Document:

EX-10.7

 Exhibit 10.7 
  

 
 March 27, 2018 

Dario Paggiarino 
 26 Beacon
Street 
 Apt 67E 
 Burlington,
MA 01803 
 Dear Mr. Paggiarino: 

This letter (the “Agreement”) will confirm our offer to you of employment with pSivida Corp. (the “Company”), under the
terms and conditions that follow. 
  

	 	1.	Position and Duties. 

 (a)    Your employment commenced on
August 1, 2016, or such other date as the Company and you may have agreed, (the “Start Date”) on a full-time basis, as its Chief Medical Officer, reporting to the Chief Executive Officer of the Company. During your employment,
you may be asked from time to time to serve as a director or officer of one or more of the Company’s subsidiaries, in each case, without further compensation. If your employment with the Company terminates for any reason, then concurrently with
such termination, you will be deemed to have resigned from any director, officer, trustee, or other positions you may hold with the Company, the Company’s subsidiaries, or any of their respective related committees, trusts, or other similar
entities, in each case unless otherwise agreed in writing by the Company and you. 
 (b)    You agree to perform the
duties of your position and such other duties as may reasonably be assigned to you consistent therewith from time to time. You also agree that, while employed by the Company, you will devote your full business time and your best efforts, business
judgment, skill and knowledge exclusively to the advancement of the business interests of the Company and its subsidiaries and to the discharge of your duties and responsibilities for them. 

(c)    You agree that, while employed by the Company, you will comply with all Company policies, practices and procedures
and all codes of ethics or business conduct applicable to your position, as in effect from time to time. 

2.    Compensation and Benefits. During your employment, as compensation for all services performed by you
for the Company and its subsidiaries and subject to your full performance of your obligations hereunder, the Company will provide you the following pay and benefits: 

(a)    Base Salary. The Company will pay you a base salary at the rate of $396,550 per year, payable in accordance
with the regular payroll practices of the Company (as may be adjusted, from time to time, the “Base Salary”). 

 (b)    Bonus Compensation. For each fiscal year completed during your
employment under this Agreement, you will be eligible to earn an annual cash bonus. Your target bonus will be 35.0% of the Base Salary (the “Target Bonus”), with the actual amount of any such bonus being determined by the Board of
Directors of the Company (the “Board”) in its discretion, based on your performance and that of the Company against goals established by the Board. Except as otherwise expressly provided in Section 5 hereof, you must be
employed through the date a bonus is paid in order to be eligible for the bonus. 
 (c)    Participation in Employee
Benefit Plans. You will be entitled to participate in all employee benefit plans from time to time in effect for employees of the Company generally, except to the extent such plans are duplicative of benefits otherwise provided you under this
Agreement (e.g., a severance pay plan). Your participation will be subject to the terms of the applicable plan documents and generally applicable Company policies, as the same may be in effect from time to time, and any other restrictions or
limitations imposed by law. 
 (d)    Vacations. You will be entitled to earn four (4) weeks of vacation
per year, in addition to holidays observed by the Company. Vacation may be taken at such times and intervals as you shall determine, subject to the business needs of the Company. Vacation shall otherwise be subject to the policies of the Company, as
in effect from time to time. 
 (e)    Business Expenses. The Company will pay or reimburse you for all
reasonable business expenses incurred or paid by you in the performance of your duties and responsibilities for the Company, subject to any maximum annual limit and other restrictions on such expenses set by the Company and to such reasonable
substantiation and documentation as may be specified from time to time. Your right to payment or reimbursement for business expenses hereunder shall be subject to the following additional rules: (i) the amount of expenses eligible for payment
or reimbursement during any calendar year shall not affect the expenses eligible for payment or reimbursement in any other calendar year, (ii) payment or reimbursement shall be made not later than December 31 of the calendar year following
the calendar year in which the expense or payment was incurred, and (iii) the right to payment or reimbursement is not subject to liquidation or exchange for any other benefit. 

 

	 	3.	Confidential Information and Restricted Activities. 

(a)    Confidential Information. During the course of your employment with the Company, you will learn of
Confidential Information, as defmed below, and you may develop Confidential Information on behalf of the Company and its subsidiaries. You agree that you will not use or disclose to any Person (except as required by applicable law or for the proper
performance of your regular duties and responsibilities for the Company) any Confidential Information obtained by you incident to your employment or any other association with the Company or any of its subsidiaries. You agree that this restriction
shall continue to apply after your employment terminates, regardless of the reason for such termination. Nothing in this Agreement limits, restricts or in any other way affects your communicating with any governmental agency or entity, or
communicating with any official or staff person of a governmental agency or entity, concerning matters relevant to the governmental agency or entity. 

 
You cannot be held criminally or civilly liable under any federal or state trade secret law for disclosing a trade secret (i) in confidence to a federal, state, or local government official,
either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed under seal in a lawsuit or other proceeding. Notwithstanding
this immunity from liability, you may be held liable if you unlawfully access trade secrets by unauthorized means. 

(b)    Protection of Documents. All documents, records and files, in any media of whatever kind and description,
relating to the business, present or otherwise, of the Company or any of its subsidiaries, and any copies, in whole or in part, thereof, other tl1an your rolodex (or electronic equivalent), which we agree is your property, (the
“Documents”), whether or not prepared by you, shall be the sole and exclusive property of the Company. You agree to safeguard all Documents and to surrender to the Company, at the time your employment terminates or at such earlier
time or tinles as the Board or its designee may specify, all Documents then in your possession or control. You also agree to disclose to the Company, at the time your employment terminates or at such earlier time or times as the Board or its
designee may specify, all passwords necessary or desirable to obtain access to, or that would assist in obtaining access to, any information which you have password-protected on any computer equipment, network or system of the Company or any of its
subsidiaries. 
 (c)    Assignment of Rights to Intellectual Property. You shall promptly and fully disclose all
Intellectual Property to the Company. You hereby assign and agree to assign to the Company (or as otherwise directed by the Company) your full right, title and interest in and to all Intellectual Property. You agree to execute any and all
applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or confirmation) requested by the Company to
assign the Intellectual Property to the Company (or as otherwise directed by the Company) and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. You will not charge the Company for time
spent in complying with these obligations. All copyrightable works that you create during your employment shall be considered “work made for hire” and shall, upon creation, be owned exclusively by the Company. 

(d)    Restricted Activities. You agree that the following restrictions on your activities during and after your
employment are necessary to protect the good will, Confidential Information, trade secrets and other legitimate interests of the Company and its subsidiaries: 

(i)    While you are employed by the Company and during the twelve (12)-month period immediately following termination of
your employment, regardless of the reason therefor (in the aggregate, tl1e “Restricted Period”), you shall not, directly or indirectly, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise,
Compete with the Company or any of its subsidiaries in any geographic area in which the Company does business or is actively planning to do business during your employment or, with respect to the portion of the Restricted Period that follows the
termination of your employment, at the time your employment terminates (the “Restricted Area”) or undertake any planning for any business competitive with the Company or any of its subsidiaries in the Restricted Area. Specifically,
but without limiting the foregoing, you agree not to work or provide services, in any capacity, anywhere in the Restricted Area, whether as an employee, independent contractor or 

 otherwise, whether with or without compensation, to any Person that is engaged in any business that is
specifically engaged in drug delivery ophthalmology for delivery in the anterior or posterior segment, or, with respect to the portion of the Restricted Period that follows the termination of your employment, at the time your employment terminates.
Notwithstanding the foregoing, in the event of any termination of your employment pursuant to Section 4(b) or Section 4(c) below that occurs prior to the first anniversary of the Start Date, the Restricted Period shall mean the period that
commences on the Start Date and ends on the date that is six (6) months following the date that your employment terminates. 

(ii)    During the Restricted Period, you will not directly or indirectly (a) solicit or encourage any customer,
vendor, supplier or other business partner of the Company or any of its subsidiaries to terminate or diminish its relationship with them; or (b) seek to persuade any such customer, vendor, supplier or other business partner or prospective
customer, vendor, supplier or other business partner of the Company or any of its subsidiaries to conduct with anyone else any business or activity which such customer, vendor, supplier or other business partner or prospective customer, vendor,
supplier or other business partner conducts or could conduct with the Company or any of its subsidiaries; provided, however, that these restrictions shall apply (y) only with respect to those Persons who are or have been a business partner of
the Company or any of its subsidiaries at any time within the immediately preceding two (2)-year period or whose business has been solicited on behalf of the Company or any of the subsidiaries by any of their officers, employees or agents within
such two (2) year period, other than by form letter, blanket mailing or published advertisement, and (z) only if you have performed work for such Person during your employment with the Company or one of its subsidiaries or been introduced
to, or otherwise had contact with, such Person as a result of your employment or other associations with the Company or one of its subsidiaries or have had access to Confidential Information which would assist in your solicitation of such Person.

 (iii)    During the Restricted Period, you will not, and will not assist any other Person to, (a) hire or
engage, or solicit for hiring or engagement, any employee of the Company or any of its subsidiaries or seek to persuade any employee of the Company or any of its subsidiaries to discontinue employment or (b) solicit or encourage any independent
contractor providing services to the Company or any of its subsidiaries to terminate or diminish his, her or its relationship with them. For the purposes of this Agreement, an “employee” or an “independent
contractor” of the Company or any of its subsidiaries is any person who was such at any time within the preceding eighteen (18) months. 

(e)    In signing this Agreement, you give the Company assurance that you have carefully read and considered all the
terms and conditions of this Agreement, including the restraints imposed on you under this Section 3. You agree without reservation that these restraints are necessary for the reasonable and proper protection of the Company and its
subsidiaries, and that each and every one of the restraints is reasonable in respect to subject matter, length of time and geographic area. You further agree that, were you to breach any of the covenants contained in this Section 3, the damage
to the Company and its subsidiaries would be irreparable. You therefore agree that the Company, in addition and not in the alternative to any 

 
other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by you of any of those covenants, without having to post
bond, together with an award of its reasonable attorney’s fees incurred in enforcing its rights hereunder. So that the Company may enjoy the full benefit of the covenants contained in this Section 3, you further agree that the Restricted
Period shall be tolled, and shall not run, during the period of any breach by you of any of the covenants contained in this Section 3. You and the Company further agree that, in the event that any provision of this Section 3 is determined
by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a geographic area or too great a range of activities, that provision shall be deemed to be modified to permit its enforcement
to the maximum extent permitted by law. It is also agreed that each of the Company’s subsidiaries shall have the right to enforce all of your obligations to that subsidiary under this Agreement, including without limitation pursuant to this
Section 3. Finally, no claimed breach of this Agreement or other violation of law attributed to the Company, or change in the nature or scope of your employment or other relationship with the Company or any of its subsidiaries, shall operate to
excuse you from the performance of your obligations under this Section 3. 
 4.    Termination of
Employment. Your employment under this Agreement shall continue until terminated pursuant to this Section 4. 

(a)    By the Company for Cause. The Company may terminate your employment for Cause upon notice to you setting
forth in reasonable detail the nature of the Cause. The following, as determined by the Board in its reasonable, good faith judgment, shall constitute “Cause” for termination: (i) your substantial failure to perform (other than
by reason of disability), or gross negligence in the performance of, your duties and responsibilities to the Company or any of its subsidiaries; (ii) your material breach of this Agreement or any other agreement between you and the Company or
any of its subsidiaries; (iii) your commission of, or plea of nolo contendere to, a felony or other crime involving moral turpitude; or (iv) other conduct by you that is or could reasonably be expected to be harmful to the interests or
reputation of the Company or any of its subsidiaries, in each such case, you shall have a one-time 30-day period to cure such Cause. 

(b)    By the Company Without Cause. The Company may terminate your employment at any time other than for Cause
upon notice to you. 
 (c)    By You for Good Cause. You may terminate your employment for Good Cause by
(A) providing notice to the Company specifying in reasonable detail the condition giving rise to the Good Cause no later than the thirtieth (30th) day following your first becoming aware of such event or condition; (B) providing the
Company a period of (30) days to remedy the event or condition; and (C) terminating your employment for Good Cause within fifteen (15) days following the expiration of the period to remedy if the Company fails to remedy the condition.
The following, if occurring without your consent, shall constitute “Good Cause” for termination by you: (i) a material diminution in the nature or scope of your position, duties, or authority (other than temporarily while you
are physically or mentally incapacitated to such a degree that you would be eligible for disability benefits under the Company’s disability income plan or as required by applicable law); (ii) a material reduction in the Base Salary or the
Target Bonus opportunity; (iii) a material breach by the Company of this Agreement; (iv) a requirement by the Company that you relocate to a location more than thirty (30) miles from Watertown, Massachusetts. 

 (d)    By You Without Good Cause. You may terminate your employment
at any time without Good Cause upon sixty (60) days’ notice to the Company. The Board may elect to waive such notice period or any portion thereof; but in that event, the Company shall pay you the Base Salary for that portion of the notice
period so waived. 
 (e)    Death and Disability. Your employment hereunder shall automatically terminate in the
event of your death during employment. In the event you become disabled during employment and, as a result, are unable to continue to perform substantially all of your duties and responsibilities under this Agreement, either with or without
reasonable accommodation, the Company will continue to pay you the Base Salary and to provide you benefits in accordance with Section 2(c) above, to the extent permitted by plan terms, for up to twelve (12) weeks of disability during any
period of three hundred sixty-five (365) consecutive calendar days. If you are unable to return to work after twelve (12) weeks of disability, the Company may terminate your employment, upon notice to you. If any question shall arise as to
whether you are disabled to the extent that you are unable to perform substantially all of your duties and responsibilities for the Company and its subsidiaries, you shall, at the Company’s request, submit to a medical examination by a
physician selected by the Company to whom you or your guardian, if any, has no reasonable objection to determine whether you are so disabled, and such determination shall for purposes of this Agreement be conclusive of the issue. If such a question
arises and you fail to submit to the requested medical examination, the Company’s determination of the issue shall be binding on you. 
  

