Document:

Exhibit 10.1
    

    

    

    
      SEPARATION AGREEMENT
    

    
      This Separation Agreement (hereafter “Agreement”) is
      entered into by and between Terry Dauenhauer (“Dauenhauer”) and INNOVEX,
      INC. (“INNOVEX”).  
    

    
      R E C I T A L S:
    

    
      WHEREAS,  INNOVEX entered into an Amended and
      Restated  Employment Agreement effective December 31, 2008, with
      Dauenhauer (the “Employment Agreement”); and
    

    
      WHEREAS, Dauenhauer is currently employed by INNOVEX as the Chief
      Executive Officer and is a member of the Board of Directors of INNOVEX;
      and
    

    
      WHEREAS, Dauenhauer desires to voluntarily resign his employment
      with Innovex  and resign as a member of the Board of Directors of
      INNOVEX; and
    

    
      WHEREAS,  Dauenhauer and INNOVEX desire to end the employment
      relationship on the terms set forth in this Agreement.
    

    
      NOW, THEREFORE, in consideration of the foregoing and the mutual
      promises and covenants herein, and for other good and valuable
      consideration, the receipt and sufficiency of which are specifically
      acknowledged by INNOVEX and Dauenhauer, the Parties (INNOVEX and
      Dauenhauer) knowingly and voluntarily agree as follows:
    

    
      A G R E E M E N T S:
    

    
      1.  Separation of Employment.  Dauenhauer and INNOVEX
      agree that Dauenhauer’s last day of employment with INNOVEX and the
      effective date of his resignation as an officer, employee and a member
      of the Board of Directors of INNOVEX is October 12, 2009 (“Separation
      Date”).  
    

    
      2.  Dauenhauer’s Agreements.  In consideration of
      the terms of this Agreement, the severance and benefits described below,
      and other good and valuable consideration described herein, Dauenhauer
      agrees as follows:
    

    
         (a)  Receipt of All Compensation Due.  Dauenhauer
      agrees that he is not owed any payments or benefits related to his
      employment with INNOVEX, or the termination thereof, except as provided
      for and agreed to in this Agreement.
    

    
         (b)  Release of Claims.  Dauenhauer
      agrees to release, agrees not to sue, and forever discharges INNOVEX,
      its present and former parent or holding companies and affiliated
      entities, shareholders, officers, directors, employees, representatives,
      consultants, insurers and agents, and the successors and assigns of
      each, whether in their individual or official capacities (collectively,
      “Releasees”), for and from any and all manner of claims, demands,
      actions, causes of action, administrative claims, liability, damages,
      claims for punitive or liquidated damages, claims for attorney's fees,
      costs and disbursements, individual or class action claims, or demands
      of any kind whatsoever, he has or might have against them or any of
      them, whether known or unknown, in law or equity, contract or tort,
      arising out of or in connection with his employment with INNOVEX, or the
      termination of that employment, or otherwise, however originating or
      existing, from the beginning of time through the date of his signing
      this Agreement.
    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    

    

    
      Dauenhauer releases and discharges Releasees not only from any and all
      claims that he could bring on his own behalf, but also those that may or
      could be brought by any other person or organization on his behalf, and
      agrees not to voluntarily become a member of any class or to voluntarily
      participate in any proceeding or case in which a claim or claims against
      Releasees arise, in whole or in part, from any event that occurred
      before or as of the date of signing this Agreement.
    

    
      Without limiting the generality of the foregoing, this release includes,
      but is not limited to, any claims Dauenhauer may have for wages,
      bonuses, incentive compensation, commissions, penalties, deferred
      compensation, vacation pay, sick pay, separation benefits or termination
      pay under the Employment Agreement, defamation, invasion of privacy,
      negligence, emotional distress, improper discharge (based on contract,
      common law, or statute, including any federal, state or local statute or
      ordinance prohibiting discrimination or retaliation in employment),
      alleged violation of the United States Constitution, Title VII of the
      Civil Rights Act, 42 U.S.C. § 2000 et seq., the Age
      Discrimination and Employment Act, 29 U.S.C. § 621 et seq.,the
      Americans with Disabilities Act, 42 U.S.C. §12101 et seq.,
      the Employment Retirement Income Security Act of 1976, 29 U.S.C. § 1001 et
      seq., and any claim for discrimination, harassment or retaliation
      based on sex, race, color, creed, religion, age, national origin, or any
      other protected status under state, federal or local law.
    

