Document:

Variation and Settlement Agreement

 Exhibit 10.62 
 Execution Version 
 THIS VARIATION AND SETTLEMENT AGREEMENT
(this “Agreement”) is made as of June 30, 2007 (the “Effective Date”) by and
between: 
  

	(1)	NUVELO, INC., a Delaware corporation with offices at 201 Industrial Road, Suite 310, San Carlos, CA 94070, USA (“Nuvelo”); 

 

	(2)	AVECIA LIMITED, a company incorporated in England with registered number 3730853 and with its registered office at Hexagon Tower, Blackley, Manchester M98ZS, United Kingdom
(“AL”); and 

  

	(3)	AVECIA BIOLOGICS LIMITED, a company incorporated in England with registered number 5803359 and with its registered office at Hexagon Tower, Blackley, Manchester M98ZS, United
Kingdom (“ABL”). 

 WHEREAS; 
  

	(A)	Nuvelo and AL entered an agreement effective as of June 30, 2005 relating to process development and manufacture of a polypeptide referred to by Nuvelo as
“alfimeprase” (the “Principal Agreement”). 

  

	(B)	After Nuvelo and AL entered into the Principal Agreement, Nuvelo and AL executed eleven PAOs (as defined below) to include additional work, and additional fees for the performance
of such work, under the terms and conditions of the Principal Agreement. The Principal Agreement, the PAOs (as defined below), and the Quality Agreement executed by the Parties on June 30, 2005 and amended on May 24, 2006 comprise the
agreement between Nuvelo and Avecia (as defined below) for the work and services referred to therein (the “Contract”). 

  

	(C)	With effect from January 1, 2007 AL transferred its biologics business to ABL and the Contract and all rights, liabilities, duties and obligations of AL thereunder transferred
to ABL. Pursuant to the Contract, AL and ABL have carried out certain work and services for Nuvelo and, up to the Effective Date, AL and ABL have rendered certain invoices to Nuvelo in respect of such work and services. 

  

	(D)	AL, ABL and Nuvelo now desire to record the amicable resolution between them of all matters outstanding as of the Effective Date with respect to the Contract, including the
discharge and settlement of certain, obligations and liabilities under the Contract arising between them prior to the Effective Date, and for the variation and amendment of the Contract in order to give effect to the foregoing.

  

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NOW, IN CONSIDERATION OF THE OBLIGATIONS AND MUTUAL AGREEMENTS SET OUT IN THIS AGREEMENT, AL, ABL AND NUVELO HEREBY AGREE AS FOLLOWS: 
  

	1.	Definitions 

  

	1.1	Capitalized terms used in this Agreement that are not expressly defined in this Agreement have the same meanings as such terms are defined in the Principal Agreement.

  

			
	 “Avecia”
	 	both AL and ABL together.
		
	 “PAO”
	 	(1) the eleven programme amendment orders executed by Nuvelo and AL during 2005 and 2006; (2) any document executed by a duly authorized representative of Nuvelo and of ABL and/or AL relating
to the process development and/or manufacture of alfimeprase; and (3) any purchase order relating to services or materials related to the process development or manufacture of alfimeprase, that was submitted to Nuvelo by ABL and/or AL, and that is
executed by a duly authorized representative of Nuvelo before the Effective Date.
		
	 “Party” and “Parties”
	 	AL, ABL and Nuvelo are each referred to individually as a Party, and collectively as the “Parties”.
		
	 “Representatives”
	 	heirs, successors, assigns, Affiliates, officers, directors, employees and agents.
		
	 “Prior Batches”
	 	all Batches of API under the Contract manufactured or otherwise produced before the Effective Date, but expressly excluding Batch 11 and Batch 12.
		
	 “Validation Reports”
	 	a process validation sub-plan report and validation summary report consistent with the validation protocol agreed upon by Nuvelo and AL and/or ABL.

  

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	1.2	In this Agreement, references to “Batch 11” or “Batch 12” refer to the Batch allocated that number under the Contract. 

  

	2.	Basis of settlement and waiver  

  

	2.1	Nuvelo and Avecia agree as follows: 

  

	 	(1)	except as is expressly provided in Clause 2.2 below, the terms of this Agreement are in full and final settlement of all of Nuvelo, AL and ABL’s obligations and liabilities
that have arisen otherwise accrued between any of them under the Contract before the Effective Date, including without limitation obligations and liabilities in respect of disputes (including Batch Disputes, alleged Avecia Defaults, alleged
Defective Batches and alleged Process Failures), delays, cancellations, work and services rendered, payments and refunds, invoices, API, Batches or other materials supplied or purchased by Avecia, or the quality, compliance or manufactured thereof,
or any other issues or matters (collectively, any and all of the obligations and liabilities referred to in this Section 2.1(1) are referred to in this Agreement as the “Obligations and Liabilities”); and

  

	 	(2)	except as expressly provided in Clause 2.2 below, as of the Effective Date each of AL, ABL and Nuvelo, for themselves and each of their Representatives, hereby completely
discharges, waives, releases, acquits, covenants not to sue with respect to, and covenants to hold harmless with respect to, the Obligations and Liabilities of, by and between each of Nuvelo, AL and ABL, and each of their Representatives; and

  

	 	(3)	except as expressly provided in Clause 2.2 below, Nuvelo is not, and shall not be, liable to make any further payments to Avecia to compensate Avecia for any Obligations and
Liabilities, including any further payment in response to any invoices submitted to Nuvelo by AL and/or ABL before the Effective Date or at any time thereafter with respect to Obligations and Liabilities; and 

  

	 	(4)	except as expressly provided in Clause 2.2 below, Avecia is not, and shall not be, liable to refund or return to Nuvelo any amount paid by Nuvelo to AL and/or ABL before the
Effective Date in respect of the Obligations or Liabilities or in response to or in respect of any invoices submitted to Nuvelo by Avecia before the Effective Date. 