	 	5.	Other Matters Related to Termination. 

 (a)    Final
Compensation. In the event of termination of your employment with the Company, howsoever occurring, the Company shall pay you (i) the Base Salary for the final payroll period of your employment, through the date that your employment
terminates; (ii) compensation at the rate of the Base Salary for any vacation time earned but not used as of the date your employment terminates; and (iii) reimbursement, in accordance with Section 2(e) hereof, for business expenses
incurred by you but not yet paid to you as of the date your employment terminates; provided you submit all expenses and supporting documentation required within sixty (60) days of the date your employment terminates, and provided further that
such expenses are reimbursable under Company policies as then in effect (all of the foregoing, “Final Compensation”). Except as otherwise provided in Section 5(a)(iii), Final Compensation will be paid to you within thirty
(30) days following the date of termination (or such shorter period required by law). 
 (b)    Severance
Payments. In the event of any termination of your employment pursuant to Section 4(b) or Section 4(c) above, the Company will pay you, in addition to Final Compensation, (i) the Base Salary for the period of twelve
(12) months from the date of termination, provided, however, that if such termination occurs within twelve (12) months following the Start Date (a “Year One Termination”), the Company will instead pay you, in addition to
Final Compensation, the Base Salary for the period of six (6) months from the date of termination; (ii) one times the Target Bonus, or 0.5 times the Target Bonus in the event of a Year One Termination, in either case, payable in equal
installments during the period of Base Salary 

 
continuation under clause (i); and (iii) provided you timely elect continuation coverage for yourself and your eligible dependents under the federal law known as “COBRA” or similar
state law, a monthly amount that equals the portion of the monthly health premiums paid by the Company on your behalf and that of your eligible dependents immediately preceding the date that your employment terminates until the earlier of
(A) the last day of the period of Base Salary continuation under clause (i) and (B) the date that you and your eligible dependents become ineligible for COBRA coverage pursuant to applicable law or plan terms. The severance payments
described in clauses (i) through (iii) above are referred to as the “Severance Payments”. In the event a Change of Control occurs following the Start Date, and any options to purchase Stock or shares of restricted Stock
held by you are assumed or substituted in such Change of Control, all such assumed or substituted options and restricted shares that remain outstanding and are not fully vested at the time of any subsequent termination of your employment pursuant to
Section 4(b) or Section 4(c) will accelerate and vest in full upon such termination and the options will remain exercisable until the earlier of the first anniversary of the date of your employment termination (or three (3) months
following the date of your employment termination in the case of any incentive stock options) and last day of the option term (the “Equity Acceleration”). 

(c)    Conditions to and Timing of Severance Payments. Any obligation of the Company to provide you the Severance
Payments and the Equity Acceleration is conditioned, however, on your signing and returning to the Company a timely and effective separation agreement containing a general release of claims substantially in the form attached hereto as Exhibit
A (the “Release of Claims”) and other customary terms in the form provided to you by the Company at the time your employment is terminated. The Release of Claims must become effective, if at all, by the sixtieth (60th) calendar
day following the date your employment is terminated. Any Severance Payments. to which you are entitled will be provided in the form of salary continuation, payable in accordance with the normal payroll practices of the Company. The first payment
will be made on the Company’s next regular payday following the expiration of sixty (60) calendar days from the date of termination; but that first payment shall include all amounts accrued retroactive to the day following the date your
employment terminated. 
 (d)    Benefits Termination. Except as provided in Section S(b) above or under COBRA,
your participation in all employee benefit plans shall terminate in accordance with the terms of the applicable benefit plans based on the date of termination of your employment, without regard to any continuation of the Base Salary or other payment
to you following termination and you shall not be eligible to earn vacation or other paid time off following the termination of your employment. 

(e)    Survival. Provisions of this Agreement shall survive any termination of employment if so provided in this
Agreement or if necessary or desirable to accomplish the purposes of other surviving provisions, including without limitation your obligations under Section 3. The obligation of the Company to make payments to you under Section 5(b), and
your right to retain the same, are expressly conditioned upon your continued full performance of your obligations under Section 3 hereof. Upon termination by either you or the Company, all rights, duties and obligations of you and the Company
to each other shall cease, except as otherwise expressly provided in this Agreement. 

	 	6.	Timing of Payments and Section 409A. 

 (a)    Notwithstanding
anything to the contrary in this Agreement, if at the time your employment terminates, you are a “specified employee,” as defined below, any and all amounts payable under this Agreement on account of such separation from service that would
(but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon your death; except
(A) to the extent of amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section l.409A-1(b) (including without limitation by reason of a short-term
deferral or the safe harbor set forth in Section l.409A-l (b)(9)(iii), as determined by the Company in its reasonable good faith discretion); (B) benefits which qualify as excepted welfare benefits pursuant to Treasury regulation Section
l.409A-l(a)(5); or (C) other amounts or benefits that are not subject to the requirements of, or satisfy an exception from treatment as deferred compensation under, Section 409A of the Internal Revenue Code of 1986, as amended
(“Section 409A”). 
 (b)    For purposes of this Agreement, all references to “termination of
employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Section l.409A-l(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term
“specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section l.409A-l(i). 

(c)    Each payment made under this Agreement shall be treated as a separate payment and the right to a series of
installment payments under this Agreement is to be treated as a right to a series of separate payments. 
 (d)    In no
event shall the Company have any liability relating to the failure or alleged failure of any payment or benefit under this Agreement to comply with, or be exempt from, the requirements of Section 409A. 

7.    Definitions. For purposes of this Agreement, the following definitions apply: 

“Change of Control” means 

(A)    The acquisition by any Person (defined for purposes of this definition as any individual, entity or group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (“Exchange Act”))) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under the Exchange Act) of 35% or more of the common stock of the Company; provided, however, that for purposes of this subsection (A), an acquisition shall not constitute a Change of Control if it is: (i) either by or directly from
the Company, or by an entity controlled by the Company, (ii) by any employee benefit plan, including any related trust, sponsored or maintained by the Company or an entity controlled by the Company (“Benefit Plan”), or (iii) by
an entity pursuant to a transaction that complies with clauses (i), (ii) and (iii) of subsection (C) below; or 

(B)    Individuals who, as of the effective date of this Agreement, constitute the Board (together with the individuals
identified in the proviso to this subsection (B), the “Incumbent 

 
Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the effective date of this agreement
whose election, or nomination for election by the Company’s stockholders, was approved by at least a majority of the directors then comprising the Incumbent Board shall be treated as a member of the Incumbent Board unless he or she assumed
office as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

(C)    Consummation of a reorganization, merger or consolidation involving the Company, or a sale or other disposition of
all or substantially all of the assets of the Company (a “Transaction”), in each case unless, following such Transaction, (i) all or substantially all of the Persons who were the beneficial owners of the common stock of the Company
outstanding immediately prior to such Transaction beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities of the entity resulting from such Transaction (including, without
limitation, an entity that as a result of such Transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership,
immediately prior to such Transaction, of the outstanding common stock of the Company, (ii) no Person (excluding any entity or wholly-owned subsidiary of any entity resulting from such Transaction or any Benefit Plan of the Company or such
entity or wholly-owned subsidiary of such entity resulting from such Transaction) beneficially owns, directly or indirectly, 35% or more of the combined voting power of the then outstanding voting securities of such entity except to the extent that
such ownership existed prior to the transaction and (iii) at least a majority of the members of the board of directors or similar board of the entity resulting from such Transaction were members of the Incumbent Board at the time of the
execution of the initial agreement, or of the action of the Board, providing for such Transaction; or 
 (D)    Approval
by the stockholders of the Company of a liquidation or dissolution of the Company. 
 “Confidential Information” means any
and all information of the Company and its subsidiaries that is not generally available to the public. Confidential Information also includes any information received by the Company or any of its subsidiaries from any Person with any understanding,
express or implied, that it will not be disclosed. Confidential Information does not include information that enters the public domain, other than through your breach of your obligations under this Agreement. 

“Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions, works, concepts and
ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by you (whether alone or with others, whether or not during normal business hours or on or off Company
premises) during your employment and during the period of twelve (12) months immediately following termination of your employment that relate either to the business of the Company or any of its subsidiaries or to any prospective activity of the
Company or any of its subsidiaries or that result from any work performed by you for the Company or any of its subsidiaries or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its subsidiaries.

 “Person” means an individual, a corporation, a limited liability company, an
association, a partnership, an estate, a trust or any other entity or organization, other than the Company or any of its subsidiaries. 

8.    Conflicting Agreements. You hereby represent and warrant that your signing of this Agreement and the
performance of your obligations under it will not breach or be in conflict with any other agreement to which you are a party or are bound, and that you are not now subject to any covenants against competition or similar covenants or any court order
that could affect the performance of your obligations under this Agreement. You agree that you will not disclose to or use on behalf of the Company any confidential or proprietary information of a third party without that party’s consent. 

9.    Withholding. All payments made by the Company under this Agreement shall be reduced by any tax or
other amounts required to be withheld by the Company under applicable law. 
 10.    Assignment. Neither
you nor the Company may maim any assignment of this Agreement or any interest in it, by operation of law or otherwise, without the prior written consent of the other; provided, however, the Company may assign its rights and obligations under this
Agreement without your consent to one of its subsidiaries or to any Person with whom the Company shall hereafter effect a reorganization, consolidate or merge, or to whom the Company shall hereafter transfer all or substantially all of its
properties or assets. This Agreement shall inure to the benefit of and be binding upon you and the Company, and each of our respective successors, executors, administrators, heirs and permitted assigns. 

11.    Severability. If any portion or provision of this Agreement shall to any extent be declared illegal
or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be
affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

12.    Miscellaneous. This Agreement sets forth the entire agreement between you and the Company, and
replaces all prior and contemporaneous communications, agreements and understandings, written or oral, with respect to the terms and conditions of your employment. This Agreement may not be modified or amended, and no breach shall be deemed to be
waived, unless agreed to in writing by you and an expressly authorized representative of the Board. The headings and captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this
Agreement. This Agreement may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one and the same instrument. This is a Massachusetts contract and shall be governed and construed in
accordance with the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws principles that would result in the application of the laws of any other jurisdiction. You agree to submit to the exclusive jurisdiction of the
courts situated in the county in which the Company’s headquarters is located in connection with any dispute arising out of this Agreement. 

 13.    Notices. Any notices provided for in this Agreement
shall be in writing and shall be effective when delivered in person or deposited in the United States mail, postage prepaid, and addressed to you at your last known address on the books of the Company or, in the case of the Company, to it at its
principal place of business, attention of the Chairman of the Board, or to such other address as either party may specify by notice to the other actually received. 

14.    Indemnification. During your employment or service as a member of the Board, and for all periods
thereafter for which you may be subject to liability for your acts or omissions to act with respect to your duties to the Company as an officer or director, the Company shall indemnify you and provide advancement of expenses in accordance with the
terms of the Company’s Certificate of Incorporation, as may be amended from time to time, and the indemnification agreement to be entered into between you and the Company substantially in the form attached hereto as Exhibit B. 

[Remainder of page intentionally left
blank.]                     

 If the foregoing is acceptable to you, please sign this letter in the space provided and return
it to me no later than March 23, 2018. At the time you sign and return it, this letter will take effect as a binding agreement between you and the Company on the basis set forth above. The enclosed copy is for your records. 

 

	
	 Sincerely yours,

	
	 /s/ Nancy Lurker

	
	 Nancy Lurker

	 President & CEO

	
	 Accepted and Agreed:

	
	 /s/ Dario Paggiarino

	
	 Dario Paggiarino

	
	 Date: March 27, 2018

 

 
 EXHIBIT A 

General Release and Waiver of Claims 

For and in consideration of the severance benefits to be provided to me under the letter between me and pSivida Corp. (the
“Company”), dated                  , 2017 (the “Agreement”), which are conditioned on my signing this General Release and Waiver of
Claims (this “Release of Claims”), and to which I am not otherwise entitled, and other good and valuable consideration, the receipt and sufficiency of which I hereby acknowledge, on my own behalf and on behalf of my heirs,
executors, administrators, beneficiaries, representatives, successors and assigns, and all others connected with or claiming through me, I hereby release and forever discharge the Company and its Affiliates, and all of their respective past, present
and future officers, directors, shareholders, employees, employee benefits plans, administrators, trustees, agents, representatives, consultants, predecessors, successors and assigns, and all those connected with any of them, in tl1eir official and
individual capacities (collectively, the “Released Parties”), from any and all causes of action, suits, rights and claims, demands, damages and compensation of any kind and nature whatsoever, whether at law or in equity, whether now
known or unknown, suspected or unsuspected, contingent or otherwise, which I now have or ever have had against the Released Parties, or any of them, in any way related to, connected with or arising out of my employment and/or other relationship with
the Company or any of its Affiliates, or the termination of such employment and/or other relationship, or pursuant to Title VII of the Civil Rights Act, the Americans With Disabilities Act, the Family and Medical Leave Act, the Age Discrimination in
Employment Act (as amended by the Older Workers Benefit Protection Act), the Employee Retirement Income Security Act, the wage and hour, wage payment and fair employment practices laws of the state or states in which I have provided services to the
Company or any of its Affiliates (each as amended from time to time) and/or any other federal, state or local law, regulation, or other requirement (collectively, the “Claims”) through the date that I sign this Release of Claims,
and I hereby waive all such Claims. For purposes of this Release of Claims, “Affiliates” means all persons and entities directly or indirectly controlling, controlled by or under common control with the Company, where control may be
by management authority, equity interest or otherwise. 
 I understand that nothing contained in this Release of Claims shall be construed
to prohibit me from filing a charge with or participating in any investigation or proceeding conducted by the federal Equal Employment Opportunity Commission or a comparable state or local agency; provided, however, that I hereby agree to
waive my right to recover monetary damages or other individual relief in any such charge, investigation or proceeding or any related complaint or lawsuit filed by me or by anyone else on my behalf. I further understand that nothing contained in this
Release of Claims shall be construed to limit, restrict or in any other way affect my communicating with any governmental agency or entity, or communicating with any official or staff person of a governmental agency or entity, concerning matters
relevant to such governmental agency or entity. Subject to this paragraph, I agree that I will not disparage or criticize the Company, its Affiliates, their business, their management or their products or services. The Company agrees that
(i) the Company (via any authorized public statement) and (ii) its officers and members of its Board of Directors as of the date that my employment with the Company terminates will not disparage or criticize me or my reputation. 

