Document:

a5440515ex10_2.htm

    Exhibit
      10.2

     

    
      EQUITY
        AWARD

      TERMINATION
        AGREEMENT,

      RELEASE
        AND WAIVER

      

      NOTE:  SIGNATURE
        MUST BE PROVIDED BELOW

      AND
        ON SCHEDULE A

      

      This
        Equity Award Termination Agreement, Release and Waiver (this
“Termination Agreement”) is made as of the date set forth on
        the attached signature page by Deborah A. Hoffpauir (the
“Employee”) and Odyssey HealthCare, Inc. (the
“Company”) with respect to certain unvested stock
        option and
        restricted stock unit awards previously awarded to Employee.

       

      A.  Surrender
        and Cancellation of Surrendered Awards.  Employee hereby
        acknowledges that the Surrendered Awards (as defined in Section B.1. below)
        are
        being surrendered and cancelled in connection with Employee’s resignation as
        Senior Vice President and Chief Operating Officer (the
“Resignation”) in accordance with the Agreement, dated as of
        June 29, 2007, by and among the Company and the Employee (the
“Resignation Agreement”).  Such Surrendered Awards
        will be surrendered and cancelled on the terms and subject to the conditions
        set
        forth in this Termination Agreement.  Notwithstanding anything to the
        contrary herein, nothing contained in this Termination Agreement shall
        constitute a surrender by Employee of any rights, title or interest awarded
        to
        her pursuant to any of the equity award agreements described in Exhibit B
        to the Resignation Agreement (other than the Surrendered Awards), including
        but
        not limited to Employee’s option to purchase 22,500 shares of the Company’s
        common stock that was awarded as part of that certain Nonstatutory Stock
        Option
        Agreement, dated November 16, 2005, and that vested on November 16, 2006
        (the
“Retained Awards”).

       

      B.  Consideration.

       

      1.           The
        Employee hereby surrenders for cancellation to the Company all of the Employee’s
        rights, title and interest in and to all stock options, restricted stock
        units,
        and/or other equity awards that are listed on Schedule A attached hereto
        (the “Surrendered Awards”), which were awarded by the Company
        to the Employee pursuant to the terms and conditions contained in the respective
        equity award agreements also listed on Schedule A (the “Equity
        Agreements”).  The Employee and the Company acknowledge and
        agree that the Surrendered Awards shall be cancelled and the Termination
        Agreement shall be executed by Employee in exchange for the covenants and
        promises set forth in the Resignation Agreement (the
“Consideration”).  Receipt of such Consideration by
        the Employee will be subject to receipt by the Company of this Termination
        Agreement, surrendering and canceling the Surrendered
        Awards.  Notwithstanding the foregoing, this Termination Agreement
        shall not be effective until the effective time of the Resignation Agreement
        (the “Effective Time”), and this Termination Agreement shall be
        of no effect if the Resignation Agreement is not executed by the parties.
         The Employee, to the greatest extent permitted by law,
        hereby acknowledges that the Consideration to be received pursuant to this
        Termination Agreement shall be in full satisfaction of any and all rights
        the
        Employee may have under the Equity Agreements or otherwise with respect to
        each
        and every Surrendered Award.  Each Surrendered Award shall be deemed
        at any time after the date the Employee executes and delivers this Termination
        Agreement to the Company to represent for all purposes only the right to
        receive
        the Consideration.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

         

      

      2.           The
        Employee acknowledges that all Consideration to be received pursuant to this
        Termination Agreement will be made as provided in this Termination Agreement
        or
        in the Resignation Agreement.

       

      3.           By
        executing and delivering this Termination Agreement, the Employee represents,
        warrants, covenants and agrees as follows:

       

      (a)           The
        Employee has the right, power, authority and capacity to execute, deliver
        and
        perform this Termination Agreement and to consummate the transactions
        contemplated hereby.  This Termination Agreement has been duly and
        validly executed and delivered by the Employee and constitutes the Employee’s
        valid and binding obligation, enforceable in accordance with its terms and
        conditions, except as such enforceability may be limited by (i) applicable
        bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance
        or
        other similar laws now or hereafter in effect relating to creditors’ rights
        generally and (ii) general principles of equity (regardless of whether
        enforceability is considered in a proceeding at law or in equity).