  

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	2.2	The provisions of Clause 2.1 of this Agreement do not, and shall not be deemed to, void or result in the waiver of: 

  

	 	(1)	any obligations or liabilities expressly set forth and agreed upon by the Parties in this Agreement, including any Clauses of the Principal Agreement or any obligations and
liabilities in relation to the Contact that are expressly incorporated into this Agreement; or 

  

	 	(2)	the provisions of the following Clauses of the Principal Agreement: 2.9, 2,10(a), 3.3(d), 3,5, 3,6, 3.7, 5, 6.2 through 6.5, 6.7, 7,10 through 17, 19 and 20.

  

	3.	Supply and Release of Batches of API 

  

	3.1	The Parties shall continue to cooperate in order to close out all investigations necessary to determine whether Batches 11 and 12 can be Released for Clinical Use as soon as
reasonably practicable. For the purposes of this Clause 3, “Clinical Use” means use in a Regulatory Authority approved Phase 1, Phase 2 or Phase 3 clinical study. 

  

	 3.2
	 The Nuvelo Quality Unit will determine, in good faith, whether or not Batch 11 can be Released for Clinical Use. If the
Nuvelo Quality Unit determines that Batch 11 can be Released for Clinical Use, Nuvelo shall so notify Avecia in writing and will pay Avecia, in accordance with Clause 7 of this Agreement, the further and final sum of £424,940 in respect of the
Release for Clinical Use of Batch 11 under the Contract, If the Nuvelo Quality Unit determines that Batch 11 cannot
be Released for Clinical Use; Nuvelo shall so notify Avecia in writing; Avecia shall not be entitled to the payment referred to in this Clause 3.2; Nuvelo shall not be liable, to Avecia for the payment referred to in this Clause 3,2; and Avecia
shall be under no further liability to Nuvelo in respect of Batch 11, either by way of obligation to rework or replace Batch 11, to repay any amounts, paid by Nuvelo before the Effective Date in respect thereof or otherwise, except as provided in
Clause 6 of this Agreement. 

  

	3.3	The Nuvelo Quality Unit will determine, in good faith, whether or not Batch 12 can be Released for Clinical Use. If the Nuvelo Quality Unit determines that Batch 12 can be Released
for Clinical Use, Nuvelo shall so notify Avecia in writing and shall pay Avecia, in accordance with Clause 7 of this Agreement, the further and final sum of £424,940 in respect of the Release of Batch 12 under the Contract. If the Nuvelo
Quality Unit determines that Batch 12 cannot be Released for Clinical Use; Nuvelo shall so notify Avecia in writing; Avecia shall not be entitled to the payment referred to in this Clause 3.3; Nuvelo shall not be liable to Avecia for the payment
referred to in Clause 3.3; and Avecia shall be under no further liability to Nuvelo in respect of Batch 12, either by way of obligation to rework or replace Batch 12, to repay any amounts paid by Nuvelo before the Effective Date in respect thereof,
or otherwise, except as provided in Clause 6 of this Agreement. 

  

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	3.4.	The Nuvelo Quality Unit will make its determinations referred to in Clauses 3.2 and 3.3 of this Agreement in respect of each of Batch 11 and Batch 12 as soon as reasonably
practicable after the investigations referred to in Clause 3.1 relevant to that Batch have been closed out, and in any event will make its determinations no later than 28 days after the closure of such investigations and; 

 

	 	(1)	will make its determinations in good faith, based upon the Nuvelo Quality Unit’s understanding of the expectations of Regulatory Authorities relating to: materials for Clinical
Use, cGMP grade materials, and compliance with applicable laws and regulations; and 

  

	 	(2)	will consult with Avecia as to progress and any matters or concerns arising in relation to making such determinations and reasonably consider any representations made by or on
behalf of Avecia. 

  

	3.5	Nuvelo, AL and ABL discharge, waive, release, acquit, covenant not to sue with respect to, and covenant to hold harmless with respect to any and all Obligations and Liabilities with
respect to the Prior Batches, in accordance with Clause 2.1 of this Agreement. As of the Effective Date, Nuvelo has no right to any rework, replacement or refund with respect to the Prior Batches and Avecia has no right to any further or additional
payment or compensation with respect to the Prior Batches. Nuvelo, AL and ABL agree and acknowledge that full and final payment has already been rendered by Nuvelo for the Prior Batches. 

  

	4.	Validation Reports 

  

	4.1	ABL shall complete the Validation Reports as soon as reasonably practicable, with the intention of submitting the Validation Reports to Nuvelo by July 31, 2007. The Validation
Reports shall provide an accurate and complete summary of the work done or progress in relation to seeking to achieve process validation. 

  

	4.2	After Nuvelo’s receipt of the Validation Reports, Nuvelo shall pay the sum of £99,000 to, in accordance with Clause 7 of this Agreement, in respect of technical
consultancy services in connection with Validation Reports. 

  

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	5.	Payment for LPC #2 Work 

  

	5.1	The Parties acknowledge that some work anticipated to be conducted under the Contract that was paid for by Nuvelo was not performed upon the agreement of the Parties, and that
certain LPC #2 Studies were continued under PAO #4 as agreed by the Parties. The Parties agree and acknowledge that, as of the Effective Date, ABL, AL and. Nuvelo waive all Obligations and Liabilities for any work in relation to the LPC #2 studies
in accordance with Section 2.1 of this Agreement, except for completion of the work and the payments, expressly provided below: 

  

	 	(1)	For completion of both the UF3 membrane re-use and IMAC resin re-use, Nuvelo shall pay to Avecia a total of £7,150 in accordance with Clause 7 of this Agreement; and

  

	 	(2)	After receipt of the completed reports related to the LPC #2 Studies, Nuvelo shall pay to Avecia a total of £50,000 in accordance with Clause 7 of this Agreement.

