Document:

Lease between Registrant and Tebo Development Company, Boulder, Colorado

 Exhibit 10.32 
  
 LEASE 
  

	1.	GRANT 

  
 THIS INDENTURE OF LEASE WITNESSETH, that Stephen D. Tebo dba Tebo Development Co. under the laws of the State of Colorado hereinafter
called Landlord, does hereby demise and lease unto Synplicity, Inc. hereinafter called the Tenant, the premises known and described as Suite 101 at 1900 13th Street in the City of Boulder, State of Colorado, for the term of 
  
 TERM 
  
 beginning on the 1st day of April, 2004 and ending on the 31st day of March, 2007 unless the term hereof shall be sooner terminated as
hereinafter provided. 
  

	2.	RENT 

  
 IN CONSIDERATION of said demise, the Tenant agrees to pay to Landlord as rent for said premises payable as follows: 
  
 April 1, 2004 thru March 31, 2005 $1,250.00, per month 
 April 1, 2005 thru March 31, 2006 $1,300.00, per month 
 April 1, 2006 thru March 31, 2007 $1,350.00, per month 
  
 which said sums shall be due and payable in advance on the first day of each and every calendar month during said term at the office of Landlord, or such other place in the City of Boulder, Colorado as the Landlord
from time to time in writing may designate. 
  

	3.	SERVICES 

  
 The Landlord agrees, during the period of this lease: 
  
 To heat and cool the demised premises. 
  
 To cause to be supplied a reasonable amount of electric current for lighting said premises and public halls,
during the time and in the manner customary in said building. 
  
 Tenant agrees to use only such electric current as shall be supplied by Landlord for lighting and shall pay on demand for use of electric current for any other purpose, or for any waste of electric current.

  
 Tenant agrees that Landlord shall not be held
liable for failure to supply such heating, elevator, janitor or lighting services, or any of them, when such failure is not due to gross negligence on its part, it being understood that Landlord reserves the right to temporarily discontinue such
services, or any of them, at such times as may be necessary by reason of accident, repairs, alterations, or improvements, or whenever, by reason of strikes, lockouts, riots, acts of God, or any other happening, Landlord is unable to furnish such
services. 
  
 Tenant agrees that if any payment
of rent as herein provided shall remain unpaid for more that twenty (20) days after the same shall become due, Landlord may, without notice to Tenant, discontinue furnishing lighting, heating and janitor services, or any of them, until all arrears
of rent shall have first been paid and discharged, and that Landlord shall not be liable for damages, and that such action shall in no way operate to release Tenant from the obligations hereunder. 
  

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	4.	CHARACTER OF OCCUPANCY 

  
 Tenant agrees that the demised premises shall be used and occupied only as general office use in a careful, safe and proper manner, and
that it will pay on demand for any damage to the premises caused by the misuse of same by it, or its agents or employees; 
  
 That it will not use or permit the demised premises to be used for any purposes prohibited by the laws of the United States or the State
of Colorado, or the ordinances of the city and county of Boulder. 
  
 That it will not use or keep any substance or material in or about the demised premises which may violate or endanger the validity of the insurance on said building or increase the hazard of the risk, or which may
prove offensive or annoying to other tenants of the building; 
  
 That it will not permit any nuisance in the demised premises. 
  

	5.	ALTERATIONS 

  
 The Landlord shall have the right at any time to enter the demised premises to examine and inspect the same, or to make such repairs,
additions, or alterations as it may deem necessary or proper for the safety, improvement or preservation thereof, and shall at all times have the right, at its election, to make such alteration or changes to the other portions of said building as it
may from time to time deem necessary and desirable. 
  
 Tenant shall make no alteration in or additions to the demised premises without first obtaining the written consent of Landlord, and all additions or improvements made by the Tenant (except only movable office furniture) shall be deemed a
part of the real estate and permanent structure thereon and shall remain upon and be surrendered with said premises as a part thereof at the end of the said term, by lapse of time, or otherwise. 
  

	6.	SUBLETTING 

  
 Tenant agrees that it will not sublet the demised premises, or any part thereof, nor assign this lease, or any interest therein, without
the written consent of the Landlord first had and obtained, and such consent shall not be unreasonably withheld. 
  

	7.	INSOLVENCY 

  
 Any assignment for the benefit of creditors or by operation of law shall not be effective to transfer any rights hereunder to the said
assignee without the written consent of the Landlord first having been obtained. 
  
