Document:

Exhibit 10.1

 

INDEMNIFICATION
AGREEMENT

(See Article 15
of AAR CORP. Certificate of Incorporation)

 

THIS AGREEMENT is made as
of the «Date» day of«Month», «Year»,
by and between«Company»., a Delaware
corporation (the “Corporation”), and «Name»,
who currently is serving the Corporation as «Title»
(the “Indemnitee”).

 

WHEREAS, the Indemnitee
is currently serving in the capacity or capacities described above;

 

WHEREAS, the Corporation
wishes the Indemnitee to continue to serve in such capacity or capacities and
the Indemnitee is willing, under certain circumstances, to continue in such
capacity or capacities;

 

WHEREAS, certain
interpretations of the law and “public policy” have created uncertainty about
activities of corporate directors and officers and the risk of significant
personal liability to the Indemnitee;

 

WHEREAS, damages sought
and sometimes paid in many claims made against corporate directors and officers
and the expenses required to defend such claims, whether or not the allegations
are meritorious, do not bear a reasonable, logical relationship to the amount
of compensation received by, and may be beyond the financial resources, of the
Indemnitee;

 

WHEREAS, in addition to
the indemnification to which the Indemnitee is entitled under the Delaware General
Corporation Law and the Restated Certificate of Incorporation of the
Corporation, the Corporation furnishes, at its expense, directors’ and officers’
liability insurance protecting the Indemnitee for certain liabilities which

 

 

might arise in connection
with his service, but this insurance contains many restrictions and
limitations;

 

WHEREAS, the Indemnitee
has indicated that he does not regard the indemnification available under the
Delaware General Corporation Law, the Restated Certificate of Incorporation of
the Corporation, and the Corporation’s directors’ and officers’ liability
insurance to be adequate protection against the risks associated with his
service to or at the request of the Corporation;

 

WHEREAS, the Indemnitee
and the Corporation have concluded that the exposure to risk of personal
liability and payment of damages out of the Indemnitee’s personal assets may
result in overly conservative direction and supervision of the Corporation’s
affairs, which is detrimental to the best interests of the Corporation and its
stockholders; and

 

WHEREAS, the Corporation
has concluded that additional protection is necessary for its directors and
executive officers.

 

NOW, THEREFORE, in
consideration of the Indemnitee’s continued and future service to the
Corporation, the parties agree as follows:

 

1.             INDEMNIFICATION.  The Corporation agrees to indemnify the
Indemnitee to the full extent permitted by the Delaware General Corporation
Law, as it exists now or as it may be amended in the future to provide additional
indemnification for the Indemnitee.

 

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2.             ADDITIONAL
INDEMNIFICATION AND PAYMENT OF EXPENSES. 
Without limiting the indemnification provided in Section 1 and
subject to the limitations, terms and conditions of this Agreement, including,
but not limited to, the limitations in Section 8, the Corporation agrees
to:

 

(a)           indemnify
the Indemnitee against all judgments for both compensatory and punitive
damages, fines, taxes, penalties and settlements incurred in connection with
any threatened, pending or completed action, suit or proceeding, whether civil,
criminal, administrative or investigative (including, but not limited to, any
action by or in the right of the Corporation), to which the Indemnitee is, was
or at any time becomes a party, or is threatened to be made a party, by reason
of the fact that the Indemnitee is, was or at any time becomes a director,
officer, employee, agent or fiduciary of the Corporation, or is or was serving
or at any time serves at the request of the Corporation as a director, officer,
employee, agent or fiduciary of another corporation, partnership, joint
venture, trust or other enterprise, or with respect to any employee benefit
plan (or its participants or beneficiaries) of the Corporation or any such
other enterprise, or by reason of any action alledged to have been taken or
omitted by the Indemnitee in any such capacity, and

 

(b)           pay
all costs, charges and other expenses, including, but not limited to, attorneys’
fees, costs of appearance, attachment and similar bonds (hereinafter referred
to as “Expenses”) incurred in connection with the investigation and defense of
any action, suit or proceeding described in Section 2(a).

 

3.             MAINTENANCE
OF D&O INSURANCE.

 

(a)           The
Corporation presently has the following policies of directors’ and officers’
liability insurance in force (the “D&O Policies”):

 

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  Coverage

  	
   

  
	
  Insurer

  	
   

  	
  Policy No.

  	
   

  	
  Amounts

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Illinois National
  Insurance

  	
   

  	
  6649517

  	
   

  	
  $10,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $10,000,000 excess

  	
   

  
	
  Twin City

  	
   

  	
  00DA014831107

  	
   

  	
  $20,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $10,000,000 excess

  	
   

  
	
  St. Paul

  	
   

  	
  EC01201197

  	
   

  	
  $30,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $10,000,000 excess

  	
   

  
	
  Zurich

  	
   

  	
  DOC597871204

  	
   

  	
  $40,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  $10,000,000 excess

  	
   

  
	
  Illinois National Insurance

  	
   

  	
  6959722

  	
   

  	
  $50,000,000

  	
   

  
	
  Company

  	
   

  	
   

  	
   

  	
  $10,000,000 excess

  	
   

  

 

So long as the Indemnitee
shall continue to serve in any capacity described in Section 2 and
thereafter so long as there is any reasonable possibility that the Indemnitee
shall be subject to any possible action, suit or proceeding by reason of the
fact that the Indemnitee served in any of said other capacities, the
Corporation will purchase and maintain in effect for the benefit of the
Indemnitee one or more valid, binding and enforceable policies of directors’
and officers’ liability insurance providing coverage amounts of at least
$25,000,000; provided, however, that such policy(ies) and coverage amounts may
also include other coverages, including, but not limited to, professional
liability, fiduciary, fidelity, and employment practice.

 

(b)           Notwithstanding
Section 3(a), the Corporation shall not be required to maintain directors’
and officers’ liability insurance in effect if (i) in the reasonable
business judgment of the Board of Directors of the Corporation as it may exist
from time to time such insurance is not reasonably available or if (ii) the
premium cost for such insurance is substantially disproportionate to the amount
of insurance or (iii) the coverage is so limited by exclusions that there
is insufficient benefit provided by such insurance.

