Document:

Exhibit
10.56

CONSULTING AGREEMENT

 

This consulting agreement (the “Agreement”)
made this 1st day of July 2007 is entered into by Reliant
Pharmaceuticals, Inc., a Delaware corporation with its principal place of
business at 110 Allen
Road, Liberty Corner, New Jersey 07938 (hereinafter referred to as the “Company”) and Lionel Carnot (the “Consultant”),
with his principal office at 750 Battery Street, Suite 400, San Francisco,
CA  94111.

 

INTRODUCTION

 

The Company desires to retain the services of the
Consultant as an independent contractor and the Consultant desires to perform
certain services for the Company.  In
consideration of the mutual covenants and promises contained herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged by the parties hereto, the parties agree as follows:

 

1.             SERVICES

Upon the request of the Company, the Consultant
agrees to perform during the Consultation Period (as defined below) such
consulting, advisory and related services to and for the Company related to
financial planning and modeling with respect to the Company’s product portfolio.  Consultant shall report to the Chief
Financial Officer or such other officers or employees of the Company as
designated by the Chief Financial Officer. 
In the event that the Company desires to engage the Consultant for
broader or more extensive services than as set forth in this Paragraph 1, the
Consultant and the Company will enter into a mutually satisfactory arrangement
relating to the additional services and the compensation thereof.

 

2.             TERM

This Agreement shall commence on the date hereof,
and shall continue until June 30, 2008 (the “Consultation Period”)
unless earlier terminated in accordance with the provisions contained herein.  Company shall have the right to terminate this
Agreement at any time and for any reason upon thirty (30) days prior written
notice to Consultant.  In the event of
such termination, the Consultant shall be entitled to reimbursement of expenses
paid or incurred prior to the effective date of termination, subject to  the limitation on reimbursement of expenses set forth in
Section 3.2.  Notwithstanding the
foregoing, the parties may terminate the Consultation Period, effective
immediately upon receipt of written notice, if either party breaches or
threatens to breach any provision of Sections 5 or 6 of this Agreement.

 

3.                                      COMPENSATION

 

                3.1          Consulting
Fees

The Company shall pay to the Consultant fees of  One Thousand Dollars ($1,000.00) per day.  For purposes of this Agreement, a day shall
consist of no less than 8 hours.  Consultant shall submit invoices to the
Company on the 1st of each month for all services performed during
the previous month and the Company shall remit payment to Consultant
within thirty (30) business days after receipt of said invoices. All invoices
shall be sent to: Chief Financial Officer, Reliant Pharmaceuticals, Inc., 110
Allen Road, Liberty Corner, NJ 07938. 
The invoice
shall include all

 

 

relevant information in support of the invoice including services
provided, time frame in which the services were provided, due date, and address
to which payment should be sent.

 

                3.2          Reimbursement
of Expenses

The Company shall reimburse the Consultant for
all reasonable and approved expenses, including but not limited to,
consultation-related travel and lodging expenses, telephone calls, photocopying
and meals, incurred or paid by the Consultant in connection with, or related
to, the performance of services under this Agreement.    All expenses must be approved in advance by
the Chief Financial Officer or his designee. 
The Consultant shall submit to the Company itemized monthly statements,
in a form satisfactory to the Company, of such expenses incurred in the
previous month.  The Company shall pay to
the Consultant amounts shown  on each such
statement within thirty (30) days after receipt thereof with all expenses to be
reimbursed hereunder to be due as of the end of the Consultation Period.

 

                3.3          Benefits

The Consultant shall not be entitled to any benefits,
coverages or privileges, including, without limitation, social security,
unemployment, 401 k, medical insurance or pension payments, made available to
the employees of the Company.  Consultant
further acknowledges that he is not eligible to participate in any such benefit
plans even if it is later determined that his status was that of an employee
during the period of this engagement. 
Consultant expressly waives any claim for benefits coverage attributable
to the Services provided under this Agreement.

