Document:

Third Amendment

 Exhibit 10.1 
  
 THIRD AMENDMENT 
 Dated as of September 30, 2004 
  
 This THIRD
AMENDMENT TO CREDIT AGREEMENT (together with all Exhibits, Schedules and Annexes hereto, this “Amendment”) is among SYNIVERSE HOLDINGS, LLC (formerly known as TSI Telecommunication Holdings, LLC), a Delaware limited
liability company (the “Ultimate Parent”), SYNIVERSE HOLDINGS, INC. (formerly known as TSI Telecommunication Holdings, Inc.), a Delaware corporation (the “Parent” and, together with the Ultimate Parent, the
“Parents”), SYNIVERSE TECHNOLOGIES, INC. (formerly known as TSI Telecommunication Services Inc. (the successor by merger to TSI Merger Sub, Inc.)), a Delaware corporation (the “Borrower”) and LEHMAN
COMMERCIAL PAPER INC., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Capitalized terms used and not otherwise defined herein shall have the meanings ascribed to such terms in the Credit
Agreement. 
  
 PRELIMINARY STATEMENTS: 
  
 A. The Borrower, the Parents, the lenders named therein (the
“Lenders”), the Administrative Agent and Lehman Brothers Inc., as Arranger, entered into a Credit Agreement, dated as of February 14, 2002 (as amended by the First Amendment, dated September 25, 2003, and the Second Amendment dated
March 11, 2004 and together with all Annexes, Exhibits and Schedules thereto, the “Credit Agreement”); 
  
 B. The Borrower has requested that the Lenders amend the Credit Agreement to (i) provide for the incurrence under the Credit Agreement of new Acquisition
Tranche B Term Loans, which will refinance, in full, all remaining outstanding Tranche B Term Loans, and (ii) make certain other change to permit consummation of the EDS Acquisition (as defined herein); and 
  
 C. The requisite Lenders are, on the terms and conditions stated below,
willing to grant the request of the Parents and the Borrower. 
  
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  
 SECTION 1. Amendments to Credit Agreement. 
  
 (a) The following new definitions are hereby added to Section 1.1 of the
Credit Agreement in the appropriate alphabetical order: 
  
 “Acquisition Tranche B Term Loan”: as defined in Section 2.1. 
  
 “Acquisition Tranche B Term Loan Commitment”: as to any Acquisition Tranche B Term Loan Lender, the obligation of such
Lender, if any, to make an Acquisition Tranche B Term Loan 

 to the Borrower hereunder in a principal amount not to exceed the amount set forth under the heading
“Acquisition Tranche B Term Loan Commitment” opposite such Lender’s name on Schedule 1 to the Lender Addendum delivered by such Lender or, as the case may be, in the Assignment and Acceptance pursuant to which such Lender became a
party hereto, as the same may be changed from time to time pursuant to the terms hereof; provided that the original aggregate amount of the Acquisition Tranche B Term Loan Commitments is $240,674,420.82. 
  
 “Acquisition Tranche B Term Loan Lender”:
each Lender that has an Acquisition Tranche B Term Loan Commitment or which is the holder of an Acquisition Tranche B Term Loan. 
  
 “Acquisition Tranche B Term Loan Percentage”: as to any Acquisition Tranche B Term Loan Lender at any time, the
percentage which such Lender’s Acquisition Tranche B Term Loan Commitment then constitutes of the aggregate Acquisition Tranche B Term Loan Commitments (or, at any time after the Third Amendment Effective Date, the percentage which the
aggregate principal amount of such Lender’s Acquisition Tranche B Term Loans then outstanding constitutes of the aggregate principal amount of the Acquisition Tranche B Term Loans then outstanding). 
  
 “Brazilian Acquisition”: the purchase of at
least 33% of the stock of Interoperator Services Brazil, a joint venture investment of Electronic Data Systems corporation. 
  
 “Third Amendment”: the Third Amendment to this Agreement, dated as of September 30, 2004. 
  
 “Third Amendment Effective Date”: the
“Amendment Effective Date”, as defined in the Third Amendment. 
  