  

	6.	API Product, Consumables, and Equipment 

  

	6.1	As of the Effective Date, Avecia retains possession of certain quantities of API (including some of the Prior Batches and Batch 11 and Batch 12) and intermediate products
(collectively, “API Product”), raw materials and consumable items purchased as Expenditure under Clause 3.2 of the Principal Agreement (“Consumables”), and equipment purchased under Clause 3.3 of the Principal Agreement
(“Equipment”). 

  

	6.2	ABL, AL and Nuvelo acknowledge and agree that title to, and risk of loss associated with, the Prior Batches and any other API Product, other than Batches 11 and 12, transfer to
Nuvelo on the Effective Date, ABL, AL and Nuvelo also acknowledge and agree that title to, and risk of loss associated with, each of Batch 11 and Batch 12 transfers to Nuvelo upon the earlier of the Release of the applicable Batch for Clinical Use
pursuant to Clause 3 of this Agreement or July 31, 2007 (whether or not such Batches are so Released). 

  

	6.3	ABL agrees that it will, if Nuvelo desires ABL to do so, continue to store the API Product for Nuvelo at ABL’s cost until December 31, 2007 or such later date as may be
agreed between Nuvelo and ABL under a PAO that is executed after the Effective Date by Nuvelo and ABL. Notwithstanding any continued storage of any API Product by ABL for Nuvelo after title has transferred to Nuvelo in accordance with Clause 6.2 of
this Agreement, the entire risk of loss for any particular API Product shall be with Nuvelo once title to the applicable API Product has transferred to Nuvelo. Nuvelo is entitled to arrange its own insurance for API Product in respect of loss or
damage thereto. 

  

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	6.4	In relation to the Consumables and the Equipment, ABL, AL and Nuvelo acknowledge and agree that, as of the Effective Date, Nuvelo is not, and shall not be liable for any further
payments in respect thereof or other materials of any kind purchased by or for Nuvelo by ABL and/or AL before the Effective Date, except that Nuvelo shall pay Avecia, in accordance with Clause 7 of this Agreement, a total of £229,674 in
respect of Consumables and Equipment ordered by Avecia before the Effective Date under Clauses 3.2(b) or 3.3(b) of the Principal Agreement. 

  

	6.5	The parties agree that all Consumables purchased before the Effective Date in accordance with the Contract that are not already consumed or otherwise worn beyond further use as a
result of their use for work under the contract shall, upon Nuvelo’s request, be sold to Nuvelo for the sum total of £1.00 until the later of December 31, 2007 or the expiration of the last PAO governed by the Contract that is executed
after the Effective Date by Nuvelo and ABL pursuant to which any of the Consumables continue to be retained by ABL for further work under the Contract. If Nuvelo’s request for such sale is not made before the expiration of the period provided
in this Clause 6.5, then thereafter Avecia may use or dispose of such Consumables as Avecia sees fit. The cost of shipment of Consumables requested by Nuvelo in accordance with this Clause 6.5 will be at Nuvelo’s cost and expense, for
Nuvelo’s or its designee’s use and disposal, in its discretion. 

  

	6.6	With respect to any Equipment purchased before the Effective Date, the Parties agree that Nuvelo is entitled to purchase all or any portion of that Equipment from Avecia for the sum
total of £1.00 in its or their then current, good working condition until the later of December 31, 2007 or the expiration of the last PAO governed by the Contract that is executed after the Effective Date by Nuvelo and ABL pursuant to which
any of the Equipment continues to be retained by ABL for further work under the Contract. If Nuvelo’s request for purchase of that Equipment is not made before the expiration of the period provided in this Clause 6.6, then thereafter Avecia may
use or dispose of that Equipment as Avecia sees fit. As provided in Clause 2.2 of this Agreement, removal of the Equipment is governed by Clause 3.3(d) of the Principal Agreement. 

  

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	6.7	As provided in Clause 2.2 of this Agreement, the provisions of Clause 3.6 (Taxes) of the Principal Agreement shall apply to amounts paid in respect of API Product, Consumables and
Equipment under this Agreement. 

  

	6.8	At such time as Nuvelo requests the delivery of any of the API Product being stored by Avecia in accordance with Clause 6.3 of this Agreement, or elects to purchase and have
delivered Consumables or Equipment being stored by Avecia in accordance with Clauses 6.4 or 6.5 of this Agreement, Avecia shall deliver the applicable API Product, Consumables or Equipment Ex Works, Avecia’s Billingham facility (Incoterms
2000), subject to the following. Avecia is responsible for packaging and labelling the API Product, Consumables and Equipment in anticipation of shipment. Avecia also shall employ a shipper, reasonably acceptable to Nuvelo, for the shipment of the
API Product, Consumables and Equipment Avecia will package API Product in validated containers under validated shipping conditions. Until the shipping conditions have been validated, Avecia will package the API Product with temperature monitoring
devices that are able to function properly during the shipping process, as further set forth in the Quality Agreement 

  

	7.	Invoices for Payments 

  

	7.1	ABL shall issue invoices to Nuvelo for all payments due and payable in accordance with this Agreement. 

  

	7.2	Nuvelo shall pay all invoices received from Avecia that are due and payable in accordance with this Agreement, Avecia shall promptly issue invoices for the sums set out in this
Agreement once such sums become due and payable in accordance with this Agreement. Nuvelo shall pay due and payable invoices for Batches 11 and 12 that are received by Nuvelo on or before the 15th day of each month by the end of that month and shall
pay due and payable invoices received by Nuvelo after the 15th day of each month by the end of the following month. In respect of all other invoices due and payable under this Agreement, Nuvelo shall pay such sums within 30 calendar days after
Nuvelo’s receipt of the relevant invoice. The provisions of Clause 3.5 of the Principal Agreement relating to method of payment shall also apply to these payments. 