 

4.             COOPERATION

The Consultant shall use his best efforts in the
performance of his obligations under this Agreement and shall discharge his
responsibilities in a diligent and faithful manner, consistent with sound
business practices.  The Company shall provide
such access to its information and property as may be reasonably required in
order to permit the Consultant to perform  his
obligations hereunder.  The Consultant
shall cooperate with the Company’s personnel, shall not interfere with the
conduct of the Company’s business and shall observe all rules, regulations and
security requirements of the Company concerning the safety of persons and
property.

 

5.             PROPRIETARY INFORMATION

 

                5.1          Proprietary
Information

                (a)           The Consultant agrees that all
information, whether or not in writing, of a private, secret or confidential
nature concerning the Company’s business, business relationships or financial
affairs (collectively, “the Company’s Proprietary Information”) which is
disclosed to Consultant is and shall be the exclusive property of the
Company.  By way of illustration, but not
limitation, the Company’s Proprietary Information may include inventions,
products, developments, plans, research data, clinical data, financial data,
personnel data and computer programs. 
The Consultant will not disclose any of the Company’s Proprietary
Information to any person or entity other than employees of the Company or
employees of Consultant or use the same for any purposes (other than in the
performance of his duties as a consultant of the Company) without written
approval by an officer of the Company, either during or for a period of five
(5) years after the term of this Agreement unless and until such of the Company’s
Proprietary Information has become public knowledge without fault by the
Consultant.

 

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                (b)           The Consultant agrees that all files
letters, memoranda, reports, records, data, sketches, drawings, laboratory
notebooks, program listings or other written, photographic or other tangible
material containing the Company’s Proprietary Information relating to the
services performed hereunder, whether created by the Consultant or others
during the Consultation Period, shall be and are the exclusive property of the
Company.  All such materials or copies
thereof and all tangible property of the Company in the custody or possession
of the Consultant shall be delivered to the Company upon the earlier of (i) a
request by the Company; or (ii) termination of this Agreement.  After such delivery, the Consultant shall not
retain any such materials or copies thereof or any such tangible property,
except one copy for archival purposes.

 

                (c)           The parties agree that Consultant’s
obligation not to disclose or to use information and materials of the types set
forth in paragraphs (a) and (b) above, and its obligation to return materials
and tangible property, set forth in paragraph (b) also extends to such types of
information, materials and tangible property of customers or suppliers of the
Company, or other third parties who may have disclosed or entrusted the same to
the Company.

 

                (d)           The parties’ obligations under this
Section 5.1 shall not apply to any information that (i) is or becomes known to
the general public under circumstances involving no breach by the parties of
the terms of this Section 5.1; (ii) is generally disclosed to third parties by
the Company or the Consultant without restriction on such third parties; (iii)
was known to Consultant as of the date of this Agreement as evidenced by
documents in possession of Consultant; or (iv) is approved for release by
written authorization of the Company.

 

                (e)           The Consultant represents that the
retention as a consultant with the Company and performance under this Agreement
does not, and shall not breach any agreement that obligates the Consultant to
keep in confidence any trade secrets or confidential or proprietary information
of her or of any other party or to refrain from competing, directly or  indirectly, with the business of
any other party.  The Consultant shall
not disclose to the Company any trade secrets or confidential or proprietary
information of any other party.

 

                5.2          Remedies

The parties acknowledge that  any
breach of the provisions of this Section 5 may result in serious and
irreparable injury to the non-breaching party for which the parties may not be
adequately compensated by monetary damages alone.  The parties agree, therefore, that, in
addition to any other remedy they may have, the Company shall be entitled to
enforce the specific performance of this Section 5 against Consultant and to
seek both temporary and permanent injunctive relief (to the extent permitted by
law).

 

6.       
CONTRIBUTIONS AND INVENTIONS

 

The Consultant shall: (i) promptly disclose all Inventions (as defined
below), in full detail, to Persons authorized by the Company; and (ii) not
disclose any Invention to anyone other than Persons authorized by the Company,
without the Company’s express prior written instruction to do so.  The
Consultant shall have no interest in any Invention.  The Consultant agrees
and acknowledges that, to the extent allowed under applicable law, all
Inventions shall be considered to be “works made for hire” as that phrase is
defined in the U.S. Copyright Act of 1976, as amended.  All Inventions,
including any patent rights, will belong solely to the Company from
conception.  To the extent that title to any Invention or any materials
comprising or including

 

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any Invention does not, by operation of law, vest in the Company, the
Consultant hereby irrevocably assigns to the Company all of his or her right,
title and interest in and to that Invention.  At any time, during or after
the Term, that the Company requests, the Consultant shall sign whatever written
documents of assignment are necessary to formally evidence the Consultant’s
irrevocable assignment to the Company of any Invention.  At all times
during or after the Term, the Consultant shall assist the Company in obtaining,
maintaining and renewing patent, copyright, trademark and other appropriate
protection for any Invention, in the United States and in any other country, at
the Company’s expense.  The term “Inventions” means all contributions and inventions of any
kind that are conceived by the Consultant, alone or with others, while engaged
by the Company, that relate to the Company’s business or potential business,
result from tasks assigned to the Consultant by the Company or that are
conceived or made with the use of the Company’s resources, facilities or
materials; and include, but are not limited to, all discoveries, creations,
developments, improvements, design rights, semiconductor mask works, know-how,
works of authorship and ideas, whether or not they are patentable or
registrable under federal or state copyright laws or similar statutes or
protectable under common-law principles, and regardless of their form or state
of development.  Nothing provided in this Agreement shall be construed to
grant to the Consultant any rights to any technology or any license under any
patent, copyright, or trademark now or hereinafter in existence except to
perform the Consulting Services as contemplated by this Agreement.

 

 

7.             [RESERVED]

 

8.             INDEPENDENT CONTRACTOR STATUS

 

The Consultant shall perform all services under
this Agreement as an “independent contractor” of and not as an employee or
agent of the Company.  Nothing in this
Agreement shall be construed to create an employment relationship between the
parties.  The Consultant is not
authorized to assume or create any obligation or responsibility, express or
implied, on behalf of, or in the name of, the Company or to bind the Company in
any manner.  Consultant shall be solely
responsible for and shall file, on a timely basis, tax returns and payments
required to be filed with or made to any taxing authority with respect to his
performance of services hereunder and hold Company harmless with respect
thereto.  No tax of any kind shall be
withheld or paid by Company on behalf of Consultant and Consultant shall not be
treated as an employee with respect to the services performed hereunder for
federal, state and local tax purposes.

 

9.             NOTICES

All notices required or permitted under this
Agreement shall be in writing and shall be deemed effective upon personal
delivery or upon deposit in the United States Post Office, by registered or
certified mail, postage prepaid, addressed to the other party at the address
shown above, or at such other address or addresses as either party shall designate
to the other in accordance with this Section 8.

 

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.

 

 

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11.          CONFLICTS OF INTEREST

Consultant hereby warrants that there is no
conflict of interest between Consultant’s current employment or business
activities, if any, and the activities to be performed hereunder.  Consultant hereby represents and warrants
that he is not a party to any agreement, contract or understanding, and that no
facts or circumstances exist, which would restrict or prohibit Consultant from
undertaking or performing any of the obligations under this Agreement.  The representations and warranties of this
Article 10 shall remain in effect throughout the term of this Agreement.  Consultant shall advise Company immediately
if a conflict or potential conflict of interest arises in the future.

 

12.          [RESERVED]

 

13.          ENTIRE AGREEMENT

This Agreement constitutes the entire agreement
between the parties and supersedes all prior agreements and understandings,
whether written or oral, relating to the subject matter of this Agreement.

 

14.          SEVERABILITY

In the event that any court of competent jurisdiction shall determine
that any one or more of the provisions contained in this Agreement shall be
unenforceable in any respect, then such provision shall be deemed limited and
restricted to the extent that the court shall deem the provision to be
enforceable.  It is the intention of the
Parties to this Agreement that the covenants and restrictions in this Agreement
be given the broadest interpretation permitted by law.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision hereof.  The
covenants and restrictions contained in this Agreement shall be deemed a series
of separate covenants and restrictions one for each of the fifty states of the
United States of America.  If, in any
judicial proceedings, a court of competent jurisdiction should refuse to
enforce all of the separate covenants and restrictions in this Agreement, then
such unenforceable covenants and restrictions shall be deemed eliminated from
the provisions of this Agreement for the purpose of such proceeding to the
extent necessary to permit the remaining separate covenants and restrictions to
be enforced in such proceeding.

 

15.          WAIVER OF JURY TRIAL

The Parties hereto
agree to waive any right to a trial by jury in any action, proceeding or
counterclaim arising out of or relating to the Services and fees hereunder.

 

16.          SURVIVAL

Paragraphs 5, 6 and 11 of this Agreement shall survive
the termination or expiration of this Agreement.

 

17.          AMENDMENT

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

 

18.          SUCCESSORS AND ASSIGNS

This Agreement shall be binding upon, and inure
to the benefit of, both parties and their respective successors and assigns,
including any corporation with which, or into which, the

 

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Company may be merged or which may succeed to its
assets or business, provided, however, that the obligations of the Consultant
shall not be assigned.

 

19.          CONSULTANT’S
REPRESENTATION

The Consultant represents and warrants that he: (i)
has read this Agreement; (ii) understands all the terms and conditions hereof;
(iii) has entered into this Agreement of his own free will and volition; (iv)
has been advised by the Company to seek and has, to the extent the Consultant
has deemed necessary, received the advice of counsel of the Consultant’s own
selection; (v) has the legal ability to perform the Services in the United
States; (vi) has the requisite skill, training and experience to perform the
Services; and (vii) agrees that the terms of this Agreement are fair,
reasonable and are being agreed to voluntarily in exchange for the Consultant’s
engagement by the Company to perform the Services.  Consultant further
represents and warrants that Consultant has not been debarred pursuant to the
Federal Food, Drug and Cosmetic Act (“FDCA”) or excluded from participating in
a federal health care program, including without limitation the Medicare or
Medicaid programs.  Moreover, if Consultant is subsequently debarred under
the FDCA or excluded from a federal health care program, Consultant agrees
immediately to notify the Company of such action.

 

20.          GOVERNING
LAW

This Agreement, including all matters arising directly or indirectly
herefrom, shall be governed by and construed and interpreted in accordance with
the domestic laws of the State of New Jersey, without giving effect to any choice
of law or conflict of law provision or rule thereof.

 

21.          MISCELLANEOUS

 

                21.1        No
Waiver

No delay or omission by any party in exercising
any right under this Agreement shall operate as a waiver of that or any other
right.  A waiver or consent given by any
party 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.

 

                21.2        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.

 

 

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

 

	
   

  	
  RELIANT PHARMACEUTICALS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Lionel Carnot

  	
   

  
				

 

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Exhibit 4.2    
    

	NUMBER

 NYU                 

 COMMON STOCK

 THIS CERTIFICATE IS TRANSFERABLE IN

SAN FRANCISCO, CA OR NEW YORK, NY	 	

INCORPORATED UNDER THE LAWS OF THE STATE OF CALIFORNIA	 	SHARES

 

 COMMON STOCK

 SEE REVERSE FOR CERTAIN DEFINITIONS
 CUSIP 826565 10 3

THIS CERTIFIES THAT

 

 

 

 

  

IS
THE OWNER OF 

FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, WITHOUT PAR VALUE, OF 

SIGMA DESIGNS, INC.  

Transferable
on the books of the Corporation by the holder hereof in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

This certificate is not valid unless countersigned and registered by the Transfer Agent and Registrar.

WITNESS the facsimile seat of the Corporation and the facsimile signatures of its duly authorized officers. 

Dated:

	 	 	Countersigned and Registered:
	 	 	        CHEMICAL TRUST COMPANY OF CALIFORNIA
	 	 	 	 	Transfer Agent and Registrar
	

 	
 	

By	
 	

 
	

 	
 	

 	
 	

Authorized Signature

	

 	 	

 	 	

 
	Secretary	 	 	 	President

 
 

SIGMA DESIGNS, INC.    
    

        The Company is authorized to issue two classes of stock, Common Stock and Preferred Stock. The Board of Directors of the Company has authority to fix the number
of shares and the designation of any series of Preferred Stock and to determine or alter the rights, preferences, privileges and restrictions granted to or imposed upon any unissued series of
Preferred Stock. 

        A
statement of the rights, preferences, privileges and restrictions granted to or imposed upon the respective classes or series of shares and upon the holders thereof as established,
from time to time, by the Articles of Incorporation of the Company and by any certificate of determination, the number of shares constituting each class and series, and the designations thereof, may
be obtained by the holder hereof upon request and without charge from the Transfer Agent of the Company at its offices in San Francisco. 

        This
certificate also evidences and entitles the holder hereof to certain rights as set forth in a Rights Agreement between Sigma Designs, Inc. and Mellon Investor Services LLC,
as the Rights Agent, dated as of June 7, 2004 (the "Rights Agreement"), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive
offices of Sigma Designs, Inc. Under certain circumstances, as set forth in the Rights Agreement, such Rights will be evidenced by separate certificates and will no longer be evidenced by this
certificate. The Company will mail to the holder of this certificate a copy of the Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances set forth in
the Rights Agreement, Rights issued to, or held by, any Person who is, was or becomes an Acquiring Person or any Affiliate or Associate thereof (as such terms are defined in the Rights Agreement),
whether currently held by or on behalf of such Person or by any subsequent holder, may become null and void. 

        The
following abbreviatons, when used in the inscription on the face of this certficate. shall be construed as though they were written out in fuli according to applicable laws or
regulations: 

	TEN COM	—	as tenants in common	 	UNIF GIFT MIN ACT —	 	  
	 	Custodian	 	  

	TEN ENT	—	as tenants by the entireties	 	 	 	(Cust)	 	 	 	(Minor)
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	 	 	under Uniform Gifts to Minors Act

  
 (State)
	

 	

 	

 	
 	

UNIF TRF MIN ACT —	
 	

  
	
 	

Custodian (until age       )	
 	

  

	 	 	 	 	 	 	(Cust)	 	 	 	(Minor)
	 	 	 	 	 	 	under Uniform Transfers to Minors Act
	 	 	 	 	 	 	  
 (State)

Additional
abbreviations may also be used though not in the above list. 

        FOR
VALUE RECEIVED,
                                         
                  hereby sell, assign and transfer unto 

	PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE
  

	  
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING ZIP CODE OF ASSIGNEE)
	  

	  

	  
	Shares
	of the common stock represented by the within Certificate, and do hereby irrevocably constitute and appoint
	  
	Attorney
	to transfer the said stock on the books of the within named Corporation with full power of substitution in the premises.

	

Dated	

  
	
 	

 	

 
	 	 	 	X	 
	 	 	 	 	

	

 	

 	
 	

X	

 
	 	 	 	NOTICE:	
THE SIGNATURE(S) TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME(S) AS WRITTEN UPON THE FACE OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

Signature(s)
Guaranteed 

	

By	

  
	
 	

 
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION. BANKS, STOCK-BROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION
PROGRAM PURSUANT TO SEC RULE 17Ad-15	 	 

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Exhibit 4.2

SIGMA DESIGNS, INC.

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