 

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(c)           If
the Corporation, acting under Section 3(b), does not purchase and maintain
in effect directors’ and officers’ liability insurance, the Corporation shall
indemnify and hold harmless the Indemnitee to the full extent of the coverage
which would otherwise have been provided by the D&O Policies.

 

4.             DEFENSE
OF CLAIM.  With respect to any action,
suit or proceeding described in Section 2, the Corporation may elect to
assume the investigation and defense of such action, suit or proceeding with
counsel it elects with the consent of the Indemnitee, which consent shall not
be unreasonably withheld.  After notice
to the Indemnitee from the Corporation of its election to assume the
investigation and defense, the Corporation shall not be liable to the
Indemnitee under this Agreement for any Expenses subsequently incurred by the
Indemnitee in connection with the investigation and defense other than for services
requested by the Corporation or the counsel it selected.  The Indemnitee shall have the right to employ
his own counsel, but the Expenses incurred by the Indemnitee after notice from
the Corporation of its assumption of the investigation and defense shall be at
the expense of the Indemnitee. Notwithstanding the foregoing, however, the
Indemnitee shall be entitled to separate counsel in any action, suit or
proceeding brought by or on behalf of the Corporation or as to which counsel
for the Indemnitee reasonably concludes that there is a conflict of interest
between the Corporation and the Indemnitee, provided that the Corporation shall
not be required to pay the expenses of more than one such separate counsel for
persons it is indemnifying in any one action, suit or proceeding.

 

5.             ADVANCE
PAYMENT OF EXPENSES.  The Indemnitee’s
reasonable Expenses incurred in connection with any action, suit or proceeding
described in 

 

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Section 2 shall be
paid by the Corporation as they accrue, and, in any event, within thirty (30)
days after the Corporation has received written request therefor from or on
behalf of the Indemnitee.  The
Corporation shall continue to make such payments unless and until there has
been a final adjudication by a court of competent jurisdiction establishing
that the Indemnitee is not entitled to be indemnified for such Expenses under
this Agreement.

 

6.             INDEMNITEE’S
REIMBURSEMENT.  The Indemnitee agrees to
reimburse the Corporation for all amounts paid by the Corporation pursuant to
Sections 1, 2, 3(c), 4 and 5 of this Agreement in the event and to the extent,
but only in the event and only to the extent, that there is a final
adjudication by a court of competent jurisdiction establishing that the
Indemnitee is not entitled to be so indemnified or to have such Expenses paid
by the Corporation.

 

7.             CONTRIBUTION.  If the indemnification or payments of
Expenses provided by this Agreement should be unavailable or insufficient to
hold the Indemnitee harmless, then the Corporation agrees that, for purposes of
this Section, the Corporation shall be treated as if it were a party to the
threatened, pending or completed action, suit or proceeding in which the
Indemnitee was involved and that the Corporation shall contribute to the
amounts paid or payable by the Indemnitee as a result of Expenses, judgments
for both compensatory and punitive damages, fines, penalties and amounts paid
in settlement.  The amount of contribution
provided by this Section shall be determined by (i) the relative
benefits accruing to the Corporation on the one hand and the Indemnitee on the
other which arose out of the acts or omissions underlying the threatened,
pending or completed action, suit or proceeding in which the 

 

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Indemnitee was involved, (ii) the
relative fault of the Corporation on the one hand and the Indemnitee on the
other in connection with such acts or omissions, and (iii) any other
equitable considerations appropriate under the circumstances.  For purposes of this Section, the relative
benefits of the Corporation shall be deemed to be the benefits accruing to it
and the relative benefit of the Indemnitee shall be deemed to be an amount not
greater than the Indemnitee’s annual base salary or Indemnitee’s compensation
from the Corporation plus any personal benefit received from such acts or
omissions.  The relative fault shall be
determined by reference to, among other things, the fault of the Corporation
and all of its directors, officers, employees and agents (other than the
Indemnitee), as a group and treated as one entity, on the one hand, and the
Indemnitee’s and such group’s relative intent, knowledge, access to information
and opportunity to have altered or prevented the act or omission on the other
hand.

 

8.             LIMITATIONS
ON INDEMNIFICATION, ADVANCEMENT AND CONTRIBUTION.  Notwithstanding anything in the foregoing to
the contrary, the Corporation shall not be liable under this Agreement to make
any indemnity payment, advancement of Expenses or contribution in connection
with any action, suit or proceeding:

 

(a)           to
the extent that payment is actually made, or for which payment is available, to
or on behalf of the Indemnitee under an insurance policy, except in respect of
any amount in excess of the limits of liability of such policy or any
applicable deductible for such policy;

 

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(b)           to
the extent that payment has or will be made to the Indemnitee by the
Corporation otherwise than pursuant to this Agreement;

 

(c)           to
the extent that there was a final adjudication by a court of competent
jurisdiction that the Indemnitee derived an improper personal benefit or
otherwise breached his duty of loyalty to the Corporation or its stockholders;
or

 

(d)           to
the extent that there was a final adjudication by a court of competent
jurisdiction that the Indemnitee committed acts or omissions other than in good
faith or which involved intentional misconduct or knowing violation of law.

 

9.             ENFORCEMENT
OF INDEMNITEE’S RIGHTS.  The Indemnitee
shall have the right to enforce this Agreement in any court of competent
jurisdiction if the Corporation either fails to indemnify the Indemnitee
pursuant to Section l, 2 or 3(c) or fails to advance Expenses
pursuant to Section 5 within thirty (30) days of the receipt of written
request to do so from or on behalf of the Indemnitee.  Notwithstanding any determination to the
contrary (or failure to make a determination by the Corporation) by the
Corporation, its Board of Directors, independent counsel or stockholders, there
shall be a rebuttable presumption that the Indemnitee has met the applicable
standard of conduct under the Corporation’s Restated Certificate of
Incorporation and otherwise is entitled to indemnification and advance payment
of Expenses, and the burden of proof shall be on the Corporation in any such
suit to demonstrate by the weight of the evidence that the Indemnitee is not so
entitled.  The Indemnitee’s Expenses
incurred in successfully establishing his right to indemnification or
advancement of Expenses, in whole or in part, in any such action (or settlement
thereof) shall be paid by the Corporation.

