Document:

Exhibit
10.62

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered
into as of the 21st day of January, 2003, by and between Inamed Corporation, a
Delaware corporation (the “Corporation”), and Vicente Trelles (the “Executive”)
(collectively, the “Parties”).  The Parties,
intending to be legally bound, agree as follows:

1.                                       DEFINITIONS. 
In addition to certain terms defined elsewhere in this Agreement, the
following terms shall have the following respective meanings:

1.1                                 “Affiliate”
shall mean any Person controlling, controlled by or under common control with,
the Corporation.

1.2                                 “Base Salary”
shall mean the salary provided for in Section 2.4 of this
Agreement.

1.3                                 “Board” shall
mean the Board of Directors of the Corporation.

1.4                                 “Cause” shall
mean that the Executive:

(a)                                  has been convicted of any felony or any
crime involving fraud, theft, embezzlement, dishonesty or moral turpitude;

(b)                                 has engaged in conduct which is
materially injurious to the Corporation or its Affiliates, or any of their
respective customer or supplier relationships, financially or otherwise;

(c)                                  has failed to perform his duties as
required under Section 2 to the reasonable satisfaction of the
Board after being provided with notice thereof and thirty (30) days opportunity
to remedy such failure; or

(d)                                 in carrying out his duties under this
Agreement, has engaged in acts or omissions constituting gross negligence or
willful misconduct resulting, in either case, in material harm to the
Corporation.

1.5                                 “Change in Control”
shall be deemed to have occurred if.

(a)                                  Any “person”, as such term is used in Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”) (other than the Corporation, any trustee or other fiduciary holding securities
under an employee benefit plan of the Corporation, or any corporation owned,
directly or indirectly, by the stockholders of the Corporation in substantially
the same proportions as their ownership of stock of the Corporation), becomes
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the 

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                                                Corporation representing fifty-one
percent (51 %) or more of the combined voting power of the Corporation’s then
outstanding securities; provided, however, that a change in the
proportion of Appaloosa Management, L.P.’s ownership of stock of the
Corporation shall not constitute a Change in Control under this Subsection 1.5(4);

(b)                                 During any period of two (2) consecutive
years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Board, and any
new director (other than a director(s) designated by a person who has entered into
an agreement with the Corporation to effect a transaction described in clause
(a), (c) or (d) of this subsection) whose election by the Board or nomination
for election by the Corporation’s stockholders was approved by a vote of at
least two-thirds (2/3) of the directors then still in office who either were
directors at the beginning of the period or whose election or nomination for
election was previously so approved, cease for any reason to constitute at
least a majority thereof;

(c)                                  The stockholders of the Corporation
approve a merger or consolidation of the Corporation with any other
corporation, other than (i) a merger or consolidation which would result in the
voting securities of the Corporation outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted
into voting securities of the surviving entity) more than fifty (50%) of the
combined voting power of the voting securities of the Corporation or such
surviving entity outstanding immediately after such merger or consolidation or
(ii) a merger or consolidation effected to implement a recapitalization of the
Corporation (or similar transaction) in which no “person “ (as defined above)
acquires more than twenty percent (20%) of the combined voting power of the
Corporation’s then outstanding securities; or

(d)                                 the stockholders of the Corporation
approve an agreement for the sale or disposition by the Corporation of all or
substantially all of the Corporation’s assets.

1.6                                 “Corporation Property”
shall mean all items and materials provided by the Corporation to the
Executive, or to which the Executive has access, in the course of his
employment, including, without limitation, all files, records, documents,
drawings, specifications, memoranda, notes, reports, manuals, equipment,
computer disks, videotapes, drawings, blueprints and other documents and
similar items relating to the Corporation, its Affiliates or their respective
customers, whether prepared by the Executive or others, and any and all copies,
abstracts and summaries thereof.

1.7                                 “Competition”
shall mean any direct or indirect research on, or development, production,
marketing, leasing or selling of, any product, process or service which is the
same as, similar to, or in competition with, any line of business or research
in which the Corporation or any Affiliate is now engaged or hereinafter
engages.

