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Document Preview Employment Agreement |
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Title: |
Employment Agreement |
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Entities: |
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Date: |
2002 |
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Size: |
Preview shows 5KB of 33KB total |
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Price: |
$44 |
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ID: |
#1344634 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into
this 13th day of May, 2002, by and between EPOCH BIOSCIENCES, INC., a Delaware
corporation (the "Employer"), and Dr. Cirilo Cabradilla, an individual (the
"Employee").
WITNESSETH:
WHEREAS Employer desires to employ Employee in the capacity hereinafter
stated, and the Employee desires to enter into the employ of the Employer in
that capacity for the period and pursuant to the terms and conditions set forth
herein.
NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements set forth herein, the Employer and the Employee,
intending to be legally bound, hereby agree as follows:
1. EMPLOYMENT/POSITION AND DUTIES. Effective upon the date of this
Agreement Employer shall employ Employee as the Vice President of Operations of
Employer and Employee shall accept such employment. During the term of this
Agreement, Employee agrees to devote substantially all of Employee's skills and
efforts to the performance of, and to perform diligently and on a timely basis,
such duties as shall be assigned to Employee from time to time by the Employer's
Chief Executive Officer. Employee shall perform his duties principally at
Employer's headquarters in San Diego, California.
2. TERM. The term of the Employee's employment hereunder shall commence
on the date hereof. The Employer is an at-will employer, and does not guarantee
employment for any specific duration. Employee's employment can be terminated at
any time by Employer or the Employee, as hereinafter specified in Section 4.
3. COMPENSATION.
3.1 Base Salary. As compensation for all services to be rendered
by the Employee, the Employee shall accrue a base salary at the rate of One
Hundred Seventy-Five Thousand Dollars ($175,000) per year, which shall be
payable by Employer to Employee on a regular basis in accordance with Employer's
normal payroll procedures and policies. Such amount, as may be increased from
time to time, is hereinafter "Base Salary."
3.2 Bonus Compensation. During the Term of this Agreement
Employee shall be eligible to receive annual incentive compensation of up to
twenty-five percent (25%) of Employee's Base Salary upon the achievement of
certain performance goals set by the Board of Directors and participate in any
other incentive compensation or bonus program adopted for management employees
of the Employer. The terms on which Employee shall be eligible to participate in
any such incentive compensation or bonus program shall be comparable to the
terms that shall apply to other management employees of the Employer or its
subsidiaries that are employed in positions that are comparable to the position
in which Employee is employed by the Employer. Employee understands that
adoption of any management incentive compensation or bonus program by the
Employer requires the prior approval of the Board of Directors of the Employer.
Employee's participation in any such program that is approved by the Board of
Directors of the Employer shall be subject to the provisions, rules and
regulations of any such program.
<PAGE>
3.3 Stock Option. Concurrent herewith, Employer shall grant
Employee a stock option to purchase One Hundred Thousand (100,000) shares of
Employer's Common Stock (the "Employee Options") pursuant to the terms and
conditions of that certain Stock Option Agreement of even date herewith, at the
exercise price set forth in such Stock Option Agreement (which shall be the
closing price of Employer's Common Stock on the trading day immediately prior to
the date hereof), which shall vest according to the Employer's standard vesting
program and schedule as determined by the Employer's Board of Directors. Such
options shall be incentive stock options under the Internal Revenue Code to the
maximum extent possible and the balance shall be non-qualified stock options.
3.4 Participation in Benefit Plans. The Employee shall be
entitled to participate in all employee benefit plans or programs (including
vacation time, sick leave and holidays) generally available to all employees of
the Employer, to the extent that Employee's position, title, tenure, salary,
age, health and other qualifications make Employee eligible to participate
therein. The Employee's participation in any such plan or program shall be
subject to the provisions, rules and regulations thereof that are generally
applicable to all participants therein.
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