Document:

EXECUTION

    

     

    SEPARATION
      AGREEMENT

    AND
      MUTUAL GENERAL RELEASE

    

    SEPARATION
      AGREEMENT AND MUTUAL GENERAL RELEASE (“Agreement”), effective as of April 3,
      2007 (the “Effective Date”), by and between Osteologix, Inc. (hereinafter
      referred to as “Company”) and Charles Casamento (“Employee”) (collectively, “the
      Parties” and, each, a “Party”).

    

    1. Resignation
      of Employment and Membership on Board of Directors.
      The
      Parties acknowledge and agree that Employee resigned his employment as President
      and Chief Executive Officer of the Company effective April 3, 2007 (the
“Termination Date”), effecting Employee’s termination as an employee of the
      Company and its affiliates. The Parties hereby waive all notice of termination
      periods set forth in, and all further service requirements under, the Service
      Agreement effective October 18, 2004 between Employee and Nordic Bone A/S (the
      “Service Agreement”). Employee represents and acknowledges that Employee has
      received payment for (i) any and all outstanding wages due through the
      Termination Date, (ii) business expenses incurred per existing Company policies
      (subject to business expenses reflected in credit card statements not yet
      received by Employee as to which Employee will have a right to receive future
      reimbursement per past practice), and (iii) all accrued but unused vacation
      as
      of the Termination Date and that Employee is not owed any further payment as
      a
      result of Employee’s employment by Company. Employee shall continue to serve as
      a member of the Company’s Board of Directors until the Company’s 2007 Annual
      Meeting of Stockholders (unless prevented to do so by death or removal), but
      Employee will not run for re-election as a member of the Company’s Board of
      Directors. 

     

    2. Severance
      and Other Enhanced Benefits in Exchange for Signing Agreement.
      In
      consideration for executing this Agreement and in exchange for the promises,
      covenants, releases and waivers set forth herein, the Company will provide
      Employee with the payments and benefits set forth in this paragraph 2
      (collectively, “Severance Benefits”), provided that, if Employee fails to
      execute and return this Agreement in accordance with the terms of paragraph
      3
      below, or if Employee revokes this Agreement pursuant to the terms of paragraph
      3 below, Employee shall immediately return and/or repay to the Company all
      Severance Benefits, if any, that he had previously received and Employee shall
      not be entitled to any further Severance Benefits hereunder. Employee
      acknowledges that the Severance Benefits are in lieu of any severance and other
      payments and benefits Employee would otherwise be entitled to under the Service
      Agreement.
      

    

    a. Severance
      Payments.
      The
      Company shall pay Employee, less deductions and withholdings required by law,
      the total gross sum of $420,000, which shall be paid by the Company in 3 equal
      monthly installments of $35,000 on the 25th
      day of
      each month commencing April 25, 2007 (Employee acknowledges having received
      the
      first such $35,000 payment on or before April 25, 2007), followed by a lump
      sum
      payment of $315,000 payable on July 3, 2007 (subject to applicable withholding)
      (each, a “Severance Payment” and, collectively, the “Severance Payments”). The
      Severance Payments shall be made on the dates on which they are due, at the
      election of the Company by check mailed to the Employee or via direct deposit
      into Employee's designated bank account consistent with past practices pursuant
      to instructions previously provided by Employee.

    
       

      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

      

      
         

      

      
         

        
          

        

      

      
         

      

       

    

    b. Continuation
      of Benefits.
      If
      Employee elects to continue Employee’s existing health insurance coverage under
      COBRA (see paragraph 3
      below),
      the
      Company will reimburse Employee the full monthly premium cost for such coverage
      for himself and his eligible dependents and family members for a period of
      12
      months
      commencing on the Termination Date. Additionally, the Company shall provide
      continuation, at the Company’s expense, of the other benefits received by
      Employee and his family immediately preceding Employee’s resignation of his
      employment with the Company (including, without limitation, life and disability
      insurance, payments of medical and dental expenses not covered by insurance
      per
      past practice, and automobile benefits) for a period of 12 months commencing
      on
      the Termination Date (the “Benefit Period”). To the extent that during the
      Benefit Period payment is due with respect to any of the insurance policies
      relating to insurance coverage after the Benefit Period, the Company shall
      not
      be responsible for making any such payments, but will permit Employee to make
      such payments if he determines to do so in his discretion in order to continue
      such insurance coverage.