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1.8                                 “Confidential Information”
shall mean all nonpublic and/or proprietary information and trade secrets
respecting the business of the Corporation or any Affiliate, including, without
limitation, its products, programs, projects, promotions, marketing plans and
strategies, business plans or practices, business operations, employees,
research and development, intellectual property, software, databases,
trademarks, pricing information and accounting and financing data.  Confidential Information also includes
information concerning the Corporation’s or any Affiliate’s customers or
clients, such as their identity, address or any other information kept by the
Corporation or any Affiliate concerning its customers whether or not such
information has been reduced to documentary form.  Confidential Information does not include
information that is, or becomes, available to the public unless such
availability occurs through an unauthorized act on the part of the
Executive.  In the course of his
employment hereunder, the Executive shall not be provided with confidential information
concerning Appaloosa Management, L.P., and no such information shall be deemed
to be Confidential Information under this Agreement.

1.9                                 “Disability”
shall mean a physical or mental incapacity that prevents the Executive from
performing the essential functions of his position with the Corporation for a
period of one hundred eighty (180) days as determined (a) in accordance with
any long-term disability plan provided by the Corporation of which the
Executive is a participant, or (b) by the following procedure: The Executive
agrees to submit to medical examinations by a licensed healthcare professional
selected by the Corporation, in its sole discretion, to determine whether a
Disability exists.  In addition, the
Executive may submit to the Corporation documentation of a Disability, or lack
thereof, from a licensed healthcare professional of his choice.  Following a determination of a Disability or
lack of Disability by the Corporation’s or the Executive’s licensed healthcare
professional, the other Party may submit subsequent documentation relating to
the existence of a Disability from a licensed healthcare professional selected
by such other Party.  In the event that
the medical opinions of such licensed healthcare professionals conflict, such
licensed healthcare professionals shall appoint a third licensed healthcare
professional to examine the Executive, and the opinion of such third licensed
healthcare professional shall be dispositive.

1.10                           “Good Reason”
shall mean and exist if, without the Executive’s prior written consent, one or
more of the following events occurs:

(a)                                  the Executive is excluded from
participation in any employee benefit plan or program offered to other
similarly ranked executives of the Corporation or his benefits under such plans
or programs are materially reduced;

(b)                                 within 12 months following a Change in
Control, the Executive is asked to relocate to a location other than one in
either Santa Barbara County, Ca., or Ventura County, Ca.; or

(c)                                  the Corporation fails to reimburse the
Executive for business expenses in accordance with the Corporation’s policies,
procedures or practices; provided, however, that none of the
foregoing shall constitute Good Reason if (i) the Executive gives the
Corporation timely notice of his intent to terminate for Good Reason and the
Corporation cures or remedies 

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                                                the reasons cited by the Executive in
said notice within thirty (30) days of receipt of said notice, or (ii) sixty
(60) days or more have passed between the event(s) constituting Good Reason and
the Executive’s giving notice that he is terminating his employment for Good
Reason.

1.11                           “Person” shall
mean any individual, firm, partnership, association, trust, company,
corporation or other entity.

1.12                           “Severance Period”
shall mean the period of time for which Base Salary payments are made to the
Executive following termination pursuant to sections 6.3 and 7.2 of this
Agreement.

2.                                       SERVICES, COMPENSATION,
AND TERM

2.1                                 Title and Duties. 
Corporation agrees to employ Executive as Executive Vice President,
Chief Operations Officer and Executive agrees to undertake the duties of that
position (hereinafter referred to as “Services”).  Executive shall perform the duties
customarily performed by one holding such position in similar business.  Executive shall also render such other duties
as may be assigned to him from time to time. 
Executive will report directly to the President.

2.2                                 Best Efforts. 
Executive will serve Corporation faithfully under the direction of its
CEO/President and Board of Directors. 
Executive shall devote his full time and best efforts to performing the
Services.  Executive shall act at all
times in accordance with what he reasonably believes is in the best interest of
Corporation to the best of his ability, experience, and talents.  Executive shall devote his time, energy, and
skills solely to the business and interests of Inamed Corporation.

2.3                                 Corporate Authority. 
Executive will comply with the Corporation’s corporate policies and
procedures.

2.4                                 Compensation. 
As Executive’s compensation for the Services, Corporation will pay
Executive base pay compensation of $289,000.00.

2.5                                 Stock Options. 
Not applicable at this time. 
Given any conflict between this agreement and existing or future Option
agreements, this agreement shall prevail.

2.6                                 Lock-Up Agreements. 
The Executive will execute any other documents reasonably required by
the Corporation in connection with the Options, including, without limitation,
any reasonable lock-up or similar agreements required by the Corporation’s
underwriters in connection with any offering of the Corporation’s securities.