 It is further agreed between the parties hereto that if Tenant shall be declared insolvent or bankrupt, or if any assignment of
Tenant’s property shall be made for the benefit of creditors or otherwise, or if Tenant’s leasehold interest herein shall be levied upon under execution, or seized by the virtue of any writ of any court of law, or a Trustee in Bankruptcy
or a Receiver be appointed for the property of Tenant, whether under the operation of State or Federal statues, then and in any such case, Landlord may, at its option, immediately, with or without notice (notice being expressly waived) terminate
this lease and immediately retake possession of said premises, using such force as may be necessary, without being guilty of any manner of trespass or forcible entry or detainer, and without the same working any forfeiture of the obligations of
Tenant hereunder. 
  
 In case that Tenant is
adjudicated a bankrupt, or proceeds, or is proceeded against under any laws, State or Federal, for relief of debtors, or in case a receiver is appointed to wind up and liquidate the affairs of the Tenant, the Landlord, at its election, shall have a
provable claim in bankruptcy or receivership in an amount equal to at least the sum of the last five monthly payments of the rental provided for herein, which sum is fixed and liquidated by the parties hereto as the minimum amount of the damages
sustained by the Landlord as a result of the bankruptcy or receivership of the Tenant, and the amount of said damages may be satisfied, at the election of the Landlord, out of any moneys or securities deposited hereunder as security for the payment
by the Tenant of the rent herein provided for. 
  

	8.	BREACH 

  
 The Tenant agrees to observe and perform the conditions and agreements herein set forth to be observed and performed by the Tenant, and
further agrees that if default be made by the Tenant, in the payment of said rent, or any part thereof, or if the Tenant shall fail to observe or perform any of said conditions or agreements, and such default shall continue for a period of five (5)
days, then and in that event, and as often as the same may happen, it shall be lawful for the Landlord, at its election, with or without previous notice, to terminate this lease and to re-enter and repossess itself of said premises, with or without
legal proceeding, 

  

 2 

 
using such force as may be necessary, and to remove therefrom any personal property belonging to the Tenant without prejudice to any claim for rent or for
the breach of covenants hereof, or without being guilty of any manner of trespass or forcible entry or detainer. 
  

	9.	PREMISES VACATED DURING TERM OF LEASE 

  
 If the Tenant shall abandon or vacate said premises before the end of the term of this lease, the Landlord may, at its option and without
notice, enter said premises, remove any signs of the Tenant therefrom, and re-let the same, or any part thereof, as it may see fit, without thereby voiding or terminating this lease, and for the purpose of such re-letting, the Landlord is authorized
to make any repairs, changes, alterations or additions in or to said demised premises, as may, in the option of the Landlord, be necessary or desirable for the purpose of such re-letting, and if a sufficient sum shall not be realized from such
re-letting (after payment of all the costs and expenses of such repairs, changes or alterations, and the expense of such re-letting and the collection of rent accruing therefrom), each month to equal the monthly rental agreed to be paid by the
Tenant under the provisions of this lease, then the Tenant agrees to pay such deficiency each month upon demand therefor. 
  

	10.	REMOVAL OF TENANT’S PROPERTY 

  
 If the Tenant shall fail to remove all effects from said premises upon the abandonment thereof or upon the termination of this lease for
any cause whatsoever, the Landlord, at its option, may remove the same in any manner that it shall choose, and store the said effects without liability to the Tenant for loss thereof, and the Tenant agrees to pay the Landlord on demand, any and all
expenses incurred in such removal, including court costs and attorney’s fees and storage charges on such effects for any length of time that same shall be in the Landlord’s possession; or the Landlord, at its option without notice may sell
effects, or any of the same, at private sale and without legal process, for such prices such sale upon any amounts due under this lease from the Tenant to the Landlord and upon the expense incident to the removal and sale of said effects, rendering
the surplus, if any, to the Tenant. 
  

	11.	LOSS OR DAMAGE TO TENANT’S PROPERTY 

  
 All personal property of any kind or description whatsoever in the demised premises shall be at the Tenant’s sole risk, and the
Landlord shall not be held liable for any damage done to or loss of such personal property, or for damage or loss suffered by the business or occupation of the Tenant arising from any act or neglect of cotenants or other occupants of the building,
or of their employees or the employees of the Landlord or of other persons, or from bursting, overflowing or leaking of water, sewer or steam pipes, or from heating or plumbing fixtures, or from electric wires, or from gases, or odors, or caused in
any other manner whatever, except in the case of willful neglect on the part of the Landlord. 
  

