Document:

ex10-1.htm

    EXHIBIT
10.1

     

    
    

     

    
      	 	
              ACCO
      BRANDS CORPORATION

              300 Tower Parkway

              Lincolnshire, Illinois 60069-3640

              Tel  847.541.9500

              Fax  847.478.0073

              accobrands.com

            

    

     

     

    September
29, 2008

    
       

      Mr.
Dennis L. Chandler

      304
Shoreline Court

      Glencoe,
IL 60022

      

      

      Dear
Denny:

       

      The
purpose of this letter agreement and general release (the “Letter Agreement”) is
to set forth the terms of your separation from employment with ACCO Brands
Corporation, its subsidiaries and/or affiliates (collectively “ACCO”) and to
outline the benefits being offered to you under the ACCO Brands Corporation
Executive Severance Plan (the “Severance Plan”) (a copy of which has been
provided to you with this Letter Agreement) and to outline some additional
equity vesting, both of which are being offered in exchange for your general
release of claims.  Your employment will end on September 30, 2008
(the “Termination Date”).

       

      
        	
                 
      

              	
                1.

              	
                Severance
      Benefits.

              

      

       

      (a)           You
will be paid severance in the aggregate amount of $1,106,000, which represents
(i) $110,000, plus (ii) the sum of 21 months of your base salary as in effect on
your Termination Date ($415,000 base salary x 21 months = $726,250) plus your
annual target bonus for 2008 ($269,750).  The
initial amount of $110,000 will be paid to you on the later of (x) ACCO’s last
regular payroll date in October 2008 or (y) the first payroll date following the
date on which the general release in Paragraph 3 becomes
irrevocable.  The remainder of your severance will commence on the
first payroll date following the date on which the general release in Paragraph
3 below becomes irrevocable and shall continue in substantially equal payments
in accordance with ACCO’s regular payroll schedule for 21 months from your
Termination Date, ending on the last payroll date in June 2010.  Your
first severance payment in this stream of payments will be based on the number
of payroll periods from October 1, 2008 through the payroll date on which
severance benefits actually commence.  Each severance payment provided
pursuant to this paragraph is intended to be a series of separate payments such
that each payment paid on or before March 15, 2009 is exempt from Internal
Revenue Code Section 409A pursuant to the short-term deferral rules under
Treasury Regulation Section 1.409A-1(b)(4).  Any payments otherwise
scheduled to be made after March 15, 2009 and before April 1, 2009 shall be
delayed and paid in April 2009 with any other regularly scheduled severance
payment.  If you were to die prior to receiving all of your severance
benefits, the balance of those payments would be paid in a single lump sum to
your estate as soon as administratively practicable following the date of your
death.

       

      (b)           Medical,
dental and vision coverage will continue at active employee rates through June
30, 2010.  To the extent that the period during which the continued
provision of medical, dental and vision benefits extends beyond the applicable
COBRA continuation period, the following shall apply: (i) the premiums for such
continued coverage shall be paid on a monthly basis; (ii) any amounts paid to or
on your behalf as reimbursement for such expenses 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            Dennis L.
Chandler

            September 29,
2008

            Page
2

          

        

         

      

      shall be
paid on or before the last day of the year following the year in which such
expense was incurred; (iii) any amounts paid to or on your behalf as
reimbursement for such expenses during one year will not affect your eligibility
for amounts paid to or on your behalf as reimbursement for such expenses during
any other year; and (iv) the right to continued coverage beyond the applicable
COBRA continuation period is not subject to liquidation or exchange for another
benefit.  This paragraph shall be administered and interpreted
consistent with Treasury Regulation Section 1.409A-3(i)(1)(iv). After June 30,
2010, the continuation coverage period under the Consolidated Omnibus Budget
Reconciliation Act of 1985 (“COBRA”) will start, and you may continue such
coverage at standard COBRA rates.  If, prior to June 30, 2010, you
accept employment with a new employer, any medical, dental and vision benefits
provided under ACCO’s plans at active employee rates pursuant to the Severance
Plan will be discontinued when you become eligible for coverage under the new
employer’s plans.  Coverage may be continued at standard COBRA rates
only in accordance with the COBRA provisions of ACCO’s medical, dental and
vision plans.  You must notify the ACCO’s Corporate Human Resources
Benefits Department in writing when you obtain coverage under a new employer’s
plans.  If you were to die prior to June 30, 2010 and prior to
becoming eligible for healthcare coverage under a new employer’s plans, your
eligible dependents’ medical, dental and vision coverage will continue at active
employee rates for eligible dependents through June 30, 2010 and thereafter
the continuation coverage period under COBRA will start and your eligible
dependents may continue such coverage at standard COBRA rates.

