Document:

Exhibit 10.30

    
      

    

    RELEASE
      AGREEMENT 

     

    THIS
      AGREEMENT
      is made
      as of the 22nd day of November, 2005 by and between Zayed (Joe) Zawaideh (the
      “Employee”),
      a
      resident of the State of California, and OccuLogix, Inc. (the “Employer”),
      a
      corporation incorporated under the laws of the State of Delaware, and having
      its
      executive offices at 2600 Skymark Avenue, Building 9, Suite 201, Mississauga,
      Ontario, L4W 5B2.

     

    WHEREAS
      Vascular
      Sciences Corporation (now the Employer) and the Employee entered into an
      employment agreement dated as of September 7, 2005 (the “Employment
      Agreement”);

     

    AND
      WHEREAS
      the
      Employee’s employment with the Employer was terminated pursuant to Section 8.1.2
      of the Employment Agreement, effective at the close of business on November
      4,
      2005 (the “Termination
      Date”);
      

     

    NOW,
      THEREFORE, in
      consideration of the mutual promises and covenants contained in this Agreement
      (the receipt and sufficiency of which are hereby acknowledged by the parties
      hereto), the parties hereto agree as follows:

     

    
      	
              1.

            	
              TERMINATION

            

    

     

    1.1   The
      Employee’s employment with the Employer was terminated pursuant to Section 8.1.2
      of the Employment Agreement, effective at the close of business on the
      Termination Date.

     

    
      	
              2.

            	
              RETURN
                OF PROPERTY

            

    

     

    2.1   The
      Employee hereby certifies that he has returned to the Employer all property
      of
      the Employer in the Employee’s possession, including, without limitation, all
      keys, business cards, computer hardware, including, without limitation,
      Blackberry units, printers, mice and other hardware accessories, and computer
      software, other than a certain portable telephone which the Employer has agreed
      that the Employee may keep. The Employee hereby further certifies that he has
      returned to the Employer, or destroyed, all tangible material embodying
      Confidential Information (defined below) in any form whatsoever, including,
      without limitation, all paper copy copies, summaries and excerpts of
      Confidential Information and all electronic media or records containing or
      derived from Confidential Information. “Confidential
      Information” means
      all
      information of, or relating to, the Employer that is not generally known to
      the
      public, whether of a technical, business, financial or other nature, including,
      without limitation, trade secrets, know-how and information relating to the
      technology, customers, business plans, sales plans, promotional or marketing
      activities, finances and other affairs of the Employer.

     

    
      	
              3.

            	
              SEVERANCE

            

    

     

    3.1   Pursuant
      to Section 9 of the Employment Agreement, upon the execution and delivery of
      this Agreement by the Employee, the Employer shall pay to the Employee, in
      a
      lump sum, the amount of U.S.$205,000, representing twelve months’ Salary (as
      such term is defined in the Employment Agreement) and 2.5% of Salary in respect
      of the Employee’s entitlement to Benefits (as such term is defined in the
      Employment Agreement).

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

    3.2   It
      is
      understood that management of the Employer intends to recommend to the board
      of
      directors of the Employer (the “Board”)
      that
      the Employer pay to the Employee an amount representing the amount of bonus
      remuneration that the Employee would have received during 2005, had his
      employment with the Corporation not been terminated pursuant to Section 8.1.2
      of
      the Employment Agreement, prorated to the Termination Date (the “Bonus
      Amount”).
      The
      Employee acknowledges and agrees that the decision to pay him the Bonus Amount,
      or not to pay him the Bonus Amount, resides within the sole and absolute
      discretion of the Board and that nothing in this Agreement shall be construed
      to
      obligate the Employer to pay the Employee the Bonus Amount.

     

    
      	
              4.

            	
              RELEASE
                AND TERMINATION

            

    

     

    4.1   In
      consideration of the payment provided for in Section 3.1, the Employee hereby
      agrees, on behalf of himself and his administrators, heirs, assigns and anyone
      claiming through him, to release completely and forever discharge the Employer
      and its affiliates and subsidiaries, and their respective officers, directors,
      shareholders, agents, servants, representatives, underwriters, successors,
      heirs
      and assigns, from any and all claims, demands, obligations and causes of action,
      of any nature whatsoever, whether known or unknown, which the Employee ever
      had,
      now has or might have in the future as a result of the Employee’s employment
      with the Employer or the termination thereof, including, without limitation,
      any
      claim relating to the Employment Agreement or the termination thereof pursuant
      to Section 4.2 of this Agreement or any claim relating to any violation of
      any
      federal or state statute or regulation, any claim for wrongful discharge or
      breach of contract, any claim relating to state or federal laws (including,
      without limitation, Title VII of the Civil Rights Act of 1964, the Age
      Discrimination in Employment Act of 1968, the Employment Retirement Income
      and
      Security Act, the Fair Labor Standards Act, the Americans with Disabilities
      Act
      and the Rehabilitation Act).

     

    4.2   The
      Employment Agreement is hereby terminated and rendered null and void, save
      and
      except for those provisions thereof that are expressly stated to survive the
      termination thereof, including, without limitation, Sections 12
      (Non-competition), 13 (No Solicitation of Patients), 14 (No Solicitation of
      Employees), 15 (Confidentiality) and 16 (Remedies) of the Employment Agreement.
      The Employee hereby agrees to abide by such provisions.

