Document:

EXHIBIT 10.1

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AGREEMENT is dated March 13,
2003,  between:

 

BIOJECT MEDICAL TECHNOLOGIES INC.
(“BMT”), a Corporation incorporated under the laws of the State of Oregon
having its principal offices at 7620 SW Bridgeport Rd., Portland, Oregon 97224

 

BIOJECT INC., a Corporation
incorporated under the laws of the State of Oregon having its principal offices
at 7620 S.W. Bridgeport Road, Portland, Oregon, 97224 (collectively referred to
as the “Company”)

 

AND:

 

J.
Michael Redmond

10 Canterbury Road

Windham, NH 03087

(the “Executive”)

 

RECITALS:

 

1.                                      The Company
desires to secure the services and expertise of the Executive and to ensure the
availability of the Executive to the Company;

 

2.                                      The Executive
desires to serve in the employ of the Company on a full-time basis for the
period and upon the terms and conditions provided for in this Agreement; and

 

3.                                      The Executive and
the Company desire to execute an agreement entered into between them.

 

NOW THEREFORE, in
consideration of the premises and mutual covenants contained herein, the
parties noted above agree as follows:

 

SECTION 1

 

1.1                               Employment

 

The
Company appoints the Executive to and retains the Executive for the position of
Senior Vice President of Business Development for the Company,
and the Executive accepts such appointment. 
This appointment becomes effective April 1, 2003.

 

1.2                               Approval
by the Board

 

The
Company represents, if required by its Bylaws, that the appointment of the
Executive to the position referred to in Section 1.1 will be approved by
the Board of Directors of the Company (the “Board”) and that all corporate
action required to effect the appointment will be
taken.

 

1.3                               Definitions

 

As
used in this agreement:

 

a.                                       “Confidential
Information”  means any of the
Company’s customers, employees, products, processes, services, financial
information, marketing techniques, merchandising, business strategies, or
plans, research, development, systems, inventions or any other trade secret or
information pertaining to any of the preceding terms.

 

1

 

b.                                      “Conflicting
Product”  means any
device, process or service of any person or organization other than the
Company, in existence or under development, which resembles or competes with
the current or projected products, processes or services of the Company.

 

c.                                       “Conflicting
Organization”  means any
person or organization engaged or about to become engaged in research,
development, production, marketing or selling of a Conflicting Product.

 

d.                                      “Inventions”
means discoveries, concepts, and ideas, whether patentable or not, including
but not limited to, procedures, processes, methods, formulas, and techniques,
as well as improvements thereof or know-how related thereto, concerning any present
or prospective activities of the Company with which the Employee becomes
acquainted as a result of his employment by the Company.

 

SECTION 2
- DUTIES/RESPONSIBILITIES

 

2.1                               Duties/Responsibilities

 

During
the employment term and any renewals thereof, the Executive will devote such
time, attention, skill and efforts as may be necessary to assure the full
performance of his duties and responsibilities, to the best of his abilities,
with such authority as is customarily associated with the position of Senior
Vice President of Business Development. 
The Executive hereby accepts and agrees to such engagement of services,
and will devote himself solely to the operation of the Company’s business.  The Executive may continue his existing
involvement in an advisory or board capacity with non-competing organizations.

 

2.2                               Reporting

 

In
conducting his duties under this Agreement, the Executive shall report to the
Chief Executive Officer and Chairman of the Board of Directors of the Company.

 

2.3                               Relocation
Adjustment

 

Bioject will reimburse
the Executive an amount equal to $75,000, net of applicable income taxes, which
amount represents a one time cost of living adjustment associated with the
Executive relocating to New Jersey.  In
addition, the Executive will be reimbursed by the company for customary
relocation expenses including:  moving
expenses of household goods; temporary living and house hunting expenses;
closing costs and real estate commissions on the sale of Executive’s house up
to 6%.