       

      (b)           The
        Employee has the exclusive right, power and authority to transfer or surrender
        the Surrendered Awards.  Except for the Equity Agreements, the
        Employee is not a party to, nor is bound by, any agreement affecting or relating
        to the Employee’s right to transfer or surrender the Surrendered
        Awards.

       

      (c)           Neither
        the Company nor any other person or entity has made any oral or written
        representation, inducement, promise or agreement to Employee in connection
        with
        the termination of the Surrendered Awards, other than as expressly set forth
        in
        this Termination Agreement.

       

      (d)           Notwithstanding
        any provisions of the Surrendered Awards and the Equity Agreements, Employee
        hereby covenants and agrees that she will not sell, assign, transfer, pledge,
        hypothecate or otherwise encumber any of the Surrendered Awards from and
        after
        the date of this Termination Agreement.  Any sale, assignment,
        transfer, pledge, hypothecation or other encumbrance in violation of this
        Section B.3(d) shall be void.

       

      C.           Release
        and Waiver. The Employee, on behalf of
        herself and on behalf of all spouses, heirs, predecessors, successors, assigns,
        representatives or agents of the Employee (including, without limitation,
        any
        trust of which the Employee is the trustee or which is for the benefit of
        the
        Employee or a member of her family), hereby (1) acknowledges that the
        Consideration received pursuant to this Termination Agreement is in full
        satisfaction of any and all rights the Employee may have under the Equity
        Agreements and/or otherwise with respect to the Surrendered Awards, and
        (2) releases and forever discharges the Company and each of its respective
        individual, joint or mutual, past, present and future affiliates, directors,
        officers, employees, agents, consultants, advisors and other representatives,
        including legal counsel, accountants and financial advisors, controlling
        persons
        or entities, subsidiaries, predecessors, successors and assigns (individually,
        a
“Releasee” and collectively, the “Releasees”)
        from any and all claims, demands, actions, arbitrations, audits, hearings,
        investigations, litigations, suits (whether civil, criminal, administrative,
        investigative or informal), causes of action, orders, obligations, contracts,
        agreements, debts and liabilities whatsoever, whether known or unknown,
        suspected or unsuspected, both at law and in equity, which the Employee now
        has,
        has ever had or may hereafter have against the respective Releasees on account
        of or arising out of or under the Equity Agreements or the acts or omissions
        of
        the Company or its officers or directors with respect to the Surrendered
        Awards
        prior to the Effective Time and/or otherwise with respect to the Surrendered
        Awards, at anytime heretofor and for all time hereafter, except for any claims
        the Employee might have arising under this Termination Agreement.  The
        Employee hereby also irrevocably covenants to refrain from, directly or
        indirectly, asserting any claim or demand, or commencing, instituting or
        causing
        to be commenced, any action, arbitration, audit, hearing, investigation,
        litigation or suit (whether civil, criminal, administrative, investigative
        or
        informal) of any kind against any Releasee, based upon any matter purported
        to
        be released hereby.  The Employee understands and agrees that it is
        expressly waiving all claims against the Releasees concerning the Equity
        Agreements or the acts or omissions of the Company or its officers or directors
        with respect to the Surrendered Awards prior to the Effective Time and/or
        otherwise with respect to the Surrendered Awards, including, but not limited
        to,
        those claims that it may not know of or suspect to exist, which if known
        or
        suspected, may have materially affected the decision to provide the release
        and
        the Employee expressly waives any rights under applicable law that provide
        to
        the contrary.

