Document:

Exhibit
10.2

     

    
      SETTLEMENT
AGREEMENT AND GENERAL RELEASE

    

     

    
      This
Settlement Agreement and General Release (the “Agreement”) is made and entered
into between Keryx
Biopharmaceuticals, Inc. (hereinafter “Keryx”) on the one hand and Alfa Wassermann S.p.A.
(hereinafter “Alfa”) on the other hand (Keryx and Alfa are collectively referred
to as the “Parties”).

      

      WHEREAS, Keryx and Alfa
entered into a License Agreement on November 12, 1998 (the “License Agreement”),
which has been terminated;

      

      WHEREAS, the parties are
engaged in a dispute over issues arising from the License Agreement;
and

      

      WHEREAS, Alfa and Keryx now
desire to compromise and settle any and all remaining claims that were raised or
could have been raised by the Parties with regard to the License Agreement; and
otherwise

      

      NOW THEREFORE, for and in
consideration of the mutual promises and covenants set forth below, the receipt
and sufficiency of which is hereby acknowledged, the undersigned Parties agree
as follows:

      

      Any
capitalized terms herein that are not otherwise defined shall have the meaning
ascribed to them in the License Agreement.

      

      1.           Payment.  Alfa will pay, or
cause to be paid, to Keryx, the total sum of Three Million Five Hundred Thousand
United States Dollars (US$3,500,000.00) (the “Settlement Sum”), with Two Million
Seven Hundred and Fifty Thousand United States Dollars (US$2,750,000.00) of the
Settlement Sum to be paid by wire transfer within five business days of the date
hereof (the “First Payment”), and the remaining Seven Hundred and Fifty Thousand
United States Dollars (US$750,000.00) to be paid on or before the first
anniversary of this Agreement.  Alfa will wire, or caused to be wired,
the payments comprising the Settlement Sum to TD Bank, N.A., using the wire
instructions attached hereto as Exhibit
A.

       

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      2.           Release
by Keryx.  The Keryx
Released Parties (as defined in Section 4, below) hereby knowingly, voluntarily
and irrevocably release and discharge Alfa, as well as all related companies and
entities, including but not limited to parent companies, subsidiaries and
affiliates, together with their respective officers, directors, managers,
shareholders, members, employees, agents, successors, assigns and attorneys (all
of the foregoing being collectively referred to as the “Alfa Released Parties”)
from any and all claims, actions, causes of action, sums of money due,
attorney's fees, suits, debts, covenants, contracts, agreements, torts,
promises, demands or liabilities whatsoever, in law or in equity, whether known
or unknown,  direct or indirect and fixed or contingent which Keryx
ever had, now has, or might in the future have against any of the Alfa Released
Parties which now exist or which may arise in the future, including, but not
limited to, any and all claims arising out of or related to the License
Agreement or the termination thereof. The claims released by the Keryx Released
Parties pursuant to this Agreement include, but are not limited to, any and all
contractual claims, all common law claims, all claims arising under statute,
rule or regulation, all claims for breach of an implied covenant of good faith
and fair dealing, and all claims for the violation of any public policy. Keryx
on behalf of the Keryx Released Parties, covenants and agrees not to file a
lawsuit, initiate any action or assert any such claims against any Alfa Released
Parties.

      
         

        
          
            
            

          

          
            2

            
              

            

          

          
            
            

          

           

        

      

      3.           Transfer
and Assignment by Keryx.  Keryx hereby
contributes, transfers, conveys, assigns and delivers to Alfa and its
successors, assigns, designees and legal representatives, all right, title and
interest of Keryx in and to all data, clinical trial
results and other Intellectual Property Rights relating to the compound known as
Sulodexide (or Sulonex) and the Patent Rights and Know-how licensed to Keryx
under the License Agreement, (the “Assigned Intellectual Property”), the same to
be used and enjoyed by Alfa and for the use and enjoyment of its successors,
assigns, designees and other legal representatives, as fully and entirely as the
same would have been held and enjoyed by Keryx if the License Agreement had not
been terminated.

