Document:

Separation and Mutual Release Agreement

 Exhibit 10.23 
 SEPARATION AND MUTUAL RELEASE AGREEMENT 
 This SEPARATION AND MUTUAL RELEASE AGREEMENT (the
“Agreement”) is hereby made and entered into as of the last date on the parties’ signature page below, by and between Adherex, Inc., a Delaware corporation with its principal place of business in Durham County, North Carolina (along
with its affiliate Canadian company, Adherex Technologies Inc., referred to together in this Agreement as the “Company”), and the undersigned employee (referred to in this Agreement as “you”). (The Company and you are sometimes
collectively referred to hereinafter as the “Parties.”) 
 The Company currently employs you as Chief Executive Officer. The
Parties desire to conclude the employment relationship, effective as of July 2, 2009 (the “Termination Date”), on mutually agreeable terms and to avoid all litigation relating to the employment relationship and its termination.
Accordingly, the Parties have agreed upon the terms described herein. 
 In consideration of the above and the mutual promises and good and
valuable consideration set forth below, the sufficiency of which is acknowledged by the Parties, you and the Company agree as follows: 
 1.
Separation. Except as set out in this Agreement, as provided by the specific terms of a benefit plan or as required by law, upon the termination of your employment with the Company, effective as of the Termination Date, all of your employee
benefits with the Company will be terminated. You also are resigning as a member and chairman of the board of directors of the Company effective as of the Termination Date. You also hereby represent that you will promptly return to the Company all
Company-owned equipment, keys or passes, software, files, materials, programs and documents, including any copies (other than any non-material or non-substantive items), in the same condition as when provided to you (reasonable wear and tear
excepted), and that you have no right, title or interest in any intellectual property of the Company. You hereby agree not to seek reemployment by the Company. In addition, upon receipt of your final paycheck from the Company, you agree and
acknowledge that you will have been paid by the Company for all of the time that you worked for the Company through the Termination Date. 
 2. Separation Benefits. The benefits provided to you by the Company as described in this Section 2 are collectively referred to in this Agreement as the “Separation Benefits.” 
 (a) Separation Pay. If you execute and do not revoke this Agreement, the Company agrees that it will pay you an amount equal to one (1) month
of your current regular base salary, less applicable federal, state and local payroll taxes, and other withholdings required by law or authorized by you (the “Separation Pay”). You will receive the Separation Pay on the Company’s next
regular payday following the expiration of the “Revocation Period” as defined in Section 8 below. 
 (b) Benefits Pay.
In addition, if you execute and do not revoke this Agreement, the Company agrees that it will pay you $5,640, being an amount equal to the estimated cost of securing equivalent health coverage to that in effect during your employment 

