Document:

Filed by Bowne Pure Compliance

Exhibit 10.35

***Text Omitted and Filed Separately with the Securities and Exchange

Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

EXECUTION COPY

EXCLUSIVE LICENSE AGREEMENT

This EXCLUSIVE LICENSE AGREEMENT (this “Agreement”) dated as of December 31, 2008 is entered
into by and between Novartis Pharma AG, a corporation organized under the laws of Switzerland,
having a place of business at Lichtstrasse 35, 4056, Basel, Switzerland (“Licensor”), and Nektar
Therapeutics, a Delaware corporation, having a place of business at 201 Industrial Road, San
Carlos, CA 94070 (the “Company”). Licensor and Company are each referred to herein as a “Party”,
and collectively, as the “Parties”.

RECITALS

WHEREAS, Novartis Pharmaceuticals Corporation, Licensor and Company have entered into an Asset
Purchase Agreement (the “APA”) for the sale and purchase of the Transferred Assets related to the
Business (each as defined in the APA); and

WHEREAS, as a condition to Closing under the APA, Licensor will grant Company certain
exclusive license under Intellectual Property included in the Transferred Assets in certain
Licensed Fields (as defined below) and Company will assign and license rights to certain
Improvements (as defined below) [***], on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

AGREEMENT

ARTICLE I

DEFINITIONS

For the purposes of this Agreement, the following terms shall have the following meanings.
All other capitalized terms used herein and not defined in this Article shall be as defined in the
body of this Agreement or the APA.

“[***]” means [***].

“[***]” means [***].

“[***]” means [***].

“[***]” means [***].

 

 

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

“Collaborators” means, with respect to an Existing Agreement, the Third Party(ies) who are
parties to such Existing Agreement with the Company or its Affiliate.

“Company Group” means, collectively, Company and each of its Affiliates.

“Company Improvements” means [***].

“Controlled” means, with respect to specific Intellectual Property, that Intellectual Property
which the applicable Party owns or has a license such that it can grant a license or sublicense
thereto as contemplated under this Agreement without violating the terms of any then-existing
agreement or other arrangement with, or the rights of, any Third Party and without additional
payment or obligation to such Third Party.

“Effective Date” means the date set forth in the Preamble.

“Existing Agreements” means [***].

“Future Collaborators” means Third Parties to whom the Company or Licensor or the respective
Affiliates, licenses or sublicenses, as applicable, rights granted hereunder, to the extent
permitted hereby.

“Improvements” means any improvement, modification, derivative, analogue, mutation,
alteration, enhancement, translation, adaptation, addition, new version or new invention,
Controlled by either Party (including, in the case of the Company, Controlled by any Future
Collaborator of the Company), solely or jointly, in or to any processes, products or materials that
are part of or related to the Business or the Licensed Intellectual Property.

“[***]” means [***].

“[***]” means [***].

“Intellectual Property” shall have the meaning set forth in the APA.

“Know-How” shall have the meaning set forth in the APA.

“Licensed Field” means [***].

“Licensed Intellectual Property” means [***].

“Licensed Improvements” means [***].

“Licensor Group” means, collectively, Licensor and each of its Affiliates.

“Patent Right” means any of the following, whether existing now or in the future anywhere in
the Territory: (a) any issued patent, including inventor’s certificates, utility model,
substitutions, extensions, confirmations, reissues, re-examination, renewal or any like
governmental grant for protection of inventions; and (b) any pending application for any of the
foregoing, including any continuation, divisional, substitution, additions,
continuations-in-part, provisional and converted provisional applications.

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

“Product” means, with respect to a Licensed Field, products or services that may be developed,
manufactured or commercialized within such Licensed Field.

“Regulatory Approval” means all approvals necessary, including price approval, for the
commercial sale of a therapeutic product in a given country or regulatory jurisdiction.

“[***]” means [***].

“[***]” means [***].

“Select Patent Rights” means the list of Patent Rights transferred to Licensor or its
Affiliates as part of the Transferred Assets under the APA described on Exhibit D.

“Services Agreement” means the Services Agreement attached hereto in Exhibit C, under
which Licensor or an Affiliate thereof will provide Company certain services as specified therein.

“Territory” means worldwide.

“Third Party” means any Person other than the Licensor Group and the Company Group.

“[***]” means [***].

ARTICLE II

LICENSES AND ASSIGNMENT

2.1 Licenses.

(a) License to Company. Subject to the terms and conditions of this Agreement,
Licensor hereby grants to Company, with the right to sublicense pursuant to Section 2.2, an
exclusive (even as to Licensor) irrevocable, perpetual, non-transferable (except pursuant to
Section 7.9), royalty-free, fully paid-up license in the Territory under the Licensed Intellectual
Property and Licensed Improvements to develop, manufacture, have manufactured, use, import, export,
sell, offer to sell or otherwise commercialize Products within the Licensed Field.

(b) License to Licensor. Subject to the terms and conditions of this Agreement,
Company hereby grants to Licensor, with the right to sublicense pursuant to Section 2.2, an
exclusive (even as to Company) irrevocable, perpetual, non-transferable (except pursuant to Section
7.9), royalty-free, fully paid-up license in the Territory under the Company Improvements to
develop, manufacture, have manufactured, use, import, export, sell, offer to sell or otherwise
commercialize products or services outside the Licensed Field. The foregoing shall not limit
Licensor’s rights under Section 2.1(c).

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

(c) Assignment to Licensor. [***].

2.2 Sublicenses. Subject to the terms and conditions of this Agreement, each Party
shall have the right to grant sublicenses (to multiple tiers of sublicensees) under the licenses
granted under this Agreement to any Affiliate or Third Party; provided that each such sublicensee
shall be subject to a written agreement with terms and condition that are consistent with, and no
less protective of, the other Party than the terms and conditions hereunder.

2.3 No Implied Licenses. Any Intellectual Property rights of a Party not expressly
granted to the other Party under the provisions of this Agreement shall be retained by such Party.
Except as expressly provided in this Agreement, Party does not grant to the other Party any right
or license in any Intellectual Property right, whether by implication, estoppel or otherwise.

2.4 Consideration. The rights and obligations provided under this Agreement are being
provided as a condition to Closing under the APA. As such, no further consideration, financial or
otherwise, will be due under this Agreement, except as expressly provided herein.

2.5 Representations and Warranties. The Company represents and warrants that it has
provided true, correct and complete copies of the Existing Agreements to Licensor. Licensor
represents and warrants that it has reviewed the Existing Agreements and understands the terms
thereof.

ARTICLE III

SERVICES

3.1 Services. Licensor shall perform or have performed certain services in connection
with the Company’s or its Affiliate’s obligations under the Existing Agreements as and to the
extent and for the consideration provided in the Services Agreement.

ARTICLE IV

PATENT PROSECUTION AND ENFORCEMENT; DMFs

4.1 Invention Disclosures.

(a) [***].

(b) [***].

4.2 Ownership. [***].

4.3 Patent Prosecution.

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

(a) [***]. Licensor shall file, prosecute and maintain the [***] in manner consistent with
the standards it applies with respect to the filing, prosecution and maintenance of its own patents and patent applications. With respect to all other Patent Rights included in
the Licensed Intellectual Property and all other Patent Rights included in Improvements owned by
Licensor or its Affiliates, Licensor will be solely responsible for filing, prosecuting and
maintaining such Patent Rights in its sole discretion.

(b) [***].

(c) Patent Term Extensions. Company shall provide written notice to Licensor of any
applicable Regulatory Approval obtained by or on behalf of the Company (“Company Approval”) that
can provide a basis for a patent term extension of Patent Rights or Licensor Patent Rights (as
defined below) within ten (10) days of receiving such Regulatory Approval. The Parties shall
cooperate, if necessary and appropriate, with each other in gaining patent term extension based on
such Company Approval wherever applicable to Patent Rights included in the Licensed Intellectual
Property or any Patent Rights to Improvements owned by Licensor that are applicable to the Licensed
Fields (“Licensor Patent Rights”). The Parties shall, if necessary and appropriate, agree upon a
joint strategy relating to patent term extensions based on a Company Approval, but, in the absence
of mutual agreement with respect to any extension issue, if Licensor does not wish to file for an
extension of any Patent Rights included in the Licensed Intellectual Property and any Patent Rights
to Improvements owned by Licensor that are applicable to the Licensed Fields, then Licensor shall
timely let Company know sufficiently in advance so as to permit Company to request Licensor to file
for such extension, in which case, Licensor shall file such extension at Company’s expense.

(d) Select Patent Rights. [***].

4.4 Third Party Infringement.

(a) Notice. Company shall promptly report in writing to Licensor any actual or
potential infringement that it becomes aware of related to any Licensed Intellectual Property or
Improvements related thereto, and shall provide Licensor with all available evidence supporting
such infringement or unauthorized use. Licensor shall promptly report in writing to Company any
actual infringement that it becomes aware of related to [***].