     

    4.3   The
      Employee hereby acknowledges and agrees that none of the options granted to
      him
      under the Employer’s 2002 Stock Option Plan were exercisable on the Termination
      Date and that, by their terms and conditions, will never be exercisable.

     

    
      	
              5.

            	
              NO
                FUTURE ACTIONS

            

    

     

    5.1   The
      Employee represents, warrants and covenants that he will not file any, and,
      if
      applicable, will withdraw all, complaints, charges, suits or grievances against
      the Employer or its affiliates or subsidiaries, or any of their respective
      officers, directors, shareholders, agents, servants, representatives,
      underwriters, successors, heirs and assigns, with any governmental agency or
      court, and the Employee further agrees that neither he nor any person,
      organization or any other entity acting on his behalf will file, or cause or
      permit to be filed, any other complaint, charge, suit or grievance against
      the
      Employer at any time hereafter involving any matter occurring or arising in
      the
      past up to the date of this Agreement. In the event of breach of this
      representation, warranty and covenant by the Employee, he will return
      immediately, in full, all payments made to him pursuant to Section 3.1 hereof
      and, if any, Section 3.2 hereof. Furthermore, in the event of such breach,
      the
      Employee will pay the Employer’s reasonable attorneys’ fees incurred in
      connection with defending or otherwise responding to such a complaint, charge,
      suit or grievance. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

    
      	
              6.

            	
              THIRD
                PARTY COMMUNICATIONS

            

    

     

    6.1   In
      consideration of the mutual promises and covenants contained herein, each of
      the
      parties hereto hereby agrees that he and it will not make any statements to,
      or
      initiate or participate in any discussions with, any other person, including,
      without limitation, the Employer’s customers, which are derogatory, disparaging
      or injurious to the reputation of the Employee or the Employer. This Section
      6.1, in no way, shall be construed as prohibiting either party hereto from
      responding truthfully to any question or interrogatory to which such party
      is
      requested to respond.

     

    
      	
              7.

            	
              ACKNOWLEDGEMENT

            

    

     

    7.1   The
      Employee hereby acknowledges that:

     

    
      	
              (a)

            	
              He
                has had sufficient time to review and consider this Agreement
                thoroughly;

            

    

     

    
      	
              (b)

            	
              He
                has read and understands the terms of this Agreement and his obligations
                hereunder;

            

    

     

    
      	
              (c)

            	
              He
                has been given an opportunity to obtain independent legal advice,
                or such
                other advice as he may desire, concerning the interpretation and
                effect of
                this Agreement; and

            

    

     

    
      	
              (d)

            	
              He
                is entering this Agreement voluntarily and without any pressure from
                the
                Employer.

            

    

     

    
      	
              8.

            	
              MISCELLANEOUS

            

    

     

    8.1   The
      headings in this Agreement are included solely for convenience of reference
      and
      shall not affect the construction or interpretation hereof.

     

    8.2   The
      parties hereto expressly agree that nothing in this Agreement shall be construed
      as an admission of liability.

     

    8.3   This
      Agreement shall be binding upon, and inure to the benefit of, the parties hereto
      and their respective heirs, trustees, administrators, successors and
      assigns.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

         

      

    

    8.4   This
      Agreement constitutes the entire agreement between the parties hereto pertaining
      to the subject matter of the termination of the Employee’s employment with the
      Employer. This Agreement supersedes and replaces all prior agreements, if any,
      written or oral, with respect to such subject matter and any rights which the
      Employee may have by reason of any such prior agreements or by reason of the
      Employee’s employment with the Corporation. There are no representations,
      warranties or agreements between the parties hereto in connection with the
      subject matter of this Agreement, except as specifically set forth in this
      Agreement. No reliance is placed on any representation, opinion, advice or
      assertion of fact made by the Employer or any of its officers, directors, agents
      or employees to the Employee, except to the extent that the same has been
      reduced to writing and included as a term of this Agreement. Accordingly, there
      shall be no liability, either in tort or in contract, assessed in relation
      to
      any such representation, opinion, advice or assertion of fact, except to the
      extent aforesaid.

     

    8.5   Each
      of
      the provisions contained in this Agreement is distinct and severable, and a
      declaration of invalidity or unenforceability of any provision or part thereof
      by a court of competent jurisdiction shall not affect the validity or
      enforceability of any other provision hereof.

     

    8.6   This
      Agreement shall be governed by, and construed in accordance with, the laws
      of
      the State of California, without regard to its conflict of laws rules which
      shall be deemed inapplicable to this Agreement.

     

    8.7   This
      Agreement may be signed in counterparts and delivered by facsimile transmission
      or other electronic means, and each of such counterparts shall constitute an
      original document, and such counterparts, taken together, shall constitute
      one
      and the same instrument. 

     

    IN
      WITNESS WHEREOF
      the
      parties hereto have executed this Agreement.

     

    
      	 	OCCULOGIX,
              INC.
	 	 	 
	 	
              By:

            	
              /s/
                Thomas P. Reeves

            
	 	 	
              Thomas
                P. Reeves

            
	 	 	
              President
                and Chief Operating Officer

            

    

    

     

    
      	 	 	
              /s/
                Zayed (Joe) Zawaideh

            
	
              Signature
                of Witness

            	 	
              Zayed
                (Joe) Zawaideh

            
	 	 	 
	
              Name
                of Witness (please
                print)EMPLOYMENT
        AGREEMENT

       

      THIS
        AGREEMENT
        made in
        Oceanport, New Jersey as of the 1st day of March 2006, between SyntheMed,
        Inc.,
        a Delaware corporation (the "Company") and Eli Pines, PhD the undersigned
        individual ("Executive").