 

8

 

10.           CHANGE
IN CONTROL.  The Corporation agrees that
if there is a Change in Control, as defined below, of the Corporation (other
than a Change in Control which has been approved by a majority of the
Corporation’s Board of Directors who were directors immediately prior to such
Change in Control), then with respect to all matters thereafter arising
concerning the rights of the Indemnitee to indemnity payments and payments of
Expenses under this Aqreement, the Corporation shall seek legal advice only
from special, independent counsel selected by the Indemnitee with the consent
of the Corporation (which consent shall not be unreasonably withheld), and who
has not otherwise performed services for the Corporation within the last five (5) years
(other than in connection with such matters) or the Indemnitee.  Such counsel, among other things, shall
render a written opinion to the Corporation and the Indemnitee as to whether
and to what extent the Indemnitee would be permitted to be indemnified under
this Agreement and applicable law.  The
Corporation agrees to pay the reasonable fees of the special, independent
counsel and to indemnify such counsel fully against any and all expenses
(including attorneys’ fees), claims, liabilities and damages arising out of or
relating to this Agreement or counsel’s engagement pursuant hereto.

 

“Change in Control” for purposes of this Agreement
shall be deemed to have occurred if (a) any “person” (as such term is used
in Section 13(d) and 14(d) of the Securities Exchange Act of
1934, as amended, and the rules and regulations hereunder), other than a
trustee or other fiduciary holding securities under an employee benefit plan of
the Corporation or a corporation owned directly or indirectly by the
stockholders of the Corporation in substantially the same proportions as their
ownership 

 

9

 

of stock of the
Corporation, is or becomes the “beneficial owner” (as defined in Rule 13d-3
under said Act), directly or indirectly, of securities of the Corporation
representing 20% or more of the total voting power represented by the
Corporation’s then outstanding voting securities, except that a person who as
of the date of this Agreement owns 20% or more of the total voting power
represented by the Corporation’s outstanding voting securities shall not be
deemed to have caused a Change in Control, or (b) during any period of two
(2) consecutive years, individuals who at the beginning of such period
constitute the Board of Directors of the Corporation and any new director whose
election by the Board of Directors 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 a majority thereof,
or (c) the stockholders of the Corporation approve a merger, a plan of
complete liquidation of the Corporation, an agreement for the sale or
disposition by the Corporation of all or any substantial part of the
Corporation’s assets, or other business combination of the Corporation with any
other corporation, other than a business combination 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) at least 80% of the total
voting power represented by the voting securities of the Corporation or such
surviving entity outstanding immediately after such business combination.

 

11.           SETTLEMENT.  The Corporation shall not be liable to
indemnify the Indemnitee under this Agreement for any amounts paid in
settlement of any action, suit 

 

10

 

or proceeding without its
written consent, which consent shall not be unreasonably withheld.  The Corporation shall not settle any action,
suit or proceeding which would impose any penalty or limitation on the Indemnitee
without the Indemnitee’s written consent, which consent shall not be
unreasonably withheld.  In the event that
consent is not given and the parties hereto are unable to agree on a proposed
settlement, independent legal counsel shall be retained by the Corporation, at
its expense, with the consent of the Indemnitee, which consent shall not be
unreasonably withheld, for the purpose of determining whether or not the
proposed settlement is reasonable under all the circumstances, and if
independent legal counsel determines the proposed settlement is reasonable, the
settlement may be consummated without the consent of the other party.

 

12.           CORPORATE
SUBROGATION RIGHTS.  In the event of any
payment under this Agreement, the Corporation shall be subrogated to the extent
of such payment to all of the rights of recovery of the Indemnitee against any
person or organization and the Indemnitee shall execute all papers required and
shall do everything that may be reasonably necessary to secure such rights.

 

13.           NON-EXCLUSIVE.  Nothing in this Agreement shall diminish or
otherwise restrict, and this Agreement shall not be deemed exclusive of, the
Indemnitee’s rights to indemnification under any provision of the Delaware
General Corporation Law or the Restated Certificate of Incorporation or By-laws
of the Corporation or otherwise.

 

14.           NOTICE
TO THE CORPORATION.  The Indemnitee will
promptly notify the Corporation of any threatened, pending or completed action,
suit or proceeding against the Indemnitee described in Section 2.  The failure to notify or promptly notify

 

11

 

the Corporation shall not
relieve the Corporation from any liability that it may have to the Indemnitee
otherwise than under this Agreement, and shall relieve the Corporation from
liability hereunder only to the extent the Corporation has been prejudiced.

 

15.           NOTICES.  Any notice that is required or permitted to
be given under this Agreement shall be in writing and shall be personally
delivered or deposited in the United States mail, certified or registered mail
with proper postage prepaid and addressed:

 

if to the Corporation:

 

AAR CORP.

1100 N. Wood Dale Road

Wood Dale, Illinois 60191

Attention: Chairman of
the Board

 

if to the Indemnitee:

 

«Name»

«Address1»

«Address2»

«City»,
«State»  
«PostalCode»

 

or at such other address
as a party may furnish to the other party by ten (10) days’ prior written
notice.

 

16.           SEPARABILITY.  Each of the provisions of this Agreement is a
separate and distinct agreement and independent of the others, so that if any
provision shall be held to be invalid or unenforceable for any reason, such
invalidity or unenforceability shall not affect the validity or enforceability
of the other provisions.

 

17.           GOVERNING
LAW.  This Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware.

 

12

 

18.           BINDING
EFFECT.  This Agreement shall be binding
upon the Indemnitee and upon the Corporation, its successors and assigns, and
shall inure to the benefit of the Indemnitee, his heirs, personal
representatives and assigns and to the benefit of the Corporation, its
successors and assigns, notwithstanding subsequent repeal or amendment of
relevant provisions of the Delaware General Corporation Law or other applicable
law or of the Restated Certificate of Incorporation of the Corporation.

 

19.           AMENDMENT
AND TERMINATION.  No amendment,
modification, termination or cancellation of this Agreement shall be effective
unless in writing signed by both parties.

