Document:

Letter Agreement

 Exhibit 10.115 
  
 [ Aeolus Pharmaceuticals, Inc. letterhead ] 
  
 January 5, 2005 
  
 Mr. Richard P. Burgoon, Jr. 
 11626 Timberlake Drive 
 San Diego, CA 92131 
  
 Dear Rick: 
  
 This letter confirms our previous conversations regarding the employment
opportunity available to you with Aeolus Pharmaceuticals, Inc. (the “Company”) and sets forth the terms and conditions of that employment. 
  
 The Company hereby offers you full-time employment as the Chief Executive Officer of the Company commencing on or about January 5, 2005 at a salary of
$200,000 on an annualized basis. This position is classified as exempt. During the period of your employment, you shall devote your entire working time for or at the direction of the Company or its affiliates, use your best efforts to complete all
assignments, and adhere to the Company’s procedures and policies in place from time-to-time. 
  
 Upon your acceptance of this offer and the commencement of your full-time employment with the Company (the “Commencement Date”), you will
be entitled to a signing bonus of $50,000, subject to applicable withholdings and deductions, payable no later than 30 days after the Commencement Date. 
  
 During your employment with the Company you will be entitled to all of our then current customary employee benefits, subject to plan eligibility
requirements. In particular, Company will pay your premium for family medical insurance coverage under the employee healthcare plan in place from time to time at the Company for its employees. The Company reserves the right to change or rescind its
benefit plans and programs and alter employee contribution levels in its discretion. 
  
 In addition, you will be entitled to a one-time bonus of not less than $100,000 and a one-time grant of stock options to purchase an aggregate of 250,000 shares of the Company’s Common Stock, par value $0.01 per
share, each upon the execution and delivery of definitive and enforceable agreements representing the earliest to occur of a Financing, a Corporate Partnership or a Sale of the Company (each as defined below) during your employment with the Company.
The foregoing options shall vest six (6) months following the date of grant, except in the case of a Sale of the Company, in which case, the options shall fully vest and be immediately exercisable. The foregoing grant shall be subject to the
Company’s standard form of stock option grant agreement and the company’s then existing stock option plan. 

 A “Financing” means the issuance by Company of additional shares of Company’s
capital stock pursuant to a capital raising transaction that results in proceeds to Company of at least five million dollars ($5,000,000). 
  
 A “Corporate Partnership” means a development or partnership with another life sciences company for the joint development or
commercialization of any of the Company’s owned or in-licensed patent rights. 
  
 A “Sale of Company” means a merger, business combination, reorganization, recapitalization or other transaction, which results in the stockholders of the Company who own at least fifty percent (50%)
of the Company’s voting control immediately prior to such transaction owning less than fifty percent (50%) of the surviving entity’s voting control immediately after such transaction, and/or sale, transfer, lease or other disposition in
any transaction or series of transactions of all or substantially all of the assets of the Company. 
  
 Notwithstanding the foregoing, it is understood and agreed that the Board of Directors of the Company (the “Board”) has the sole power,
authority and discretion to approve or disapprove of any proposed transaction regardless of the provisions of this letter, and if the Board disapproves any proposed transaction for any or no reason you will not be entitled to any options or bonus
under this letter with respect thereto. 
  
 As you know, the
Company is a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and other federal securities laws, such as the Sarbanes-Oxley Act of 2002. You understand and agree that as the Chief Executive
Officer of the Company you will have and will faithfully comply your obligations under those and other related laws and regulations. 
  
 This offer of employment with the Company is contingent upon our receipt and processing of proof of your authorization to work in the United States and an
executed copy of the Employee Covenants Agreement attached hereto, the terms of which are in addition to and incorporated into the terms of this offer letter. 
  

By executing this letter below, and pursuant to the Employee Covenants Agreement, you agree that during the course of your employment and thereafter
that you shall not use or disclose, in whole or in part, any of the Company’s or its tenants’ trade secrets, confidential and proprietary information, including customer and tenant lists and information, to any person, firm, corporation,
or other entity for any reason or purpose whatsoever other than in the course of your employment with the Company or with the prior written permission of the Company. 
  