      

      In
        consideration of the mutual covenants and agreements hereinafter set forth,
        the
        Com-pany and Executive agree as follows:

      

      1.     Agreement
        Term.

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      The
        term
        of this Agreement shall be the three-year period commencing on March 1, 2006
        (the "Employment Date") and ending on the third anniversary of the Employment
        Date (the "Agreement Term"). It is understood and agreed by the parties hereto
        that absent prior written notice to the Executive of the Company’s intent to
        terminate this Agreement, such notice being received by the Executive at
        least
        six months prior to the end of the Agreement Term or unless the Company has
        exercised its right to terminate this Agreement under Sections 5.(b) or 5.(c),
        the Agreement Term shall automatically be extended in annual increments as
        of
        the anniversary of the Employment Date.

      

      2.     Employment.

      

      (a) Employment
        by the Company.
        Executive agrees to be employed by the Company for the Agreement Term upon
        the
        terms and subject to the conditions set forth in this Agreement. Executive
        shall
        have the titles of Vice President of Research and Chief Scientific Officer
        reporting to the President & CEO. Executive shall have such duties as may be
        prescribed by the Com-pany and shall serve in such other and/or additional
        position(s) as the Company may determine from time to time. Executive shall
        also
        serve as a Corporate Officer of the Company. The Company will at all times
        treat
        the Executive with dignity, honesty and respect, and will provide Executive
        with
        such resources as in the Company's judgement shall enable the Executive to
        discharge his responsibilities.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      

      (b)  Performance
        of Duties.
        Throughout the Agreement Term, Executive shall faithfully and diligently
        perform
        Executive's duties in conformity with the directions of the Company and serve
        the Company to the best of Executive's ability. Executive shall devote
        Executive's entire working time, attention and energies to the business and
        affairs of the Com-pany, subject to vacations and sick leave as provided
        herein
        and in accordance with Company policy.

      (c)  Place
        of Performance.
        During
        the Agreement Term, Executive shall, subject to travel requirements on behalf
        of
        the Company, be based at the Executive’s personal residence or such other
        location(s) in central New Jersey as the Company may determine. 

      

              3.     Compensation
        and Benefits.

      

      (a) Base
        Salary.
        The
        Company agrees to pay to Executive for employment hereunder a base salary
        ("Base
        Salary") at the annual rate of $214,250. The Base Salary shall be increased
        prospectively on each anniversary of the Employment Date during the Agreement
        Term, by such amount as the Board of Directors of the Company shall determine
        is
        necessary and appropriate to give effect to increases in the cost of living.
        The
        Base Salary shall be pay-able in installments consistent with the Company's
        payroll practices then in effect.

      

      (b) Benefits
        and Perquisites; Bonus and Stock Options.
        Executive shall be entitled to participate in, to the extent Executive is
        otherwise eligible under the terms thereof, the benefit plans and programs,
        including medical and savings and retirement plans, and receive the benefits
        and
        perquisites, generally provided to employees of the same level and
        responsibility as Executive. Executive shall be entitled to four weeks vacation
        during each year of the Agreement Term. Nothing in this Agreement shall preclude
        the Company from terminating or amending from time to time any employee benefit
        plan or program. Executive shall be eligible for bonuses and stock options,
        at
        such times and in such amounts as shall be determined at the discretion of
        the
        Board of Directors of the Company based on their assessment of Executive's
        performance of his duties and on the financial performance of the Company.
        

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      (c) Travel
        and Business Expenses.
        Upon
        submission of itemized expense statements with supporting receipts in the
        manner
        specified by the Company, Executive shall be entitled to reimbursement for
        reasonable travel and other reasonable business expenses duly incurred by
        Executive in the performance of Executive's duties under this Agreement in
        accordance with the policies and procedures established by the Company from
        time
        to time for employees of the same level and responsibility as
        Executive.

      

      (d) No
        Other Compensation or Benefits; Payment.
        The
        compensation and benefits specified in Sections 3 and 5 of this Agreement
        shall
        be in lieu of any and all other compensation and benefits. Payment of all
        compensation and benefits to Executive hereunder shall be made in accordance
        with the relevant Company policies in effect from time to time, including
        normal
        payroll practices, and shall be subject to all applicable employment and
        with-holding taxes. 

       

      (e) Cessation
        of Employment.
        In the
        event Executive shall cease to be employed by the Company for any reason,
        then
        Executive's compensation and benefits shall cease on the date of such event,
        except as otherwise provided herein or in any applicable employee benefit
        plan
        or program. 

       

      4.     Exclusive
        Employment; Noncompetition.

      

      (a)
        No
        Conflict; No Other Employment. During the period of Executive’s employment
        with the Company, Executive shall not engage in any activity which conflicts
        or
        interferes with orderogates from the performance of Executive’s duties hereunder
        nor shall Executive engage in any other business activity, whether or not
        such
        business activity is pursued for gain or profit, except as approved in advance
        in writing by the President & CEO of the Company.