(b) Licensor Rights. [***].

(c) Company Rights. [***].

(d) Conduct of Certain Actions; Costs. [***].

(e) Recoveries. [***].

(f) Patent Invalidity Claim. [***].

4.5 Drug Master Files. The provisions set forth in Schedule 4.5 attached
hereto are hereby incorporated by reference as if fully set forth herein.

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

ARTICLE V

CONFIDENTIAL INFORMATION

5.1 Treatment of Confidential Information. In carrying out its obligations under this
Agreement, the Services Agreement or the Transition Services Agreement, each Party or its
Affiliates will be sharing confidential and proprietary data and information (“Confidential
Information”) with the other Party or its Affiliates, with such Confidential Information including,
without limitation, any information generated under this Agreement or the confidential or
proprietary information of Third Parties (including without limitation Collaborators and Future
Collaborators). For the avoidance of doubt, all such data and information relating to the Business
or the Transferred Assets, other than those related to the Retained Assets, (collectively,
“Business Confidential Information”) is Confidential Information of Licensor. As between the
Parties, all such data and information relating to the Retained Assets is Confidential Information
of Company. Except as expressly permitted by this Agreement, each Party shall, and shall cause its
Affiliates to, treat Confidential Information received from the other Party (the “Disclosing
Party”) or its Affiliates as it treats its own proprietary information of like nature and
importance to maintain the confidentiality of such Confidential Information, but in no event less
than reasonable care. During the term of this Agreement and for a period of [***] thereafter, the
Party in receipt of the Disclosing Party’s Confidential Information (the “Receiving Party”) shall
not disclose, divulge or otherwise communicate such Confidential Information to any Third Party, or
use it for any purpose except pursuant to and in order to carry out its obligations under this
Agreement, the Services Agreement or the Transition Services Agreement. Notwithstanding the
foregoing, the Receiving Party may disclose Confidential Information of the Disclosing Party to the
Receiving Party’s directors, officers, employees, Affiliates, consultants, subcontractors,
sublicensees, agents or external advisors on a “need to know” basis, and solely to the extent
reasonably necessary to carry out its obligations under this Agreement, the Services Agreement or
the Transition Services Agreement, provided that such directors, officers, employees, Affiliates,
consultants, subcontractors, sublicensees, agents or external advisors have been advised of the
confidential nature of such information and have agreed to maintain such information as
confidential and comply with non-use obligations to the same extent required by, and as stringent
as, this Article V.

5.2 Exceptions to Definition of Confidential Information. Confidential Information
shall not include information that the Receiving Party can demonstrate:

(a) was known by the Receiving Party or its Affiliates prior to the date it was disclosed to
the Receiving Party or its Affiliates by the Disclosing Party or its Affiliates, as evidenced by
the prior written records of the Receiving Party or its Affiliates, provided that this exception
will not apply, in the case of the Company, to any Business Confidential Information;

(b) is lawfully disclosed to the Receiving Party or its Affiliates by a Third Party rightfully
in possession of such information without an obligation of confidentiality after the date of the
disclosure to the Receiving Party or the Affiliates;

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

(c) becomes generally known to the public through no act or omission on the part of the
Receiving Party or its Affiliates, either before or after the date of the disclosure to the
Receiving Party or its Affiliates; or

(d) is independently developed by the Receiving Party or its Affiliates without reference or
access to, or reliance upon, any Confidential Information of the Disclosing Party or its Affiliates
as demonstrated by the Receiving Party’s written records.

5.3 Permitted Disclosures. The restrictions set forth in this Article V shall not
prevent either Party from (i) disclosing Confidential Information in connection with preparing,
filing, prosecuting or maintaining the Licensed Intellectual Property in accordance with Article
IV, (ii) disclosing Confidential Information to governmental agencies to the extent required by
applicable Laws or desirable to obtain a Regulatory Approval, (iii) disclosing Confidential
Information to potential private financial institution investors (under a confidentiality agreement
at least as restrictive as the provisions of this Article V) in connection with fundraising
activities, (iv) disclosing Confidential Information to underwriters and financial advisors (under
an obligation of confidentiality at least as restrictive as the provisions of this Article V) in
connection with the public offering of securities, (v) disclosing Confidential Information that is
reasonably determined is required to be disclosed by the Receiving Party pursuant to a judicial or
governmental order, or to public investors or governmental agencies (to comply with applicable
securities or other laws) in connection with the public offering of securities or (vi) disclosing
Confidential Information as required pursuant to the exercise by each Party of its rights granted
to it under this Agreement or its retained rights (under an obligation of confidentiality at least
as restrictive as the provisions of this Article V), provided that in the cases of (i), (ii) and
(v) above, the Party disclosing Confidential Information of the Disclosing Party shall use all
reasonable efforts to provide prior written notice of such disclosure to the Disclosing Party and
to take reasonable and lawful actions to avoid or limit such disclosure (such as seeking a
protective order) or to assist the Disclosing Party in avoiding or limiting such disclosure. The
existence and terms of this Agreement, the Services Agreement and the Transition Services Agreement
shall constitute Confidential Information of both Parties, provided, however, that each Party may
disclose the existence and terms of such agreements to (i) [***], (ii) to its attorneys and
advisors with a need to know, (iii) potential acquirers in connection with a potential change of
control or sale of all or substantially all of the assets to which this Agreement relates (provided
that such disclosure is limited solely to principal financial terms disclosed to potential
acquirers’ financial advisers and otherwise solely to potential acquirers counsel on an “attorneys
only” basis) as part of their due diligence investigation, (iv) to potential financial
institutional investors or lenders of such Party, as a part of their due diligence investigations,
and (v) subject to the foregoing, to Assignees, provided, that in each of the foregoing cases
referenced in clauses (i)-(v) above, such disclosure is made under an agreement to keep the terms
of this Agreement, the Services Agreement and the Transition Services Agreement confidential under
an obligation of confidentiality at least as restrictive as the provisions of this Article V.

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

ARTICLE VI

TERM AND TERMINATION

6.1 Term. The term of this Agreement shall commence on the Effective Date and shall
continue until the expiration of the last to expire of the Patent Rights included in the Licensed
Intellectual Property and the Licensed Improvements, unless sooner terminated as specifically
provided in this Agreement.

6.2 Bankruptcy. Any licenses granted under or pursuant to this Agreement by either
Party to the other Party are, and shall otherwise be deemed to be, for purposes of Section 365(n)
of Title 11, US Code (the “Bankruptcy Code”), licenses of rights to “intellectual property” as
defined under Section 101(35A) of the Bankruptcy Code. The Parties agree that during the term of
this Agreement, each Party, as a licensee of rights under this Agreement, shall retain and may
fully exercise all of its rights and elections under the Bankruptcy Code, subject to the continued
performance of its obligations under this Agreement.

6.3 Survival of Obligations. Sections [***] and any definitions used in any such
Sections and Articles shall survive the termination of this Agreement in accordance with their
terms. Termination or expiration of this Agreement shall not relieve either Party from any accrued
obligations prior to such termination or expiration. Termination is not intended to be an
exclusive remedy and is without prejudice to any other rights and remedies of the Parties under
this Agreement at law or in equity.

ARTICLE VII

MISCELLANEOUS

7.1 Disclaimer of Warranty. EXCEPT FOR THE EXPRESS WARRANTIES SET FORTH IN THIS
AGREEMENT OR THE APA, NEITHER PARTY MAKES ANY REPRESENTATIONS AND GRANTS NO WARRANTIES, EXPRESS OR
IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY STATUTE OR OTHERWISE RELATED TO THE LICENSED
INTELLECTUAL PROPERTY AND LICENSED IMPROVEMENTS, AND EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER
REPRESENTATIONS AND WARRANTIES, WHETHER WRITTEN OR ORAL, EXPRESS, STATUTORY OR IMPLIED, INCLUDING
ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE.

7.2 Governing Law. This Agreement (and any claims or disputes arising out of or
related hereto or to the transactions contemplated hereby or to the inducement of any party to
enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated
on common law, statute or otherwise) shall in all respects be governed by, and construed in
accordance with, the laws of the State of New York, including all matters of construction, validity
and performance, in each case without reference to any conflict of law rules that might lead to the
application of the laws of any other jurisdiction.

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

7.3 Force Majeure. Neither Party shall be responsible to the other Party for
nonperformance or delay in performance of the terms or conditions of this Agreement due to acts of
God, acts of governments, war (declared or undeclared), acts of terrorism, riots, strikes,
accidents in transportation, or other causes beyond the reasonable control of such Party, but such
force majeure shall toll any and all obligations and time periods for so long as such force majeure
continues. Upon the occurrence of an event of force majeure, the Party whose performance is
affected thereby shall notify the other Party promptly of such event. Upon the cessation of such
event, such Party shall take all reasonable steps within its power to resume with the least
possible delay compliance with its obligations hereunder.