 [I acknowledge and agree I have received any and all compensation and benefits due to me from the
Company or any of its Affiliates, whether for services provided to the Company, under the Agreement, or otherwise, through the date that my employment with the Company terminated, except for any accrued, vested benefits that are unpaid as of the
date that my employment with the Company terminates and are due in accordance with the terms of the Company’s benefit plans as in effect from time to time. I further acknowledge that, except as expressly provided hereunder, no further
compensation or benefits are owed or will be provided to me by the Company or any of its Affiliates.]1 

Anything in this Release to the contrary notwithstanding, I am not releasing or discharging any Claim under Section 14 of the Agreement
or the Indemnification Agreement between me and the Company, dated September     , 2016, or any Claim with respect to any equity in the Company that I hold following the date that my employment with the Company terminates. 

I acknowledge that I will continue to be bound by my obligations under the Agreement and under
                                        2 that survive the termination of my employment by the terms thereof (the “Continuing Obligations”). I further acknowledge that the obligation of the Company to make the Severance
Payments and provide the Equity Acceleration to me under the Agreement, and my right to retain the same, are expressly conditioned upon my continued full performance of the Continuing Obligations. 

I understand that I must sign this Release of Claims, if at all, within [twenty-one (21)/forty-five
(45)] days of the date hereof, and in no event prior to the date that my employment with the Company terminates. I acknowledge that this Release of Claims creates legally binding obligations, and that the Company has advised me to consult an
attorney before signing it. In signing this Release of Claims, I give the Company assurance that I have signed it voluntarily and with a full understanding of its terms; that I have had sufficient opportunity of not less than [twenty-one (21)/forty-five (45)] days before signing this Release of Claims to consider its terms and to consult with an attorney, if I wished to do so, or to consult with any of the other persons described in the
third sentence of the second paragraph hereof; and that I have not relied on any promises or representations, express or implied, that are not set forth expressly in this Release of Claims. I understand that I will have seven (7) days after
signing this Release of Claims to revoke my signature, and that, if I intend to revoke my signature, I must do so in writing addressed and delivered to the [Contact Name and Title] prior to the end of the seven (7)- day revocation period. I
understand that this Release of Claims will become effective upon the eighth (8th) day following the date that I sign it, provided that I do not revoke my acceptance in accordance with the immediately preceding sentence. This Release constitutes the
entire agreement between me and the Company or any of its Affiliates and supersedes all prior and 
  

 

	1 	Note to Draft: To be adjusted depending on when the release is presented to the Executive and whether final compensation has been paid yet. 

	2 	Note to Draft: To include any other relevant documents. 

 contemporaneous communications, agreements and understandings, whether written or oral, with respect to my
employment, its termination and all related matters, excluding only (i) the Continuing Obligations, which shall remain in full force and effect in accordance with their terms and (ii) any Claims not released or discharged by me. 

 

					
		 	      Accepted and agreed:
			
	            	 	Signature:	 	  

		 		 	Dario Paggiarino
			
		 	Date:	 	  

 EXHIBIT B 
  

Indemnification Agreement 
 This
Indemnification Agreement, made and entered into effective                  , 2017 (“Agreement”), by and between pSivida Corp., a Delaware corporation
(“Company”), and Dario Paggiarino (“Indemnitee”) 
 WHEREAS, it is reasonable, prudent and necessary for the
Company to obligate itself to indemnify, and to advance expenses on behalf of, its directors and officers to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they
will not be so indemnified; and 
 WHEREAS, Indemnitee is willing to serve the Company as an officer and a director and to take on
additional service for or on its behalf on the condition that she be so indemnified; 
 NOW, THEREFORE, in consideration of the premises and
the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 Section 1. Services by
Indemnitee. Indemnitee agrees to serve as an officer and a director of the Company. Indemnitee may at any time and for any reason resign from such positions (subject to any other contractual obligation or any obligation imposed by operation of
law). 
 Section 2. Indemnification - General. The Company shall indemnify, and advance Expenses (as hereinafter defined) to,
Indemnitee (a) as provided in this Agreement and (b) (subject to the provisions of this Agreement) to the fullest extent permitted by applicable law in effect on the date hereof and as amended from time to time. The rights of Indemnitee
provided under the preceding sentence shall include, but shall not be limited to, the rights set forth in the other Sections of this Agreement. 

Section 3. Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of
indemnification provided in this Section 3 if, by reason of her Corporate Status (as hereinafter defined), she is, or is threatened to be made, a party to or a participant in any threatened, pending or completed Proceeding (as hereinafter
defined), other than a Proceeding by or in the right of the Company. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses, judgments, penalties, fines and amounts paid in settlement (including all interest,
assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, penalties, fines and amounts paid in settlement) actually and reasonably incurred by her or on her behalf in connection with such Proceeding
or any claim, issue or matter therein, if she acted in good faith and in a manner she reasonably believed to be in or not opposed to the best interests of the Company and, with respect to any criminal Proceeding, had no reasonable cause to believe
her conduct was unlawful. 

 Section 4. Proceedings by or in the Right of the Company. Indemnitee shall be entitled to
the rights of indemnification provided in this Section 4 if, by reason of her Corporate Status, she is, or is threatened to be made, a party to or a participant in any threatened, pending or completed Proceeding brought by or in the right of the
Company to procure a judgment in its favor. Pursuant to this Section, Indemnitee shall be indemnified against all Expenses (including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses)
actually and reasonably incurred by her or on her behalf in connection with such Proceeding if she acted in good faith and in a manner she reasonably believed to be in or not opposed to the best interests of the Company; provided, however,
that indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company if and only to the
extent that the Chancery Court of the State of Delaware (the “Delaware Court”), or court in which such Proceeding shall have been brought or is pending, shall determine that despite such adjudication of liability and in light of all
circumstances, such indemnification may be made. 
 Section 5. Partial Indemnification. Notwithstanding any other provision of
this Agreement, to the extent that Indemnitee is, by reason of her Corporate Status, a party to (or a participant in) and is successful, on the merits or otherwise, in defense of any Proceeding, she shall be indemnified to the maximum extent
permitted by law against all Expenses actually and reasonably incurred by her or on her behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but
less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by her or on her behalf in connection with each successfully resolved claim, issue or matter.
For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 

Section 6. Indemnification for Additional Expenses. 

(a)    The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within
thirty (30) days of such request) advance such Expenses to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for (i) indemnification or advance payment of Expenses by the Company under this
Agreement or any other agreement or by-law of the Company now or hereafter in effect; or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company,
regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the case may be. 

(b)    Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of her
Corporate Status, a witness, or is made (or asked) to respond to discovery reqnests, in any Proceeding to which Indemnitee is not a party, she shall be indemnified against all Expenses actually and reasonably incurred by her or on her behalf in
connection therewith. 

 Section 7.    Advancement of Expenses. The Company shall advance
all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to
time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of
Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Notwithstanding the foregoing, the obligation of the Company to advance Expenses pursuant to this
Section 7 shall be subject to the condition that, if, when and to the extent that the Company determines that Indemnitee would not be permitted to be indemnified under applicable law, the Company shall be entitled to be reimbursed, within
thirty (30) days of such determination, by I:nde:nmitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences legal proceedings in
accordance with the terms of this Agreement to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Company that Indemnitee would not be permitted to be indemnified under applicable law
shall not be binding and Indemnitee shall not be required to reimburse the Company for any advance of Expenses until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or
lapsed). 
 Section 8. Procedure for Determination of Entitlement to Indemnification. 

(a)    To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including
therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall,
promptly upon receipt of such a request for indemnification, advise the Board of Directors of the Company (the “Board”) in writing that Indemnitee has requested indemnification. 

(b)    Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 8(a) hereof,
a determination, if required by applicable law, with respect to Indemnitee’ s entitlement thereto shall be made in the specific case by (A) a majority vote of the Disinterested Directors (as hereinafter defined), even though less than a
quorum of the Board, or (B) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, or (C) if
contracting an Independent Counsel is impracticable or undesirable and if so directed by the Board, by the stockholders of the Company. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within
thirty (30) days after such determination. The Company and the Indemnitee shall each cooperate with the person, persons or entity malting such determination with respect to Indemnitee’s entitlement to indemnification, including providing
to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such
determination. Any costs or expenses (including attorneys’ fees and disbursements) incurred by 

 
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification), and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom. 
 (c)    In the
event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(b) hereof, the Independent Counsel shall be selected by the Board, and the Company shall give written notice to Indemnitee
advising her of the identity of the Independent Counsel so selected. Indemnitee may, within ten (I 0) days after such written notice of selection shall have been given, deliver to the Company a written objection to such selection; provided,
however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 18 of this Agreement, and the objection shall set
forth with particularity the factual basis of such assertion. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or the
Delaware Court has determined that such objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written request for indemnification pursuant to Section 8(a) hereof, no Independent Counsel shall have been
selected and not objected to, either the Company or Indemnitee may petition the Delaware Court for resolution of any objection which shall have been made by the Indemnitee to the selection of Independent Counsel and/or for the appointment as
Independent Counsel of a person selected by the Delaware Court or by such other person as the Delaware Court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent
Counsel under Section 8(b) hereof. The Company shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 8(b) hereof, and the Company shall
pay all reasonable fees and expenses incident to the procedures of this Section 8(c), regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement of any judicial proceeding pursuant to Section
l0(a)(iii) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 

(d)    The Company shall not be required to obtain the consent of the Indemnitee to the settlement of any Proceeding
which the Company has undertaken to defend if the Company assumes full and sole responsibility for such settlement and the settlement grants the Indemnitee a complete and unqualified release in respect of the potential liability. The Company shall
not be liable for any amount paid by the Indemnitee in settlement of any Proceeding that is not defended by the Company, unless the Company has consented to such settlement, which consent shall not be unreasonably withheld. 

Section 9. Presumptions and Effect of Certain Proceedings. 

(a)    In making a determination with respect to entitlement to indemnification or the advancement of expenses hereunder,
the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification or advancement of expenses under this Agreement if Indemnitee has submitted a request for indemnification or the advancement of

 
expenses in accordance with Section 8(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by any person, persons
or entity of any determination contrary to that presumption. Neither the failure of the Company (including its board of directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this
Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company (including its board of directors or independent legal counsel) that Indemnitee
has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 

(b)    If the person, persons or entity empowered or selected under Section 8 of this Agreement to determine whether
Indemnitee is entitled to indemnification shall not have made a determination within ninety (90) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have
been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in
connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law: provided, however, that such 90-day period may be extended for a reasonable
time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of
documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 9(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders
pursuant to Section 8(b) of this Agreement and if (A) within thirty (30) days after receipt by the Company of the request for such determination the Board has resolved to submit such determination to the stockholders for their
consideration at an annual meeting thereof to be held within ninety (90) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within thirty (30) days after such receipt for
the purpose of malting such determination, such meeting is held for such purpose within ninety (90) days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is
to be made by Independent Counsel pursuant to Section 8(b) of this Agreement. 
 (c)    The termination of any
Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect
the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal
Proceeding, that Indemnitee had reasonable cause to believe that her conduct was unlawful. 
 (d)    Reliance as
Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be presumed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Company or relevant enterprise, including
financial statements, or on information supplied to Indemnitee by the officers of the Company or relevant 

 
enterprise in the course of their duties, or on the advice of legal counsel for the Company or relevant enterprise or on information or records given in reports made to the Company or relevant
enterprise by an independent certified public accountant or by an appraiser or other expert selected with reasonable care by the Company or relevant enterprise. The provisions of this Section 9(d) shall not be deemed to be exclusive or to limit
in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement. 

(e)    Actions of Others. The knowledge and/or actions, or failure to act, of any director, officer, agent or
employee of the Company or relevant enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

Section 10.    Remedies of Indemnitee. 

(a)    In the event that any of the following occur: (i) a determination is made pursuant to Section 8 of this
Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 7 of this Agreement, (iii) no determination of entitlement to indemnification shall
have been made pursuant to Section 8(b) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5 or 6 of this
Agreement within thirty (30) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within thirty (30) days after a determination has been made that Indemnitee is entitled to
indemnification, Indemnitee shall be entitled to an adjudication by the Delaware Court of her entitlement to such indemnification or advancement of Expenses. Indemnitee shall commence any such proceeding within one hundred eighty (180) days
following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section IO(a). 

(b)    In the event that a determination shall have been made pursuant to Section 8(b) of this Agreement that
Indemnitee is not entitled to indemnification, any judicial proceeding commenced pursuant to this Section 10 shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that
adverse determination. 
 (c)    If a determination shall have been made pursuant to Section 8(b) of this
Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 10, absent (i) a misstatement by Indemnitee of a material fact, or an
omission of a material fact necessary to make Indemnitee’s statement not materially misleading in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d)    In the event that Indemnitee, pursuant to this Section 10, seeks a judicial adjudication of, or to recover
damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company against, any and all expenses (of the types described in the definition of Expenses in Section 17 of this
Agreement) actually and reasonably incurred by her in such judicial adjudication, but only if she prevails therein. If it shall be determined in said judicial adjudication that Indemnitee is entitled 

 
to receive part but not all of the indemnification or advancement of expenses sought, the expenses incurred by Indemnitee in connection with such judicial adjudication shall be appropriately
prorated. The Company shall indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within thirty (30) days after receipt by the Company of a written request therefor) advance such expenses to Indemnitee, which are
incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ or officers’ liability insurance policies maintained by the
Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advancement of Expenses or insurance recovery, as the case maybe. 

