Document:

exhibit.htm

    Exhibit
10.1

    

    M/I
Homes, Inc.

    Form
of Award Formulas and Performance Goals

    For
Executive Officers

    Effective January 1,
2008

    

    

    Set forth
below are the award formulas and performance goals for the 2008 fiscal year (the
"2008 Fiscal Year") that will be measured to determine the amount of the
______________'s cash bonus for the 2008 Fiscal Year. The ________________’s
maximum cash bonus award for the 2008 Fiscal Year is ___% of his 2008 base
salary (the “2008 Maximum Cash Bonus Award”).  The amount of the cash
bonus earned by the __________________ with respect to the 2008 Fiscal Year will
be based (1) in accordance with the terms of the M/I Homes, Inc. 2004 Executive
Officer Compensation Plan (the "2004 Executive Officer Compensation Plan"), (A)
50% on the Company’s net income prior to impairments, write-offs and deferred
tax asset valuation allowance (“Adjusted Net Income”) in 2008 and (B) 30% on the
Company’s homebuyer satisfaction ratings in 2008, and (2) 20% on the Company's
performance in 2008 with respect to certain performance criteria, which may
include financial condition, liquidity, land position, expense control and
reduction, and/or progress on strategic initiatives as determined by the
Compensation Committee of the Board of Directors of the Company (the
"Committee"), in each case in accordance with the following award formulas and
performance goals:

     

    
      	
               
      

            	
              1.

            	
              80% of the 2008
      Maximum Cash Bonus Award Based on Performance Goals Under the 2004
      Executive Officer Compensation
Plan 

            

    

     

     

    Adjusted
Net Income: 

     

     

    If the
Company’s 2008 Adjusted Net Income is at least 85.7% of the Company’s 2008
budgeted net income level (the “2008 Budgeted Net Income”), the _______________
will receive 5% of this portion of the bonus award (which represents 2.5% of the
2008 Maximum Cash Bonus Award).  This percentage amount (i.e., the 5%)
will increase to (A) 16.9% of this portion of the bonus award if the 2008
Adjusted Net Income is at least equal to the 2008 Budgeted Net Income and (B)
100% of this portion of the bonus award if the 2008 Adjusted Net Income exceeds
the 2008 Budgeted Net Income by at least 100%.  These percentage
amounts will increase proportionately between these levels.

     

     

    Homebuyer
Satisfaction Ratings: 

     

     

    This goal
is based (A) one-half (i.e., 15% of the 2008 Maximum Cash Bonus Award) on 
the Company’s homebuyers survey score in 2008 to the Question “Would you
recommend M/I Homes to a friend or relative” on the 30 day post-closing
homebuyer satisfaction survey and (B) one-half (i.e., 15% of the 2008 Maximum
Cash Bonus Award) on the Company’s homebuyers survey score in 2008 to the
Question “Would you recommend M/I Homes to a friend or relative” on the
six-month post-closing homebuyer satisfaction survey, in each case as
follows:

     

    
      	
               
      §  

            	
              If
      the Company’s homebuyers survey score in 2008 to the Question “Would you
      recommend M/I Homes to a friend or relative” on the 30 day post-closing
      homebuyer satisfaction survey is at least 84%, the _______________ will
      receive 10% of this portion of the bonus award (which represents 1.5% of
      the 2008 Maximum Cash Bonus Award).  This percentage amount
      (i.e., the 10%) will increase proportionately up to 100% at a score in
      2008 of 93% on this same
question. 

            

    

    

    
      	
              §  

            	
              If
      the Company’s homebuyers survey score in 2008 to the Question “Would you
      recommend M/I Homes to a friend or relative” on the six-month post-closing
      homebuyer satisfaction survey is at least 81%, the _______________ will
      receive 10% of this portion of the bonus award (which represents 1.5% of
      the 2008 Maximum Cash Bonus Award).  This percentage amount
      (i.e., the 10%) will increase proportionately up to 100% at a score in
      2008 of 90% on this same question.