 “US Acquisition”: the acquisition of all of the assets of Interoperator Services North America from Electronic Data Systems Corporation for a purchase price of $59,500,000 (including related fees and
expenses) and on other terms and conditions reasonably acceptable to the Administrative Agent. 
  
 (b) The definition of “Applicable Margin” contained in Section 1.1 of the Credit Agreement is hereby amended to insert the following sentence at the end thereof: “The Applicable Margin with respect to
Acquisition Tranche B Term Loans shall be 2.00% for Base Rate Loans and 3.00% for Eurodollar Loans.” 
  

 2 

 (c) The definition of “Asset Sale” contained in Section 1.1 of the Credit Agreement is hereby
amended to insert the phrase, “(solely to the extent set forth therein)” after the reference to clause (d) of Section 7.5 therein. 
  
 (d) The definition of “Commitment” contained in Section 1.1 of the Credit Agreement is hereby amended to insert the phrase “, the
Acquisition Tranche B Term Loan Commitment” immediately after the phrase “the Tranche B Term Loan Commitment”. 
  
 (e) The definition of “Excess Cash Flow” contained in Section 1.1 of the Credit Agreement is hereby amended to (i) replace the word
“and” immediately before clause “(ix)” with “,” and (ii) add the following at the end of said clause (ix): 
  
 “and (x) the amount of cash on the balance sheet used to consummate the US Acquisition and the Brazilian Acquisition” 
  
 (f) The definition of “Facility” contained in Section 1.1 of the
Credit Agreement is hereby amended to (1) re-letter clause (c) as clause (d) and (2) insert the following new clause (c) immediately following clause (b) thereof: “, (b) the Acquisition Tranche B Term Loan Commitments and the Acquisition
Tranche B Term Loans made thereunder (the “Acquisition Tranche B Term Loan Facility”)”. 
  
 (g) The definition of “Tranche B Term Loan” contained in Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as
follows: 
  
 ‘“Tranche B Term
Loan”: the collective reference to the Original Tranche B Term Loans, the Additional Tranche B Term Loans and the Acquisition Tranche B Term Loans.” 
  
 (h) The definition of “Tranche B Term Loan Lender” contained in Section 1.1 of the Credit Agreement is hereby
amended and restated in its entirety as follows: 
  
 ‘“Tranche B Term Loan Lender”: the collective reference to the Original Tranche B Term Loan Lenders, the Additional Tranche B Term Loan Lenders and the Acquisition Tranche B Term Loan Lenders.” 
  
 (i) The definition of “Tranche B Term Loan Percentage” contained in
Section 1.1 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
  
 ‘“Tranche B Term Loan Percentage”: with respect to any Original Tranche B Term Loan Lender, the Original Tranche B
Term Loan Percentage of such Lender, with respect to any Additional Tranche B Term Loan Lender, the Additional Tranche B Term Loan Percentage of such Lender and with respect to any Acquisition Tranche B Term Loan, the Acquisition Tranche B Term Loan
Percentage of such Lender.” 
  

 3 

 (j) Section 2.1 of the Credit Agreement is hereby amended to insert the following new section (c) after
the end thereof: 
  
 “(b) Subject to the
terms and conditions of the Third Amendment, each Acquisition Tranche B Term Loan Lender severally agrees to make a term loan (an “Acquisition Tranche B Term Loan”) to the Borrower on the Third Amendment Effective Date in an amount
not to exceed the amount of the Acquisition Tranche B Term Loan Commitment of such Lender. The Acquisition Tranche B Term Loans may from time to time be Eurodollar Loans or Base Rate Loans, as determined by the Borrower and notified to the
Administrative Agent in accordance with Sections 2.2 and 2.13.” 
  