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

         

      

      D.           Surrender
        of Equity Agreements.  The Employee further agrees that
        the Equity Agreements are hereby surrendered as of the Effective Time with
        no
        further obligations of the Company thereunder except as provided herein,
        and in
        recognition thereof the Employee agrees to return such Equity Agreements
        to the
        Company.  The Employee further acknowledges that the Employee is aware
        of the Resignation and does hereby waive all requirements under the Equity
        Agreements and, by execution of this Termination Agreement, hereby waives
        and
        relinquishes any and all right to the Surrendered Awards on or after the
        Effective Time.  The Employee understands that the surrender of the
        Equity Agreements and the Surrendered Awards pursuant to the procedures
        described herein and the acceptance thereof will constitute a binding agreement
        between the Employee and the Company upon the terms and subject to the
        conditions of this Termination Agreement.

       

      E.           Absence
        of Liens; No Other Awards.  The Employee represents and
        warrants that the Employee holds good and valid title to the Surrendered
        Awards,
        free and clear of all claims, liens, restrictions, charges, encumbrances,
        security interests, voting agreements and commitments of any kind and has
        full
        power and authority to surrender for cancellation such Surrendered
        Awards.  Other than the Surrendered Awards listed on Schedule A
        attached hereto and the Retained Awards, the Employee holds no other options
        or
        rights to purchase or receive shares of Company under any plan, award, grant
        or
        agreement, and hereby waives and releases any rights she may have to be issued
        any additional awards to purchase or receive shares of the Company’s
        stock.  The Surrendered Awards have not been transferred or assigned
        by Employee to any person or entity and Employee has not entered into any
        agreement to transfer or assign such Surrendered Awards to any person or
        entity.

       

      F.           Acknowledgement. THE
        EMPLOYEE ACKNOWLEDGES THAT THE EMPLOYEE HAS READ AND UNDERSTANDS THIS
        TERMINATION AGREEMENT, IS FULLY AWARE OF ITS LEGAL EFFECT, HAS NOT ACTED
        IN
        RELIANCE UPON ANY REPRESENTATIONS OR PROMISES MADE BY THE COMPANY OR ANY
        OTHER
        PERSON OTHER THAN THOSE CONTAINED IN WRITING HEREIN, AND HAS ENTERED INTO
        THIS
        TERMINATION AGREEMENT FREELY BASED ON THE EMPLOYEE’S OWN JUDGMENT.  BY
        EXECUTING THIS TERMINATION AGREEMENT, THE EMPLOYEE EXPRESSLY REPRESENTS THAT
        THE
        EMPLOYEE HAS HAD AN OPPORTUNITY TO SEEK LEGAL COUNSEL REGARDING
        IT.

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

         

      

      G.           Schedule
        of Surrendered Awards.  The Employee represents and
        warrants that Schedule A correctly and completely sets forth each and
        every award of stock options, restricted stock units, and/or other equity,
        previously granted to the Employee by the Company other than the Retained
        Awards
        and that, other than the Retained Awards, the Employee does not have the
        right
        to acquire or receive any stock of the Company or any affiliate of the Company
        or any options, warrants or other rights to acquire shares of capital stock
        of
        or equity interests in the Company or any affiliate of the Company, or similar
        securities or contractual obligations the value of which is derived from
        the
        value of an equity interest in the Company or any affiliate of the Company,
        or
        securities convertible into or exchangeable for capital stock of or equity
        interests in, or similar securities or contractual obligations of, the Company
        or any affiliate of the Company.  SCHEDULE
        A MUST BE SIGNED BY THE EMPLOYEE AS EVIDENCE OF
        ACKNOWLEDGEMENT OF THE SURRENDERED AWARDS BEING TERMINATED AND MUST BE RETURNED
        TOGETHER WITH THIS TERMINATION AGREEMENT TO THE COMPANY.

       

      H.           Delivery
        and Further Assurances.  This Termination Agreement and
Schedule A, when each are executed, should be delivered to:

       

      
        
          	 	Odyssey
                  HealthCare, Inc.
	 	717
                  N. Harwood, Suite 1500
	 	Dallas,
                  Texas  75201
	 	Attn:   
                  General Counsel

        

      

       

      The
        method
        of delivery of the Termination Agreement and Schedule A is at the option
        and risk of the Employee and valid delivery will be deemed made only when
        actually received by the Company.  The Employee, upon request, will
        execute and deliver any additional documents deemed by the Company or any
        of its
        affiliates to be reasonably necessary or desirable to complete the surrender
        of
        the Surrendered Awards surrendered hereby.

