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Severance Protection Agreement [Form]

 

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Title:

Severance Protection Agreement [Form]

Entities:

Northfield Laboratories Inc.

Date:

2003

Size:

Preview shows 3KB of 23KB total

Price:

$42

ID:

#162514

 

 

► Employment ► Protection ► Severance Protection Agreements
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FORM OF SEVERANCE PROTECTION AGREEMENT


SEVERANCE PROTECTION AGREEMENT dated October 4, 2002 by and between
Northfield Laboratories Inc., a Delaware corporation (the "Company"), and
******* ******* (the "Executive").

The Board of Directors of the Company (the "Board") recognizes that the
possibility of a Change in Control (as hereinafter defined) of the Company
exists and that the threat or occurrence of a Change in Control may result in
the distraction of its key management personnel because of the uncertainties
inherent in such a situation.

The Board has determined that it is essential and in the best interests
of the Company and its stockholders to retain the services of the Executive in
the event of the threat or occurrence of a Change in Control and to ensure the
Executive's continued dedication and efforts in such event without undue concern
for the Executive's personal financial and employment security.

In order to induce the Executive to remain in the employ of the
Company, particularly in the event of the threat or occurrence of a Change in
Control, the Company desires to enter into this Agreement to provide the
Executive with certain benefits in the event the Executive's employment is
terminated as a result of, or in connection with, a Change in Control.

NOW, THEREFORE, in consideration of the respective agreements of the
parties contained herein, it is agreed as follows:

Section 1. Definitions. For purposes of this Agreement, the following
terms have the meanings set forth below:

"Board" means the Board of Directors of the Company.

"Cause" for the termination of the Executive's employment with the
Company will be deemed to exist if the Executive is convicted of any felony or
the Executive fails to comply in all material respects with any material term of
the Proprietary Information and Inventions Agreement dated as of July 19, 1988
between the Company and the Executive, which conduct or failure is materially
injurious to the Company, monetarily or otherwise.

"Change in Control" means a change in control of the Company of a
nature that would be required to be reported in response to Item 1(a) of the
Current Report on Form 8-K, as in effect as of the date of this Agreement,
promulgated pursuant to Section 13 or 15(d) of the Securities Exchange Act,
whether or not the Company is then subject to the reporting requirements of the
Securities Exchange Act; provided that, without limitation, such a change in

 

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