     

    c. Stock
      Options.
      58,333
      of the 350,000 Incentive Stock Options granted to Employee under the Company’s
      Equity Incentive Plan (the “Plan”) and the Equity Incentive Plan Stock Option
      Agreement dated October 5, 2006 between Employee and the Company (the “Option
      Agreement”) shall be vested as of the Termination Date. Such 58,333 Incentive
      Stock Options shall be comprised of the following: (i) the 43,749 Incentive
      Stock Options that would have vested on April 30, 2007, (ii) the 7,292 Incentive
      Stock Options would have vested on May 31, 2007 and (iii) the 7,292 Incentive
      Stock Options that would have vested on June 30, 2007. The vested Incentive
      Stock Options shall be exercisable in accordance with the terms set forth in
      the
      Option Agreement; provided however, that the exercise period for such vested
      Incentive Stock Options shall be extended through October 3, 2007. To the extent
      that the terms of this paragraph conflict with those of the Option Agreement,
      the terms of this paragraph shall govern; otherwise, the Incentive Stock Options
      shall continue to be governed by, and subject to, the terms of the Option
      Agreement and the Plan.

     

    d. Warrants.
      429,657
      of the Warrants held by Employee pursuant to the Common Stock Purchase Warrant
      issued on May 24, 2006 (the “Warrant”) shall be vested as of the Termination
      Date. This amount shall be comprised of (i) the 8,690 Warrants that vested
      on
      May 24, 2005, plus
      (ii) the
      420,967 additional Warrants that would have vested as of June 30, 2007 had
      Employee remained employed by the Company through that date. The vested Warrants
      shall be exercisable in accordance with the terms set forth in the Warrant
      as
      would be applicable to an involuntary termination under a Good Leaver Scenario
      (as defined in the Warrant). To the extent that the terms of this paragraph
      conflict with those of the Warrant, the terms of this paragraph shall govern;
      otherwise, the vested Warrants shall continue to be governed by, and subject
      to,
      the terms of the Warrant.

     

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        2

        
          

        

      

      
         

      

       

    

    3. COBRA
      Rights.
      Under a
      separate cover, the Company will inform Employee of Employee’s rights to convert
      and continue existing health insurance coverage, if any, under COBRA following
      the termination of Employee’s employment.

    

    4. No
      Other Payments.
      Employee represents, warrants and acknowledges that the Company owes him no
      wages, overtime pay, commissions, bonuses, sick pay, personal leave pay,
      severance pay, vacation pay, business expenses or other compensation or benefits
      or payments or form of remuneration of any kind or nature, other than that
      specifically provided for or referred to in this Agreement.

     

    5. General
      Release From Employee to the Company.
      For and
      in consideration of good and valuable consideration, including without
      limitation the Severance Benefits:

     

    a. Employee,
      on Employee’s own behalf, and on the behalf of Employee’s descendants,
      dependants (only for any and all claims derived through or assigned by
      Employee), heirs, executors, administrators, assigns and successors, hereby
      generally releases the Company, its parent, subsidiary and affiliated
      organizations, and their successors and assigns, and any individual employed
      by
      or affiliated with such organizations and each of their officers, directors,
      employees, representatives, agents and attorneys in their capacities as such
      (collectively, the “Company Entities”) from any and all rights, actions, suits,
      claims or demands of all kinds and descriptions (collectively, “claims”) that
      Employee ever had, now has or hereafter can, shall or may have against the
      Company Entities by reason of or arising out of any act, matters or omissions
      of
      the Company Entities on or before the date of Employee’s execution of this
      Agreement, including, but not limited to, all claims regarding Employee’s
      employment with the Company, any events that may have occurred during the course
      of Employee’s employment or the termination of Employee’s employment, or any
      other matters or claims of any kind or nature. This includes, without
      limitation, a release of any claims for unpaid wages, holiday pay, overtime
      or
      other compensation, breach of contract, wrongful discharge, disability benefits,
      life, health and medical insurance, sick leave, or any other fringe benefit,
      employment discrimination, unlawful harassment, retaliation, emotional distress,
      violations of public policy, defamation, wrongful termination and severance
      pay.
      Employee is also specifically releasing any rights or claims Employee may have,
      if any, under the Family and Medical Leave Act, the Worker Adjustment Retraining
      and Notification Act, the Age Discrimination in Employment Act (“ADEA”) (which
      prohibits discrimination in employment based on age), Older Workers Benefit
      Protection Act of 1990 (“OWBPA”) (which also prohibits discrimination in
      employment based on age), Title VII of the Civil Rights Act of 1964, the Civil
      Rights Act of 1991, the Civil Rights Act of 1866, the Rehabilitation Act, the
      Labor Management Relations Act, the Equal Pay Act, the Americans with
      Disabilities Act, the Fair Labor Standards Act, the Employment Retirement Income
      Security Act, the Sarbanes-Oxley Act of 2002, the California Fair Employment
      and
      Housing Act, the California Family Rights Act, the California Constitution,
      the
      California Labor Code, all the above statutes as amended from time to time
      and
      any other federal, state or local laws, rules, ordinances or regulations,
      whether equal employment laws, rules or regulations or otherwise
      or any
      right under any Company pension, welfare, or stock plans. Notwithstanding the
      foregoing, Employee does not waive or release any rights to benefits currently
      vested or vested pursuant to the terms of this Agreement under the Plan, the
      Option Agreement or the Warrant, which rights or benefits shall continued to
      be
      governed by the Plan, the Option Agreement, the Warrant or other applicable
      plan
      documents, except as modified herein. Further, notwithstanding the foregoing,
      nothing contained herein shall be construed to alter, limit, or release (i)
      any
      claim to indemnification and/or contribution Employee may have pursuant to
      applicable law or pursuant to the Company’s governance instruments for acts
      committed during the term of employment or service as a director; (ii) coverage,
      if any, under any Company liability insurance policy; or (iii) any rights,
      payments or benefits expressly provided or referred to herein.