7.4 Waiver. The waiver by a Party of a breach or a default of any provision of this
Agreement by the other Party shall not be construed as a waiver of any subsequent breach of the
same or any other provision hereof, nor shall any delay or omission on the part of a Party to
exercise or avail itself of any right, power or privilege that it has or may have hereunder operate
as a waiver of that or any other right, power or privilege of such Party hereunder.

7.5 Notices. Any notice or other communication required or permitted to be given in
connection with this Agreement must be in writing and may be given by any of the following methods:
(i) personal delivery with a signed acknowledgement of receipt; (ii) registered or certified mail,
postage prepaid, return receipt requested; or (iii) by overnight delivery service with a signed
acknowledgement of receipt. Notice shall be effective when delivered to the addressee at the
address listed below or such other address as the addressee shall have specified in a written
notice actually received by the addresser.

(a) if to the Company, to it at:

Nektar Therapeutics

201 Industrial Road

San Carlos, California 94070

Attention: Gil M. Labrucherie

Facsimile: (650) 620-5360

with copies to:

O’Melveny & Myers LLP

2765 Sand Hill Road

Menlo Park, California 94025

Attention: Sam Zucker

Facsimile: (650) 473-2601

(b) if to the Licensor, to it at:

Novartis Pharma AG

Lichtstrasse 35

CH-4056 Basel

Switzerland

Attention: General Counsel

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

Facsimile: + (41) (61) 324-6859

and

with copies to:

Novartis International AG

Lichtstrasse 35

CH-4056 Basel

Switzerland

Attention: Global Head Legal M&A and Antitrust

Facsimile: + (41) (61) 324-7476

and

Novartis International AG

Lichtstrasse 35

CH-4056 Basel

Switzerland

Attention: Head Corporate Intellectual Property

Facsimile: + (41) (61) 324-7424

and

Kaye Scholer LLP

425 Park Avenue

New York, New York 10022

Attention: Adam Golden

Facsimile: +1 (212) 836-8689

7.6 (a) Relationship of the Parties. The Parties are independent contractors.
Nothing herein is intended, or shall be deemed, to constitute a partnership, agency, joint venture
or employment relationship between the Parties. Neither Party shall be responsible for the other
Party’s acts or omissions [***]; and neither Party shall have authority to speak for, represent or
obligate the other Party in any way without prior written authority from the other Party. Subject
to the terms of this Agreement, the activities and resources of each Party shall be managed by such
Party, acting independently and in its individual capacity.

(b) Subcontractor Status. [***].

(c) No Amendments. [***].

 

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Commission. Confidential Treatment Requested Under

17 C.F.R. Sections 200.80(b)(4) and 240.24b-2

(d) Indemnification; Limitation of Liability. In connection with performing its
obligations under Article IV hereof, Licensor and its Affiliates will be entitled to the benefit of
the indemnity and limitation of liability provisions set forth in Article IV of the Services
Agreement, as if fully set forth herein.

(e) Standard of Performance. [***].

7.7 Entire Agreement. This Agreement and the Exhibits attached hereto (which Exhibits
are incorporated herein by reference and are deemed to be a part of this Agreement for all
purposes) constitute the entire agreement of the Parties with respect to the subject matter hereof
and supersede all prior understandings and writings between the Parties relating thereto; provided
that the terms of this Agreement should be interpreted to be consistent with the terms of the APA
and are not intended to modify the Parties’ respective rights and obligations under the APA. No
amendment, waiver, alteration or modification of any of the provisions of this Agreement shall be
binding unless made in writing and signed by the Parties.

7.8 Severability. In the event that any provision of this Agreement is held by a
court of competent jurisdiction to be unenforceable because it is invalid or in conflict with any
law of any relevant jurisdiction, the validity of the remaining provisions of this Agreement shall
not be affected thereby, and the Parties shall negotiate a substitute provision that, to the extent
possible, accomplishes the original business purpose of the unenforceable provision. During the
period of such negotiation, and thereafter if no substituted provision is agreed upon in writing by
the Parties, any such provision which is enforceable in part but not in whole shall be enforced to
the maximum extent permitted by law.

7.9 Assignment and Transfer.

(a) Neither this Agreement nor any right or obligation hereunder may be assigned or otherwise
transferred by the Company without the prior written consent of the Licensor, except the Company
may, without consent of the Licensor, assign or otherwise transfer this Agreement and its rights
and obligations hereunder in whole or in part: (i) to any Affiliate; (ii) in connection with a
merger, reorganization or a sale or transfer of all or substantially all of the assets to which
this Agreement relates or (iii) as part of the transfer of all or one or more programs inside the
Licensed Field. Licensor shall be entitled to freely assign its rights or obligations hereunder.
Any attempted assignment or other transfer not in accordance with this Section 7.9 shall be void.
Any permitted assignee shall assume in writing all assigned obligations of its assignor under this
Agreement. The Party making any assignment or other transfer permitted under this Section 7.9
shall provide prompt written notice to the other Party of such assignment or transfer. The
assignor shall remain jointly and severally liable with any such assignee(s) with respect to all
obligations and liabilities of the assignor hereunder.

(b) Successors and Assigns. Except as otherwise provided herein, this Agreement shall
be binding upon and inure to the benefit of the Parties hereto and their successors and permitted
assigns.

 

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7.10 Interpretation. Unless the context of this Agreement otherwise requires, (a)
words of one gender include the other gender; and (b) words using the singular or plural number also include the plural or singular number, respectively. Reference to days are to
calendar days unless specified otherwise. References to any statute, act, or regulation are to
that statute, act, or regulation as amended, modified or supplemented from time to time in
accordance with the terms hereof and thereof. The headings contained in this Agreement are for
convenience of reference only and shall not be considered in interpreting this Agreement. Any
capitalized terms used in any Exhibit but not otherwise defined therein, shall have the meaning as
defined in this Agreement. The words “hereof”, “herein” and “hereunder” and words of like import
used in this Agreement shall refer to this Agreement as a whole and not to any particular provision
of this Agreement. Whenever the words “include”, “includes” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation”, whether or not
they are in fact followed by those words or words of like import. “Writing”, “written” and
comparable terms refer to printing, typing and other means of reproducing words (including
electronic media) in a visible form. This Agreement is a negotiated document between the two
Parties and shall not be construed against the drafter of any particular provision.

7.11 Counterparts. This Agreement may be executed manually, electronically in Adobe®
PDF file format, or by facsimile by the Parties, in any number of counterparts, each of which shall
be considered one and the same agreement and shall become effective when a counterpart hereof shall
have been signed by each of the Parties and delivered to the other Party.

7.12 Further Actions. Each Party will duly execute and deliver, or cause to be duly
executed and delivered, such further instruments and do and cause to be done such further acts and
things, as may be reasonably necessary or as the other Party may reasonably request in connection
with this Agreement in order to carry out more effectively the provisions and purposes hereof.

 

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IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be duly executed as of
the date first above written.

	 	 	 	 	 
	 	 	NEKTAR THERAPEUTICS
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Gil M. Labrucherie
	 

	 	 	 	 
	 

	 	Name:
	 	Gil M. Labrucherie
	 

	 	Title:
	 	SVP & General Counsel
	 
	 	 	 	 
	 	 	NOVARTIS PHARMA AG
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jörg Walther
	 

	 	 	 	 
	 

	 	Name:
	 	Jörg Walther
	 

	 	Title:
	 	Authorized Signatory
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Cristina Ruggeberg
	 

	 	 	 	 
	 

	 	Name:
	 	Cristina Ruggeberg
	 

	 	Title:
	 	Authorized SignatoryExhibit 10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (“Agreement”) is made by and between Cardtronics, LP, a Delaware
limited partnership (the “Company”), and Tres Thompson (“Employee”).

W I T N E S S E T H:

WHEREAS, the Company desires to employ Employee on the terms and conditions, and for the
consideration, hereinafter set forth and Employee desires to be employed by the Company on such
terms and conditions and for such consideration.

NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations
contained herein, the Company and Employee agree as follows:

ARTICLE I

DEFINITIONS

In addition to the terms defined in the body of this Agreement, for purposes of this
Agreement, the following capitalized words shall have the meanings indicated below:

1.1 “Cause” shall mean a determination by the Company that Employee (a) has engaged in gross
negligence, gross incompetence or willful misconduct in the performance of Employee’s duties with
respect to the Company or any of its affiliates, (b) has refused without proper legal reason to
perform Employee’s duties and responsibilities to the Company or any of its affiliates, (c) has
materially breached any material provision of this Agreement or any written agreement or corporate
policy or code of conduct established by the Company or any of its affiliates, (d) has willfully
engaged in conduct that is materially injurious to the Company or any of its affiliates, (e) has
disclosed without specific authorization from the Company confidential information of the Company
or any of its affiliates that is materially injurious to any such entity, (f) has committed an act
of theft, fraud, embezzlement, misappropriation or willful breach of a fiduciary duty to the
Company or any of its affiliates, or (g) has been convicted of (or pleaded no contest to) a crime
involving fraud, dishonesty or moral turpitude or any felony (or a crime of similar import in a
foreign jurisdiction).