2.7                                 Term. 
This agreement shall be effective on January 21, 2003 (the “Effective
Date”), and shall continue for a period of one (1) year from the Effective
Date; provided, however, that this Agreement shall be extended
automatically at the end of the initial term for a one (1) year term and
thereafter for successive one (1) year terms if neither Party has advised the
other in writing in accordance with Subsection 8.1 at least sixty
(60) days prior to the end of the then current term that such term will not be
extended for an additional one (1) year term. 
The 

 

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initial
one (1) year term and each successive one (1) year term (if any) shall be
referred to herein as the “Term of Employment”.

3.                                       DUTY OF LOYALTY.

3.1                                 Executive’s Position of
Trust.  As a result of the Executive’s employment,
the Executive will have access to Confidential Information.

3.2                                 Obligations During the
Term.  The Executive agrees that during the Term of
Employment he shall diligently devote his time and efforts to the duties and
responsibilities assigned to his by the Corporation, and without prior express
written authorization of the Board, the Executive shall not, directly or
indirectly, either alone or in concert with others, engage in any of the
following activities:

(a)                                  Perform or render any services of a
business, professional or commercial nature, relating to services or products
competitive with the Corporation, to or for the benefit of himself or any other
person or entity, whether for compensation or otherwise, except for personal
investments and other activities approved by the Corporation;

(b)                                 Engage in any activity directly or
indirectly in competition with or adverse to the Corporation;

(c)                                  Engage in any activity for purpose of
influencing or attempting to influence the Corporation’s customers, either
directly or indirectly, to conduct business with any business enterprise in
competition with the Corporation; or

(d)                                 Undertake or participate in any planning
for or organization of any business activity that is or will be in competition
with the Corporation in any field(s) or area(s) in which the Executive has
worked or with which the Executive has come into contact, or of which the
Executive has gained knowledge during the Term of Employment.

3.3                                 Post-Employment
Obligations.  As a condition of the Executive’s having
access to Confidential Information, and in consideration of the payments and benefits
provided hereunder, the Executive agrees that for a period of twelve (12)
months after termination of his employment, or for the duration of a Severance
Period, whichever is greater, regardless of the reason, the Executive will not,
directly or indirectly, either for himself or for any other person or entity,
whether as an agent, consultant, employee, officer, director, investor,
partner, shareholder, proprietor or in any other individual or representative
capacity (excluding the holding for investment of less that five percent (5%)
of the outstanding securities of any corporation which are regularly traded on
a recognized stock exchange), do any of the following:

(a)                                  the Executive will not undertake any
employment or activity wherein the loyal and complete fulfillment of the duties
of that employment or activity would call upon the Executive to make judgments
on or otherwise to use 

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                                                any Confidential Information that is
covered by this Agreement or the Intellectual Property and Confidentiality
Agreement.

(b)                                 Divert or take away (or attempt to divert
or take away), any of the Corporation’s present, former or prospective
customers, including, but not limited to, those upon whom he called, met with
or became acquainted with while engaged as an employee of the Corporation;

(c)                                  Interfere with the contractual or
business relationships of the Corporation;

(d)                                 Solicit or attempt to solicit any
employees or clients of the Corporation; or

(e)                                  Slander or disparage the Corporation, or
undertake any activity which adversely impacts, or is reasonably likely to
impact, the goodwill of the Corporation and its business opportunities.

The Parties agree that
Article 5 of Exhibit B hereto (as identified in Section 4 below) shall
apply only during the Term of Employment and for a period of twelve (12) months
thereafter.

3.4                                 Corporation Property. 
The Executive agrees that upon termination of his employment by the
Corporation for any reason, or at such earlier time as the Corporation may
request, the Executive shall forthwith return to the Corporation all documents
and other property in his possession belonging to the Corporation or any of its
Affiliates.

3.5                                 Severability. 
Each of the covenants of this section shall be construed as separate
covenant covering the subject matter in each of the separate counties and
states in the United States and governmental subdivisions outside of the United
States (collectively, the “Governmental Units”).  To the extent that any covenant is determined
by a court of competent jurisdiction to be unenforceable in any one or more of
said Governmental Units, said covenant shall not be affected with respect to
any other Governmental Unit, each covenant with respect to each Governmental
Unit being construed as severable and independent.

