Document:

I
s

 

September 15,
2016

Gayla J. Delly

____________

____________

Re:       Separation Agreement

Dear Gayla:

This letter sets forth the terms of a Separation Agreement (this “Agreement”)
between you and Benchmark Electronics, Inc. (“Benchmark”).  Any
matters referred to in the amended and restated employment agreement by and
between you and Benchmark, dated as of January 1, 2012 (the “Employment
Agreement”), that are not expressly addressed in this Agreement shall
continue to be governed by the terms of the Employment Agreement, which remains
in full force and effect except as expressly modified hereby.  Any capitalized
terms that are not otherwise defined herein shall have the meanings assigned
thereto in the Employment Agreement.

1.                 
Separation.   By mutual agreement, your employment with
Benchmark and its subsidiaries and affiliates is hereby terminated and you
hereby resign as a member of the board of directors of Benchmark, in each case,
effective as of September 16, 2016 (the “Termination Date”).
 Effective as of the Termination Date, you shall cease to have any positions,
titles, authorities or responsibilities (whether as a director, officer or
otherwise) with Benchmark or any of its subsidiaries or affiliates.  You hereby
agree to execute on or following the date hereof any and all supplemental
documentation provided to you by Benchmark in furtherance of the foregoing. 
Your termination of employment, effective as of the Termination Date, shall be
deemed a termination of employment without Cause for all purposes of the
Employment Agreement.  Except for the compensation and benefits described in
Sections 2 and 3 below, you shall cease to actively participate in any
plans, programs, policies or arrangements of Benchmark or any of its
subsidiaries or affiliates.  None of the payments or benefits described in
Section 3 shall be contributed to any employee benefit plan, nor will any
contribution (matching or otherwise) be made by Benchmark or any of its
subsidiaries or affiliates to any employee benefit plan on account of any of
the payments or benefits described in Section 3.

2.                 
Accrued Obligations.  Following the Termination Date,
Benchmark shall pay you an amount in cash equal to (a) your earned, due and
unpaid wages and salary and earned but unused vacation time through the
Termination Date, payable within 10 days following the Termination Date, and
(b) all reimbursable business expenses, payable in accordance with
Benchmark’s expense reimbursement policy.

3.                 
Severance Pay.  Subject to Section 5 and your compliance with
your obligations under Sections 8 (Confidential Information), 9
(Non-Competition, Non-Solicitation, Non-Disparagement) and 10 (Confidentiality
Agreement) of the Employment Agreement, as 

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Agreement                                                                  Page 1
                                                  Employee Initials _______         

 

provided in
Section 6 below, Benchmark shall pay or provide to you the following
amounts and benefits, in lieu of any other severance or separation payments or
benefits under the Employment Agreement:

(a)               
$3,805,500, representing two times the sum of your annual base
salary and target annual bonus as of the date hereof, payable in a lump-sum on
the 60th day following the Termination Date;

(b)              
$722,184.25, representing your target annual bonus as of the date
hereof multiplied by a fraction, the numerator of which is the number of days
elapsed in calendar year 2016 prior to and including the Termination Date and
the denominator of which is 365, payable on the 60th day following the
Termination Date; and

(c)               
the portion of the premium costs for your (or your dependents’)
group health insurance coverage, as in effect as of immediately prior to the
Termination Date, for a period of 18 consecutive months immediately following
the Termination Date, so long as you are eligible for and properly elect to
continue such coverage; provided  that such coverage shall cease if and
to the extent you become eligible for similar benefits by reason of new
employment or you otherwise are no longer eligible for continuation coverage
pursuant to applicable law and plans. 

4.                 
Equity-Based Incentive Compensation.  For the avoidance of
doubt, any unvested long-term awards granted to you under Benchmark’s omnibus
incentive compensation plan that are outstanding as of the date hereof shall be
forfeited and canceled for no consideration as of the date hereof.