 (k) Section 2.2 of the Credit Agreement is hereby amended to insert the following new clauses (c) and (d) at the end thereof: 
  
 “(c) The Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent
prior to 12:00 noon, New York City time, one Business Day prior to the anticipated Third Amendment Effective Date) requesting that the Acquisition Tranche B Term Loan Lenders make the Acquisition Tranche B Term Loans on the Third Amendment Effective
Date and specifying the amount to be borrowed. Upon receipt of such notice the Administrative Agent shall promptly notify each Acquisition Tranche B Term Loan Lender thereof. Not later than 12:00 noon, New York City time, on the Third Amendment
Effective Date, each Acquisition Tranche B Term Loan Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the Acquisition Tranche B Term Loan or Acquisition Tranche B Term
Loans to be made by such Lender (or notify the Administrative Agent to convert an equal aggregate principal amount of Additional Tranche B Term Loans held by such Acquisition Tranche B Term Loan Lender to Acquisition Tranche B Term Loans). The
Administrative Agent shall make available to the Borrower the aggregate of the amounts made available to the Administrative Agent by the Acquisition Tranche B Term Loan Lenders in like funds. 
  
 (d) The Interest Period (and the respective Eurodollar Rate)
in effect on the Third Amendment Effective Date in respect of the Additional Tranche B Term Loans that are being converted to Acquisition Tranche B Term Loans on the Third Amendment Effective Date (the “Current Interest Period”)
will continue to be in effect for such Acquisition Tranche B Term Loans following the Third Amendment Effective Date and will end on the last day of the Current Interest Period, and for any Acquisition Tranche B Term Loans funded on the Third
Amendment Effective Date the initial Interest Period will end on the last day of the Current 
  

 4 

 Interest Period and the Eurodollar Rate during such initial Interest Period will equal the Eurodollar
Rate applicable to the converted Acquisition Tranche B Term Loans during the Current Interest Period.” 
  
 (l) Section 2.3 of the Credit Agreement is hereby amended to insert the following new clause (c) at the end thereof: 
  
 “(b) The Acquisition Tranche B Term Loan of each
Acquisition Tranche B Term Loan Lender shall mature in 24 consecutive quarterly installments, commencing on December 31, 2004, each of which shall be in an amount equal to such Lender’s Acquisition Tranche B Term Loan Percentage multiplied by
the amount set forth below opposite such date; provided that to the extent that a portion of such Acquisition Tranche B Term Loans are prepaid pursuant to Section 2.11 or 2.12, the amounts set forth below shall be reduced to reflect the
actual application of such prepayments: 
  

				
	 Installment

	  	Principal Amount

	 December 31, 2004
	  	$	601,686.05
	 March 31, 2005
	  	$	601,686.05
	 June 30, 2005
	  	$	601,686.05
	 September 30, 2005
	  	$	601,686.05
	 December 31, 2005
	  	$	601,686.05
	 March 31, 2006
	  	$	601,686.05
	 June 30, 2006
	  	$	601,686.05
	 September 30, 2006
	  	$	601,686.05
	 December 31, 2006
	  	$	601,686.05
	 March 31, 2007
	  	$	601,686.05
	 June 30, 2007
	  	$	601,686.05
	 September 30, 2007
	  	$	601,686.05
	 December 31, 2007
	  	$	601,686.05
	 March 31, 2008
	  	$	601,686.05
	 June 30, 2008
	  	$	601,686.05
	 September 30, 2008
	  	$	601,686.05
	 December 31, 2008
	  	$	601,686.05
	 March 31, 2009
	  	$	601,686.05
	 June 30, 2009
	  	$	601,686.05
	 September 30, 2009
	  	$	601,686.05
	 December 31, 2009
	  	$	57,160,174.96
	 March 31, 2010
	  	$	57,160,174.96
	 June 30, 2010
	  	$	57,160,174.95
	 September 30, 2010
	  	$	57,160,174.95

  

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 provided that if, on the date that is 180 days prior to the maturity date of the Borrower’s Senior
Subordinated Notes such Senior Subordinated Notes have not been refinanced in full with notes having a maturity date at least six months after September 30, 2010, the Acquisition Tranche B Term Loans will be immediately due and payable on such
date.” 
  
 (m) Section 4.16 of the Credit Agreement is hereby
amended to insert the following sentence immediately after the second sentence thereof: 
  
 “Notwithstanding the foregoing, the proceeds of the Acquisition Tranche B Term Loans to be drawn on the Third Amendment Effective
Date shall be used to repay the Additional Tranche B Term Loans in full on the Third Amendment Effective Date and pay consideration for the US Acquisition (including fees and expenses incurred in connection therewith).” 
  