(e)    The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to this
Section 10 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such judicial proceeding that the Company is bound by all the provisions of this Agreement. 

Section I 1. Non-Exclusivity; Survival of Rights; Insurance; Subrogation. 

(a)    The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be
deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Certificate of Incorporation, the By-Laws, any agreement, a vote of stockholders or a resolution
of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in her
Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the General Corporation Law of the State of Delaware, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses
than would be afforded currently under the Company’s By-Laws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by
such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 

(b)    To the extent that the Company maintains an insurance policy or policies providing liability insurance for
directors, officers, employees or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by
such policy or policies in accordance with its or their terms to the maximun1 extent of the coverage available for any such director, officer, employee or agent under such policy or policies. 

(c)    In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit or enforce such
rights. 

 (d)    The Company shall not be liable under this Agreement to make any
payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

(e)    The Company’s obligation to indemnify or advance expenses hereunder to Indemnitee who is or was serving at
the request of the Company as a director, officer, employee or agent of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as
indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 

Section 12. Duration of Agreement. 

(a)    This Agreement shall continue until and terminate upon the later of: (a) 10 years after the last date that
Indemnitee shall have served as a director or an officer of the Company (or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which Indemnitee served at the request of the Company); or
(b) the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 10 of this
Agreement relating thereto. 
 (b)    This Agreement shall not be deemed an employment contract between the Company (or
any of its subsidiaries) and Indemnitee. Indemnitee specifically acknowledges that Indemnitee’ s employment with the Company (or any of its subsidiaries) is at will, and the Indemnitee may be discharged at any time for any reason, with or
without cause, except as may be otherwise provided in any written employment contract between Indemnitee and the Company (or any of its subsidiaries), other applicable formal severance policies duly adopted by the Board or the Company’s
Certificate of Incorporation, By-Laws or the General Corporation Law of the State of Delaware. The foregoing notwithstanding, this Agreement shall continue in force as provided above after such date as
Indemnitee has ceased to serve as a director or an officer of the Company. 
 (c)    This Agreement shall be binding
upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and her heirs, executors and administrators. 

Section 13. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable
for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be
invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to
applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, 

 
without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby. 
 Section 14. Exception to Right of Indemnification or
Advancement of Expenses. Except as provided in Section 6(a) of this Agreement, Indemnitee shall not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee (other
than a Proceeding by Indemnitee to enforce her rights under this Agreement), or any claim therein, unless the bringing of such Proceeding or making of such claim shall have been approved by the Board. 

Section 15. Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all
purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this
Agreement. 
 Section 16. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 Section 17. Construction. This
Agreement shall not be construed more strictly against one party than another merely by virtue of the fact that it, or any part of it, may have been prepared by one of the parties, it being recognized that this Agreement is the result of
arm’s-length negotiations among the parties. 
 Section 18. Definitions. For purposes of this Agreement: 

(a)    “Corporate Status” describes the status of a person who is or was a director, officer, employee, fiduciary
or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company. 

(b)    “Disinterested Director” means a director of the company who is not and was not a party to the Proceeding
in respect of which indemnification is sought by Indemnitee. 
 (c)    “Effective Date” means September 15,
2016. 
 (d)    “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in
connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness, in, or otherwise participating in, a Proceeding. 

(e)    “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of
corporation law and neither presently is, nor in the past five years has been, retained 

 
to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 

(f)    “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute
resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Corporation or otherwise and whether civil, criminal, administrative or
investigative, in which Indemnitee was, is, may be or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was a director or officer of the Company, by reason of any action taken by her or of any inaction on her part
while acting as director or officer of the Company, or by reason of the fact that she is or was serving at the request of 1he Company as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise; in each case whether or not she is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement; except one
(i) initiated by an Indemnitee pursuant to Section 10 of this Agreement to enforce her right under this Agreement or (ii) pending on or before the Effective Date. 

Section 19. Enforcement. 

(a)    The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations
imposed on it hereby in order to induce Indemnitee to serve as a director and an officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director and an officer of the Company. 

(b)    This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 

Section 20. Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing
waiver. 
 Section 21. Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with
any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so

 
notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise unless, and to the extent that, such failure actually and
materially prejudices the interests of the Company. 
 Section 22. Notices. All notices, requests, demands or other
communications hereunder shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been direct, or (b) mailed by certified or
registered mail with postage prepaid, on the third business day after the date on which it is so mailed: 
  

	 	(a)	If to Indemnitee to: 

 Dario Paggiarino 

ADDRESS 
 ADDRESS 

 

	 	(b)	If to the Company to: 

 pSivida Corp. 

480 Pleasant Street 
 Watertown,
Massachusetts 02472 
 or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as
the case may be. 
 Section 23. Contribution. To the fullest extent permissible under applicable law, if the indemnification
provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes,
amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such
Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the Company (and its
directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 Section 24.
Governing Law; Submission to Jurisdiction; Appointment of Agent for Service of Process. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (a) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought only in
the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other country, (b) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or
proceeding arising out of or in connection with this Agreement, (c) consent to the service of legal process outside the State of Delaware via registered mail or in-person service in connection with any
such action or proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (d) waive any objection to the laying of venue of any such action or proceeding in the
Delaware Court, and (e) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or otherwise inconvenient forum. 

 [Remainder of Page Intentionally Blank] 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first
above written. 
  

									
		 	    pSivida Corp.
		
	By:	 	  

		 	Nancy Lurker
		 	President & CEO
		
		 	    INDEMNITEE
				
		 		 	By:	 	  

		 		 		 	Name:	 	Dario Paggiarinoimh_ex101

		
			KEY EXECUTIVE EMPLOYMENT AGREEMENT
		

		
			This Key Executive Employment Agreement (“Agreement”) is effective as of January 1, 2018, between Impac Mortgage Corp., a California Corporation and Impac Mortgage Holdings, Inc. (“IMH”), a Maryland corporation, (jointly referred to as “Employer”) and George Mangiaracina (“Employee”) on the following terms and conditions.
		

		
			WHEREAS, Employer engages in the business of providing residential mortgages to individuals;
		

		
			WHEREAS Employee desires to become employed by Employer as President of Employer and its related subsidiaries on the terms and conditions set forth in this Agreement; and
		

		
			WHEREAS Employer desires the services of Employee in order to obtain his specialized experience, abilities, and knowledge and is therefore willing to engage his services on the terms and conditions set forth below.
		

		
			THEREFORE, in consideration of the above recitals and of the mutual promises and conditions in this Agreement and for other valuable consideration, receipt of which is hereby acknowledged, it is agreed as follows:
		

			
	
			
				 1.
			Term of Employment.

		
			The initial term of Employee under this Agreement shall begin on January 1, 2018 and end on December 31, 2019 (the “Initial Term”) and does not extend automatically.  The Initial Term, together with any extensions agreed to in writing by an amendment signed by Employer and Employee, is hereinafter referred to as the “Term.”
		

			
	
			
				 2.
			Place of Employment.

		
			Unless the parties agree otherwise in writing, during the Term, Employee shall perform the services he is required to perform under this Agreement at Employer’s offices, located in Orange County, California, provided, however, that Employer may from time to time require Employee to travel temporarily to other locations on Employer’s business.
		

			
	
			
				 3.
			Duties.

			
	
			
				 a.
			Employer shall employ Employee as the President of Employer and its related subsidiaries, and Employee shall perform such duties as customarily required of such a position, as identified in Exhibit A to this agreement.  Employee will initially report to Joseph Tomkinson.

			
	
			
				 b.
			The employment relationship between the parties shall be governed by the general employment policies and practices of Employer, as they may be amended from time to time, including but not limited to those relating to protecting confidential information and assignment of inventions and those pertaining to legal compliance and business ethics, provided, however, that when the terms of this Agreement differ from or conflict with Employer’s general employment policies or practices, this Agreement shall control.

		
			

		 

 

		

			
	
			
				 4.
			Outside Business Activities.

		
			Subject to the terms and conditions set forth in this Agreement, Employer agrees to employ Employee as the President of Employer and its subsidiaries, and Employee hereby accepts this employment.  During the Term, Employee shall devote his full-time and best efforts to performing his duties to Employer’s business and affairs.
		

			
	
			
				 5.
			Time and Effort Required.

		
			During the Term, Employee shall devote such time, interest, and effort to the performance of this Agreement as may, in the view of Employer, be fairly and reasonably necessary.  Employee commits to move to California by the end of 2018 to be able to commit sufficient time to be present at the Company to carry out his duties hereunder.  Employee does not need to become a California resident to satisfy this requirement.
		

			
	
			
				 6.
			Competitive Activities.

		
			During the Term, Employee shall not, directly or indirectly, whether as partner, employee, creditor, shareholder, or otherwise, promote, participate, or engage in any activity or other business competitive with Employer’s business.
		

			
	
			
				 7.
			Base Salary.

		
			Employee shall receive for services rendered an annual base salary of $750,000.00 payable on a semi-monthly basis in accordance with Employer’s normal payroll practices, subject to all applicable tax withholdings and other authorized deductions.
		

		
			Employee may elect to defer any portion of his Base Salary, Executive Bonus or Annual Bonus into an approved Employer sponsored deferred compensation plan, provided that Employer has no obligation to provide such a deferred compensation plan.
		

			
	
			
				 8.
			Bonus Compensation.

		
			In addition to the base salary, Employer will be eligible to receive the following Bonus Compensation, subject to all applicable tax withholdings and other authorized deductions;
		

			
	
			
				 a.
			Executive Bonus.  Employee will receive bonuses of $375,000 on April 1, 2018 and also on October 1, 2018.  Also, on December 1, 2019 Employee will receive a bonus of $750,000.

			
	
			
				 b.
			Annual Bonus.  Employee will be eligible for a discretionary Annual Bonus to be communicated to Employee by December 31 of 2018 and 2019.  The amount of such a bonus, if any, will be in the complete and sole discretion of the Board of Directors of IMH.  If such a Bonus is declared, then the first $250,000 of such a bonus shall be paid in cash.  Said payment will be made with 20% of it paid by January 31 and the balance of the cash paid within 10 of the date the 10K is filed by IMH.  Any amount in excess of $250,000 shall be paid one half in cash and one half shall be paid in Restricted IMH stock.  The amount of stock will be determined by valuing the stock at the average closing price of the stock on the 20 trading days prior to that year’s 10K filing.  Any such stock will then vest on the yearly anniversary date starting one year after the grant and 

		 

 

	shall be in 3 equal installments over the following 3 years.  ( See Exhibit B for an example).  This discretionary Bonus shall be based upon predetermined criteria being achieved.  In order to be eligible for an Annual Bonus the Employee must be actively employed by Employer (without consideration for any extended salary or severance) on December 31 of the year in which he is seeking an Annual Bonus.  The criteria for 2018 shall be as follows and the criteria for 2019 shall be as preagreed by the parties , which preagreement shall be completed on or before December 1, 2018:

			
	
			
				 1.
			Execution of “The Strategic Discussion, Mission Critical Initiatives and Vision for 2018” presented by Employee to the Board of Directors in January, 2018, with updated initiatives and financial projections for 2019 to be presented in the Fourth Quarter of 2018.

			
	
			
				 2.
			Assisting the CFO with addressing the Key Risk Areas as identified in the “Enterprise Risk Management Update” presented by the CRO to the Board of Directors in January, 2018.

			
	
			
				 3.
			Assisting the CFO with addressing the “Internal Audit and Sox Status Report” presented by the Head of Internal Audit to the Board of Directors in January, 2018.

			
	
			
				 4.
			Improving the overall performance and direction of the Company as measured by GAAP and operating income, capital raise activities, merchant banking activities, including merger, acquisition and business combinations, and with respect to 2019, the performance of IMH stock.

			
	
			
				 9.
			Stock Options.

			
	
			
				 a.
			Employee will be eligible to participate in the stock option program of Employer’s parent company, Impac Mortgage Holdings, Inc. (“Parent Company”).  Grants under this program are typically made annually and are up to the complete discretion of the Board of Directors of the Parent Company.

			
	
			
				 b.
			The terms and conditions of the stock options are subject to the standard terms and conditions of the plan under which the stock options are issued to all Company employees.  If a conflict arises between this Agreement and any such option agreement or plan, the option agreement and plan shall govern.

			
	
			
				 10.
			Additional Benefits.

		
			During the Term, Employee shall be entitled to receive ail other benefits of employment generally available to Employer’s other employees when and as he becomes eligible for them, including, medical, dental, life, and disability insurance benefits.
		

		
			Employer reserves the right to modify, suspend, or discontinue any and all of the above benefit plans, policies, and practices at any time without notice to or recourse by Employee, as long as such action is taken generally with respect to other similarly situated persons and does not single out Employee.
		

			
	
			
				 11.
			Vacation.

		
			

		 

 

		

		
			Employee shall be entitled to accrue 10 hours of vacation total paid off time per each pay period and otherwise in accordance with Employer’s policies and practices in effect with respect to Employer’s other employees.  The days selected for Employee’s vacation shall be mutually agreeable to Employer and Employee so that Employer’s business operations will not be unduly interrupted.
		