 

SECTION 3
- COMPENSATION

 

3.1                               Salary

 

For
the Executive’s services to the Company, the Executive shall be entitled to
receive a minimum annual gross salary of $210,000.  Not less than once during each year of
employment and based upon the Company’s fiscal year, the Chief Executive
Officer shall review the Executive’s performance, duties and compensation
(including both base pay and annual stock options) for the purpose of promotion
and/or increasing the compensation payable to the Executive.  Executive’s salary shall be paid in bi-weekly
installments during the calendar year for the term of this Agreement.  The Company shall deduct or withhold from
such payments to the Executive the sums as are required under applicable laws
for worker’s compensation, income taxes and other benefits in accordance with
Company policy.

 

2

 

3.2                               Bonus

 

The Executive will continue
under the current bonus system (see Exhibit A), in effect as of the signing of
this agreement and will be reviewed with the Executive on an annual basis.

 

3.3                               Reimbursement
of Expenses

 

The
Company shall reimburse the Executive for all reasonable out-of-pocket
expenses, including, without limitation, all travel and entertainment expenses
payable or incurred by the Executive in connection with his duties as an
employee of the Company under this Agreement. 
It is the policy of the Company for employees to travel as inexpensively
as possible, utilizing economy airfare and standard rental cars.  All payments or reimbursements shall be made
promptly upon submission by the Executive of vouchers, bills or receipt for all
expenses.

 

3.4                               Other
Benefits

 

The
Executive will be entitled to participate in the Company’s employee benefit
programs for medical, dental, life, long and short term disability insurance,
employee stock purchase, and 401(k) Plan according to the terms, conditions and
eligibility requirements set forth in the individual plan provisions.  The Executive will accrue flexible time off
(FTO) at 15.5 hours per month.  This equates
to over four weeks of vacation for the first year.

 

3.5                               Disability

 

Should
Executive become disabled and unable to perform substantially all of his duties
under this Agreement, as documented by an independent physician selected
jointly by the Executive and the Company, the Company will continue paying the
Executive any bonus earned and previously awarded, together with his
then-current salary at seventy-five percent (75%) of current salary for a
period of not greater than six (6) months from the disability date.  Should the disability continue, payments by
the Company will then be reduced to fifty percent (50%) of current salary for
any remaining period of disability not to exceed an additional six (6) months.  Health and dental insurance and other benefit
coverage will continue for the duration of these payments, for a maximum time
period not to exceed twelve (12) months. 
Should payments to Executive under worker’s compensation and/or
disability insurance programs, when combined with Company payments, exceed
seventy-five percent (75%) of employee’s current salary, the Company will
reduce its payment by the excess amount.

 

3.6                               Car
Allowance

 

The
Executive will continue to receive a car allowance of $500.00 per month as part
of his compensation.

 

SECTION 4
- TERMS OF EMPLOYMENT

 

4.1                               Duration

 

The
term of this Agreement shall commence April 1, 2003.  It shall continue for an initial term of two
consecutive one-year periods, subject to the early termination provisions of
this Section 4.  Upon expiration of
the initial term, this Agreement will be automatically renewed for successive
one-year terms unless either the Executive or the Company shall, upon three
months written notice to the other, elect not to renew this Agreement for any
year.  Non-renewal of the Agreement by
the Company shall be deemed a termination pursuant to Section 4.2(a)(ii), and shall be subject to the severance compensation
provisions related to termination under that Section.

 

4.2                               Termination
by the Company

 

(a)                                  The
Company may terminate this Agreement:

 

3

 

(i)            Immediately
if it is determined by the Board of Directors that the Executive’s
actions:  (1) constitute a material
breach of his duties hereunder, followed by Executive’s failure to cure such
breach within a period of not less than 60 (sixty) days after receiving written
notice thereof, or (2) conviction of a criminal act reflecting adversely on the
business or reputation of the Company or (3) have resulted in the Executive, in
his personal capacity, being indicted or sanctioned or his entering into a
consent decree, in connection with any investigation of, allegation of
wrongdoing by, or other formal proceeding against the Executive, by the United
States Food and Drug Administration or the United States Securities and
Exchange Commission, whether related to the business of the Company or to any
other past employment or activity of the Executive; or

 

(ii)           With or
without other cause at any time by giving written notice to the Executive.

