Document:

Unassociated Document

     

    EXHIBIT
10.1

     

    SETTLEMENT
AGREEMENT

    

    THIS
SETTLEMENT AGREEMENT ("Agreement") is made as of August 31, 2009 by and among
Cobra Oil & Gas Company, a Nevada corporation with its principal offices at
Uptown Center, 2100 North Loop South, Suite 400, Houston, TX 77002 (the
“Company”) and Douglas Berry, an individual with an address of 14188 Marine
Drive, White Rock, B. C., Canada V4B 1A8 (“DB”).  The foregoing
parties are sometimes referred to hereinafter collectively as the “Parties”, and
each, individually, as a “Party”.

    

    RECITALS

    

    A.           DB
has made loans to the Company in the aggregate principal amount of $110,625 (the
“Loans”).

    

    B.           Interest
is due on the Loans in the aggregate amount of $14,637.45.

    

    C.           The
Company owes DB an aggregate amount of $125,262.45 (the “Debt”) in principal and
interest.

    

    D.           The
Parties wish to settle the Debt through the issuance of restricted shares of the
Company’s common stock valued at $0.816 per share, which represents a 20%
discount to the $1.02 closing price for the Company’s common stock on August 31,
2009.

    

    AGREEMENT

    

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

    

    1.           Settlement.  The
Parties acknowledge and agree that the Company has an outstanding Debt to DB in
the amount of $125,625.45.  In full satisfaction thereof, the Parties
have agreed that the Company will issue to DB 153,508 shares of the Company’s
restricted common stock (the “Shares”).

    

    2.           Release.  Upon
receipt of the Shares, DB forever discharges and releases the Company and each
of its agents, attorneys, representatives, assigns, predecessors, successors and
related entities from any and all claims, damages, actions, judgments,
obligations, attorneys’ fees, indemnities, subrogations, duties, demands,
controversies and liabilities of every nature at law or in equity, liquidated,
or unliquidated, known or unknown, matured or unmatured, foreseeable or
unforeseeable, which he had or has arising out of any circumstance, thing, or
event alleged, or arising out of the Debt.

    

    3.           Entire
Agreement.  This Agreement contains the sole, complete and
entire agreement and understanding of the Parties concerning the matters
contained herein and may not be altered, modified, or changed in any manner
except by a writing duly executed by the Parties.  No Party is relying
on any representations other than those expressly set forth
herein.  No conditions precedent to the effectiveness of this
Agreement exists, other than as expressly provided for herein.  There
are no oral or written collateral agreements hereto.  All prior
discussions and negotiations have been and are merged, integrated into and
superseded by this Agreement.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    4.           Waiver.  The
delay or failure of a Party to exercise any right, power or privilege hereunder,
or failure to strictly enforce any breach or default shall not constitute a
waiver with respect thereto; and no waiver of any such right, power, privilege,
breach or default on any one occasion shall constitute a waiver thereof on
subsequent occasion unless clear and express notice thereof in writing is
provided.

    

    5.           Applicable Law;
Venue.  This Agreement shall be governed by and construed and
enforced in accordance with and subject to the laws of the State of New York,
and any and all actions brought under this Agreement shall be brought in the
state or federal courts sitting in New York, New York.

    

    6.           Warranties.  The
Parties, and each of them, warrant:  (i) that they, and each of them,
have the sole right and exclusive authority to execute this Agreement; and (ii)
that they have not sold, assigned, transferred, conveyed or otherwise disposed
of any claim, demand, cause of action, obligation, damage or liability covered
in this Agreement.

    

    7.           Recitals
Incorporated.  The Recitals of this Agreement are incorporated
herein and made a part hereof.

    

    8.           Counterparts.  This
Agreement may be executed in one or more counterparts, all of which together
constitute one single document.

    

    9.           Facsimile
Signatures.  This Agreement and any documents relating to it
may be executed and transmitted to any other party by facsimile, which facsimile
shall be deemed to be, and utilized in all respects as, an original, wet-inked
document.

    

    IN
WITNESS WHEREOF, the Parties hereto have executed this Settlement Agreement as
of the day and year first written above.

     

    
      
        	 	COBRA OIL & GAS
      COMPANY	 
	 	 	 	 
	
              	
                By:
      

              	/s/
      Massimiliano Pozzoni	 
	 	Name:  	Massimiliano
      Pozzoni	 
	 	Title:  	President	 
	 	 	 	 
	 	 	 	 
	 	 	/s/
      Douglas Berry	 
	 	 	Douglas
      BerryUnassociated Document

     

    
      Exhibit
10.1

       

      AGREEMENT

    

    
      

      

      This Agreement (“Agreement”) shall be effective
as of August 13, 2009, by and between DISCOVERY LABORATORIES, INC., a Delaware
corporation (“Company”)
and W. THOMAS AMICK, Chairman of the Board of Directors of the Company (“Amick”).

      

      WHEREAS,
the Company has requested that Amick, in addition to serving as Chairman of the
Board, accept the position of Chief Executive Officer (“CEO”), and Amick has agreed to
serve in that capacity on a part-time, interim basis and on the terms as set
forth in this Agreement.

      

      NOW,
THEREFORE, intending to be legally bound, , the Company and Amick agree as
follows:

      

      1. CEO
Appointment.  The Company hereby appoints Amick, and Amick
agrees to serve, as CEO of the Company.  The parties agree that Amick
will continue to serve as Chairman of the Company’s Board of Directors during
the Term of this Agreement.