 
for a period of four (4) months, less applicable federal, state and local payroll taxes, and other withholdings required by law or authorized by you
(the “Benefits Pay”). You will receive the Benefits Pay on the Company’s next regular payday following the expiration of the “Revocation Period” as defined in Section 8 below. 
 (c) Stock Options. If you execute and do not revoke this Agreement, pursuant to the Company’s Stock Option Plan and prior resolutions of the
Board of Directors to this effect, you will have three (3) years following the Termination Date to exercise any vested but unexpired and unexercised stock options. The terms of any stock option agreement and the Stock Option Plan will remain in
full force and effect. You should consult with your own financial advisor regarding any tax or other financial implications with respect to the above. 
 If you do not sign this Agreement and return it to the Company within twenty one (21) days, or if you sign this Agreement and revoke it, you will not be entitled to receive the Separation Benefits described
above.  
 3. Release of Claims. In exchange for the Company’s providing you with the Separation Benefits described in
Section 2, above, by signing this Agreement, you release and forever discharge the Company, as well as its parent companies, affiliates, subsidiaries, divisions, officers, directors, stockholders, employees, agents, representatives, attorneys,
lessors, lessees, licensors and licensees, and their respective successors, assigns, heirs, executors and administrators (collectively, the “the Company Parties”), from any and all claims, demands, and causes of action of every kind and
nature, whether known or unknown, direct or indirect, accrued, contingent or potential, which you ever had or now have, including but not limited to any claims arising out of or related to your employment with the Company and the termination thereof
(except and to the extent that such a release is expressly prohibited or made void by law). The release includes, without limitation, your release of the Company Parties from any claims by you for lost wages or benefits, stock options, compensatory
damages, punitive damages, attorneys’ fees and costs, equitable relief or any other form of damages or relief. In addition, this release is meant to release the Company Parties from all common law claims, including claims in contract or tort,
including, without limitation, claims for breach of contract, wrongful or constructive discharge, intentional or negligent infliction of emotional distress, misrepresentation, tortious interference with contract or prospective economic advantage,
invasion of privacy, defamation, negligence or breach of any covenant of good faith and fair dealing. You also specifically and forever release the Company Parties (except and to the extent that such a release is expressly prohibited or made void by
law) from any claims based on unlawful employment discrimination or harassment, including the Federal Age Discrimination in Employment Act (29 U.S.C. § 621 et seq.). 
 By signing this Agreement, you agree and acknowledge that you have no cause to believe there has been any violation of any local, state, or federal law that has occurred
with respect to your employment or separation of employment from the Company. You acknowledge that this release applies both to known and unknown claims that may exist between you and the Company and the Company Parties. You expressly waive and
relinquish all rights and benefits which you may have under any state or federal statute or common law principle that would otherwise limit the effect of this Agreement to claims known or suspected prior to the date you execute this 

 
Agreement, and do so understanding and acknowledging the significance and consequences of such specific waiver. Provided, however, that nothing
in this Agreement extinguishes (i) any claims you may have against the Company for breach of this Agreement; or (ii) any claim for indemnity arising under law or under any agreement between you and the Company; or (iii) any claim
against any policy of insurance maintained by the Company that would provide coverage to you in the absence of this Agreement (including without limitation any “D&O policy”). 
 The Company hereby releases and forever discharges you, as well as your agents, representatives, attorneys, successors, assigns, heirs, executors and administrators
(collectively, the “Peters Parties”), from any and all claims, demands, and causes of action of every kind and nature, whether known or unknown, direct or indirect, accrued, contingent or potential, which the Company ever had or now has
against you, including but not limited to any claims arising out of or related to your employment with the Company (except where and to the extent that such a release is expressly prohibited or made void by law). The release includes, without
limitation, the Company’s release of any claims for compensatory damages, punitive damages, attorneys’ fees and costs, equitable relief, or any other form of damages or relief. In addition, this release is meant to release you from
all statutory, regulatory, administrative and common law claims, including claims in contract or tort, and including, without limitation, claims for alleged breach of contract, misfeasance, malfeasance, fraud, misrepresentation, tortious
interference with contract or prospective economic advantage, invasion of privacy, defamation, negligence or breach of any covenant of good faith and fair dealing. The Parties agree and acknowledge that nothing in this Agreement by way of the mutual
release extinguishes any claims the Company may have against you for breach of this Agreement. 
 4. No Admissions. The Parties hereby
acknowledge and agree that the releases set out above in Section 3 of this Agreement constitute final compromises of any potential claims by one Party against the other in connection with your employment by the Company and otherwise, and are
not an admission by any Party that any such claims exist or that either Party is liable for any such claims. Unless prohibited by applicable law or regulation, the Parties further agree not to hereafter, directly or indirectly, sue, assist in or be
a voluntary party to any litigation against the other for any claims relating to events occurring prior to or simultaneously with the execution of this Agreement, including but not limited to the termination of your employment with the Company.