			
	
			
				 12.
			Expense Reimbursement.

		
			During the Term, Employer shall reimburse Employee promptly for reasonable and necessary business expenses made and substantiated in accordance with applicable law and the policies and procedures established from time to time by Employer with respect to Employer’s other employees.  Employer shall furnish Employee with reasonable office space, assistance, and facilities, in addition Employer will make available reasonably acceptable Company corporate housing for Employee until December 31, 2018.
		

			
	
			
				 13.
			Ownership of Intangibles and Confidential Proprietary Information Obligations.

		
			Simultaneously with executing this Agreement, Employee agrees to execute the Employer’s Confidentiality, Non-Disclosure, and Non-Recruiting Agreement and Employee Assignment of Interest in Inventions Agreement, a copy of which is attached hereto and incorporated herein as Exhibit C.
		

			
	
			
				 14.
			Indemnification by Employer.

		
			Employer shall, to the maximum extent permitted by law, indemnify and hold Employee harmless for any acts or decisions made in good faith while performing services for Employer.  Employer is currently in the process of preparing and providing new Indemnity Agreements to its Officers and Directors and Employee will be provided and given the same Indemnification rights provided to such Officers and Directors, however it is understood that such indemnification rights will not be applicable as to any action brought against Employee by Employer.  Until such time as the new Indemnity Agreement is provided to Employee, Employer shall pay and advance, subject to any legal limitations, all expenses, including reasonable attorneys fees and costs of court approved settlements, actually and necessarily incurred by Employee in connection with the defense of any action, suit or proceed and in connection with any appeal that has been brought against Employee by reason of his service as an officer or agent of Employer, with the exception of any action brought against Employee by Employer
		

			
	
			
				 15.
			Termination of Employment; Termination Date.

		
			The date on which Employee’s employment by Employer is deemed to have ceased, as defined in the provisions below ( or upon the Term of this Agreement being reached), is referred to as the “Termination Date.”
		

			
	
			
				 16.
			Termination Without Cause With Severance Payment.

			
	
			
				 a.
			Employer may terminate Employee without Cause (as defined herein) by providing Employee with written notice thereof.

		
			

		 

 

		

			
	
			
				 b.
			If Employee’s employment is terminated under this Section , Employee shall receive payment for any unpaid Executive Bonus, plus the pro-rata remainder of his Base Salary from the Termination Date to December 31, 2019, plus a Severance Payment of $750,000 along with any unpaid amounts for all accrued salary, vacation time, and benefits under benefit plans of Employer through the Termination Date, which for purposes of this Section shall be the date specified in the notice from Employer and Employer shall pay the premium for COBRA insurance coverage for Employee and his family for 6 months for such coverage as was previously provided to Employee.  Any restricted stock grants to Employee prior to that date which have not yet vested shall continue to vest over the remaining vesting schedule.  To receive the benefits under this Section Employee must execute a general release in favor of Employer in a form acceptable to Employer.  A sample of the release is attached hereto as Exhibit D, but it is subject to Employer’s right to reasonably modify that document in the future.

			
	
			
				 c.
			After the Termination Date, Employer shall not pay to Employee any other compensation or payment of any kind.  Except as otherwise provided in this Section , all other benefits provided by Employer to Employee under this Agreement or otherwise shall cease as of the Termination Date.

			
	
			
				 d.
			The payments to be paid under Section 15a for the remainder of the Base Salary, Executive Bonus, Annual Bonus if declared and not yet paid and Severance shall be paid within 30 days of the Termination Date.

			
	
			
				 17.
			Termination for Cause by Employee.

		
			In the event of substantial diminution in Employee’s duties, authority, pay or responsibilities, without organizational performance or market justification as determined by Employer, if someone other than Employee is designated as CEO of Employer upon the resignation or termination of employment of Joseph Tomkinson or in the event of a sale ( including a sale of all or substantially all of its assets) or change in control of IMH, Employee may terminate his employment for cause, provided, however, that Employee shall give Employer 30 days’ written notice before any such termination, specifying the nature of the circumstance allegedly justifying such termination by Employee, and Employer shall have until the end of such 30-day period to cure such circumstances in all material respects.  A termination in these circumstances shall be treated as a termination without cause, and Employee shall be entitled to the severance payment and benefits as set forth in Section 15b, above and Employer shall pay the premiums for Employee’s insurance coverage under COBRA for the same insurance coverage provided by Employer to Employee and his family for 6 months for such coverage previously provided to Employee and his family, as then provided by Employer.  The Termination Date under this Section 17 shall be the day after the 30- day cure period expires if Employer fails to cure those circumstances in all material respects by the expiration of that cure period.
		

			
	
			
				 18.
			Termination for Cause by Employer.

			
	
			
				 a.
			Termination; Payment of Accrued Salary, Unused Vacation Time and Benefits.  Employer may terminate Employee’s employment with Employer at any time for Cause (as defined below), provided, however, that (i) Employer shall give written notice specifying the circumstances upon which a determination of Cause has been made, and (ii) Employee shall have 

		 

 

	a 30-day period to cure such circumstances, if they are curable.  The Board may proceed with a termination pursuant to this Section in the event the Employee does not cure the specified circumstances within the 30-day period.  In that Event Employee shall not be entitled to the benefits described in Section 15b, and Employee shall receive payment for all accrued salary, unused vacation time, and benefits under Employer’s benefit plans through the Termination Date, which for purposes of this Section shall be the date on which notice of termination is given.  Employer shall have no further obligation to pay any compensation of any kind (including, without limitation, any incentive compensation or portion of incentive compensation that otherwise may have become due and payable to Employee with respect to the year in which such Termination Date occurs, which for purposes of this Agreement shall be the date specified in Employer’s notice) or severance payment of any kind or to make any payment in lieu of notice except as specified in Section 18c herein.  All benefits provided by Employer to Employee under this Agreement or otherwise shall cease on the Termination Date.

			
	
			
				 b.
			Definition of Cause.  “Cause” means the occurrence or existence of any of the following with respect to Employee, as determined by an affirmative majority vote of Impac Mortgage Holding, Inc’s Board of Directors:

			
	
			
				 (1)
			Employee is convicted of (or pleads nolo contendere to (A) a crime of dishonesty or breach of trust, including such a crime involving either the property of Employer (or any affiliate, subsidiary, or related entity of Employer) or, the property entrusted to Employer ( or any affiliate, subsidiary, or related entity of Employer) by its clients, including fraud, or embezzlement or other misappropriation of funds belonging to Employer ( or any affiliate, subsidiary, or related entity of Employer) or any of their respective clients, or (B) a felony leading to incarceration of more than 90 days or the payment of a penalty or fine of $ 100,000 or more;

			
	
			
				 (2)
			Employee materially and substantially fails to perform Employee’s job duties properly assigned to Employee after being provided 30 days prior written notification by the Board of Directors of Impac Mortgage Holdings, Inc setting forth those duties that are not being performed by Employee; provided that Employee shall have a reasonable time to correct any such failures to the extent that such failures are correctable and Employer may not terminal Employee for “cause” on the basis of any such failure that is cured with a reasonable time.

			
	
			
				 (3)
			Employee has engaged in willful misconduct or gross negligence in connection with his service to Employer ( or any affiliate, subsidiary, or related entity of Employer) that has caused or is causing material harm to Employer (or any affiliate, subsidiary, or related entity of Employer;

			
	
			
				 (4)
			Employee’s material breach of any of the terms of this Agreement or any other obligation that Employee owes to Employer ( or any affiliate, subsidiary, or related entity of Employer), including a material breach of trust or fiduciary duty or material breach of any proprietary right and inventions or confidentiality agreement between Employer and Employee (or between Employee and any affiliate, subsidiary, or related entity of Employer) ( as such agreements may be adopted or amended from time to time by Employer and Employee).

			
	
			
				 (5)
			the death of Employee;

		
			

		 

 

		

			
	
			
				 (6)
			Employee is declared legally incompetent or has a mental or physical condition that can reasonably be expected to prevent Employee from carrying out his essential duties and obligations under this Agreement for a period of greater than 90 days, notwithstanding Employer’s reasonable accommodation to the extent required by law.

			
	
			
				 c.
			If Employee’s Termination is due to his death or disability as set forth in Section 18 b Employee, or his estate, shall be entitled to, in addition to whatever rights and benefits he has hereunder, a prorata portion of any unpaid Executive Bonus until the Employee’s date of death or disability not yet paid along with the full amount of any Annual Bonus if declared and not yet paid.

			
	
			
				 19.
			Termination on Resignation.

		
			Employee may voluntarily terminate his employment with Employer at any time on 30 days’ prior written notice.  If Employee provides such notice, Employer, at its discretion, may accelerate the termination of Employee’s employment to any date after receipt of such notice from Employee and before the date of the termination specified in such notice from Employee.  Any acceleration of the termination of Employee’s employment shall be effective on written notice being delivered to Employee by Employer.  On any such acceleration by Employer, Employee shall not be entitled to any payment in lieu of notice.  If Employee’s employment is terminated under this Section , Employee shall receive payment for all accrued salary, unused vacation time, and benefits under Employer’s benefit plans through the Termination Date, which for purposes of this Section shall be the earlier of (a) the date on which the 30 days referred to above expires, (b) the date to which Employer elects to accelerate the termination of Employee’s employment, or (c) the date on which Employee ceases performing duties under this Agreement.  Employer shall have no further obligation to pay compensation of any kind (including without limitation any incentive compensation or portion of incentive compensation that may otherwise have become due and payable to Employee with respect to the year in which the Termination Date occurs, which for these purposes shall be the date specified in Employer’s notice) or severance payment of any kind or to make any payment in lieu of notice.  All benefits provided by Employer to Employee under this Agreement or otherwise shall cease on the Termination Date.
		

			
	
			
				 20.
			Employer’s Right to Assign Agreement.

		
			In the event of a merger in which Employer is not the surviving entity, or of a sale of all or substantially all of Employer’s assets, Employer may, at its sole option, assign this Agreement and all rights and obligations under it to any business entity that succeeds to all or substantially all of the Employer’s business through that merger or sale of assets except that Employee may exercise his right to Terminate this Agreement as provided for herein for Cause.
		

			
	
			
				 21.
			Rights and Obligations After Notice of Termination.

		
			If Employee gives notice of termination of this Agreement under Sections 17 or 19, above, or if it becomes known that this Agreement will otherwise terminate in accordance with its provisions, Employer may, in its sole discretion and subject to its other obligations under this Agreement, relieve Employee of his duties under this Agreement.
		

			
	
			
				 22.
			Duty of Cooperation After Termination.

		
			

		 

 

		

		
			Employee agrees to cooperate with Employer, during the term of this Agreement and 180 days thereafter (including following Employee’s termination of employment for any reason), by being reasonably available to testify at the request of Employer or any subsidiary or affiliate in any action, suit, or proceeding, whether civil, criminal, administrative, or investigative, and to assist Employer, or any subsidiary or affiliate, in any such action, suit, or proceeding by providing information and meeting and consulting with Employer, or representatives of or counsel to Employer, or any subsidiary or affiliate, as reasonably requested.  Employer agrees to reimburse Employee for all expenses actually incurred in connection with Employee’s provision of testimony or assistance (including attorney fees incurred in connection therewith) on submission of appropriate documentation to Employer.
		

			
	
			
				 23.
			Dispute Resolution and Binding Arbitration.

			
	
			
				 a.
			Employee and Employer agree that any dispute that arises out of or relates to Employee’s employment relationship with Employer, the termination of that employment relationship, or the validity, enforceability, or breach of this Agreement (including this Section 23) shall be submitted to binding arbitration in accordance with the Federal Arbitration Act, not the California Arbitration Act.  For the purposes of this Section 23, “Employer” includes any of its affiliates, successors, subsidiaries, or parent companies and any present or former officer, director, employee, agent, attorney, or insurer of Employer.  Nothing in this Section 23 shall prevent Employee from filing or maintaining a claim for workers’ compensation, state disability insurance, or unemployment insurance benefits, and nothing in this Section 23 shall be construed to prevent or excuse Employee or Employer from, using existing internal procedures for the resolution of complaints.  Employee may bring claims before administrative agencies when the law permits the agency to adjudicate those claims, even when there is an agreement to arbitrate; examples include claims or charges with the United States Equal Employment Opportunity Commission (or comparable state agency), the National Labor Relations Board, the U.S. Department of Labor, or the Office of Federal Contract Compliance Programs.  Nothing in this Section 23 shall require arbitration of disputes that are excluded from coverage by this Section 23 or by law.

			
	
			
				 b.
			Employer and Employee agree that any dispute in arbitration will be brought on an individual basis only, and not on a class, collective, or representative basis on behalf of others (this agreement to be referred to hereafter as the Class Action Waiver).  The Class Action Waiver does not apply to any claim that Employee brings on behalf of both himself or herself and others under the California Private Attorneys General Act of 2004.

			
	
			
				 c.
			Employee will not be subject to any retaliation or discrimination if Employee seeks to challenge this arbitration provision or participate in a class, collective, or representative action in any forum, but Employer may lawfully seek enforcement of this Agreement under the Federal Arbitration Act and seek dismissal of any class, collective, or representative actions or claims to the fullest extent allowed by law.

			
	
			
				 d.
			The parties each expressly waive the right to a jury trial and agree that the arbitrator’s award shall be final and binding on the parties, provided that any award shall be reviewable by a court of law to the fullest extent allowed by law, including for any error of law by the arbitrator.  The arbitrator shall have discretion to award monetary and other damages, or to award no damages, and to fashion any other relief that the arbitrator considers appropriate, but 

		 

 

	only to the extent consistent with law.  The parties expressly agree that the arbitrator shall have discretion to award the prevailing party reasonable costs and attorney fees incurred in bringing or defending an action under this Section 23, to the fullest extent allowed by law at the time the arbitration commences.  Judgment may be entered on the arbitrator’s decision in any court having jurisdiction.

