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Document Preview Change in Control Agreement |
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Title: |
Change in Control Agreement |
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Entities: |
SciClone Pharmaceuticals, Inc.; Hans P. Schmid |
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Date: |
2003 |
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Size: |
Preview shows 3KB of 23KB total |
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Price: |
$39 |
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ID: |
#165527 |
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SCICLONE PHARMACEUTICALS, INC.
CHANGE IN CONTROL AGREEMENT
This Change in Control Agreement (the "Agreement") is effective as of
April 22, 2003, by and between Hans P. Schmid (the "Employee") and SciClone
Pharmaceuticals, Inc., a California corporation (the "Company").
RECITALS
A. The Employee presently serves as Vice President, Finance,
Administration & Business Development for the SPIL subsidiary of the Company and
performs significant strategic and management responsibilities necessary to the
continued conduct of the Company's business and operations.
B. The Board of Directors of the Company (the "Board") has determined
that it is in the best interests of the Company and its shareholders to assure
that the Company will have the continued dedication and objectivity of the
Employee, notwithstanding the possibility or occurrence of a Change in Control
(as defined below) of the Company.
C. The Board believes that it is imperative to provide the Employee
with certain severance benefits upon the Employee's termination of employment
following a Change in Control that will provide the Employee with enhanced
financial security and provide sufficient incentive and encouragement to the
Employee to remain with the Company following a Change in Control.
AGREEMENT
The Employee and the Company agree as set forth below:
1. Terms of Employment. The Company and the Employee agree that the
Employee's employment is "at will" and that their employment relationship may be
terminated by either party at any time, with or without cause, and, if
applicable, in accordance with Section 2 below. If the Employee's employment
with the Company terminates for any reason following a Change in Control, but on
or before the first anniversary of the Change in Control, the Employee shall not
be entitled to any payments, benefits, damages, awards or compensation other
than as provided by this Agreement. During his or her employment with the
Company, the Employee agrees to devote his or her full business time, energy and
skill to his or her duties with the Company. These duties shall include, but not
be limited to, any duties consistent with the Employee's position that may be
assigned to the Employee from time to time by the Company or the Board.
2. Severance Benefits Upon Termination following a Change in Control.
Subject to the limitations set forth in Sections 3 and 4 below, if the
Employee's employment with the Company terminates following a Change in Control
but on or before the first anniversary of such Change in Control, then the
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