 

20.           CONSENT TO
JURISDICTION.  The Corporation and the
Indemnitee each hereby irrevocably consent to the jurisdiction of the courts of
the State of Delaware and the Corporation irrevocably consents to the
jurisdiction of any court in which an Indemnitee brings action pursuant to Section 9
hereof, for all purposes in connection with any action or proceeding which
arises out of or is related to this Agreement. 
The Corporation agrees not to initiate any such action or proceeding in
any state other than Delaware.

 

IN WITNESS
WHEREOF, the parties have executed this Agreement.

 

	
   

  	
   

  	
  AAR CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  
	
   

  	
   

  	
   

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  «Name»

  	
   

  
	
   

  	
   

  	
  Indemnitee

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Signature of the
  Indemnitee

  
					

 

13Exhibit 10.1

 

SECOND AMENDED AND RESTATED

SEVERANCE AGREEMENT

 

This SECOND AMENDED AND RESTATED SEVERANCE AGREEMENT
(the “Agreement”) is made
and entered into as of the 18th day of September, 2008 by and between
PHARMACOPEIA, INC., a Delaware corporation (hereinafter, the “Company”), and Rene Belder, M.D.,
an individual (hereinafter, “Employee”).

 

RECITALS

 

WHEREAS, Employee is presently employed by the
Company the capacity of Senior Vice President, Clinical and Regulatory Affairs
of the Company, pursuant to a Letter Agreement between the Company and
Employee, dated November 2, 2006 (the “Letter Agreement”).

 

WHEREAS, the Company and Employee previously entered
into an Amended and Restated Severance Agreement, dated as of December 18,
2007 (the “Existing Severance Agreement”), pursuant to which Employee is
entitled to certain payments and benefits in the event of a covered termination
of Employee’s employment with the Company.

 

WHEREAS, the Company and Employee wish to amend and
restate the Existing Severance Agreement to reflect the promotion of Employee
to the position of Senior Vice President, Clinical and Regulatory Affairs of
the Company from Vice President, Clinical and Regulatory Affairs of the
Company.

 

NOW,
THEREFORE, in
consideration of their mutual promises and intending to be legally bound, the
parties agree as follows:

 

1.             TERMINATION AND EFFECT OF
TERMINATION.  Employee’s employment hereunder is AT WILL
and may be terminated at any time by the Company for any reason.  In the event of termination of Employee’s
employment, the Company shall have no liability to Employee for compensation or
benefits except as specified in this Section 1 or as required by the
Company’s benefits policy.

 

(a)           Termination By The Company
For Cause.  Employee’s employment may be terminated by
the Company for Cause (as defined
below)  at any time upon
delivery of written notice to Employee. 
Upon such a termination, the Company shall have no obligation to
Employee other than the payment of all accrued, but unpaid, base salary and any
unpaid expenses or expense reimbursements prior to the effective date of such
termination.  For purposes of this
Agreement, “Cause” means
the occurrence of any one or more of the following events or conditions:

 

(i)            any gross failure on the part of Employee
(other than by reason of disability as provided in
Section 1(e) below) to faithfully and professionally carry out
Employee’s duties or to comply with any other material provision of this
Agreement, which failure continues for thirty (30) days after written notice
detailing such failure is delivered by the Company; provided, that the Company
shall not be required to provide such notice in the event that such failure
(A) is not susceptible to remedy or (B) relates to the same type of
acts or omissions as to which notice has been given on a prior occasion;

 

(ii)           Employee’s dishonesty (which shall include
without limitation any misuse or misappropriation of the Company’s assets), or
other willful misconduct (including without limitation, any conduct on the part
of Employee intended to or likely to injure the business of the Company);

 

1

 

(iii)          Employee’s conviction of any felony or of any
other crime involving moral turpitude, whether or not relating to Employee’s
employment;

 

(iv)          Employee’s insobriety or use of drugs,
chemicals or controlled substances either (A) in the course of performing
Employee’s duties and responsibilities under this Agreement, or
(B) otherwise affecting the ability of Employee to perform the same;

 

(v)           Employee’s failure to comply with a lawful
written direction of the Company; or

 

(vi)          any wanton or willful dereliction of duties
by Employee.

 

(b)           Involuntary Termination By
The Company Without Cause.  The Company may involuntarily terminate
Employee’s employment under this Agreement at any time without Cause upon
delivery of written notice to Employee. 
Subject to the provisions of Section 1(g) hereof (concerning a
termination in connection with a Change in Control (as defined in Section 1(g)), if Employee’s
employment is terminated involuntarily by the Company without Cause pursuant to
this Section 1(b), the Company shall:

 

(i)            pay Employee all compensation and benefits
accrued, but unpaid, up to the effective date of termination of Employee’s
employment;

 

(ii)           pay Employee, within thirty (30) days after
the effective date of termination of Employee’s employment, a lump sum amount
equal to nine (9) months of Employee’s base salary in effect as of the
effective date of termination of Employee’s employment;

 

(iii)          pay Employee, within thirty (30) days after
the effective date of termination of Employee’s employment, a lump sum pro rata
portion of Employee’s target incentive bonus for the calendar year in which
Employee’s employment is terminated as provided in this Section 1(b), such
portion to be based on the number of full months for which Employee was
employed during the year of termination;

 

(iv)          maintain Employee’s group medical coverage
until the earlier of (A) the end of a period of nine (9) months
following the effective date of such termination, or (B) until such time as
comparable medical coverage is obtained by Employee; and

 

(v)           allow all vested options or other incentive
securities to be exercised pursuant to the terms of the option agreement or
other agreements under which such options or other incentive securities were
granted.

 

(c)           Termination By Employee For
Good Reason.

