Amendment to Separation Agreement dated August 13, 2004 between Restore Medical Inc. and Susan L. Critzer
Exhibit 10.6
Amendment
to
Separation Agreement dated August 13, 2004
between Restore Medical Inc. and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
to
Separation Agreement dated August 13, 2004
between Restore Medical Inc. and ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
Pursuant to Paragraph 14 of the Separation Agreement between Restore Medical Inc. (“RMI”) and
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ (“▇▇▇▇▇▇▇”) dated August 13, 2004 (“Separation Agreement”), RMI and ▇▇▇▇▇▇▇ agree
pursuant to this Amendment to Separation Agreement (“Amendment Agreement”) that Section 1 and
Section 3(d) shall be amended as set forth below:
1. Separation from Employment. Effective as of June 30, 2005, or upon an alternative
mutually agreed upon date for the termination of ▇▇▇▇▇▇▇’▇ employment from RMI, whichever is
earlier; or upon the date of an involuntary termination of ▇▇▇▇▇▇▇’▇ employment by RMI, if any; or
upon the date of ▇▇▇▇▇▇▇’▇ unilateral resignation from RMI, if any (all such alternative dates may
be the “Separation Date”), ▇▇▇▇▇▇▇’▇ employment with RMI will terminate. Following the Separation
Date, all ▇▇▇▇▇▇▇’▇ benefits and privileges of employment will end except as provided in Paragraph
3 of the Separation Agreement as amended by the Amendment Agreement. ▇▇▇▇▇▇▇ and RMI further agree
that the Change in Control and Severance Agreement dated March 30, 2004, by and between RMI and
▇▇▇▇▇▇▇ is terminated and superceded by this Agreement and is null and void.
3. Payments and Benefits to ▇▇▇▇▇▇▇. Provided this Agreement is executed and ▇▇▇▇▇▇▇
has not revoked and/or rescinded it in accordance with ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇ will provide the following
payments and benefits to ▇▇▇▇▇▇▇:
(d) | Pursuant to the terms and conditions set forth in ▇▇▇▇▇▇▇’▇ applicable stock option agreements with RMI, RMI agrees that, notwithstanding anything to the contrary set forth in such stock option agreements or RMI’s 1999 Omnibus Stock Plan, as amended, during the five-year period following the Separation Date, ▇▇▇▇▇▇▇ shall be permitted to exercise 100% of all stock options granted to ▇▇▇▇▇▇▇ prior to December 31, 2004, and not yet exercised (i. e., 502,000 shares of RMI common stock); provided, however, in the event ▇▇▇▇▇▇▇ unilaterally resigns from RMI prior to June 30, 2005, and prior to RMI’s hiring of a new President and Chief Executive Officer and ▇▇▇▇▇▇▇’▇ completion of her transition assistance duties described in Paragraph 2 of this Agreement, during the five-year period following the Separation Date, ▇▇▇▇▇▇▇ shall be permitted to exercise 100% of all stock options granted to ▇▇▇▇▇▇▇ prior to March 30, 2004 (i.e., 150,000 shares of RMI common stock) and 50% of all options granted on or after March 30, 2004 (i.e., 176,000 shares of RMI common stock). The parties hereto agree and acknowledge that, with respect to any stock options previously granted to ▇▇▇▇▇▇▇ that were intended by the parties to be treated as “incentive stock options” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, such stock options, to the extent they may be exercised by ▇▇▇▇▇▇▇ more than 90 days following the Separation Date shall be treated as non-qualified stock |
options, notwithstanding any provision in ▇▇▇▇▇▇▇’▇ stock option agreements to the contrary |
Dated: February 2, 2005 | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||
Dated: February 2, 2005 | RESTORE MEDICAL INC. |
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By /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||||
Its Chair Person | ||||
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