       

      (c)           You
are entitled to receive outplacement assistance through Kensington International
for a value of $30,000.  Only those outplacement services incurred
before the end of 2010 will be reimbursed under the Severance Plan.

       

      (d)           All
other employee benefit plans terminate on your Termination Date.  Your
nine accrued but unpaid vacation days shall be paid to you on or before ACCO’s
last regular payroll date in October 2008 and your incurred but unreimbursed
expenses shall be paid within thirty days following your submission of the
requisite expense reports.  Severance payments will not be considered
eligible earnings under ACCO’s pension and 401(k) plans, and the period of
severance will not count towards credited service and vesting service under
ACCO’s pension and 401(k) plans.  ACCO will not contest your
application for unemployment benefits.

       

      
        	
                 
      

              	
                2.

              	
                Equity
      Awards.

              

      

       

      (a)           ACCO
will cause the 21,000 Restricted Stock Units granted to you on December 7, 2005
to vest and be converted into shares of ACCO’s common stock as of December 7,
2008 and without the requirement that you be an employee of ACCO on that date.
Those shares will be distributed to you in accordance with applicable award
agreement and plan documents.

       

      (b)           All
other equity awards will be administered in accordance with their
terms.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            Dennis L.
Chandler

            September 29,
2008

            Page
3

          

        

      

       

      
        	
                 
      

              	
                3.

              	
                Your General Release of
      Claims.

              

      

       

      (a)           In
consideration of the foregoing compensation and benefits under this Letter
Agreement and the Severance Plan described in Paragraph 1 above and the
Restricted Stock Unit vesting described in Paragraph 2(a) above, the adequacy of
which is hereby acknowledged, you, on your own behalf and on behalf of your
heirs, executors, administrators, successors, representatives and assigns, do
herein unconditionally release, waive, and fully discharge ACCO Brands
Corporation and its subsidiaries (including successors and assigns thereof)
(collectively, the “Company”), and all of their respective past, present and
future employees, officers, directors, agents, affiliates, parents,
predecessors, administrators, representatives, attorneys, and shareholders from
any and all legal claims, liabilities, suits, causes of action (whether before a
court or an administrative agency), damages, costs, attorneys’ fees, interest,
injuries, expenses, debts, or demands of any nature whatsoever, known or
unknown, liquidated or unliquidated, absolute or contingent, at law or in
equity, which were or could have been filed with any Federal, state, or local
court, agency, arbitrator or any other entity, based directly or indirectly on
your employment with and separation from Company or based on any other alleged
act or omission by or on behalf of Company prior to your signing this general
release other than claims to enforce this Letter Agreement, your rights under
the Severance Plan or terms of any employee pension or welfare benefit
plan.  Without limiting the generality of the foregoing terms, this
general release specifically includes all claims based on the terms, conditions,
and privileges of employment, and those based on breach of contract (express or
implied), tort, harassment, intentional infliction of emotional distress,
defamation, negligence, privacy, employment discrimination, retaliation,
discharge not for just cause, constructive discharge, wrongful discharge, the
Age Discrimination in Employment Act, as amended (the “ADEA”), Executive Order
11,141 (age discrimination), Title VII of the Civil Rights Act of 1964, as
amended, the Civil Rights Act of 1866 and 1871, 41 U.S.C. §1981
(discrimination), 29 U.S.C. §206(d)(1) (equal pay), Executive Order 11,246
(race, color, religion, sex and national origin discrimination), the National
Labor Relations Act, the Fair Labor Standards Act, the Americans with
Disabilities Act of 1990, the Family Medical Leave Act, the Immigration Reform
and Control Act, the Vietnam Era Veterans Readjustment Assistance Act, §§503-504
of the Rehabilitation Act of 1973 (handicap rehabilitation), Employee Retirement
Income Security Act of 1974, as amended, the Illinois Human Rights Act, the
Illinois Wage Payment and Collection Act, and any and all other Federal, state,
local or other governmental statutes, laws, ordinances, regulations and orders,
under common law, and under any Company policy, procedure, bylaw or
rule.  This general release shall not waive or release any rights or
claims that you may have which arise after the date of this general release and
shall not waive post-termination health-continuation insurance benefits required
by state or Federal law.