 Notwithstanding the foregoing, nothing in this Agreement prohibits you from filing a charge with, or participating in any investigation or proceeding
conducted by, the U.S. Equal Employment Opportunity Commission or a comparable state or federal fair employment practices agency; provided, however, that this Agreement fully and finally resolves all monetary matters between you and the Company and
the Company Parties, and by signing this Agreement, you are waiving any right to monetary damages, attorneys’ fees and/or costs related to or arising from any such charge, complaint or lawsuit filed by you or on your behalf, individually or
collectively. 
 5. No Disparagement; Cooperation. 

 (a) No Disparagement. Both Parties agree that they will not denigrate, defame, disparage or cast
aspersions upon the other Party, their respective products, services, business and manner of doing business, except if testifying truthfully under oath pursuant to a lawful court order or subpoena or as otherwise required by law. The Company also
will use its reasonable best efforts to prevent any of its officers and directors from engaging in such activity. Upon inquiry from any third party, the Company will release only your dates of employment and positions held with the Company.

 (b) Cooperation. For a period of six (6) months following the Termination Date, you hereby agree that you will cooperate with
and assist the Company in any dispute, grievance, litigation, or administrative claim involving any matters relating to the period of time you were employed by the Company. 
 6. Relief and Enforcement. You understand and agree that any breach of this Agreement by you will relieve the Company of its obligation to provide
any unpaid Separation Benefits as set out in Section 2 above. Both Parties understand and agree that if one Party violates the terms of Section 5 of this Agreement, such Party will cause injury to the other Party that will be difficult to
quantify or repair, so that the injured Party will have no adequate remedy at law. Accordingly, each Party agrees that if it violates Section 5 of this Agreement, the other Party will be entitled as a matter of right to obtain an injunction
from a court of law, restraining the breaching Party from any further violation of this Agreement. The right to an injunction is in addition to and not in lieu of any other remedies either Party has at law or in equity. 
 7. No Modifications; Governing Law; Entire Agreement. This Agreement cannot be changed or terminated orally, and no modification or waiver of any
of the provisions of this Agreement is effective unless in writing and signed by all of the Parties hereto. The Parties agree that this Agreement is to be governed by and construed in accordance with the laws of the State of North Carolina, and that
any suit, action or charge arising out of or relating to this Agreement will be adjudicated in the state or federal courts in Wake County, North Carolina. This Agreement sets forth the entire and fully integrated understanding between the Parties,
and there are no representations, warranties, covenants or understandings, oral or otherwise, that are not expressly set out herein. 
 8.
Right to Revoke. ONCE SIGNED BY YOU, THIS AGREEMENT IS REVOCABLE IN WRITING FOR A PERIOD OF SEVEN (7) DAYS (THE “REVOCATION PERIOD”). IN ORDER TO REVOKE YOUR ACCEPTANCE OF THIS AGREEMENT, YOU MUST DELIVER WRITTEN NOTICE TO L.
DIANE TINDALL AT WYRICK ROBBINS YATES & PONTON LLP, AND SUCH WRITTEN NOTICE MUST ACTUALLY BE RECEIVED WITH THE SEVEN (7) DAY REVOCATION PERIOD. 
 9. Voluntary Execution. By signing below, you acknowledge that you have read this Agreement, that you understand its contents and that you have relied upon or had the opportunity to seek the legal advice of
your attorney, who is the attorney of your own choosing. You further acknowledge and agree that the Company advised you in writing to consult with any attorney before executing this Agreement. 

 10. Miscellaneous. 
 (a) Should any portion, term or provision of this Agreement be declared or determined by any court to be illegal, invalid or unenforceable, the validity or the remaining portions, terms and provisions shall not be
affected thereby, and the illegal, invalid or unenforceable portion, term or provision shall be deemed not to be part of this Agreement. 
 (b) The Parties agree that the failure of a Party at any time to require performance of any provision of this Agreement shall not affect, diminish, obviate or void in any way the Party’s full right or ability to require performance of
the same or any other provision of this Agreement at any time thereafter. 
 (c) This Agreement shall inure to the benefit of and shall be
binding upon you, your heirs, administrators, representatives, executors, successors and assigns and upon the successors and assigns of the Company. 
 (d) The headings of the paragraphs of this Agreement are for convenience only and are not binding on any interpretation of this Agreement. This Agreement may be executed in counterparts. 
 YOU HEREBY ACKNOWLEDGE THAT YOU HAVE BEEN GIVEN A PERIOD OF AT LEAST TWENTY-ONE (21) DAYS TO CONSIDER WHETHER TO EXECUTE THIS AGREEMENT. YOU ALSO ACKNOWLEDGE
THAT YOU WERE ADVISED BY THE COMPANY IN WRITING TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT. 
 [Signature page
follows.] 