      
         

      

      Keryx
will cause its agents, representatives and designees to transfer to Alfa copies,
whether paper or electronic, of all documents containing the Assigned
Intellectual Property, including, without limitation, all data and results
generated in clinical trials conducted by or for Keryx with respect to
Sulodexide, and a current copy of  the Investigational New Drug
Application filed by Keryx with the United States Food and Drug Administration
with respect to Sulodexide (the “IND”) no later than 45 days following receipt
of the First Payment to the following location: Alfa Wassermann S.p.A., Viale
Sarca, 223, 20126 Milano, Italy, Attn: Massimo Grilli.  Keryx shall
have the right to retain copies of all documents transferred to Alfa pursuant to
this Agreement, however, such possession shall in no way diminish the rights
granted to Alfa by Keryx hereunder. For the purpose of clarification, the right,
title and interest in and to the IND shall remain with Keryx, but Alfa shall be
permitted to use and reference the IND for any purpose.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      Keryx
will cause its agents, representatives and designees to, from time to time,
without additional compensation, execute and deliver to Alfa such additional
instruments, documents, conveyances or assurances and take such other action as
shall be necessary, or otherwise reasonably requested by Alfa, to confirm and
assure the transfer to Alfa of the rights and obligations provided for in this
Section 3 with respect to the Assigned Intellectual Property, including without
limitation, the assignment of all patents and patent applications included in
the Assigned Intellectual Property.  Notwithstanding the foregoing,
Alfa shall have no direct access to any employees of Keryx pursuant to the terms
of this Agreement.  Keryx shall also use its best efforts to cooperate
with Alfa, at Alfa’s request, to encourage the principal investigators that
conducted Keryx’s clinical trials on Sulodexide to make themselves available for
discussion with Alfa, however, Alfa acknowledges that such investigators are not
employees of Keryx and their cooperation cannot be guaranteed by
Keryx.

      

      Keryx
does not warrant that it is the owner of the Assigned Intellectual
Property.  Further, Keryx expressly disclaims any warranties, whether
express or implied, oral or written, as to the merchantability or fitness of the
Assigned Intellectual Property for any particular purpose.

       

      Keryx
represents and warrants that it has not assigned, transferred or encumbered, or
purported to assign, transfer or encumber, voluntarily or involuntarily, to any
person or entity which is not a Party to this Agreement, all or any portion of
the Assigned Intellectual Property, and to the best of Keryx’s knowledge, no
individual or entity has assigned, transferred or encumbered, or purported to
assign, transfer or encumber, all or any portion of the Assigned Intellectual
Property.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

      For
purposes of this Agreement, “Intellectual Property Rights” shall mean any and
all of the following in any jurisdiction throughout the world: (a) patents,
patent applications, and patent disclosures, and any and all continuations,
continuations-in-part, requests for continued examinations, continued
prosecution applications, divisionals, reissues, reexaminations, substitutions,
extensions, renewals and foreign counterpart patents and patent applications of
any of the foregoing, and any other patent or patent application claiming
priority to any of the foregoing and all inventions, whether or not patentable
and whether or not reduced to practice; (b) works of authorship, copyright
rights related thereto, industrial designs and industrial models, and all
applications, registrations, and renewals in connection
therewith;  (c) trade secrets, know-how and confidential information
(including, without limitation, ideas, research and development, formulas,
compositions, manufacturing and production processes and techniques, technical
data, designs, drawings, specifications, customer and supplier lists, pricing
and cost information, and business and marketing plans, proposals, and methods);
and (d) all rights pertaining to any of the foregoing.

      