			
	
			
				 e.
			Employer agrees to pay all costs and expenses unique to arbitration, including the arbitrator’s fees.

			
	
			
				 24.
			Integration.

		
			This Agreement contains the entire agreement between the parties and supersedes all prior or contemporaneous oral and written agreements, understandings, commitments, and practices between them, including all prior employment agreements, whether or not fully performed by Employee before the date of this Agreement.  Without limiting the generality of the foregoing, except as provided in this Agreement, all understandings and agreements, written or oral, relating to Employee’s employment by Employer or Employer’s payment of any compensation or provision of any benefit in connection therewith or otherwise are hereby terminated and shall be of no future force or effect.  Employee represents and warrants that Employee is not relying on any representations made before or outside of this Agreement.  No oral modifications, express or implied, may alter or vary the terms of this Agreement.  No amendments to this Agreement may be made except by a writing signed by the CEO or President of Employer, and Employee.  No employee is authorized to alter or vary the terms of this Agreement except by written agreement by the CEO or President of Employer.  Any representations contrary to this Agreement, express or implied, written or oral, made after the date of this Agreement are hereby disclaimed.
		

			
	
			
				 25.
			Choice of Law.

		
			This agreement shall be construed and enforced in accordance with, and governed by, the laws of the State of California, without giving effect to the conflict of laws provisions thereof, with the exception of any claims that may be governed by federal law, such as claims governed by the Federal Arbitration Act or the Employee Retirement Income Security Act.
		

			
	
			
				 26.
			Notices.

		
			Any notice to Employer required or permitted under this Agreement shall be given in writing to Employer, either by personal delivery (including personal delivery by e-mail) or by registered or certified mail, postage prepaid, addressed to the CEO at Employer’s then principal place of business.  Any such notice to Employee shall be given in a like manner and, if mailed, shall be addressed to Employee at his home address then shown in Employer’s files.  For the purpose of determining compliance with any time limit in this Agreement, a notice shall be deemed to have been duly given (a) on the date of delivery, if delivered personally to the party to whom notice is to be given, or (b) on the third business day after mailing, if mailed to the party to whom the notice is to be given in the manner provided in this Section 28.
		

			
	
			
				 27.
			Severability.

		
			

		 

 

		

		
			If any provision of this Agreement is held invalid or unenforceable, the remainder of this Agreement shall nevertheless remain in full force and effect.  If any provision is held invalid or unenforceable with respect to particular circumstances, it shall nevertheless remain in full force and effect in all other circumstances.  If the Class Action Waiver in Section 29 is deemed to be unenforceable, then Employer and Employee agree that this Agreement is otherwise silent as to any party’s ability to bring a class, collective, or representative action in arbitration.
		

			
	
			
				 28.
			Employee’s Representations.

		
			Employee represents and warrants that he is not restricted, contractually or otherwise, from entering into this Agreement.  Employee also warrants that he will not use or disclose any of his former employers’ trade secrets, confidential information or proprietary information in the course of his employment by Employer.
		

			
	
			
				 29.
			Counterparts.

		
			This Agreement may be executed on separate copies, any one of which need not contain signatures of more than one party but all of which taken together shall constitute one and the same Agreement.
		

			
	
			
				 30.
			Successors and Assigns.

		
			This Agreement is intended to bind and inure to the benefit of and be enforceable by Employee and Employer and their respective successors and assigns, except that Employee may not assign any of his rights or duties under this Agreement without Employer’s prior written consent.
		

			
	
			
				 31.
			Attorney Fees.

		
			If any legal proceeding is necessary to enforce or interpret the terms of this Agreement or to recover damages for breach of this Agreement, the prevailing party shall be entitled to reasonable attorney fees as well as reasonable costs and disbursements (including expert witness fees), in addition to any other relief to which the prevailing party may be entitled.
		

			
	
			
				 32.
			Amendments.

		
			No amendments or other modifications to this Agreement may be made except by a writing signed by both parties.
		

			
	
			
				 33.
			No Third Party Rights Conferred.

		
			Except for Employee’s estate under Section 21, above, and any successor of Employer under Section 22, above, nothing in this Agreement, express or implied, is intended to confer on any third person any rights or remedies under or because of this Agreement.  There are no third party beneficiaries of this Agreement.
		

			
	
			
				 34.
			Non Disparagement.

		
			

		 

 

		

		
			During Employee’s employment Employee shall make no material negative or derogatory comments, oral or written, directly , indirectly or by innuendo about the Company, its officers, directors or employee.
		

		
			Executed by the parties on March 14, 2018, at Irvine, California, to be effective on the date first above written.
		

		
			/s/ George Mangiaracina_______________
George A. Mangiaracina
		

		
			Impac Mortgage Corp.,
a California corporation
Impac Mortgage Holdings, Inc.
A Maryland corporation
		

		
			By: __/s/ Ron Morrison_________________

		

		
			Name: ___Ron Morrison_______________

		

		
			Its: ____EVP_________________________
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			EXHIBIT A

JOb DESCRiption and related ENTITIES
		

		
			Direct, administer and coordinate the activities of the Organization in support of policies, goals and objectives established by the Chief Executive Officer and the Board by performing the following duties personally or through subordinate managers.  For purposes of this Exhibit A., “Organization” means the Employer and any affiliates or related entities of Employer for whom Executive is requested, to provide services pursuant to the Agreement.  Guide and direct management in the development, strategy, growth, production, expansion into new geographic areas, promotion and the financial aspects of the Organization’s products and services.  Direct the preparation of short-term and long-range plans and budgets based on broad corporate goals and growth objectives.  Oversee executives who direct department activities that implement the Organization’s policies.  Create the structure and processes necessary to manage the Organization’s current activities; and its projected growth.  Implement programs that meet the Organization’s goals and objectives.  Maintain a sound plan of corporate Organization, establishing policies to ensure adequate management development and to provide for capable management succession.  Develop and install procedures and controls to promote communication, and adequate information flow within the Organization.  Establish operating policies consistent with the Chief Executive Officer’s broad policies and objectives and ensure their execution.  Evaluate the results of overall operations regularly and systematically and reports these results to the Chief Executive Officer and the Board.  Define responsibilities, authorities and accountability of all direct subordinates and manage compliance with same.  Monitor all Organization, activities and operations for compliance with local, state and federal regulations and laws governing business operations, and implement and oversee programs designed to ensure such compliance.  Manage a staff of employees including but not limited to insuring compensation structures within the Division are appropriate.  Perform supervisory duties to include:  hiring, corrective action, performance appraisals, salary reviews, counseling, work scheduling, training and budgeting.  Executive’s responsibilities do not include those of an advertising spokesperson, appearing in commercials or other media or materials distributed to the public.  Employer will not publish Executive’s image or likeness without Executive’s consent.
		

		
			Executive acknowledges and understands that Executive may be requested by Employer to devote some or all of Executive’s time and effort curing the term of employment pursuant to the Agreement to the businesses of Employer’s affiliates or related entities pursuant to certain agreements between and among Employer and such affiliates or related entities.
		

		
			Executive understands and acknowledges that Executive’s obligations under the Agreement, including Executive’s duties under the Proprietary Rights and Inventions Agreement entered into, shall apply and extend, to Executive’s knowledge of the business of Employer’s affiliates or related entities and any trade secret or other confidential or proprietary information relating to same.
		

		
			 
		

		
			 
		

		
			

		 

 

		

		
			EXHIBIT B

EXAMPLES FOR A 2018 ANNUAL BONUS
		

		
			1.If the Annual Bonus for 2018 is $250,000 or less it is paid in full in cash.
		

		
			2.If the Annual Bonus for 2018 is $500,000 and declared on March 30, 2019, then:
		

		
			A.$250,000 is paid in cash
		

		
			B.An additional $125,000 is paid in cash
		

		
			C.Employee is given $125,000 in Restricted IMH stock * which if valued at $10 per share (for example purposes only) constitutes 12,500 shares.  The shares would vest 4,167 shares on the one year anniversary date of the Bonus declaration ( March 30, 2019), 4,166 shares on March 30, 2020 and the final 4,166 shares on March 30, 2021.
		

			
	
			
				 ·
			

			
	
			
			The value of the shares is determined as the average dosing price of the stock on the 20 trading days prior to that year’s 10K filing.  The restricted stock grant would then be issued within 20 days of the filing of the 10K for that year but the vesting would be based upon the Bonus Declaration date as set forth above.

		
			 
		

		
			

		 

 

		

		
			EXHIBIT C

EMPLOYEE CONFIDENTIALITY, NON-DISCLOSURE, 
AND NON-RECRUITING AGREEMENT
		

		
			This Employee Confidentiality, Non-Disclosure, and Non-Recruiting Agreement (hereinafter referred to as the “Agreement”) is entered into by and between Impac Mortgage Corp., a California corporation (hereinafter referred to as the “Company”) and the employee whose name and signature appear below (hereinafter referred to as the “Employee”) as of the date indicated below, in regard to the following facts:
		

		
			A.Company is involved in the business of providing residential mortgages to individuals (hereinafter “Company Business”).
		

		
			B.As part of Employee’s employment with the Company, Employee has or will be exposed to and/or provided with trade secrets (hereinafter referred to as “Trade Secrets”) and proprietary and confidential information (hereinafter referred to as “Confidential Information”) relating to the operation of the Company Business and its clients or customers.
		

		
			C.The Company wishes to protect its Trade Secrets and Confidential Information from unauthorized possession, use or disclosure, and to protect itself from unfair competition.  Accordingly, Employee acknowledges that a part of the consideration Employee is providing the Company in exchange for his/her employment and continued employment with the Company is Employee’s agreement to maintain the secrecy of the Company’s Trade Secrets and Confidential information in the manner provided herein.
		

		
			In consideration of the foregoing, Employee agrees as follows:
		

		
			1.Duty of Loyalty.  While employed by the Company, Employee agrees at all times to devote his/her best efforts to the business of the Company, to perform conscientiously all duties and obligations required or assigned, and not to usurp, for persona! gain, any opportunities in the Company’s line of business.
		

		
			2.Protection of the Company’s Trade Secrets and Confidential Information.
		

		
			A.Definition of “Trade Secrets.”  Employee acknowledges and agrees that, through Employee’s employment with the Company, Employee has or will be exposed to and/or provided with the Company’s Trade Secrets.  “Trade Secrets” mean information, including a formula, pattern, compilation, program, device, method, technique or process, that: (1) derives independent economic value, actual or potential, from not being generally known to the public or to other persons or entities who can obtain economic value from its disclosure or use and (2) is the subject of efforts that are reasonable under the circumstances to maintain it secrecy.  The Company’s Trade Secrets include, but are not limited to, the following: The Company’s files and records regarding customers, prospective customers, independent contractors, subcontractors, vendors, and suppliers, such as contact information; customer lists; prospective customer lists; customer profiles, needs, specifications, account history, habits, and correspondence; information and documents pertaining to analyses and forecasts of production capacity and readiness to meet customer needs; business plans and strategy; information and documents regarding, development, 

		 

 

testing, and composition of the Company’s products and services (including, but not limited to, manuals, formulas, flowcharts, specifications, and other products containing information that may be useful to a competitor); custom forms and documents created for internal use in conducting Company Business; software developed by or for the benefit of the Company and related data source code and programming information (whether or not patentable or registered under copyright or similar statutes); the methods and systems used by the Company in soliciting, marketing, selling and providing its products and services to its customers; financial and accounting information, such as budgets, cost, pricing, and billing information, estimating processes, revenues, and profit margins, targets, and forecasts; unpublished financial statements; and sales and marketing plans, strategies, programs, methods, and techniques.  Employee acknowledges and agrees that the Company’s Trade Secrets are not generally known to the public or to the Company’s competitors, were developed or compiled at significant expense by the Company over an extended period of time, are the subject of the Company’s reasonable efforts to maintain their secrecy, and that the Company derives significant independent economic value by keeping its Trade Secrets a secret.
		

		
			B.Definition of “Confidential information.”  Employee acknowledges and agrees that, through Employee’s employment with the Company, Employee has or will be exposed to and/or provided with the Company’s Confidential Information.  “Confidential Information” means all information belonging to the Company, whether reduced to writing or in a form from which such information can be obtained, translated or derived into reasonably usable form, and whether the information is simply in Employee’s head, that has been provided to Employee during Employee’s employment with the Company and/or Employee has gained access to while employed by the Company and/or was developed by Employee in the course of Employee’s employment with the Company, that is proprietary and confidential in nature.  The Company’s Confidential Information includes, but is not limited to, information believed by the Company to be a Trade Secret that ultimately does not qualify as such under applicable state or federal law but nonetheless was maintained by the Company as confidential, as well as other information maintained as confidential by the Company, including, but not limited to: information concerning the nature of the Company Business and its manner of operation; the methods, strategies, programs, and systems used by the Company in soliciting, marketing, selling and providing its products and services to its customers; financial and accounting information (such as cost, pricing and billing information, price lists, customer profiles and needs, financial policies and procedures estimating processes, revenues, and profit margins, targets, and forecasts); sales and marketing information, such as sales strategies and programs; information concerning the Company’s customers and prospective customers (including, but not limited to, customer lists, prospective customer lists, product and service pricing information, revenues from customer accounts, customer purchasing habits and special needs, contract terms and expiration dates, personal and private information and data of customers and prospective customers, correspondence with customers, negotiation histories, billing histories, and any information about specific customers’ needs and pricing or service preferences); information identifying persons who previously purchased any products or services from the Company; information concerning the Company’s independent contractors, subcontractors, vendors, and suppliers (including lists of all the foregoing); plans and projections for business opportunities for new or developing business; information regarding the Company’s products and services, such as technical data design, flowcharts, plans, proposals, processes, formulae, data and know-how, discoveries, developments, designs, improvements, inventions (whether or not patentable), experimental and research work, 

		 

 

and methods; computer and electronic systems, programs, software, disks, tapes, reports, memoranda, charts, notes, manuals, and drawings; software developed by or for the benefit of the Company and related data source code and programming information (whether or not patentable or registered under copyright or similar statutes); unpublished financial statements, budgets, projections, and licenses; employee training methods and employee policies and procedures; personnel files and employment-related records of the Company’s current and former employees (other than Employee’s information) (including, but not limited to, information related to the hiring, recruitment, retention, and termination of the Company’s current and former employees, as well as information related to their job duties, assignments, skills, performance, discipline, promotions, compensation, benefits, leaves of absence, and medical files); the Company’s organizational structure and internal correspondence regarding personnel changes and internal reporting structures; and information concerning the Company Business relationships with persons, firms, corporations and other entities.  Additionally, Confidential Information includes private information of and/or about the Company’s customers that the Company collects, compiles and maintains, including without limitation credit information, social security numbers, addresses, phone numbers, and other private data, whether or not the Company has a legal obligation to safeguard the privacy of such information under applicable state and federal law.
		