5.                 
Release of Claims; Cooperation.  In consideration of the
foregoing, you agree that you shall:

(a)               
Execute and deliver to Benchmark a release of claims in the form
attached hereto as Exhibit A (the “Release”), which Release shall
be executed no earlier than the Termination Date and no later than the 45th day
after the Termination Date.  In the event you do not execute and deliver to
Benchmark the Release within such time period, you sign and then revoke the
Release as described therein or any proceeding, action, claim or demand is
brought in breach of the Release after its execution by you, then you shall be
deemed to have voluntarily terminated your employment for purposes of the
Employment Agreement, you shall not be entitled to any of the amounts and
benefits provided in Section 3 and you shall be required to reimburse Benchmark,
in cash within five business days after written demand is made by Benchmark
therefore, for an amount equal to the value of any payments and benefits
received by you pursuant to Section 3; and

(b)              
Cooperate reasonably with Benchmark and its subsidiaries and
affiliates in connection with any ongoing or future dispute, lawsuit,
arbitration or any internal or external investigation of any type involving
Benchmark or its subsidiaries or affiliates and about which Benchmark
reasonably believes you may possess relevant information.  Benchmark will
reimburse your reasonable expenses in connection with participating in such
matters at Benchmark’s request.

6.                 
Continuing Obligations.  You shall promptly return to
Benchmark within two business days following the date hereof any Benchmark
property and any information you have about the practices, procedures,
technology, customer information, or product marketing of Benchmark and its subsidiaries
and affiliates.   Notwithstanding anything to the contrary in this 

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                                                  Employee Initials _______         

 

Agreement or the Employment Agreement, Sections 8
(Confidential Information), 9 (Non-Competition, Non-Solicitation,
Non-Disparagement), 10 (Confidentiality Agreement) and 11 (Arbitration) of
the Employment Agreement shall continue to apply to you, and the last sentence
of Section 9 shall continue to apply to Benchmark, following the date hereof in
accordance with their terms; provided  that any dispute arising under or
in any way related to this Agreement and any legal action to enforce rights
under, or to recover damages for breach of, this Agreement shall be treated as
a dispute or claim with respect to the Employment Agreement for purposes of
Section 11 of the Employment Agreement.  Notwithstanding anything to the
contrary in this Agreement, the Employment Agreement or the Confidentiality
Agreement (as defined in the Employment Agreement), this Agreement is not intended to, and shall not be interpreted in any
manner that limits or restricts you from, exercising any legally protected
whistleblower rights (including pursuant to Rule 21F under the U.S. Securities
and Exchange Act of 1934) or receiving an award for information provided to any
government agency under any legally protected whistleblower rights.   

7.                 
General. 

(a)               
Notices.   All notices and other communications hereunder
will be in writing, and will be deemed to have been duly given if delivered
personally, or three business days after being mailed by certified mail, return
receipt requested, or upon receipt if sent by written telecommunications, to
the relevant address set forth below, or to such other address as the recipient
of such notice or communication will have specified to the other party hereto
in accordance with this section:

If to
Benchmark, to:

Benchmark Electronics, Inc.

3000 Technology Drive

Angleton, Texas 77515

Attn: Corporate Secretary

 

If to you, to:

Gayla J. Delly

____________

____________

(b)              
Withholding.   All payments required to be made by
Benchmark under this Agreement will be subject to the withholding of such
amounts, if any, relating to federal, state and local taxes as may be required
by law.  

(c)               
Equitable Remedies.  Each of the parties hereto
acknowledges and agrees that upon any breach by you of your obligations as
described in Section 6, Benchmark will have no adequate remedy at law, and
accordingly will be entitled to specific performance and other appropriate
injunctive and equitable relief.  You shall not, and you hereby waive and
release any rights or claims to, contest or challenge the reasonableness,
validity or enforceability of the obligations described in Section 6.

(d)              
Clawback.   You acknowledge that the
amounts paid to you by Benchmark, including amounts payable pursuant to this
Agreement, may be subject to recoupment or 

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Agreement                                                                  Page 3
                                                  Employee Initials _______         

 

clawback
pursuant to the applicable policy adopted by Benchmark prior to the date hereof
or applicable law, and you agree to repay such amounts to the extent required
thereunder.

(e)               
Severability.   If any provision of this Agreement is held
to be illegal, invalid or unenforceable, such provision will be fully severable
and this Agreement will be construed and enforced as if such illegal, invalid
or unenforceable provision never comprised a part hereof, and the remaining
provisions hereof will remain in full force and effect and will not be affected
by the illegal, invalid or unenforceable provision or by its severance
herefrom.  Furthermore, in lieu of such illegal, invalid or unenforceable
provision, there will be added automatically as part of this Agreement a
provision as similar in its terms to such illegal, invalid, or unenforceable
provision as may be possible and be legal, valid and enforceable.