    
      Dauenhauer affirms that he has not caused or permitted, and to the full
      extent permitted by law will not cause or permit to be filed, any
      charge, complaint, or action of any nature or type against Releasees,
      including but not limited to any action or proceeding raising claims
      arising in tort or contract, or any claims arising under federal, state,
      or local laws, or with any state or federal agencies.  If he files, or
      has filed on his behalf, an action of any nature, he agrees that the
      payments and benefits described in this Agreement are in complete
      satisfaction of any and all claims in connection with such action.
    

    
         (c)  Notice of Rights Pursuant to the
      Federal Age Discrimination in Employment Act.  Dauenhauer
      acknowledges and agrees that he has the right to consult with an
      attorney of his choice prior to signing this Agreement.  Dauenhauer also
      acknowledges and agrees he has twenty-one (21) calendar days from
      receipt of this Agreement to consider whether the terms are acceptable
      to him; and if he does not use the entire twenty-one (21) calendar days
      to consider whether to sign this Agreement, he is waiving any remaining
      days.
    

    
         (d)  Rescission.  Dauenhauer
      acknowledges and agrees that he may rescind this Agreement within seven
      (7) calendar days of his signing to bring claims arising under the
      Federal Age Discrimination in Employment Act.  He understands his
      rescission must (i) be in writing; (ii) delivered by hand or mail to
      Kari Peter,  INNOVEX INC., 3033 Campus Drive, Suite E180, Plymouth, MN
      55441, within the requisite seven (7) day period; and (iii) if delivered
      by mail, must be postmarked within the statutory period, properly
      addressed to Kari Peter, and sent by certified mail, return receipt
      requested.  If he rescinds this Agreement, he will not receive the
      benefits set forth in paragraph 3 of this Agreement.  The releases set
      forth in this Agreement will be effective following the seven (7) day
      rescission period, provided that Dauenhauer does not rescind the
      Agreement within such period.
    

    
      
        

        

      

      
        
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         (e)  Return of Property.  Dauenhauer
      acknowledges and agrees that all documents and materials relating to the
      business of or the services provided by INNOVEX are the sole property of
      INNOVEX.  By signing this Agreement, Dauenhauer further agrees and
      represents that he has returned to INNOVEX on his last day of employment
      all of its property, including but not limited to, all computer
      equipment, keys and security access cards, all records and other
      documents and materials, whether on computer disc, hard drive or other
      form, and all copies thereof, within his possession or control, which in
      any manner relate to the business of, or the duties and services
      Dauenhauer performed on behalf of INNOVEX.
    

    
         (f)  Nondisparagement.  Dauenhauer
      agrees not to intentionally make or induce any other person to make
      disparaging statements of any kind, oral or written, regarding the
      other, to any person or organization whatsoever, including but not
      limited to representatives of local, state, or federal agencies, members
      of the press or media, present and former employees of INNOVEX, payers
      or patrons of services provided by INNOVEX, or members of the public.  
    

    
         (g)  Obligations Survive Termination of
      Employment.  Dauenhauer agrees that any and all of his obligations
      under Sections 6, 7 and 8 of the Employment Agreement (regarding
      Confidential Information, Inventions and Covenants Not to Compete
      (including Non-Solicitation of Business and Employees) survive the
      termination of his employment, and the remedies to enforce those
      provisions under the Employment Agreement remain in full force and
      effect after his last day of employment.
    

    
      3.  INNOVEX Agreements.  In consideration of the terms
      of this Agreement, the Release of Claims and covenants described above
      and other good and valuable consideration described herein, provided
      that Dauenhauer executes and does not rescind this Agreement and
      complies with his continuing obligations under the Employment Agreement
      that survive termination of employment, INNOVEX agrees as follows:
    

    
         (a)  Health and Dental.  Dauenhauer
      will continue to receive health and dental benefits for a period of
      through February 28, 2010 and thereafter, shall have the right to
      continue group health, dental, and life insurance coverage pursuant to
      applicable federal and state group continuation laws, provided
      Dauenhauer makes appropriate, timely, written elections, qualifies under
      the plans, and is not covered under any such other plans.  Information
      regarding these rights will be delivered to Dauenhauer under separate
      correspondence.
    

    
         (b)  Vacation Accrual.  Dauenhauer
      will receive his final paycheck, payment of any and all accrued, unused
      vacation as of the Separation Date.
    