 

(i)            Benefits. 
Employee may terminate Employee’s employment under this Agreement for
Good Reason (as defined below) upon the provision of advance written notice to
the Company specifying in reasonable detail the events or conditions upon which
Employee is basing such termination. 
Employee must give such notice within ninety (90) days after the event
that gives rise to Good Reason.  The
Company will be given the opportunity, but shall have no obligation, to cure
such events or conditions within thirty (30) days after the provision by
Employee of such notice.  If the Company
elects in a written notice to Employee not to cure such events or conditions or
otherwise fails to so cure such events or conditions within such thirty (30)
day period, Employee may terminate his employment with the Company for Good
Reason pursuant to this Section 1(c) within thirty (30) days after
the expiration of the “cure” period.  In
the event of such termination, the Company shall:

 

2

 

(A)          pay Employee all compensation and benefits
accrued, but unpaid, up to the effective date of termination of Employee’s
employment;

 

(B)           pay Employee, within thirty (30) days after
the effective date of termination of Employee’s employment, a lump sum amount
equal to nine (9) months of Employee’s base salary in effect as of the
effective date of termination of Employee’s employment;

 

(C)           pay Employee, within thirty (30) days after
the effective date of termination of Employee’s employment, a lump sum pro rata
portion of Employee’s target incentive bonus for the calendar year in which
Employee’s employment is terminated as provided in this Section 1(c), such
portion to be based on the number of full months for which Employee was
employed during the year of termination;

 

(D)          maintain Employee’s group medical coverage
until the earlier of (A) the end of a period of nine (9) months
following the effective date of such termination, or (B) until such time
as comparable medical coverage is obtained by Employee; and

 

(E)           allow all vested options or other incentive
securities to be exercised pursuant to the terms of the option agreement or
other agreements under which such options or other incentive securities were
granted.

 

(ii)           Definition of “Good Reason.” For purposes of this Agreement, “Good Reason” means any one or more
of the following events or conditions:

 

(A)          any action or inaction that constitutes a
material breach by the Company of the terms of this Agreement or the Letter
Agreement;

 

(B)           any material change in the geographic
location at which Employee must perform services for the Company, which, for
purposes of this Agreement, means a requirement that Employee commute more than
fifty (50) miles from the offices of the Company at which he was principally
employed on the date of this Agreement;

 

(C)           any material diminution of the authority,
duties or responsibilities of Employee, including without limitation a material
diminution in Employee’s position as Vice President, Clinical and Regulatory
Affairs; or

 

(D)          any material reduction in Employee’s base
salary (other than such a reduction applicable generally to substantially all
employees of the Company), which, for purposes of this Agreement, means a
reduction of more than twenty percent (20%) in Employee’s annual base salary as
in effect on the date of this Agreement or as the same may be increased from time
to time after such date.

 

(d)           Termination By Employee
Without Good Reason (Voluntary Resignation). 
Employee may voluntarily resign Employee’s position and terminate
Employee’s employment under this Agreement without Good Reason at any
time.  Upon such a termination, the
Company shall have no obligation to pay compensation and provide benefits to
Employee other than the payment of all accrued and unpaid base salary and any
other unpaid expenses or expense reimbursements prior to the effective date of
such termination.

 

(e)           Disability.  If
Employee becomes disabled for more than one hundred eighty (180) days in any
twelve (12) month period, the Company shall have the right to terminate
Employee’s employment without further liability upon written notice to Employee.  Without limiting the generality of 

 

3

 

the foregoing, Employee
shall be deemed disabled for purposes of this Agreement either (i) if
Employee is deemed disabled for purposes of any long-term disability insurance
policy paid for by the Company and at the time in effect, or (ii) if in
the exercise of the Company’s reasonable judgment, due to accident, mental or
physical illness, or any other reason, Employee cannot perform Employee’s
duties.  In the event the Company shall
terminate Employee due to disability, as described above, Employee shall be
entitled to receive only those benefits provided under the Company’s Long Term
Disability Plan, and Employee’s stock options and other incentive compensation
grants will be treated under the applicable Disability section of the 2004
Stock Incentive Plan (as amended, the “2004 Plan”) or any other stock
option or incentive compensation plan of the Company under which they were
granted.

 

(f)            Death.  In
the event of the death of Employee, this Agreement shall automatically
terminate and any obligation to continue to pay compensation and benefits shall
cease as of the date of Employee’s death, except for the payment of all
accrued, but unpaid, base salary and any other unpaid expenses or expense
reimbursements prior to the date of death. 
In the event of Employee’s death, Employee’s stock options and other
incentive compensation grants shall be treated under the applicable Death
section of the 2004 Plan or any other stock option or incentive compensation
plan of the Company under which they were granted.

 

(g)           Change In Control
Termination.

 

(i)            Benefits.  In
the event Employee’s employment under this Agreement is terminated by the
Company involuntarily without Cause or Employee terminates Employee’s employment
with the Company for Good Reason (as defined in Section 1(c) above),
in either case at any time during the period commencing two (2) months
before and ending twelve (12) months after the occurrence of a Change in
Control, the Company shall:

 

(A)          pay Employee all compensation and benefits
accrued, but unpaid, up to the effective date of termination of Employee’s
employment;

 

(B)           pay Employee, within thirty (30) days after
the effective date of termination of Employee’s employment, a lump sum amount
equal to twelve (12) months of Employee’s base salary in effect as of the
effective date of Employee’s termination of employment;

 

(C)           pay Employee, within thirty (30) days after
the effective date of termination of Employee’s employment, a lump sum amount
equal to one hundred
percent (100%) of
Employee’s target incentive bonus;

 

(D)          maintain Employee’s group medical coverage
until the earlier of (A) the end of a period of twelve (12)  months following the effective date of
termination, or (B) such time
as comparable medical coverage is obtained by Employee.

 

Anything contained in this
Section to the contrary notwithstanding, Employee shall not be entitled to
any of the benefits set forth in this Section 1(g)(i) if Employee
either resigns and terminates such employment voluntarily (other than for Good
Reason, as described above) or is terminated by the Company for Cause.

 

For purposes of
Section 1(g) hereof, the term “Company” shall include any Acquiring Company (as defined below),
and all obligations of the Company under such Section shall be assumed by
any Acquiring Company.

 

(ii)           Stock Options.  In
the event Employee’s employment under this Agreement is terminated by the
Company involuntarily without Cause or Employee terminates his employment with
the Company for Good Reason, in either case at any time during the period 

 

4

 

commencing two
(2) months before and ending twelve (12) months after the occurrence of a
Change in Control:

 

(A)          notwithstanding anything to the contrary
contained in the 2004 Plan or any other stock option or incentive compensation
plan of the Company, any unvested stock options or other incentive securities
which were granted to Employee during the term of this Agreement under the 2004
Plan or any such other stock option or incentive compensation plan shall
immediately vest on the date of such termination of Employee’s employment, the
expiration date of the exercise period for such options or other securities
shall be the earlier of (1) one (1) year following the date of
termination, or (2) the expiration of the term of the option, and the
Company shall take all actions necessary or advisable to give effect to this
Section 1(g)(ii)(A); and

 

(B)           all vested options or other incentive
securities held by Employee which were issued pursuant to the 2004 Plan or any
such other plan shall be exercisable pursuant to the terms of the stock option
agreement or other agreement(s) under which the options or other incentive
securities were granted, and the Company shall take all actions necessary or
advisable to give effect to this Section 1(g)(ii)(B).