      (b) No
        Competition.
        Without
        limiting the generality of the provisions of Sections 2(b) or 4(a) and so
        long
        as the Company fulfills its obligations under this Agreement, during the
        period
        of Executive's employment with the Company, and for a period of one year
        thereafter (the "Restricted Period"), Executive shall not, directly or
        indirectly, own, manage, operate, join, control, participate in, invest in
        or
        otherwise be con-nected or associated with, in any manner, including as an
        officer, director, employee, partner, stockholder, joint venturer, lender,
        consultant, advisor, agent, proprietor, trustee or investor, any Competing
        Business located in the United States or in any other location where the
        Company
        operates or sells its products or services; provided,
        however,
        that if
        Executive's employment hereunder is terminated by the Company under Section
        5(d), then the provisions of this Section 4(b) shall remain in effect only
        if
        the Company shall not have breached its obligation to pay to Executive amounts
        as severance pursuant to Section 5(d). 

      

      (i) As
        used
        in this Agreement, the term "Competing Business" shall mean any business
        or
        venture which engages in any business area, or sells or provides products
        or
        services that compete or overlap with any business area, in which the Company
        engages or is actively developing products or technology to engage in at
        any
        time during the Agreement Term, or any business or venture which sells or
        provides products or services that com-pete or overlap with the products
        or
        services as sold or provided, or are being actively developed to be sold
        or
        provided, by the Company at any time during the Agreement Term.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (ii) For
        purposes of this Section 4(b), the term "invest" shall not preclude an
        investment in not more than one percent (1%) of the outstanding capital stock
        of
        a corporation whose capital stock is listed on a national securities exchange
        or
        included in the NASDAQ Stock Market, so long as Executive does not have the
        power to control or direct the management of, or is not otherwise associated
        with, such corpora-tion.

      

      (c) No
        Solicitation.
        During
        the Restricted Period, Executive shall not solicit or encourage any employee
        or
        consultant of the Company to leave the employ, or cease his or her relationship
        with, the Company for any reason, nor employ or retain such an individual
        in a
        Competing Business or any other business.

      

      (d) Company
        Customers.
        Executive shall not, during the Restricted Period, directly or indirectly,
        contact, solicit or do business with any "customers" (as hereinafter defined)
        of
        the Company for the purpose of selling or providing any product or service
        then
        sold or provided by the Company to such customers or being actively developed
        to
        be sold or pro-vided to such customers during Executive's employment by the
        Company or at the time of termination of Executive's employment
        hereunder.

      

      For
        the
        purposes of the provisions of this Section 4(d), "customer" shall include
        any
        entity that purchased any product or service from the Company within twelve
        months of the termination of Executive's employment hereunder, without regard
        to
        the reason for such termina-tion. The term "customer" also includes any former
        customer or potential customer of the Company which the Company has solicited
        within twelve months of such termination, for the purpose of selling or
        providing any product or service then sold or provided, or then actively
        being
        developed to be sold or provided, by the Company.

      

      (e) Modification
        of Covenants.
        The
        restrictions against competition set forth in this Section 4 are considered
        by the parties to be reasonable for the purposes of protecting the business
        of
        the Company. However, if any such restriction is found by any court of competent
        jurisdiction to be unenforceable because it extends for too long a period
        of
        time or over too great a range of activities or in too broad a geographic
        area,
        it shall be interpreted to extend only over the maximum period of time, range
        of
        activities or geographic area as to which it may be enforceable.

      

      5.     Termination
        of Employment.

      

      (a) Termination.
        The
        Company may terminate Executive's employment for Cause (as hereinafter defined)
        in which case the provisions of Section 5(b) shall apply. The Company may
        also
        terminate Executive's employment in the event of Executive's Disability (as
        hereinafter defined), in which case the provisions of Section 5(c) shall
        apply.
        The Company may also terminate the Executive's employment for any other reason
        by written notice to Executive, in which case the provisions of Section 5(d)
        shall apply. If Executive's employment is terminated by reason of Executive's
        death, retirement or voluntary resignation, the provisions of Section 5(b)
        shall
        apply.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (b) Termination
        for Cause; Termination by Reason of Death or Retirement or Voluntary Resignation
        without Good Reason. 

      

      (1) In
        the
        event that Executive's employment hereunder is terminated during the Agreement
        Term (i) by the Company for Cause (as hereinafter defined), (ii) by reason
        of
        Executive's death or retirement or (iii) by reason of Executive's voluntary
        resignation without Good Reason, then the Company shall pay to Executive,
        within
        thirty (30) days of the date of such termination, only the Base Salary through
        such date of termination. 

      

      (2) For
        purposes of this Agreement, "Cause" shall mean (i) conviction of any crime
        (whether or not involving the Company) constituting a felony in the jurisdiction
        involved; (ii) engaging in any substantiated act involving moral turpitude;
        (iii) engaging in any act which, in each case, subjects, or if generally
        known
        would subject, the Company to public ridicule or embarrassment; (iv) gross
        neglect or misconduct in the perform-ance of Executive's duties hereunder;
        (v)
        willful or repeated failure or refusal to perform such duties as may be
        relegated to Executive commensurate with Executive's position; or (vi) breach
        of
        any provision of this Agreement by Executive. 

      

      (3) In
        the
        event the Company desires to terminate Executive's employment for Cause as
        defined in clauses (iv), (v) or (vi) of the definition thereof, the Com-pany
        shall first attempt to resolve the matter(s) at issue through a meeting between
        Executive and the Chairman of the Board for Directors of the Company. If
        such
        meeting fails to resolve the matter(s), then Executive will meet with the
        Board
        of Directors of the Company and attempt to resolve the matter(s). The decision
        of the Board of Directors of the Company as to the matter(s) shall be final
        and
        binding on the parties and not subject to review or appeal by any other
        person.

