Document:

exv10w51

Exhibit 10.51

PROMISSORY NOTE

March 9, 2010

			
	 	 	 
	$100,000 
	 	Hopkinton, Massachusetts

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc.. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $100,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

     Interest on this Note shall be computed on the basis of a year of 365 days for the actual
number of days elapsed. All payments by the Maker under this Note shall be in immediately
available funds.

     Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

     In no event shall any interest charged, collected or reserved under this Note exceed the
maximum rate then permitted by applicable law and if any such payment is paid by the Maker, then
such excess sum shall be credited by the holder as a payment of principal.

     All payments by the Maker under this Note shall be made without set-off or counterclaim and be
free and clear and without any deduction or withholding for any taxes or fees of any nature
whatever, unless the obligation to make such deduction or withholding is imposed by law. The Maker
shall pay and save the holder harmless from all liabilities with respect to or resulting from any
delay or omission to make any such deduction or withholding required by law.

     Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

     No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

     The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’
fees, incurred by the holder in enforcing the obligations of the Maker under this Note.

     No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other

 

 

right on any future occasion. The Maker and every endorser or guarantor of this Note
regardless of the time, order or place of signing waives presentment, demand, protest and notices
of every kind and assents to any extension or postponement of the time of payment or any other
indulgence, to any substitution, exchange or release of collateral, and to the addition or release
of any other party or person primarily or secondarily liable.

     This Note may be prepaid in whole or in part at any time or from time to time upon five days’
prior written notice with the consent of the holder, with the giving of such consent to be in the
sole discretion of the holder. Any such prepayment shall be without penalty or premium.

     None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

     All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

Alseres Pharmaceuticals, Inc.

By: /s/ Kenneth L. Rice Jr.

Title: EVP & CFO

-2-exv10w52

Exhibit 10.52

PROMISSORY NOTE

March 25, 2010

	 	 	 
	 
	 	 
	$200,000 

	 	Hopkinton, Massachusetts

     FOR VALUE RECEIVED, Alseres Pharmaceuticals, Inc.. (the “Maker”), promises to pay to Robert L
Gipson, or order, at the offices of Robert L. Gipson, c/o Ingalls & Snyder LLC, 61 Broadway, New
York, New York 10006 or at such other place as the holder of this Note may designate, the principal
sum of $200,000, together with interest on the unpaid principal balance of this Note from time to
time outstanding at the rate of 7% per year until paid in full. All principal and accrued interest
shall be due and payable on demand of the Holder.

     Interest on this Note shall be computed on the basis of a year of 365 days for the actual
number of days elapsed. All payments by the Maker under this Note shall be in immediately
available funds.

     Every amount overdue under this Note shall bear interest from and after the date on which such
amount first became overdue at an annual rate which is two (2) percentage points above the rate per
year specified in the first paragraph of this Note. Such interest on overdue amounts under this
Note shall be payable on demand and shall accrue and be compounded monthly until the obligation of
the Maker with respect to the payment of such interest has been discharged (whether before or after
judgment).

     In no event shall any interest charged, collected or reserved under this Note exceed the
maximum rate then permitted by applicable law and if any such payment is paid by the Maker, then
such excess sum shall be credited by the holder as a payment of principal.

     All payments by the Maker under this Note shall be made without set-off or counterclaim and be
free and clear and without any deduction or withholding for any taxes or fees of any nature
whatever, unless the obligation to make such deduction or withholding is imposed by law. The Maker
shall pay and save the holder harmless from all liabilities with respect to or resulting from any
delay or omission to make any such deduction or withholding required by law.

     Whenever any amount is paid under this Note, all or part of the amount paid may be applied to
principal, premium or interest in such order and manner as shall be determined by the holder in its
discretion.

     No reference in this Note to any guaranty or other document shall impair the obligation of the
Maker, which is absolute and unconditional, to pay all amounts under this Note strictly in
accordance with the terms of this Note.

     The Maker agrees to pay on demand all costs of collection, including reasonable attorneys’
fees, incurred by the holder in enforcing the obligations of the Maker under this Note.