            

    

    

    

    
      	
               
      

            	
              2.

            	
              20%
      of the 2008 Maximum Cash Bonus Award based on Other
      Criteria

            

    

     

    The
Company's performance in 2008 with respect to certain performance criteria,
which may include financial condition, liquidity, land position, expense control
and reduction, and/or progress on strategic initiatives as determined by the
Committee. 

     

     

    Payment

     

     

    The
_________________must be employed by the Company on the date the 2008 cash
bonuses are paid by the Company to be eligible to receive the bonus provided
hereunder (if any).  No amounts provided hereunder (if any) are considered
due or payable if such employment relationship with the Company is terminated
prior to the date the 2008 cash bonuses are paid by the Company.

     

     

    ACKNOWLEDGED:

     

    

    
      	
              Name

            	 
      	
              Dateexv10w17

 

Exhibit 10.17

E. I. DU PONT DE NEMOURS AND COMPANY

RETIREMENT INCOME PLAN FOR DIRECTORS

AS LAST AMENDED August 1995

	I.	 	PURPOSE
	 
	 	 	The purpose of the Retirement Income Plan for Directors (“the Plan”) is to maintain a
compensation package that will continue to attract and retain persons of outstanding competence
for membership on the Board of Directors of E. I. du Pont de Nemours and Company (the
“Company”).
	 
	II.	 	ELIGIBILITY
	 
	 	 	A Director will be eligible for benefits under this Plan if, on the date of retirement from the
Board, such director has served the Company as a director for at least five years; provided,
however, a director who has qualified for an immediate or deferred pension benefit from the
Company or any of its subsidiaries is ineligible to participate in the Plan.
	 
	III.	 	AMOUNT OF RETIREMENT BENEFITS
	 
	 	 	The annual benefits payable under the Plan shall be equal to one-half of the annual Board
retainer (excluding any amounts payable for committee service and the value of any stock
granted under the DuPont Stock Accumulation and Deferred Compensation Plan for Directors) in
effect on the Director’s date of retirement. One-twelfth of such benefits will be paid monthly.
	 
	IV.	 	DURATION OF BENEFITS
	 
	 	 	The monthly benefits provided by this Plan begin in the month following retirement from the
Board and shall continue (a) until 120 such monthly payments have been made, or (b) until and
including the month in which the retired Director dies, whichever comes first. No death
benefits are payable under the Plan.
	 
	V.	 	NONASSIGNABILITY
	 
	 	 	During the Director’s lifetime, the right to any retirement benefit shall not be transferable
or assignable.
	 
	VI.	 	INTERPRETATION AND AMENDMENT
	 
	 	 	The Plan shall be administered by the Office of the Chairman of the Company. The decision of
the Office of the Chairman with respect to any questions arising as to the interpretation of
this Plan, including the severability of any and all of the provisions thereof, shall be final,
conclusive, and binding. The Office of the Chairman reserves the right to modify this Plan from
time to time, or to repeal the Plan entirely.EMPLOYMENT AGREEMENT

            
            THIS EMPLOYMENT AGREEMENT (the “Agreement”), made this
            1st,day of May , 2007, between Peter Nielsen (“Executive”) and
            BIO-PATH, Inc. (the “Company”).

            
            1.            
            Effective Date of Agreement. The Company hereby agrees to employ Executive, and
            Executive hereby accepts employment with the Company, upon the terms set forth in this
            Agreement.

            
            2.            
            At Will Employment. The Company agrees to employ Executive, and Executive agrees
            to serve the Company, on an “at will” basis, which means that either the
            Company or Executive may terminate Executive’s employment with the Company at any
            time and for any or no reason.