  

	8.	Law and Other Terms 

  

	8.1	This Agreement is governed by and shall be construed and interpreted in accordance with the laws of the State of Delaware, United States of America. 

  

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	8.2	To the extent that the Principal Agreement is explicitly amended by this Agreement, the terms of this Agreement will control where the terms of the Principal Agreement are contrary
to or conflict with provisions of this Agreement. The Principal Agreement, as amended by this Agreement, remains in full force and effect. 

  

	8.3	Headings in this Agreement have been inserted for convenience of reference only and are not intended to limit or expand the meaning of the language contained in any particular
Clause, paragraph or section. 

  

	8.4	This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 [This space intentionally left blank] 
  

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IN WITNESS WHEREOF, the authorized representatives of the Parties have executed this Agreement as of the last date set forth below, and upon its execution, this
Agreement becomes effective as of the Effective Date. 
 For and on behalf of NUVELO, INC. 
  

			
	By:	 	 /s/ H. Ward Wolff

	Name:	 	H. Ward Wolff
	Position:	 	SVP-Finance & CFO
	Date:	 	6/29/07
	
	For and on behalf of NUVELO, INC.
		
	By:	 	 /s/ Michael D. Levy

	Name:	 	Michael D. Levy
	Position:	 	Executive VP, Research and Development
	Date:	 	29 June 2007
	
	For and on behalf of AVECIA LIMITED
		
	By:	 	 /s/ Kevin Cox

	Name:	 	Kevin Cox
	Position:	 	Director
	Date:	 	29 June 2007
	
	For and on behalf of AVECIA BIOLOGICS LIMITED
		
	By:	 	 /s/ Kevin Cox

	Name:	 	Kevin Cox
	Position:	 	Director
	Date:	 	29 June 2007

  

 Page 10 of 10Letter Agreement

 Exhibit 10.1 
 Evercore Partners Inc. 
 55 East 52nd Street 
 43rd Floor 
 New York, NY 10055 
 June 29, 2007 
 HAND DELIVERY

 PERSONAL AND CONFIDENTIAL 
 Mr. David E.
Wezdenko 
 c/o Evercore Partners Inc. 
 55 East 52nd Street

 43rd Floor 
 New York, NY 10055 
 Dear David: 
 This letter agreement (this
“Agreement”), dated as of the date first written above (the “Execution Date”), is entered into by and between David E. Wezdenko (hereinafter referred to as “you” or “Executive”) and each of the entities listed
on Schedule A hereto (collectively, with each of their respective affiliates, the “Company” or “Evercore”) (which, together with their successors, subsidiaries, officers, directors, partners and equityholders are collectively
referred to as the “Beneficiaries”). This Agreement is intended to confirm the mutual understanding and agreement relating to the winding-up and termination of your employment with and performance of services for the Company, whether
pursuant to your capacity with the Company as a director, officer, employee, managing member, partner, or member of any committee of the Company. Except as otherwise provided herein, capitalized terms used but not otherwise defined in the Agreement
shall have the meanings ascribed to them in (i) the Amended and Restated Limited Partnership Agreement of Evercore LP, dated as of August 7, 2006 (“Original EVR LP Agreement”) as supplemented by the Supplement to the Original EVR
LP Agreement, dated August 10, 2006 (together with the Original EVR LP Agreement, the “EVR LP Agreement”) and (ii) the Third Amended and Restated Limited Liability Company Agreement of Evercore Partners II L.L.C.
(“EP II”), dated as of August 10, 2006 (the “EP II LLC Agreement”). 
 You hereby acknowledge and agree that
you and the Company, on behalf of the Beneficiaries, have agreed to resolve and settle any and all disputed claims and differences between the parties, including, but in no way limited to, any differences that might arise in connection with your
employment with or performance of services for the Company, your rights as an equityholder, member or other interest holder in the Company, and the winding-up and termination of your employment or performance of services for the Company. 

 In consideration of the recitals, promises and other good and valuable consideration specified herein,
the receipt and sufficiency of which are hereby acknowledged, you and the Company, on behalf of all of the Beneficiaries, agree and covenant as follows: 
  

	A.	TRANSITION PERIOD 

  

	 	1.	Transition Services 

 During the period commencing
with the Execution Date and ending on the date (the “Termination Date”) which is the earlier of (i) September 30, 2007 (or such earlier date as the parties may agree in writing), and (ii) the date your employment with the Company
is terminated by reason of your death, permanent disability, resignation or termination by the Company following any material breach of your obligations pursuant to Sections A.1, E.1 and G.1 of this Agreement or “RSU Cause” which is
defined as the occurrence of clauses (ii) – (v) (other than (i) of clause (v)) of the definition of Cause included in the RSU Agreement (as defined below) (such period, the “Transition Period”), you shall remain
employed by the Company on the terms and conditions set forth herein. 
 During the Transition Period, you will take such actions as may be
reasonably necessary to accomplish an orderly transition of your responsibilities to other Company employees and perform such other tasks as may be reasonably requested by the Company’s Chief Financial Officer (the “Transition
Projects”). During the Transition Period, other than sick leave and vacation days taken in accordance with Company policies, you will be present at the Company’s offices on a daily basis and will maintain a full-time working schedule.