 (n) Section 7.1(a) of the Credit Agreement is hereby amended to replace the
ratios set forth therein for FQ3, 2004 and thereafter with the following Consolidated Leverage Ratios: 
  

				
	 Fiscal Quarter

	  	Consolidated Leverage Ratio

	 
	 “FQ3, 2004
	  	4.80 :1.00	 
	 FQ4, 2004
	  	4.75 :1.00	 
	 FQ1, 2005
	  	4.40 :1.00	 
	 FQ2, 2005
	  	4.25 :1.00	 
	 FQ3, 2005
	  	4.00 :1.00	 
	 FQ4, 2005
	  	3.75 :1.00	 
	 FQ1, 2006, and thereafter
	  	3.50 :1.00	 ”

  

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 (o) Section 7.1(b) of the Credit Agreement is hereby amended to replace the ratios set forth therein for
FQ3, 2004 and thereafter with the following Consolidated Senior Debt Ratios: 
  

			
	 Fiscal Quarter

	  	Consolidated Senior Debt Ratio

	 “FQ3, 2004
	  	2.25 :1.00
	 FQ4, 2004
	  	2.25 :1.00
	 FQ1, 2005
	  	2.00 :1.00
	 FQ2, 2005
	  	2.00 :1.00
	 FQ3, 2005
	  	2.00 :1.00
	 FQ4, 2005
	  	1.75 :1.00
	 FQ1, 2006
	  	1.50 :1.00
	 FQ2, 2006
	  	1.50 :1.00
	 FQ3, 2006
	  	1.50 :1.00
	 FQ4, 2006, and thereafter
	  	1.25 :1.00

  
 (p) Section 7.2(r) of
the Credit Agreement is hereby amended to replace the number “$15,000,000” therein with the number “$30,000,000.” 
  
 (q) Section 7.5(d) of the Credit Agreement is hereby amended (i) to replace the number “$5,000,000” therein with the number
“$10,000,000” and (ii) to add the following proviso to the end thereof: 
  
 “, provided that any net cash proceeds received in excess of $5,000,000 in any fiscal year shall be subject to the mandatory prepayment provisions of Section 2.12.” 
  
 (r) Section 7.8(h)(ii) of the Credit Agreement is hereby amended to add the
following proviso at the end thereof: 
  
 “; provided, that
the Brazilian Acquisition shall not be subject to the restrictions in this clause 7.8(h)(ii).” 
  
 (s) Section 7.8(h)(v)(2) of the Credit Agreement is hereby amended and restated in its entirety as follows: 
  
 “(x) up to $30,000,000 of proceeds from Revolving Credit Loans or other
Indebtedness permitted by Section 7.2, (y) with respect to the US Acquisition, up to $59,500,000 in the aggregate of cash on hand and of proceeds from Acquisition Tranche B Term Loans or (z) with respect to the Brazilian Acquisition up to $7,000,000
in the aggregate of cash on hand and of proceeds from Revolving Credit Loans.” 
  
 (t) Section 7.8(p)(ii) of the Credit Agreement is hereby amended to replace the number “$10,000,000” therein with the number “$20,000,000.” 
  

 7 

 SECTION 2. Conditions to Effectiveness. The amendments contained in Section 1 shall not be
effective until each of the following conditions precedent shall have been satisfied (the date on which such conditions are satisfied, the “Amendment Effective Date”): 
  
 (a) the Administrative Agent shall have received signed written authorization from the requisite Lenders to execute this
Amendment and shall have received counterparts of this Amendment executed by the Administrative Agent, the Parents and the Borrower and counterparts of the Consent appended hereto as Annex 1 (the “Consent”) executed by the
Guarantors; 
  
 (b) each of the representations and warranties in
Section 3 below shall be true and correct in all material respects on the Amendment Effective Date; 
  
 (c) all fees and expenses (including, without limitation the reasonable legal fees) then due and payable to the Administrative Agent or any Lender under
the Loan Documents or relating thereto (to the extent invoiced) shall have been paid in full in immediately available funds; 
  
 (d) the Administrative Agent shall have received the executed legal opinion of Kirkland & Ellis LLP, counsel to the Loan Parties, in form and
substance reasonably acceptable to the Administrative Agent; 
  