       

      I.           Amendments
        and Waivers.  Any provision of this Termination Agreement
        may be amended or waived if, and only if, such amendment or waiver is in
        writing
        and signed by the Company and the Employee.

       

      J.           Binding
        Nature.  This Termination Agreement shall be binding upon
        and shall inure to the benefit of the Company and the Employee and, in the
        case
        of the Employee, shall also be binding upon and shall inure to the benefit
        of
        the Employee’s spouses, heirs, predecessors, successors, assigns,
        representatives or agents (including, without limitation, any trust of which
        the
        Employee is the trustee or which is for the benefit of the Employee or a
        member
        of her family).  The Employee intends for the authorizations and
        agreements in this Termination Agreement to remain in force and not be affected
        if the Employee subsequently dies or becomes mentally or physically disabled,
        incapacitated or incompetent, and does hereby direct that no filing of an
        inventory nor posting of a surety bond be required.

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

         

      

      K.           Governing
        Law.  This Agreement shall be governed by the laws of the
        State of Texas, excluding choice of law principles.

       

      L.           Counterparts.  This
        Termination Agreement may be executed and delivered (including by facsimile
        transmission) in any number of counterparts, each of which shall be an original,
        but all of which together shall constitute one and the same
        instrument.  Any counterpart of this Termination Agreement that has
        attached to it separate signature pages that together contain the signature
        of
        all parties hereto shall for all purposes be deemed a fully executed
        original.  Facsimile signatures shall constitute original
        signatures.

       

      M.           Severability.  If
        any provision of this Termination Agreement is held to be illegal, invalid
        or
        unenforceable for any reason, such provision shall be fully severable; this
        Termination Agreement shall be construed and enforced as if such illegal,
        invalid or unenforceable provision had never comprised a portion of this
        Termination Agreement; and the remaining provisions of this Termination
        Agreement shall remain in full force and effect and shall not be affected
        by the
        illegal, invalid or unenforceable provision or by its severance from this
        Termination Agreement.  Furthermore, in lieu of such illegal, invalid
        or unenforceable provisions, there shall be added automatically as part of
        this
        Termination Agreement a provision as similar in terms to such illegal, invalid
        or unenforceable provision as may be possible and be legal, valid and
        enforceable.

       

      N.           Construction.  This
        Termination Agreement shall be deemed drafted equally by all the
        parties.  Its language shall be construed as a whole and according to
        its fair meaning.  Any presumption or principle that the language is
        to be construed against any party shall not apply.  The headings in
        this Termination Agreement are only for convenience and are not intended
        to
        affect construction or interpretation.  Any references to paragraphs,
        subparagraphs, or sections are to those parts of this Termination Agreement,
        unless the context clearly indicates to the contrary.  Also, unless
        the context clearly indicates to the contrary, (i) the plural includes the
        singular and the singular includes the plural, (ii) “and” and “or” are each used
        both conjunctively and disjunctively, (iii) “any,” “all,” “each,” or “every”
means “any and all, and each and every,” (iv) “includes” and “including” are
        each “without limitation,” and (v) “herein,” “hereof,” “hereunder,” and other
        similar compounds of the word “here” refer to the entire Termination Agreement
        and not to any particular paragraph, subparagraph, section or
        subsection.

       

      O.           Expenses.  Except
        as otherwise expressly provided in this Termination Agreement, all costs
        and
        expenses (including attorneys fees and expenses) incurred by the parties
        hereto
        in connection with this Termination Agreement and the transactions contemplated
        hereby shall be borne solely and entirely by the party which has incurred
        such
        expenses.

