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Title: |
Employment Agreement |
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Entities: |
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Date: |
2004 |
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Size: |
14KB total |
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Price: |
$37 |
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ID: |
#352350 |
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EMPLOYMENT AGREEMENT
On behalf of Abgenix, Inc., a Delaware corporation, (the Company) and the Companys Board of Directors (Board), we are pleased to offer you the position of President and Chief Executive Officer reporting to the Board. You will work at the Companys headquarters in Fremont, California. Except as otherwise expressly provided below, this Agreement, by and between the Company and William R. Ringo, will become effective on your start date of employment as the Companys President and Chief Executive Officer, August 30, 2004 (the Effective Date), and sets forth the terms and conditions of your employment with the Company.
The terms of your employment are as follows:
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1. |
Salary: |
Your base salary is $20,834 semi-monthly ($500,000 annualized) for fiscal year 2004 and is subject to all standard withholding of taxes. Fiscal year 2004 ends on December 31, 2004. In subsequent years, your base salary will be reviewed by the Compensation Committee of the Board (the Committee) on an annual basis. The annualized base salary to be paid, together with any subsequent adjustments thereto, shall be referred to herein as the Base Salary.
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2. |
Equity: |
Subject to the approval of the Committee, the Company will grant you as of the first date on which you become an employee of Abgenix as set forth in paragraph 12 below (Commencement of Employment), nonstatutory stock options under the Companys 1999 Nonstatutory Stock Option Plan, as amended (the Plan) to purchase 500,000 shares of Abgenix common stock. The per-share exercise price will be equal to the Fair Market Value (as defined in the Plan) of a Company common share as of your Commencement of Employment. The stock option vesting schedule is as follows: Vesting will begin on the Effective Date. At the end of twelve months following the Effective Date, 12/48 (25%) will vest and thereafter 1/48 of the total grant will vest per month (so that if you remain continuously in the Companys employ, at the end of four years your option would be fully vested). In the event of termination of your employment with the Company for any reason, all vested options must be exercised within 90 days of your termination date and all unvested options shall be canceled and forfeited without consideration. Subject to such stockholder approval of additional shares to be used for stock option awards under the Plan (or other Company stock option plans) as may be required by law, the Committee will review your Company stock position annually for the purposes of granting future stock options to you on a basis no less favorable than those granted to other senior executives of the Company. Such a review normally takes place in January of each year. The terms and conditions of any stock option grants shall be governed by a separate agreement you will be required to sign as a condition of the grant (a Stock Option Agreement). A copy of the form of that Agreement is attached for your review. |
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Sign-On Bonus: |
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