(f)               
Waivers.   No delay or omission by either party hereto in
exercising any right, power or privilege hereunder will impair such right,
power or privilege, nor will any single or partial exercise of any such right,
power or privilege preclude any further exercise of any other right, power or
privilege.

(g)              
Counterparts.   This Agreement may be executed in multiple
counterparts (including by facsimile or by PDF), each of which will be deemed
an original, and all of which together will constitute one and the same
instrument.

(h)              
Captions.   The captions in this Agreement are for
convenience of reference only and will not limit or otherwise affect any of the
terms or provisions hereof.

(i)                
References to Agreement.  Use of the words “herein”,
“hereof”, and “hereto” and the like in this Agreement refer to this Agreement
only as a whole and not to any particular Section, subsection or provision of
this Agreement, unless otherwise noted. Any reference to a “Section” or
“subsection” shall refer to a Section or subsection of this Agreement, unless
otherwise noted.

(j)                
Successors and Binding Agreement.  Benchmark shall require
any successor (whether direct or indirect, by purchase, merger, consolidation,
reorganization or otherwise) to all or substantially all of the business or
assets of Benchmark to expressly assume and agree to perform this Agreement in
the same manner and to the same extent Benchmark would be required to perform
if no such succession had taken place.  This Agreement shall be binding upon
and inure to the benefit of Benchmark and any successor to Benchmark, including
without limitation any persons acquiring directly or indirectly all or
substantially all of the business or assets of Benchmark whether by purchase,
merger, consolidation, reorganization, or otherwise (and such successor shall
thereafter be deemed “Benchmark” for the purposes of this Agreement).

(k)              
Entire Agreement; Amendment and Waivers.  This Agreement,
the Employment Agreement and the Confidentiality Agreement (as defined in the
Employment Agreement) contain the entire understanding of you and Benchmark
relating to the subject matter hereof.  This Agreement may not be amended or
modified except by a written instrument hereafter signed by each of the parties
hereto, and may not be waived except by a written instrument hereafter signed
by the party granting such waiver.  

(l)                
Governing Law.  This Agreement and the performance hereof
shall be governed and construed in all respects, including but not limited to
as to validity, interpretation 

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Agreement                                                                  Page 4
                                                  Employee Initials _______         

 

and effect, by the laws
of the State of Texas, without regard to the principles or rules of conflict
thereof.

 

[Remainder of page intentionally left blank]

 

 

                      

 

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                                                  Employee Initials _______         

 

If the foregoing
accurately reflects our agreement, please sign and return to us the enclosed
duplicate copy of this letter

Benchmark
Electronics, Inc.

/s/ SCOTT R. PETERSON     

Scott R. Peterson

Vice President
& General Counsel

Date:  September 15, 2016

 

Accepted and Agreed to:

/s/ GAYLA
J. DELLY                       

Gayla J. Delly

Date:  September 15, 2016

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Agreement                                                                  Page 6
                                                  Employee Initials _______         

 

Release

THIS RELEASE (this “Release”) is executed by Gayla J.
Delly (the “Executive”) and delivered by her to Benchmark
Electronics, Inc. (“Benchmark”). 

WHEREAS, the Executive and Benchmark entered into the amended and
restated employment agreement dated January 1, 2012 (the “Employment
Agreement”) and the separation agreement dated September 16, 2016 (the
“Separation Agreement”); and

WHEREAS, the Executive’s employment has been terminated by Benchmark
without Cause (as such term is defined in the Employment Agreement) and as such
the Executive is due certain payments and benefits as described in the
Separation Agreement subject to the Executive’s execution of this Release.