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

         

      

      P.           Arbitration.  The
        Company and the Employee agree to the resolution by binding arbitration of
        all
        claims, demands, causes of action, disputes, controversies or other matters
        in
        question (“Claims”), whether or not arising out of this
        Termination Agreement, whether sounding in contract, tort or otherwise and
        whether provided by statute or common law, that the Company may have against
        the
        Employee or that the Employee may have against the Company or its parents,
        subsidiaries and affiliates, and each of the foregoing entities’ respective
        officers, directors, employees or agents in their capacity as such or
        otherwise.  Claims covered by this Section P also include claims by
        Employee for breach of this Termination Agreement, wrongful termination,
        discrimination (based on age, race, sex, disability, national origin, or
        any
        other factor) and retaliation.  The Company and Employee agree that
        any arbitration shall be in accordance with the Federal Arbitration Act
        (“FAA”) and, to the extent an issue is not addressed by the
        FAA, with the then-current National Rules for the Resolution of Employment
        Disputes of the American Arbitration Association (“AAA”) or
        such other rules of the AAA as are applicable to the Claims being
        arbitrated.  If a party refuses to honor its obligations under this
        Section P, the other party may compel arbitration in either federal or state
        court.  The arbitrator shall apply the substantive law of the State of
        Texas (excluding Texas choice-of-law principles that might call for the
        application of some other state’s law), or federal law, or both as applicable to
        the Claims asserted.  The arbitrator shall have exclusive authority to
        resolve any dispute relating to the interpretation, applicability,
        enforceability, or formation of this Section P, including any Claim that
        all or
        part of this Termination Agreement is void or voidable and any Claim that
        an
        issue is not subject to arbitration; provided that the arbitrator will not
        have
        the power to add or ignore any of the terms and conditions of this Termination
        Agreement, and the arbitrator’s decision will not go beyond what is necessary
        for the interpretation, application, and enforcement of this Termination
        Agreement and the obligations of the parties pursuant to this Termination
        Agreement.  The parties agree that venue for arbitration will be in
        Dallas, Texas, and that any arbitration commenced in any other venue will
        be
        transferred to Dallas, Texas, upon the written request of any party to this
        Termination Agreement.  In the event that an arbitration is actually
        conducted pursuant to this Section P, the party in whose favor the arbitrator
        renders the award shall be entitled to recover from the other party all costs
        and expenses incurred, including reasonable attorneys’ fees, expert witness
        fees, and costs actually incurred.  Any and all of the arbitrator’s
        orders, decisions, and awards may be enforceable in, and judgment upon any
        award
        rendered by the arbitrator may be confirmed and entered by, any federal or
        state
        court having jurisdiction.  All proceedings conducted pursuant to this
        Section P, including any order, decision, or award of the arbitrator, shall
        be
        kept confidential by all parties.  THE ARBITRATORS SHALL HAVE
        NO AUTHORITY TO AWARD PUNITIVE DAMAGES UNDER ANY CIRCUMSTANCES (WHETHER IT
        BE
        EXEMPLARY DAMAGES, TREBLE DAMAGES, OR ANY OTHER PENALTY OR PUNITIVE TYPE
        OF
        DAMAGES).  REGARDLESS OF WHETHER SUCH DAMAGES MAY BE AVAILABLE UNDER
        TEXAS LAW, THE EMPLOYEE AND THE COMPANY EACH HEREBY WAIVE THE RIGHT, IF ANY,
        TO
        RECOVER PUNITIVE DAMAGES IN CONNECTION WITH ANY CLAIMS.  THE EMPLOYEE
        AND THE COMPANY ACKNOWLEDGE THAT, BY SIGNING THIS TERMINATION AGREEMENT,
        THE
        EMPLOYEE AND THE COMPANY ARE WAIVING ANY RIGHT THAT THE EMPLOYEE OR THE COMPANY
        MAY HAVE TO A JURY TRIAL OR A COURT TRIAL OF ANY EMPLOYMENT-RELATED CLAIM
        ALLEGED BY EMPLOYEE, EXCEPT AS PROVIDED BY THE RESIGNATION
        AGREEMENT.