      Keryx
shall treat any and all information that remains in its possession or control
regarding the Assignment Intellectual Property as strictly confidential and
proprietary to Alfa, and may not use such information for any purpose or
disclose it to any third party; provided, however, that the foregoing
restrictions on disclosure of information shall not apply to information that
(i) was in the public domain as of the date of this Settlement Agreement, (ii)
comes into the public domain subsequent to the date of this Settlement Agreement
though no fault of Keryx or (iii) Keryx is legally required to disclose,
provided that (A) prior to making such disclosure Keryx shall give Alfa written
notice that it is subject to such legally compelled disclosure at least 20 days
in advance of making the disclosure (to the extent it is legally permissible to
do so), (B) Keryx shall limit the information it discloses to the minimum
information that Keryx’s legal counsel determines must be provided in order for
Keryx to fulfill its legal obligations and (C) Keryx will, if so requested by
Alfa, cooperate with Alfa’s efforts to obtain a protective order or similar
confidential treatment for the information in issue, at Alfa’s
expense.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      4.           Release
by Alfa.  The Alfa Released
Parties hereby release and discharge Keryx, as well as all related companies and
entities, including but not limited to parent companies, subsidiaries and
affiliates, together with their respective officers, directors, shareholders,
employees, agents, successors, assigns and attorneys (all of the foregoing being
collectively referred to as the “Keryx Released Parties”) from any and all
claims, actions, causes of action, sums of money due, attorney's fees, suits,
debts, covenants, contracts, agreements, torts, promises, demands or liabilities
whatsoever, in law or in equity, whether known or unknown, direct or indirect
and fixed or contingent which Alfa ever had, now has, or might in the future
have against any Keryx Released Party which now exist or which may arise in the
future, including, but not limited to, claims arising out of or related to the
License Agreement or the termination thereof. The claims released
by  the Alfa Released Parties pursuant to this Agreement include, but
are not limited to, any and all contractual claims, all common law claims, all
claims arising under statute, rule or regulation, all claims for breach of an
implied covenant of good faith and fair dealing, and all claims for the
violation of any public policy. Alfa, on behalf of the Alfa Released Parties,
covenants and agrees not to file a lawsuit, initiate any action or assert any
such claims against any Keryx Released Parties.

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      5.           No
Admission of Liability.  The Parties each understand and agree
that the execution and performance of this Agreement is not an admission of any liability on
the part of Alfa or Keryx and that each Party denies liability to the
other.  This Agreement is for the purposes of the settlement and
compromise of disputed claims.

      

      6.           Entire
Agreement.  Except with
regard to matters set forth in that certain Deed of Settlement relating to a
Damages Claim in Case No. WIPO A221106, dated November 3, 2008, this Agreement
supersedes any and all prior negotiations or agreements between the Parties
relating to a compromise regarding  their dispute with respect to the
License Agreement and otherwise represents the entire agreement between the
Parties with respect to the compromise of the dispute regarding the License
Agreement and otherwise.  The Parties hereby acknowledge and agree
that there have been no promises, offers, agreements, understandings or
inducements which have led to the execution of this Agreement other than as
stated herein.

      

      7.           No
Assignment.  Each
Party represents and warrants that such party is the sole and lawful owner of
all right, title and interest in and to every claim or other matter which each
such party purports to release herein, and that such party has full power to
enter into this Agreement and has not assigned, transferred or encumbered, or
purported to assign, transfer or encumber, voluntarily or involuntarily, to any
person or entity which is not a party to this Agreement, all or any portion of
the claims, obligations or rights covered by this Agreement.

      

      8.           No
Presumption Against Drafter.  This Agreement
has been drafted through a cooperative effort of both Parties, and neither Party
shall be considered the drafter of this Agreement so as to give rise to any
presumption or convention regarding construction of this document.

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      9.           Successors
and Assigns.  The Parties'
respective rights under this Agreement shall inure to the benefit of their
successors, assigns, heirs and transferees.

      

      10.           Titles.  The Parties
acknowledge and agree that the titles contained in this Agreement are for
informational purposes only and are not to be considered in interpreting or
applying the terms of this Agreement.

      

      11.           Severability.  If any provision
hereof is unenforceable or is held to be unenforceable, such provision shall be
fully severable, and this Agreement and its terms shall be construed and
enforced as if such unenforceable provision had never comprised a part
hereof.  Under such circumstances, the remaining provisions hereof
shall remain in full force and effect, and the court construing the
unenforceable provision shall add to this Agreement and make a part hereof, in
lieu of the unenforceable provision, a provision as similar in terms and effect
to such unenforceable provision as may be enforceable.

      

      12.           All
Necessary Steps.  The Parties
acknowledge and agree to take all necessary steps, including the execution of
documents, to carry through and complete the exchange of consideration described
in this Agreement.

      

      13.           Execution.  This
Agreement may be executed in counterparts, including by signature transmitted by
facsimile, pdf, or email.  Each counterpart when so executed shall be
deemed to be an original, and all such counterparts together shall constitute
the same instrument.