    

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        3

        
          

        

      

      
         

      

       

    

    b. It
      is a
      condition hereof, and it is Employee’s intention in the execution of the General
      Release in subparagraph 5.a
      above,
      that
      the same shall be effective as a bar to each and every claim hereinabove
      specified, and in furtherance of this intention, Employee hereby expressly
      waives any and all rights and benefits conferred upon Employee by Section 1542
      of the California Civil Code, which provides:

    

    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.

     

    6. General
      Release from the Company to Employee.
      For and
      in consideration of good and valuable consideration, including without
      limitation the General Release set forth in paragraph 5
      above:

     

    a. The
      Company hereby generally releases Employee and his descendants, administrators,
      heirs, executors, successors and assigns from any and all claims that the
      Company ever had, now has or hereafter can, shall or may have against them
      by
      reason of or arising out of any act, matters or omissions by Employee on or
      before the date of the Company’s execution of this Agreement, including, but not
      limited to, all claims regarding Employee’s employment with the Company, any
      events that may have occurred during the course of Employee’s employment or the
      termination of his employment, or any other matters or claims of any kind or
      nature. Notwithstanding the foregoing, this paragraph shall not include a
      release or waiver of any claim arising from or relating to any
      criminal or fraudulent conduct by Employee during the course of Employee’s
      employment.

    

    b. It
      is a
      condition hereof, and it is the Company’s intention in the execution of the
      General Release in paragraph 6.a
      above,
      that
      the same shall be effective as a bar to each and every claim hereinabove
      specified, and in furtherance of this intention, the Company hereby expressly
      waives any and all rights and benefits conferred upon the Company by Section
      1542 of the California Civil Code, which provides:

    

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        4

        
          

        

      

      
         

      

       

    

    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.

     

    7. No
      Pending Lawsuits and No Assignment of Claims.
      The
      Parties each respectively represent and warrant that each has not filed any
      claim, lawsuit or administrative charge against the other. The Parties further
      respectively represent and warrant that each has not heretofore assigned or
      transferred, or purported to assign or transfer, to any person, firm,
      corporation or entity any claim or other matter herein released. Each Party
      hereby agrees to indemnify the other and anyone else herein released and hold
      them harmless against any claims, costs or expenses, including, without
      limitation, reasonable attorneys’ fees actually paid or incurred, arising out
      of, related to or in any manner whatsoever connected with any such transfer
      or
      assignment or purported transfer or assignment.

    

    8. Attorneys’
      Fees.
      In the
      event that any Party commences a legal proceeding to remedy any breach of this
      Agreement by any other Party, each Party hereto shall be responsible for its
      own
      costs and attorneys’ fees incurred in connection with such legal proceeding and
      the underlying dispute, in addition to any other legal and/or equitable relief
      to which the prevailing Party may be entitled. In such circumstances, however,
      all obligations under this Agreement, including, without limitation, the
      releases in paragraphs 5
      and
6,
      shall
      remain in full force and effect. Notwithstanding the foregoing, while Employee
      may challenge the validity of the ADEA or OWBPA waiver herein, in the event
      Employee unsuccessfully does so, Employee may be held liable for the attorneys'
      fees and costs of the Company or any other Company Entity to the same extent
      that successful defendants are allowed attorneys' fees under the ADEA and/or
      OWBPA.