      

      2. Duties.  Amick
will be responsible for all duties customarily associated with the title CEO,
with a specific focus on securing strategic alliance partners and/or accessing
capital through financing and other transactions to advance the Company’s
KL4
surfactant pipeline and to build shareholder value.

      

      3. Term.  Amick
will serve as CEO until such time as the Company’s Board of Directors determine
that his services as CEO are no longer needed (the “Term”).  In any
event, unless extended in writing, this Agreement will terminate on June 30,
2010.

      

      4. Time;
Location.    During the Term, Amick agrees to devote,
on a part-time basis, such of his business time, attention and efforts as
reasonably necessary to the proper performance of his duties.  The
parties currently expect that his duties will require, on average, approximately
two days per week.  Amick will render services to the Company at the
Company’s headquarters located in Doylestown, Pennsylvania, or at such other
places as he shall deem appropriate for the performance of his
duties.

      

      5. Compensation.  In
consideration of the services to be provided under this Agreement, the Company
will pay Amick at a per diem rate of Three Thousand Dollars
($3,000), payable monthly in arrears at the end of each calendar
month.  In addition:

      

      (a) the
Company will pay or reimburse Amick for all reasonable expenses incurred in
carrying out his duties and responsibilities under this Agreement, including
lodging and travel expenses, subject to submission of documentation in
accordance with the Company’s reimbursement policies.

      

      (b) Amick
shall be entitled to an award of 60,000 options to purchase common stock of the
Company under the Company’s 2007 Long-Term Incentive Plan, on such terms and
effective as of such date as are approved by the Compensation Committee of the
Company’s Board of Directors.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2

       

      6. Representations, Warranties
and Covenants of Amick.

      

      (a) Amick
represents and warrants to the Company that he is presently under no contractual
or other restriction or obligation which is inconsistent with his execution of
this Agreement or the performance of the obligations hereunder, and during the
Term, Amick covenants that he shall not enter into any agreement, either written
or oral, in conflict with this Agreement.  The Company acknowledges
that Amick currently serves as Chairman of Aldagen, Inc., is an advisor to
several private equity firms focused on the biopharmaceutical industry and
serves as a member of the board of directors of several biotechnology
companies.

      

      (b) Amick
represents and agrees that he has not been debarred by the U. S. Food and Drug
Administration or any equivalent foreign agency from practicing before such
agency.  Amick further agrees that he will notify the Company
immediately in the event of any debarment or threat of debarment occurring
during the period in which Amick is performing services.

      

      7. Termination.  Either
party may terminate this Agreement at any time upon ten (10) days written notice
to the other party.

      

      8. Independent
Contractor.  Amick is and throughout the Term shall be an
independent contractor and not an employee of the Company.  Amick
shall not be entitled to nor receive any benefit normally provided to the
Company’s employees such as, but not limited to, vacation payment, retirement,
health care or sick pay.  The Company shall not be responsible for
withholding income or other taxes from the payments made to
Amick.  Amick shall be solely responsible for filing all returns and
paying any federal, state and municipal income, social security or other tax
levied upon or determined with respect to the payments made to Amick pursuant to
this Agreement.

      

      9. Controlling
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of Pennsylvania without reference to any
conflict of law principles of such State.

      

      10. Headings.  The
headings in this Agreement are inserted for convenience only and shall not be
used to define, limit or describe the scope of this Agreement or any of the
obligations herein.

      

      11. Final
Agreement.  This Agreement constitutes the entire agreement
between the parties with respect to its subject matter and supersedes all prior
negotiations, understandings and agreements between the parties, whether written
or oral.  This Agreement may be amended, supplemented or
changed  only by an agreement in writing signed by both of the
parties.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

        3

         

      

      12. Notices.  Any
notice required to be given or otherwise given pursuant to this Agreement shall
be in writing and shall be hand delivered, mailed by certified mail, return
receipt requested or sent by recognized overnight courier service as
follows:

      

      If to
Amick:

      

      W. Thomas
Amick

      [at the
address and fax number maintained in the Company’s files]

      

      If to
Company:

      Discovery
Laboratories, Inc.

      2600
Kelly Rd., Suite 100

      Warrington,
PA  18976

      Tel:           (215)
488-9300

      Fax:           (215)
488-9557

      Attn:                      General
Counsel

      

      13. Severability.  If
any term of this Agreement is held by a court of competent jurisdiction to be
invalid or unenforceable, then this Agreement, including all of the remaining
terms, will remain in full force and effect as if such invalid or unenforceable
term had never been included.

      

      14. Amendment.  No
amendment or modification of the terms or conditions of this Agreement shall be
valid unless in writing and signed by the parties hereto.

      

      15. Successors and
Assigns.  The rights and obligations of the Company under this
Agreement shall inure to the benefit of and shall be binding upon the successors
and assigns of the Company.  Amick shall not be entitled to assign any
of his rights or obligations under this Agreement.

      

      IN WITNESS WHEREOF, this Agreement has
been executed by the parties as of the date first above written.

      

       

      
        
          	
                  DISCOVERY
      LABORATORIES, INC.

                	 	 	
                  W.
      THOMAS AMICK

                	 
	 	 	 	 	 
	
                  By:
      ______________________________

                	 	 	
                  
                    By:
      ______________________________

                  

                	 
	
                  
                           John
      G. Cooper,

                           Executive
      Vice President and

                           Chief
      Financial Officer

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