 Although we hope that your employment with us is mutually satisfactory, employment at the Company is “at will.”
This means that, just as you may resign from the Company at any time with or without cause, the Company has the right to terminate the employment relationship with or without cause at any time. Neither this letter nor the Employee nor any other
communication, either written or oral, should be construed as a contract of employment, unless it is signed by both you and the Chairman of the Board and such agreement is expressly acknowledged as an employment contract. 
  

 -2- 

 Rick, we hope that you elect to accept this offer of employment. Kindly sign your name at the end of this
letter to signify your understanding and acceptance of these terms and that no one at the Company has made any other representation to you. We welcome you as an employee and look forward to a successful relationship in which you will find your work
both challenging and rewarding. 
  
 This offer must be accepted on
or before January 6, 2005, and will be deemed to have been withdrawn if your executed acceptance of this offer is not received by the undersigned on or before that date. We look forward to having you join our Company. 
  

					
	 	 	Sincerely,
		
	 	 	AEOLUS PHARMACEUTICALS, INC.
	Agreed to and	 	 	 	 
	Accepted by:	 	 	 	 
			
	 /s/ Richard P. Burgoon, Jr.

	 	By:	 	 /s/ David C. Cavalier

	Richard P. Burgoon, Jr.	 	Name:	 	David C. Cavalier
	 	 	Title:	 	Chairman

  

 -3-Form of Amendment to Employment Agreement of Doug Appleton

 Exhibit 10.1 
  
 AMENDMENT TO EMPLOYMENT AGREEMENT 
  
 THIS AMENDMENT TO THE EMPLOYMENT
AGREEMENT (this “Amendment”) is made as of January 1, 2005 (“Commencement Date”) by and between MarketWatch, Inc. (the ”Company”) and Doug Appleton (“Executive”). 
  
 WHEREAS, the Company and Executive, (collectively “the Parties”),
entered into that certain Employment Agreement dated as of March 17, 2003 (“Employment Agreement”); and 
  
 WHEREAS, the Parties now desire to amend certain provisions of the Employment Agreement; and 
  
 WHEREAS, with the exception of the amendments set forth below, the Parties desire that the Employment Agreement remain in
full force and effect. 
  
 NOW, THEREFORE, for valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and Executive hereby agree to amend the Employment Agreement as follows: 
  

1. Section 3.1 of the Employment Agreement shall be deleted in its entirety and replaced with the following: 
  
 “3.1 Base Salary. $231,000 base salary per year. “Base
Salary” shall mean the base salary provided for in this Section 3.1. Base salary is payable in installments in accordance with the Company’s normal payroll practices, less such deductions or withholdings as are required by law.

  
 2. The Annual Target Bonus Rate set forth on Exhibit A to the
Employment Agreement shall be increased to 40% of the then-applicable base salary actually paid in a given year. 
  
 3. The following shall be added as Section 11 of the Employment Agreement: 
  
 “11. Tax Determinations. In the event that the severance and other benefits provided to Executive pursuant to
this Agreement and any other agreement, benefit, plan, or policy of the Company (i) constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but
for this Section 11, such severance and benefits would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance and other benefits under this Agreement and any other agreement, benefit, plan, or policy of the
Company shall be payable either: (a) in full; or (b) as to such lesser amount 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 under this
Agreement and any other agreement, benefit, plan, or policy of the Company. 

 Unless the Company and Executive otherwise agree in writing, any determination required under this
Section 11 shall be made in writing by independent public accountants agreed to by the Company and Executive (the “Accountants”), whose determination shall be conclusive and binding upon Executive and the Company for all purposes. For
purposes of making the calculations required by this Section 11, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the applications of
Sections 280G and 4999 of the Code. The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make a determination under this Section 11. The Company shall bear
all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 11.” 
  
 4. Capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Employment Agreement. 
  
 5. Except as specifically amended herein, the Employment Agreement shall
remain in full force and effect. 
  
 [The remainder of this page
is intentionally left blank.] 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written. 
  

	
	 MARKETWATCH, INC.

	  
  

	 Larry Kramer

	 Chairman & Chief Executive Officer

	
	 EXECUTIVE

	  
  

 Doug Appleton

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