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Document Preview Consulting and Severance Agreement |
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Title: |
Consulting and Severance Agreement |
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Date: |
2004 |
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Preview shows 4KB of 13KB total |
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Price: |
$35 |
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ID: |
#326394 |
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SEATTLE GENETICS, INC.
CONSULTING AND SEVERANCE AGREEMENT
This Consulting and Severance Agreement (the Agreement) is entered into as of December 18, 2003 (the Effective Date) by and between Seattle Genetics, Inc. (the Company) and H. Perry Fell (Consultant).
WHEREAS, Consultant has been employed by the Company;
WHEREAS, the Company and Consultant have mutually agreed to terminate Consultants employment relationship and to begin a consulting relationship on the terms set forth below;
NOW, THEREFORE, in consideration of the mutual promises made herein, the receipt and sufficiency of which are hereby acknowledged, the Company and Consultant hereby agree as follows:
1. Termination of Employment and Consulting Relationship. The effective date of the termination of Consultants employment with the Company shall be December 31, 2003 (the Termination Date). On or before the Termination Date, the Company shall pay to Consultant all salary, wages, accrued and unused vacation through the Termination Date and any and all other benefits due to Consultant with respect to his employment. Beginning January 1, 2004 Consultant will provide consulting services (the Services) as requested by the Company at mutually agreeable times and locations. Consultant shall use Consultants best efforts to perform the Services in a manner satisfactory to the Company.
2. Fees. As consideration for the Services to be provided by Consultant and other obligations, the Company will compensate Consultant at the rate of $10,416.66 per month during the period that Services are provided.
3. Expenses. Consultant shall not be authorized to incur on behalf of the Company any expenses exceeding $500.00 without the prior written consent of the Companys President and Chief Executive Officer. As a condition to receipt of reimbursement, Consultant shall be required to submit to the Company reasonable evidence that the amount involved was expended and related to Services provided under this Agreement.
4. Term. Consultant shall serve as a consultant to the Company on an at will basis from January 1, 2004 to June 30, 2004. The parties may extend this term by mutual written consent on a quarterly basis for two (2) consecutive calendar quarters beginning July 1, 2004.
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