 

(b)                                 Upon
termination of this Agreement by the Company:

 

(i)            Pursuant
to Section 4.2(a)(i):

 

A.                                   The salary and Company sponsored benefits payable to the Executive
pursuant to Section 3.1 shall be paid in regular bi- weekly installments
for twelve months (12) months following the date of termination;  if however, the
Executive finds an appropriate job during the severance period, the Executive
agrees to inform the Company and severance benefits will be forfeited from that
point.

 

B.                                     All
other forms of compensation payable to the Executive pursuant to Section 3
shall terminate on the date of termination, except that as expeditiously as
possible following the termination, the Company shall pay or reimburse the
Executive for all expenses incurred prior to the termination pursuant to Section 3.3,
together with any bonuses earned by and previously awarded to the Executive
pursuant to Section 3.2 prior to the date of termination.

 

(ii)           Pursuant
to Section 4.2(a)(ii), Section 4.1 or Section 4.5:

 

A.                                   The
salary and Company sponsored benefits payable to the Executive pursuant to Section 3.1
shall be paid for the period commencing on the date of the termination and
continuing for twelve (12) months following the date of termination; and

 

B.                                     All
other forms of compensation payable to the Executive pursuant to Section 3
shall terminate, except that as expeditiously as possible after the
termination, the Company shall pay or reimburse the Executive for all expenses
incurred prior to the termination pursuant to Section 3.3, together with
any bonuses earned by and previously awarded to the Executive pursuant to Section 3.2
prior to the date of termination.

 

4.3                               Termination
by Executive

 

The
Executive may terminate this Agreement at any time by giving written notice to
the Company.  Upon termination of this
Agreement by the Executive pursuant to this Section:

 

(a)                                  The
salary payable to the Executive pursuant to Section 3.1 shall be prorated
to the date of the termination; and

 

4

 

(b)                                 Except
for the severance package made available to the Executive pursuant to Section 2.3
and Section 4.2(b)(ii), all other forms of
compensation payable to the Executive pursuant to Section 3 shall
terminate on the date of the termination. 
As expeditiously as possible after termination of the Executive’s
employment, the Company shall pay or reimburse the Executive for all expenses
incurred prior to the termination pursuant to Section 3.3.

 

4.4                               Termination
Upon Death

 

This
Agreement shall terminate immediately upon the Executive’s death.  In the event of the Executive’s death:

 

(a)                                  The
Company shall pay to the Executive’s estate the salary otherwise payable to the
Executive pursuant to Section 3.1 through the last day of the calendar
month in which the Executive’s death occurs and for a period of sixty (60) days
thereafter; and

 

(b)                                 As
expeditiously as possible after the Executive’s death, the Company shall pay or
reimburse the Executive’s estate for all expenses incurred pursuant to Section 3.3
prior to such death, together with any bonuses earned by and awarded to the
Executive pursuant to Section 3.2 prior to the date of such death.

 

4.5                               Change in Control

 

If at
any time during the term of this Agreement a Change in Control (as defined
below) of the Company occurs, then, as to such Change in Control, the Company
will utilize its best efforts to make appropriate provisions to preserve the
rights and interests of the Executive pursuant to this Agreement.  Failure of the Company to preserve such
rights and interests of the Executive will, at the Executives option, be deemed
a termination pursuant to Section 4.2(a)(ii), and
will be subject to the severance compensation provisions related to termination
under that Section.  For purposes of this
Agreement, a “Change in Control” shall mean the occurrence of any of the
following events:

 

(a)                                  The
approval by the shareholders of BMT of:

 

(1)                                  any
consolidation, merger or plan of share exchange involving BMT (a “Merger”) as a
result of which the holders of outstanding securities of BMT ordinarily having
the right to vote for the election of directors (“Voting Securities”)
immediately prior to the Merger do not continue to hold at least 50% of the
combined voting power of the outstanding Voting Securities of the surviving or
continuing corporation immediately after the Merger, disregarding any Voting
Securities issued or retained by such holders in respect of securities of any
other party to the Merger;

 

(2)                                  any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all, or substantially all,
the assets of BMT; or

 

(3)                                  the adoption of any plan or proposal for the liquidation or
dissolution of BMT; or

 

(b)                                 Any
“person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the
Securities Exchange Act of 1934, as amended (the “Act”)) shall, as a result of
a tender or exchange offer, open market purchases or privately negotiated
purchases from anyone other than BMT, have become the beneficial owner (within
the meaning of Rule 13d-3 under the Act), directly or indirectly, of Voting
Securities representing fifty percent (50%) or more of the combined voting
power of the then outstanding Voting Securities.