4.                                       INTELLECTUAL PROPERTY AND
CONFIDENTIALITY AGREEMENT.

The Executive has
executed or will concurrently herewith execute the Corporation’s Intellectual
Property and Confidentiality Agreement in the form that is attached hereto as Exhibit B,
the terms of which are incorporated herein by reference.  Nothing in Article 3 of Exhibit B shall
prohibit the Executive from removing any Corporation Property from the premises
of the Corporation to the extent necessary in the course of the Executive’s
performance of his duties hereunder and/or for other legitimate purposes of the
Corporation.  In addition, the Parties
agree that the definition of “Company” in Article 8 of Exhibit B shall not
include Appaloosa Management, L.P.  or
any interest it has in any entity outside of the Corporation and its
consolidated group.

5.                                       TERMINATION.

5.1                                 Grounds. 
This Agreement, and the Executive’s employment hereunder, shall
terminate upon the occurrence of any of the following events:

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(a)                                  Termination by the
Corporation for Cause.  By the Corporation immediately
for Cause;

(b)                                 Termination by the
Corporation without Cause, by the Executive for Good Reason or Following
Election by the Corporation not to Extend Term. 
Termination (a) by the Corporation without Cause, upon thirty (30) days’
prior written notice to the Executive, or (b) by the Executive for Good Reason
(in the absence of a Change in Control, or (c) upon the Corporation’s election
not to extend term pursuant to Section 2.7;

(c)                                  Disability. 
In the event of the Executive’s Disability;

(d)                                 Death. 
Upon the death of the Executive;

(e)                                  Termination by Executive
Without Good Reason.  By the Executive without good
reason;

(f)                                    Termination by the Corporation
Without Cause or by the Executive for Good Reason After a Change in Control. 
By the Corporation without cause or by the Executive for Good Reason
within twelve (12) months following a Change in Control;

6.                                       TERMINATION PAYMENTS.

6.1                                 Termination Due to Death
or Disability.  In the event of a termination due to the
Executive’s death or Disability, the Executive or his estate, as the case may
be, shall be entitled, in lieu of any other compensation whatsoever, to:

(a)                                  payment of his Base Salary at the rate in
effect at the time of his termination until the date of death or Disability;

(b)                                 any annual bonus awarded but not yet
paid;

(c)                                  any annual bonus that would have been
payable with respect to the year of termination in the absence of the Executive’s
death or Disability, pro-rated for the period the Executive worked prior to his
death or Disability, provided that the Executive worked at least six (6) months
in the year for which the annual bonus is payable;

(d)                                 any deferred compensation or bonuses, including
interest or other credits on the deferred amounts, to the extent provided in
the plans or programs providing for deferral;

(e)                                  reimbursement.  of expenses incurred but not paid prior to
such termination of employment; and

(f)                                    such rights to other benefits as may be
provided in applicable plans and programs of the Corporation, including,
without limitation, applicable 

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                                                employee benefit plans and programs,
according to the terms and provisions of such plans and programs.

6.2                                 Termination for Cause. 
In the event that the Corporation terminates the Executive’s employment
for Cause, the Executive shall be entitled, in lieu of any other compensation
and benefits whatsoever, to:

(a)                                  payment of his Base Salary at the rate in
effect at the time of his termination through the date of termination of
employment;

(b)                                 any deferred compensation or bonuses,
including interest or other credit on the deferred amounts, to the extent
provided in the plans or programs providing for deferral; and

(c)                                  such rights to other benefits as may be
provided in applicable plans and programs of the Corporation, including,
without limitation, applicable employee benefit plans and programs, according
to the terms and conditions of such plans and programs.

6.3                                 Termination Without Cause,
by Executive for Good Reason, or Following Election by the Corporation not to
Extend Term.  In the event that (1) the Corporation
terminates the Executive’s employment hereunder without Cause, (2) the Executive
terminates his employment for Good Reason (in the absence of a Change in
Control); or (3) this Agreement expires following the Corporation’s election not
to extend pursuant to Section 2.7, the Executive shall be entitled to the
following payments and benefits:

(a)                                  payment of his Base Salary in effect at
the time of termination for a period of twelve (12) months which shall be paid
out in equal bi-weekly installments through the Corporation’s regular payroll
practices.