	12.	LIEN ON TENANT’S FURNISHINGS 

  
 The Tenant hereby conveys to the Landlord all of the personal property situated on the leased premises as security for the payment of all
rentals due or to become due hereunder. Said property shall not be removed therefrom without the consent of the Landlord until all rent due or to become due hereunder shall have first been paid and discharged. It is intended by the parties hereto
that this instrument shall have the effect of a mortgage or lien upon such property, and the Landlord, upon default of the Tenant in the payment of rent, may take possession of said property either to its own use or to sell the same for the best
price that can be obtained at public or private sale, and out of the money arising therefrom, pay the amount due the Landlord, and all costs growing out of the execution of the provisions hereof, paying the surplus, if any, to the Tenant. If said
property, or any portion thereof, shall be offered at public auction, the Landlord may become the purchaser thereof. 
  

	13.	SURRENDER OF POSSESSION 

  
 The Tenant agrees to deliver up and surrender to the Landlord possession of said premises at the expiration or termination of this lease,
by lapse of time or otherwise, in as good repair as when the Tenant obtained the same at the commencement of said term, excepting the only ordinary wear and decay, or damage by the elements (occurring without the fault of the Tenant or other persons
permitted by the Tenant to occupy or enter the demised premises or any part thereof), or by act of God, or by insurrection, riot, invasion or commotion, or of military or usurped power. 
  

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	14.	FIRE CLAUSE 

  
 If the demised premises or said building, shall be so damaged by fire or other catastrophe as to render said premises wholly
uninhabitable, and if such damage shall be so great that a competent architect, in good standing in the Boulder County of Colorado, selected by the Landlord shall certify in writing to the Landlord and the Tenant that said premises, with the
exercise of reasonable diligence, cannot be made fit for occupancy within ninety (90) days from the happening thereof, then this lease shall cease and terminate from the date of the occurrence of such damage; and the Tenant thereupon shall surrender
to the Landlord said premises and all interest therein hereunder, and the Landlord may reenter and take possession of said premises and remove the Tenant therefrom. The Tenant shall pay rent, duly apportioned, up to the time of such termination of
this lease. 
  
 If however, the damage shall be
such that such an architect so shall certify that the said demised premises can be made habitable within such number of days from the happening of such damage by fire or other catastrophe, than the Landlord shall repair the damage so done with all
reasonable speed, and the rent shall be abated only for the period during which the Tenant shall be deprived of the use of said premises by reason of such damage and the repair thereof. 
  
 If said demised premises, without the fault of the Tenant, shall be slightly damaged by fire or other
catastrophe but not so as to render the same uninhabitable, the Landlord, after receiving notice in writing of the occurrence of the injury, shall cause the same to be repaired with reasonable promptness; but in such event, there shall be no
abatement of the rent. 
  
 In case the building
throughout be so injured or damaged, whether by fire or otherwise (though said demised premises may not be affected) that the Landlord within sixty (60) days after the happening of such injury, shall decide to reconstruct, rebuild, or raze said
building, and shall enter into a bona fide, legal and binding contract therefor, then upon thirty (30) days notice in writing to that effect given by the Landlord to the Tenant, this lease shall cease and terminate from the date of the occurrence of
said damage, and the Tenant shall pay rent, properly apportioned, up to such date, and both parties hereto shall be free and discharged of all further obligations hereunder. 
  

	15.	ACCEPTANCE OF PREMISES BY TENANT 

  
 The taking possession of said premises by the Tenant shall be conclusive evidence as against the Tenant that said premises were in good
and satisfactory condition when possession of the same was taken. 
  

	16.	WAIVER 

  
 No waiver of any breach of any one or more of the conditions or covenants of this lease by the Landlord shall be deemed to imply or
constitute a waiver of any succeeding or other breach hereunder. 
  

	17.	AMENDMENT OR MODIFICATION 

  
 The Tenant acknowledges and agrees that it has not relied upon any statements, representations, agreements or warranties, except such as
are expressed herein, and that no amendment or modification of this lease shall be valid or binding unless expressed in writing and executed by the parties hereto in the same manner as the execution of this lease. 
  