     No delay or omission on the part of the holder in exercising any right under this Note shall
operate as a waiver of such right or of any other right of such holder, nor shall any delay,
omission or waiver on any one occasion be deemed a bar to or waiver of the same or any other

 

 

right on any future occasion. The Maker and every endorser or guarantor of this Note
regardless of the time, order or place of signing waives presentment, demand, protest and notices
of every kind and assents to any extension or postponement of the time of payment or any other
indulgence, to any substitution, exchange or release of collateral, and to the addition or release
of any other party or person primarily or secondarily liable.

     This Note may be prepaid in whole or in part at any time or from time to time upon five days’
prior written notice with the consent of the holder, with the giving of such consent to be in the
sole discretion of the holder. Any such prepayment shall be without penalty or premium.

     None of the terms or provisions of this Note may be excluded, modified or amended except by a
written instrument duly executed on behalf of the holder expressly referring to this Note and
setting forth the provision so excluded, modified or amended.

     All rights and obligations hereunder shall be governed by the laws of the Commonwealth of
Massachusetts and this Note is executed as an instrument under seal.

Alseres Pharmaceuticals, Inc.

By: /s/ Kenneth L. Rice Jr.

Title: EVP & CFO

- 2 -exv10w53

Exhibit 10.53

Non-Employee Director Compensation Summary

Alseres Pharmaceuticals, Inc.’s (the “Company’s”) non-employee directors at December 31, 2009
consisted of: William L.S. Guinness; Robert S. Langer, Jr.; Michael J. Mullen; John T. Preston;
Gary E. Frashier; and Henry Brem.

For the year ended December 31, 2009, the Company’s non-employee director compensation was earned
as follows, however, the Company has only paid non-employee director compensation through June 30,
2008 and at December 31, 2009 owed its independent directors a total of $455,000 in compensation:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Per Board and	 	 
	 	 	 	 	 	 	Committee	 	Annual Fee Per
	 	 	2009 Annual	 	 	 	 
	 	 	Retainer	 	Meeting Fees (1)	 	Committee Chaired
	William L.S. Guinness
	 	$	25,000	 	 	$	2,500	 	 	 	—	 
	Robert S. Langer, Jr.
	 	$	25,000	 	 	$	2,500	 	 	$	10,000	 
	Michael J. Mullen
	 	$	25,000	 	 	$	2,500	 	 	$	20,000	 
	John T. Preston
	 	$	25,000	 	 	$	2,500	 	 	$	20,000	 
	Gary E. Frashier
	 	$	25,000	 	 	$	2,500	 	 	$	10,000	 
	Henry Brem
	 	$	25,000	 	 	$	2,500	 	 	 	—	 

 

			
	(1)	 	Board and committee fees are paid on a per meeting basis at $2,500 per meeting.

All non-employee directors are reimbursed for ordinary and reasonable expenses of attending any
board or committee meetings.

Each new non-employee director is automatically granted an option to purchase 25,000 shares of the
Company’s common stock (“New Director Options”) upon initial election or appointment (the
“Automatic Grant Date”). The exercise price of any New Director Options granted shall equal the
fair market value of shares of the Company’s common stock subject thereto on the Automatic Grant
Date. New Director Options immediately vest as to 1/3 of the shares subject to such New Director
Options with the remaining 2/3 of the shares subject to such New Director Option vesting in equal
monthly installments over two years (“New Director Option Vesting”).

Each non-employee director is automatically granted an option to purchase 25,000 shares of the
Company’s common stock each year (“Annual Director Options”). The Annual Director Options are
granted in the fourth quarter of each calendar year (the “Annual Grant Date”). The exercise price
of any Annual Director Options granted shall equal the fair market value of shares of the Company’s
common stock subject thereto on the Annual Grant Date. Annual Director Options vest in equal
monthly installments over two years (“Annual Director Option Vesting”). Newly elected non-employee
directors are eligible to receive the Annual Director Options in the fourth quarter of the second
calendar year of service.

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