            
            3.            
            Title; Capacity. The Company will employ Executive, and Executive agrees to work
            for the Company, as its President and Chief Executive Officer to perform the duties and
            responsibilities inherent in such position and such other duties and responsibilities
            as the Board of Directors of the Company (the “Board”) shall from time to
            time reasonably assign to him. Executive shall report to the Board and shall be subject
            to the supervision of, and shall have such authority as is delegated to him by the
            Board, which authority shall be sufficient to perform his duties hereunder. Executive
            shall devote his full business time and reasonable best efforts in the performance of
            the foregoing services, provided that he may accept Board memberships (following
            disclosure to, review by, and approval of the Board) or perform services for charitable
            organizations that are not in conflict with his primary responsibilities and
            obligations to the Company, in the discretion of the Company.

            	
                        
                         

                    	
                        
                        4.

                    	
                        
                        Compensation and Benefits.

                    

            
            4.1          
            Salary. The Company shall pay Executive an annual base salary of $200,000,
            payable monthly on the first of each and every month Such salary thereafter shall be
            subject to annual review and upward adjustment as determined in the discretion of the
            Board and/or President and CEO in each calendar year consistent with the management
            compensation practices and policies of the Company.

            
            4.2          
            Annual Incentive. Executive will be eligible to receive an annual cash
            performance bonus of between 10% and 20% of Executive’s annual base salary, in
            the sole discretion of the Board and based upon a set of tangible and intangible
            milestones and objectives.

            
            4.3          
            Fringe Benefits. Executive shall be entitled to participate in all bonus and
            benefit programs that the Company establishes and makes available to its executive
            employees, if any, to the extent that Executive’s position, tenure, salary, age,
            health and other qualifications make him eligible to participate, including, but not
            limited to, health care plans, life insurance plans, dental care plans, disability
            income plans, supplemental retirement plans, and all other

             

            

            
            
            

            

             

            benefit plans from
            time to time in effect generally for executives and/or employees of the Company. The
            Company shall pay 100% of the premium cost for health insurance coverage for the first
            year of the Executive and Executive’s spouse participation in the plan.
            Thereafter, the Executive shall be subject to all such fringe benefits as defined by
            the Company’s employee manual, if any, and approved management and compensation
            policies and procedures. Executive shall also be entitled to take fully paid vacation
            in accordance with Company policy.

            
            4.4          
            Reimbursement of Business Expenses. Executive shall be reimbursed in accordance
            with Company policy for such reasonable business expenses as Executive documents in
            writing to the Company in a regular basis.

            
            5.            
            Termination of Employment. Executive’s employment with the Company
            (“Employment Period”) shall terminate upon the occurrence of any of the
            following:

            
            5.1          
            Voluntary Termination by Company or Employee. Either the Company or Employee may
            terminate the employment relationship at any time, without notice or without
            requirement for cause.

            
            5.2          
            Termination for Cause. The employment relationship may be terminated for Cause
            upon written notice by the Company to Executive. For the purposes of this Section 5.2,
            “Cause” for termination shall be deemed to exist upon the occurrence of any
            of the following:

            
            (a)           a
            good faith finding by the Company that Executive has engaged in any gross negligence,
            gross misconduct, tortuous act, unlawful act or malfeasance which causes or reasonably
            could cause material harm to the Company’s standing, condition or reputation;

            
            (b)          
            Executive’s conviction or entry of nolo contendere to any felony or crime
            involving moral turpitude, fraud or embezzlement;

            
            (c)          
            Executive’s material breach of this Agreement, which, if curable in the
            discretion of the Company’s Board of Directors, is not cured to the reasonable
            satisfaction of the Company’s Board of Directors within fifteen (15) days
            following Executive’s receipt of written notice from the Company stating with
            reasonable specificity the nature of such breach;

             

            
            2

             

            

            
            
            

            

             

             

            
            (d)          
            Executive’s failure or refusal to comply with reasonable written policies,
            standards and regulations established by the Company from time to time which failure,
            if curable in the discretion of the Company’s Board of Directors, is not cured to
            the reasonable satisfaction of the Company’s Board of Directors within fifteen
            (15) days following Executive’s receipt of written notice of such failure from
            the Company;

            
            (e)          
            Executive’s willful failure to perform his job duties and/or failure to follow
            instructions from the Board of Directors, as applicable; or

            	
                        
                         

                    	
                        
                        (f)

                    	
                        
                        Executive’s breach of any of the terms of the Confidentiality
                        Agreement.