    

    9. Non-Disclosure
      and Confidentiality.
      Employee agrees that, except as required by law, Employee will not at any time,
      whether directly or indirectly, use or divulge, disclose or communicate to
      any
      person, firm or corporation any confidential, secret and/or proprietary
      information respecting the Company's business and its transactions, products
      and
      relationships with its customers or others (“Confidential Information”), whether
      heretofore or hereafter obtained by Employee while in the employ of the Company.
      For purposes of this Agreement, Confidential Information shall include all
      information and data not generally known outside the Company including, but
      not
      limited to, the terms of transactions engaged in by the Company or its members,
      research and development, product information, financial data, business plans,
      human resources information, trade secrets and business information to which
      Employee had access in the course of Employee’s employment with the Company, and
      to which Employee would not otherwise have had access had Employee not been
      so
      employed, excluding only information relating to the general methodology and
      mechanics employed by Employee in the performance of Employee’s duties at the
      Company. Employee agrees not to take or use, without prior written consent
      of
      the Company, any memoranda, notes (whether or not prepared by Employee during
      the course of Employee’s employment with the Company), lists, schedules, forms
      or other documents (including electronically stored documents), papers or
      records of any kind, relating to the Company's business or its customers or
      any
      reproduction, summary or abstract thereof, all of which Employee acknowledges
      are the exclusive property of the Company; provided, however, that Employee
      may
      retain any of same that constitutes publicly available information, copies
      of
      agreements to which Employee is a party and lists of personal contacts of
      Employee (including contact information). 

    

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        5

        
          

        

      

      
         

      

       

    

    10. Company
      Property.
      Employee agrees that all books, handbooks, manuals, files, documents (in
      electronic and paper form), memoranda, letters, facsimile, software, computers,
      PDAs, Blackberries and other materials and equipment of any kind which Employee
      has in Employee’s possession furnished by the Company during the course of
      Employee’s employment with the Company or received by Employee as a result of
      such employment are and remain the property of the Company. Employee further
      acknowledges and represents that Employee has returned to the Company all such
      materials and equipment; provided, however, that Employee may return such
      materials as appropriate for his continued service as a director, which
      materials Employee will return promptly after his service as a director ends.
      Notwithstanding the foregoing, Employee may retain any of same that constitutes
      publicly available information, copies of agreements to which Employee is a
      party and lists of personal contacts of Employee (including contact
      information). Further, Employee may retain the computer that was furnished
      to
      him by the Company, provided that he deletes information therefrom consistent
      with Section 9, above.

    

    11. Non-Disparagement.
      The
      Company agrees that its officers and directors shall not make, or cause to
      be
      made, any disparaging, negative or adverse remarks whatsoever, whether in public
      or private, and whether written, oral or otherwise, concerning Employee,
      including his performance as an officer, director and/or employee of the
      Company. Employee likewise agrees that he will not make, or cause to be made,
      any disparaging, negative or adverse remarks whatsoever, whether in public
      or
      private, and whether written, oral or otherwise, concerning any of the Company
      Entities or their respective businesses, products or services. This paragraph
      does not apply to factual statements made in connection with legal proceedings,
      governmental and regulatory investigations and actions, and internal Company
      investigations or any other statement or disclosure required by law. Further,
      nothing in this Agreement shall constitute an independent basis for personal
      liability against the Company’s officers and directors.

    

    12. Cooperation.
      Employee agrees to assist and to cooperate with the Company in connection with
      the defense or prosecution of any claim that may be made against or by the
      Company, or in connection with any ongoing or future investigation or dispute
      or
      claim of any kind involving the Company, including any proceeding before any
      arbitral, administrative, judicial, legislative, or other body or agency,
      including testifying in any proceeding to the extent such claims, investigations
      or proceedings relate to services performed or required to be performed by
      Employee, pertinent knowledge possessed by Employee, or any act or omission
      by
      Employee. Employee will also perform all acts and execute and deliver any
      documents that may be reasonably necessary to carry out the provisions of this
      paragraph. The Company will reimburse Employee for reasonable expenses Employee
      incurs in fulfilling Employee’s obligations under this paragraph.

    

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        6

        
          

        

      

      
         

      

       

    

    13. Consulting
      Arrangement.

    

    a. Services;
      Term; Fees.
      In
      order to provide a smooth and orderly transition to his successor, Employee
      shall provide consulting services to the Company for a period of 3 months from
      the Termination Date through and including July 3, 2007 (the “Consulting
      Period”). Employee acknowledges and agrees that he is furnishing such consulting
      services to the Company in further consideration for the Severance Benefits
      and
      that he is not entitled to, and shall not receive, any additional consideration
      for such consulting services. During the Consulting Period, Employee (i) will
      not be required to come to the office, (ii) will only participate in transition
      assistance (not to exceed 80 hours per month) as mutually and reasonably agreed
      between Employee and the new Chief Executive Officer of the Company (until
      appointment of the new Chief Executive Officer, as mutually agreed between
      Employee and the Chief Financial Officer of the Company), (iii) will not be
      required to travel more than ten days per month, (iv) will be reimbursed for
      reasonable and necessary out-of-pocket expenses incurred in connection with
      his
      consulting services to the Company and (v) may pursue other business
      opportunities provided that they do not conflict with the Employee’s consulting
      and other obligations hereunder. 