1.2 “Code” shall mean the Internal Revenue Code of 1996, as amended.

1.3 “Date of Termination” shall mean the date specified in the Notice of Termination relating
to termination of Employee’s employment with the Company, subject to adjustment as provided in
Section 3.3.

1.4 “Notice of Termination” shall mean a written notice delivered to the other party
indicating the specific termination provision in this Agreement relied upon for termination of
Employee’s employment and the Date of Termination and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of Employee’s employment under
the provision so indicated.

 

 

 

1.5 “Section 409A Payment Date” shall mean the earlier of (a) the date of Employee’s death or
(b) the date that is six months after the date of termination of Employee’s employment with the
Company.

ARTICLE II

EMPLOYMENT AND DUTIES

2.1 Employment; Effective Date. The Company agrees to employ Employee, and Employee
agrees to be employed by the Company, pursuant to the terms of this Agreement beginning as of June
5, 2008 (the “Effective Date”) and continuing for the period of time set forth in Article III of
this Agreement, subject to the terms and conditions of this Agreement.

2.2 Positions. From and after the Effective Date, the Company shall employ Employee
in the position of Chief Accounting Officer of the Company or in such other position or positions
as the parties mutually may agree, and Employee shall report to the Chief Financial Officer of the
Company.

2.3 Duties and Services. Employee agrees to serve in the position(s) referred to in
Section 2.2 hereof and to perform diligently and to the best of Employee’s abilities the duties and
services appertaining to such position(s), as well as such additional duties and services
appropriate to such position(s) which the parties mutually may agree upon from time to time.
Employee’s employment shall also be subject to the policies maintained and established by the
Company that are of general applicability to the Company’s employees, as such policies may be
amended from time to time.

2.4 Other Interests. Employee agrees, during the period of Employee’s employment by
the Company, to devote substantially all of Employee’s business time, energy and best efforts to
the business and affairs of the Company and its affiliates. Notwithstanding the foregoing, the
parties acknowledge and agree that Employee may (a) engage in and manage Employee’s passive
personal investments and (b) engage in charitable and civic activities; provided, however, that
such activities shall be permitted so long as such activities do not conflict with the business and
affairs of the Company or interfere with Employee’s performance of Employee’s duties hereunder.

2.5 Duty of Loyalty. Employee acknowledges and agrees that Employee owes a fiduciary
duty of loyalty, fidelity and allegiance to act in the best interests of the Company and to do no
act that would materially injure the business, interests, or reputation of the Company or any of
its affiliates. In keeping with these duties, Employee shall make full disclosure to the Company of
all business opportunities pertaining to the Company’s business and shall not appropriate for
Employee’s own benefit business opportunities concerning the subject matter of the fiduciary
relationship.

 

2

 

ARTICLE III

TERM AND TERMINATION OF EMPLOYMENT

3.1 Term. Subject to the remaining terms of this Article III, this Agreement shall be
for an initial term that continues in effect through the third anniversary of the Effective Date
(the “Initial Term”) and, unless terminated sooner as herein provided, shall continue on a
year-to-year basis (each a “Renewal Term” and together with the Initial Term, the “Term”).
If the Company or Employee elects not to renew this Agreement for a Renewal Term, the Company or
Employee must give a Notice of Termination to the other party at least 90 days before the
expiration of the then-current Initial Term or Renewal Term, as applicable. In the event that one
party provides the other with a Notice of Termination pursuant to this Section 3.1, no further
automatic extensions will occur and this Agreement shall terminate at the end of the then-existing
Initial Term or Renewal Term, as applicable.

3.2 Company’s Right to Terminate. Notwithstanding the provisions of Section 3.1, the
Company may terminate Employee’s employment under this Agreement at any time for any of the
following reasons by providing Employee with a Notice of Termination:

(a) upon Employee being unable to perform Employee’s duties or fulfill Employee’s
obligations under this Agreement by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last for a
continuous period of not less than six months as determined by the Company and certified in
writing by a competent medical physician selected by the Company; or

(b) Employee’s death; or

(c) for Cause; or

(d) for any other reason whatsoever or for no reason at all, in the sole discretion of
the Company.

3.3 Employee’s Right to Terminate. Notwithstanding the provisions of Section 3.1,
Employee shall have the right to terminate Employee’s employment under this Agreement for any
reason whatsoever or for no reason at all, in the sole discretion of Employee, by providing the
Company with a Notice of Termination. In the case of a termination of employment by Employee
pursuant to this Section 3.3, the Date of Termination specified in the Notice of Termination shall
not be less than 15 nor more than 60 days, respectively, from the date such Notice of Termination
is given, and the Company may require a Date of Termination earlier than that specified in the
Notice of Termination (and, if such earlier Date of Termination is so required, it shall not change
the basis for Employee’s termination nor be construed or interpreted as a termination of employment
pursuant to Section 3.1 or Section 3.2).

3.4 Deemed Resignations. Unless otherwise agreed to in writing by the Company and
Employee prior to the termination of Employee’s employment, any termination of Employee’s
employment shall constitute an automatic resignation of Employee as an officer of the Company and
each affiliate of the Company, and an automatic resignation of Employee from the board of directors
of the Company (if applicable) and any affiliate of the Company and from the board of directors or
similar governing body of any corporation, limited liability entity or other entity in which the
Company or any affiliate holds an equity interest and with respect to which board or similar
governing body Employee serves as the Company’s or such affiliate’s designee or other
representative.

 

3

 

3.5 Meaning of Termination of Employment. For all purposes of this Agreement,
Employee shall be considered to have terminated employment with the Company when
Employee incurs a “separation from service” with the Company within the meaning of Section
409A(a)(2)(A)(i) of the Code and applicable administrative guidance issued thereunder.

ARTICLE IV

COMPENSATION AND BENEFITS

4.1 Base Salary. During the term of this Agreement, Employee shall receive a minimum,
annualized base salary of $200,170 (the “Base Salary”). Employee’s annualized base salary shall be
reviewed periodically by the Company and, in the sole discretion of the Company, such annualized
base salary may be increased (but not decreased) effective as of any date determined by the
Company. Employee’s Base Salary shall be paid in equal installments in accordance with the
Company’s standard policy regarding payment of compensation to similarly situated employees but no
less frequently than monthly.

4.2 Bonuses. Employee shall be eligible to receive an annual, calendar-year bonus
based on criteria determined in the discretion of the Company (the “Annual Bonus”), it being
understood that (a) the target bonus at planned or targeted levels of performance shall equal 40%
of Employee’s Base Salary and (b) the actual amount of each Annual Bonus shall be determined in the
discretion of the Company. The Company shall use commercially reasonable efforts to pay each
Annual Bonus with respect to a calendar year on or before March 15 of the following calendar year
(and in no event shall an Annual Bonus be paid after December 31 of the following calendar year),
provided that (except as otherwise provided in Section 7.1(b)) Employee is employed by the Company
on such date of payment. If Employee has not been employed by the Company since January 1 of the
year that includes the Effective Date, then the Annual Bonus for such year shall be prorated based
on the ratio of the number of days during such calendar year that Employee was employed by the
Company to the number of days in such calendar year.

4.3 Other Perquisites. During Employee’s employment hereunder, the Company shall
provide Employee with the same perquisite benefits made available to similarly situated employees
of the Company.

4.4 Expenses. The Company shall reimburse Employee for all reasonable business
expenses incurred by Employee in performing services hereunder, including all expenses of travel
and living expenses while away from home on business or at the request of and in the service of the
Company; provided, in each case, that such expenses are incurred and accounted for in accordance
with the policies and procedures established by the Company. Any such reimbursement of expenses
shall be made by the Company upon or as soon as practicable following receipt of supporting
documentation reasonably satisfactory to the Company (but in any event not later than the close of
Employee’s taxable year following the taxable year in which the expense is incurred by Employee);
provided, however, that, upon Employee’s termination of employment with the Company, in no event
shall any additional reimbursement be made prior to the Section 409A Payment Date to the extent
such payment delay is required under Section 409A(a)(2)(B)(i) of the Code. In no event shall any
reimbursement be made to Employee for such fees and expenses incurred after the later of (1) the
first anniversary of the date of Employee’s death or (2) the date that is 10 years after the date
of Employee’s termination of employment with the Company.