	18.	PAYMENTS AFTER TERMINATION 

  
 No payments of money by the Tenant to the Landlord after the termination of this lease, in any manner, or after the giving of any notice
(other than a demand for the payment of money) by the Landlord to the Tenant, shall reinstate, continue or extend the term of this lease or affect any notice given to the Tenant prior to the payment of such money, it being agreed that after the
service of notice or the commencement of a suit or after final judgment granting the Landlord possession of said premises, the Landlord may receive and collect any sums of rent due, or any other sums of money due under the terms of this lease, and
the payment of such sums of money whether as rent or otherwise, shall not waive said notice, or in any manner affect any pending suit or any judgment theretofore obtained. 
  

	19.	HOLDING AFTER TERMINATION 

  
 It is mutually agreed that if, after the expiration of this lease, the Tenant shall remain in possession of said premises, without a
written agreement as to such holding, then such holding over shall be deemed and taken to be a holding upon a tenancy from month to month at a monthly rental equivalent to the last monthly payment hereinbefore provided for, payable in advance on the
same day of each month as above provided, all other terms and conditions of this lease remaining the same. The month to month tenancy may be terminated by either Landlord or Tenant by providing written notice to the other party at least 30 days
prior to the last day of the month which is intended to be the last month of said tenancy. 
  

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	20.	RULES AND REGULATIONS 

  
 It is further agreed that the following rules and regulations shall be and are hereby made a part of this lease, and the Tenant agrees
that its employees and agents, or any others permitted by the Tenant to occupy or enter said premises, will at all times abide by said rules and regulations and that a default in the performance and observance thereof shall operate the same as any
other defaults herein: 
  
 (1) The sidewalks,
entries, passages, stairways and elevators shall not be obstructed by the Tenant, or its agents, or used by them for any purpose other than ingress and egress to and from their offices. 
  
 (2) (a) Furniture, equipment or supplies shall be moved in or out of the building only during such hours and
in such manner as may be prescribed by the Landlord. 
  
 (b) No safe or article, the weight of which may constitute a hazard or danger to the building or it’s equipment, shall be moved into the premises. 
  
 (c) Safes and other equipment, the weight of which is not excessive, shall be moved into, from or about the
building only during such hours and in such manner as shall be prescribed by the Landlord, and the Landlord shall have the right to designate the location of such articles in the space hereby demised. 
  
 (3) Signs, notices, advertisements, or other inscriptions
shall not be placed upon the transoms or upon any other part of the building except upon the doors and windows opening from the halls into the demised premises, and then only by such sign writers, and of such size, form and color, as shall be first
specified by the Landlord. 
  
 (4) The light
through the transoms and glass partitions opening into the halls and other parts of the building shall not be obstructed in any way by the Tenant. 
  
 (5) Water closets and other water fixtures shall not be used for any purpose other than that for which the same are intended, and any
damage resulting to the same from misuse on the part of the Tenant, its agents or employees, shall be paid for by the Tenant. No person shall waste water by tying back or wedging faucets, or in any other manner. 
  
 (6) No animals shall be allowed in the offices, halls,
corridors and elevators in the building. 
  
 (7)
Bicycles or other vehicles shall not be permitted in the offices, halls, corridors and elevators in the building, nor shall any obstruction of sidewalks or entrances of the building by such be permitted. 
  
 (8) No person shall disturb the occupants of this or
adjoining buildings or premises by the use of any radio or musical instrument or by the making of loud or improper noises. 
  
 (9) The Tenant shall not allow anything to be placed on the outside window ledges of the building, nor shall anything be thrown by the
Tenant, its agents or employees, out of the windows or doors, or down the courts, elevator shafts, or skylights of the building. 
  
 (10) No additional lock or locks shall be placed by the Tenant on any door in the building unless written consent of the Landlord shall
first have been obtained. A reasonable number of keys to the demised premises and to the toilet rooms will be furnished by the Landlord, and neither the Tenant, its agents or employees, shall have any duplicate key made. At the termination of this
tenancy, the Tenant shall promptly return to the Landlord all keys to offices, toilet rooms or vaults. 
  
 (11) The Landlord will equip the demised premises with window shades of uniform color, material and make, and the Tenant shall pay for any
damage to same, when caused by the misuse or negligence of it, its agents or employees. 
  
 (12) No awnings shall be placed over the windows except by the consent of the Landlord. 
  
 (13) The Tenant, before closing and leaving the demised
premises at any time, shall see that all windows are closed, in order to avoid possible damage from fire, storm, or freezing. 
  
 (14) The Tenant shall not install or operate any steam or gas engine or boiler, or carry on any mechanical business, in the demised
premises. The use of oil, gas or inflammable liquids for heating, lighting or any other purpose is expressly prohibited. Explosives or other articles deemed extra hazardous shall not be brought into the building. 
  