 

5

 

4.6                               Acts
Upon Termination

 

Upon
termination of Executive’s employment with the Company, all computers,
equipment, documents, records, notebooks, and similar repositories of or
containing Confidential Information, including copies thereof, then in the
Executive’s possession, whether prepared by himself or others, will be
delivered to the Company within thirty (30) days of such termination.  The obligations of the Executive in Sections
6.1 and 6.2 of this Agreement shall survive any termination of the Executive.

 

SECTION 5
- STOCK

 

5.1                               Grant
of Stock Options

 

As
soon as possible following the receipt of shareholder approval at the Company’s
Annual Meeting in June 2003, the Executive and the Company shall execute
an Incentive Stock Option Agreement granting the Executive 25,000 options to
purchase shares of BMT at a strike price equal to the fair market value of the
Company’s stock on the date of grant. 
These options vest as follows: 
33.3% (8,333) on each of the Executive’s first three annual
anniversaries of employment with the Company, provided
he remains employed by the Company during each year.  All options granted will be subject to the
same terms and conditions as typically provided in options granted under the
Company’s 1992 Stock Incentive Plan.

 

The
Stock Option Agreements related to such options will provide that, in the event
of (A) a Change in Control, or (B) termination of employment pursuant to Section 4.2(a)(ii) (including deemed termination pursuant to such section pursuant
to Section 4.1), all stock options which have been awarded to the
Executive, but are not yet vested, will vest immediately.

 

5.2                               Registration

 

It is
understood that BMT is a reporting company within the requirements of the
Securities and Exchange Commission (“SEC”) and has elected to register the
options granted hereunder with the SEC.

 

SECTION 6
- MISCELLANEOUS

 

6.1                               Disclosure
of Information and Employee Restrictions

 

Executive
agrees to the following:

 

a.                                       Executive
agrees that he shall not, during his employment, either as an individual or as
part of an organization, throughout North America or Europe, compete with the
Company or render services directly or indirectly, to any Conflicting
Organization or himself establish or acquire any interest, directly or
indirectly, in a Conflicting Organization, nor will he assist any other person
or entity to do so;

 

b.                                      Executive
will not during his employment solicit or sell to any of the Company’s present
or future customers, a Conflicting Product or service nor will he assist any
other person or entity to do so;

 

c.                                       Except
as required in his duties to the Company, the Executive will not, during or for
five years after his employment, directly or indirectly use, disseminate,
disclose, lecture upon, or publish any Confidential Information without Company’s
written consent.

 

In the
event this Agreement is terminated, for whatever reason, Executive agrees that
he shall not, for two years following the date of termination:

 

6

 

a.                                       Either
as an individual or as part of an organization, throughout Canada or the United
States, compete with the Company or render services directly or indirectly, to
the companies listed in exhibit A, or to any Conflicting Organization (unless
the services are not directed towards a conflicting product) or himself
establish or acquire any interest, directly or indirectly, in a Conflicting
Organization, nor will he assist any other person or entity to do so; and

 

b.                                      He
will not employ, without the consent of the Company, directly or indirectly,
any past or present employees of the Company, nor will he assist any other
person or entity to do so; and

 

6.2                               Arbitration
and Jurisdiction

 

As a
matter of operating practice, the Company expects to resolve disagreements or
conflicts by mutual negotiation in good faith. 
Any controversy or claim arising out of or relating to this Agreement or
any breach of this Agreement shall be finally settled by arbitration in
accordance with the provisions of the Commercial Arbitration Rules of the
American Arbitration Association.  Such
arbitration shall be conducted in Portland, Oregon by one arbitrator, with one
discovery allowed by each party to this agreement.  This agreement is entered into and shall be
interpreted and enforced according to the laws of the State of Oregon; both
parties consent to personal jurisdiction for that purpose.

