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Document Preview Letter Agreement Re: Severance Agreement |
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Title: |
Letter Agreement Re: Severance Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
7KB total |
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Price: |
$31 |
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ID: |
#281392 |
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February 23, 2004
Gail Sloan
6455 Nancy Ridge Drive
San Diego, CA 92121
Re: Severance Agreement
Dear Gail,
As a supplement to the offer letter and agreement dated March 20, 1996
between La Jolla Pharmaceutical Company ("LJP") and Gail Sloan ("Sloan") related
to Sloan's employment by LJP, Sloan and LJP hereby agree as follows:
In connection with her employment with LJP, Sloan's new title will be Vice
President of Finance and Controller.
If Sloan's employment is terminated by LJP without cause (as defined
below), or if a Change in Control of LJP (as defined below) occurs and Sloan's
employment with LJP or its successor "terminates in connection with" (as defined
below) that Change in Control and in the absence of any event or circumstance
constituting Cause, then:
(i) Sloan will be entitled to receive from LJP a severance payment
equal to her then-current base salary for a period of six full
calendar months from the date of termination and an additional
three full calendar months if and when after the first six
months she has not found suitable employment, payable
consistent with LJP's normal payroll practices, provided that
such payment will be contingent upon execution and delivery by
Sloan and LJP of a mutual release, in form satisfactory to
LJP, of all claims arising in connection with Sloan's
employment with LJP and termination thereof, and
(ii) Sloan will be entitled to receive for a period of six full
calendar months from the date of termination and an additional
three full calendar months if and when after the first six
months she has not found suitable employment, medical and
dental benefits coverage for Sloan and/or her dependents
through the Company's available plans at the time and LJP will
be responsible to continue payment of all applicable
deductions for premium costs. After the Company's obligation
to pay the premiums for health and dental coverage Sloan
and/or her dependents will be eligible to continue plan
participation under COBRA.
(iii) Notwithstanding anything to the contrary in the option plan
(the "PLAN") pursuant to which all of Sloan's existing options
were granted, the Options shall automatically vest and become
fully exercisable as of the date of termination of Executive's
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