 (15) Any painting or decoration as may be agreed to be done
by and at the expense of the Landlord shall be done during regular working hours; should the Tenant desire such work done on Sundays, holidays or outside of regular working hours, the Tenant shall pay for the extra cost thereof. 
  
 (16) The Tenant shall not mark upon, paint signs upon, cut,
drill into, drive nails or screws into, or in any way deface the walls, ceilings, partitions or floors of the demised premises or of the building, and any defacement, damage or injury caused by the Tenant, its agents or employees, shall be paid for
by the Tenant. 
  

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 (17) The Landlord shall at all times have the right, by its officers or agents, to enter
the demised premises to inspect and examine the same, and to show the same to persons wishing to lease them, and may at any time within thirty days next preceding the termination of this tenancy, place upon the doors and windows of the premises the
notice “For Rent,” which said notice shall not be removed by the Tenant. 
  
 (18) The Landlord reserves the right to make such other and further reasonable rules and regulations as in its judgment may from time to
time be needful and desirable for the safety, care, and cleanliness of the premises and for the preservation of good order therein. 
  

	21.	SECURITY DEPOSIT 

  
 Tenant has paid to the Landlord the sum of One Thousand Two Hundred Fifty and 00/100ths dollars ($1,250.00) to be held by the Landlord,
without interest, as a security deposit. If at any time during the term of the Lease, Tenant shall be in default in the payments of the rents or in performance of Tenant’s other obligations under this Lease, Landlord shall have the option to
apply the said deposit, or as much thereof as Landlord may deem necessary, to cure, correct or remedy any such default subject to applicable statutory provisions, and the Tenant shall forthwith pay to Landlord all such expenditure or expenditures so
that Landlord will at all time have the full amount of said deposit as security. Upon termination of this Lease in any manner, if the Tenant be not then in default, the above deposit or so much thereof as the Landlord may have in its possession,
shall be returned to the Tenant. In case of sale of property by the Landlord, this deposit shall be transferred to the new Owner, and upon such transfer, liability of the Landlord shall terminate with reference to the security deposit, upon express
condition that the new Owner shall assume this liability. 
  

	22.	ADDITIONAL PROVISIONS 

  
 Tenant has inspected said premises and accepts same for the uses and purposes hereof in their present condition and without any warranty
of fitness for use. 
  
 As per article 2, all
rents are due on the first day of each month, therefore, if rent is not paid by the 5th of the month due, Tenant
agrees to pay Landlord a late fee of $50.00 plus $7.50 per day for each day rent is received after the 5th. The same
late fees apply if a check is returned to Landlord for any reason and $100.00 for NSF charge on returned checks. 
  
 Landlord agrees to provide janitorial service for the common areas, including hallways, restrooms, stairways, and entry areas. Landlord
also agrees to provide window washing on exterior windows only. 
  
 Tenant agrees to provide janitorial service for their individual interior space, including interior window cleaning. 
  
 Landlord agrees to provide light bulbs for all common areas. Tenant agrees to provide light bulbs for their individual interior fixtures.
Tenant agrees to not overload any electrical outlet and to not use any electrical appliances except for standard office equipment, such as lamps, typewriters, calculators, etc. 
  
 Landlord agrees to maintain all door and window hardware for all common areas, and Tenant agrees to repair
and maintain door locks and hardware for any interior doors. 
  
 Tenant will cooperate in making sure front and back doors are locked after hours. 
  
 Tenant is responsible for insurance covering their personal property, fixtures, and etc. for fire, flood, and extended coverage in
addition to personal liability insurance. 
  
 Landlord agrees to install bicycle hooks in the storage room. 
  

	23.	QUIET POSSESSION 

  
 The Landlord shall warrant and defend the Tenant in the enjoyment and peaceful possession of the premises during the term aforesaid and
all terms, conditions and covenants to be observed and performed by the parties hereto shall be applicable to and binding upon their heirs, administrators, executors, successors or assigns. 
  
 IN WITNESS WHEREOF, the said Landlord and Tenant have hereunto caused their respective names
and seals to be affixed hereto. 
  

									
	 LANDLORD: Stephen D. Tebo dba Tebo Development Co.
	 	 	 	 TENANT: Synplicity, Inc.