 

6.3                               Notices

 

Any
notice or other communication required or permitted to be given under this
Agreement shall be in writing, given by personal delivery or sent by first
class mail, postage prepaid, addressed as follows:

 

	
  To the
  Executive:

  	
   

  	
  J. Michael
  Redmond

  
	
   

  	
   

  	
  10 Canterbury
  Road

  
	
   

  	
   

  	
  Windham, NY
  03087

  
	
   

  	
   

  	
  (the “Executive”)

  
	
   

  	
   

  	
   

  
	
  To the Company:

  	
   

  	
  Secretary to the
  Board of Directors

  
	
   

  	
   

  	
  Bioject Medical
  Technologies Inc.

  
	
   

  	
   

  	
  7620 S.W.
  Bridgeport Road

  
	
   

  	
   

  	
  Portland, Oregon
  97224

  

 

Either
party, by notice as provided above, may change the address to which subsequent
notice shall be given.  Any notice given
herein shall be deemed received seven (7) days after posting in a post office
box; PROVIDED, HOWEVER, that if there should be a postal strike, slow-down or
other labor dispute which may effect the delivery of such notice through the
mail between the time of mailing and the actual receipt of the notice, then
such notice shall be effective only if actually delivered.

 

6.4                               Assignment

 

This
Agreement is a personal employment agreement addressing services, compensation
and benefits.  It may not be assigned by
either party without the prior written consent of the other party; however,
during his employment term, the Executive may by written assignment assign all
or any portion of the compensation or benefits to which he is entitled under Section 3
to any member of his immediate family or to any corporation, partnership or
other business entity controlled by the Executive.  Except as required by law, no right to
receive payments under this Agreement shall be subject to anticipation,
commutation, alienation, sale, assignment, encumbrance, charge, pledge or
hypothecation or to execution, attachment, levy or similar process or
assignment by operation of law

 

7

 

and any attempt, voluntary or
involuntary, to affect any such action shall be null, void, and of no effect.

 

6.5                               Indemnity

 

The
Executive, his heirs, executors, administrators, estate and effects, shall at
all times be indemnified and held harmless by the Company from and against:

 

a.                                       All
costs, charges and expenses whatsoever sustained or incurred as a result of any
action, suit or proceeding, whether civil, criminal, administrative, or
investigative, that is brought, commenced or prosecuted for or in respect of
any act, deed, matter or thing whatsoever made, done or permitted in or about
the execution of the Executive’s duties; and

 

b.                                      All
other costs, charges and expenses sustained or incurred in or about or in
relation to the affairs of the Company;

 

Except
such costs, charges or expenses as are occasioned by the criminal act, willful
gross neglect or default of duties by the Executive.  At all such times that the Company obtains
and maintains directors and officers errors and omissions insurance, Executive
shall be a beneficiary of such policy(ies).

 

6.6                               Amendment
and Severability

 

This
Agreement may not be amended or otherwise modified except by an instrument in
writing signed by both parties.  All
agreements and covenants herein contained in this Agreement are deemed to be
severable, and in the event any portion of this Agreement is declared to be
invalid, this Agreement shall be interpreted as if such invalid portion or
covenant were severed and not contained herein, with all other terms of this
Agreement remaining valid and binding on the parties hereto.

 

6.7                               Entire
Agreement

 

This
agreement specifies all of the terms and conditions of an employment agreement
entered into between the parties on April 1, 2003, which terms and
conditions have been negotiated prior to that date.

 

6.8                               Binding
Effect

 

This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, personal representatives, successors and assigns,
except as otherwise expressly provided herein.

 

6.9                               Review
of Legal Counsel

 

The
Executive acknowledges that he has had adequate time and opportunity to consult
with legal counsel of his own selection prior to entering into and executing
this Agreement.

 

8

 

IN WITNESS WHEREOF the
parties have executed this Agreement effective on the day and year first
written above.

 

 

	
  /s/ J. Michael
  Redmond

  	
   

  
	
  J. Michael Redmond

  
	
   

  
	
   

  
	
  BIOJECT
  MEDICAL TECHNOLOGIES INC.

  
	
   

  
	
  By:

  	
  /s/ James C. O’Shea

  	
   

  
	
  Name:

  	
  James C. O’Shea

  	
   

  
	
  Title:

  	
  Chief Executive
  Officer and President

  	
   

  
	
   

  
	
   

  
	
  BIOJECT
  INC.

