SEC Contract Filing

Filing Date: 2015-05-07

Document Content:
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<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>a15-7876_1ex10d2.htm
<DESCRIPTION>EX-10.2
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;10.2</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TERMINATION AND RELEASE AGREEMENT</font></u></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS TERMINATION AND RELEASE AGREEMENT (this <b><i style="font-weight:bold;">&#147;Agreement&#148;</i></b>) is made effective as of the 1</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font><font size="2" style="font-size:10.0pt;">&#160;day of January, 2015 by and between <b>SUNSHINE HEART,&nbsp;INC.</b>, a Delaware corporation, whose address is 12988 Valley View Road, Eden Prairie, Minnesota 55344 (the <b><i style="font-weight:bold;">&#147;Company&#148; </i></b>and together with its subsidiaries and affiliates, the <b><i style="font-weight:bold;">&#147;Company Group&#148;</i></b>); <b>DR. WILLIAM PETERS, </b>whose address is GC/68 Greys Avenue,&#160; Auckland Central, Auckland 1010, New Zealand (<b><i style="font-weight:bold;">&#147;Dr.&nbsp;Peters&#148;</i></b>); <b>WSP TRADING LIMITED, </b>whose address is GC/68 Greys Avenue, Auckland Central, Auckland 1010, New Zealand (<b><i style="font-weight:bold;">&#147;WSP,&#148;</i></b> collectively with Dr.&nbsp;Peters, the<b><i style="font-weight:bold;"> &#147;WSP Parties&#148; </i></b>and each individually, a <b><i style="font-weight:bold;">&#147;WSP Party&#148;</i></b>).&#160; (The Company Group and the WSP Parties are collectively referred to herein as the <b><i style="font-weight:bold;">&#147;Parties&#148;</i></b> and each without distinction, a <b><i style="font-weight:bold;">&#147;Party&#148;</i></b>).</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE&nbsp;1<br> <u>TERMINATION AND PAYMENTS</u></font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.1</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">TERMINATION OF CONSULTING AGREEMENT.</font></b><font size="2" style="font-size:10.0pt;">&#160; WSP and the Company are parties to that certain Consulting Agreement dated August&nbsp;3, 2004 (the <b><i style="font-weight:bold;">&#147;Consulting Agreement&#148;</i></b>) and WSP and Dr.&nbsp;Peters are parties to that certain Confidential Information and Invention Assignment Agreement (the <b><i style="font-weight:bold;">&#147;Invention Assignment Agreement&#148;</i></b>).&#160; The Parties hereby agree that the Consulting Agreement shall terminate as of the 1</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">st</font><font size="2" style="font-size:10.0pt;">&#160;day of January, 2015 (the <b><i style="font-weight:bold;">&#147;Termination Date&#148;</i></b>); <i>provided</i>, Section&nbsp;8 of the Consulting Agreement and the Invention Assignment Agreement shall survive termination and continue in full force and effect in accordance with their respective terms.&#160; Effective as of the Termination Date, with the exception of Section&nbsp;8 of the Consulting Agreement, all rights and obligations of the Parties under the Consulting Agreement shall terminate.&#160; As of the Termination Date, Dr.&nbsp;Peters hereby resigns from all positions held by Dr.&nbsp;Peters with any member of the Company Group, including, without limitation, as Chief Technical Officer of the Company.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.2</font></b><b><font size="1" style="font-size:3.0pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></b><b><font size="2" style="font-size:10.0pt;font-weight:bold;">SEPARATION CONSIDERATION.</font></b><font size="2" style="font-size:10.0pt;">&#160; As consideration for the WSP Parties&#146; agreements and releases set forth herein, following the Termination Date, the Company agrees to engage the WSP Parties to provide consulting services, and the WSP Parties agree to provide consulting services, pursuant to the terms and conditions of the consulting agreement attached hereto as <u>EXHIBIT&nbsp;A</u> (the <b><i style="font-weight:bold;">&#147;Amended Consulting Agreement&#148;</i></b>).</font></p>
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