					
	By:	 	/s/ S. Tebo	 	 	 	By:	 	 /s/ Douglas S. Miller

	 	 	
	 	 	 	 	 	

	 Typed Name:
	 	S. Tebo	 	 	 	 Typed Name:
	 	 Douglas S. Miller

	 	 	
	 	 	 	 	 	 
	 Title:
	 	Owner	 	 	 	 Title:
	 	 Vice President Finance, CFO

	 	 	
	 	 	 	 	 	 
	 Date:
	 	February 19, 2004	 	 	 	 Date:
	 	 February 18, 2004

	 	 	
	 	 	 	 	 	 

  

 6Separation Agreement

 Exhibit 10.105 
  
 SEPARATION AGREEMENT 
  

THIS SEPARATION AGREEMENT (this “Agreement”) is entered into as of May 4, 2004, between Clayton I. Duncan, an individual with an
address at 12465 Creedmoor Road, Raleigh, North Carolina, 27614 (the “Employee”), and Incara Pharmaceuticals Corporation, a Delaware corporation with an address at 79 T.W. Alexander Drive, 4410 Research Commons, Suite 200, Research
Triangle Park, North Carolina 27709 (together with its affiliates, subsidiaries, directors, managers, employees, shareholders, members, partners, plan administrators, attorneys, and agents, as well as any predecessors, future successors or assigns
or estates of any of the foregoing, collectively, the “Employer”), and Goodnow Capital, L.L.C., a Delaware limited liability company (“Goodnow”) and Xmark Asset Management, LLC, a New York limited liability company
(together with Goodnow and their respective affiliates, subsidiaries, directors, managers, employees, shareholders, members, partners, plan administrators, attorneys, and agents, as well as any predecessors, future successors or assigns or estates
of any of the foregoing, collectively, “Xmark”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, Employee and Employer are parties to an employment agreement dated as of December 11, 2000 (the “Initial Employment Agreement”),
as amended as of July 2003 (the “First Amendment”) (collectively, the “Employment Agreement”), a copy of the Initial Employment Agreement and the First Amendment are attached hereto as Exhibit A; 

 
 WHEREAS, Employee has elected to resign from his positions President and
Chief Executive Officer of Employer, and declines to continue to serve as Chairman of the Board of the Employer, and has agreed to commence providing Transition Services (as defined below in paragraph 5 of this Agreement) to Employer as a consultant
until June 15, 2004 (the “Separation Date”); 
  
 WHEREAS, the parties contemplate that, upon the completion of the Transition Services, Employee shall execute and deliver the release agreement in the form attached hereto as Exhibit B (the “Release
Agreement”); and 
  
 WHEREAS, Employee and Employer
intend that this Agreement shall be in full satisfaction of all existing or future rights under the Employment Agreement, the Severance Agreement dated September 23, 1999 (as amended, the “Severance Agreement”), or any other oral or
written agreement between the parties regarding Employee’s employment with Employer or separation therefrom, including the payment of any severance; 

 NOW THEREFORE, in consideration of the foregoing premises, the mutual covenants herein contained, and
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 1. Termination of Employment Agreement. Employee acknowledges and understands that Employee’s employment under the Employment
Agreement shall terminate as of May 4, 2004. Employee further acknowledges that Employee has received all salary and benefits to which Employee is entitled as a result of Employee’s employment, except as otherwise expressly provided in this
Agreement or pursuant to the Employer’s 1994 Stock Option Plan. Employee hereby resigns from all boards and committees in connection with his employment with Employer and service to the Employer, including but not limited to the Board of
Directors of Employer, effective as of the date hereof (the “Effective Date”). Employee understands that except as otherwise provided under this Agreement, Employee is entitled to nothing further from the Employer, including
reinstatement by Employer. 
  
 2. Representations; Covenants. 

 
 (a) Employee hereby represents and warrants to the Employer and to Xmark: (i) Employee
has not filed, caused or permitted to be filed any pending proceeding (nor has Employee lodged a complaint with any governmental or quasi-governmental authority) against the Employer or Xmark, nor has Employee agreed to do any of the foregoing; (ii)
Employee has not assigned, transferred, sold, encumbered, pledged, hypothecated, mortgaged, distributed, or otherwise disposed of or conveyed to any third party any right or claim against the Employer or Xmark relating to his employment or
separation from the Employer; and (iii) Employee has not directly or indirectly assisted any third party in filing, causing or assisting to be filed, any claim against the Employer or Xmark. In addition, Employee shall not encourage or solicit or
voluntarily assist or participate in any way in the filing, reporting or prosecution by itself or any third party of a proceeding or claim against the Employer or Xmark based upon or relating to Employee’s employment or separation from the
Employer. 
  
