SEC Contract Filing

Filing Date: 2016-05-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>3
<FILENAME>cbyl-ex104_386.htm
<DESCRIPTION>EX-10.4
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.4</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">SEPARATION AGREEMENT</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.94%;">This Separation Agreement (the &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) by and between Dr. Premchandran Ramiya, Ph.D., (&#8220;<font style="text-decoration:underline;">Executive</font>&#8221;) and Carbylan Therapeutics, Inc. (the &#8220;<font style="text-decoration:underline;">Company</font>&#8221;) is made effective eight (8) days after Executive&#8217;s signature hereto (the &#8220;<font style="text-decoration:underline;">Effective Date</font>&#8221;), unless Executive revokes his acceptance of this Agreement as provided in Section 5(c) below.&nbsp;&nbsp;Any reference to the Company throughout this Agreement shall include the Company, its subsidiaries and any successors thereto.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A.<font style="margin-left:36pt;">Executive&#8217;s employment with the Company and status as an officer, director and employee of the Company and each of its affiliates will end effective upon the Termination Date (as defined below).</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B.<font style="margin-left:36pt;">Executive and the Company want to end their relationship amicably and also to establish the obligations of the parties including, without limitation, all amounts due and owing to Executive.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">C.<font style="margin-left:36pt;"></font>The payments and benefits being made available to Executive pursuant to this Agreement are intended to satisfy all outstanding obligations under that certain employment letter agreement by between Executive and the Company, dated as of June 11, 2015 (the &#8220;<font style="text-decoration:underline;">Employment Agreement</font>&#8221;).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:7.94%;">NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the parties agree as follows:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:2.98%;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:121pt;"></font><font style="text-decoration:underline;">Termination Date</font>.&nbsp;&nbsp;Executive acknowledges and agrees that his status as an officer, director and employee of the Company and as an officer and/or director of the Company&#8217;s subsidiaries will end effective as of April 15, 2016 (the &#8220;<font style="text-decoration:underline;">Termination Date</font>&#8221;).&nbsp;&nbsp;Executive hereby agrees to execute such further document(s) as shall be determined by the Company as necessary or desirable to give effect to the termination of Executive&#8217;s status as an officer and, if applicable, director of the Company and each of its subsidiaries; <font style="font-style:italic;">provided</font> that such documents shall not be inconsistent with any of the terms of this Agreement.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:2.98%;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:121pt;"></font><font style="text-decoration:underline;">Final Paycheck; Payment of Accrued Wages and Expenses</font>.&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:9.26%;text-indent:15.87%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="mar