       

      (b)           You
intend this Letter Agreement to be binding on your successors, and you
specifically agree not to file or continue any claim in respect of matters
covered by Paragraph 3(a), above.  You further agree never to
institute any suit, complaint, proceeding, grievance or action of any kind at
law, in equity, or otherwise in any court of the United States or in any state,
or in any administrative agency of the United States or any state, county or
municipality, or before any other tribunal, public or private, against Company
arising from or relating to your employment with or your termination of
employment from Company and/or any 

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            Dennis L.
Chandler

            September 29,
2008

            Page
4

          

        

         

      

      other
occurrences to the date of this Letter Agreement, other than a claim challenging
the validity of the general release made herein under the ADEA or respecting any
matters not covered by this Letter Agreement.

       

      (c)           You
are further waiving your right to receive money or other relief in any action
instituted by you or on your behalf by any person, entity or governmental agency
in respect of matters covered by this Letter Agreement.  Nothing in
this Letter Agreement shall limit the rights of any governmental agency or your
right of access to, cooperation or participation with any governmental agency,
including without limitation, the United States Equal Employment Opportunity
Commission.  You further agree to waive your rights under any other
statute or regulation, state or federal, which provides that a general release
does not extend to claims which you do not know or suspect to exist in your
favor at the time of executing this Letter Agreement, which if known to you must
have materially affected your settlement with Company.

       

      (d)           You
agree that you shall not be eligible and shall not seek or apply for
reinstatement or re-employment with Company and agree that any application for
re-employment may be rejected without explanation or liability pursuant to this
provision.

       

      (e)           In
further consideration of the promises made by Company in this Letter Agreement,
you specifically waive and release the Company from all claims you may have as
of the date of this Letter Agreement, whether known or unknown, arising under
the ADEA.  You further agree that:

       

      (i)           Your
waiver of rights under this Letter Agreement and the general release made herein
is knowing and voluntary and in compliance with the Older Workers Benefit
Protection Act of 1990 (“OWBPA”);

       

      (ii)           You
understand the terms of this Letter Agreement and the general release made
herein;

       

      (iii)           The
consideration offered by Company in this Letter Agreement, under the Severance Plan and the additional
Restricted Stock Unit vesting in exchange for the general release made herein
represents consideration over and above that to which you would otherwise be
entitled, and that the consideration would not have been provided had you not
agreed to sign this Letter Agreement and did not provide the general release
made herein;

       

      (iv)           Company
is hereby advising you in writing to consult with an attorney prior to executing
this Letter Agreement;

       

      (v)           Company
is giving you a period of twenty-one (21) days within which to consider this
Letter Agreement;

       

      (vi)           Following
your execution of this Letter Agreement, you have seven (7) days in which to
revoke this Letter Agreement by written notice.  An
attempted

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          Dennis
L. Chandler 

            September 29,
2008

            Page
5

          

        

      

       

      revocation not actually received by Company prior to the
revocation deadline will not be effective; and

       

      
        	
                 
      

              	
                4.

              	
                ACCO’s Release of
      Claims.

              

      

       

      ACCO, on
behalf of itself and its affiliates, does herein unconditionally release, waive,
and fully discharge you and your heirs, executors, administrators, successors,
representatives and assigns from any and all legal claims, liabilities, suits,
causes of action, damages, costs, attorneys’ fees, interest, injuries, expenses,
debts, or demands of any nature whatsoever, known or unknown, liquidated or
unliquidated, absolute or contingent, at law or in equity, which were or could
have been filed with any Federal, state, or local court, agency, arbitrator or
any other entity, based directly or indirectly on your employment with and
separation from ACCO.  Such release does not include claims for
violation of any law, including any securities law or willful misconduct (ACCO
acknowledges that it is not aware of any such conduct as of the date of
execution of this Agreement).