 You further expressly agree and acknowledge that during the Transition Period and any time thereafter, you (i) shall have no
authority or duty to act as an agent of the Company, except on authority specifically so delegated, and you shall not represent to the contrary to any person, (ii) you shall not undertake to commit the Company to any course of action in
relation to third persons, and (iii) you shall only consult, render advice and work on such tasks that are expressly assigned to you, including with respect to the Transition Projects. 
  

	 	2.	Transition Compensation 

 The Company shall pay you
a base salary at the annual gross rate of $500,000 during the Transition Period, payable in substantially equal installments in accordance with the Company’s normal payroll practices. To the extent the Termination Date occurs as a result of any
reason included in the first sentence of Section A.1 other than your resignation or material breach of your obligations pursuant to Sections A.1, E.1 and G.1 of this Agreement or RSU Cause, you (or your estate, in the case of your death) shall
continue to receive payments in amounts and as frequently as contemplated by the first sentence of this Section A.2 from the Termination Date until December 31, 2007. During the Transition Period you will also continue to be eligible to
participate in the welfare, pension and other employee benefit plans and programs of the Company in which you were participating as of the Execution Date. In addition, without limiting the foregoing, you shall be entitled to; (i) payment for
your accrued and unused vacation days within 30 days following the Termination Date, and (ii) reimbursement by the Company for all reasonable business-related expenses you have incurred or will incur during the Transition Period in connection
with the performance of your duties in accordance with its policies, which reimbursement shall be made promptly following your submission of a request for reimbursement but in no event later than 90 days following the Termination Date. 

 

 2 

 Subject to your continued compliance with the provisions of Section A.1, E.1 and G.1 of this Agreement
and the non-occurrence of RSU Cause during the Transition Period, your execution and non-revocation of this Agreement and your execution and non-revocation of a general release substantially in the form attached hereto as Exhibit 1 (the
“Release of Claims”), the Company shall pay you a partnership compensation award (the “Partnership Payment”) in the gross amount of $400,000, which amount shall be paid in a lump sum at the same time that bonuses are paid to
employees generally in respect of 2007, but in no event later than March 15, 2008. 
 Except as otherwise provided herein, from and
after your Termination Date, you hereby agree that, by operation of this Agreement, and without any further action by you or the Company, you shall no longer be an employee of the Company and you hereby resign and will no longer be a director,
officer, managing member, partner, or member of any committee of the Company as of the Termination Date. 
 For a period commencing on the
Termination Date and ending June 30, 2008 (the “Health Benefit Period”), the Company will waive the applicable premium payable for continued medical, dental and vision benefits (“Health Benefits”) under the Consolidated
Omnibus Reconciliation Act of 1985, as amended (“COBRA”) to the extent that premium exceeds the amount payable for such benefits by senior managing directors of the Company from time to time during the Health Benefit Period. After the
Health Benefit Period, any additional period of COBRA continuation coverage will be solely at your expense in accordance with COBRA. As a condition of receiving the premium waiver described above, you must timely elect COBRA coverage.

  

	B.	EVERCORE LP PARTNERSHIP INTERESTS 

 Subject
to your compliance with the provisions of Section E.1 of this Agreement, the non-occurrence of RSU Cause during the Transition Period, your execution and non-revocation of this Agreement, and your execution and non-revocation of the Release of
Claims, for purposes of Sections 8.01, 8.02 (other than the reallocation to you of any forfeited Initial Unvested Units pursuant to Section 8.02(b) or (c)), 8.03 and 8.04 of EVR LP Partnership Agreement, you shall be considered an Employed
Initial Non-Founding Limited Partner (i.e. you shall not be considered to have terminated employment with the Company other than by reason of your death or Disability) despite not being employed by the Company or any of its affiliates
following the Termination Date. For the avoidance of doubt, for purposes of the vesting provisions of Section 8.01 of the EVR LP Agreement, your Unvested Class B-1 Units of Evercore LP shall vest and shall thereafter be Vested Units for all
purposes of the EVR LP Agreement upon the earliest to occur of the events listed in Section 8.01(a)(ii) of the EVR LP Agreement. 
  

	C.	CARRIED INTEREST PARTICIPATION WITH RESPECT TO ECP II 

  

	 	1.	Defined Terms 

 As used below, the following terms
shall have the following meanings: 
 “ECP II” shall mean Evercore Capital Partners II L.P., a Delaware limited partnership,
together with its alternative investment vehicles and parallel investment partnerships. 
  

 3 

 “ECP II Partnership Agreement” shall mean the Fourth Amended and Restated Limited Partnership
Agreement of ECP II, dated as of March 28, 2003, as amended. 
  

	 	2.	Profit Sharing Percentage Applicable to Funded Portfolio Investments 

 Following the repurchase of the applicable Repurchase Percentage pursuant to Section 4.4 of the EP II LLC Agreement, with respect to Funded Portfolio Investments in which you have a Profit Sharing Percentage, you
shall be entitled to your share of Carried Interest Proceeds from such Funded Portfolio Investments in which you have a remaining Profit Sharing Percentage as provided on Schedule B (attached hereto), subject to adjustment pursuant to Section E.2.

  

	 	3.	Profit Sharing Percentage Applicable to Unfunded Portfolio Investments 

 As of the eighth day after the Execution Date (the “Effective Date”), your Profit Sharing Percentage applicable to Unfunded Portfolio Investments of EP II shall be zero percent (0%). 
  

	 	4.	Capital Commitment 

 As of the Effective Date, with
respect to EP II , you shall remain obligated for further capital contributions with respect to your Profit Sharing Percentage applicable to unrealized Funded Portfolio Investments. You shall not be obligated to make any payments or capital
contributions to ECP II or EP II, other than pursuant to this Section C.4 and Section C.5 hereof. 
  