NOW, THEREFORE, in consideration of the payments and benefits set forth
in the Separation Agreement and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the Executive agrees
as follows:

1.                 
Release and Waiver.  The Executive, on behalf of herself
and her agents, heirs, executors, administrators, successors and assigns,
hereby RELEASES AND FOREVER DISCHARGES Benchmark, including without limitation
Benchmark’s parents, subsidiaries, affiliates, and other related companies, as
well as any and all of their officers, directors, agents, employees, partners,
shareholders, attorneys, insurers, predecessors, successors, and assigns
(collectively the “Released Parties”) from any and all claims,
damages, complaints, grievances, causes of action, suits, liabilities, demands
and expenses (including attorneys’ fees) of any nature whatsoever, both at law
and in equity (except those expressly reserved herein), whether known or
unknown, now existing or which may result from the existing state of things,
which Executive now has or ever had against the Released Parties from the
beginning of time to the Effective Date (as defined below).  In particular,
without limitation of the foregoing, the Released Parties are specifically
released from and held harmless from any and all claims arising out of or
related to your employment relationship with Benchmark, including, without
limitation, your separation from employment.  It is the Executive’s intention
that this Release constitute a full and final general release of all such
claims and that this release be as broad as possible.  This Release does not
release or waive any rights or claims that may arise after the Effective Date.
 

2.                 
Scope of Release.  Without limiting the foregoing in any
way, the Executive’s release and waiver includes, but is not limited to, any
rights or claims the Executive may have under: the Age Discrimination in
Employment Act of 1967 (29 U.S.C. § 621, et seq.) (“ADEA”);
Title VII of the Civil Rights Acts of 1964; 42 U.S.C. § 1981; the Family and
Medical Leave Act; the Fair Labor Standards Act; the Equal Pay Act; the
Rehabilitation Act of 1973 and the Americans with Disabilities Act; ERISA;
WARN; the Older Workers Benefit Protection Act (“OWBPA”); the
National Labor Relations Act; claims under the California Labor, Civil, and
Government Codes, including the California Fair Employment and Housing, the
Genetic Information Nondiscrimination Act (GINA); the Unfair Business Practices
Act; and any other federal, state or local laws or regulations concerning
employment or prohibiting employment discrimination, harassment or
retaliation.  This release and waiver also includes any claims against
Benchmark and/or the Released Parties based on contract or tort, claims for
defamation, 

Release
Agreement                                                                           1
                                                      Employee Initials _______         

 

libel, invasion of privacy, intentional or
negligent infliction of emotional distress, wrongful termination, constructive
discharge, breach of contract, breach of the covenant of good faith and fair
dealing, breach of fiduciary duty, and fraud.  The Executive agrees that she
shall never file a lawsuit or other complaint challenging the validity or
enforceability of this Release.  The Executive waives and releases any claim
that she has or may have to reemployment after the Termination Date (as defined
in the Separation Agreement).

3.                 
Rights Not Relinquished.  The Executive does not by this
Release relinquish (a) any right to any vested benefits under any benefit
plans or arrangements maintained by Benchmark or its subsidiaries or
affiliates, (b) any right to indemnification under any applicable
directors and officers liability insurance policy, indemnity agreement,
applicable state and federal law and Benchmark’s articles of incorporation and
bylaws, (c) any rights under  (including to enforce) the Separation Agreement
and (d) any rights in the Executive’s capacity as a securityholder of
Benchmark.

4.                 
Risk of Mistake of Fact.  The Executive understands that
any of the facts or circumstances that the Executive may currently rely on may
later be found, suspected or claimed to be different from the facts and
circumstances as the Executive now believe them to be (each, a “Mistake
of Fact”).  The Executive assumes the risk of any Mistake of Fact and
agrees that this Release shall remain effective despite any such Mistake of
Fact.  Specifically, it is a condition of this Release, and it is your
intention by signing this Release, that the release of claims by you contained
in this Release shall be effective as a bar to each and every claim, whether
now known or unknown.  