    

    b. Independent
      Contractor.
      Employee’s relationship with the Company during the Consulting Period shall be
      that of an independent contractor, and nothing in this Agreement shall
      constitute Employee as an employee, joint venturer, or partner of the Company.
      Employee shall have no authority to bind the Company in any respect. During
      the
      Consulting Period, Employee shall not be an employee of the Company and, except
      as otherwise provided for herein, shall not be entitled to participate in any
      Company benefit plans, including but not limited to any retirement, pension,
      profit sharing, group insurance, health insurance, salary, bonus, incentive
      compensation, or similar programs, policies, or plans that have been or may
      be
      instituted by the Company for the benefit of its employees. Employee also
      acknowledges that, as an independent contractor, he is not entitled to and
      will
      not receive any overtime compensation from the Company. Employee will not
      represent to others that he is an employee of the Company.

    

    c. Employment
      of Personnel by Employee.
      Employee shall not employ or otherwise hire or contract with personnel to
      perform work under this Agreement without the written consent of the
      Company.

    

    d. Intellectual
      Property.
      Employee acknowledges and agrees that all Intellectual Property created, made
      or
      conceived by Employee (solely or jointly) during the Consulting Period in the
      course of providing services to the Company will be owned exclusively by the
      Company. Employee hereby assigns to the Company all such Intellectual Property.
      Employee agrees (i) that this Agreement shall constitute an assignment to the
      Company of his residual rights (including, but not limited to, copyright,
      trademark, trade dress, trade secret, design and patent rights), if any, in
      all
      such Intellectual Property, and (ii) to assist the Company, and to take all
      reasonable steps, with securing patents, registering copyrights and trademarks,
      and obtaining any other forms of protection for the Intellectual Property in
      the
      United States and elsewhere. As used in this Agreement, “Intellectual Property”
shall mean and include literary works, product designs, artwork, graphic
      designs, web site designs, audio-visual works, trademarks, business ideas and
      methods, and any other inventions or works of creative authorship.
      Notwithstanding the foregoing, the Company and Employee acknowledge that any
      provision in this Agreement requiring Employee to assign his rights to any
      Intellectual Property while performing consulting services to the Company as
      an
      independent contractor does not apply to (i) an invention which was developed
      by
      the Employee prior to the start of Employee’s rendering of such services with
      the Company; and (ii) an invention which otherwise qualifies under the
      provisions of Section 2870 of the California Labor Code, to the extent
      applicable to Employee as an independent contractor. A copy of Section 2870
      of
      the Labor Code is attached hereto as Exhibit “1.” 

    

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        7

        
          

        

      

      
         

      

       

    

    14. Legal
      Process.
      If
      Employee is served with legal process or other request purporting to require
      Employee to testify and/or produce documents at a legal proceeding involving
      any
      of the Company Entities, Employee shall, to the extent legally permissible
      (i)
      refuse to provide testimony or documents absent a subpoena, court order or
      similar process from a regulatory agency; (ii) promptly notify the Company
      of
      such legal process or other request; and (iii) promptly deliver to the Company
      a
      copy of all legal papers and documents served upon Employee and - prior to
      producing such documents - any and all documents that are responsive to such
      legal process or request.

    

    15. Confidentiality
      of this Agreement.
      The
      terms of this Agreement, including the specific amount paid hereunder, are
      and
      shall be kept confidential and shall not hereafter be disclosed by Employee
      or
      the Company to any other person or entity, including, without limitation, any
      current, former or future employees of the Company Entities, except (i) as
      may
      be required by law; (ii) as may be required by any taxing authority; (iii)
      to
      Employee’s counsel, accountants, or financial advisors; (iv) as may be required
      in the performance or enforcement of this Agreement, (v) to Employee’s immediate
      family members, and (vi) to a prospective employer of Employee provided that
      the
      specific amount paid hereunder will be redacted therefrom, provided in the
      cases
      of (iii) and (v) Employee makes the person to whom disclosure is made aware
      of
      the confidentiality provisions of this Agreement and such person to whom
      disclosure is to be made agrees to keep the terms and conditions of this
      Agreement fully confidential.