		
			C.Information Not Included Within the Definition of Trade Secrets and/or Confidential Information.  For avoidance of doubt, the Company’s Trade Secrets and Confidential Information do not include any information that: (1) is already in the public domain or becomes available to the public through no breach by Employee of this Agreement; (2) was lawfully in the Employee’s possession prior to disclosure to Employee by Company; (3) is lawfully disclosed to Employee by a third party without any obligations of confidentiality attaching to such disclosure; or (4) is developed by Employee entirely on his/her own time without the Company’s equipment, supplies or facilities and does not relate at the time of conception to the Company Business or actual or demonstrably anticipated research or development of the Company.
		

		
			D.Company Property.  Employee acknowledges and agrees that all Trade Secrets and Confidential Information developed, created or maintained by Employee, alone or with others, while he/she is employed by the Company, shall remain at all times the sole property of the Company, regardless of where such Trade Secrets and Confidential Information may be stored or maintained by Employee, including, without limitation, on any personal electronic or mobile device owned by Employee.  Employee further acknowledges and agrees that all contact information of and ail communications (including emails, text messages, and other private electronic messages) with the Company’s customers, prospective customers and vendors that Employee may come to possess during Employee’s employment with the Company shall remain the sole property of the Company even if Employee stores such information on Employee’s personal cell phone or electronic device, and Employee shall not take and fail to return such information after termination of Employee’s employment with the Company for any reason.
		

		
			E.Safeguarding of Company’s Property and Information.  Employee is strictly prohibited, at all times during Employee’s employment with the Company except with prior written approval of the Company’s President, from forwarding from Employee’s Company email account to Employee’s personal email account(s) any emails or documents containing any Company Trade Secrets and/or Confidential Information, as well as from copying, transferring or uploading to Employee’s personal Cloud-based or online storage accounts such as a personal 

		 

 

Dropbox or Google Docs account any documents containing any Company Trade Secrets and/or Confidential Information.  Employee is also strictly prohibited, at all times during Employee’s employment with the Company except with the express or implicit authorization of the Company, and then only for the sole benefit of the Company during the term of employment, from removing from the premises of the Company any physical item or document, or any written, electronic or recorded copy of any physical item or document, containing or embodying any Company Trade Secrets and/or Confidential information, including without limitations the same in electronic or digital form.  Employee shall not leave any of the Company’s Trade Secrets and Confidential Information unattended in any area, whether on or off the Company’s premises, where leaving such information unattended creates a risk that the information may be accessed or acquired by any individual who is not authorized to view or access the Company’s Trade Secrets and Confidential Information.
		

		
			F.Company-issued or Subsidized Electronic Devices.  If Employee is issued any electronic device by the Company such as a smart phone, iPad, laptop computer, or external hard drive, or if the Company is otherwise subsidizing the cost of Employee’s use of any electronic device, Employee agrees that the following shall govern Employee’s use, access, and possession of such devices:  (1) Employee has no right to privacy with respect to any data that is stored on the device; (2) Employee’s use of the device shall be in accordance with the Employee Handbook policies pertaining to use of Company equipment, computers, networks and systems; (3) Employee will not use the device in any circumstances in which use of the device may distract Employee or others from any business task that requires close attention or otherwise may create an unsafe condition; (4) Employee will not use the device in a manner that violates any applicable federal, state and local laws such as driving laws; (5) Employee will return all such devices to the Company when requested to do so by the Company and/or immediately upon termination of Employee’s employment with the Company for any reason; (6) as soon as Employee begins to consider leaving the Company or Employee realizes his/her employment with the Company has or will soon come to an end, Employee will not wipe or delete or cause any data to be wiped or deleted from any such device before returning the device to the Company; (7) as soon as Employee’s employment with the Company terminates for any reason, or as soon as the Company requests that Employee return the device for any reason, Employee no longer has authorization or consent from the Company to access the device and Employee will not access the device for any reason before returning it to the Company; and (8) before Employee returns the device to the Company, whether upon request by the Company to return it or termination of Employee’s employment, if Employee has stored any data on the device that Employee considers to be personal, Employee will not retrieve or access the device to retrieve such personal data except with the written consent of the Company or in the presence of an authorized Company representative.
		

		
			G.Covenant Not to Use, Publish or Disclose the Company’s Trade Secrets and/or Confidential Information During and After Termination of Employment.  Employee acknowledges and agrees that Employee’s employment with the Company creates a relationship of confidence and trust with the Company with respect to all of the Company’s Trade Secrets and Confidential Information.  Therefore, at any time during Employee’s term of employment or following the termination of Employee’s employment with the Company, whether voluntary or involuntary, Employee shall not, except as required in the conduct of the Company Business or as authorized in writing by the Company, use, publish or disclose any of the Company’s Trade Secrets and/or Confidential Information in any manner whatsoever.  Notwithstanding the foregoing, this 

		 

 

Section 2.G. does not prohibit or limit the right of Employee to discuss, debate and communicate with other employees of the Company regarding his or her workplace terms and conditions of employment, including wages.  Additionally, Employee’s agreement not to disclose or use Trade Secrets and/or Confidential information includes an agreement to exercise due diligence and reasonable care when handling, maintaining, transferring, disposing or storing any Trade Secrets and/or Confidential Information so as to not violate any consumer federal or state privacy laws.  Employee also agrees to fully and completely comply with any and all security and privacy policies enacted by the Company, including but not limited to all policies and directives of Company.
		

		
			H.Covenant Not to Solicit the Company’s Clients and/or Customers After Termination of Employment Through the Use of the Company’s Trade Secrets and/or Confidential Information.  Employee agrees that for a period of one (t) year following the termination of his/her employment with the Company, whether voluntary or involuntary, Employee shall not, directly or indirectly, solicit or attempt to solicit any business from any of the Company’s clients and/or customers for the purposes of providing products or services that are competitive with those provided by the Company where such solicitation and/or attempt at solicitation is done by Employee through the use of the Company’s Trade Secrets and/or Confidential Information.
		

		
			3.Non-Recruiting Covenant.  Employee acknowledges and agrees that the Company has invested substantial time and effort in assembling its present personnel and that as a result of Employee’s employment with the Company, Employee will become privy to and familiar with Company’s personnel and recruiting practices and strategies and with Company’s human capital and talent.  Therefore, Employee agrees that for one (1) year following his/her termination of employment with the Company, whether voluntary or involuntary, Employee will not directly or indirectly recruit, or attempt to recruit, any employee of the Company, or induce or attempt to induce any employee of the Company, to terminate or cease employment with the Company.  Notwithstanding the foregoing, nothing in this Section 3 shall prevent Employee from receiving and considering any application from any employee of the Company that is not solicited by Employee or on Employee’s behalf.
		

		
			4.Covenant Not to Compete During Term of Employment.  Employee promises that during his/her term of employment with the Company, he/she shall not, directly or indirectly, either as an employee, employer, consultant, agent, principal, partner, corporate officer, board member, director, or in any other individual or representative capacity, engage or attempt to engage in any competitive activity relating to the subject matter of his/her employment with the Company or relating to the Company’s line of business.
		

		
			5.Reasonableness of Restrictive Covenants.  Employee acknowledges that he/she has carefully read and considered Sections 2, 3 and 4 of this Agreement and agrees that the restrictions set forth therein are fair and reasonable, are supported by valid consideration, and are reasonably required to protect the legitimate business interests of the Company.
		

		
			6.Defend Trade Secrets Act Immunity.  Notwithstanding any provisions in this Agreement or Company policy applicable to the unauthorized use or disclosure of trade secrets, Employee is hereby notified that, pursuant to the Defend Trade Secrets Act as contained in 18 U.S.C. § 1833, Employee cannot be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that is made (a) in confidence to a Federal, 

		 

 

State, or local government official, either directly or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected violation of law.  Employee also may not be held so liable for such disclosures made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, in addition, individuals who file a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order provided the Employee’s actions are consistent with 18 U.S.C. § 1833.
		

		
			7.Prior Agreement, Relationshops and Commitments. 
		

		
			A.Except as disclosed in the form attached hereto as Exhibit A.  Employee has no agreements, relationships, or commitments to any other person or entity that conflict with or would prevent Employee from performing any of Employee’s obligations to the Company under this Agreement, or would otherwise prevent Employee from performing his/her job duties while employed by the Company.
		

		
			B.Employee will not disclose and has not disclosed to the Company and will not use, or induce the Company to use, any trade secrets or confidential information of others.  Employee represents and warrants that he/she has returned all property, trade secrets and confidential information belonging to others and is not in possession of any such property, confidential information or trade secrets.
		

		
			C.Employee agrees to indemnify, defend and hold harmless the Company and its officers, directors and employees from any and all claims, damages, costs, expenses or liability, including reasonable attorney’s fees incurred in connection with or resulting from any breach or default of the representations and warranties contained in this Section 8.
		

		
			8.Termination of Employment.  If Employee’s employment with the Company is terminated for any reason, whether voluntarily or involuntarily, Employee shall promptly, regardless of whether requested by Company to do so at the time of Employee’s termination:
		

		
			A.Inform the Company of and deliver to the Company all records, files, electronic data, documents, plans, reports, books, notebooks, notes, memoranda, correspondence, contracts and the like in Employee’s possession, custody or control that contain any of the Company’s Trade Secrets or Confidential Information which Employee prepared, used, or came in contact with while employed by the Company;
		

		
			B.Inform the Company of and deliver to the Company all records, files, electronic data, documents, plans, reports, books, notebooks, notes, memoranda, correspondence, contracts and the like in Employee’s possession, custody or control that pertain in any way to the business of the Company and which Employee prepared, used, or came in contact with while employed by the Company;
		

		
			C.Deliver to the Company all tangible property in Employee’s possession, custody or control belonging to the Company, including, but not limited to, key cards, office keys, 

		 

 

cell phone, pagers, personal digital assistants, external hard drives, thumb drives, zip drives, lap top computers and desk top computers;
		

		
			D, and
		

		
			 
		

		
			9.Injunctive Relief.  Employee acknowledges and agrees that if the Company’s Trade Secrets and/or Confidential information were disclosed to a competing business or used in an unauthorized manner as provided herein, such unauthorized disclosure or use would cause immediate and irreparable harm to the Company and would give a competing business an unfair business advantage against the Company for which the Company may not have an adequate remedy at law.  As such, Employee agrees that the Company shall be entitled to any proper injunction, including but not limited to temporary, preliminary, final injunctions, temporary restraining orders, and temporary protective orders, to enforce Sections 2, 3, 4 and 5 of this Agreement in the event of breach or threatened breach by Employee, in addition to any other remedies available to the Company at law or in equity.  The restrictive covenants contained in this Agreement are independent of any other obligations between the parties, and the existence of any other claim or cause of action against the Company is not a defense to enforcement of said covenants by injunction.
		

		
			10.Notice to Third Parties.  Employee authorizes the Company to provide a copy of this Agreement to third parties, including, but not limited to, Employee’s subsequent, anticipated, or possible future employers.
		

		
			11.At-Will Employment.  Employee agrees and understands that nothing in this Agreement shall confer any right with respect to continuation of employment with the Company, nor shall it interfere in any way with Employee’s right or the Company’s right to terminate Employee’s employment at any time, with or without cause, with or without notice.
		

		
			12.Waiver.  No waiver by the Company of any breach of this Agreement shall be a waiver of any preceding or succeeding breach.  No waiver by the Company of any right under this Agreement shall be construed as a waiver of any other right.
		

		
			13.
		

		
			14.Entire Agreement.  This is the entire agreement between the Company and Employee regarding the secrecy, use and disclosure of the Company’s Trade Secrets and Confidential Information and this Agreement supersedes any and all prior agreements regarding these issues.  The provisions of this Agreement shall be governed by and construed in accordance with the laws of the State of California without giving effect to the principles of conflict of laws.  This Agreement consists of a series of separate restrictive covenants, all of which shall survive and be enforceable in law and/or equity after Employee’s termination or cessation of employment.
		

		
			15.Severability.  Each provision of this Agreement is intended to be severable, if any court of competent jurisdiction determines that one or more of the provisions of this Agreement, or any part thereof, is or are invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect or impair any other provision of this Agreement, and this 

		 

 

Agreement shall be given full force and effect while being construed as if such invalid, illegal or unenforceable provision had not been contained within it.  If the scope of any provision in this Agreement is found to be too broad to permit enforcement of such provision to its full extent, Employee consents to judicial modification of such provision and enforcement to the maximum extent permitted by law.
		

		
			16.Incorporation of Recitals.  The Recitals referenced at the beginning of this Agreement are hereby incorporated by this reference into this Agreement as material terms of this Agreement.
		