(b)                                 any annual bonus awarded but not yet
paid;

(c)                                  any annual bonus that would have been
payable with respect to the year of termination, pro-rated for the period the
Executive worked prior to such termination, provided that the Executive worked
at least six (6) months in the year for which the annual bonus is payable;

(d)                                 any deferred compensation or bonuses,
including interest or other credits on the deferred amounts, to the extent
provided in the plans or programs providing for deferral;

(e)                                  reimbursement of expenses incurred but
not paid prior to such termination of employment; and

(f)                                    continuation of participation in the
Corporation’s group medical, dental and life insurance plans according to the
terms and provisions of such plans and programs during the Post-Employment
Period for up to nine (9) months or until the date on which the Executive first
becomes eligible for 

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                                                substantially equivalent insurance
coverage provided by any other entity following termination of employment by
the Corporation, whichever occurs first.

6.4                                 Termination b Executive
Without Good Reason.  In the event that the
Executive terminates his employment without good reason, the Executive shall be
entitled, in lieu of any other compensation and benefits whatsoever, to:

(a)                                  payment of his Base Salary at the rate in
effect at the time of his termination through the date of termination of
employment;.

(b)                                 any deferred compensation or bonuses,
including interest or other credit on the deferred amounts, to the extent provided
in the plans or programs providing for deferral; and

(c)                                  such rights to other benefits as may be
provided in applicable plans and programs of the Corporation, including,
without limitation, applicable employee benefit plans and programs, according to
the terms and conditions of such plans and programs.

6.5                                 Non-Duplication of Benefit. 
Notwithstanding the foregoing, nothing in this Agreement shall result in
a duplication of payments or benefits provided under this Section 6
nor shall anything in this Agreement require the Corporation to make any
payment or to provide any benefit to the Executive that the Corporation is
otherwise required to provide under any other contract, agreement or
arrangement.

6.6                                 General Release. 
No payments or benefits payable to the Executive upon the termination of
his employment pursuant to this , Section 6 shall be made to the
Executive unless and until he executes a general release in a form satisfactory
to the Corporation and such general release becomes effective pursuant to its
terms.

7.                                       CHANGE IN CONTROL.

7.1                                 Vesting of Stock Options. 
In the event of a Change in Control, all stock options granted by the
Corporation to the Executive shall immediately vest.

7.2                                 Termination by the
Corporation Without Cause or by the Executive for Good Reason After a Change m
Control.  If within twelve (12) months following a
Change in Control, the Executive’s employment is terminated by the Corporation
without Cause or by the Executive for Good Reason, the Executive shall be
entitled, in lieu of any other compensation and benefits whatsoever under Section 6
or otherwise, to:

(a)                                  payment of his Base Salary at the rate in
effect at the time of his termination through the date of termination of
employment;

(b)                                 an amount equal to the greater of (i) two
(2) times his annual Base Salary at the time of the Change in Control or (ii)
two (2) times his annual Base Salary at the time of the termination of his
employment, which shall be 

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                                                paid out in equal biweekly installments
through the Corporation’s regular payroll practices;

(c)                                  any annual bonus awarded but not yet paid
or any other incentive compensation plan;

(d)                                 reimbursement of expenses incurred but
not paid prior to such termination of employment; and

(e)                                  continuation of participation in the
Corporation’s group medical, dental and life insurance plans according to the
terms and provisions of such plans and programs during the Post-Employment
Period for up to nine (9) months or until the date on which the Executive first
becomes eligible for substantially equivalent insurance coverage provided by
any other entity following termination of employment by the Corporation,
whichever occurs first.

7.3                                 Adjustment to Total
Payments.  If any payment or right accruing to the
Executive under this Agreement (without application of this section), either
alone or together with other payments or rights accruing to the Executive from
the Corporation or an Affiliate (“Total Payments”) would constitute a “parachute
payment,” as defined in Section 280G of the Code and regulations
thereunder, such payment or right shall be reduced to the largest amount or
greatest right that will result in no portion of the amount payable or right
accruing under this Agreement being subject to an excise tax under
Section 4999 of the Code or being disallowed as a deduction under
Section 280G of the Code.  The
Executive shall cooperate in good faith with the Corporation in providing the
necessary information for making a determination of the applicability of
Section 280G.  The foregoing
provisions of this section shall apply only if after reduction for any
applicable federal excise tax imposed by Section 4999 of the Code and
federal income tax imposed by the Code, the Total Payments accruing to the
Executive would be less than the amount of the Total Payments as reduced, if
applicable, and after reduction for only federal income taxes.

8.                                       MISCELLANEOUS.

8.1                                 Notices. 
Any written notice required or permitted to be given shall be deemed
delivered either when personally delivered or when mailed, registered or
certified, postage prepaid with return receipt requested, if to the Executive,
addressed to the last residence address of the Executive as shown in the
records of the Corporation, and if to the Corporation, addressed to the
Chairman of the Board at its principal office in Santa Barbara,
California.  Mailed notices shall be
deemed received two (2) business days after the date of deposit in the mail.