 (e) the Administrative Agent shall have received (i) commitments satisfactory to the Administrative Agent from Lenders or other additional banks or financial institutions to fund Acquisition Tranche B Term Loans or convert outstanding
Additional Tranche B Term Loans into Acquisition Tranche B Term Loans in an aggregate principal amount equal to $240,674,420.82 and (ii) with respect to each Person committing to fund Acquisition Tranche B Term Loans either (x) a fully executed
Lender Addendum (pursuant to which on the Third Amendment Effective Date, such Person shall become an Acquisition Tranche B Term Loan Lender, for all purposes under the Credit Agreement and the other Loan Documents) or (y) a fully executed
Conversion Notice in the form attached hereto as Exhibit 2 (pursuant to which an existing Additional Tranche B Term Loan Lender elects to convert on the Third Amendment Effective Date the outstanding principal amount of Additional Tranche B Term
Loans held by such Lender into Acquisition Tranche B Term Loans); 
  
 (f) the Administrative Agent shall be satisfied, and the Borrower hereby agrees that, simultaneously with the borrowing of the Acquisition Tranche B Term Loans on the Third Amendment Effective Date, all outstanding Additional Tranche B Term
Loans will either be repaid in full by the Borrower or be converted into Acquisition Tranche B Term Loans; 
  
 (g) a Responsible Officer of the Borrower shall certify in writing to the Administrative Agent that the incurrence of the Acquisition Tranche B Term Loans
is permitted under the Senior Subordinated Note Indenture; and 
  
 (h) the Administrative Agent shall have received such other documents and instruments as it may reasonably request. 
  

 8 

 SECTION 3. Representations and Warranties. 
  
 Each of the Parents and the Borrower represent and warrant jointly and
severally as follows: 
  
 (a) Authority. Each Loan Party
has the requisite corporate or other organizational power and authority to execute and deliver this Amendment and the Consent, as applicable, and to perform its obligations hereunder and under the Loan Documents (as amended hereby) to which it is a
party. The execution, delivery and performance by the Parents and the Borrower of this Amendment and by the Guarantors of the Consent, and the performance by the Parents and the Borrower of each Loan Document (as amended hereby) to which it is a
party have been duly approved by all necessary corporate and other organizational action of such Person and no other corporate proceedings on the part of each such Person is necessary to consummate such transactions. 
  
 (b) Enforceability. This Amendment has been duly executed and
delivered on behalf of each of the Parents and the Borrower. The Consent has been duly executed and delivered on behalf of each of the Guarantors. Assuming the conditions precedent in Section 2 of this Amendment have been satisfied, each of this
Amendment, the Consent and each Loan Document (as amended hereby) is the legal, valid and binding obligation of each Loan Party party hereto and thereto, as applicable, enforceable against such Loan Party in accordance with its terms except as
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought in
proceedings in equity or at law). 
  
 (c) Representations and
Warranties. The representations and warranties made by any of the Loan Parties contained in each Loan Document (other than any such representations and warranties that, by their terms, are specifically made as of a date other than the date
hereof) are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof. 
  
 (d) No Conflicts. Neither the execution and delivery of this Amendment or the Consent, nor the consummation of the transactions contemplated hereby
and thereby, nor the performance of and compliance with the terms and provisions hereof or of the Credit Agreement (as amended hereby) by any Loan Party will, at the time of such performance, (a) violate or conflict with any provision of its
articles or certificate of incorporation or bylaws or other organizational or governing documents of such Person, (b) violate, contravene or materially conflict with any Requirement of Law or Contractual Obligation (including, without limitation,
Regulation U or Regulation X), except for any violation, contravention or conflict which could not reasonably be expected to have a Material Adverse Effect or (c) result in or require the creation of any Lien (other than those permitted by the Loan
Documents) upon or with respect to its properties. No consent or authorization of, filing with, notice to or other act by or in respect of, any Governmental Authority or any other Person is required in connection with the transactions contemplated
hereby. 
  
 (e) No Default. No event has occurred and is
continuing that constitutes a Default or Event of Default. 
  