5.                 
No Lawsuits, Complaints, or Claims.  The Executive waives
her right to file any charge or complaint against Benchmark and/or any of the
Released Parties arising out of her employment or separation from employment or
any facts occurring prior to the Executive signing this Release before any
federal, state or local court or any federal, state or local administrative
agency, except where such waivers are prohibited by law.  By signing this Release
the Executive represents that she has not filed any such claims, causes of
action or complaints. Notwithstanding the foregoing, the Executive does not
waive or release any claim which cannot be validly waived or released by
private agreement.  Specifically, nothing in this Release shall prevent the
Executive from filing a charge or complaint with, or from participating in, an
investigation or proceeding conducted by the SEC, EEOC, DFEH or any other
federal, state or local agency charged with the enforcement of any employment
laws.  However, the Executive understands that by signing this Release, the
Executive waives the right to recover any damages or to receive other relief in
any claim or suit brought by or through the EEOC, the DFEH or any other state
or local deferral agency on Employee’s behalf to the fullest extent permitted
by law, but expressly excluding any award or other relief available from the
SEC.  This Release is not intended to, and shall not
be interpreted in any manner that limits or restricts the Executive from,
exercising any legally protected whistleblower rights (including pursuant to
Rule 21F under the U.S. Securities and Exchange Act of 1934) or receiving an
award for information provided to any government agency under any legally
protected whistleblower rights.  The Executive acknowledges that she
has no pending workers’ compensation claims and that this Release is not
related in any way to any claim for workers’ compensation benefits, and that she
has no basis for such a claim.  

Release
Agreement                                                                  Page 2
                                                  Employee Initials _______         

 

6.                 
Adequate Notice.  The Executive acknowledges that she was
given an adequate opportunity to review and consider this Release.

7.                 
Consult an Attorney.  The Executive acknowledges that
Benchmark has advised the Executive to consult an attorney, at the Executive’s
expense, concerning the Executive’s rights and the terms of this Release, and
that the Executive had sufficient time to do so and did so or voluntarily chose
not to do so.  The Executive’s waivers are knowing, conscious and with full
appreciation that at no time in the future may the Executive pursue any of the
rights that the Executive waived in this Release.

8.                 
Right to Revoke.  During the seven-day period following
the date the Executive executes this Release (such period, the “Revocation
Period”), the Executive may revoke this Release completely by
delivering a letter, personally or by USPS Certified Mail, to Benchmark’s
Corporate Secretary, containing the Executive’s revocation of this Release.  This
Release shall become effective on the day following the conclusion of the Revocation
Period (such day, the “Effective Date”).  This Release shall have
no legal effect if revoked as provided herein.

IN WITNESS WHEREOF, the Executive has executed and
delivered this Release on the date set forth below.

 

 

                                                             

Gayla J. Delly

Date:                                                    

 

 

Release
Agreement                                                                           3
                                                      Employee Initials _______cbio-ex101_15.htm

Exhibit 10.1

6 September 2016

 

Delivered Via Email

 

Edwin L. Madison, Ph.D.

558 48th Avenue

San Francisco, CA 94121

 

Dear Dr. Madison:

 

This letter is to confirm our conversation that your employment with Catalyst Biosciences, Inc. (“Catalyst” or the “Company”) will be terminated on 9 September 2016 (the “Separation Date”), due to a reduction in force.  This letter explains the details of your separation and describes the separation benefits that the Company is offering to you.

 

On the Separation Date, you will receive a check for your regular earned pay and any accrued but unused vacation time through your last day and reimbursement for expense reports submitted to date.  If you seek reimbursement of any additional business expenses, you agree to submit your final expense reimbursement statement within ten (10) days following the Separation Date, along with receipts or other supporting documentation.  The Company will reimburse valid business expenses in accordance with its standard expense reimbursement policies.

 

Following the Separation Date, you may elect to continue your group medical insurance coverage under COBRA, and will receive information from our plan administrator describing this conversion election.

 

You are currently eligible to receive the following benefits: 

 

	
 
	
1.
	
You will receive a lump sum payment in the amount of $357,000, less applicable withholdings, which is equivalent to twelve (12) months’ base salary (“Severance”) in accordance with your letter agreement dated 15 February 2007, as amended in the letters dated 24 September 2008 and 12 February 2013 but payable no later than the Company’s second payroll period following the Separation Date; and

 

	
 
	
2.
	
a portion of your outstanding options to purchase shares of Catalyst common stock (the “Options”) equal to the number of unvested Options that would have vested in the twelve (12) month period following the Separation Date had your employment continued through such period will become fully vested on the Separation Date.  

 

Additionally, in exchange for the agreements contained in this letter agreement, you are eligible to receive the following enhanced benefits: 

 

	
 
	
1.
	