 

Anything contained in this
Section to the contrary notwithstanding, Employee shall not be entitled to
any of the benefits set forth in this Section 1(g)(ii) if Employee
either resigns and terminates such employment voluntarily (other than for Good
Reason, as described above) or is terminated by the Company for Cause.

 

(iii)          Definition “Change in
Control.”  The definition of “Change in Control” set forth in the 2004 Plan is incorporated,
and made a part hereof, by reference.

 

(iv)          Definition Of “Acquiring
Company.”  For purposes of Section 1(g) of
this Agreement, an “Acquiring
Company” shall mean the resulting or surviving corporation, or the
company issuing cash or securities (or its ultimate parent company), in a
merger, sale, asset purchase, or assignment of all or substantially all of the
Company’s assets, consolidation or share exchange involving the Company, or the
successor corporation to the Company (whether in any such transaction or
otherwise).

 

2.             GENERAL RELEASE. 
Notwithstanding anything in this Agreement to the contrary, no payments
shall be made or benefits provided by the Company under Section 1 unless
Employee executes and does not revoke a general release in favor of the Company
and its affiliates, and its and their respective officers, employees and
directors.  A form of general release is
attached hereto as Exhibit A.

 

3.             SECTION 409A.  This
Agreement is intended to meet the requirements of the short-term deferral
exemption under section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”).  However, if required by
section 409A and if Employee is a “specified employee” of a publicly traded
corporation under section 409A of the Code, payment of any amount under this
Agreement shall be delayed for a period of six (6) months after separation
from service, as required by section 409A of the Code.  The accumulated postponed amount shall be
paid in a lump sum payment within ten (10) days after the end of the six
(6)-month period.  If Employee dies
during the postponement period prior to payment of the postponed amount, the
amounts withheld on account of section 409A shall be paid to the personal
representative of Employee’s estate within sixty (60) days after the date of
Employee’s death.  The determination of
“specified employees” shall be made by the Compensation Committee of the Board
of Directors of the Company in accordance with section 409A of the Code and the
regulations issued thereunder.

 

5

 

4.             NON-COMPETITION;
NON-SOLICITATION.

 

(a)           Restrictions.  Employee
shall not, during the course of Employee’s employment with the Company or for a
period of twelve (12) months thereafter, directly or indirectly:

 

(i)            be employed by, engaged in or participate in
the ownership, management, operation or control of, or act in any advisory or
other capacity (including as an individual, principal, agent employee, consultant
or otherwise) for, any Competing Entity which conducts its business within the
Territory (as the terms Competing Entity and Territory are hereinafter
defined); provided, however, that notwithstanding any of the foregoing,
Employee may make solely passive investments in any Competing Entity the common
stock of which is “publicly -held” and of which Employee shall not own or
control, directly or indirectly, in the aggregate securities which constitute
5% or more of the voting power of such Competing Entity;

 

(ii)           solicit or divert any business or any
customer or known prospective customer from the Company or assist any person or
entity in doing so or attempting to do so;

 

(iii)          cause or seek to cause any person or entity
to refrain from dealing or doing business with the Company or assist any person
or entity in doing so; or

 

(iv)          solicit for employment, or advise or
recommend to any other person or entity that he, she or it employ or solicit
for employment or retention as an employee or consultant, any person who is an
employee of, or exclusive consultant to, the Company.

 

(b)           Effect On The Company’s
Obligations.  The Company’s obligation to make payments and
provide the other benefits pursuant to Section 1 above shall terminate in
the event that, and at such time as, Employee is in breach of Employee’s
obligations set forth in Section 4(a) above.

 

(c)           Definitions.  For
purposes of this Section 4:

 

(i)            “Competing
Entity” means any entity which is presently or hereafter principally
engaged in any business of the type or character engaged in or proposed to be
engaged in by the Company from time to time during Employee’s term of
employment under this Agreement, including without limitation, any business
engaged in the discovery and development of human therapeutic products for any
of the same targets and for indications as products the Company had in
development or was marketing at any time during Employee’s term of employment
under this Agreement.

 

(ii)           “Territory”
means North America, Europe and Japan.

 

Notwithstanding anything in
the above to the contrary, Employee may engage in the activities set forth in
Section 4(a) hereof with the prior written consent of the Company,
which consent shall not be unreasonably withheld.  Further, in determining whether a specific
activity by Employee for a Competing Entity shall be permitted, the Company
will consider, among other things, the nature and scope of (i) the duties
to be performed by Employee and (ii) the business activities of the Competing
Entity at the time of Employee’s proposed engagement by such entity.

 

(d)           Acknowledgement. 
Employee acknowledges and agrees that the covenants set forth in this
Section 4 are reasonable and necessary in all respects for the protection
of the Company’s legitimate business interests (including, without limitation,
the Company’s confidential, proprietary information and trade secrets and
client good-will, which represents a significant portion of the Company’s net
worth and in which the Company has a property interest).  Employee acknowledges and 

 

6

 

agrees that, in the event
that Employee breaches any of the covenants set forth in this Section 4, the
Company shall be irreparably harmed and shall not have an adequate remedy at
law; and, therefore, in the event of such a breach, the Company shall be
entitled to injunctive relief, in addition to (and not exclusive of) any other
remedies (including monetary damages) to which the Company may be entitled
under law.  If any covenant set forth in
this Section 4 is deemed invalid or unenforceable for any reason, it is
the parties’ intention that such covenants be equitably reformed or modified to
the extent necessary (and only to such extent) to render it valid and
enforceable in all respects.  In the
event that the time period and geographic scope referenced above is deemed
unreasonable, overbroad, or otherwise invalid, it is the parties’ intention
that the enforcing court shall reduce or modify the time period and/or
geographic scope to the extent necessary (and only to such extent) to render
such covenants reasonable, valid and enforceable in all respects.