 9 

 SECTION 4. Reference to and Effect on the Loan Documents.  
  
 (a) Upon and after the effectiveness of this Amendment, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as amended hereby. 
  
 (b) The Credit Agreement, as specifically amended by this Amendment, and the other Loan Documents are and shall continue to
be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein do and shall continue to secure the payment of
all Obligations (including the Acquisition Tranche B Term Loans) under and as defined therein, in each case as modified hereby. 
  
 (c) The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of any Secured Party under any
of the Loan Documents, nor constitute a waiver or amendment of any provision of any of the Loan Documents (except as expressly amended hereby). 
  
 (d) This Amendment is a Loan Document. The provisions of Sections 10.12 and 10.20 of the Credit Agreement shall apply with like effect to this Amendment.

  
 SECTION 5. Counterparts. This Amendment and the
Consent may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one
and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment or the Consent by facsimile shall be effective as delivery of a manually executed counterpart of this Amendment or such Consent. 
  
 SECTION 6. Governing Law. This Amendment shall be governed by,
and construed in accordance with, the laws of the State of New York. 
  
 [signature pages follow] 
  

 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized, as of the date first written above. 
  

			
	 SYNIVERSE TECHNOLOGIES, INC., as Borrower

		
	 By:
	 	 /s/ G. Edward Evans

	 Name:
	 	 G. Edward Evans

	 Title:
	 	 Chief Executive Officer

	
	SYNIVERSE HOLDINGS, LLC
		
	 By:
	 	 /s/ G. Edward Evans

	 Name:
	 	 G. Edward Evans

	 Title:
	 	 Chief Executive Officer

	
	SYNIVERSE HOLDINGS, INC.
		
	 By:
	 	 /s/ G. Edward Evans

	 Name:
	 	 G. Edward Evans

	 Title:
	 	 Chief Executive Officer

	
	LEHMAN COMMERCIAL PAPER INC.,
	 as Administrative Agent

		
	 By:
	 	 /s/ Ritam Bhalla

	 Name:
	 	 Ritam Bhalla

	 Title:
	 	 Authorized SignatorySeverance Agreement

 Exhibit 10.1 
  
 STRATEGIC MANAGEMENT TEAM 
 SEVERANCE AGREEMENT 
  
 SEVERANCE AGREEMENT, dated as of September 29, 2004, by and between Cell Therapeutics, Inc., a Washington corporation (“CTI”), and Richard Leigh (the
“Executive”); 
  
 WHEREAS, CTI recognizes the Executive’s expertise in connection with Executive’s employment by CTI; 
  
 WHEREAS, CTI desires to provide certain severance pay to Executive upon the terms and conditions below, if the Executive’s employment in
position as Executive Vice President, General Counsel is terminated for the reasons set forth herein; and 
  
 NOW, THEREFORE, in consideration of the following promises, mutual agreements and covenants and other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows: 
  
 Definition of Terms. 
  
 Termination for “Cause” shall mean termination of the Executive’s employment by CTI because of the Executive’s: (A) conviction
for, or guilty plea to, a felony or a crime involving moral turpitude, which shall include independently verified unremedied substance abuse involving drugs or alcohol; (B) action or inaction, which in the reasonable judgment of a majority of the
Board of Directors of CTI, constitutes willful dishonesty, larceny, fraud or gross negligence by Executive in the performance of Executive’s duties to CTI, or willful misrepresentation to shareholders, directors or officers of CTI; (C) material
failure to comply with the provisions of Executive’s job responsibilities; (D) willful and repeated failure, after 10 business days notice, to materially follow the written policies of CTI; (E) failure, after 10 business days notice, to correct
materially unsatisfactory or unacceptable work performance (including, but not limited to, technical or managerial incompetence, misrepresentation or concealment, negligent acts or omissions or willful misconduct); or (F) failure, after notice, to
materially meet such business objectives as shall be mutually agreed to by the parties; provided that in the event of the occurrence of a Change in Control, as defined herein, (E) and (F), above, shall not constitute “for Cause” as a basis
for termination. 
  
