Document:

Exhibit
10.1

ACKNOWLEDGEMENT
AND AMENDMENT AGREEMENT

This Acknowledgement and Amendment Agreement (the “Acknowledgement”)
is dated April 8, 2007, and is entered into by and between Gary M. Saxton
(the “Employee”), and BioSphere Medical, Inc., a Delaware corporation (the “Company”).

WHEREAS, the Employee and the Company have entered
into a certain letter agreement dated November 18, 2004 regarding the Employee’s
employment with the Company (the “Letter Agreement”); and

WHEREAS, the parties desire to modify the provisions
of Section 2.6 of the Letter Agreement.

NOW, THEREFORE, in consideration of the mutual
covenants contained herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the undersigned hereby agree as follows:

1.             The Letter Agreement is hereby
amended by deleting Section 2.6 in its entirety and inserting the following new
Section 2.6 in lieu thereof:

“2.6         Living Expenses.  Effective 
January 1, 2007, for so long as you are employed as an executive
officer of the Company and your primary residence is more than 100 miles from
the Company’s offices, you shall be entitled to receive an annual living
allowance of $81,000, less applicable taxes and withholdings, which may be
used, at your discretion, to offset commuting costs incurred by you in
connection with your travel from your primary residence to the Company’s
offices and for temporary living and housing allowances relating to such
commuting (the “Allowance”).  Such
Allowance shall be paid to you in twelve equal monthly installments of $6,750,
less applicable taxes and withholdings; provided that the Company shall not be
required to pay you any Allowance beyond the end of your employment with the
Company.  Such Allowance will be paid in
the first pay period of each month. Furthermore, it is agreed and acknowledged
that the Allowance shall not constitute “base salary” or “salary” for any
purpose whatsoever including without limitation Section 2.1, 2.2 or 3.1 of
this Agreement, nor shall it be aggregated with your base salary for purposes
of computing any bonus or other compensation you may receive.”

2.             The parties acknowledge and agree
that all other provisions of the Letter Agreement shall remain in full force
and effect.

3.             This Acknowledgement shall be governed
by and construed and interpreted in accordance with the substantive laws of the
Commonwealth of Massachusetts without regard to its principles of conflicts of
law.

4.             This Acknowledgement may be
executed in any number of counterparts, and each such counterpart shall be
deemed to be an original instrument, but all such counterparts together shall
constitute but one agreement.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Parties have executed this
Acknowledgement and Amendment Agreement as of the date first above written.

	
  

  	
   

  	
  BIOSPHERE MEDICAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ Richard J. Faleschini

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Richard J. Faleschini

  
	
   

  	
   

  	
   

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Gary M. Saxton

  	
   

  
	
   

  	
   

  	
  Name: Gary M.
  Saxton

  
	
   

  	
   

  	
  Title: Executive Vice President and Chief Operating

  OfficerExhibit
10.2

SECOND
ACKNOWLEDGEMENT AND AMENDMENT AGREEMENT

This Second Acknowledgement and Amendment Agreement
(the “Acknowledgement”) is dated April 5, 2007, and is entered into by
and between Richard J. Faleschini (the “Employee”), and BioSphere
Medical, Inc., a Delaware corporation (the “Company”).

WHEREAS, the Employee and the Company have entered
into a certain Employment Agreement dated November 2, 2004, as amended by an
Acknowledgement and Amendment Agreement dated March 16, 2007, regarding
the Employee’s employment with the Company (the “Employment Agreement”);

WHEREAS, the parties desire to modify the provisions
of Section 3.5 of the Employment Agreement.

NOW, THEREFORE, in consideration of the mutual
covenants contained herein and for other good and valuable consideration, the
sufficiency of which is hereby acknowledged, the undersigned hereby agree as
follows:

1.             The Employment Agreement is hereby
amended by deleting Section 3.5 in its entirety and inserting the following new
Section 3.5 in lieu thereof:

“3.5         Living Expenses.  Effective as of January 1, 2007, for so
long as you are employed as an executive officer of the Company and your
primary residence is more than 100 miles from the Company’s offices, you shall
be entitled to receive an annual living allowance of $77,000, less applicable
taxes and withholding, which may be used, in your discretion, to offset
commuting costs incurred by you in connection with your travel from your
primary residence to the Company’s offices and for temporary living and housing
allowances relating to such commuting (the “Allowance”).  Such Allowance shall be paid to you in twelve
equal monthly installments of $6,416.66, less applicable taxes and
withholdings; provided that the Company shall not be required to pay you any
Allowance beyond the end of your employment with the Company.    Furthermore, it is agreed and acknowledged
that the Allowance shall not constitute “base salary” or “salary” for any
purpose whatsoever including without limitation Sections 3.1, 4.3 or 5.1
of this Agreement or Section 4.2 of that certain Executive Retention Agreement
dated November 2, 2004 by and between you and the Company, nor shall it be
aggregated with your base salary for purposes of computing any bonus or other
compensation you may receive.”

2.             The parties acknowledge and agree
that all other provisions of the Employment Agreement shall remain in full
force and effect.

3.             This Acknowledgement shall be
governed by and construed and interpreted in accordance with the substantive
laws of the Commonwealth of Massachusetts without regard to its principles of
conflicts of law.

4.             This Acknowledgement may be
executed in any number of counterparts, and each such counterpart shall be
deemed to be an original instrument, but all such counterparts together shall
constitute but one agreement.

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the Parties have executed this
Second Acknowledgement and Amendment Agreement as of the date first above
written.