       

      (c) Disability.
        If, as
        a result of Executive's incapacity due to physical or mental illness, Executive
        shall have been absent from Executive's duties hereunder on a full time basis
        for either (i) ninety (90) days within any six-month period, or (ii) sixty
        (60)
        consecutive days, and within thirty (30) days after written notice of
        termination is given shall not have returned to the performance of Executive's
        duties hereunder on a full time basis, the Company may terminate Executive's
        employment hereunder for "Disability". In that event, the Company shall pay
        to
        Executive, within thirty (30) days of the date of such termination, only
        the
        Base Salary through such date of termination. During any period that Executive
        fails to perform Executive's duties hereunder as a result of incapacity due
        to
        physical or mental illness (a "Dis-ability Period"), Executive shall continue
        to
        receive the compensation and benefits provided by Section 3 hereof until
        Executive's employment hereunder is terminated; provided, however, that the
        amount of compensation and benefits received by Executive during the Disability
        Period shall be reduced by the aggregate amounts, if any, payable to Executive
        under disability benefit plans and programs of the Company or under the Social
        Security disability insurance program.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

      (d) Termination
        By Company For Any Other Reason; Termination for Good Reason by Executive
        In
        the
        event that Executive's employment hereunder is terminated by the Company
        during
        the Agreement Term for any reason other than as provided in Sections 5(b)
        or
        5(c) hereof (including, without limitation, termination by the Company as
        provided in Section 1. that has the effect of preventing automatic renewal
        at
        the end of the Agreement Term) or is terminated for Good Reason by Executive
        then the Company shall pay to Executive, within thirty (30) days of the date
        of
        such termination, the Base Salary through such date of termination and, in
        lieu
        of any further compensation and benefitsfor the balance of the Agreement
        Term,
        severance pay equal to the Base Salary that Executive would have otherwise
        received during the period of six months from the effective date of such
        termination, commencing with such date of termination at the times and in
        the
        amounts such Base Salary would have been paid; provided, however, that in
        the
        event that Executive shall breach Sections 4 or 6 hereof, in addition to
        any
        other remedies the Company may have in the event Executive breaches this
        Agreement, the Company's obligation pursuant to this Section 5(d) to continue
        such payments of salary shall cease and Executive's rights thereto shall
        terminate and shall be forfeited. “Good
        Reason” shall mean (i) the assignment to Executive of duties inconsistent with
        his title, (ii) a reduction by the Company in the Base Salary as in effect
        on
        the date hereof or as it may be increased from time to time, (iii) the failure
        by the Company to continue any compensation or benefit plan that is material
        to
        Executive’s total compensation, (iv) a Change in Control, as such term is
        defined in the Company’s 2001 Non-Qualified Stock Option Plan, or (v) a
        relocation of the Company’s offices where Executive is to perform the services
        required hereby to an unreasonable commuting distance from Executive’s residence
        in Oceanport, New Jersey.

       

      (d)  No
        Further Liability; Release.
        Payment
        made and performance by the Company in accordance with this Section 5 shall
        operate to fully discharge and release the Company and its directors, officers,
        employees, subsidiaries, affiliates, stockholders, successors, assigns, agents
        and representatives from any further obligation or liability with respect
        to
        Execu-tive's employment and termination of employment. Other than paying
        Executive's Base Salary through the date of termination of Executive's
        employment and making any severance payment pursuant to and in accordance
        with
        this Section 5 (as applicable), the Company and its directors, officers,
        employees, subsidiaries, affiliates, stock-holders, successors, assigns,
        agents
        and repre-sentatives shall have no further obligation or liability to Executive
        or any other person under this Agreement. The Company shall have the right
        to
        condition the payment of any severance or other amounts pursuant to Sections
        5(c) or 5(d) hereof upon the delivery by Executive to the Company of a release
        in form and substance satisfactory to the Company of any and all claims
        Executive may have against the Company and its directors, officers, employees,
        subsidiaries, affiliates, stockholders, successors, assigns, agents and
        representatives arising out of or related to Executive's employment by the
        Company and termination of such employment.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

      6.     Confidential
        Information.

      

      (a) Existence
        of Confidential Information.
        The
        Company owns and has developed and compiled,
        and will develop and compile, certain proprietary technology, know-how and
        confidential information which have great value to its business (referred
        to in
        this Agreement, collectively, as (“Confidential Information”). Confidential
        Information includes not only information disclosed by the Company to Executive,
        but also information developed or learned by Executive during the course
        or as a
        result of employment with the Company, which information shall be the property
        of the Company. By way of example and without limitation, Confidential
        Information includes all infor-mation that has or could have commercial value
        or
        other utility in the business in which the Company is engaged or contemplates
        engaging, and all information of which the unauthorized disclosure could
        be
        detrimental to the interests of the Company, whether or not such information
        is
        specifically labeled as Confidential Information. By way of example and without
        limitation, Confidential Information includes any and all information developed,
        obtained, licensed by or to or owned by the Company concerning trade secrets,
        techniques, know-how (including research data, designs, plans, procedures,
        merchandising, marketing, distribution and warehousing know-how, processes,
        and
        research records), software, computer programs, and any other intellectual
        property created, used or sold (through a license or otherwise) by the Company,
        product know-how and processes, innovations, discoveries, improvements,
        research, develop-ment, test results, reports, specifications, data, formats,
        marketing data and plans, business plans, strategies, forecasts, unpublished
        financial information, orders, agreements and other forms of documents, price
        and cost information, merchandising opportunities, expansion plans, budgets,
        projections, customer, supplier, licensee, licensor and subcontractor
        identities, charac-teristics, agreements and operating procedures, and salary,
        staffing and employment information.