8.2                                 Remedies.

8.2.1                        Equitable Remedies. 
The Executive acknowledges and agrees any breach, violation or evasion
of the terms, conditions and provisions of Sections 3 and 4 above, will
result in immediate and irreparable injury and harm to the Corporation and
shall entitle the Corporation to injunctive relief, as well as to all other
legal or equitable remedies to which the Corporation may be entitled.

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8.2.2                        Cessation/Reimbursement of
Payments.  If the Executive violates any provision of
Sections 3 or 4, the Corporation may, upon giving written notice to the
Executive, immediately cease all payments and benefits that it may be providing
to the Executive pursuant to this Agreement, and the Executive may be required
to reimburse the Corporation for any payments received from, and the cash value
of any benefits provided by, the Corporation between the first day of the
violation and the date such notice is given; provided, however,
that the foregoing shall be in addition to such other remedies as may be available
to the Corporation and shall not be deemed to permit the Executive to forego or
waive such payments in order to avoid his obligations under Sections 3 or
4.

8.3                                 Partial Invalidity. 
If any term or provision of this Agreement or the application thereof to
any person or circumstance shall be held to be invalid or unenforceable to any
extent, the remainder of this Agreement or application of such term or
provision to persons or circumstances other than those to which it is held
invalid or unenforceable shall not be affected thereby, and each term and
provision of the Agreement shall be valid and be enforced to the fullest extent
permitted by law.

8.4                                 Waiver. 
No waiver of any right hereunder shall be effective for any purpose
unless in writing, signed by the Party hereto possessing said right, nor shall
any waiver be construed to be a waiver of any subsequent right, term or
provision of this Agreement.

8.5                                 Assignment; Effect on
Agreement.  It is hereby acknowledged and agreed that the
Executive’s rights and obligations under this Agreement are personal in nature
and shall not be assigned or delegated. 
This Agreement shall be binding on and inure to the benefit of the
heirs, personal representatives, successors and assigns of the Parties,
subject, however, to the restrictions on assignment and delegation contained
herein.

8.6                                 Disputes Resolution and
Arbitration.

8.6.1                        Any dispute arising in connection with
the interpretation or enforcement of the provisions of this Agreement, or its
application or validity, will be submitted to arbitration.  Such arbitration proceedings shall be
instituted in Santa Barbara, California, in accordance with the rules then
existing of the American Arbitration Association.  This agreement to arbitrate is specifically
enforceable.

8.6.2                        Any award rendered in any such
arbitration proceeding will be final and binding on each of the Parties, and
judgment may be entered thereon in any court of competent jurisdiction.  The arbitrator shall have the authority to
compel the Party that does not substantially prevail in such proceeding to pay
the reasonable costs and fees of the prevailing Party (including reasonable and
customary legal fees and expenses) to the extent that the arbitrator deems
appropriate.

8.7                                 Exhibits. 
The terms and conditions of this Agreement shall prevail in the case of
any discrepancy or conflict between such terms and conditions and the terms and
conditions of any exhibit hereto.

8.8                                 Governing Law. 
This Agreement shall be governed by and construed in accordance with the
laws of the State of California.

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8.9                                 Entire Agreement. 
Unless expressly provided to the contrary herein, this Agreement (and
the exhibits attached hereto) contains the entire agreement and understanding
between the Parties and supersedes all prior agreements and understandings,
oral or written.  No modification or
termination shall be valid unless in writing and signed by both Parties.

9.                                       ACKNOWLEDGEMENT.  The Executive represents and acknowledges the
following:

(a)                                  he has carefully read this Agreement in
its entirety;

(b)                                 he understands the terms and conditions
contained herein;

(c)                                  he has had the opportunity to review this
Agreement, at his discretion, with legal counsel of his own choosing and has
not relied on any statement made by the Corporation or its legal counsel as to
the meaning of any term or condition contained herein or in deciding whether to
enter into this Agreement; and

(d)                                 he is entering into this Agreement
knowingly and voluntarily.

IN WITNESS WHEREOF, the Parties hereto have executed this
Agreement as of the        day of                     ,
2003.