	
  

  	
   

  	
  BIOSPHERE MEDICAL, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
  /s/ RICCARDO PIGLIUCCI

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Riccardo Pigliucci

  
	
   

  	
   

  	
   

  	
  Chairman, Compensation Committee of the

  Board of Directors

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ RICHARD J. FALESCHINI

  	
   

  
	
   

  	
   

  	
  Name: Richard J.
  Faleschini

  
	
   

  	
   

  	
  Title: President and Chief Executive OfficerExhibit 10.1

3M EXECUTIVE ANNUAL
INCENTIVE PLAN

1.                 Purposes.

The
purposes of the 3M Executive Annual Incentive Plan (the “Plan”) are to attract
and retain highly qualified individuals as executive officers of 3M; to focus
their attention on achieving certain business objectives established for 3M and
its business units; and to provide these individuals with incentive
compensation that is intended to qualify as performance-based compensation
under Section 162(m) of the Internal Revenue Code.

2.                 Definitions.

(a)            “Adjusted Net Income” means the net income of
3M as reported in the Consolidated Statement of Income as adjusted to exclude
special items.

(b)           “Committee” means those members of the
Compensation Committee of 3M’s Board of Directors who qualify as outside
directors for purposes of Section 162(m) of the Internal Revenue Code.

(c)            “Named Executive Officers” means those
executive officers of 3M covered by the SEC’s disclosure requirements for
executive compensation in Item 402 of Regulation S-K.

(d)           “Participant” means an employee of 3M who is
eligible to participate in this Plan pursuant to Section 4 and whose
participation in the Plan has been approved by the Committee.

(e)            “Plan” means this 3M Executive Annual
Incentive Plan.

(f)              “Plan Year” means the 12-month period
ending on December 31.

(g)           “Retirement” means the termination of a
Participant’s employment with 3M after meeting the requirements for retirement
under any retirement plan of 3M (including, in the United States, the 3M
Employee Retirement Income Plan).

3.                 Term and Termination of the Plan.

This Plan shall become
effective on January 1, 2007, subject to approval by the affirmative vote
of the holders of a majority of the shares of outstanding common stock of 3M
voting at the 2007 Annual Meeting of Stockholders, and it shall remain in
effect until it is terminated by the Committee.

4.                 Participation.

The
individuals eligible to participate in this Plan shall be the Named Executive
Officers of 3M, as well as any other senior executives of 3M whose compensation
is approved by the Committee.

5.                 Amounts of Annual Incentive.

The
maximum annual incentive payable to any Named Executive Officer for any Plan
Year shall be one-quarter of one percent (0.25%) of the Adjusted Net Income for
such Plan Year, while the maximum annual incentive payable for any Plan Year to
any Participant who is not a Named Executive Officer shall be one-tenth of one
percent (0.10%) of the Adjusted Net Income for such Plan Year. Subject to these
maximums, the Committee shall determine the amount of each Participant’s annual
incentive opportunity for each Plan Year in its discretion. Notwithstanding
anything to the contrary in this Plan document, the Committee in its sole
discretion may decide to

 

reduce
the annual incentive payable to a Participant for any Plan Year below the
applicable maximum amount payable under this Section 5.

6.                 Payments of Annual Incentive.

All
annual incentive payments under this Plan shall be made in the form of cash or
in the form of shares of 3M stock, restricted stock or restricted stock units
delivered pursuant to the 3M Management Stock Ownership Program. All annual
incentive payments for a Plan Year shall be completed no later than
March 15 of the year following the end of such Plan Year; provided, however,
that no payment shall be made under this Plan until the Committee has certified
in writing that: (a) the performance goal for such Plan Year has been
satisfied, and (b) the limitations described in Section 5 have not
been exceeded.

7.                 Plan Administration.

This
Plan will be administered by the Committee, which may delegate any of its
administrative responsibilities in connection with the Plan to the appropriate
employees of 3M. The Committee will have full power and authority to interpret
the Plan, to establish, amend and rescind any rules, forms or procedures as it
deems necessary for the proper administration of the Plan, to determine the
manner and time of payment of the annual incentive compensation payable
hereunder, and to take any other action as it deems necessary or advisable in
connection with the Plan. Any decision made, action taken or interpretation
made by the Committee or its delegate that is not inconsistent with the
provisions of this Plan will be final, conclusive, and binding on all persons
interested in the Plan.

8.                 Amendments.

The
Committee may at any time amend this Plan, in whole or in part; provided no
amendment which would (a) increase the maximum annual incentive payable to
any Participant, or (b) revise the performance goal available for
determining the amount of the annual incentive compensation payable hereunder,
shall become effective until approved by the affirmative vote of the holders of
a majority of the shares of outstanding common stock of 3M voting at a meeting
of the corporation’s stockholders.

9.                 Rights of Participants.

Nothing
in this Plan or the fact that a person has received or become eligible to
receive annual incentive compensation hereunder shall be deemed to give such
person any right to be retained in the employ of 3M or to interfere with the
right of 3M to discipline or terminate the employment of such person at any
time for any reason whatsoever. No person shall have any claim or right to
receive annual incentive compensation under this Plan, except as provided in
accordance with the provisions of this Plan and as approved by the Committee.
If a Participant’s employment with 3M terminates for any reason other than
death or Retirement, participation in this Plan will end and any annual
incentive compensation that would otherwise have been payable to such
Participant for the Plan Year in which such termination occurs shall be
forfeited.

10.          Withholding.

All
payments of annual incentive compensation made pursuant to this Plan will be
subject to withholding for all applicable taxes and contributions required by
law to be withheld therefrom.

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