 

4

 

4.5 Vacation and Sick Leave. During Employee’s employment hereunder, Employee shall
be entitled to (a) sick leave in accordance with the Company’s policies applicable to its similarly
situated employees and (b) four (4) weeks paid vacation each calendar year (none of which may be
carried forward to a succeeding year); provided, however, that if Employee has not been employed by
the Company since January 1 of the year that includes the Effective Date, then Employee’s paid
vacation for such year shall be prorated based on the ratio of the number of days remaining in such
calendar year from and after the Effective Date to the number of days in such calendar year
(rounded up to the nearest whole day).

4.6 Offices. Subject to Articles II, III, and IV hereof, Employee agrees to serve
without additional compensation, if elected or appointed thereto, as a director of the Company or
any of the Company’s affiliates and as a member of any committees of the board of directors of any
such entities, and in one or more officer positions of any of the Company’s affiliates.

ARTICLE V

PROTECTION OF INFORMATION

5.1 Disclosure to and Property of the Company. For purposes of this Article V, the
term “the Company” shall include the Company and any of its affiliates, and any reference to
“employment” or similar terms shall include a director and/or consulting relationship. All
information, trade secrets, designs, ideas, concepts, improvements, product developments,
discoveries and inventions, whether patentable or not, that are conceived, made, developed or
acquired by Employee, individually or in conjunction with others, during the period of Employee’s
employment by the Company (whether during business hours or otherwise and whether on the Company’s
premises or otherwise) that relate to the Company’s or any of its affiliates’ business, trade
secrets, products or services (including, without limitation, all such information relating to
corporate opportunities, product specification, compositions, manufacturing and distribution
methods and processes, research, financial and sales data, pricing terms, evaluations, opinions,
interpretations, acquisition prospects, the identity of customers or their requirements, the
identity of key contacts within the customer’s organizations or within the organization of
acquisition prospects, or production, marketing and merchandising techniques, prospective names and
marks) and all writings or materials of any type embodying any of such information, ideas,
concepts, improvements, discoveries, inventions and other similar forms of expression
(collectively, “Confidential Information”) shall be disclosed to the Company and are and shall be
the sole and exclusive property of the Company or its affiliates. Moreover, all documents,
videotapes, written presentations, brochures, drawings, memoranda, notes, records, files,
correspondence, manuals, models, specifications, computer programs, E-mail, voice mail, electronic
databases, maps, drawings, architectural renditions, models and all other writings or materials of
any type embodying any of such information, ideas, concepts, improvements, discoveries, inventions
and other similar forms of expression (collectively, “Work Product”) are and shall be the sole and
exclusive property of the Company (or its affiliates). Employee agrees to perform all actions
reasonably requested by the Company or its affiliates to establish and confirm such exclusive
ownership. Upon termination of Employee’s employment by the Company, for any reason, Employee
promptly shall deliver such Confidential Information and Work Product, and all copies thereof, to
the Company.

 

5

 

5.2 Disclosure to Employee. The Company shall disclose to Employee, or place Employee
in a position to have access to or develop, Confidential Information and Work Product of the
Company (or its affiliates); and shall entrust Employee with business opportunities of the Company
(or its affiliates); and shall place Employee in a position to develop business good will on behalf
of the Company (or its affiliates).

5.3 No Unauthorized Use or Disclosure. Employee agrees to preserve and protect the
confidentiality of all Confidential Information and Work Product of the Company and its affiliates.
Employee agrees that Employee will not, at any time during or after Employee’s employment with the
Company, make any unauthorized disclosure of, and Employee shall not remove from the Company
premises, Confidential Information or Work Product of the Company or its affiliates, or make any
use thereof, except, in each case, in the carrying out of Employee’s responsibilities hereunder.
Employee shall use all reasonable efforts to cause all persons or entities to whom any Confidential
Information shall be disclosed by Employee hereunder to preserve and protect the confidentiality of
such Confidential Information. Employee shall have no obligation hereunder to keep confidential any
Confidential Information if and to the extent disclosure thereof is specifically required by law;
provided, however, that in the event disclosure is required by applicable law, Employee shall
provide the Company with prompt notice of such requirement prior to making any such disclosure, so
that the Company may seek an appropriate protective order. At the request of the Company at any
time, Employee agrees to deliver to the Company all Confidential Information that Employee may
possess or control. Employee agrees that all Confidential Information of the Company (whether now
or hereafter existing) conceived, discovered or made by Employee during the period of Employee’s
employment by the Company exclusively belongs to the Company (and not to Employee), and upon
request by the Company for specified Confidential Information, Employee will promptly disclose such
Confidential Information to the Company and perform all actions reasonably requested by the Company
to establish and confirm such exclusive ownership. Affiliates of the Company shall be third party
beneficiaries of Employee’s obligations under this Article V. As a result of Employee’s employment
by the Company, Employee may also from time to time have access to, or knowledge of, Confidential
Information or Work Product of third parties, such as customers, suppliers, partners, joint
venturers, and the like, of the Company and its affiliates. Employee also agrees to preserve and
protect the confidentiality of such third party Confidential Information and Work Product.

5.4 Ownership by the Company. If, during Employee’s employment by the Company,
Employee creates any work of authorship fixed in any tangible medium of expression that is the
subject matter of copyright (such as videotapes, written presentations, or acquisitions, computer
programs, E-mail, voice mail, electronic databases, drawings, maps, architectural renditions,
models, manuals, brochures, or the like) relating to the Company’s business, products, or services,
whether such work is created solely by Employee or jointly with others (whether during business
hours or otherwise and whether on the Company’s premises or otherwise), including any Work Product,
the Company shall be deemed the author of such work if the work is prepared by Employee in the
scope of Employee’s employment; or, if the work relating to the Company’s business, products, or
services is not prepared by Employee within the scope of Employee’s employment but is specially
ordered by the Company as a contribution to a collective work, as a part of a motion picture or
other audiovisual work, as a translation, as a supplementary work, as a compilation, or as an
instructional text, then the work shall be
considered to be work made for hire and the Company shall be the author of the work. If the
work relating to the Company’s business, products, or services is neither prepared by Employee
within the scope of Employee’s employment nor a work specially ordered that is deemed to be a work
made for hire during Employee’s employment by the Company, then Employee hereby agrees to assign,
and by these presents does assign, to the Company all of Employee’s worldwide right, title, and
interest in and to such work and all rights of copyright therein.

 

6

 

5.5 Assistance by Employee. During the period of Employee’s employment by the
Company, Employee shall assist the Company and its nominee, at any time, in the protection of the
Company’s or its affiliates’ worldwide right, title and interest in and to Confidential Information
and Work Product and the execution of all formal assignment documents requested by the Company or
its nominee and the execution of all lawful oaths and applications for patents and registration of
copyright in the United States and foreign countries. After Employee’s employment with the Company
terminates, at the request from time to time and expense of the Company or its affiliates, Employee
shall reasonably assist the Company and its nominee, at reasonable times and for reasonable periods
and for reasonable compensation, in the protection of the Company’s or its affiliates’ worldwide
right, title and interest in and to Confidential Information and Work Product and the execution of
all formal assignment documents requested by the Company or its nominee and the execution of all
lawful oaths and applications for patents and registration of copyright in the United States and
foreign countries.

5.6 Remedies. Employee acknowledges that money damages would not be a sufficient
remedy for any breach of this Article V by Employee, and the Company or its affiliates shall be
entitled to enforce the provisions of this Article V by terminating payments then owing to Employee
under this Agreement or otherwise and to specific performance and injunctive relief as remedies for
such breach or any threatened breach. Such remedies shall not be deemed the exclusive remedies for
a breach of this Article V but shall be in addition to all remedies available at law or in equity,
including the recovery of damages from Employee and Employee’s agents. However, if it is determined
that Employee has not committed a breach of this Article V, then the Company shall resume the
payments and benefits due under this Agreement and pay to Employee and Employee’s spouse, if
applicable, all payments and benefits that had been suspended pending such determination.

ARTICLE VI

STATEMENTS CONCERNING THE COMPANY

6.1 Statements Concerning the Company. Employee shall refrain, both during and after
the termination of the employment relationship, from publishing any oral or written statements
about the Company, any of its affiliates or any of the Company’s or such affiliates’ directors,
officers, employees, consultants, agents or representatives that (a) are slanderous, libelous or
defamatory, (b) disclose Confidential Information of the Company, any of its affiliates or any of
the Company’s or any such affiliates’ business affairs, directors, officers, employees,
consultants, agents or representatives, or (c) place the Company, any of its affiliates, or any of
the Company’s or any such affiliates’ directors, officers, employees, consultants, agents or
representatives in a false light before the public. A violation or threatened violation of this
prohibition may be enjoined by the courts. The rights afforded the Company and its affiliates under
this provision are in addition to any and all rights and remedies otherwise afforded by law.