 

	
  INAMED CORPORATION

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Nicholas L. Teti

  	
   

  	
  By:

  	
  /s/ Vicente Trelles

  
	
   

  	
  Nicholas L. Teti

  	
   

  	
   

  	
  Vicente Trelles

  
	
   

  	
  Chairman, President and
  CEO

  	
   

  	
   

  	
  Chief Operations Officer
  and Executive Vice President

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  	
  Address:

  
	
   

  	
  5540 Ekwill Street, Suite
  D

  	
   

  	
   

  	
  991 Tornoe Road

  
	
   

  	
  Santa Barbara, California
  93111

  	
   

  	
   

  	
  Santa Barbara, California
  93105

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date:

  	
   

  

 

12Exhibit 10.1

 

AGREEMENT

 

Release of Claims, Covenant not to Sue, and

 

Older Workers Act Waiver

 

This Agreement of Release
of Claims, Covenant not to Sue, and Older Workers Act Waiver (“Agreement”) is
made by and between John C. Godlesky (“Employee”), an individual, and Cornell
Companies, Inc., a Delaware corporation (“CORNELL”).

 

WHEREAS,
Employee and CORNELL executed an Employment Agreement, effective October 20,
2004, wherein Employee and Cornell made certain agreements regarding Employee’s
employment and separation from employment; and

 

WHEREAS,
Employee will be separated from employment with CORNELL at the sole discretion
of the CEO without cause;

 

NOW THEREFORE, in
consideration of the mutual promises and releases contemplated in that
Employment Agreement and contained herein and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties
agree as follows:

 

1.               Salary and
Benefits.  Upon the execution of this
Agreement, the parties agree as follows:

 

(a)          Employee shall be
separated from employment with CORNELL effective June 30, 2005 (hereinafter
referred to as “termination date”).

 

(b)         CORNELL shall provide
Employee regular pay up to and including termination date.

 

(c)          CORNELL shall provide
Employee with payment for Employee’s balance of any vested but unused banked
time off hours, banked vacation hours, and banked floating holiday hours, as
applicable.

 

(d)         CORNELL shall provide
Employee with up to 40 hours of paid time off, depending on current available
balance.

 

(e)          CORNELL shall provide
Employee severance as follows:

 

i.                  A one-time,
lump-sum payment in the amount of $100,000.00;

 

ii.               A one-time,
lump-sum payment in the amount of $
3,524.00 to cover outplacement costs;

 

iii.            A one-time, lump-sum
payment in the amount of $2,000.00 to cover relocation costs;

 

iv.           Twenty-six equal,
biweekly payments, totaling an amount equivalent to one year’s additional
salary after termination date, such payments to be necessarily reduced by any
tax and/or related deductions as may be required by law for severance pay; and

 

v.              An amount equivalent
to that assessed by the Landlord of Employee’s apartment in Pittsburgh as
penalty due to early termination of the lease, paid upon bona fide proof of
amount owed to said Landlord, not to exceed $10,000.00.  Employee agrees to take reasonable steps to
negotiate with Landlord to minimize the amount of any such penalty.

 

 

(g)         CORNELL shall provide
Employee with full medical/dental/vision benefits participation up to and
including July 31, 2005.  Thereafter,
Employee shall be entitled to any and all other rights or benefits afforded to
other terminated employees of CORNELL, including, without limitation, the right
to elect to continue coverage under the
CORNELL health plan, in accordance with the health care continuation coverage
provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”).

 

2.               Employment
Agreement Still in Force.  Employee
agrees that this Agreement was specifically contemplated within Section 4.1(c) the
above-referenced Employment Agreement effective October 20, 2004, and that the
instant Agreement neither supersedes that prior agreement nor renders
ineffective any of its terms requiring Employee’s confidentiality and
non-competition for a period of twelve months following date of Employee’s
separation from employment.

 

3.               Non-Disparagement.
Employee and CORNELL mutually agree to refrain from making any statement, oral
or written, that would cast either party in a disparaging light, including to
prospective employers of Employee, to current or prospective funding agencies,
to current or prospective clients, to current or prospective
shareholders/stakeholders of CORNELL, to the media, to any internet site, to
the community at large, and/or to any other party which could ultimately,
directly or indirectly, result in an adverse effect against Employee and/or
CORNELL.