  
	
   

  
	
  By:

  	
  /s/ James C. O’Shea

  	
   

  
	
  Name:

  	
  James C. O’Shea

  	
   

  
	
  Title:

  	
  Chief Executive
  Officer and President

  	
   

  
					

 

9

 

Exhibit A

 

Business Development Bonus Program

 

1.                                       This
bonus program is effective beginning January 1, 2003, and will expire on December 31,
2003.

 

2.                                       The
bonus is a team-based bonus designed to provide an incentive and further
compensate the Senior Vice President and Vice President of Business Development
for executing partnering agreements.  A
bonus equal to 15% of their respective annual base salaries will be paid to the
Senior VP and VP of Business Development. 
The bonus is earned by both employees on all executed
partnering/licensing agreements that include either license
fees, milestone payments, equity investments, research fees and/or products
sales that total a minimum of $500,000 paid to Bioject.

 

3.                                       The
bonus will be paid within 30 days of the signing of the partnering agreement
and receipt of $500,000 in payments to Bioject.

 

4.                                       This
bonus program will be considered an amendment to the employment contracts of
the Senior VP and VP of Business Development currently in effect and will
replace the previous bonus programs that were part of those agreements.EXHIBIT 10.2

 

AMENDMENT

TO

EXECUTIVE EMPLOYMENT AGREEMENT

 

This First Amendment to the Executive Employment
Agreement (this “Amendment”) is dated April 13, 2004 and is made by and among
Bioject Inc. (“BI”) and Bioject Medical Technologies Inc. (“BMT”) (collectively,
“Employer”), and J. Michael Redmond, an individual (“Executive”) (together the “Parties”).

 

RECITALS

 

WHEREAS, the
Parties entered into an Executive Employment Agreement on or about March 13,
2003 (the “Employment Agreement”); and

 

WHEREAS, the Parties
now want to amend the Employment Agreement to provide certain additional
benefits to Executive and to make such changes as are specifically covered
herein.

 

AGREEMENT

 

NOW, THEREFORE,
for good and valuable consideration, and in consideration of the mutual
covenants and conditions herein set forth, the receipt and sufficiency of which
is hereby acknowledged, the Parties agree as follows:

 

1.                                      Restricted Stock Unit Award.  Following
the execution of this Amendment by the Parties (the “Effective Date”), BMT will
grant Executive a restricted stock unit award (the “Award”) under the Bioject
Restated 1992 Stock Incentive plan, as amended September 13, 2001 and March 13,
2003 (the “Plan”), with each unit representing the right to receive one share
of BMT Common Stock, subject to certain vesting conditions and forfeiture
provisions. Following the Effective Date, BMT will provide Executive with a
Restricted Stock Unit Grant Agreement that evidences the Award.  The Restricted Stock Unit Grant Agreement
sets forth the specific terms and conditions of the Award, including, without
limitation, the certain time and performance-based vesting conditions as well
as the terms under which Executive will forfeit the Award (including
termination of Executive’s employment with Employer).  The Award is subject to Board approval and Executive’s
execution of the Restricted Stock Unit Grant Agreement and this Amendment.

 

2.                                      Compliance with Company Policies;
Applicable Legal Requirements.  Executive shall comply with the Company’s
policies and procedures to the extent they are not inconsistent with the
Employment Agreement, as amended by this Amendment, in which case the
provisions of the Employment Agreement, as amended, shall prevail.  Executive shall comply with all legal requirements
applicable to Executive’s position, including without limitation, requirements
arising out of the Sarbanes-Oxley Act of 2002.

 

3.                                      Stock Options.  Section 5 of the Employment Agreement
shall be amended by adding new Sections 5.3, 5.4 and 5.5, as set forth below:

 

“5.3                           Stock Options.  In the event of a (A) termination of
Executive’s employment pursuant to Section 4.5 (Change of Control), or (B)
termination of Executive’s employment pursuant to

 

1

 

Section 4.2(a)
(ii)(including deemed termination pursuant to Section 4.1 (Term), subject
to Executive’s compliance with the requirements set forth in Section 5.5
below, all stock options which have been previously awarded to Executive, but
are not yet vested, will be 100% vested on the Effective Date of the Release of
Claims (as those terms are defined in Section 5.5, below).  Notwithstanding the foregoing, all the other conditions and
restrictions in the Incentive Stock Option Agreement and the Bioject Medical Technologies
Inc. Restated 1992 Stock Incentive Plan, as amended September 13, 2001 and
March 13, 2003, shall remain in effect.”

