Document:

Letter from FINOVA to Richard A. Ross dated March 15, 2005.

 Exhibit 10.P.8 
  

					
	 	 	 	  	

	March 15, 2005	 	 	  	 
	 	 	 	  	THE FINOVA GROUP INC.
	 	 	 	  	4800 N. SCOTTSDALE ROAD
	 	 	 	  	SCOTTSDALE, AZ 85251-7623
			
	 	 	 	  	TEL 480-636-4800/ 800 7FINOVA
	 	 	 	  	INTERNET www.finova.com

  
 Dear Richard Ross, 
  
 This letter restates your severance benefits. 
  
 Base Severance 
  

	1)	Base severance - in the event you are involuntarily terminated for reasons other than cause or performance, you will be eligible to receive severance pay in a lump sum, less
applicable taxes, equal to 52 weeks of base salary. As of this writing your severance date is tentatively set for 12/31/2006. If this does not change due to business needs, your base severance would be 52.00 weeks. 

  
 Additional Severance 
  

	2)	In recognition of your contribution during 2003, in addition to the base severance pay detailed in (1) above, you were given another 12.70 weeks of severance.

  

	3)	In recognition of your contribution during 2004, in addition to the base severance pay detailed in (1) and the additional severance detailed in (2) above, you have been awarded
another 16.25 weeks of severance. 

  
 You may have
the opportunity to be awarded additional severance weeks for future years. Those awards are discretionary and based upon the criticality of your position and your performance. 
  
 The total of your base and additional severance weeks may exceed the 52-week maximum stated in (1) above. 
  
 Funding for the payment of severance is secured in the FINOVA Severance Trust. 
  
 Since the task of liquidating the portfolio cannot be forecast precisely, it is difficult to
predict our staffing needs, but every effort will be made to give you at least 30 days notice of your termination date. 
  
 COBRA 
  
 The Company will pay COBRA premiums for medical, dental and vision on your behalf for a period of time equal to the number of weeks of your base severance pay (item (1) above), rounded to the next whole month with a
minimum of 12 months up to a maximum of 18 months. You must be a participant in the Plans at the time you are terminated and enroll in COBRA by sending the enrollment material to FINOVA Human Resources to receive this benefit. The additional
severance weeks granted to you for 2003 and 2004 in items (2) and (3) above will not be eligible for Company paid COBRA premiums nor will any additional weeks granted in the future through that program. If your severance date remains as tentatively
scheduled at 12/31/2006, you would be entitled to 12 months of company paid medical, dental and vision. 
  
 Career Continuation Counseling 
  
 You will also receive executive career-planning services to help you obtain future employment. Our outplacement vendor at this time is Lee Hecht Harrison. You are entitled to their 12-month program. Additional details about the program
benefits will be communicated to you at the time of your severance. 

 Other Severance Benefits 
  
 Financial/Estate Planning 
  
 You are eligible for financial/estate planning services for up to 12 months from your termination date. The Company will reimburse you up to $8,000 for the costs incurred
by you and/or your spouse in connection with financial counseling. The advice is to be provided by a licensed financial advisor of your choosing. This service includes, but is not restricted to tax preparation. 
  
 Exec-U-Care 
  
 You are eligible to continue your Exec-U-Care services for 12 months from your termination date. The Exec-U-Care program is used to pay for
medical, dental or vision services not covered by the group health plans up to a total of $5,000 each calendar year. Co-payments, deductibles and any out of pocket costs associated with dental and doctor visits are covered benefits under this
program. Exclusions and limitations of the program are in the enrollment information you already have. 
  
 Executive Physical Exam Benefit 
  
 You
are eligible to be reimbursed up to $3,200 for one annual physical during the calendar year of your termination and one annual physical during the calendar year following your termination date. The physical can be arranged either through your
primary care physician or at a medical facility of your choosing. The physical include a comprehensive physical exam, associated laboratory work, audiogram, glaucoma screening, resting electrocardiogram, chest x-ray, treadmill stress test and
associated laboratory work, as applicable. 
  
 Age and Service Benefits

  
 Due to the terminations of the Pension Plan on December 31, 2004, you may
be eligible to receive additional severance in connection with the Age and Service Benefits to be paid under the 401K Savings Plan. We will provide additional information on those awards, if applicable, at a later date. 
  
 Resignations and Terminations for Cause or Performance 
  
 If you voluntarily resign or are terminated for cause or performance at any time, you are
not eligible to receive severance benefits. 
  
 Nothing in this letter
forms a contract of employment for any specific duration or on any specific terms, and FINOVA retains the right to terminate your employment at any time. 
  
