[AGE 40 and OVER FORM Put final signatory version on Proteon Letterhead]
[name and address]
Your last day of employment with Proteon Therapeutics, Inc. (the Company) will be (Separation Date). Information concerning various aspects of your benefit programs and severance arrangements are described below.
Effect of Separation
As of the Separation Date, you will be paid for all work performed through the Separation Date. Your eligibility to participate in any of the Companys benefit plans will end as of the Separation Date.
You will be provided under separate cover an election form allowing you and your eligible dependents to participate in Companys health and dental plans under the federal law known as COBRA. If you sign and return the election form in a timely manner, the Company will process enrollment so that you can receive health and dental insurance under COBRA. Even if you do not execute this Agreement, you have the right to continue your insurance under COBRA in accordance with the provisions of COBRA, which will be explained in the election form.
The Company is offering you the following severance consideration in exchange for a release by you of all claims against the Company, whether or not you actually have any such claims:
Subject to your execution of this Agreement as provided below, Company will provide you with the severance benefits set forth in that certain Severance Agreement, dated as of [DATE], 2013, by and between you and the Company.
You agree that the Companys undertakings in this Agreement shall be in full and complete satisfaction of any and all sums which are now or might hereafter have become owing to you for services rendered by you to the Company during your employment, or otherwise in connection with your employment or the termination of your employment with the Company. You agree that the Companys undertakings herein include consideration to which you would not be entitled absent entering into this Agreement.
Confidentiality and Nondisclosure
You agree that this Agreement is confidential and that you will not discuss the fact that it exists or its terms with anyone else except your immediate family members, attorney, tax accountant, or as required by law, and that disclosure under this paragraph will only be made after the individuals agree to maintain the confidential nature of this Agreement.