    
         (c)  Stock Options.  If Dauenhauer
      holds vested but unexercised options in Innovex stock, Dauenhauer is advised,
      that he has a limited period of time in which to exercise those stock
      options.  Dauenhauer should refer to the applicable Stock Option
      Agreements for directions as to his rights and responsibilities with
      respect to the exercising of such stock options.  Any stock options
      which are not fully vested as of the date of the Separation Date shall
      remain unvested.
    

    
      
        

        

      

      
        
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         (d)  Relocation Expenses.  Dauenhauer
      shall be entitled to the relocation expenses set forth in Section 4.5 of
      the Employment Agreement notwithstanding that he is voluntarily
      resigning his employment.
    

    
      4.  Acknowledgments.  The Parties acknowledge and agree
      that they have carefully read and understand all provisions of this
      Agreement and have entered into this Agreement knowingly and voluntarily.
    

    
      5.  No Other Representations.  The Parties acknowledge
      and agree that they have not relied on any representations or statements
      made by the other, whether oral or written, other than the express
      statements of this Agreement, in executing this Agreement.  The Parties
      acknowledge and agree that they have not, and their agent or attorney
      has not, made any promise, representation, or warranty whatsoever,
      express or implied, not contained in this Agreement to induce the other
      to execute this Agreement.  This Agreement is the result of negotiation
      and compromise among the Parties and shall not be interpreted against
      INNOVEX for originally drafting this Agreement.
    

    
      6.  Counterparts.  This Agreement may be executed in
      counterparts.
    

    
      7.  Assignment.  Dauenhauer may not assign this
      Agreement.  It is understood and agreed that this Agreement shall be
      binding upon and inure to the benefit of the respective Parties and
      their heirs, representatives, successors, assigns.
    

    
      8.  Taxes.  Dauenhauer agrees to hold INNOVEX harmless
      and agrees to indemnify INNOVEX for any taxes, interest, penalties or
      other costs or damages incurred by INNOVEX, including attorneys’ fees
      and court costs arising out of or in connection with any dispute, claim
      or cause of action concerning state, federal or local payroll taxes,
      however originating or existing, from the payments and benefits provided
      to Dauenhauer in connection with his separation of employment.
    

    
      9.  Governing Law.  It is understood and agreed that
      this Agreement shall be governed by, construed, and enforced in
      accordance with and subject to the laws of the State of Minnesota.  It
      is also understood that if a court of competent jurisdiction shall
      declare any of the terms and conditions of this Agreement to be
      unenforceable, then the remaining provisions not declared by such
      tribunal to be unenforceable shall remain in full force and effect.
    

    
      10.  Full Agreement with Release of Claims.  This
      Agreement contains the full agreement of the Parties and supersedes and
      terminates any and all oral and written prior agreements, negotiations,
      and understandings between the Parties regarding separation from
      employment.  Notwithstanding the foregoing, as indicated previously,
      those obligations under the Employment Agreement which survive
      separation from employment shall remain in full force and effect.  This
      Agreement may not be modified, altered, or changed in any way, except by
      written agreement executed by the Parties.
    

    
      
        

        

      

      
        
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      IN WITNESS WHEREOF, the parties have executed this Agreement as set
      forth below.
    

    
    	
          Date: October 12, 2009
        	
          INNOVEX INC.
        
	

        	
           
        
	

        	
          
             
          

        
	

        	
          By:
        
	

        	
          Its:
        

    

    
      I have read and understand and agree to the terms and conditions set
      forth, and have signed this Agreement freely, voluntarily, and with full
      knowledge and understanding of its meaning.
    

    
    	
          Date: October 12, 2009
        	
           
        
	

        	
          Terry Dauenhauer
        

    

    
      5Exhibit 10.2
    

    
      AGREEMENT
    

    
      This Agreement (the “Agreement”) is entered into between Innovex, Inc.,
      a Minnesota corporation (“Innovex” or the “Company”), and John M. Clark
      (“Clark”) as of October 12, 2009.  
    

    
      WHEREAS, Innovex desires to appoint Clark to serve as the Company’s
      Interim Chief Executive Officer and Clark desires to serve the Company
      in that capacity under the terms and conditions of this Agreement.
    

    
      NOW THEREFORE, in consideration of the mutual covenants, terms and
      conditions herein contained, it is hereby agreed by and between the
      parties hereto as follows:
    

    
    	
          1.
        	
          
            Term. The term of this Agreement shall begin on October 12,
            2009 and shall continue until February 12, 2010, unless terminated
            earlier by the Company on thirty (30) days’ advance written notice.
          

        
	

        	
           
        
	
          2.
        	