                    

            
            5.3          
            Termination by Employee for Good Reason. The employment relationship may be
            terminated upon written notice by Executive to the Company for Good Reason (as defined
            below).

            
            5.4          
            Death or Disability. The employment relationship will terminate automatically
            upon Executive’s death or, upon thirty (30) days prior written notice from the
            Company, in the event of disability. As used in this Agreement, the determination of
            “disability” shall occur when Executive, due to a physical or mental
            disability, for a period of 90 consecutive days, or 180 days in the aggregate whether
            or not consecutive, during any 360-day period, is unable to perform the services
            contemplated under this Agreement. A determination of disability shall be made by a
            physician satisfactory to both Executive and the Company, provided that
            if Executive and the Company do not agree on a physician, Executive and the Company
            shall each select a physician and these two together shall select a third physician,
            whose determination as to disability shall be binding on all parties.

            	
                        
                         

                    	
                        
                        6.

                    	
                        
                        Effect of Termination.

                    

            
            6.1          
            Termination for Cause or Voluntary Termination by Executive. In the event that
            Executive’s employment is terminated for Cause pursuant to Section 5.2 or at the
            election of Executive pursuant to Section 5.1, the Company shall have no further
            obligations under this Agreement other than to pay to Executive the compensation and
            benefits, including payment for accrued but untaken vacation days, otherwise payable to
            him under Section 4.1 through the last day of his actual employment by the Company.

            
            6.2          
            Voluntary Termination by the Company or Termination by Employee for Good
            Reason.

            In the event that
            Executive’s employment is terminated by the Company pursuant to Section 5.1, or
            by the Employee for Good Reason pursuant to Section 5.3, the Company shall continue to
            pay to Executive an amount equivalent to three (3) months of his annual base salary
            then in effect for three (3) months in the manner set forth in Section 4.1, and payment
            for accrued but untaken vacation days as of his date of termination of employment,
            subject to Executive’s continued compliance with the Confidentiality Agreement
            and execution of a general release of all claims against the Company. In addition, the
            Company shall continue its contributions toward Executive’s health care, dental,
            disability and life insurance benefits on the same basis as

             

            
            3

             

            

            
            
            

            

             

            immediately prior to
            the date of termination, except as provided below, for a period of three (3) months
            from the last day of Executive’s employment, subject to Executive’s
            continued compliance with the Confidentiality Agreement and execution of a general
            release of all claims against the Company. Notwithstanding the foregoing, the Company
            shall not be required to provide any health care, dental, disability or life insurance
            benefit otherwise receivable by Executive pursuant to this Section 6.2 if Executive is
            actually covered by an substantially similar benefit (at or below the same cost to
            Executive, if any) from another employer during which continuing benefits are provided
            pursuant to this Section 6.2. Any such benefit made available to Executive shall be
            reported to the Company.

             

            
            6.3          
            Termination for Death or Disability. In the event that Executive’s
            employment is terminated by death or because of disability pursuant to Section 5.4, the
            Company shall pay to Executive’s estate or to Executive, as the case may be,
            compensation which would otherwise be payable to Executive under Section 4.1 of this
            Agreement through the end of the month in which such termination occurs, and payment
            for any accrued but untaken vacation days. Executive or his estate shall be entitled to
            continue health care benefits under COBRA, at Executive’s cost, to the extent
            required and available by law. . In addition to the foregoing, in the event of
            termination pursuant to Section 5.4, any unvested stock and stock options granted by
            the Company to Executive shall immediately vest as of the date of termination.

            	
                        
                         

                    	
                        
                        6.4

                    	
                        
                        Termination in the Event of a Change in Control.