A lump sum payment in the amount of $34,418, subject to withholding, equal to your estimated COBRA medical, dental and vision premiums (less any COBRA administration fees) for twelve (12) months (“COBRA Payment”); 

 

 

 

 

	
 
	
2.
	
all of your unexercised Options will remain exercisable until the earlier of (a) the expiration date of such Options as set forth in the corresponding agreement or (b) the date that is three (3) years after the Separation Date. Please keep in mind that each Option, to the extent designated as an incentive stock option, will cease to be an incentive stock option and automatically become a nonqualified stock option as a result of this extension; and 

 

	
 
	
3.
	
the Company will enter into a Consulting Agreement with you in the form attached as Exhibit C.  

 

Except as expressly provided herein, all terms of the Options and related agreements remain unchanged. We strongly encourage you to consult with your personal legal or tax advisor regarding the tax consequences of the Options (including the impact of the actions described in this letter), the exercise of any Option and the timing of any such exercise.

 

In exchange for the extended option exercise period, COBRA Payment and consulting agreement, you must return a signed copy of the attached Separation Agreement and General Release of Claims (“Release”) to me within forty-five (45) days following your Separation Date and not revoke the Release.  Please note that the Release may be signed no sooner than your Separation Date.  You also must have returned all Company property and a signed copy of the Termination Certificate attached as Exhibit C to your At-Will Employment, Confidential Information, Invention Assignment, and Arbitration Agreement (the “Confidentiality Agreement”), a true and correct copy of which is attached.  If you satisfy these conditions, the COBRA Payment will be paid to you upon the Release becoming irrevocable but no later than the sixtieth (60th) day following the Separation Date.

 

If you have any questions, please feel free to call Amanda Hill in Human Resources for more detail.  Ed, we wish you the best in your future endeavors.

 

Sincerely,

 

/s/ Nassim Usman

 

Nassim Usman, Ph.D.

President & CEO

 

Attachment:  Separation Agreement and General Release of Claims

 

 

 

Separation Agreement and General Release of Claims

I acknowledge and agree that my employment with Catalyst Biosciences, Inc. (the “Company”) terminated on 9 September 2016 (the “Separation Date”).  

In consideration of the Company’s agreement to provide the Separation Benefits described in the Company’s letter to me dated 6 September 2016 (the “Letter”, which Letter is incorporated by reference into this Separation Agreement and General Release of Claims (the “Release”)), and in consideration of the obligations set forth in this Release, I hereby fully and forever release and discharge the Company and its officers, directors, shareholders, investors, administrators, employees, agents, successors, predecessors, subsidiaries and assigns from any and all claims, liabilities, demands or causes of action arising out of or relating in any way to my employment with the Company, including the termination of my employment.

I understand and agree that this Release is a full and complete waiver of all claims, whether known or unknown by me (other than my indemnification rights under the Indemnification Agreement between me and the Company dated August 20, 2015 or otherwise provided by law), including but not limited to, claims of wrongful discharge, breach of contract, breach of the covenant of good faith and fair dealing, violation of public policy, defamation, personal injury, emotional distress, claims under Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967 (“ADEA”), the Americans with Disabilities Act, the Equal Pay Act of 1963, the Fair Labor Standards Act, the Fair Employment and Housing Act, the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) as related to severance benefits, any family and medical leave acts, and any other state and federal laws and regulations relating to employment or employment discrimination. I agree that the Separation Benefits are in full satisfaction and settlement of any such claims, liabilities, demands or causes of action, and I agree that I will not file any lawsuit or institute any proceeding asserting any such claim.  Notwithstanding the foregoing, this Release does not extend to those rights which as a matter of law cannot be waived, including but not limited to unwaivable rights I may have under the California Labor Code, or to obligations incurred or specified under this Release, and I retain all such rights and claims.  Further, nothing in this Release shall limit my right to file a charge or complaint with any state or federal agency or to participate or cooperate in such a matter; provided, however, that I hereby waive any right to receive any monetary award resulting from such a charge or investigation.