      

      (b) Protection
        of Confidential Information.
        Executive acknowledges and agrees that in the performance of duties hereunder
        Executive develops and acquires, and the Company discloses to and entrusts
        Executive with, Confidential Information which is the exclu-sive property
        of the
        Company and which Executive may possess or use only in the performance of
        duties
        for the Company. Executive also acknowledges that Executive is aware that
        the
        unau-thorized disclosure of Confidential Information, among other things,
        may be
        prejudicial to the Company's interests, an invasion of privacy and an improper
        disclosure of trade secrets. Execu-tive shall not, directly of indirectly,
        use,
        make available, sell, disclose or otherwise communicate to any corporation,
        partnership, individual or other third party, other than in the course of
        Executive's assigned duties and for the benefit of the Company, any Confidential
        Information, either during the Agreement Term or thereafter. In the event
        Executive desires to publish the results of Executive's work for or experiences
        with the Company through literature, interviews or speeches, Executive will
        submit requests for such interviews or such literature or speeches to the
        Board
        of Directors of the Company at least fourteen (14) days before any anticipated
        dissemination of such information for a determination of whether such disclosure
        is in the best interests of the Company, including whether such disclosure
        may
        impair trade secret status or constitute an invasion of privacy. Executive
        agrees not to publish, disclose or otherwise dissem-inate such information
        without the prior written approval of the Board of Directors of the
        Company.

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

      (c) Delivery
        of Records, Etc.
        In the
        event Executive's employment with the Company ceases for any reason, Executive
        will not remove from the Company's premises without its prior written consent
        any records, notes, notebooks, files, drawings, documents, equipment, materials
        and writings received from, created for or belonging to the Company, including
        those which relate to or contain Confidential Information, or any copies
        thereof. Upon request or when employment with the Company terminates, Executive
        will immediately deliver the same to the Company.

      

      7.     Invention
        and Patents.

      

      (a) Executive
        will promptly and fully disclose to the Company any and all inventions,
        discoveries, trade secrets and improvements, whether or not patentable or
        whether or not they are made, conceived or reduced to practice during working
        hours or using the Company's data or facilities, which Executive shall develop,
        make, conceive or reduce to practice during Executive's employment by the
        Company, either solely or jointly with others (collectively, "Developments").
        All such Developments shall be the sole property of the Com-pany, and Executive
        hereby assigns to the Company, without further compensation, all his right,
        title and interest in and to such Developments and any and all related patents,
        patent applica-tions, copyrights, copyright applications, trademarks and
        trade
        names in the United States and elsewhere.

      

      (b) Executive
        shall keep and maintain adequate and current written records of all Developments
        (in the form of notes, sketches, drawings and as may be specified by the
        Company), which records shall be available to and remain the sole property
        of
        the Company at all times.

      

      (c) Executive
        shall assist the Company in obtaining and enforcing patent, copyright and
        other
        forms of legal protection for the Developments in any country. Upon request,
        Executive shall sign all applications, assignments, instruments and papers
        and
        perform all acts necessary or desired by the Company and to enable the Company
        its successors, assigns and nominees, to secure and enjoy the full exclusive
        benefits and advantages thereof.

      

      (d) Executive
        understands that Executive’s obligations under this section will continue after
        the termination of his employment with the Company and that Executive shall
        perform such obligations without further compensation, except (i) for
        reimbursement of expenses incurred at the request of the Company and (ii)
        that
        after the termination of Executive’s employment with the Company and
        notwithstanding anything in this Section 7 to the contrary, Executive shall
        not
        be required to provide assistance to the Company in accordance with this
        Section
        7 or Section 9(l) for more than 50 hours during any twelve-month period.
        If the
        Company desires assistance beyond such 50-hour limitation, such assistance
        shall
        be subject to Executive’s consent, not to be unreasonably withheld, and the
        Company will compensate Executive on a per diem basis at a per diem rate
        that is
        determined by dividing the Base Salary in effect when the Employment Term
        was
        terminated by 250 days.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

      

                  8.      Assignment
        and Transfer

      

      (a) Company.
        This
        Agreement shall inure to the benefit of and be enforceable by, and may be
        assigned by the Company to, any purchaser of all or substantially all of
        the
        Company's business or assets, any successor to the Company or any assignee
        thereof (whether direct or indirect, by purchase, merger, consolidation or
        otherwise). The Company will require any such purchaser, successor or assignee
        to expressly assume and agree to perform this Agree-ment in the same manner
        and
        to the same extent that the Company would be required to perform it if no
        such
        purchase, succession or assignment had taken place.  

       

      (b) Executive.
        Executive's rights and obligations under this Agreement shall not be
        transferable by Executive by assignment or otherwise, and any purported
        assignment, transfer or delegation thereof shall be void; provided, however,
        that if Executive shall die, all amounts then payable to Executive hereunder
        shall be paid in accordance with the terms of this Agreement to Executive's
        devisee, legatee or other designee or, if there be no such designee, to
        Executive's estate.