 

7

 

ARTICLE VII

EFFECT OF TERMINATION OF EMPLOYMENT ON COMPENSATION

7.1 Effect of Termination of Employment on Compensation.

(a) If Employee’s employment hereunder shall terminate at the expiration of the Term or for
any reason described in Section 3.2(a), 3.2(b), 3.2(c), or 3.3, then all compensation and all
benefits to Employee hereunder shall terminate contemporaneously with such termination of
employment, except that Employee shall be entitled to (i) payment of all accrued and unpaid Base
Salary to the Date of Termination, (ii) reimbursement for all incurred but unreimbursed expenses
for which Employee is entitled to reimbursement in accordance with Section 4.4, and (iii) benefits
to which Employee is entitled under the terms of any applicable benefit plan or program.

(b) If Employee’s employment hereunder shall terminate by action of the Company pursuant to
Section 3.2 for any reason other than those encompassed by Sections 3.2(a), 3.2(b) or 3.2(c)
hereof, then all compensation and all benefits to Employee hereunder shall terminate
contemporaneously with such termination of employment, except that (i) Employee shall be entitled
to receive the compensation and benefits described in clauses (i) through (iii) of Section 7.1(a)
and (ii) subject to Employee’s delivery, within 50 days after the date of Employee’s termination of
employment, of an executed release substantially in the form of the release contained at Appendix A
(the “Release”), Employee shall receive the following compensation and benefits from the Company
(but no other compensation or benefits after such termination):

(A) the Company shall pay to Employee any unpaid Annual Bonus for the calendar year
ending prior to the Date of Termination, which amount shall be payable in a lump-sum on or
before the date such annual bonuses are paid to similarly situated employees who have
continued employment with the Company (but in no event later than December 31 following such
calendar year);

(B) the Company shall continue to pay to Employee the Base Salary as of the Date of
Termination for a period of six-months following such date; provided, however, that if
Employee is a specified employee (as such term is defined in Section 409A of the Code and as
determined by the Company in accordance with any method permitted under Section 409A of the
Code), then, with respect to any such payments that (x) are not short-term deferrals within
the meaning of Section 409A of the Code and (y) exceed in the aggregate two times the lesser
of Employee’s annualized compensation based upon Employee’s annual rate of pay for services
during the taxable year of Employee preceding the year in which the termination of
employment occurs (adjusted for any increase during that year that was expected to continue
indefinitely had no termination of employment occurred) or the maximum amount that may be
taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the
year in which the termination of employment occurs, such payments in excess of the amount
described in clause (y) above that would otherwise have been paid during the six-month
period following the date of Employee’s termination of employment shall be accumulated and
paid on the date that is six months after the Date of Termination or such earlier date upon
which such amount can be paid or provided under Section 409A of the Code without
being subject to additional taxes and interest. The right to the payments described in
this paragraph shall be treated as a right to a series of separate payments for purposes of
Section 409A of the Code; and

 

8

 

(C) during the portion, if any, of the six-month period following the Date of
Termination that Employee elects to continue coverage for Employee and Employee’s eligible
dependents under the Company’s group health plans under the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (COBRA), and/or Sections 601 through 608 of the
Employee Retirement Income Security Act of 1974, as amended, the Company shall promptly
reimburse Employee on a monthly basis for the amount Employee pays to effect and continue
such coverage.

ARTICLE VIII

NON-COMPETITION AGREEMENT

8.1 Definitions. As used in this Article VIII, the following terms shall have the
following meanings:

“Business” means (a) during the period of Employee’s employment by the Company, the core
products and services provided by the Company and its affiliates during such period and other
products and services that are functionally equivalent to the foregoing, and (b) during the portion
of the Prohibited Period that begins on the termination of Employee’s employment with the Company,
the products and services provided by the Company and its affiliates at the time of such
termination of employment and other products and services that are functionally equivalent to the
foregoing.

“Competing Business” means any business, individual, partnership, firm, corporation or other
entity which wholly or in any significant part engages in any business competing with the Business
in the Restricted Area. In no event will the Company or any of its affiliates be deemed a Competing
Business.

“Governmental Authority” means any governmental, quasi-governmental, state, county, city or
other political subdivision of the United States or any other country, or any agency, court or
instrumentality, foreign or domestic, or statutory or regulatory body thereof.

“Legal Requirement” means any law, statute, code, ordinance, order, rule, regulation,
judgment, decree, injunction, franchise, permit, certificate, license, authorization, or other
directional requirement (including, without limitation, any of the foregoing that relates to
environmental standards or controls, energy regulations and occupational, safety and health
standards or controls including those arising under environmental laws) of any Governmental
Authority.

“Prohibited Period” means the period during which Employee is employed by the Company
hereunder and a period of one year following the termination of Employee’s employment with the
Company.

“Restricted Area” means the United States of America, Mexico, and the United Kingdom.

 

9

 

8.2 Non-Competition; Non-Solicitation. Employee and the Company agree to the
non-competition and non-solicitation provisions of this Article VIII (i) in consideration for the
Confidential Information provided by the Company to Employee pursuant to Article V of this
Agreement; (ii) as part of the consideration for the compensation and benefits to be paid to
Employee hereunder, (iii) to protect the trade secrets and confidential information of the Company
or its affiliates disclosed or entrusted to Employee by the Company or its affiliates or created or
developed by Employee for the Company or its affiliates, the business goodwill of the Company or
its affiliates developed through the efforts of Employee and/or the business opportunities
disclosed or entrusted to Employee by the Company or its affiliates and (iv) as an additional
incentive for the Company to enter into this Agreement.

(a) Subject to the exceptions set forth in section 8.2(b) below, Employee expressly covenants
and agrees that during the Prohibited Period (i) Employee will refrain from carrying on or engaging
in, directly or indirectly, any Competing Business in the Restricted Area and (ii) Employee will
not, and Employee will cause Employee’s affiliates not to, directly or indirectly, own, manage,
operate, join, become an employee, partner, owner or member of (or an independent contractor to),
control or participate in or be connected with or loan money to, sell or lease equipment to or sell
or lease real property to any business, individual, partnership, firm, corporation or other entity
which engages in a Competing Business in the Restricted Area.

(b) Notwithstanding the restrictions contained in Section 8.2(a), Employee or any of
Employee’s affiliates may own an aggregate of not more than 2% of the outstanding stock of any
class of any corporation engaged in a Competing Business, if such stock is listed on a national
securities exchange or regularly traded in the over-the-counter market by a member of a national
securities exchange, without violating the provisions of Section 8.2(a), provided that neither
Employee nor any of Employee’s affiliates has the power, directly or indirectly, to control or
direct the management or affairs of any such corporation and is not involved in the management of
such corporation. In addition, the restrictions contained in Section 8.2(a) shall not preclude
Employee from being employed by any financial institution so long as Employee’s principal duties at
such institution are not directly and primarily related to the Business.

(c) Employee further expressly covenants and agrees that during the Prohibited Period,
Employee will not, and Employee will cause Employee’s affiliates not to (i) engage or employ, or
solicit or contact with a view to the engagement or employment of, any person who is an officer or
employee of the Company or any of its affiliates or (ii) canvass, solicit, approach or entice away
or cause to be canvassed, solicited, approached or enticed away from the Company or any of its
affiliates any person who or which is a customer of any of such entities during the period during
which Employee is employed by the Company. Notwithstanding the foregoing, the restrictions of
clause (i) of this Section 8.2(c) shall not apply with respect to (A) an officer or employee whose
employment has been involuntarily terminated by his or her employer (other than for cause), (B) an
officer or employee who has voluntarily terminated employment with the Company and its affiliates
and who has not been employed by any of such entities for at least one year, (C) an officer or
employee who responds to a general solicitation that is not specifically directed at officers and
employees of the Company or any of its affiliates.

(d) Employee may seek the written consent of the Company, which may be withheld for any or no
reason, to waive the provisions of this Article VIII on a case-by-case basis.

(e) The restrictions contained in Section 8.2 shall not apply to any product or services that
the Company provided during Employee’s employment but that the Company no longer provides at the
Date of Termination.

 

10

 

8.3 Relief. Employee and the Company agree and acknowledge that the limitations as to
time, geographical area and scope of activity to be restrained as set forth in Section 8.2 hereof
are reasonable and do not impose any greater restraint than is necessary to protect the legitimate
business interests of the Company. Employee and the Company also acknowledge that money damages
would not be sufficient remedy for any breach of this Article VIII by Employee, and the Company or
its affiliates shall be entitled to enforce the provisions of this Article VIII by terminating
payments then owing to Employee under this Agreement or otherwise and to specific performance and
injunctive relief as remedies for such breach or any threatened breach. Such remedies shall not be
deemed the exclusive remedies for a breach of this Article VIII but shall be in addition to all
remedies available at law or in equity, including the recovery of damages from Employee and
Employee’s agents. However, if it is determined that Employee has not committed a breach of this
Article VIII, then the Company shall resume the payments and benefits due under this Agreement and
pay to Employee all payments and benefits that had been suspended pending such determination.