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      14.           Choice of
Law.  This Agreement
shall be interpreted and enforced in accordance with the laws of the State of
New York without giving effect to the principles of conflicts of
law.

      

      15.           Amendments.
No amendment or supplement to this Agreement shall be effective unless in a
written instrument executed by an authorized officer of each party.

      

      16.           Waivers.  No
waiver by either party of any of their rights under this Agreement shall be
effective unless in a written instrument executed by an authorized officer of
such party.

      

      17.           Press
Release. Alfa understands that Keryx will be required to issue a press
release regarding this Agreement. Prior to issuing such press release, Keryx
shall provide a draft to Alfa and will make such modifications thereto as Alfa
may reasonably request.

      

      18.           Expenses.
Each party shall bear its respective expenses incurred in connection with the
preparation, execution and performance of this Agreement.

      

      [Signatures
on following page]

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

       

      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              	

                                      KERYX
      BIOPHARMACEUTICALS, INC.

                                    	 	 	 ALFA WASSERMANN S.p.A.	 
	
                                       

                                       

                                      
                                        /s/
      Ron Bentsur

                                      

                                    	 	 	
                                       

                                       

                                      /s/
      Andrea Golinelli

                                    	 
	
                                      Ron
      Bentsur

                                    	 	 	
                                      Andrea
      Golinelli

                                    	 
	
                                      Chief
      Executive Officer

                                    	 	 	
                                      Chief
      Operating Officer, International Operations    

                                    	 
	 	 	 	 	 
	Date:	  July 29,
      2009	 	 	Date:	 July 30, 2009	 

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

       

       

      
        
          
          

        

        
          10Unassociated Document

    

    

     

    August 6, 2009

    

    Frederick Arnold

    [redacted]

    

    Dear Mr. Arnold:

    

    Welcome to Capmark Finance Inc.
(“Capmark”), a subsidiary of Capmark Financial Group Inc. (“CFGI” and, together
with its subsidiaries, the “Company”).  This letter will confirm our
offer of employment to you for the full-time position of Executive Vice President and Chief
Financial Officer of CFGI with an annual starting salary of
$750,000.00.  You will report to Jay Levine,
the Chief Executive
Officer, of the Company, who will be your immediate supervisor (or, in the event Jay Levine should no
longer be the Chief Executive Officer, you will report to the then current Chief
Executive Officer of the Company).  You will perform your duties to
the Company at the
Company’s corporate offices in Horsham, Pennsylvania or at the Company’s offices in New
York, New York.  In no event will you be required to change your
current residence in connection with your duties hereunder.

    

    In
addition to your salary, you will receive a signing bonus of $500,000.00 less
applicable taxes (referred to herein as the “Signing Bonus”) on the first pay
period as soon as practicable after your first day of employment with Capmark,
which is expected to be August 6, 2009 (the “Start Date”).

    

    If you
voluntarily resign other than for Good Reason or are terminated with Cause
during the first six months following your Start Date, you agree to reimburse
the Company one-half of the Signing Bonus ($250,000.00), and you further agree
that the Company may offset such amount against any amounts due and owing to
you. The terms “Good Reason” and “Cause” are defined at the end of this letter
and are used solely for the purposes of this offer letter; in no event shall
such definitions be deemed to apply to any other agreements that you may enter
into with the Company.

    

    You will
participate in the Company’s annual discretionary bonus program beginning with
the 2009 plan year.  Please note that you must be a Company employee
in good standing at the time of any bonus payout for the plan year to receive
such payout.  For the 2009 Plan year, you will be eligible to receive
a minimum target bonus of $250,000.00 less applicable taxes and withholdings at
the time annual bonuses are normally paid out, subject to your satisfactory
contribution to the activities of Capmark.  The decision as to whether
you will receive a bonus and the amount of such bonus will be determined in Jay
Levine’s (or the then Chief Executive Officer’s) discretion. Although the bonus
for the 2009 Plan year is not guaranteed, it is understood and contemplated that
you will receive a bonus if your performance as a Company employee meets the
standards generally expected of a chief financial officer of a comparable
entity.  Any bonus for subsequent plan years will be completely
discretionary.  Please note that a discretionary bonus is not
guaranteed; rather, it is dependent upon your performance, the Company’s
performance and other factors in the sole discretion of the
Company.