 

5.4                                 Restricted Stock Units.  In the event of termination of Executive’s employment pursuant to Section 4.2(a)(ii)
(including deemed termination pursuant to Section 4.1) of the Employment
Agreement, subject to Executive’s compliance with the requirements set
forth in Section 5.5, below and notwithstanding the forfeiture provisions
of Section 3(c) of Executive’s Restricted Stock Unit Grant Agreement, all
Restricted Stock Units that have been previously awarded to Executive will
immediately be deemed earned and 100% vested on the Effective Date of the
Release of Claims (as those terms are defined in Section 5.5, below).  All the other conditions and restrictions in
the Restricted Stock Unit Grant Agreement and Notice of Grant shall remain in
effect, including without limitation, the Executive’s obligation to pay the
Company such amount of cash as the Company may require, under all applicable
federal, state, local or other laws or regulations, to withhold and pay over as
income or other withholding taxes for all Restricted Stock Units which vest on
the Effective Date of the Release of Claims.

 

5.5                                 Release of Claims.  As a condition precedent to the accelerated
vesting of stock options pursuant to Section 5.3, above and restricted
stock units pursuant to Section 5.4, above, Executive shall be required to
sign, deliver to the Company and not revoke a release of claims in a form to be
provided by the Company at the time of termination (the “Release of Claims”).   Such accelerated vesting of stock options
and restricted stock units shall be effective on the eighth (8th)
day after delivery of the executed Release of Claims by Executive to the Company,
provided that Executive has not revoked acceptance or rescinded the Release of
Claims (the “Effective Date”).”

 

5.                                      Confidentiality and Invention
Ownership Agreement. 
Concurrent with the execution of this Agreement, Employee has also
entered into and agreed to be bound by the terms of that certain Bioject Inc. Employee Confidentiality and
Invention Ownership Agreement, a copy of which is attached as Attachment
1, and incorporated herein by this reference.

 

6.                                      Disclosure of Information and
Employee Restrictions.  Section 6.1 c. is modified by deleting
the words in line two:  “for five years.”

 

7.                                      Amendment to Employment
Agreement; Order of Precedence.  This Amendment constitutes an
amendment to the Employment Agreement between the Parties, within the meaning
of Section 6.6 of the Employment Agreement.  Except as set forth in this Amendment, the
Employment Agreement shall remain in full force and effect and references in
the Employment Agreement to “this Agreement”, “hereunder,” “herein,” “hereof,”
and words of like effect shall mean the Employment Agreement as so amended by
this Amendment.  In the event of any
conflicts between the provisions contained in this Amendment and the provisions
of the Employment Agreement, the provisions contained in this Amendment shall
prevail. Any defined terms used in the Employment Agreement which are wholly or
partially redefined by this Amendment shall be interpreted in such Employment
Agreement as being so redefined.

 

2

 

8.                                      Counterparts. 
This Amendment may be
executed in one or more counterparts and/or by facsimile, each of which shall
be deemed an original and all of which signed, taken together, shall constitute
one instrument.

 

IN WITNESS WHEREOF, the Parties have executed this
Amendment effective on the day and year first written above.

 

	
  ACCEPTED AND AGREED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ J. Michael Redmond

  	
   

  	
   

  	
   

  
	
  J. Michael Redmond, Executive

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BIOJECT, INC.

  	
   

  	
  BIOJECT MEDICAL TECHNOLOGIES INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Christine Farrell

  	
   

  	
   

  	
  By:

  	
  Christine Farrell

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Christine Farrell

  	
   

  	
   

  	
  Name:

  	
  Christine Farrell

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  Corporate Controller

  	
   

  	
   

  	
  Title:

  	
  Corporate Controller

  	
   

  
												

 

3

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