Exhibit 10.1
RELEASE AND SETTLEMENT AGREEMENT
This Release and Settlement Agreement (“ Agreemen t”) is entered into effective January 6, 2004 (the “Effective Date”) by
and between POZEN Inc., a Delaware corporation (the “ Company ”), and Matthew E. Czajkowski (“ Employee ”).
WHEREAS, Employee voluntarily resigned from all positions with the Company and therefore Employee’s employment
with the Company terminated on the Effective Date, and Employee and the Company now desire to fully and finally settle and
resolve all matters arising, directly or indirectly, out of Employee’s employment or the conclusion thereof according to the terms
of this Agreement; and
WHEREAS, this Agreement provides Employee with valuable consideration to which Employee is not otherwise entitled,
and as a partial inducement to the Company to grant such consideration, Employee and the Company have agreed to enter into
this Agreement.
NOW, THEREFORE, in consideration of the premises, which are incorporated herein by reference, and the mutual promises
contained herein and the payment of the monies hereinafter recited, the receipt and adequacy of which are hereby
acknowledged, the parties hereby agree as follows:
1. Employee voluntarily resigned from all positions with the Company and therefore Employee’s employment with the
Company terminated as of the Effective Date. Employee hereby waives all rights to reemployment or reinstatement from and
after that date and Employee agrees that Employee will not reapply for employment with the Company.
2. For and in consideration of the release set forth below in Section 3, the Company shall pay Employee (a) seven month’s
base salary ($135,562) (the “Salary Severance”); and (b) the average annual bonus awarded Employee over the previous two
years ($ 79,720) (the “Bonus Severance”). The Salary Severance and the Bonus Severance will be paid to Employee in twelve
equal installments of $ 17,940.17 each (less all applicable withholdings and deductions) comm