      

      9.     Miscellaneous.

      

      (a) Other
        Obligations.
        Executive represents and warrants that he is not a party to any other employment
        agreement and that neither Executive's employment with the Company nor
        Executive's performance of Executive's obligations hereunder will conflict
        with
        or violate or otherwise are inconsistent with any other agreements to which
        Executive is or has been a party or with any other obligations, legal or
        otherwise, which Executive may have.

      

      (b) Nondisclosure;
        Prior Employers.
        Executive will not disclose to the Com-pany, or use, or induce the Company
        to
        use, any proprietary information, trade secrets or confidential business
        information of others. Executive represents and warrants that Executive has
        returned all property, proprietary information, trade secrets and confidential
        business infor-mation belonging to all prior employers.

      

      (c) Cooperation.
        Following termination of employment with the Company, Executive shall cooperate
        with the Company, as requested by the Company, to affect a transition of
        Executive's responsibilities and to ensure that the Company is aware of all
        matters being handled by Executive. As compensation for such cooperation,
        the
        Company shall pay the Executive on a mutually agreed upon per diem basis.
        Such
        compensation shall be over and above any payments due the Executive as defined
        herein.  

      

      (d) Protection
        of Reputation.
        During
        the Agreement Term and thereafter, Executive agrees that he will take no
        action
        which is intended, or could reasonably be expected, to harm the Company or
        its
        reputation or which could reasonably be expected to lead to unwanted or
        unfavorable publicity to the Company.

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

      (e) Governing
        Law; Arbitration.

      

      (i) Governing
        Law.
        This
        Agreement, including the validity, interpreta-tion, construction and performance
        of this Agreement, shall be governed by and construed in accord-ance with
        the
        laws of the State of New Jersey applicable to agreements made and to be
        per-formed in such state without regard to such states conflicts of law
        principles.

      

      (ii) Arbitration.
        Subject
        to Section 9(k) hereof, any controversy or claim which arises out of or relating
        to this Agreement, or the breach thereof shall be settled by arbitration
        in
        accordance with the Rules of the American Arbitration Association then in
        effect. The controversy or claim shall be submitted to three arbitrators,
        one of
        whom shall be chosen by the Employee, one of whom shall be chosen by the
        Company, and one of whom shall be chosen by the two so selected. The party
        desiring arbitration shall give written notice to the other party of its
        desire
        to arbitrate the particular matter in question, naming the arbitrator selected
        by it. If the other party shall fail within a period of 15 days after such
        notice shall have been given to reply in writing naming the arbitrator chosen
        as
        above provided, or if the two arbitrators selected by the parties shall fail
        within 15 days after their selection to agree upon the third arbitrator,
        then
        either party may apply to the American Arbitration Association for the
        appointment of an arbitrator to fill the place so remaining vacant. The decision
        of any two of the arbitrators shall be final and binding upon the parties
        hereto. Judgement upon the award rendered by the arbitrators may be entered
        in
        any court having jurisdiction thereof. The pro-ceedings shall be held in
        New
        York, New York. The arbitrators shall have no power to award punitive or
        exemplary damages or to ignore or vary the terms of this Agreement, and shall
        be
        bound to apply controlling law. Arbitration shall be binding and the remedy
        for
        the settlement of the controversy or claims (except as set forth in the
        preceding paragraph of this Section).

      

      (f) Entire
        Agreement.
        This
        Agreement (including the Exhibits hereto) con-tains the entire agreement
        and
        understanding between the parties hereto in respect of the subject matter
        hereof
        and supersedes, cancels and annuls any prior or contemporaneous written or
        oral
        agreements, understandings, commitments and practices between them respecting
        the subject matter hereof, including all prior employment agreements, if
        any,
        between the Company and Executive, which agreement(s) hereby are terminated
        and
        shall be of no further force or effect.

      

      (g) Amendment.
        This
        Agreement may be amended only by a writing which makes express reference
        to this
        Agreement as the subject of such amendment and which is signed by Executive
        and,
        on behalf of the Company, by its duly authorized officer.

      

      (h) Severability.
        If any
        term, provision, covenant or condition of this Agree-ment or part thereof,
        or
        the application thereof to any person, place or circumstance, shall be held
        to
        be invalid, unenforceable or void, the remainder of this Agreement and such
        term, provision, covenant or condition shall remain in full force and effect,
        and any such invalid, unenforceable or void term, provision, covenant or
        condition shall be deemed, without further action on the part of the parties
        hereto, modified, amended and limited to the extent necessary to render the
        same
        and the remainder of this Agreement valid, enforceable and lawful. In this
        regard, Executive acknowledges that the provisions of Sections 4 and 6 are
        reasonable and necessary for the protection of the Company.

      
        
          
          

        

        
          11

          
            

          

        

        
          
          

        

      

      (i) Construction.
        The
        headings and captions of this Agreement are provided for convenience only
        and
        are intended to have no effect in construing or interpreting this Agree-ment.
        The language in all parts of this Agreement shall be in all cases construed
        according to its fair meaning and not strictly for or against the Company
        or
        Executive. The use herein of the word "including," when following any general
        provision, sentence, clause, statement, term or matter, shall be deemed to
        mean
        "including, without limitation". As used herein, "Company" shall mean the
        Company and its subsidiaries and any purchaser of, successor to or assignee
        (whether direct or indirect, by purchase, merger, consolidation or otherwise)
        of
        all or substan-tially all of the Company's business or assets which is obligated
        to perform this Agreement by operation of law. As used herein, the words
        "day"
        or "days" shall mean a calendar day or days.