8.4 Reasonableness; Enforcement. Employee hereby represents to the Company that
Employee has read and understands, and agrees to be bound by, the terms of this Article VIII.
Employee acknowledges that the geographic scope and duration of the covenants contained in this
Article VIII are the result of arm’s-length bargaining and are fair and reasonable in light of (a)
the nature and wide geographic scope of the operations of the Business, (b) Employee’s level of
control over and contact with the Business in all jurisdictions in which it is conducted, (c) the
fact that the Business is conducted throughout the Restricted Area and (d) the amount of
compensation and Confidential Information that Employee is receiving in connection with the
performance of Employee’s duties hereunder. It is the desire and intent of the parties that the
provisions of this Article VIII be enforced to the fullest extent permitted under applicable Legal
Requirements, whether now or hereafter in effect and therefore, to the extent permitted by
applicable Legal Requirements, Employee and the Company hereby waive any provision of applicable
Legal Requirements that would render any provision of this Article VIII invalid or unenforceable.

8.5 Reformation. The Company and Employee agree that the foregoing restrictions are
reasonable under the circumstances and that any breach of the covenants contained in this Article
VIII would cause irreparable injury to the Company. Employee understands that the foregoing
restrictions may limit Employee’s ability to engage in certain businesses anywhere in the
Restricted Area during the Prohibited Period, but acknowledges that Employee will receive
sufficiently high remuneration and other benefits from the Company to justify such restriction.
Further, Employee acknowledges that Employee’s skills are such that Employee can be gainfully
employed in non-competitive employment, and that the agreement not to compete will not prevent
Employee from earning a living. Nevertheless, if any of the aforesaid restrictions are found by a
court of competent jurisdiction to be unreasonable, or overly broad as to geographic area or time,
or otherwise unenforceable, the parties intend for the restrictions herein set forth to be modified
by the court making such determination so as to be reasonable and enforceable and, as so modified,
to be fully enforced. By agreeing to this contractual modification prospectively at
this time, the Company and Employee intend to make this provision enforceable under the law or
laws of all applicable States, Provinces and other jurisdictions so that the entire agreement not
to compete and this Agreement as prospectively modified shall remain in full force and effect and
shall not be rendered void or illegal. Such modification shall not affect the payments made to
Employee under this Agreement.

 

11

 

ARTICLE IX

DISPUTE RESOLUTION

9.1 Dispute Resolution. If any dispute arises out of this Agreement or out of or in
connection with any equity compensation award made to Employee by the Company or any of its
affiliates, the “complaining party” shall give the “other party” written notice of such dispute.
The other party shall have 10 business days to resolve the dispute to the complaining party’s
satisfaction. If the dispute is not resolved by the end of such period, either disputing party may
require the other to submit to non-binding mediation with the assistance of a neutral, unaffiliated
mediator. If the parties encounter difficulty in agreeing upon a neutral unaffiliated mediator,
they shall seek the assistance of the American Arbitration Association (“AAA”) in the selection
process. If mediation is unsuccessful, or if mediation is not requested by a party, either party
may by written notice demand arbitration of the dispute as set out below, and each party hereto
expressly agrees to submit to, and be bound by, such arbitration.

(a) Unless the parties agree on the appointment of a single arbitrator, the dispute shall be
referred to one arbitrator appointed by the AAA. The arbitrator will set the rules and timing of
the arbitration, but will generally follow the employment rules of the AAA and this Agreement where
same are applicable and shall provide for a reasoned opinion.

(b) The arbitration hearing will in no event take place more than 180 days after the
appointment of the arbitrator.

(c) The mediation and the arbitration will take place in Houston, Texas unless otherwise
unanimously agreed to by the parties.

(d) The results of the arbitration and the decision of the arbitrator will be final and
binding on the parties and each party agrees and acknowledges that these results shall be
enforceable in a court of law.

(e) All costs and expenses of the mediation and arbitration shall be borne equally by the
Company and Employee. The arbitrator shall award the prevailing party its reasonable attorneys
fees incurred in connection with the dispute.

Employee and the Company explicitly recognize that no provision of this Article IX shall prevent
either party from seeking to resolve any dispute relating to Article V or Article VIII or this
Agreement in a court of law.

 

12

 

ARTICLE X

CERTAIN EXCISE TAXES

10.1 Certain Excise Taxes. Notwithstanding anything to the contrary in this
Agreement, if Employee is a “disqualified individual” (as defined in Section 280G(c) of the Code),
and the benefits provided for in Section 7.1, together with any other payments and benefits which
Employee has the right to receive from the Company or any of its affiliates, would constitute a
“parachute payment” (as defined in Section 280G(b)(2) of the Code), then the benefits provided for
in Section 7.1 (beginning with any benefit to be paid in cash hereunder) shall be either (a)
reduced (but not below zero) so that the present value of such total amounts and benefits received
by Employee from the Company and its affiliates will be one dollar ($1.00) less than three times
Employee’s “base amount” (as defined in Section 280G(b)(3) of the Code) and so that no portion of
such amounts and benefits received by Employee shall be subject to the excise tax imposed by
Section 4999 of the Code or (b) paid in full, whichever produces the better net after-tax position
to Employee (taking into account any applicable excise tax under Section 4999 of the Code and any
other applicable taxes). The determination as to whether any such reduction in the amount of the
benefits provided hereunder is necessary shall be made by the Company in good faith. If a reduced
cash payment is made and through error or otherwise that payment, when aggregated with other
payments and benefits from the Company (or its affiliates) used in determining if a “parachute
payment” exists, exceeds one dollar ($1.00) less than three times Employee’s base amount, then
Employee shall immediately repay such excess to the Company upon notification that an overpayment
has been made. Nothing in this Section 10.1 shall require the Company to be responsible for, or
have any liability or obligation with respect to, Employee’s excise tax liabilities under Section
4999 of the Code.

ARTICLE XI

MISCELLANEOUS

11.1 Notices. For purposes of this Agreement, notices and all other communications
provided for herein shall be in writing and shall be deemed to have been duly given (a) when
received if delivered personally or by courier, (b) on the date receipt is acknowledged if
delivered by certified mail, postage prepaid, return receipt requested or (c) one day after
transmission if sent by facsimile transmission with confirmation of transmission, as follows:

	 	 	 	 	 	 	 
	If to Employee, addressed to:
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Facsimile:	 	 
	 
	 	 	 	 	 	 
	If to the Company, addressed to:

	 	 	 	Cardtronics, LP	 	 
	 

	 	 	 	3110 Hayes Road, Suite 300	 	 
	 

	 	 	 	Houston, Texas 77082	 	 
	 

	 	 	 	Attention: General Counsel	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	Facsimile: 281-892-0102	 	 

or to such other address as either party may furnish to the other in writing in accordance
herewith, except that notices or changes of address shall be effective only upon receipt.

 

13

 

11.2 Applicable Law; Submission to Jurisdiction.

(a) This Agreement is entered into under, and shall be governed for all purposes by, the laws
of the State of Texas, without regard to conflicts of laws principles thereof.

(b) With respect to any claim or dispute related to or arising under this Agreement, the
parties hereto hereby consent to the exclusive jurisdiction, forum and venue of the state and
federal courts located in the State of Texas.

11.3 No Waiver. No failure by either party hereto at any time to give notice of any
breach by the other party of, or to require compliance with, any condition or provision of this
Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or
at any prior or subsequent time.

11.4 Severability. If a court of competent jurisdiction determines that any provision
of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of that
provision shall not affect the validity or enforceability of any other provision of this Agreement,
and all other provisions shall remain in full force and effect.

11.5 Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all of which together will constitute one and the
same Agreement.

11.6 Withholding of Taxes and Other Employee Deductions. The Company may withhold
from any benefits and payments made pursuant to this Agreement all federal, state, city and other
taxes and withholdings as may be required pursuant to any law or governmental regulation or ruling
and all other customary deductions made with respect to the Company’s employees generally.

11.7 Headings. The Section headings have been inserted for purposes of convenience
and shall not be used for interpretive purposes.

11.8 Gender and Plurals. Wherever the context so requires, the masculine gender
includes the feminine or neuter, and the singular number includes the plural and conversely.

11.9 Affiliate. As used in this Agreement, the term “affiliate” as used with respect
to a particular person or entity shall mean any other person or entity which owns or controls, is
owned or controlled by, or is under common ownership or control with, such particular person or
entity. Without limiting the scope of the preceding sentence, Cardtronics, Inc. shall be deemed to
be an affiliate of the Company for all purposes of this Agreement.

 

14

 

11.10 Successors. This Agreement shall be binding upon and inure to the benefit of
the Company and any successor of the Company. Except as provided in the preceding sentence, this
Agreement, and the rights and obligations of the parties hereunder, are personal and neither this
Agreement, nor any right, benefit or obligation of either party hereto, shall be subject to
voluntary or involuntary assignment, alienation or transfer, whether by operation of law or
otherwise, without the prior written consent of the other party. In addition, any payment owed to
Employee hereunder after the date of Employee’s death shall be paid to Employee’s estate.