    

    16. Entire
      Agreement.
      With
      the exception of (i) the terms of the Plan, the Option Agreement and the Warrant
      that survive this Agreement pursuant to paragraphs 2.c
      and
2.d
      above
      and (ii)
      the terms of the following sections of the Service Agreement are intended to
      survive the termination of Employee’s employment with the Company: paragraphs 4
      (Confidentiality), 5 (Inventions/copyrights) and 10 (Non-competition clause),
      which terms are hereby reaffirmed by Employee and incorporated herein in full
      by
      this reference (but which shall continue to be governed by Danish law), this
      Agreement sets forth the entire agreement between Employee and Company and
      fully
      supersedes any and all prior agreements or understanding between them pertaining
      to the subject matter of this Agreement, including without limitation the
      Preliminary Binding Agreement dated April 3, 2007. This Agreement may not be
      altered, modified, amended or changed, in whole or in part, except in writing
      executed by Employee and Company.

    

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        8

        
          

        

      

      
         

      

       

    

    17. Headings.
      The
      paragraph headings in this Agreement are for convenience of reference only
      and
      shall not be deemed to alter or affect the meaning or interpretation of any
      provision hereof.

    

    18. Construction.
      The
      Parties agree that the general rule pertaining to construction of contracts
      that
      ambiguities are to be construed against the drafter shall not apply to this
      Agreement.

    

    19. Severability
      and Blue Penciling.
      If any
      provision of this Agreement is held to be invalid, the remaining provisions
      shall remain in full force and effect. However, the invalidity of any such
      provision shall have no effect upon, and shall not impair the enforceability
      of
      the release language set forth in paragraphs 5
      and
6
      above.
      If any court determines that any covenant in this Agreement, including, without
      limitation, any restrictive covenant or any part thereof, is unenforceable
      because it is overly broad, then such provision or part thereof shall be
      modified by reducing the overly broad portion of the provision to the maximum
      point where it is enforceable and, in its modified form, such provision shall
      be
      enforced.

    

    20. Choice
      of Law and Arbitration.
      Except
      as otherwise provided herein, this Agreement shall be governed by the laws
      of
      the State of California, without regard to its conflict-of-law principles.
      Employee and the Company agree that except for any claims for injunctive relief
      or specific performance, any claim arising between the Company and Employee
      relating to Employee’s employment or the termination of that employment
      (including without limitation claims under Title VII of the Civil Rights Act,
      the Fair Employment & Housing Act and the Americans with Disabilities Act),
      this Agreement or the breach thereof shall be settled exclusively by arbitration
      in San Francisco, California, in accordance with the then current rules of
      the
      Judicial Arbitration and Mediation Service (“JAMS”), as well as the rules of
      California Civil Code of Procedure Section 1280, et
      seq.
      (including without limitation Section 1283.05 and its mandatory and permissive
      rights to discovery). Each Party hereto shall be responsible for its own costs
      incurred in connection with the arbitration, except that, if required by
      applicable law, the Company shall pay for costs which are unique to the
      arbitration. The fact of the arbitration, and any decision and findings of
      the
      arbitrator, shall be held confidential by both Parties (except to the extent
      necessary to enforce the terms thereof) and both Parties agree to execute all
      documents necessary to maintain such confidentiality. 

    

    21. No
      Admission.
      Nothing
      contained in this Agreement, nor the fact that the Parties sign this Agreement,
      shall be considered as an admission of any type by either Party.

     

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        9

        
          

        

      

      
         

      

       

    

    22. Period
      for Review and Right to Revoke.
      Company
      and Employee acknowledge and agree that, (i) to accept this Agreement, Employee
      must execute and deliver a copy of this Agreement to Loeb & Loeb LLP, 345
      Park Avenue, New York, NY 10154, Attn: Mitchell S. Nussbaum, Esq., facsimile
      number: (212) 407-4900 on or before 5:00 p.m. (PST) on June 20, 2007; (ii)
      Employee has had 21 days from the receipt of this Agreement in which to consider
      its terms (including, without limitation, Employee’s release and waiver of any
      and all claims under the ADEA) before executing it, (iii) changes to the terms
      of this Agreement, whether material or immaterial, will not restart this 21-day
      period, (iv) Employee will have seven (7) days after Employee’s execution of
      this Agreement in which to revoke Employee’s acceptance of this Agreement, in
      which event a written notice of such revocation must be received on or before
      5:00 p.m. (PST) on the seventh (7th)
      day,
      and (v) this Agreement will not become effective and enforceable until the
      seven
      (7) day revocation period has expired without revocation of the Agreement by
      Employee. 