                    

            
            (a)          
            In the event Executive’s employment with the Company is terminated by the Company
            (other than for Cause, disability or death as defined herein) or by Executive for Good
            Reason (as defined below) within three months before or 12 months following a Change in
            Control (as defined below), Executive shall be entitled to the following, subject to
            Executive’s continued compliance with the Confidentiality Agreement and execution
            of a general release of all claims against the Company:

            
            (i)           
            Any unvested stock or stock options awarded to Executive by the Company
            shall immediately vest upon the occurrence of such termination; and

            
            (ii)          
            the Company shall pay to Executive within fourteen (14) days after
            delivery of a written notice of his termination any and all compensation which would
            otherwise be payable to Executive under Section 4.1 of this Agreement through the
            termination date, and payment for any accrued but untaken vacation days, in each case
            to the extent not yet paid; and

            
            (iii)        
            the Company shall pay Executive’s normal post-termination benefits
            in accordance with the Company’s retirement, insurance and other benefit plan
            arrangements (including non-qualified deferred compensation plans); and

             

            
            4

             

            

            
            
            

            

             

             

            
            (iv)         
            The Company shall pay to Executive the equivalent of his average annual
            base salary for a period of three (3) month: and

            
            (v)          
            for six (6) months after Executive’s date of termination, or such
            longer period as may be provided by the terms of the appropriate plan, program,
            practice or policy, the Company shall continue Executive’s health care, dental,
            disability and life insurance benefits on the same basis as immediately prior to the
            date of termination;
            provided,
            however, the Company shall not be required
            to provide any health care, dental, disability or life insurance benefit otherwise
            receivable by Executive pursuant to this Section 6.5(a)(v) if Executive is actually
            covered by an substantially similar benefit (at or below the same cost to Executive, if
            any) from another employer during which continuing benefits are provided pursuant to
            this Section 6.5(a)(v). Any such benefit made available to Executive shall be reported
            to the Company;

            
            (vi)         
            to the extent not otherwise paid or provided, the Company shall timely
            pay or provide to Executive any other amounts or benefits required to be paid or
            provided or which Executive is eligible to receive following his termination of
            employment under any plan, program, policy, practice, contract or agreement of the
            Company and its affiliated companies; provided, however, that the benefits provided
            under this Section 6.5 shall be in lieu of, and not in addition to, any benefits for
            which Executive would be otherwise eligible including, without limitation, the
            severance benefits provided under Section 6.2.

             

            
            5

             

            
            

            

             

            
            (b)          
            Section 409A of the Code. Notwithstanding anything to the contrary in this
            Agreement, any cash severance payments otherwise due to Executive pursuant to this
            Section 6.5 or otherwise on or within the three-month period following
            Executive’s termination will accrue during such three-month period and will
            become payable in a lump sum payment on the date three (3) months and one (1) day
            following the date of Executive’s termination, provided, that such cash severance
            payments will be paid earlier, at the times and on the terms set forth in the
            applicable provisions of Section 6.5, if the Company reasonably determines that the
            imposition of additional tax under Section 409A of the Internal Revenue Code of 1986,
            as amended, will not apply to an earlier payment of such cash severance payments. In
            all respects, the definition of “Change in Control” contained herein shall
            be interpreted and administered so as to comply with Section 409A of the Internal
            Revenue Code of 1986, as amended (the “Code”), and the provisions of United
            States Treasury (“Treasury”) Notice 2005-1, and any successor statute,
            regulation and guidance thereto. If the definition of Change in Control is inconsistent
            with any of the foregoing, the definition of Change in Control in Treasury Notice
            2005-1 and any successor Change in Control definition thereto shall be incorporated
            into this Agreement by

            

            

             

            
            reference. In the event the Treasury issues additional guidance which requires
            modification(s) to the definition of Change in Control to comply with the requirements
            of Section 409A of the Code and the Treasury guidance issued pursuant to the same or
            Section 409A of the Code is modified, the Executive and Company shall amend this
            Agreement by way of mutual agreement to comply with the same.