		
			17.Counterparts and Facsimile/Digital Signatures.  This Agreement may be executed in any number of counterparts, each of which will be deemed to be an executed Agreement and each of which shall be deemed to be one and the same instrument.  A facsimile or digital signature shall be treated as an original signature for all purposes.
		

		
			The undersigned acknowledges that he/she has read and understood this Agreement, and that he/she signs this Agreement intending to be bound by its terms as of the date indicated below.
		

		
			_________________________________
Employee’s Signature
		

		
			____________________________________
Employee’s Printed Name
		

		
			_______________________________
Date
		

		
			Accepted and agreed to:
		

		
			Impac Mortgage Corp., a California corporation
		

		
			By:__________________________________
		

		
			Printed Name:_________________________
		

		
			Title:.________________________________
		

		
			Date:_________________________________
		

		
			 
		

		
			

		 

 

		

		
			EXHIBIT A

PRIOR AGREEMENTS, RELATIONSHIPS AND COMMITMENTS
		

		
			I represent and warrant that, except as disclosed below, I have no agreements, relationships, or commitments to any other person or entity that conflict with or would prevent me from performing any of my obligations to the Company under this Agreement, or would otherwise prevent me from performing my job duties while employed by the Company (if none, so state):
		

		
			____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
		

		
			Date: _________________________________________________________

[Employee’s Signature] 
		

		
			 
		

		
			

		 

 

		

		
			EXHIBIT D

EMPLOYMENT SEPARATION AGREEMENT
AND GENERAL RELEASE OF ALL CLAIMS
		

		
			1.Parties.  This is a confidential Employment Separation Agreement and General Release (hereafter “Separation Agreement”) and is entered into by and between George A. Mangiaracina (referred to herein as “Employee”) and Impac Mortgage Corp. and Impac Mortgage Holdings, Inc. (jointly referred to as “Impac”) on behalf of itself and its agents, employees, officers, directors, shareholders, parents, subsidiaries, affiliates, predecessors, partners, principals, administrators, representatives, attorneys, insurers, reinsurers, and beneficiaries and all persons acting by, through, under, or in concert with these entities or persons, and each of their respective successors and assigns (collectively, “Impac’s Representatives”).  The effective date of this Separation Agreement is                          (“Effective Date”).  The term “Party” or “Parties” as used herein shall refer to Employee and/or Impac, as may be appropriate.
		

		
			2.Recitals.  The purpose of this Separation Agreement is to formally and permanently separate Employee from employment with Impac and for Employee to provide a general release to Impac and Impac’s Representatives for any and all known or unknown claims.
		

		
			3.Review and Revocation.  Employee has up to twenty-one (21) calendar days from the Effective Date to consider this Separation Agreement.  Once the Employee executes this Separation Agreement, the Employee has the right to revoke this Separation Agreement for a period of seven (7) calendar days following the day the Employee executes this Separation Agreement.  Any revocation within this period of time must be submitted, in writing, and state, “I hereby revoke my acceptance of our Separation Agreement.” The revocation must be personally delivered or delivered by verifiable overnight mail to Impac attn.:  Human Resources, 19500 Jamboree Road, Irvine, California 92612, and postmarked within seven (7) calendar days of execution of this Separation Agreement.  This Separation Agreement shall not become effective or enforceable until the revocation period has expired and no sooner than eight (8) days after Employee dates and signs this Separation Agreement.  If the last day of the revocation period is a Saturday, Sunday, or legal holiday in the state in which Employee was employed on the last day of employment, then the revocation period shall not expire until the next following day which is not a Saturday, Sunday, or legal holiday (“Revocation Period”).  Employee agrees that any modifications, material or otherwise, to this Separation Agreement do not restart or affect in any manner the original up to twenty-one (21) calendar day consideration period.
		

		
			4.Dates of Employment.  Employee’s has received regular pay through and Employee agrees that any regular pay has been stopped as of that date.  Employee’s employment records with the Company will reflect a termination date of                             .
		

		
			5.Separation Proceeds.  Upon the execution of this Separation Agreement and expiration of the Revocation Period, Impac shall pay the total sum of $                  (the “Separation Proceeds”), less applicable withholdings, pursuant to the terms of that Key Executive Employment Agreement dated March 14, 2018.
		

		
			

		 

 

		

		
			6.Benefits.  Employee will be eligible for Impac’s COBRA program effective         .  If Employee elects COBRA coverage, Impac will pay the COBRA premium for Employee and his family for up to 6 months for coverage similar to what Employee had under Impac’s available insurance.  Thereafter, Employee will be responsible to remit monthly COBRA premiums to Impac’s Administrator monthly to remain eligible for COBRA benefits.
		

		
			7.No Consideration Absent Execution of this Separation Agreement.  Employee understands and agrees that Employee will not receive the Separation Proceeds or any portion thereof or Benefits, absent the execution of this Separation Agreement.
		

		
			8.General Release of Claims.  In consideration of the Separation Proceeds set forth in Paragraph 4 above, the Employee irrevocably and unconditionally releases and forever discharges Impac and Impac’s Representatives from any and all, known or unknown, asserted or unasserted, claims, liabilities, losses, agreements, rights, causes of action and expenses of any nature whatsoever based upon any act, omission or occurrence occurring from the beginning of time up to and including the Effective Date of this Separation Agreement.  This general release includes, but is not limited to, any claims or rights the Employee may have under any federal, state or local laws or regulations affecting the terms and conditions of Employee’s employment or prohibiting employment discrimination on the basis of any protected characteristic under applicable law(s), including but not limited to race, color, national origin, religion, sex, age, sexual orientation, ancestry, medical condition, marital status, physical or mental disability, or other public policy (including, but not limited to, those covered by the California constitution; the United States Constitution; the California Fair Employment and Housing Act, Cal. Govt. Code Section 12900, et seq.; the Civil Rights Act of 1964 (Title VII), as amended, 42 U.S.C. Section 2000e et seq.; the Civil Rights Act of 1991, Sections 1981 through 1988 of Title 42 of the United States Code; the Fair Labor Standards Act, as amended; the National Labor Relations Act, as amended; the Labor-Management Relations Act, as amended; the Worker Adjustment and Retraining Notification Act of 1988, as amended; the Rehabilitation Act of 1973, as amended; the Age Discrimination of Employment Act, as amended, 29 U.S.C. Section 621 et seq.; the Americans With Disabilities Act of 1990, as amended, 42 U.S.C. Section 12101, et seq.; the Equal Pay Act; the Older Workers Benefit Protection Act; the Pregnancy Discrimination Act; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. Section 1001, et seq.; the Family and Medical Leave Act of 1993, 29 U.S.C. Section 2601, et seq.; the Fair Credit Reporting Act; the Immigration Reform Control Act; the Occupational Safety and Health Act; the Uniformed Services Employment and Reemployment Rights Act; the Employee Polygraph Protection Act; the employee (whistleblower) civil provisions of the Criminal Fraud and Accountability Act (Sarbanes Oxley Act); the California Family Rights Act, as amended, Cal. Govt. Code Section 12945.1, et seq.; and the California Labor Code; and any personal gain with respect to any claim arising under the qui tarn provisions of the False Claims Act, 31 U.S.C. §3730.  This also includes, but is not limited to, a release of any and all claims, allegations, demands and/or rights relating to Employee’s prior employment with Impac, the ending or termination of that employment, the vesting or non-vesting of stock, and any other agreements and/or covenants between the Parties, including any claim alleging breach, rescission, non-performance or invalidity, any and all claims or torts arising under the statutes and common law of California and/or any other state or territory of the United States, excepting any action to enforce any provision(s) of this Separation Agreement.  This Separation Agreement, upon full execution by the Employee, shall act as an irrevocable bar to any and all actions, lawsuits or proceedings brought by Employee against Impac 

		 

 

and/or Impac’s Representatives arising from or in connection with any matter covered by this Separation Agreement.  However, if, notwithstanding this Separation Agreement, Employee brings an action against Impac or Impac’s Representatives, based on any matter covered by this Separation Agreement, the Employee agrees to pay all costs and expenses incurred by Impac or Impac’s Representatives in defending against such suit, including reasonable attorney fees.
		

		
			9.Waiver of Unknown Claims.  To effect a full and complete release as described above, the Employee expressly waives and relinquishes all rights and benefits afforded by California Civil Code Section 1542, or other similar statute(s), and do so understanding and acknowledging the significance of such specific waiver of Section 1.542 and/or other similar statute(s).  Section 1542 of the Civil Code of the State of California states as follows:
		

		
			A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by his or her must have materially affected his or her Separation with the debtor.
		

		
			Thus, notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of the Employee, the Employee expressly acknowledges that this release is intended to include in its effect, without limitation, all claims not known or suspected to exist in the Employee’s favor as of the execution of this Separation Agreement, and that this release contemplates the extinguishment of any such claim or claims which the Employee has or may have against Impac or Impac’s Representatives.  The Parties do not know of any action at law or in equity or administrative proceedings currently pending which concern allegations, claims or demands made in or related to the employment of Employee or otherwise the subject of this Separation Agreement.
		

		
			10.Affirmation.  The Employee affirms that the Employee has not filed, caused to be filed, or presently is a party to any claim, complaint, proceeding or action against Impac or Impac’s Representatives in any forum or form.
		

		
			11.Confidentiality.
		

		
			a.Employee agrees that unless directed to do so by a Court order, Employee will not publicize or disclose or cause or knowingly permit or authorize the publicizing or disclosure of the terms and/or conditions set forth in this Separation Agreement, the contents of the Separation Agreement, the existence of the Separation Agreement, and/or any and all discussions between the Parties regarding this Separation Agreement (hereafter collectively referred to as “Confidential Information”) to any person, firm, organization or entity of any and every type, public or private, for any reason, at any time, without the prior written consent of the President of Impac.
		

		
			b.Employee is permitted to disclose Confidential Information to Employee’s spouse, immediate attorneys, financial planner(s), and accountants (collectively the “Employee’s Group”).  However, each member of Employee’s Group to whom Employee discloses Confidential Information shall be bound to the confidentiality provisions hereof and any unauthorized 

		 

 

disclosure of Confidential Information by any such person so informed shall constitute a breach by such Party of Paragraph 12 (a) above and a material breach of this Separation Agreement.
		

		
			c.Employee is also permitted to disclose the amount of Separation Proceeds set forth in Paragraph 4 above, as required by law, to governmental taxing authorities.
		

		
			12.Governing Law and Interpretation.  This Separation Agreement shall be governed by and conformed in accordance with the laws of the State of California.  In the event any Party breaches any provision of this Separation Agreement, it is understood an action may be instituted to specifically enforce any and all terms of this Separation Agreement.  Should any provision of this Separation Agreement, except the general release language set forth in Paragraphs 7 and 8 above, be declared illegal or unenforceable by any court of competent jurisdiction and unable to be modified to be enforceable, such provision shall immediately become null and void, leaving the remainder of this Separation Agreement in full force and effect.  The exclusive venue for any dispute arising out of this Separation Agreement shall be the United States District Court for the Central District of California or, in the event no federal jurisdiction exists, the Superior Court for the State of California.
		

		
			13.No Admission of Wrongdoing.  The Parties agree that neither this Separation Agreement, nor the entering into the Separation Agreement, nor the furnishing of the consideration for this Separation Agreement, shall be deemed or construed at any time for any purpose as an admission by Impac or any of Impac’s Representatives of any liability, breach of contract, or otherwise unlawful or improper conduct, fault or wrongdoing of any kind.  Indeed, Impac expressly denies liability, breach of contract, or any otherwise unlawful or improper conduct, fault or wrongdoing.
		

		
			14.No Transfer/Assignment of Claims.  Employee warrants and represents that Employee has not assigned or transferred, or purported to assign or transfer, to any person or entity all or any part of or any interest in any claim released under this Separation Agreement.  Employee further represents that Employee is the sole owner of all rights, interests and claims released herein.
		

		
			15.Consultation with Counsel.  Employee warrants and represents that Employee has and/or was provided the opportunity to consult with an attorney and fully understands the terms and effect of this Separation Agreement.  Employee also warrants and represents that Employee executes this Separation Agreement freely and voluntarily and without coercion or duress, and that Employee understands that this Separation Agreement releases all known and unknown claims of every kind which Employee may have against Impac or Impac’s Representatives.
		

		
			16.Amendment.  This Separation Agreement may not be modified, altered or changed except upon express written consent of the Parties wherein specific reference is made to this Separation Agreement.
		

		
			17.Miscellaneous Provisions.
		

		
			a.The Parties agree that this Separation Agreement may be executed in counterparts and shall be deemed executed when the Parties have signed and transmitted counterparts to each other.  All counterparts taken together shall constitute a single agreement.  

		 

 

Further, all signed faxed or emailed copies of this Separation Agreement shall be treated as if they are the original document.
		

		
			b.This Separation Agreement was negotiated by the Parties.  In the event any trier of fact should believe any term to be vague or ambiguous, this Separation Agreement shall be construed as if the Parties jointly prepared it.
		

		
			c.Headings in this Separation Agreement are for convenience only and do not limit or define any provision.
		

		
			18.Entire Agreement.  This Separation Agreement in conjunction with the terms of the Key Executive Employment Agreement dated March 14, 2018 constitutes the entire agreement among the Parties, and fully supersedes any prior obligation, understanding or communication of the Parties to each other.  The Parties acknowledge that they have not relied on any representations, promises, or agreements of any kind made to the Parties in connection with their decision to accept this Separation Agreement, except for those set forth in this Separation Agreement and in the Key Executive Employment Agreement dated March 14, 2018.
		

		
			IN WITNESS WHEREOF, the Parties hereto knowingly and voluntarily execute this Separation Agreement as of the date set forth below:
		

			
					
						Executed on _____________ 2017

					
					
						By: __________________________________
George A. Mangiaracina

				
	
					
						Executed on _____________ 2017

					
					
						By: __________________________________

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