       

      
        	
                 
      

              	
                5.

              	
                Mutual
      Non-disparagement.

              

      

       

      You agree
that you will not make, directly or indirectly, any false or disparaging,
negative, unflattering, or accusatory remarks or references, whether oral or in
writing, regarding ACCO, its affiliates, officers, directors or employees, in
any dealings with third parties, including ACCO’s or its affiliates’ customers,
potential customers, contractors, employees, lenders and
analysts.  Likewise, ACCO agrees that it will not through any senior
leadership executive or authorized ACCO employee representative make, directly
or indirectly, any false or disparaging, negative, unflattering, or accusatory
remarks or references, whether oral or in writing, regarding you in any dealings
with third parties, including employers, prospective employers, customers,
potential customers, contractors, employees, lenders and
analysts.  This paragraph does not preclude any testimony subpoenaed
or given under oath by either you or an ACCO representative. 

       

      
        	
                 
      

              	
                6.

              	
                Indemnification;
      D&O Coverage.

              

      

       

      You will
be indemnified to the extent provided by ACCO’s By-laws and other corporate
documents in effect as of your Termination Date or, if greater, under applicable
law, as well as to the extent provided pursuant to applicable director and
officer insurance policies of ACCO as are in effect from time to
time.

       

      
        	
                 
      

              	
                7.

              	
                Miscellaneous.

              

      

       

      (a)           This
Letter Agreement, and all payments and benefits otherwise payable under the
Severance Plan and the Restricted Stock Unit vesting, shall be void and of no
force and effect if you choose to so revoke, and if you choose not to so revoke
this Letter Agreement shall then become effective and enforceable.

       

      (b)           This
Letter Agreement and the general release made herein does not waive rights or
claims that may arise under the ADEA after the date you sign this Letter
Agreement.

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
            Dennis L.
Chandler

            September 29,
2008

            Page
6

          

        

         

      

      To the
extent barred by the OWBPA, the covenant not to sue contained in Paragraph 3(a)
does not apply to claims under the ADEA that challenge the validity of this
Letter Agreement and the general release made herein.

       

      (c)           This
General Release may not be returned until your Termination Date and must be
returned no later than October 10, 2008.

       

      (d)           To
revoke this Letter Agreement, you must send a written statement of revocation
to:

       

      ACCO
Brands Corporation
300 Tower
Parkway

      Lincolnshire,
IL  60069

      Attn:  General
Counsel

       

      The
revocation must be received no later than 5:00 p.m. on the seventh day following
your execution of this Letter Agreement.  If you do not revoke, the
eighth day following your acceptance will be the “effective date” of this Letter
Agreement.

       

      (e)           You
agree that you will execute and deliver a Power of Attorney to be provided to
you by the Company allowing named representatives of the Company to effect your
resignation or removal as an officer and/or director of any subsidiary or other
entity affiliated with the Company.

       

      (f)           This
Letter Agreement shall be governed by the internal laws (and not the choice of
laws) of the State of Illinois, except for the application of pre-emptive
Federal law.

       

      PLEASE
READ THIS AGREEMENT CAREFULLY.  IT CONTAINS A RELEASE OF ALL KNOWN AND
UNKNOWN CLAIMS.

       

      

       

      
        	
                Date:

              	
                September
      29, 2008

              	 
      	
                ACCO
      BRANDS CORPORATION

              
	 
      	
                 

                By:

              	
                 

                /s/David
      L. Kaput

              
	 
      	
                 

                Name:

              	
                 

                David
      L. Kaput

              
	 
      	
                 

                Its:

              	
                 

                Senior
      Vice President

              
	 
      	 
      
	
                Accepted
      and agreed to:

              	 
      	
                /s/Dennis
      L. Chandler

              
	 
      	
                Dennis
      L. Chandler

              
	 
      	
                 

                Date:

              	
                 