            
            (c)          
            Definition of Change in Control. Definition of Change in Control. For
            purposes of this Agreement, a “Change in Control” shall occur on the date
            that: (i) any “person” (as such term is used in Sections 13(d) and
            14(d) of the Securities Exchange Act of 1934, as amended) becomes the “beneficial
            owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of
            securities of the Company representing 50% or more of the total voting power of the
            capital stock of Company; (ii) the approval by the stockholders of the sale or
            disposition by the Company of all or substantially all of the Company’s assets;
            and (iii) the approval by stockholders of the Company of a merger or consolidation of
            the Company with any other corporation, other than a merger or consolidation which
            would result in the voting securities of the Company outstanding immediately prior
            thereto continuing to represent (either by remaining outstanding or by being converted
            into voting securities of the surviving entity) more than fifty percent (50%) of the
            total voting power represented by the voting securities of the Company or such
            surviving entity outstanding immediately after such merger or consolidation; provided,
            however, that a Change of Control shall not be deemed to occur upon (i) the
            consummation of any private placement of the Company’s securities as part of the
            Company’s current or subsequently adopted capitalization plan, (ii) any reverse
            merger to which the Company is a party, or (iii) an IPO of the Company.

            
            (d)          
            As used herein, “Good Reason” means the occurrence, without
            Executive’s written consent, of any of the events or circumstances set forth in
            clauses (i) through (iv) below; provided, however, that Executive must first provide
            the Company with thirty (30) days’ written notice of the occurrence or existence
            of an event or circumstance specified below. Executive’s resignation will only be
            considered for Good Reason if, within thirty (30) days after the Company receives such
            notice, such event or circumstance has not been fully corrected and Executive has not
            been reasonably compensated for any losses or damages resulting therefrom

             

            
            6

             

            

            
            
            

            

             

            (provided that such
            right of correction by the Company shall only apply to the first such notice given by
            Executive).

            
            (i)           
            the assignment to Executive of duties inconsistent in any material
            respect with Executive’s position (including status, offices, titles and
            reporting requirements), authority or responsibilities in effect immediately prior to
            such assignment; provided, however that a reduction in Executive’s title,
            authority or responsibilities following a Change in Control shall not constitute Good
            Reason unless there also occurs a reduction of Executive’s annual base salary;
            or

            
            (ii)          
            a reduction of more than 25% in Executive’s annual base salary or
            other compensation opportunities under annual or long-term compensation incentive plans
            as the same may be increased from time to time, provided that this clause (ii) shall
            not apply to any decrease in compensation opportunities under annual or long-term
            compensation incentive plans which applies generally to senior executives of the
            Company; or

            
            (iii)         
            a change by the Company in the location at which Executive performs
            Executive’s principal duties for the Company to a new location that is both (A)
            outside a radius of 50 miles from Executive’s principal residence immediately
            prior to the date on which such change occurs and (B) more than 50 miles from the
            location at which Executive performs his principal duties for the Company immediately
            prior to the date on which such change occurs; or

            	
                        
                         

                    	
                        
                        (iv)

                    	
                        
                        Any material breach by the Company of this
                        Agreement.

                    
	
                        
                         

                    	
                        
                        6.5

                    	
                        
                        Limitation on Benefits.

                    	
                        
                         

                    
	
                    	
                    	
                    	
                    	
                    	
                    

            
            (a)          
            It is the intention of Executive and the Company that no payments made or benefits
            provided by the Company to or for the benefit of Executive under this Agreement or any
            other agreement or plan pursuant to which Executive is entitled to receive payments or
            benefits shall be non-deductible to the Company by reason of the operation of Section
            280G of the Internal Revenue Code of 1986, as amended (the “Code”),
            relating to golden parachute payments.

            
            (b)          
            The Company agrees that in the event any payments to Executive pursuant to this
            Agreement would result in a payment to Executive that would trigger any obligations or
            penalties under Section 4999 of the United States Internal Revenue Code (“Excise
            Tax”), if appropriate, the Company shall first submit to its stockholders for
            approval the transaction that may result in the imposition of the Excise Tax upon
            Executive in accordance with the regulations of the Internal Revenue Code governing
            shareholder approval of transactions giving rise to Excise Tax liability. Executive
            agrees that in connection with the submission to the Company’s stockholders that
            he will place a sufficient amount of such payments and benefits at risk such

             

            
            7

             

            

            
            
            

            

             

            that if the
            Company’s stockholders do not approve such payments and benefits, he will no
            longer be entitled to receive such payments and benefits and he will return, to the
            extent necessary, any previously receive payments of benefits.