11.11 Term. Termination of this Agreement shall not affect any right or obligation of
any party which is accrued or vested prior to such termination. Without limiting the scope of the
preceding sentence, the provisions of Articles V, VI, VII, VIII and IX shall survive any
termination of the employment relationship and/or of this Agreement.

11.12 Entire Agreement. Except as provided in any signed written agreement
contemporaneously or hereafter executed by the Company and Employee, this Agreement constitutes the
entire agreement of the parties with regard to the subject matter hereof, and contains all the
covenants, promises, representations, warranties and agreements between the parties with respect to
employment of Employee by the Company. Without limiting the scope of the preceding sentence, all
understandings and agreements preceding the date of execution of this Agreement and relating to the
subject matter hereof are hereby null and void and of no further force and effect.

11.13 Modification; Waiver. Any modification to or waiver of this Agreement will be
effective only if it is in writing and signed by the parties to this Agreement.

11.14 Employee’s Representations and Warranties. Employee represents and warrants to
the Company that (a) Employee does not have any agreements with Employee’s prior employer that will
prohibit Employee from working for the Company or fulfilling Employee’s duties and obligations to
the Company pursuant to this Agreement and (b) Employee has complied with all duties imposed on
Employee with respect to Employee’s former employer, e.g., Employee does not possess any tangible
property belonging to Employee’s former employer.

11.15 Delayed Payment Restriction. Notwithstanding any provision in this Agreement to
the contrary, if any payment or benefit provided for herein would be subject to additional taxes
and interest under Section 409A of the Code if Employee’s receipt of such payment or benefit is not
delayed until the Section 409A Payment Date, then such payment or benefit shall not be provided to
Employee (or Employee’s estate, if applicable) until the Section 409A Payment Date.

 

15

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of June 5, 2008.

	 	 	 	 	 	 	 	 	 
	 	 	CARDTRONICS, LP	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 

	 	 	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Tres Thompson (“Employee”)	 

 

16

 

APPENDIX A

RELEASE AGREEMENT

This Release Agreement (this “Agreement”) constitutes the release referred to in that certain
Employment Agreement (the “Employment Agreement”) dated as of
 _____, 20
 _____, by and between
Tres Thompson (“Employee”) and Cardtronics, LP, a Delaware limited partnership (the “Company”).

(a) For good and valuable consideration, including the Company’s provision of certain payments
and benefits to Employee in accordance with Section 7.1(b)(ii) of the Employment Agreement,
Employee hereby releases, discharges and forever acquits the Company, Cardtronics, Inc., their
affiliates and subsidiaries and the past, present and future stockholders, members, partners,
directors, managers, employees, agents, attorneys, heirs, legal representatives, successors and
assigns of the foregoing, in their personal and representative capacities (collectively, the
“Company Parties”), from liability for, and hereby waives, any and all claims, damages, or causes
of action of any kind related to Employee’s employment with any Company Party, the termination of
such employment, and any other acts or omissions related to any matter on or prior to the date of
this Agreement including without limitation any alleged violation through the date of this
Agreement of: (i) the Age Discrimination in Employment Act of 1967, as amended; (ii) Title VII of
the Civil Rights Act of 1964, as amended; (iii) the Civil Rights Act of 1991; (iv) Section 1981
through 1988 of Title 42 of the United States Code, as amended; (v) the Employee Retirement Income
Security Act of 1974, as amended; (vi) the Immigration Reform Control Act, as amended; (vii) the
Americans with Disabilities Act of 1990, as amended; (viii) the National Labor Relations Act, as
amended; (ix) the Occupational Safety and Health Act, as amended; (x) the Family and Medical Leave
Act of 1993; (xi) any state anti-discrimination law; (xii) any state wage and hour law; (xiii) any
other local, state or federal law, regulation or ordinance; (xiv) any public policy, contract,
tort, or common law claim; (xv) any allegation for costs, fees, or other expenses including
attorneys’ fees incurred in these matters; (xvi) any and all rights, benefits or claims Employee
may have under any employment contract, incentive compensation plan or stock option plan with any
Company Party or to any ownership interest in any Company Party except as expressly provided in the
Employment Agreement and any stock option or other equity compensation agreement between Employee
and the Company and (xvii) any claim for compensation or benefits of any kind not expressly set
forth in the Employment Agreement or any such stock option or other equity compensation agreement
(collectively, the “Released Claims”). In no event shall the Released Claims include (a) any claim
which arises after the date of this Agreement, or (b) any claim to vested benefits under an
employee benefit plan, or (c) any claims for contractual payments under the Employment Agreement.
Notwithstanding this release of liability, nothing in this Agreement prevents Employee from filing
any non-legally waivable claim (including a challenge to the validity of this Agreement) with the
Equal Employment Opportunity Commission (“EEOC”) or comparable state or local agency or
participating in any investigation or proceeding conducted by the EEOC or comparable state or local
agency; however, Employee understands and agrees that Employee is waiving any and all rights to
recover any monetary or personal relief or recovery as a result of such EEOC, or comparable state
or local agency proceeding or subsequent legal actions. This Agreement is not intended to indicate
that any such claims exist or that, if they do exist, they are meritorious. Rather, Employee is
simply agreeing that, in exchange for the consideration recited
in the first sentence of this paragraph, any and all potential claims of this nature that
Employee may have against the Company Parties, regardless of whether they actually exist, are
expressly settled, compromised and waived. By signing this Agreement, Employee is bound by it.
Anyone who succeeds to Employee’s rights and responsibilities, such as heirs or the executor of
Employee’s estate, is also bound by this Agreement. This release also applies to any claims
brought by any person or agency or class action under which Employee may have a right or benefit.
THIS RELEASE INCLUDES MATTERS ATTRIBUTABLE TO THE SOLE OR PARTIAL NEGLIGENCE (WHETHER GROSS OR
SIMPLE) OR OTHER FAULT, INCLUDING STRICT LIABILITY, OF ANY OF THE COMPANY PARTIES.

 

A-1

 

(b) Employee agrees not to bring or join any lawsuit against any of the Company Parties in any
court relating to any of the Released Claims. Employee represents that Employee has not brought or
joined any lawsuit or filed any charge or claim against any of the Company Parties in any court or
before any government agency and has made no assignment of any rights Employee has asserted or may
have against any of the Company Parties to any person or entity, in each case, with respect to any
Released Claims.

(c) By executing and delivering this Agreement, Employee acknowledges that:

	 	(i)	 	Employee has carefully read this Agreement;

	 	(ii)	 	Employee has had at least [twenty-one (21)] [forty-five (45)]
days to consider this Agreement before the execution and delivery hereof to the
Company [Add if 45 days applies: , and Employee acknowledges that attached to
this Agreement are (1) a list of the positions and ages of those employees
selected for termination (or participation in the exit incentive or other
employment termination program) and (2) a list of the ages of those employees
not selected for termination (or participation in such program)];

	 	(iii)	 	Employee has been and hereby is advised in writing that
Employee may, at Employee’s option, discuss this Agreement with an attorney of
Employee’s choice and that Employee has had adequate opportunity to do so; and

	 	(iv)	 	Employee fully understands the final and binding effect of this
Agreement; the only promises made to Employee to sign this Agreement are those
stated in the Employment Agreement and herein; and Employee is signing this
Agreement voluntarily and of Employee’s own free will, and that Employee
understands and agrees to each of the terms of this Agreement.

 

A-2

 

Notwithstanding the initial effectiveness of this Agreement, Employee may revoke the delivery
(and therefore the effectiveness) of this Agreement within the seven day period beginning on the
date Employee delivers this Agreement to the Company (such seven day period being referred to
herein as the “Release Revocation Period”). To be effective, such revocation must be in writing
signed by Employee and must be delivered to the Chief Executive Officer of the Company before 11:59
p.m., Houston, Texas time, on the last day of the Release Revocation
Period. If an effective revocation is delivered in the foregoing manner and timeframe, this
Agreement shall be of no force or effect and shall be null and void ab initio. No
consideration shall be paid if this Agreement is revoked by Employee in the foregoing manner.

Executed on this                      day of                     ,      .

	 	 	 	 	 
	 

	 	 

Tres Thompson
	 	 

	 	 	 	 	 
	STATE OF

	 	 	 	§
	 

	 	 	 	 
	 

	 	 	 	§
	COUNTY OF
	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	§

BEFORE ME, the undersigned authority personally appeared Tres Thompson, by me known or who
produced valid identification as described below, who executed the foregoing instrument and
acknowledged before me that he subscribed to such instrument on this
 _____ 
day of                                         ,
                    .

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	NOTARY PUBLIC in and for the	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	State of	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	My Commission Expires:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Identification produced:	 	 	 	 

 

A-3

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