 

5.             ARBITRATION.  Any
and all disputes between the parties (except actions to enforce the provisions
of Section 4 of this Agreement) arising under or relating to this
Agreement or any other dispute arising between the parties, including claims
arising under any employment discrimination laws, may be adjudicated and
resolved exclusively through binding arbitration before the American Arbitration
Association pursuant to the American Arbitration Association’s then-in-effect
National Rules for the Resolution of Employment Disputes (hereinafter, “Rules”).  The initiation and conduct of any arbitration
hereunder shall be in accordance with the Rules and, unless expressly
required by law, each side shall bear its own costs and counsel fees in such
arbitration.  Any arbitration hereunder
shall be conducted in Princeton, New Jersey or at such other location as
mutually agreed by the parties.  Any
arbitration award shall be final and binding on the parties.  The arbitrator shall have no authority to
depart from, modify, or add to the written terms of this Agreement.  The arbitration provisions of this
Section 5 shall be interpreted according to, and governed by, the Federal
Arbitration Act, 9 U.S.C. § 1 et
seq., and any action pursuant to such Act to enforce any rights
hereunder shall be brought exclusively in any United States District Court in
the State of New Jersey.  The parties
consent to the jurisdiction of (and the laying of venue in) any such court.

 

6.             NOTICES.  For the purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement shall be in writing and shall be
deemed to have been duly given when delivered or (unless otherwise specified)
mailed by United States certified or registered mail, return receipt requested,
postage prepaid, addressed as follows:

 

	
  (a)

  	
   

  	
  If to the Company, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Pharmacopeia, Inc.

  
	
   

  	
   

  	
  3000 Eastpark Blvd.

  
	
   

  	
   

  	
  Cranbury, NJ 08512

  
	
   

  	
   

  	
  Attn.: General Counsel

  
	
   

  	
   

  	
   

  
	
  (b)

  	
   

  	
  If to Employee, to:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Rene Belder, M.D.

  

 

or to such other address as
a party hereto shall designate to the other party by like notice, provided that
notice of a change of address shall be effective only upon receipt thereof.

 

7.             WITHHOLDING TAXES.  All
payments under this Agreement shall be made subject to applicable tax
withholding, and the Company shall withhold from any payments under this
Agreement all federal, state and local taxes as the Company is required to withhold
pursuant to any law or governmental rule or regulation.  Except as specifically provided otherwise in
this Agreement, Employee 

 

7

 

shall bear all expense of,
and be solely responsible for, all federal, state and local taxes due with
respect to any payment received under this Agreement.

 

8.             WAIVER.  The
waiver by the Company or Employee of any breach of any provision of this
Agreement shall not operate or be construed as a waiver of any subsequent breach
by Employee or the Company, as applicable,
of any provision of this Agreement.

 

9.             SEVERABILITY.  The
parties have carefully reviewed the provisions of this Agreement and agree that
they are fair and equitable.  However, in
light of the possibility of differing interpretations of law and changes of
circumstances, the parties agree that in the event that any section, paragraph
or term of this Agreement shall be determined to be invalid or unenforceable by
any competent authority or tribunal for any reason, the remainder of this
Agreement shall be unaffected thereby and shall remain in full force and
effect.  Moreover, if any of the
provisions of this Agreement is determined by a court of competent jurisdiction
to be excessively broad as to duration, activity, geographic application or
subject, it shall be construed by limiting or reducing it to the extent legally
permitted so as to be enforceable to the extent compatible with then applicable
law.

 

10.          SUCCESSORS AND ASSIGNS.  This
Agreement shall bind and inure to the benefit of the successors and assigns of
the Company and the heirs, executors or personal representatives of
Employee.  This Agreement may not be
assigned by Employee.  This Agreement may
be assigned to any successor in interest to the Company (including by way of
merger, consolidation or reorganization, or by way of any assignment of all or
substantially all of the Company’s assets, business or properties), and
Employee hereby consents to such assignment.

 

11.          ENTIRE AGREEMENT; AMENDMENTS.  This
Agreement, the Letter Agreement and the applicable bylaws and policies of the
Company, constitute the entire Agreement between the parties hereto and there
are no other understandings, agreements or representations, expressed or
implied.  This Agreement supersedes any
and all prior or contemporaneous agreements, oral or written, concerning
Employee’s employment and compensation. 
This Agreement may be amended only in writing signed by Employee and the
Chief Executive Officer or the General Counsel of the Company.

 

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

 

13.          GOVERNING LAW; FORUM
SELECTION.  This Agreement shall be governed by and
construed in accordance with the laws (other than conflicts of laws principles)
of the State of New Jersey applicable to contracts executed in and to be
performed entirely within such State.  The parties consent to jurisdiction and
laying of venue in the state and federal courts of New Jersey for purposes of
resolving disputes under this Agreement.

 

14.          COMPLIANCE WITH LAW.  This
Agreement is intended to comply with the requirements of section 409A of the
Code, and specifically, with the short term deferral exemption of section 409A,
and shall in all respects be administered in accordance with section 409A.  Notwithstanding anything in the Agreement to
the contrary, distributions may only be made under the Agreement upon an event
and in a manner permitted by section 409A of the Code or an applicable
exemption.  All payments to be made upon
a termination of employment under this Agreement may only be made upon a
“separation from service” under section 409A. 
In no event may Employee, directly or indirectly, designate the calendar
year of payment.  For purposes of section
409A of the Code, each payment made under this Agreement shall be treated as a
separate payment.  All reimbursements and
in-kind benefits provided under this Agreement shall be made or provided in
accordance with the requirements of section 409A of the Code, including, where
applicable, the requirement that (a) any reimbursement shall be for 

 

8

 

expenses incurred during
Employee’s lifetime (or during a shorter period of time specified in this
Agreement), (b) the amount of expenses eligible for reimbursement, or
in-kind benefits provided, during a calendar year may not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other
calendar year, (c) the reimbursement of an eligible expense will be made
on or before the last day of the calendar year following the year in which the
expense is incurred, and (d) the right to reimbursement or in-kind
benefits is not subject to liquidation or exchange for another benefit.