            
            (c)          
            Notwithstanding the foregoing, in the event that the severance and other
            benefits provided for in this Agreement or otherwise payable to Executive (i)
            constitute “parachute payments” within the meaning of Section 280G of the
            Code and (ii) but for this Section 6.6(c), would be subject to the excise tax imposed
            by Section 4999 of the Code, then Executive’s severance and other benefits will
            be either: (A) delivered in full, or (B) delivered as to such lesser extent which would
            result in no portion of such severance and other benefits being subject to excise tax
            under Section 4999 of the Code, whichever of the foregoing amounts, taking into account
            the applicable federal, state and local income taxes and the excise tax imposed by
            Section 4999, results in the receipt by Executive on an after-tax basis, of the
            greatest amount of severance and other benefits, notwithstanding that all or some
            portion of such severance and other benefits may be taxable under Section 4999 of the
            Code. Unless the Company and Executive otherwise agree in writing, any determination
            required under this Section 6.6(c) will be made in writing by the Company’s
            independent public accountants immediately prior to Change in Control (the
            “Accountants”), whose determination will be conclusive and binding
            upon Executive and the Company for all purposes. For purposes of making the
            calculations required by this Section 6.6(c), the Accountants may make reasonable
            assumptions and approximations concerning applicable taxes and may rely on reasonable,
            good faith interpretations concerning the application of Sections 280G and 4999 of the
            Code. The Company and Executive will furnish to the Accountants such information and
            documents as the Accountants may reasonably request in order to make a determination
            under this Section. The Company will bear all costs the Accountants may reasonably
            incur in connection with any calculations contemplated by this Section 6.6(c). In the
            event the Accountants determine that this Section 6.6(c) requires a reduction in
            Executive’s severance or other benefits, Executive will be provided the
            reasonable opportunity to determine the order in which severance and other benefits
            will be reduced. If Executive fails to make an appropriate reduction election within
            the reasonable time period determined by the Board or its committee, in its sole
            discretion, the order of reduction will be determined by the Board or its
            committee.

            
            7.            
            Confidentiality Agreement. As a condition of employment, Executive agrees to
            sign and comply with the terms of the Company’s Employee Confidential Information
            and Invention Assignment Agreement (“Confidentiality Agreement”), a copy of
            which is attached hereto as Exhibit “A”.

            
            8.            
            Conflicting Obligations. Executive certifies that Executive has no outstanding
            agreement or obligation that is in conflict with any of the provisions of this
            Agreement or the Confidentiality Agreement or that would preclude Executive from
            complying with the provisions of this Agreement or the Confidentiality Agreement.
            Executive will not enter into any such conflicting agreement during the Employment
            Period.

            
            9.            
            Insurance and Indemnification. The Company shall ensure that Executive is added
            to any officers and directors insurance policy obtained by the Company, under which
            Executive shall receive usual and customary coverage for all acts undertaken as an
            officer and

             

            
            8

             

            

            
            
            

            

             

            director of the
            Company. In addition, the Company shall indemnify Executive to the fullest extent
            permitted by law for all costs, damages, fees or other expenses that Executive incurs
            or potentially may incur in connection with his duties herewith.

            
            10.          
            Pronouns. Whenever the context may require, any pronouns used in this Agreement
            shall include the corresponding masculine, feminine or neuter forms, and the singular
            forms of nouns and pronouns shall include the plural, and vice versa.

            
            11.          
            Entire Agreement. This Agreement, constitutes the entire agreement between the
            parties and supersede all prior agreements and understandings, whether written or oral,
            relating to the subject matter of this Agreement with the exception of the
            Confidentiality Agreement, and any rights and obligations set forth in any agreements
            governing Executive’s stock or stock options, including the Company’s stock
            option plan.