       

       

      [SIGNATURE
        PAGE FOLLOWS]

       

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

         

      

      IN
        WITNESS WHEREOF, the Company has
        caused this Termination Agreement to be executed by its duly authorized officer,
        and the Employee, to evidence her agreement to all the terms hereof, has
        duly
        executed this Termination Agreement, as of the 29th day of June,
        2007.

       

       

      
        	 	ODYSSEY
                HEALTHCARE, INC.  
	 	 	 	 
	 	 	 	 
	 	By:	/s/  Robert
                A. Lefton	 
	 	Name:	Robert
                A. Lefton	 
	 	Title:	President
                and Chief Executive Officer	 
	 	 	 	 
	 	 	 	 
	 	EMPLOYEE	 
	 	 	 
	 	 	 
	 	/s/
                Deborah A. Hoffpauir 	 
	 	DEBORAH
                A. HOFFPAUIR 	 

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

         

        SCHEDULE
          A

      

      

      SURRENDERED
        AWARDS

      

      
        	
                1. 
                   

              	
                Restricted
                  Stock Unit Award Agreement (Time-Based RSU Award), dated December
                  20,
                  2006, representing the right to receive 16,080 shares of the Company’s
                  common stock

              

      

       

      
        	
                2. 
                   

              	
                Restricted
                  Stock Unit Award Agreement (Additional Incentive Based RSU Award),
                  dated
                  December 20, 2006, representing the right to receive 29,480 shares
                  of the
                  Company’s common stock

              

      

       

      
        	
                3. 
                   

              	
                Nonstatutory
                  Stock Option Agreement, dated November 16, 2005, representing the
                  right to
                  acquire 90,000 shares of the Company’s common stock, but only as to those
                  67,500 shares of the Company’s common stock that were unvested as of July
                  1, 2007.

              

      

       

       

      

      
        	ODYSSEY
                HEALTHCARE, INC.	 
	 	 
	 	 
	/s/  Robert
                A. Lefton	 
	Robert
                A. Lefton, President and CEO	 
	 	 
	 	 
	EMPLOYEE:	 
	 	 
	 	 
	/s/
                Deborah A. Hoffpauir	 
	Deborah
                A. Hoffpauir	 

      

       

       

       

      A-1DC2082.pdf -- Converted by SEC Publisher 4.2, created by BCL Technologies Inc., for SEC Filing

	
Exhibit 10.1

	
[GENAERA LETTERHEAD]

	
June 28, 2007

	
Christopher M. Penland, Ph.D.

Director of Research

Cystic Fibrosis Foundation

6931 Arlington Road, Suite 200

Bethesda, MD 20814

	
VIA FACSIMILE

HARDCOPY TO FOLLOW

	
Dear Chris,

The purpose of this letter is to serve as notification of the termination of the award to Genaera Corporation (“Genaera”) from the Cystic Fibrosis Foundation Therapeutics, Inc. (“CFFT”) for the clinical
development of LOMUCINTM for treatment of cystic fibrosis dated December 31, 2002, as amended (the “Award”), as a result of the closure of Genaera’s phase 2 trial of LOMUCINTM (MSI-1995) in cystic fibrosis.

This letter will also confirm that pursuant to the Award, a final milestone in the amount of $100,000 will be due to Genaera and all payments made by the CFFT to Genaera under the Award will not be required to be
reimbursed to the CFFT by Genaera as a result of the termination of the Award.

Please indicate your confirmation of the above with your signature and return to my attention via fax at 610.941.5399.

Should you have any questions or require anything additional, please contact me.

	
Sincerely,

	
/s/ Leanne M. Kelly_____________

Leanne M. Kelly

Senior Vice President and Chief Financial Officer

CONFIRMED and ACCEPTED:

Signature: /s/ Preston W. Campbell, III, M.D.

Name: Preston W. Campbell, III, M.D._____

Date: June 29, 2007____________________

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