 “Change in Control” shall after the date
hereof mean the acquisition, directly or indirectly, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1933 (the “Exchange Act”) of beneficial ownership (within the
meaning of rule 13d-3 under the Exchange Act) of securities representing 50.1 percent or more of either (a) the then outstanding shares of Common Stock (the “Outstanding Company Common Stock) or (b) the combined voting power of the then
outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided however, that the following acquisitions shall not constitute a 

 

 - 1 - 

 Change of Control: (A) any acquisition directly from the Company (excluding an acquisition by virtue of the exercise of a
conversion privilege), (B) any acquisition by the Company, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any
corporation pursuant to a reorganization, merger or consolidation which does not substantially change the proportional ownership in the Outstanding Company Common Stock and Outstanding Company Voting Securities prior to the reorganization.

  
 Resignation for “Good
Reason” shall mean the resignation of the Executive after the following: (A) notice in writing is given to Executive of Executive’s relocation, without the Executive’s consent, to a place of business outside the
Greater Puget Sound area, or (B) a substantial diminution of the Executive’s responsibilities and compensation from those responsibilities in effect on the date hereof. A change in title and any alterations in Executive’s responsibilities
which CTI imposes in response to any unsatisfactory or unacceptable work performance by Executive shall not constitute a basis for “resignation for Good Reason” under this agreement, except in the event of the occurrence of a Change
in Control. 
  
 “Severance
Date” shall mean the date specified in a written notice of termination from CTI to the Executive or the date which is the later of CTI’s actual receipt of Executive’s written notice of resignation or the
effective date of resignation. 
  
 “Severance End
Date” shall mean a date one (1) year from the Executive’s Severance Date. 
  
 “Severance Pay” shall only mean the Executive’s base salary at the Severance Rate. 
  
 “Severance Rate” shall mean only the Executive’s base salary in effect immediately prior to the Severance Date
and shall not include any commissions or bonuses (unless already determined and awarded prior to the Severance Date), vacation pay, sick leave, or the like whatsoever. 
  

	1.	Termination of Employment. 

  

	 	(a)	Termination for Cause; Death; Disability; Resignation Without Good Reason. If the Executive’s employment is terminated by CTI for Cause (as defined herein), or if
the Executive resigns from employment hereunder, other than for Good Reason (as defined herein) or as a result of such Executive’s death or disability (as defined in CTI’s disability plan applicable to the Executive), the Executive shall
be entitled only to receive: i) Severance Pay through and including the Severance Date; and ii) pay for all vacation time accrued as of the Severance Date. 

  

	 	(b)	Termination Without Cause; Resignation for Good Reason. If the Executive’s employment is terminated by CTI without Cause, or if the Executive resigns from
Executive’s employment for Good Reason, the Executive shall be entitled to 

  

 - 2 - 

 receive Severance Pay plus pay for all vacation time accrued as of the Severance Date, such payment
rendered as a series of payments in accordance with CTI’s normal payroll procedures from the Severance Date to the Severance End Date. CTI shall continue to pay premiums to maintain any life insurance for Executive, existing and paid for by CTI
as of the Severance Date until the Severance End Date. In addition, CTI shall reimburse the Executive for any costs incurred by the Executive in electing COBRA continuation coverage for the Executive and Executive’s covered dependents under
CTI’s medical plan only for the period from the Severance Date until the earlier of: (1) a date twelve (12) months after the Severance Date; (2) a date on which the Executive is covered under the medical plan of another employer, which does not
exclude pre-existing conditions; or (3) the Severance End Date. At Executive’s sole cost and expense, Executive may elect to exercise any disability insurance conversion originally available to Executive under the then existing group or
individual disability insurance policies. In the event of a breach of the Inventions and Proprietary Information Agreement, in addition to any other remedy available to CTI, CTI’s obligation under this Section 1(b) shall terminate immediately.