            
            12.          
            Amendment. This Agreement may be amended or modified only by a written
            instrument executed by both the Company and Executive.

            
            13.          
            Governing Law. This Agreement shall be construed, interpreted and enforced in
            accordance with the laws of the State of Texas.

            
            14.          
            Notices. Any notice or other communication required or permitted by this
            Agreement to be given to a party shall be in writing and shall be deemed given if
            delivered personally or by commercial messenger or courier service, or mailed by U.S.
            registered or certified mail (return receipt requested), or sent via facsimile (with
            receipt of confirmation of complete transmission) to the party at the party’s
            address or facsimile number written below or at such other address or facsimile number
            as the party may have previously specified by like notice. If by mail, delivery shall
            be deemed effective 3 business days after mailing in accordance with this Section
            14.

             

             

            	
                        
                         

                    	
                        
                        If to the Company, to:

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                        BIO-PATH, INC.

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                        3323 Harrison Blvd., Suite 203

                    
	
                        
                         

                    	
                        
                        Ogden, UT 84403

                    	
                        
                         

                    
	
                    	
                    	
                    	
                    	
                    

             

            	
                        
                         

                    	
                        
                        Attn.: Peter Nielsen Chief Executive Officer

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                        If to Executive, to the last address of Executive provided
                        by Executive to the

                    
	
                        
                         

                    	
                        
                        Company.

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                        15.

                    	
                        
                        Successors and Assigns.

                    	
                        
                         

                    
	
                    	
                    	
                    	
                    	
                    	
                    

            
            15.1        Assumption by
            Successors. In the event of any Change in Control, any successor shall succeed to
            all of the Company’s duties, obligations, rights and benefits hereunder. The
            Company shall require any successor (whether direct or indirect, by purchase, merger,
            consolidation or otherwise and whether or not after a Change in Control) to all or

             

            
            9

             

            

            
            
            

            

             

            substantially all of
            the business or assets of the Company to assume in writing prior to such succession and
            to agree to perform its obligations under this Agreement in the same manner and to the
            same extent that the Company would be required to perform it if no such succession had
            taken place.

            
            15.2        Successor
            Benefits. This Agreement shall be binding upon and inure to the benefit of both
            parties and their respective successors and assigns, including any corporation into
            which the Company may be merged or which may succeed to its assets or business;
            provided, however, that the obligations of Executive are personal and
            shall not be assigned by him.

            	
                        
                         

                    	
                        
                        16.

                    	
                        
                        Miscellaneous.

                    

            
            16.1        No Waiver.
            No delay or omission by the Company in exercising any right under this Agreement shall
            operate as a waiver of that or any other right. A waiver or consent given by the
            Company on any one occasion shall be effective only in that instance and shall not be
            construed as a bar or waiver of any right on any other occasion.

            
            16.2        Captions.
            The captions of the sections of this Agreement are for convenience of reference only
            and in no way define, limit or affect the scope or substance of any section of this
            Agreement.

            
            16.3       
            Severability. In case any provision of this Agreement shall be invalid, illegal
            or otherwise unenforceable, the validity, legality and enforceability of the remaining
            provisions shall in no way be affected or impaired thereby.

            
            16.4       
            Counterparts. This Agreement may be executed in two or more counterparts, each
            of which shall be deemed an original but all of which together shall constitute one and
            the same instrument.

            
             

            
            IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
            of the day and year set forth above.

            
             

            	
                        
                         

                    	
                        
                        /s/ Peter Nielsen

                    
	
                        
                         

                    	
                        
                        EXECUTIVE

                    	
                        
                         

                    
	
                        
                         

                    	
                        
                        BIO-Path,, Inc.

                    	
                        
                         

                    
	
                    	
                    	
                    	
                    

            
            By:_________________________________  
             

            	
                        
                         

                    	
                        
                        Its:

                    

             

             

            
            10

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