	 	5.	Clawback Obligations 

 You shall remain liable for
your portion (based on the percentage that the amount of aggregate After-Tax Carried Interest Proceeds with respect to ECP II distributed or deemed distributed to you represents of the amount of aggregate After-Tax Carried Interest Proceeds with
respect to ECP II distributed or deemed distributed directly or indirectly to all members of EP II) of any Interim GP Clawback Amount, Final Clawback Amount, Giveback Obligation or indemnification liabilities or other contingent liabilities for
extraordinary expenses of EP II, such as litigation. Your obligations under the Guarantee (as such term is defined in the ECP II Partnership Agreement) of ECP II with respect to obligations of EP II to the limited partners of ECP II shall also
survive the Effective Date in accordance with the terms thereof. All distributions of Carried Interest Proceeds in respect of ECP II to which you are entitled may be subject to 100% holdback (the “Holdback Percentage”) by the Company in
respect of any future obligations which you may have pursuant to this Section C.5 (notwithstanding any amounts placed in escrow pursuant to the ECP II Partnership Agreement); provided further that you shall be entitled to receive from
the Company cash advances (“Tax Advances”) in an amount sufficient to pay any tax liability with respect to taxable income to you in respect of distributions of Carried Interest Proceeds deemed distributed to you, which are subject to
holdback by the Company pursuant to this Section C.5; and provided further that, until the aggregate amount of all Tax Advances made to you pursuant to this Section C.5 are repaid in full, the Company shall have the right of set-off to apply any
amounts payable to you pursuant to this Agreement against the amount of any Tax Advances made to you pursuant to this Section C.5 which have not been repaid in full by you. 
  

 4 

	D.	OTHER EVERCORE ENTITIES 

 You and the Company
agree that, as of the Effective Date, except as expressly provided in this Agreement and except with respect to your (i) 124,748 Vested and 77,155 Unvested Class B-1 Units of Evercore LP (such amount subject to adjustment in accordance with the
EVR LP Agreement) and (ii) 2,750 vested and 2,250 unvested restricted stock units issued by the Company (such amount subject to adjustment in accordance with the 2006 Evercore Partners Inc. Stock Incentive Plan), you shall have no economic or
other interests of any nature (whether vested or unvested, known or unknown, existing or future) in the Company and you shall not be entitled to any payments, redemptions, reimbursements or compensation from the Company, including in respect of any
capital accounts you may have had with respect to the Company. 
 Your Restricted Stock Unit Award Agreement effective as of August 11,
2006 (“RSU Agreement”) is hereby amended to provide that notwithstanding your termination of employment: (i) the Shares (as defined in the RSU Agreement) issuable with respect to your vested RSUs shall be delivered on the fifth
anniversary of the Company’s initial public offering (the “IPO”), or as soon as practicable thereafter, but in no event later than December 31 of the calendar year in which such fifth anniversary occurs; (ii) your unvested
RSUs shall become 100% vested upon the earlier of your death or the occurrence of one of the events listed in paragraph 2(a)(ii)(B) of the RSU Agreement if such event is also a change in control event within the meaning of Section 409A
(“Section 409A”) of the Internal Revenue Code of 1986, as amended or any regulations or Treasury guidance promulgated thereunder; provided, however, that if vesting pursuant to this clause (ii) shall not have occurred by the eighth
anniversary of the IPO, such unvested RSUs shall be forfeited; and (iii) the Shares issuable with respect to the RSUs that become vested under clause (ii) shall be delivered on or as soon as practicable after the later of the applicable
vesting date under clause (ii) or the fifth anniversary of the IPO, but no later than December 31 of the calendar year in which such trigger for delivery occurs. 
 For the avoidance of doubt, in no event shall this Section D be deemed to be a waiver or relinquishment of any right you may have to receive amounts
representing a return of capital with respect to capital contributions made by you directly or indirectly in respect of Portfolio Investments of ECP II to the extent that such amounts are actually received by EP II. 
  

	E.	POST-EMPLOYMENT AND OTHER COVENANTS; CONDITIONS TO POST-EMPLOYMENT PAYMENTS AND ENFORCEMENT 

  

	 	1.	Post-Employment Covenants 

 You shall continue to be
subject to and bound by the terms and provisions of the Confidentiality, Non-Solicitation and Proprietary Information Agreement dated as of May 12, 2006 by and between you and Evercore LP (the “May 12 Agreement”), which supersedes any
other post-employment covenants (other than covenants contained in this Agreement) contained in any other limited liability company agreement, limited partnership agreement, terms letter or other agreement to which you and any of the entities
comprising the Company were or are a party, except that as of the Termination Date, you shall not be bound by Section 2(a)(i) (Non-Competition) of the May 12 Agreement. 
  

 5 

	 	2.	Conditions to Post-Employment Payments and Enforcement of Post-Employment and Other Covenants 

 You hereby acknowledge and agree that your right to receive any Profit Sharing Percentage applicable to Funded Portfolio Investments not repurchased by
the Company to which you may be entitled pursuant to this Agreement (collectively, the “Post-Employment Profit Sharing Percentage”) is explicitly conditioned upon your agreement to comply with the covenants set forth in Section E.1 of
this. Upon any failure by you to comply with such covenants, you shall have failed to satisfy the conditions to your right to receive the Post-Employment Profit Sharing Percentage and the Company shall have right to repurchase all or a portion of
the Post-Employment Profit Sharing Percentage, and the Company shall have no further obligations (whether express, implied or otherwise) to make any Profit Sharing Percentage payments to you. 
  