  
 The Executive shall have no right under this Agreement or
otherwise to receive any bonus, stock options, or other compensation awarded or benefits provided, determined or paid subsequent to the Severance Date to other employees of CTI, pro rata or otherwise. However, if Executive is terminated by CTI
without Cause or the Executive resigns from Executive’s employment for Good Reason, all unvested stock based compensation to which the Executive may have rights on the Severance Date shall accelerate and immediately vest, and if and only if,
CTI is a privately held company on the Executive’s Severance Date, CTI shall recommend to the Board of Directors to extend an exercise period from three (3) months to two (2) years after the Severance Date for stock options other than any
incentive stock options in which the Executive may have rights on the Severance Date; provided however, should CTI stock become publicly traded during any extended stock option exercise period granted hereunder, Executive may only exercise stock
options in which Executive may have rights during the three (3) month period following the date a corresponding S-8 registration statement is declared effective; or ii) the last day of the extended stock option exercise period. The decision to
accept CTI’s recommendation to extend the exercise period shall be within the sole discretion of the Board of Directors. If CTI Common Stock is publicly traded on the Severance Date, any exercise period will remain as provided for in the
parties’ corresponding Stock Option Agreement(s). 
  

	2.	Agreement Termination; Employment at Will. This Agreement shall terminate on the date of termination of the Executive’s employment or, if applicable, the
Severance End Date, but Executive’s obligations under the attached Inventions and Proprietary Information Agreement shall continue in accordance with the terms and conditions 

  

 - 3 - 

 therein. Although this Agreement sets forth certain rights and obligations of CTI and Executive if
Executive’s employment is terminated without Cause by CTI or if the Executive resigns for Good Reason from CTI, nothing in this Severance Agreement is intended to limit CTI’s right or ability to terminate the Executive’s employment
with or without Cause at any time or the Executive’s ability to resign Executive’s employment with or without Good Reason. 
  

	3.	Amendment; Waiver; Assignment. This Agreement may not be modified, amended or waived in any manner except by an instrument in writing signed by both parties. Any such
modification, amendment or waiver on the part of CTI shall have been previously approved by the Board. The waiver by either party of compliance with any provision of this Agreement by the other party shall not operate or be construed as a waiver of
any other provision of this Agreement, or of any subsequent breach by such party of any provision of this Agreement. This Agreement shall be binding upon any successor to CTI, by merger or otherwise. CTI may assign this Agreement to any of its
affiliates. Executive may not assign the Agreement. 

  

	4.	Withholding. Payments to the Executive of all compensation contemplated under this Agreement shall be subject to all applicable legal requirements with respect to the
withholding of taxes and similar deductions. Additionally, if the Executive owes any moneys to CTI on the Severance Date, Executive’s signature below constitutes Executive’s written consent to deduct from any Severance Pay amounts that the
Executive owes CTI. 

  

	5.	Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND INTERPRETED, CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF WASHINGTON APPLICABLE TO
CONTRACTS EXECUTED IN AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO THE PRINCIPLES THEREOF REGARDING CONFLICT OF LAWS. 

  

	6.	Supersedes Previous Agreements. This Agreement supersedes all prior or contemporaneous negotiations, commitments, agreements and writings with respect to the
subject matter hereof. All such other negotiations, commitments, agreements and writings shall have no further force or effect, and the parties to any such other negotiation, commitment, agreement or writing shall have no further rights or
obligations thereunder. 

  

	7.	Voluntary Agreement. Executive understands the significance and consequences of this Agreement and acknowledges that CTI has not coerced Executive’s acceptance
thereof, and has signed this Agreement only after full reflection and analysis. Executive expressly confirms that the Agreement is to be given full force and effect according to all of its terms. Executive was advised to seek legal counsel prior to
signing the Agreement. 

  

 - 4 - 

 IN WITNESS WHEREOF, this Agreement has been executed by a duly authorized officer of CTI and by
the Executive in Executive’s individual capacity as of the date first written above. 
  

							
	CELL THERAPEUTICS, INC.
				
	By:	 	 /s/ James Canfield

	 	By:	 	 /s/ Richard E. Leigh, Jr.

	 	 	James Canfield	 	 	 	Richard Leigh
	Title:	 	EVP, Chief Administrative Officer	 	Title:	 	EVP, General Counsel
	Date:	 	October 1, 2004	 	Date:	 	October 1, 2004
	Address:	 	 501 Elliott Avenue West, Suite 400
 Seattle, WA
98119
	 	Address:	 	 5489 170th Place
SE
 Bellevue, WA 98006

  

 - 5 -

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