of action) (the “Action”); and

WHEREAS, the Board of Directors of ___________ , a
_______ corporation (the “Corporation”), has authorized, subject to
receipt by the Corporation of an appropriate undertaking, the payment by the
Corporation in advance of the final disposition of the Action of expenses
(including, without limitation, attorneys’ fees) reasonably incurred by the
undersigned in defending the Action; and

WHEREAS, any amounts paid to or on behalf of the
undersigned in advance of the final disposition of the Action by the Corporation
for expenses (including, without limitation, attorneys’ fees) reasonably
incurred in defending the Action shall be paid without prejudice to any rights
to which the Corporation or the undersigned may otherwise be entitled;

NOW, THEREFORE, the undersigned does hereby undertake to
repay to the Corporation any amounts heretofore or hereafter paid by the
Corporation to or on behalf of the undersigned in advance of the final
disposition of the Action for expenses (including, without limitation,
attorneys’ fees) actually and reasonably incurred in defending the Action, if it
shall ultimately be determined that the undersigned is not entitled to be
indemnified by the Corporation pursuant to applicable law or the Corporation’s
By-Laws.

Dated:

__________________________________

18

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