    

    Please be
advised that, in accordance with Company policy, your performance may be
reviewed after your initial three months of employment.

    

    Company
policy for time off is reflected in PTO (paid time off) days.  You
will accrue 1.67 days (20
days annually) per month beginning the first of the month of your first full
month worked.  These days are to be used for vacation or any personal
time you may need.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    You will
be offered the same benefits offered to full-time executive committee employees
of Capmark, which includes severance under the terms of our Severance Pay Plan
that is equivalent to your annual base pay subject to the limitation of Section
409A of the Internal Revenue Code of 1986, but in no event to exceed $500,000.00
if you terminate and are eligible for severance during the first twelve months
of your employment.  If you so elect, medical and dental coverage
shall be provided by the Company for you and your eligible
dependents.  The Company will also make available term life coverage
on the same terms as such coverage is currently made available to other
full-time executive committee employees of Capmark.  Such insurance
coverage will become effective the first day of the month after your first full
month worked, and you
must enroll within 30 days of your Start Date.  You may also
purchase additional term life insurance for you and your family contingent upon
our insurance carrier’s approval.  You may participate in the
Company’s 401(k) Plan beginning after the first of the month after your first
full month worked.

    

    The
Company recognizes that you currently reside in Larchmont, New York, and that
you do not intend to relocate your residence in order to assume the
responsibilities set forth in this letter offer.  The Company will
reimburse you for all reasonable and necessary business expenses incurred by you
in the conduct of your duties hereunder in accordance with the Company’s
policies with respect thereto, as in effect from time to time, including,
without limitation, reasonable expenses for business travel, lodging, meals away
from home and transportation to the Company’s offices other than the New York
City office (and from the Company’s offices to your home) related to the
discharge of your official duties hereunder. The Company also agrees that it
will reimburse your reasonable legal fees and expenses incurred in connection
with the review and negotiation of this Letter Agreement.

    

    During
your employment with the Company and thereafter, the Company will indemnify you
and your heirs and legal representatives, to the extent applicable, to the
maximum extent provided under the Company’s charter and
by-laws.  During your employment with the Company and thereafter, the
Company will also insure you under a policy of directors and officers’ liability
insurance during your employment and thereafter to the same extent as provided
to other senior officers of the Company.

    

    Please be
advised that we routinely conduct a background investigation on all employees.
In addition, all employees are required to comply with the policies and
procedures of the Company, including but not limited to our Conflict of Interest
policy.   As such, your initial and continued employment is contingent
upon your providing a completed copy of the enclosed Conflict of Interest
questionnaire prior to the expiration date designated in this letter, a
satisfactory report regarding your background and your continuing compliance
with the Company’s policies and procedures.

    

    The
Immigration Reform and Control Act of 1986 requires employers to verify both the
identity of all employees who work in the United States and the applicable
authorization for them to do so.  A list of documents accepted by the
Immigration and Naturalization Service for this purpose is enclosed for your
information.  You must bring one original document from List A or one
original from both List B and List C on your first day of
employment.  These documents will be copied for your file and the
original(s) returned to you.

     

    This
offer letter is intended to comply with the provisions of Section 409A of the
Internal Revenue Code of 1986.  To the extent that any provision of
this offer letter contravenes Section 409A or any regulations or Treasury
guidance promulgated thereunder, the parties will negotiate in good faith to
reform this offer letter or any provision hereof to maintain to the maximum
extent practicable the original intent of the applicable provision without
violating the provisions of Section 409A of the Code.  Notwithstanding
any provision in this offer letter to the contrary, any payment otherwise
required to be made hereunder to you at any date as a result of the termination
of your employment (other than any payment made in reliance upon Treas. Reg.
Section 1.409A-1(b)(9) (Separation Pay Plans) or Treas. Reg. Section
1.409A-1(b)(4) (Short-Term Deferrals)) shall be delayed for such period of time
as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of the
Code.  On the date that is six months and one day following the date
on which your employment is terminated, there shall be paid to you, in a single
cash lump sum, an amount equal to the aggregate amount of all payments delayed
(if any) pursuant to the preceding sentence.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    We are
looking forward to having you join the Company.  Please feel free to
contact me if you have any questions concerning this offer of
employment.  I can be reached at [redacted].