    

    23. Voluntary
      and Knowing Execution of Agreement.
      Employee acknowledges that (i) Employee has been advised by Company to consult
      an attorney regarding any potential claims as well as the terms and conditions
      of this Agreement before executing it, (ii) Employee fully understands the
      terms
      of this Agreement including, without limitation, the significance and
      consequences of the General Release in paragraph 5
      above,
      (iii)
      Employee is executing this Agreement in exchange for consideration in addition
      to anything of value to which he/she is already entitled, and (iv) Employee
      is
      fully satisfied with the terms of this Agreement and is executing this Agreement
      voluntarily, knowingly and willingly and without duress.

    

    IN
      WITNESS HEREOF, the Parties hereto have executed this Agreement effective April
      3, 2007.

     

     

    
      	
              OSTEOLOGIX,
                INC.

              (Company)

            	 	 
	 	 	 
	
              By: /s/
                Matthew M. Loar

              Matthew
                M. Loar

              Chief
                Financial Officer

            	 	
              /s/
                Charles Casamento

              Charles
                Casamento

            
	 	 	 
	
              Dated:
                June
                15, 2007

            	 	
              Dated:
                June
                15, 2007

            

    

     

     

    
      
        
          Separation
            Agreement and Mutual General 

          Release,
            effective as of April 3, 2007, between 

          Osteologix,
            Inc. and Charles Casamento

        

         

      

      
        10PROMISSORY
      NOTE

     

    
      	Amount: $_____________	
               Date:_________,
                2007

            

    

      

    FOR
      VALUE
      RECEIVED, New Venture Holdings, Inc., a corporation organized and existing
      under
      the laws of State of Nevada, with offices at 138 4th
      Avenue,
      Suite 628, Calgary, Alberta, Canada T2G 4Z6 (the “Company”), promises to pay to
      the order of ________________, an individual, having an address at
      _________________________ (the "Holder"), the principal amount of
      _____________________ United States Dollars ($________), all as hereinafter
      provided. Any payments of amounts due under this promissory note (“Note”) shall
      be in such currency of the United States at the time of payment as shall be
      legal tender for the payment public or private debts.

    

    1.
      INTEREST. This Note shall not bear interest. In lieu of the payment of interest
      on the principal amount of this Note, the Company shall issue to the Holder
      or
      its designee upon receipt into its bank account of the good funds representing
      the principal amount hereof_____________ shares of the Company’s common stock,
      par value $.001 per share. 

    

    2.
      REPAYMENT. Except as otherwise provided herein, the principal amount of this
      Note shall become due and shall be payable at any time within one hundred eighty
      days after the Company Consummates a Business Combination, defined for purposes
      of this Note as the date upon which the Company receives audited financial
      statements of any entity with which it completes a merger, stock exchange,
      acquisition of assets or similar transaction (the “Maturity Date”).

    

    3.
      PREPAYMENT. This Note may be repaid in whole or in part by the Company without
      penalty or premium at any time and from time to time prior to the Maturity
      Date
      and following an initial public offering of the Company's common stock. This
      Note shall be paid without deduction by reason of any set-off, defense or
      counterclaim of the Company. If any payment due hereunder shall become due
      on a
      Saturday, Sunday or legal holiday under the laws of the State of New York,
      such
      payment shall be made on the next succeeding business day in New
      York.

    

    4.
      DEFAULT INTEREST RATE. The outstanding balance of any amount owing under this
      Note which is not paid when due shall bear interest at the rate of ten percent
      (10%) per annum above the rate that would otherwise be in effect under this
      Note.

    

    5.
      EVENTS
      OF DEFAULT. If any of the following conditions, events or acts shall occur:
      (a)
      the dissolution of the Company or any vote in favor thereof by the Board of
      Directors and shareholders of the Company; or (b) the Company's insolvency,
      assignment for the benefit of creditors, application for or appointment of
      a
      receiver, filing of a voluntary or involuntary petition under any provision
      of
      the United States Bankruptcy Code or amendments thereto or any other United
      States federal or state statute affording relief to debtors; or there shall
      be
      commenced against the Company any such proceeding or filed against the Company
      any such application or petition which proceeding, application or petition
      is
      not dismissed or withdrawn within sixty (60) days of commencement or filing
      as
      the case may be; or (c) the failure of the Company to pay the amount of
      principal on this Note in accordance with the terms hereof, when the same shall
      become due and payable; or (d) the default in the due observance or performance
      of any material covenant, condition or agreement on the part of the Company
      to
      be observed or performed pursuant to the terms hereof and such default shall
      continue uncured for thirty (30) days after written notice thereof, specifying
      such default, shall have been given to the Company by the Holder of this Note;
      then, in any such event and at any time thereafter while such event is
      continuing, the Holder shall have the right to declare an event of default
      hereunder ("Event of Default"); provided that upon the occurrence of an event
      described in subsection (a) or (b) above such event shall be deemed an Event
      of
      Default hereunder whether or not the Holder makes such a declaration (an
      "Automatic Event of Default"), and the indebtedness evidenced by this Note
      shall
      immediately upon such declaration or Automatic Event of Default become due
      and
      payable, without presentment, demand, protest or other notice of any kind,
      all
      of which are hereby expressly waived (pursuant to Section 10 hereof),
      notwithstanding anything contained herein to the contrary.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    No
      course
      of dealing or delay or failure on the part of the Holder to exercise any rights
      under this Section 5 shall operate as a waiver of such rights or otherwise
      prejudice such Holder's rights, powers and remedies. 