 (b) From and after the date hereof until the first anniversary of
the Separation Date, Employee shall not, directly or indirectly, without the prior written consent of the Employer solicit or induce any employee of the Employer or any affiliate to leave the employ of the Employer or any affiliate or hire for any
purpose any employee of the Employer or any affiliate or any employee who has left the employment of the Employer or any affiliate within 12 months of the termination of said employee’s employment with the Employer; provided,
however, Employee may hire any such former employee if such former employee certifies in a signed writing, reasonably satisfactory in form and substance to the Employer, that he or she was not solicited or induced by Employee. 
  
 3. Consideration. In consideration of Employee’s execution of this Agreement and
the Release Agreement, Employer shall provide Employee with the following: 
  
 (a) An aggregate of $180,000 (less customary withholdings and deductions) shall be payable as a lump sum upon Employee’s execution and delivery of this Agreement to Employer; 
  
 (b) An aggregate $180,000 (less customary withholdings and deductions) shall
be payable as a lump sum on the eighth day after Employee’s execution and delivery of the Release Agreement and the expiration of the revocation period (which is a condition to such payment) which Release Agreement shall be executed on the
Separation Date; and 
  

 -2- 

 (c) Reimbursement of Employee’s COBRA premiums for 18 months following the Separation Date, plus an
additional amount (payable as and when such premiums are due) equal to the cost of the premiums for Employee to obtain 12 additional months of medical benefits comparable to Employer’s benefit plan as determined by Employer’s Board of
Directors as of the Separation Date. Employee shall be required to present Employer with invoices demonstrating payment for continued health care. Employee also shall be obligated to inform Employer if he obtains coverage from another health
insurance carrier during this time period in which case Employer’s obligations under this paragraph 3(c) shall immediately cease. 
  
 Employee acknowledges that the payments set forth in this paragraph 3 constitute the full satisfaction of Employer’s obligations under the Employment Agreement, the
Severance Agreement, or any other oral or written agreement between the parties relating to Employee’s employment or separation therefrom, including the payment of severance. Employee further acknowledges that the amount set forth above in this
paragraph 3 provides for payments on an accelerated basis as compared to that which Employee would otherwise be entitled, and Employee acknowledges that nothing in this Agreement shall be deemed to be an admission of liability on the part of the
Employer that it has done anything wrong. Employee agrees that Employee will not seek anything further from the Employer. 
  
 4. Stock Options; Vesting; Exercise Period. All of Employee’s stock options granted on or before April 30, 2004 shall vest as of the Separation Date. As
additional consideration for Employee’s execution and delivery of this Agreement and the Release Agreement and the expiration of the revocation period contemplated by the Release Agreement, Employer shall extend the period during which Employee
may exercise his options through the second anniversary of the Separation Date (the “Extended Exercise Period”) to the extent not otherwise exercisable through such Separation Date in accordance with their terms as provided in the
Employment Agreement. Employee acknowledges that the Extended Exercise Period is greater than the exercise period during which Employee would otherwise be required to exercise certain of his options, and understands that, if Employee breaches any
portion of this Agreement or the Release Agreement, the Extended Exercise Period shall immediately lapse, and Employee shall be required to exercise his options within the time period otherwise prescribed in Employer’s 1994 Stock Option Plan
(which Employee acknowledges may occur after the period permitted by such plan, in which case such options may not actually be exercisable). Employee further understands and agrees that, during the first 180 days after the Effective Date, Employee
shall not be permitted to sell transfer, assign or otherwise dispose of any common stock of Employer or any of his options to acquire such common stock (including any of the foregoing owned by Employee’s family controlled entities and immediate
family members, excluding Employee’s children over 21 years of age); provided, however, during the period beginning on the 91st day and ending on the 180th day after the Effective Date, Employee
may sell up to 150,000 shares of such common stock; provided, further, however, Employee may transfer for no consideration shares of such common stock to his lineal descendants, as long as (a) such transferees agree in writing
prior to any such transfer to be bound by the restrictions contained herein, and (b) Employee gives Employer 10 days’ written notice of any such transfer. 
  