I expressly waive any and all rights that I currently may have arising under the ADEA.  I have received information about the job titles and ages of the employees in my decisional unit for this restructuring, attached as Exhibit A.  I understand that I have the right to consult with an attorney before signing this Release.  I also understand that I have forty-five (45) days after receipt of this Release within which I may review and consider, discuss with an attorney of my own choosing, and decide to sign it or not sign it.  I also understand that for a period of seven (7) days after I sign this Release, I may revoke this Release and that the Release will not become effective until seven (7) days after I sign it, and only then if I do not revoke it.  In order to revoke this Release, I must deliver to the Company’s Chief Executive 

 

 

 

Officer, by no later than seven (7) days after I execute this Release, a letter stating that I am revoking it.  If I revoke this Release, I will have no right to receive any Separation Benefits.  If I do not deliver a letter revoking this Release, then this Release shall become effective upon the expiration of the seventh day after I executed this Release (the “Effective Date”).

In addition, and in further consideration of the foregoing, I expressly waive any and all rights and benefits conferred upon me by the provisions of California Civil Code Section 1542, which states: “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 HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

I acknowledge and agree that I have received all salary, accrued vacation, commissions, bonuses, wages, compensation or other such sums due to me as of the Separation Date other than amounts, if any, to be paid after the Separation Date pursuant to this Release.  In light of the payment by the Company of all wages due, or to become due to me, I acknowledge and agree that California Labor Code Section 206.5 is not applicable to me.  That section provides in pertinent part as follows: "No employer shall require the execution of any release of any claim or right on account of wages due, or to become due, or made as an advance on wages to be earned, unless payment of such wages has been made.”

I agree that nothing contained in this Release shall constitute or be treated as an admission of liability or wrongdoing by the Company or me.

I represent and warrant that up through the date on which I execute this Release, I have been in compliance with the terms of the Confidential Information and Invention Assignment Agreement (the “Confidentiality Agreement”) that I signed and entered into with the Company, a copy of which is attached to this Release as Exhibit B.  I acknowledge and agree that I will continue to be bound by the terms of the Confidentiality Agreement.  I acknowledge that I have been advised of the immunity from liability under the Defend Trade Secrets Act, and cannot be held criminally or civilly liable under federal or state trade secret law for the disclosure of trade secrets made in confidence to government officials or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or included in a complaint or other document in legal proceedings, provided that any such filing is made under seal and protected from public disclosure.  

I agree to maintain in confidence the terms of this Release and to discuss them only with an employee, attorney or family member who has a reasonable need to know of such terms, or as may be required by law.  I further agree to refrain from making any disparaging comments about the Company and acknowledge that if I breach this agreement, my rights to the Separation Benefits set forth in the Letter will terminate immediately; provided that this restriction does not prevent me from giving truthful testimony in any legal proceeding.  I understand that nothing in this Release prohibits or restricts me (or my attorney) from initiating communications directly with, or responding to any inquiry from, or providing testimony before, the SEC, FINRA, any other self-regulatory organization or any other state or federal regulatory authority, regarding this Agreement or its underlying facts or circumstances.

 

 

 

I agree that I have returned all of the Company’s property in my possession including, but not limited to, software keys/codes, building and office keys, access cards, pager, phone card, credit card, electronic organizer, fax, modem, printer, etc.  The Company agrees to return my personal computer(s) and cellular phone(s) to me following removal of all confidential information therefrom. 

This Release (including the Letter incorporated herein by reference) sets forth the entire agreement between the Company and me concerning my separation from the Company.  This Release supersedes any other written or oral promises concerning the above subject matter and may not be altered or amended except by a written document signed by the Company and me.  The validity, interpretation, construction and performance of this Release will be governed by the laws of the State of California without reference to conflict of laws provisions.  

I hereby acknowledge that (a) I have been given forty-five (45) days from my receipt of this Release to consider and review this Release; (b) I have been given forty-five (45) days from my receipt of this Release to consult with an attorney of my own choosing concerning the waivers contained herein; (c) I have done so or knowingly declined to do so; (d) the waivers and releases made by me herein are knowing, conscious and with full appreciation that I am forever foreclosed from pursing any of the rights so waived; and (e) I sign this Release voluntarily and without coercion.

 

	
/s/ Ed Madison
	
 
	
September 14, 2016

	
Edwin L. Madison, Ph.D.
	
 
	
Date

 

Catalyst Biosciences, Inc.

	
By:
	
/s/ Nassim Usman
	
 
	
September 14, 2016

	
President & CEO
	
 
	
Date

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