                September
      30, 2008Guided Therapeutics, Inc. - Exhibit 10.1

EXHIBIT 10.1

AMENDED PROMISSORY NOTE 

THIS PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE FEDERAL SECURITIES ACT OF 1933, AS AMENDED (THE "FEDERAL ACT"), THE GEORGIA SECURITIES ACT OF 1973, AS AMENDED, OR ANY OTHER STATE SECURITIES LAW.  THIS PROMISSORY NOTE HAS BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE OFFERED FOR SALE, HYPOTHECATED, SOLD, OR TRANSFERRED, NOR WILL ANY ASSIGNEE OR TRANSFEREE HEREOF BE RECOGNIZED BY THE MAKER HEREOF AS HAVING ANY INTEREST IN THIS PROMISSORY NOTE, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT WITH RESPECT TO THIS PROMISSORY NOTE UNDER ANY APPLICABLE STATE LAW AND THE FEDERAL ACT OR AN OPINION OF COUNSEL REASONABLY ACCEPTABLE TO THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED BY REASON OF AN EXEMPTION FROM REGISTRATION UNDER ANY APPLICABLE STATE LAW AND THE FEDERAL ACT.

Atlanta, Georgia

April 10, 2008

    For value received, SPECTRX, INC., a Delaware corporation (the "Company"), promises to pay to the order of DOLORES MALOOF, an individual resident with an address of Atlanta, GA (the "Noteholder"), the principal sum of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) from a loan made on January 2, 2008, ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00) from a loan made on February 7, 2008 and FIFTY THOUSAND AND NO/100 ($50,000.00) from a loan made on March 12, 2008, FIFTY FIVE THOUSAND AND NO/100 ($55,000.00) from a loan made on April 2, 2008 and NINETY FIVE THOUSAND AND NO/100 ($95,000.00), for a total of FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($400,000.00).  The Company promises to pay interest on the unpaid principal amount of this Promissory Note at the rate of thirteen percent (13%), on the due date of July 10, 2008, or completion of a financing of at least $2,000,000.00, whichever occurs first.  All such payments of principal and interest shall be made in lawful money of the United States in Federal or other immediately available funds at SpectRx, Inc., 4955 Avalon Ridge Parkway, Suite 300, Norcross, GA  30071, or such other address as may be specified from time to time
as the Noteholder hereof may designate in writing.

    This Note can be converted into the Company's existing 13% Senior Convertible Notes dated March 1, 2007, with equal entitlements, or can be converted into a new financing the Company may enter into, with the same terms as the new investors of such financing.  Under no circumstances is the Noteholder required to convert into any current or future financing.

    Should any installment not be paid when due, then entire unpaid principal sum evidenced by this note, with all accrued interest, shall, at the option of the Noteholder, and with 10 days notice to the undersigned, become due and may be collected forthwith, time being of the essence of this contract.  It is further agreed that failure of the Noteholder to exercise this right of accelerating the maturity of the debt, or indulgence granted from time to time, shall in no event be considered as a waiver of such right of acceleration or estop the Noteholder from exercising such right.

    In case this note is collected by action at law, or through an attorney at law, all costs of collection, including reasonable attorney's fees, shall be paid by the maker hereof.

    The maker, hereby waives and renounces any and all exemption rights it may have under or by virtue of the Constitution or laws of Georgia, or any other State, or the United States, as against this debt or any renewal thereof; and further waives demand, protest and notice of demand, protest and non-payment.

    In case of default in the payment after demand therefor, and in case the Noteholder of this note should elect, on account of such default, to declare the unpaid balance of the principal sum due and payable, said principal sum, or so much thereof as may remain unpaid at the time of such default, shall bear interest at the rate of eighteen per centum (18%) per annum from the date of such default.

    This contract is to be construed in all respects and enforced according to the laws of the State of Georgia.

   IN WITNESS WHEREOF, the Company has caused this Promissory Note to be duly executed, under seal, by its duly authorized officer as of the day and year first above written.

	
		
			
				
					
						
							SPECTRX, INC.     (Corporate SEAL)

							BY:         
							 /s/ Mark L. Faupel

							                     Mark L. Faupel

							TITLE:     President & Chief Executive Officer

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