 

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

 

	
   

  	
   

  	
  PHARMACOPEIA,
  INC.

  	 

	 
	
   

  	
   

  	
   

  
	 
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/ Joseph A. Mollica

  	 

	
   

  	
   

  	
   

  	
  Joseph
  A. Mollica, Ph.D.

  	 

	
   

  	
   

  	
   

  	
  Chairman
  of the Board and

  	 

	 
	
   

  	
   

  	
   

  	
  Interim
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	 

	 
	
   

  	
   

  	
   

  
	 
	
   

  	
   

  	
  EMPLOYEE

  
	 
	
   

  	
   

  	
   

  
	 
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
  /s/
  Rene Belder

  	 

	
   

  	
   

  	
   

  	
  Rene
  Belder, M.D.

  	 

										

 

9

 

EXHIBIT A

 

General Release

 

IN CONSIDERATION OF the
terms and conditions contained in the Second Amended and Restated Severance
Agreement, dated as of the 18th day of September, 2008, (the “Severance Agreement”) by and
between Rene Belder, M.D. (“Employee”)
and Pharmacopeia, Inc. (the “Company”),
and for other good and valuable consideration, the receipt of which is hereby
acknowledged, Employee on behalf of Employee and his or her heirs, executors,
administrators, and assigns, releases and discharges the Company and its
subsidiaries, divisions, affiliates and parents, and their respective past,
current and future officers, directors, employees, agents, and/or owners, and
their respective successors, and assigns and any other person or entity claimed
to be jointly or severally liable with the Company or any of the aforementioned
persons or entities (collectively the “Released Parties”) from any and all manner of actions and
causes of action, suits, debts, dues, accounts, bonds, covenants, contracts,
agreements, judgments, charges, claims, and demands whatsoever (“Claims “) which Employee and his
heirs, executors, administrators, and assigns have, had, or may hereafter have,
against the Released Parties or any of them arising out of or by reason of any
cause, matter, or thing whatsoever from the beginning of the world to the date
hereof.  This General Release of Claims
includes, without limitation, any and all matters relating to Employee’s
employment by the Company and the cessation thereof, and any and all matters
arising under any federal, state, or local statute, rule, or regulation, or
principle of contract law or common law, including but not limited to, the
Family and Medical Leave Act of 1993, as  amended,
29 U.S.C. §§ 2601 et  seq., Title VII of the Civil
Rights Act of 1964, as  amended, 42 U.S.C. §§ 2000 et  seq., the Age Discrimination in Employment Act of 1967, as  amended, 29 U.S.C. §§ 621 et  seq.
(the “ADEA”), the
Americans with Disabilities Act of 1990, as  amended,
42 U.S.C. §§ 12101 et  seq., the Worker Adjustment and
Retraining Notification Act of 1988, as
amended, 29 U.S.C. §§2101
et  seq., Employee Retirement Income
Security Act of 1974, as  amended, 29 U.S.C. §§ 1001 et  seq. (“ERISA”),
the New Jersey Law Against Discrimination, N.J.S.A. 10:15-1, et seq., the New
Jersey Conscientious Executive Protection Act, N.J.S.A. 34:19-1 to 19-8, the
New Jersey Wage and Hour Act, N.J.S.A. 34-11-56a, et seq., and any other
equivalent or similar federal, state, or local statute; provided, however, that
Employee does not release or discharge the Released Parties from (i) any
of the Company’s obligations to Employee under the Severance Agreement, and
(ii) any vested benefits to which Employee may be entitled under any
employee benefit plan or program subject to ERISA.  It is understood that nothing in this General
Release is to be construed as an admission on behalf of the Released Parties of
any wrongdoing with respect to Employee, any such wrongdoing being expressly
denied.

 

Employee represents and
warrants that Employee fully understands the terms of this General Release,
that Employee is hereby advised to consult with legal counsel before signing,
and that Employee knowingly and voluntarily, of Employee’s own free will,
without any duress, being fully informed, and after due deliberation, accepts
its terms and signs below as Employee’s own free act.  Except as otherwise provided herein, Employee
understands that as a result of executing this General Release, Employee will
not have the right to assert that the Company or any other of the Released
Parties unlawfully terminated Employee’s employment or violated any of
Employee’s rights in connection with Employee’s employment or otherwise.

 

Employee further represents
and warrants that Employee has not filed, and will not initiate, or cause to be
initiated on Employee’s behalf any complaint, charge, claim, or proceeding
against any of the Released Parties before any federal, state, or local agency,
court, or other body relating to any claims barred or released in this General
Release thereof, and will not voluntarily participate in such a
proceeding.  However, nothing in this
General Release shall preclude or prevent Employee from filing a claim, which
challenges the validity of this General Release solely with respect to
Employee’s waiver of any losses arising under the ADEA. Employee shall not
accept any relief obtained on Employee’s behalf 

 

A-1

 

by any government agency,
private party, class, or otherwise with respect to any claims covered by this
General Release.

 

Employee may take twenty-one
(21) days to consider whether to execute this General Release.  Upon Employee’s execution of this General
Release, Employee will have seven (7) days after such execution in which Employee
may revoke such execution.  In the event
of revocation, Employee must present written notice of such revocation to the
Company’s Chief Executive Officer.  If
seven (7) days pass without receipt of such notice of revocation, this
General Release shall become binding and effective on the eighth (8th) day
after the execution hereof (the “Effective
Date”).

 

INTENDING TO BE LEGALLY
BOUND, Employee hereby sets Employee’s hand below:

 

 

	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Dated:

  	
   

  

 

 

*       *       *

 

NOTARIZATION

 

	
  State of

  	
   

  	
   

  	
  )

  	
   

  
	
  County of

  	
   

  	
   

  	
  )

  	
  ss.

  
							

 

On this
             day of
                            
in the year            before
me, the undersigned, personally appeared
                                                                    ;
personally known to me or proved to me on the basis of satisfactory evidence to
be the individual whose name is subscribed to the within instrument, and
acknowledged to me that he executed the same in his capacity as an individual,
and that by his signature on the instrument he executed such instrument, and
that such individual made such appearance before the undersigned.

 

	
   

  	
   

  
	
   

  	
  Notary Public

  

 

A-2

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