	F.	RELEASE; INDEMNIFICATION; EXECUTIVE REPRESENTATIONS 

 For and in consideration of the payments and benefits as expressly set forth herein, and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, you hereby release and forever discharge each of the
Beneficiaries (including, without limitation, the Company) and their respective past, current and future affiliates, subsidiaries, predecessors, successors, assigns, officers, directors, employees, agents, stockholders, attorneys, and insurers,
(hereinafter collectively referred to as the “Released Parties”), of and from any and all debts, obligations, promises, covenants, agreements, contracts, bonds, controversies, suits, claims and causes of action, known or unknown, existing
or arising in the future, of every kind and nature whatsoever, contract, tort or otherwise, which may heretofore have existed or which may now exist, up to and including the date hereof, with such released claims including, without limitation, any
and all claims or rights you may have under any federal, state or local laws or regulations pertaining to employment or employment discrimination, including all claims for wages, all claims for discrimination based on any protected characteristic
whatsoever, all claims under the Age Discrimination in Employment Act, as amended, 29 U.S.C. Section 621 et seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000e et seq., the Employee Retirement
Income Security Act of 1974, as amended, 29 U.S.C. Section 1001 et seq., the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201 et seq., the Americans with Disabilities Act, as amended, 42 U.S.C. Section 12101
et seq., the Reconstruction Era Civil Rights Act, as amended, 42 U.S.C. Section 1981 et seq., the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701 et seq. and the Family and Medical Leave Act of 1992,
29 U.S.C. Section 2601 et seq., the New York Human Rights Law, Exec. Law Section 290 et seq., as amended, the New York Labor Law, the New York City Administrative Code, and any and all claims or rights arising under
statute, regulation, contract, covenant, public policy, tort or otherwise; provided that this release shall not apply to (i) any claims which you may have for breach of this Agreement, including any payments or the provision of any
benefits to which you are entitled under this Agreement (or any other agreement referenced herein, to the extent this Agreement provides for such other agreement’s continued applicability), or (ii) your right to indemnification in
accordance with the EVR LP Agreement, the certificate of incorporation and by-laws of the Company, any other agreement with the Company (to the extent this Agreement provides for such other agreement’s continued applicability) or applicable
law. 
  

 6 

 You hereby represent that as of the date hereof, you have not filed any action, complaint, charge,
grievance or arbitration against any of the Released Parties. You further represent and agree that if any claim is prosecuted in your name before any court or administrative agency, then, to the extent permissible under applicable law, you hereby
waive and agree not to take any award or other damages from such suit. You fully understand that this Agreement is a legally binding document. 
 You understand that by entering into this Agreement, the Released Parties do not admit, and each specifically denies, any liability, wrongdoing or violation of any law, statute, regulation, agreement or policy, and you agree not to assert
that this Agreement is an admission of guilt or wrongdoing on the part of the Released Parties. You further agree to keep strictly confidential all non-public, confidential or trade-secret information that you may possess about the business of the
Company or any of the Released Parties or their relations with regulatory bodies or taxing authorities, unless disclosure is required by law, or necessary to respond in an appropriate manner to any legal process or give appropriate and truthful
testimony in a legal or regulatory proceeding and provided, however, that nothing contained herein shall prohibit or limit you from testifying truthfully, or disclosing information to government officials strictly in accordance with applicable law.

 You acknowledge that you have been given a period of not less than 21 days within which to consider this Agreement and have had the
opportunity to consult with legal, financial and other personal advisors of your own choosing in deciding whether to execute this Agreement. You also understand that you have a period of 7 days after signing this Agreement within which to revoke
your agreement, and that neither the Company nor any other person is obligated to provide any benefits to you pursuant to this Agreement until 8 days have passed since your signing of the Agreement without your signature having been revoked. You
understand that any revocation of this Agreement must be received by the Company’s legal counsel within the seven-day revocation period. Finally, you have not been forced or pressured in any manner whatsoever to sign this Release, and you agree
to all of its terms voluntarily. You represent and acknowledge that no representation, statement, promise, inducement, threat or suggestion has been made by any of the Released Parties or by any other individual to influence you to sign this
Agreement except such statements as are expressly set forth herein or in this Agreement. 
 You understand and agree that you must continue
to abide by the May 12 Agreement. 
 You acknowledge that you have carefully read this Agreement, that you understand it, that you have
been advised that you have the right to consult an attorney with respect to its provisions, and that you are voluntarily entering into it. 
  

	G.	MISCELLANEOUS 

  

	 	1.	Covenant to Cooperate 

 You agree to reasonably
cooperate with Evercore at its request from the date of this Agreement in respect of any matters in respect of or relating to this Agreement and to provide truthful testimony if required, with respect to any outstanding Evercore personnel or other
issues 

  

 7 

 
with which you had involvement during your employment with Evercore; provided that you will be provided reasonable advance notice of any cooperation
requested and such cooperation request is reasonable in time, place and manner (taking into account the obligations you may have to a subsequent employer); provided further that Evercore agrees to reimburse you for your reasonable
out-of-pocket costs and expenses incurred in connection therewith and, to the extent such cooperation exceeds 120 hours of your time following the Termination Date, you will be paid at the rate of $250 per hour. 
  

	 	2.	Timing of Payments 

 Except as otherwise provided by
this Agreement (including as a result of Section G.5 hereof), you agree that all payments to be made to you by the Companies pursuant to this Agreement shall be made at such times as the relevant Company makes payments to its other members, partners
or stockholders, as applicable, in accordance with customary Evercore practices. 
  

	 	3.	Tax Withholdings and Other Required Deductions 

 You
agree that all payments made hereunder shall be less tax withholdings and other deductions as required by law. 
  

	 	4.	Attorneys’ Fees 

 You will be reimbursed for
reasonable attorneys’ fees, not to exceed $15,000, incurred by you in connection with your review of this Agreement. 
  

