Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Change in Control Agreement

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Change in Control Agreement

Entities:

SciClone Pharmaceuticals, Inc.

Date:

2001

Size:

Preview shows 4KB of 23KB total

Price:

$31

ID:

#326670

 

 

► Employment ► Change in Control Agreements
► Biotech & Drugs ► Pharmaceutical Preparations

 

 

Start of Preview


                         SCICLONE PHARMACEUTICALS, INC.

CHANGE IN CONTROL AGREEMENT

This Change in Control Agreement (the "Agreement") is effective as of
November 19, 1999, by and between Donald R. Sellers (the "Employee") and
SciClone Pharmaceuticals, Inc., a California corporation (the "Company").

RECITALS

A. The Employee presently serves as Chief Executive Officer and
President 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. 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
Employee shall be entitled to receive, in addition to the compensation and
benefits earned by the Employee through the date of his or her termination,
severance benefits as follows:


{PAGE} 2
(a) Involuntary Termination. If the Employee's employment with
the Company is terminated as a result of Involuntary Termination, then the
Employee shall be entitled to receive the following severance benefits:

(i) The Employee shall be entitled to receive severance
pay in an amount equal to one hundred percent (100%) of his annual base salary
as in effect at the time of such termination. Any severance to which the
Employee is entitled pursuant to this section shall be paid in a lump sum, less
applicable withholding, within thirty (30) days following the Employee's
termination.

(ii) With respect to any unvested options to purchase
shares of the stock of the Company held by the Employee, the Employee shall
immediately become vested in full in such options at the time of such
termination.

(iii) The Company shall, if permitted under the Company's

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC