Document:

Employment Agreement

EXHIBIT 10.93 
 
 
EMPLOYMENT AGREEMENT 
 
This Employment Agreement (“Agreement”) is by and
between Incara Pharmaceuticals Corporation, a Delaware corporation having a place of business at 3200 East Highway 54, Cape Fear Building, Suite 300, Post Office Box 14287, Research Triangle Park, North Carolina, 27709 (the “Corporation”),
and Richard E. Gammans, Sr., Ph.D. (“Employee”). 
 
 
W I T N E S S E T H: 
 
WHEREAS, the Corporation has employed and desires to continue to employ the Employee as Senior Vice President, Antioxidant Therapies, and
the Employee desires to be employed by the Corporation as Senior Vice President, Antioxidant Therapies, all pursuant to the terms and conditions hereinafter set forth; 
 
NOW, THEREFORE, in consideration of the foregoing and the mutual promises and covenants herein contained and
other good and valuable consideration the receipt of which is hereby acknowledged, the parties agree as follows: 
 

	 1.	  	 EMPLOYMENT; DUTIES 

 
(A) The Corporation engages and employs the Employee, and the Employee hereby accepts engagement and employment, as Senior Vice President,
Antioxidant Therapies. 
 
(B) The Employee shall
have such powers and perform all such duties as from time to time may be assigned to him by the Board of Directors (the “Board”), the Chairman of the Board, the Chief Executive Officer, the President or the Executive Vice President,
Research and Development. 
 
(C) The Employee shall
devote such of his time and efforts as shall be necessary to the proper discharge of his duties and responsibilities under this Agreement. 
 

	 2.	  	 TERM 

 
The Employee’s employment hereunder shall be for the period commencing on the date of this Agreement and continuing through September
30, 2003. 
 

	 3.	  	 COMPENSATION 

 
(A) As compensation for the performance of his duties under this Agreement, the Employee shall be compensated as follows: 

 
Employee Agreement 
Richard E. Gammons, Sr., Ph.D. 
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(i) The Employee shall be granted options to
purchase shares of Common Stock of the Corporation as deemed appropriate by the Board or its Compensation Committee. To the maximum extent permitted by law, the stock options shall be incentive stock options. 
 
(ii) The Corporation shall pay the Employee an
annual base salary (“Base Salary”) of two hundred five thousand dollars ($205,000), payable in accordance with the usual payroll period of the Corporation. Base Salary will be adjusted periodically to reflect Employee’s then current
salary, which will be subject to an annual review in the sole discretion of the Board of Directors or its Compensation Committee, provided however, that the Base Salary may not be adjusted downward. 
 
(iii) The Corporation shall pay the Employee
bonuses, the amount of which shall be in the discretion of the Corporation, upon the achievement of substantial milestones to be mutually agreed upon from time to time by the Chief Executive Officer, the Board of Directors or its Compensation
Committee of the Board. 
 
(iv) The
Corporation shall withhold all applicable federal, state and local taxes, social security and workers’ compensation contributions and such other amounts as may be required by law and any additional amounts agreed upon by the parties with
respect to the compensation payable to the Employee pursuant to section 3(A) hereof. 
 
(B) The Corporation shall reimburse the Employee for all normal, usual and necessary expenses incurred by the Employee in furtherance of the business and affairs of the Corporation, including
reasonable travel and entertainment, against receipt by the Corporation of appropriate vouchers or other proof of the Employee’s expenditures and otherwise in accordance with such Expense Reimbursement Policy as may from time to time be adopted
by the Board of Directors of the Corporation. 
 
(C) The Employee shall be, during the term of this Agreement, entitled to vacation time of four (4) weeks per year. 
 
(D) The Corporation shall make available to the Employee and his dependents, such medical, disability, life insurance and such other
health benefits as the Corporation makes available to its senior officers. 
 

	 4.	  	 REPRESENTATIONS AND WARRANTIES BY THE EMPLOYEE AND CORPORATION 

 
The Employee hereby represents and warrants to the Corporation as follows: 
 
(A) Neither the execution and delivery of this Agreement nor
the performance by the Employee of his duties and other obligations hereunder violate or will violate any statute, law, determination or award, or conflict with or constitute a default under (whether immediately, upon 

Employee Agreement 
Richard E. Gammons, Sr., Ph.D. 
Page 3 
 
 
the giving of notice or lapse of time or both) any prior employment agreement,
contract, or other instrument to which the Employee is a party or by which he is bound. 
 
(B) The Employee has the full right, power and legal capacity to enter and deliver this Agreement and to perform his duties and other obligations hereunder. This Agreement constitutes the legal, valid
and binding obligation of the Employee enforceable against him in accordance with its terms. No approvals or consents of any persons or entities are required for the Employee to execute and deliver this Agreement or perform his duties and other
obligations hereunder. 
 
(C) The Employee
understands that some or all of the stock issuable upon exercise of the Options received by the Employee pursuant to section 3(A) hereof may not be registered under the Securities Act of 1933 (the “1933 Act”), and acknowledges that he may
be obligated to agree, as a condition to the issuance thereof, that he will acquire such stock for his own account for investment and not with a view to, or for resale in connection with a distribution thereof, and will bear the economic risk of his
investment in such stock for an indefinite period of time. 
 
(D) The Corporation hereby represents and warrants to the Employee as follows: 
 
(i) The Corporation is duly organized, validly existing and in good standing under the laws of the State of Delaware, with
all requisite corporate power and authority to own its properties and conduct its business in the manner presently contemplated. 
 
(ii) The Corporation has full power and authority to enter into this Agreement and to incur and perform its obligations
hereunder. 
 
(iii) The execution,
delivery and performance by the Corporation of this Agreement does not conflict with or result in a breach or violation of, or constitute a default under (whether immediately, upon the giving of notice or lapse of time or both) the certificate of
incorporation or by-laws of the Corporation, or any agreement or instrument to which the Corporation is a party or by which the Corporation or any of its properties may be bound or affected. 
 

	 5.	  	 NON-COMPETITION 

 
(A) The Employee understands and recognizes that his services to the Corporation are special and unique and agrees that, during the term
of this Agreement and, unless such termination is by the Employee pursuant to 7(A)(iii)(a) below, for a period of six (6) months from the date of termination of his employment hereunder, he shall not in any manner, directly or indirectly, on behalf
of himself or any person, firm, partnership, joint venture, corporation or other business entity (“Person”), enter into or engage in any business engaged in the development or commercialization of products directly competitive with
products of the Corporation, including products under development by the Corporation, either as an individual for his own account, or as a partner, joint venturer, executive, agent, consultant, salesperson, officer, director 

Employee Agreement 
Richard E. Gammons, Sr., Ph.D. 
Page 4 
 
 
or shareholder of a Person operating or intending to operate in the areas of
therapeutics for congestive heart failure, carbohydrate-based combinatorial chemistry, the treatment of diseases by drugs which act through the modulation of superoxide dismutase, or Corporation’s future business, proposed business or future
research activities or any additional areas of business as shall be updated from time to time by the parties to take into account additional areas of business in which the Corporation may become engaged), within the geographic area of the
Corporation’s business. This Paragraph 5(A) shall not be construed to prohibit the ownership by Employee of not more than 1% of the capital stock of any corporation engaged in any of the foregoing businesses which has a class of securities
registered pursuant to the Securities Exchange Act of 1934. 
 
(B) During the term of this Agreement and for six (6) months thereafter, Employee shall not, directly or indirectly, without the prior written consent of the Corporation, solicit or induce any employee of the Corporation or any
affiliate to leave the employ of the Corporation or any affiliate or hire for any purpose any employee of the Corporation or any affiliate or any employee who has left the employment of the Corporation or any affiliate within six months of the
termination of said employee’s employment with the Corporation; or 
 
(C) In the event that the Employee breaches any provisions of this Section 5 or there is a threatened breach, then, in addition to any other rights which the Corporation may have, the Corporation shall be entitled to seek
injunctive relief to enforce the restrictions contained herein. In the event that an actual proceeding is brought in equity to enforce the provisions of this Section 5, the Corporation shall not be prevented from seeking any other remedies which may
be available. 
 

	 6.	  	 CONFIDENTIALITY AND INVENTIONS 

 
Employee agrees to comply with the provisions of his Employee Agreement dated April 5, 2000 signed at the commencement of employment,
which provisions are incorporated herein by reference and are made part of this Agreement as if they were explicitly set forth herein. 
 

	 7.	  	 TERMINATION 

 
(A) The Employee’s employment pursuant to this Agreement shall continue for the period set forth in Section 2 hereof unless sooner
terminated upon the first to occur of the following events: 
 
(i) The death of the Employee; 
 
(ii) Termination by the Board of Directors of the Corporation for cause. Any of the following actions by the Employee shall constitute cause: 

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(a) Material breach by the Employee of Section
5 or Section 6 of this Agreement; 
 
(b) Material breach by the Employee of any provision of this Agreement other than Section 5 or Section 6 or the willful or reckless failure by Employee to perform his duties hereunder which breach or failure is not cured by the
Employee within fifteen (15) days notice thereof from the Corporation; or 
 
(c) The commission by the Employee of an act of fraud or theft against the Corporation or any of its subsidiaries, or the conviction of Employee of any criminal act; 
 
(iii) Termination by the Employee for cause.
Material breach by the Corporation of any provision of this Agreement which is not cured by the Corporation within fifteen (15) days of written notice thereof from the Employee shall constitute cause; or 
 
(iv) Termination by the Board of Directors,
the President, or the Chief Executive Officer of the Corporation without cause. 
 
(B) Upon termination by the Board without cause pursuant to Section 7(A)(iv) or by Employee for cause pursuant to Section 7(A)(iii) or upon termination resulting from Employee’s death pursuant to
Section 7(A)(i), Employee (or his estate in the event of a termination pursuant to Section 7(A)(i)) will be entitled to the following: 
 
(i) all vested compensation then due and owing; 
 
(ii) as of the date of the termination, at the option of the Corporation, the Corporation
will pay either (i) a lump sum equal to fifty percent (50%) of Employee’s then current Base Salary, or (ii) six (6) equal monthly payments equal to the total sum of fifty percent (50%) of the Employee’s then current Base Salary; and

 
(iii) Corporation will continue
to pay for his, or his heirs’, COBRA premiums and the premium for his executive disability insurance coverage, if applicable, for a period of six (6) months commencing as of the date of termination. 
 
(C) Employee may terminate his employment with the Corporation
at any time, without cause, upon two weeks written notice to his supervisor. In such event, Employee shall not be entitled to any benefits under this Agreement, but shall be entitled upon termination to such benefits, if any, as are granted by law
or pursuant to the Corporation’s policies, in each case, as in effect on the date the notice of termination is given by Employee. 
 
(D) Termination of employment under this Agreement by either party, for any reason, shall not affect the Employee’s obligations under
Sections 5 and 6 hereof, all of which shall survive such termination in accordance with their respective terms. 

Employee Agreement 
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	 8.	  	 NOTICES 

 
Any notice or other communication under this Agreement shall be in writing and shall be deemed to have been given: when delivered
personally against receipt therefor; one (1) day after being sent by Federal Express or similar overnight delivery; or three (3) days after being mailed registered or certified mail, postage prepaid, return receipt requested, to either party at the
address set forth above, or to such other address as such party shall give by notice hereunder to the other party. 
 

	 9.	  	 RENEWAL OF AGREEMENT 

 
Upon expiration of the term of this Agreement, this agreement may be renewed for additional one (1) year periods by the parties by mutual
written agreement. 
 

	 10.	  	 SEVERABILITY OF PROVISIONS 

 
If any provision of this Agreement shall be declared by a court of competent jurisdiction to be invalid, illegal or incapable of being
enforced in whole or in part, such provision shall be interpreted so as to remain enforceable to the maximum extent permissible consistent with applicable law and the remaining conditions and provisions or portions thereof shall nevertheless remain
in full force and effect and enforceable to the extent they are valid, legal and enforceable, and no provision shall be deemed dependent upon any other covenant or provision unless so expressed herein. 
 

	 11.	  	 ENTIRE AGREEMENT MODIFICATION 

 
This Agreement contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have made no
agreements, representations or warranties relating to the subject matter of this Agreement which are not set forth herein. No modification of this Agreement shall be valid unless made in writing and signed by the parties hereto. 
 

	 12.	  	 BINDING EFFECT 

 
The rights, benefits, duties and obligations under this Agreement shall inure to, and be binding upon, the Corporation, its successors and
assigns, and upon the Employee and his legal representatives. This Agreement constitutes a personal service agreement, and the performance of the Employee’s obligations hereunder may not be transferred or assigned by the Employee. 

Employee Agreement 
Richard E. Gammons, Sr., Ph.D. 
Page 7 
 
 

	 13.	  	 NON-WAIVER 

 
The failure of either party to insist upon the strict performance of any of the terms, conditions and provisions of this Agreement shall
not be construed as a waiver or relinquishment of future compliance therewith, and said terms, conditions and provisions shall remain in full force and effect. No waiver of any term or condition shall be effective for any purpose whatsoever unless
such waiver is in writing and signed by such party. 
 

	 14.	  	 GOVERNING LAW 

 
This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware without regard to
principles of conflict of laws. 
 

	 15.	  	 HEADINGS 

 
The headings of paragraphs are inserted for convenience and shall not affect an interpretation of this Agreement. 
 
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the later of the following dates. 
 
 

	  INCARA PHARMACEUTICALS CORPORATION
	  	  	  	  
	
	  By:
	  	  /s/    CLAYTON I.
DUNCAN
	  	  	  	  /s/    RICHARD E. GAMMANS

	  	  	
	  	  	  	

	  Name:
	  	  Clayton I. Duncan
	  	  	  	  RICHARD E. GAMMANS, SR, PH.D.

	  Title:
	  	  President and Chief Executive Officer
	  	  	  	  	  	  
	
	  Date:
	  	  10/17/00
	  	  	  	  Date:
	  	  10/3/00Severance Agreement

EXHIBIT 10.94 
 
 
SEVERANCE AGREEMENT 
 
THIS SEVERANCE AGREEMENT (the “Agreement”) is
made as of September 29, 2000 between INCARA PHARMACEUTICALS CORPORATION, a Delaware corporation (the “Company”), and Richard E. Gammans, Sr. (“Employee”). 
 
 
Recitals 
 

	 A.	  	 Employee is employed by the Company as an officer, and as such, the Company recognizes the valuable services performed by Employee for the Company and wishes to
encourage his/her continued employment. 

 

	 B.	  	 Employee desires to be assured that he/she will be entitled to a certain amount of compensation and benefits for some definite period of time upon the occurrence of
certain events. 

 

	 C.	  	 The parties desire to enter into this Agreement to provide the terms and conditions upon which the Company will pay severance benefits to Employee upon the
occurrence of certain events. 

 
 
Statement of Agreement 
 
In consideration of the foregoing and the promises and covenants contained herein, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 

	

	 1.	  	 Definitions. Whenever used in this Agreement, the following terms shall have the meanings respectively assigned to them in this Section 1:

 

	  	 (a)	  	 “Cause” shall have the meaning as defined in the Employment Agreement (as defined below), and in addition, shall include conviction of a felony and
the violation of “insider trading laws”, as determined by the Securities and Exchange Commission. 

 

	  	 (b)	  	 “Change in Control” means any of the following events or transactions: 

 

	  	 (i)	  	 A merger or consolidation of the Company with another corporation (A) where the stockholders of the Company immediately prior to the merger or consolidation do not
beneficially own, immediately after the merger or consolidation, shares of the corporation issuing cash or securities in the merger or consolidation entitling such stockholders to more than fifty percent (50%) of all votes (without consideration of
the rights of any class of stock to elect directors by a separate class vote) to which all stockholders of such surviving corporation would be entitled in the election of directors, or (B) where the members of the Board of Directors of the Company
immediately prior to the merger or consolidation do not, immediately after the merger or consolidation, 

constitute a majority of the Board of Directors of the corporation issuing cash or
securities in the merger or consolidation; 
 

	  	 (ii)	  	 The sale, transfer or other disposition of all or substantially all of the assets of the Company; or 

 

	  	 (iii)	  	 The acquisition, directly or indirectly, by any person or related group of persons (other than the Company or a person that directly or indirectly controls, is
controlled by, or is under common control with, the Company) of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended) of securities possessing more than fifty percent (50%) of the total combined
voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s stockholders. 

 

	  	 (c)	  	 “Employment Agreement” shall mean the Employment Agreement between the Employee and the Company dated September 29, 2000 (or any subsequent
employment agreement which supplements, supersedes or replaces such agreement). 

 

	  	 (d)	  	 “Good Reason” shall mean any reduction, without Employee’s consent, in Employee’s status, title, authority, duties, salary, benefits,
eligibility for bonuses or location of employment that is more than thirty (30) miles from Employee’s current location of employment. 

 

	  	 (e)	  	 “Separation Event” shall mean the termination by the Company of Employee’s employment without Cause or termination by Employee for Good
Reason, in either case within two and one-half years after the earliest date of a Change in Control of the Company (the “Termination Period”). The death or disability of Employee shall not be a Separation Event.

 
Other terms used
in this Agreement are defined in other provisions of this Agreement and shall have the respective meanings given such terms in those provisions. 
 

	 2.	  	 Employment. Employee shall, so long as he/she remains in the active employment of the Company, devote such of his/her time and efforts as shall be necessary
to the proper discharge of his/her duties and responsibilities as an officer of the Company. 

 

	 3.	  	 Severance Benefits. 

 

	  	 (a)	  	 In consideration of Employee remaining an employee of the Company, if there is a Separation Event, then Employee shall receive the following in lieu of any other
severance benefits due to Employee pursuant to Company policies or the Employment Agreement, if any. 

 

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	  	 (i)	  	 Accrued and unpaid salary less all applicable and customary withholding taxes and deductions; 

 

	  	 (ii)	  	 A bonus in the amount of the average annual bonus earned by Employee during the previous two years, prorated for the portion of the current year worked through the
date of termination, less all applicable withholding taxes and deductions; 

 

	  	 (iii)	  	 A lump sum severance payment equal to two and one-half times the sum of his/her current annual base salary and average annual bonus during the previous two years,
less all applicable withholding taxes and deductions; and 

 

	  	 (iv)	  	 Medical and insurance benefits paid by the Company or its successor-in-interest equal to those provided by the Company to Employee immediately prior to the date of
the Separation Event for two and one-half years following the Separation Event. 

 

	  	 (b)	  	 The amounts in Subsections 3(a)(i), (ii) and (iii) shall be paid within thirty (30) days following the Separation Event. 

 

	  	 (c)	  	 In addition to the foregoing, all restricted stock and all stock options for the purchase of capital stock of the Company held by Employee shall vest in full
immediately upon the occurrence of a Separation Event. 

 

	 4.	  	 Other Termination of Employment. If the Company or the Employee terminates Employee’s employment with the Company for any reason other than a Separation
Event, then 

 

	  	 (i)	  	 No benefits shall become due and payable under Section 3, above; 

 

	  	 (ii)	  	 This Agreement shall be considered terminated with respect to Employee; and 

 

	  	 (iii)	  	 Company policy and the Employment Agreement shall determine the severance benefits, if any, due to Employee or his/her descendents. 

 

	 5.	  	 Corporate Assets. No provision in this Agreement, or any action taken pursuant to its provisions by either party, shall create, or be construed to create, a
trust of any kind, or a fiduciary relationship between the Company and the Employee, his/her designated beneficiary, other beneficiaries of Employee, or any other person. The payments to Employee, his/her designated beneficiary, or any other
beneficiary shall be made from assets which shall continue to be a part of the general assets of the Company. No person shall have, by virtue of the provisions of this Agreement, any interest in the Company’s assets. To the extent that any
person acquires a right to receive payments or benefits from the Company under this Agreement, the right shall be no greater than the right of any unsecured general creditor of the Company. 