					
	EMPLOYEE:	 	
		
	 /s/ William P. Peters
	 	(SEAL)
	(Signature)	 	
		
	 William P. Peters
	 	
		 	
	Date:	 	 7/7/09
	 	
		
	ADHEREX TECHNOLOGIES INC.	 	
			
	By:	 	 /s/ Robert W. Butts
	 	
	Name:	 	 Robert W. Butts
	 	
	Title:	 	 Chairman
	 	
	Date:	 	 7/6/09
	 	
		
	ADHEREX, INC.	 	
			
	By:	 	 /s/ Robert W. Butts
	 	
	Name:	 	 Robert W. Butts
	 	
	Title:	 	 Chairman
	 	
	Date:	 	 7/6/09Guaranty, dated as of July 9, 2009

 Exhibit 10.2 
 GUARANTY 
 Reference is hereby made to that certain Amended and Restated Asset
Purchase Agreement dated as of July 9, 2009 (the “Purchase Agreement”) between Tandy Brand Accessories, Inc. (“Tandy”) and ,Chambers Belt Company (“Chambers”). Capitalized terms used herein and not otherwise defined shall have the meaning
given thereto in the Purchase Agreement. 
 1. This Guaranty is being executed pursuant to the Purchase Agreement to satisfy a condition to
closing. 
 2. Phoenix Footwear Group, Inc. (“Parent”) hereby irrevocably and unconditionally guarantees, subject to
Paragraph 4 below, Chambers’ performance of all of its obligations under the Purchase Agreement and the Chambers Closing Documents, including payment of any liability, on the terms and conditions therein. During the term of this Guaranty,
Parent shall not be discharged or released hereunder by reason of the discharge or release of Chambers from its obligations under the Purchase Agreement or the Chambers Closing Documents for any reason, including a discharge of Chambers in
bankruptcy, receivership or other insolvency proceeding, a stay or other enforcement restriction in any such proceeding, or any other reduction, modification, impairment or limitation of the liability of Chambers. 
 3. Parent hereby acknowledges, subject to Paragraph 4 below, that Tandy may proceed directly against it to enforce its rights under this Agreement or the
Chambers Closing Documents and waives any rights it may have to compel Tandy to first proceed against Chambers. 
 4. Notwithstanding
anything herein or elsewhere to the contrary, Parent’s obligations under this Guaranty shall at all times be subject to all defenses, offsets and cross claims or counterclaims which may exist in favor of Chambers against Tandy or any Tandy
Indemnitee other than defenses based solely on bankruptcy or insolvency laws referred to above. 
 5. This Guaranty constitutes the sole
agreement between Tandy and Parent concerning the subject matter hereof and may be amended or modified only by a written instrument executed by both Tandy and Parent specifically referring to this Guaranty. 
 6. This Guaranty shall be governed by the laws of Delaware. 

 7. Any litigation involving this Guaranty shall be adjudicated in a Court located in the State of
Delaware. Parent and Tandy by accepting this Guaranty irrevocably consent to the jurisdiction and venue of such courts and waive any objection thereto. 
  

			
	PHOENIX FOOTWEAR GROUP, INC.
		
	By	 	  

	Name:	 	
	Title:	 	
	Date:	 	

  

			
	Accepted and Agreed:
	
	TANDY BRANDS ACCESSORIES, INC.
		
	Name:	 	
	Title:	 	
	Date:

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