          
            Title. Clark shall have the title of Interim Chief
            Executive Officer. Clark currently has the title of Chairman of
            the Board which he shall retain until a successor is elected and
            qualified.
          

        
	

        	
           
        
	
          3.
        	
          
            Compensation. In return for his services to Innovex, Clark
            shall receive compensation, as an independent contractor, the
            amount of $30,000 per month, pro rated for partial months and
            payable in advance at the beginning of the term and thereafter at
            the beginning of each calendar month during the term. While Clark
            is serving in the capacity as Interim Chief Executive Officer, he
            shall receive no additional fees for his service as Chairman of
            the Board or as a board member and shall not serve as a member of
            any committee of the Board of Directors.
          

        
	

        	
           
        
	
          4.
        	
          
            Benefits. Clark shall not be entitled to any benefits other
            than as specifically set forth in this Agreement.
          

        
	

        	
           
        
	
          5.
        	
          
            Reimbursable Business Expenses. Innovex will advance or
            reimburse Clark for any ordinary, necessary and reasonable
            expenses incurred by him in performing his duties to Innovex,
            including housing (reimbursed or Company provided) while providing
            services at the Company’s Thailand facilities, upon his submission
            of any records and documentation required to substantiate said
            expenses.
          

        
	

        	
           
        
	
          6.
        	
          
            Vehicle. Innovex will provide Clark with a vehicle and
            driver while providing services at Innovex’s Thailand facilities
            in a manner provided to the prior Chief Executive Officer.
          

        
	

        	
           
        
	
          7.
        	
          
            Indemnification. Innovex will indemnify Clark from loss and
            expenses arising out of his conduct as an officer of Innovex to
            the fullest extent permitted by the Company’s corporate articles,
            by-laws, Board resolutions, applicable insurance policy and
            Minnesota law.
          

        
	

        	
           
        
	
          8.
        	
          
            Confidentiality. Clark shall not disclose or use in any
            manner, directly or indirectly, any trade secrets or other
            proprietary and confidential information of the Company either
            during the term or at any time thereafter, except as required (a)
            in the course of his services to Innovex or (b) by applicable law,
            including the Exchange Act, contingent upon establishment of
            confidentiality protections satisfactory to Innovex.
          

        

    

    
      
        

        

      

      
        

        

        
          

        

      

      
        

        

      

    

    
    	
          9.
        	
          
            Miscellaneous Provisions.
          

        
	

        	
           
        
	
          9.1
        	
          
            Severability. If any provisions of this Agreement are held
            to be invalid or unenforceable in whole or in part, those
            provisions to the extent enforceable and all other provisions
            shall nevertheless continue to be valid and enforceable as though
            the invalid or unenforceable parts had not been included in this
            Agreement. If any provision relating to the time period or scope
            of a restriction shall be declared by a court of competent
            jurisdiction to exceed the maximum time period or scope such court
            deems reasonable and enforceable, then the time period or scope of
            the restriction deemed reasonable and enforceable by the court
            shall become and shall thereafter be the maximum time period or
            the applicable scope of the restriction.
          

        
	

        	
           
        
	
          9.2
        	
          
            Governing Law. This Agreement shall be construed and
            enforced according to Minnesota law, except where federal law
            applies.
          

        
	

        	
           
        
	
          9.3
        	
          
            Survivability. The covenants and agreements of paragraphs 7
            and 8 of this Agreement shall survive the termination of this
            Agreement for any reason.
          

        
	

        	
           
        
	
          9.4
        	
          
            Amendment or Termination. This Agreement may not be
            terminated, amended, or modified in any way, except in writing
            signed by both Innovex and Clark.
          

        
	

        	
           
        
	
          9.5
        	
          
            Waiver. Innovex’s waiver or failure to enforce the terms of
            this Agreement or any similar agreement in one instance shall not
            constitute a waiver of its rights hereunder with respect to other
            violations of this or any other agreement.
          

        
	

        	
           
        
	
          9.6
        	
          
            Tax Matters. Clark shall be responsible for the payment of
            all federal, state or local taxes payable with respect to all
            amounts paid to Clark under this Agreement.
          

        

    

    
      AGREED:
    

    
    	
          Dated: October 12, 2009
        	
           
        	

        
	

        	
          John M. Clark
        	

        
	

        	

        	
           
        
	

        	
          
            INNOVEX, INC.
          

        	

        
	
          Dated: October 12, 2009
        	
           
        	

        
	

        	
          By:
        	

        
	

        	
          Its:
        	

        

    

    
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