    

    Sincerely,

    

    /s/ Linda
Pickles                                           

    

    

    Linda
Pickles

    Executive
Vice President &

    Chief
Administrative Officer

    

    Your
employment is “at will”; it is for no set term and may be terminated at any time
for any reason or for no reason, with or without cause, by either you or the
Company.  Similarly, the Company understands that you may terminate
your employment for any reason at any time, and that you have not made any
representation or commitment not set forth in this offer letter relating to your
employment or otherwise. This offer letter contains the entire agreement of the
parties with respect to the subject matter hereof and merges, supersedes and
replaces all prior negotiations, agreements and understandings, if
any.  No promises or representations with respect to compensation are
enforceable unless set forth in this letter or a subsequent written agreement
between you and the Company.  You hereby represent to the Company that
the execution and delivery of this offer letter by you and the performance by
you of your duties hereunder shall not constitute a breach of, or otherwise
contravene, the terms of any employment agreement or other agreement or policy
to which you are a party of otherwise bound.

     

     

    

    

    If
you agree to the above terms, please sign below and return both pages of the
offer letter along with the Investigative Consumer Report Disclosure Notice and
Authorization and Conflict of Interest forms found within the enclosed folder.
All documents can be faxed to (215) 328-0442, prior to the expiration date
designated in this letter.  All other forms should be returned to your regional HR Manager,
Lori Wertman, on first day of employment with
Capmark.

    

    

    This offer
will automatically expire at the close of business on Friday,
August 7, 2009
without further action if it is not accepted by you in writing and received by
the Company prior to such time.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	/s/ Frederick
    Arnold 	 
	Accepted: Frederick
      Arnold  	Date: August 6,
  2009

    

    

    

    
      	
              cc:

            	
              Jay Levine,
    CEO

            

    

    
      	
                         

            	
              Joanna Gerhardt, Recruitment
      Manager

            

    

     

     

    Definitions

     

     “Cause” shall
exist if the Board reasonably determines that any one or more of the following
events has occurred while employed by the Company:  (i) the
executive’s willful and continued failure (except where due to a physical or
mental incapacity) to substantially perform his material duties with respect to
the Company which continues beyond ten (10) days after a written demand for
substantial performance is delivered to the executive by the Company (such
ten-day period, the “Cure Period”); (ii) any gross misconduct of the executive
that causes material and demonstrable injury, monetarily or otherwise, to the
Company; (iii) conviction of, or plea of guilty or nolo contendere to, the
commission of (x) a felony by the executive or (y) any misdemeanor involving
theft, fraud, misappropriation or moral turpitude (other than in connection with
any traffic violations); (iv) executive’s disqualification or bar by any
governmental or self-regulatory authority from serving in his position with the
Company or executive’s loss of any governmental or self-regulatory license that
is reasonably necessary for executive to perform his material duties with
respect to the Company, in any such case, as a result of misconduct by the
executive; (v) executive’s willful obstruction of, or willful failure to
cooperate with (except where due to a physical or metal incapacity), any
investigation authorized by the Board; provided that exercise by the executive
of his constitutional rights under the Fifth Amendment of the United States
Constitution in the event of any criminal investigation of executive shall not
be treated as obstruction of or failure to cooperate with any such
investigation; or (vi) executive’s material breach of the Company’s written code
of conduct and business ethics, which breach is customarily punishable by
termination of employment by the Company.

     

    

    “Good
Reason” shall
mean, without your consent, (i)
the material reduction of your annual rate of base salary, (ii) a material
diminution in your employment duties or responsibilities, in each case,
following a reasonable period by the Company to cure such event following
receipt of written notice by you indicating the event giving rise to Good
Reason, or (iii) relocation
of your principal workplaces (i.e., corporate offices in Horsham, Pennsylvania
and Company offices in New York, New York) to a location or locations more than
50 miles further from Larchmont, New York.  

     

    
      
        
        

      

      
        4

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