    

    6.
      COSTS
      AND EXPENSES OF COLLECTION. If the Holder expends any effort in any attempt
      to
      enforce payment of all or any part of any sum due the Holder under this Note,
      or
      if this Note is placed in the hands of an attorney for collection, or if it
      is
      collected through any legal proceedings, the Company agrees to pay all
      collection costs and fees incurred by the Holder, including reasonable
      attorneys' fees.

    

    7.
      ASSIGNMENT. This Note may not be assigned, transferred or otherwise negotiated
      by the Holder without the prior written consent of the Company. 

    

    8.
      SEVERABILITY. In the event any one or more of the provisions of this Note shall
      for any reason be held to be invalid, illegal or unenforceable, in whole or
      in
      part or in any respect, or in the event that any one or more of the provisions
      of this Note operate or would prospectively operate to invalidate this Note,
      then and in any such event, such provision(s) only shall be deemed null and
      void
      and shall not affect any other provision of this Note and the remaining
      provisions of this Note shall remain operative and in full force and effect
      and
      in no way shall be affected, prejudiced or disturbed thereby.

    

    9.
      SUCCESSORS AND ASSIGNS. All covenants, agreements and undertakings in this
      Note
      by or on behalf of any of the parties shall bind and inure to the benefit of
      the
      respective successors and permitted assigns of the parties whether so expressed
      or not.

    

    10.
      WAIVER OF PRESENTMENT. The Company and all endorsers of this Note, if any,
      waive
      presentment for payment, demand, protest, notice of protest for nonpayment
      and
      notice of dishonor of this Note; waive all other demands and notices in
      connection with the delivery, acceptance, performance and enforcement of this
      Note; and consent to any extension or postponement of the time of payment or
      any
      other indulgence. 

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    11.
      MODIFICATION AND WAIVER. No term or provision contained herein may be modified,
      amended or waived except by written agreement or consent signed by the party
      to
      be bound thereby.

    

    12.
      REMEDIES CUMULATIVE. The rights and remedies of the Holder expressed herein
      are
      cumulative and not exclusive of any rights and remedies otherwise
      available.

    

    13.
      GOVERNING LAW. This Note shall be construed and enforced in accordance with,
      and
      the rights of the parties shall be governed by, the laws of the State of Nevada,
      without giving effect to the conflict of law provisions thereof.

    

    14.
      REPLACEMENT OF INSTRUMENT. If this Note is lost, stolen, mutilated or otherwise
      destroyed, the Company shall execute and deliver to the Holder a new promissory
      note containing the same terms, and in the same form, as this Note. In such
      event, the Company may require the Holder to deliver to the Company an affidavit
      of lost instrument and customary indemnity in respect thereof as a condition
      to
      the delivery of any such new promissory note.

    

    15.
      NOTICES. Any and all notices, requests, consents and demands required or
      permitted to be given hereunder shall be in writing, delivered to the addresses
      stated above. Either party may change by notice the address to which notices
      to
      it are to be addressed.

    

    16.
      ENTIRE AGREEMENT. This Note contains the entire agreement between the Company
      and the Holder with respect to the subject matter hereof, and supersedes every
      course of dealing, other conduct or oral agreement or representation previously
      made by the Holder. No change in this Note shall be effective unless made in
      a
      writing duly executed by the Holder and the Company. 

    

    IN
      WITNESS WHEREOF, the Company has caused this Note to be signed on the date
      first
      set forth above.

     

    
      	 	NEW VENTURE HOLDINGS, INC.
	 	 
	 	
              By:_______________

              Print
                Name:

              Title:

            
	 	 

    

    

    
      
         

      

      
        3

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