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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: |
2001 |
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Size: |
Preview shows 5KB of 31KB total |
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Price: |
$36 |
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ID: |
#1344667 |
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EMPLOYMENT AGREEMENT
THIS EMPLOYMENT AGREEMENT (the "Agreement") is made and entered into
this 28th day of February, 2001, by and between EPOCH BIOSCIENCES, INC., a
Delaware corporation (the "Employer"), and Bert W. Hogue, 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, Finance and
Chief Financial Officer 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 the Company's headquarters in Bothell,
Washington.
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
Sixty Thousand Dollars ($160,000) 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> 2
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 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.
3.5 Expenses. In accordance with the Employer's policies established
from time to time, the Employer will pay or reimburse the Employee for all
reasonable and necessary out-of-pocket expenses incurred by Employee in the
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