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 5. Transition Services. In consideration of Employee’s execution and delivery of this Agreement, Employee
shall use his reasonable best efforts to perform the Transition Services for Employer. “Transition Services” shall mean engaging in such services as reasonably requested by Employer’s Acting Chief Executive Officer or Board of
Directors, from time to time, until the Separation Date, including, but not limited to, providing Employee’s full cooperation in setting up introductory meetings with point people at all potential partners of the Employer, transmitting all
information pertaining to each partnership, assisting the Employer with initiation of Phase I trials, and amending the Employer’s licenses with universities. Employee shall not be entitled to and shall not receive any additional compensation or
consideration for providing the Transition Services as a consultant through the Separation Date. Employee shall be permitted to attend the dosing of the first patient to utilize Employer’s product. 
  
 6. Who is Bound. Employer and Employee are bound by this Agreement. Anyone who
succeeds to Employee’s rights and responsibilities such as the executors of Employee’s estate is bound and anyone who succeeds to Employer’s rights and responsibilities, such as its respective successors and assigns, is also bound.
This Agreement shall inure to the benefit of the Employer, Xmark and their successors and assigns. Xmark is an express intended third party beneficiary of this Agreement. 
  
 7. Construction of Agreement. In the event that one or more of the provisions contained in this Agreement shall for any reason be
held unenforceable in any respect under the law of any state of the United States, such unenforceability shall not affect any other provision of this Agreement, but this Agreement shall then be construed as if such unenforceable provision or
provisions had never been contained herein. If it is ever held that any restriction hereunder is too broad to permit enforcement of such restriction to its fullest extent, such restriction shall be enforced to the maximum extent permitted by
applicable law. This Agreement shall not be construed in favor of or against any party on the basis that the party did or did not author this Agreement or any attachment related to it. It is intended that this Agreement shall be comprehensive in
nature and shall be construed liberally to effect its purposes. The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement. This Agreement shall become effective
upon the execution by both parties. For purposes of this Agreement, Employer shall not be deemed with the definition of “Xmark”. 
  
 8. Choice of Law. This Agreement and any and all matters arising directly or indirectly herefrom shall be governed under the laws of the State of Delaware, without
reference to choice of law principles thereof. The parties agree to submit to the exclusive jurisdiction and venue of the state and federal courts of the State of Delaware with respect to all disputes, controversies or claims arising under or
relating to any matter in connection with this Agreement, Employee’s employment with Employer, separation therefrom, or the payment of any severance or benefits following Employee’s separation of employment. 
  
 9. Complete Agreement. This Agreement contains the entire agreement of the parties
with respect to its subject matter hereof and supersedes all prior negotiations and agreements between 
  

 -4- 

 them. Notwithstanding the foregoing, Sections 5, 6, 8, and 10 of the Employment Agreement shall survive, except
“Corporation” as used in the Employment Agreement shall mean the “Employer” as defined herein. Employee represents and warrants to Employer that Employee has at all times been in full compliance with and agrees that he shall
continue to be bound by all of his obligations under the Sections of the Initial Employment Agreement referenced in this paragraph 9. EMPLOYER AND EMPLOYEE HEREBY WAIVE THEIR RESPECTIVE RIGHT TO TRIAL BY JURY. 
  
 10. Opportunity For Review. Employee represents and warrants that Employee: (a) has
had sufficient opportunity to consider this Agreement; (b) has read this Agreement, (c) understands all the terms and conditions hereof, (d) is not incompetent or had a guardian, conservator or trustee appointed for Employee, (e) has entered into
this Agreement of Employee’s own free will and volition, (f) has duly executed and delivered this Agreement, (g) understands that Employee is responsible for Employee’s own attorney’s fees and costs, (h) has had the opportunity to
review this Agreement with counsel, (i) understands Employee has been given a reasonable amount of time to review this Agreement before signing it and that if Employee does not sign and return this Agreement to Employer (Attn: David Cavalier) within
five business days, Employer shall have no obligation to enter into this Agreement, and (j) this Agreement is valid, binding and enforceable against the parties in accordance with its terms. 
  
 Agreed to and accepted by, on this 4th day of May, 2004 
  

					
	 Witness:
	 	 EMPLOYEE:

		
	  

	 	 /s/ Clayton I. Duncan

	 	 	 Clayton I. Duncan

			
	 Agreed to and accepted by, on this 4th day of May, 2004
	 	 	 	 
		
	 	 	 EMPLOYER:

		
	 	 	 Incara Pharmaceuticals Corporation

			
	 	 	 BY:
	 	 /s/ David C. Cavalier

	 	 	 Name:
	 	 David C. Cavalier

	 	 	 Title:
	 	 Chairman of the Board

  

 -5-

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