 
 

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	 6.	  	 No Employment Contract. Nothing contained in this Agreement shall be construed as a contract of employment for any term of years, nor as conferring upon
Employee the right to continue as an employee of the Company in any capacity. It is understood by the parties that this Agreement relates exclusively to severance benefits payable after termination of Employee’s employment with the Company
during the Termination Period, and is not intended to be an employment contract. 

 

	 7.	  	 Employee’s Capacity. Employee represents and warrants to the Company that he/she has the capacity and right to enter into this Agreement without any
restriction whatsoever by any other agreement, other document or otherwise. 

 

	 8.	  	 Complete Agreement. This document contains the entire agreement between the parties regarding severance arrangements resulting from certain terminations of
Employee’s employment during the Termination Period and supersedes any prior discussions, negotiations, representations, or agreements between them relating to such severance arrangements for Employee. No additions or other changes to this
Agreement shall be made or be binding on either party unless made in writing and signed by each party to this Agreement. 

 

	 9.	  	 Notices. All notices and other communications under this Agreement to any party shall be in writing and shall be deemed given when delivered personally, via
facsimile (which is confirmed) to that party at the telecopy number for that party set forth below, mailed by certified mail (return receipt requested) to that party at the address for that party set forth below (or at such other address for such
party as such party shall have specified in notice to the other party), or delivered to Federal Express, UPS or any similar express delivery service for delivery to that party at that address: 

 

	  	 (a)	  	 If to the Company: 

 
Incara Pharmaceuticals Corporation 
P.O. Box 14287 
3200 East Highway 54 
Cape Fear Building, Suite 300

Research Triangle Park, NC 27709 
Attention: President 
Facsimile No.: (919) 544-1245 
 

	  	 (b)	  	 If to the Employee: 

 
The Employee’s current address in the Company’s personnel files 
 

	 10.	  	 Governing Law. All questions concerning the validity, intention, or meaning of this Agreement or relating to the rights or obligations of the parties with
respect to performance hereunder shall be construed and resolved under the laws of North Carolina. 

 

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	 11.	  	 Severability. The intention of the parties to this Agreement is to comply fully with all laws and public policies, and this Agreement shall be construed
consistently with all laws and public policies to the extent possible. If and to the extent that any court of competent jurisdiction determines that it is impossible or violative of any legal prohibition to construe any provision of this Agreement
consistently with any law, legal prohibition, or public policy and consequently holds that provision to be invalid or prohibited, that shall in no way affect the validity of the other provisions of this Agreement which shall remain in full force and
effect. 

 

	 12.	  	 Nonwaiver. No failure by any party to insist upon strict compliance with any term of this Agreement, to exercise any option, enforce any right, or seek any
remedy upon any default of any other party shall affect, or constitute a waiver of, the first party’s right to insist upon such strict compliance, exercise that option, enforce that right, or seek that remedy with respect to that default or any
prior, contemporaneous, or subsequent default; nor shall any custom or practice of the parties at variance with any provision of this Agreement affect or constitute a waiver of, any party’s right to demand strict compliance with all provisions
of this Agreement. 

 

	 13.	  	 Captions. The captions of the various sections of this Agreement are not part of the context of this Agreement, but are only labels to assist in locating
those sections, and shall be ignored in construing this Agreement. 

 

	 14.	  	 Successors. This Agreement shall be personal to Employee and no rights or obligations of Employee under this Agreement may be assigned by him/her. Except as
described in the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by and against the respective heirs, legal representatives, successors, and assigns of each party to this Agreement.

 
IN WITNESS WHEREOF, the parties
hereto have executed this Severance Agreement as of the date and year first above written. 
 
 

	  INCARA PHARMACEUTICALS CORPORATION

	
	  By:
	  	  /s/    CLAYTON I.
DUNCAN

	  	  	

	  Title:
	  	  CEO

	  	  	

	
	  EMPLOYEE:

	
	  /s/    RICHARD E.
GAMMANS                                 (SEAL)

	

	  RichardE. Gammans, Sr.

 
 
 

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