	 	5.	Section 409A 

 This Agreement is intended to
comply with Section 409A and shall be construed in such manner as to satisfy the requirements of Section 409A. If any provision of this Agreement or other agreements referenced herein would cause you to incur any additional tax or interest
under Section 409A, then upon your request, the Company will reasonably cooperate in the amendment of such provision in such manner as to maintain, to the maximum extent practicable, the original intent of the applicable provision without
violating the provisions of Section 409A; provided that this paragraph will not require the Company to amend this Agreement in any manner that would increase any economic obligation of the Company. 
  

	H.	SEVERABILITY 

 If a court determines that any
restriction with regard to covenants contained in Section E.1 above is unenforceable to any extent, such provision shall not be rendered void but shall be modified to apply to the maximum extent as the court may determine to be enforceable. If a
court determines that any such provision cannot be modified so as to become enforceable, such determination shall not affect the enforceability of any other provision of this Agreement. 
  

 8 

	I.	GOVERNING LAW 

 This Agreement will be
governed, construed and interpreted under the laws of the State of New York. 
  

	J.	ENTIRE AGREEMENT/COUNTERPARTS/SUCCESSORS 

 This Agreement (and the other agreements referenced herein) constitutes the entire understanding of the parties and supersedes all prior agreements and understandings between the parties. Without limiting the foregoing, the following
agreements shall remain in full force and effect, in each case, to the extent modified herein: (i) the EP II LLC Agreement, (ii) the EVR LP Agreement, and (iii) the RSU Agreement. In the event of a conflict between any term or
provision of such agreements and understandings and any term or provision of this Agreement, the applicable terms and provisions of this Agreement will govern and prevail. There are no restrictions, promises, representations, warranties, covenants
or undertakings, other than those expressly set forth or referred to herein. This Agreement may not be modified or changed except by written instrument executed by all parties. This Agreement may be executed in counterparts, each of which shall
constitute an original and which together shall constitute a single instrument. This Agreement shall inure to the benefit of and be binding upon the successors and personal or legal representatives, executors, administrators, heirs, distributes,
devisees and legatees of the parties hereto. 
 [Signature page follows] 
  

 9 

 If this letter correctly sets forth your understanding of our agreement with respect to the foregoing
matters, please so indicate by signing below on the line provided for your signature. 
  

									
		 		 	Very truly yours,
			
	Evercore LP	 		 	Evercore Partners Inc.
					
	By:	 	/s/ Adam B. Frankel	 		 	By:	 	/s/ Adam B. Frankel
	Name:	 	Adam B. Frankel	 		 	Name:	 	Adam B. Frankel
	Title:	 	Corporate Secretary	 		 	Title:	 	Corporate Secretary

  

			
	Evercore Partners II L.L.C.
		
	By:	 	/s/ Adam B. Frankel
	Name:	 	Adam B. Frankel
	Title:	 	Corporate Secretary

  

	
	Reviewed, approved and agreed:
	
	/s/ David E. Wezdenko
	David E. Wezdenko

 Dated: June 29, 2007 
  

 10 

 EXHIBIT 1 
 FORM OF RELEASE OF CLAIMS 
 For and in consideration of the payments and benefits as described in the letter agreement
between me and Evercore Partners Inc. and each of the other entities listed on Schedule A thereto (collectively, with each of their respective affiliates, the “Company”), dated June 29, 2007 (the “Letter Agreement”), and for
other good and valuable consideration, the sufficiency of which is hereby acknowledged, I hereby release and forever discharge the Company (which, together with its successors, subsidiaries, officers, directors, partners and equityholders are
collectively referred to as the “Beneficiaries”) and its respective past, current and future affiliates, subsidiaries, predecessors, successors, assigns, officers, directors, employees, agents, stockholders, attorneys, and insurers
(hereinafter collectively referred to as the “Released Parties”), of and from any and all debts, obligations, promises, covenants, agreements, contracts, bonds, controversies, suits, claims and causes of action, known or unknown, existing
or arising in the future, of every kind and nature whatsoever, contract, tort or otherwise, which may heretofore have existed or which may now exist, up to and including the date hereof, with such released claims including, without limitation, any
and all claims or rights I may have under any federal, state or local laws or regulations pertaining to employment or employment discrimination, including all claims for wages, all claims for discrimination based on any protected characteristic
whatsoever, all claims under the Age Discrimination in Employment Act, as amended, 29 U.S.C. Section 621 et seq., Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000e et seq., the Employee Retirement
Income Security Act of 1974, as amended, 29 U.S.C. Section 1001 et seq., the Fair Labor Standards Act, as amended, 29 U.S.C. Section 201 et seq., the Americans with Disabilities Act, as amended, 42 U.S.C.
Section 12101 et seq., the Reconstruction Era Civil Rights Act, as amended, 42 U.S.C. Section 1981 et seq., the Rehabilitation Act of 1973, as amended, 29 U.S.C. Section 701 et seq. and the Family and Medical
Leave Act of 1992, 29 U.S.C. Section 2601 et seq., the New York Human Rights Law, Exec. Law Section 290 et seq., as amended, the New York Labor Law, the New York City Administrative Code, and any and all claims or rights
arising under statute, regulation, contract, covenant, public policy, tort or otherwise; provided that this release shall not apply to (i) any claims which I may have for breach of the Letter Agreement, including any payments or the
provision of any benefits to which I am entitled under the Letter Agreement (or any other agreement referenced therein, to the extent the Letter Agreement provides for such other agreement’s continued applicability), or (ii) my right to
indemnification in accordance with the EVR LP Agreement (as defined in the Letter Agreement), the certificate of incorporation and by-laws of the Company, any other agreement with the Company (to the extent the Letter Agreement provides for such
other agreement’s continued applicability) or applicable law. 

 SCHEDULE A 
 THE COMPANY 
 Evercore Partners Inc. 
 Evercore LP 
 Evercore Partners II L.L.C.

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