      

      (j) Nonwaiver.
        Neither
        any course of dealing nor any failure or neglect of either party hereto in
        any
        instance to exercise any right, power or privilege hereunder or under law
        shall
        constitute a waiver of any other right, power or privilege or of the same
        right,
        power or privilege in any other instance. All waivers by either party hereto
        must be contained in a written instrument signed by the party to be charged
        and,
        in the case of the Company, by its duly authorized officer. 

      

      (k) Remedies
        for Breach.
        The
        parties hereto agree that Executive is obligated under this Agreement to
        render
        personal services during the Agreement Term of a special, unique, unusual,
        extraordinary and intellectual character, thereby giving this Agreement peculiar
        value, and, in the event of a breach or threatened breach of any covenant
        of
        Executive herein, the injury or imminent injury to the value and the goodwill
        of
        the Company's business could not be reasonably or adequately compensated
        in
        damages in an action at law. Accordingly, Executive expressly acknowledges
        that
        the Company shall be entitled to specific performance, injunctive relief
        or any
        other equitable remedy against Executive, without the posting of a bond,
        in the
        event of any breach or threatened breach of any provision of this Agreement
        by
        Executive (including Sections 4 and 6 hereof). Without limiting the generality
        of the foregoing, if Execu-tive breaches Sections 4 or 6 hereof, such breach
        will entitle the Company to enjoin Executive from disclosing any Confidential
        Information to any Competing Business, to enjoin such Com-peting Business
        from
        receiving Executive or using any such Confidential Information and/or to
        enjoin
        Executive from rendering personal services to or in connection with such
        Competing Business. The rights and remedies of the parties hereto are cumulative
        and shall not be exclu-sive, and each such party shall be entitled to pursue
        all
        legal and equitable rights and remedies and to secure performance of the
        obligations and duties of the other under this Agreement, and the enforcement
        of
        one or more of such rights and remedies by a party shall in no way preclude
        such
        party from pursuing, at the same time or subsequently, any and all other
        rights
        and reme-dies available to it.

      

      (l) Notices.
        Any
        notice, request, consent or approval required or permitted to be given under
        this Agreement or pursuant to law shall be sufficient if in writing, and
        if and
        when sent by certified or registered mail, return receipt requested, with
        postage prepaid, to Executive's

      residence
        (as reflected in the Company's records or as otherwise designated by Executive
        on thirty (30) days' prior written notice to the Company) or to the Company's
        princi-pal executive office, attention: Chairman of the Board (with copies
        to
        the General Counsel), as the case may be. All such notices, requests, consents
        and approvals shall be effective upon being deposited in the United States
        mail.
        However, the time period in which a response thereto must be given shall
        commence to run from the date of receipt on the return receipt of the notice,
        request, consent or approval by the addressee thereof. Rejection or other
        refusal to accept, or the inability to deliver because of changed address
        of
        which no notice was given as provided herein, shall be deemed to be receipt
        of
        the notice, request, consent or approval sent.

      
        
          
          

        

        
          12

          
            

          

        

        
          
          

        

      

      (m) Assistance
        in Proceedings, Etc.
        Executive shall, without additional com-pensation, during and after expiration
        of the Agreement Term, upon reasonable notice, furnish such information and
        proper assistance to the Company as may reasonably be required by the Company
        in
        connection with any legal or quasi-legal proceeding, including any external
        or
        internal investigation, involving the Company or any of its affiliates or
        in
        which any of them is, or may become, a party, unless
        Executive is adverse to the Company in such proceeding or unless Executive
        and
        the Company are both defendants in such proceeding and assisting the Company
        may
        impair Executive’s ability to defend himself in such proceeding. After the
        Employment Term Executive shall provide the same assistance under the same
        conditions, except that Executive shall not be required to provide assistance
        to
        the Company in accordance with this Section or Section 7 for more than 50
        hours
        during any twelve-month period. If the Company desires assistance beyond
        such
        50-hour limitation, such assistance shall be subject to Executive’s consent, not
        to be unreasonably withheld, and the Company will compensate Executive on
        a per
        diem basis at a per diem rate that is determined by dividing the Base Salary
        in
        effect when the Employment Term was terminated by 250 days.

      

      (n) Survival.
        Cessation or termination of Executive's employment with the Company shall
        not
        result in termination of this Agreement. The respective obligations of
        Execu-tive and rights and benefits afforded to the Company as provided in
        this
        Agreement shall survive cessation or termination of Executive's employment
        hereunder. This Agreement shall not termi-nate upon, and shall remain in
        full
        force and effect following, expiration of the Agreement Term and all rights
        and
        obligations of the parties hereto as and to the extent provided herein shall
        survive such expiration.

      

      IN
        WITNESS WHEREOF,
        the
        Company has caused this Agreement to be duly executed on its behalf by an
        officer thereunto duly authorized and Executive has duly executed this
        Agreement, all as of the date and year first written above.

      

      
        
          
          

        

        
          13

          
            

          

        

        
          
          

        

      

      
        	 	 	 
	 	SYNTHEMED,
                INC.
	 
 	 
 	 
 
	 	By:  	/s/
                Robert P. Hickey
	 	Robert P. Hickey
	 	President
                & CEO

      

      
        	 	 	 
	 	
                EXECUTIVE

                 

              
	 	By:  	/s/
                Eli Pines
	 	Eli Pines, PhD 
	 	 

      

                   

        
          
            
            

          

          
            14

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