 This letter is subject to the terms of applicable policies and the specific plans relating to the matters noted above, such as FINOVA’s Severance Pay Plan, Enhanced
Severance Plans, the Annual Bonus Plans and the Employee Severance and Bonus Trusts, which are incorporated by reference. If those policies or plans conflict with this letter, the terms most beneficial to the employee shall control. 
  
 If you have any questions, please feel free to call me at 480-636-6544. 
  
 Sincerely, 
 /s/ Susan DeFelice 

  
 Susan DeFelice 
 Vice President – HR & Benefits 
  
 Employee Acceptance 
  
 In signing below you are agreeing to the terms of this letter. You are also acknowledging your understanding that you are not able to
voluntarily terminate employment and still receive any severance payment. 
  
 /s/
Richard Ross 

 Richard Ross 
  
 Date: March 21, 2005Third Amendment to Amended and Restated License Agreement

 EXHIBIT 10.24 
  
 THIRD AMENDMENT TO THE 
 AMENDED AND RESTATED LICENSE AGREEMENT 
  
 THIS THIRD AMENDMENT TO THE AMENDED AND RESTATED LICENSE AGREEMENT (“Amendment”) made as of the 21st day of March, 2005, by and between VASCULAR GENETICS INC., a Delaware corporation (the “Licensee”) and HUMAN GENOME SCIENCES, INC., a Delaware corporation (“HGS”).

  
 WHEREAS, HGS and the Licensee entered into that certain
License Agreement, dated as of October 31, 1997 (“Original License Agreement”), whereunder HGS granted to the Licensee an exclusive license to use the gene Vascular Endothelial Growth Factor 2 in gene therapy treatment of vascular
diseases; and 
  
 WHEREAS, the parties amended the Original
License Agreement in its entirety with that certain Amended and Restated License Agreement, dated February 28, 2001, and further amended such document by a First Amendment to Amended and Restated License Agreement dated October 10, 2002 and a Second
Amendment to Amended and Restated License Agreement dated April 26, 2004 (collectively “Amended License Agreement”); and 
  
 WHEREAS, the parties desire to herein amend the Amended License Agreement. 
  
 NOW, THEREFORE, for and in consideration of the premises and mutual promises herein contained, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
  

	1.	The Parties acknowledge that all capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Amended License Agreement.

  

	2.	Section 1.13. Section 1.13 of the Amended License Agreement (LICENSED FIELD OF USE) is hereby deleted in its entirety and replaced with the following:

  
 LICENSED FIELD OF USE shall mean the field of
GENE THERAPY for the treatment of vascular disease, which for the purpose of this Agreement shall include, but is not limited to, the treatment of diabetic neuropathy. 
  

	3.	Section 3.2. Section 3.2 of the Amended License Agreement (minimum use standards) is hereby deleted in its entirety and replaced with the following: 

 
 LICENSEE agrees that it will meet the following minimum use standards
either by its own performance or through or in combination with an affiliate or sublicensee. 
  
 (a) LICENSEE shall have initiated a Phase IIb or Phase III clinical trial no later than December 31, 2004. 

 (b) If both a Phase II and Phase III clinical trial are required by FDA, LICENSEE shall
have initiated the Phase III clinical trial no later than six (6) months after the end of the Phase II meeting, but no later than December 31, 2006. 
  
 (c) LICENSEE shall have filed a BLA for at least one LICENSED PRODUCT no later than December 31, 2009. 
  
 LICENSEE will give notice of meeting each milestone within ten (10) business
days of its occurrence. LICENSEE will provide semi-annual updates to HGS on the clinical trial progress. For purposes of the above milestone, initiate shall mean when the first patient is dosed with CLINICAL TRIAL MATERIAL. If FDA imposes unexpected
requirements unrelated to actions by LICENSEE, LICENSEE and HGS will negotiate in good faith extension of these milestones. 
  

	4.	Except as otherwise expressly stated herein, all provisions of the Amended License Agreement remain in full force and effect. 

  

	5.	This Amendment may be signed in one or more counterparts, which when taken together shall constitute one and the same Amendment. 

  
 IN WITNESS WHEREOF, the parties have executed and delivered this
Amendment as of the date first written above. 
  

			
	 HGS:
  
 HUMAN GENOME SCIENCES, INC.

		
	By:	 	/s/    James H. Davis        
	 Name:
	 	James H. Davis, Ph.D.
	 Title:
	 	Executive Vice President

  

			
	 LICENSEE:
  
 VASCULAR GENETICS INC.

		
	By:	 	/s/    Richard E. Otto        
	 Name:
	 	Richard E. Otto
	 Title:
	 	Chief Executive Officer

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