 

4.               Release and
Covenant not to Sue. Employee, on behalf of Employee, Employee’s
descendants, ancestors, dependents, heirs, executors, administrators, assigns,
and successors, and each of them, hereby covenants not to sue and fully
releases, acquits, and discharges CORNELL, and its subsidiaries and affiliates,
past, present, future and each of them, as well as its owners, trustees,
directors, officers, agents, servants, employees, stockholders,
representatives, assigns, and successors, and each of them (collectively
referred to as “CORNELL Releasees”) with respect to and from any and all
claims, wages, demands, assistance, support, rights, liens, agreements,
contracts, covenants, actions, suits, rights to appeal, entitlements and
notices, causes of action, obligations, debts, costs, expenses, interests,
attorneys’ fees, contributions, damages, judgments, orders and liabilities of
whatever kind or nature in law, equity or otherwise, whether known or unknown,
suspected or unsuspected, and whether or not concealed or hidden, which
Employee has at any time heretofore owned or held against said CORNELL
Releasees, including, without limitation, those arising out of or in any way
connected with Employee’s employment relationship with CORNELL or Employee’s
termination or any other transactions, occurrences, acts or omissions or any
loss, damage or injury whatever, known or unknown, suspected or unsuspected,
resulting from any of them, committed or omitted prior to the date of this
Agreement, and including, without limitation, claims for breach of contract,
libel, slander, wrongful discharge, intentional infliction of emotional harm,
or other tort, discrimination or harassment based upon any federal, state, or
municipal statute or local ordinance relating to discrimination in employment,
and/or any other claim arising out of any federal, state, or municipal statute
or local law to which CORNELL Releasees may have been subject with regard to
Employee.

 

5.               Older Workers
Act Waiver. Waiver of Claims Under the Age Discrimination in Employment Act.
Employee recognizes that, in signing this Release of Claims, Employee is
waiving Employee’s right to pursue any and all claims under the Age
Discrimination in Employment Act, 29 U.S.C. § 626 et seq. (“ADEA”) arising
prior to the date that Employee executes this Release. Employee
understands that Employee may take twenty-one (21) days from the date this
Release is presented to Employee to consider whether to execute this Release.
Employee is advised that Employee may wish to consult with an attorney prior to
execution of this Release. Once Employee has executed this Release, Employee
may revoke the Release at any time during the seven (7) day period following
the execution of the Release. After seven (7) days have passed

 

2

 

following Employee's execution of this Release, the
execution of this Release shall be final and irrevocable.  Note,
however, no payment of severance will initiate prior to the eighth day
following Employee’s execution of this Agreement.

 

6.               Confidentiality
of Agreement.  Employee agrees that
this Agreement, in its entirety, is to remain confidential.  As such, Employee agrees to refrain from
disclosing by any means or by any person the contents of this Agreement.  This clause in no way implies a waiver of the
privileged right to disclose to Employee’s attorney and/or members of Employee’s
immediate family who, themselves, will agree to maintain said confidentiality.

 

7.               Entire Agreement.
This Agreement constitutes and contains the entire agreement and understanding
concerning Employee’s employment and separation, and the other subject matters
addressed herein between the parties, and supersedes and replaces all prior
negotiations and all prior agreements proposed or otherwise, whether written or
oral, concerning the subject matter hereof.

 

8.               Governing Law.
This Agreement shall be governed by and subject to the laws and exclusive
jurisdiction of the courts of the State of Texas. In the event that Employee
breaches any of the provisions of this Agreement, Employee agrees to pay
CORNELL’s reasonable costs of prosecuting such claims, including attorneys’
fees and costs.

 

9.               Severability.
In the event that one or more of the provisions of this Agreement shall for any
reason be held to be illegal or unenforceable, this Agreement shall be revised
only to the extent necessary to make such provision(s) legal and enforceable.

 

The
parties acknowledge that they have read the foregoing Agreement, understand its
contents, and accept and agree to the provisions it contains and hereby execute
it voluntarily and knowingly and with full understanding of its consequences.

 

PLEASE
READ CAREFULLY.  THIS AGREEMENT INCLUDES
A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

 

	
  EMPLOYEE

  	
  CORNELL COMPANIES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ John C. Godlesky

  	
   

  	
  By:

  	
  /s/
  Patrick N. Perrin

  	
   

  
	
  John C. Godlesky

  	
   

  	
   

  	
  Patrick N. Perrin,

  	
   

  
	
   

  	
   

  	
   

  	
  Sr. Vice President &

  	
   

  
	
   

  	
   

  	
   

  	
  Chief Administrative Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  April
  25, 2005

  	
   

  	
  Date:

  	
  April
  21, 2005

  	
          

  
							

 

3

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