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Executive Change of Control Agreement

 

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Title:

Executive Change of Control Agreement

Entities:

Angiotech Pharmaceuticals Inc.

Date:

2002

Size:

Preview shows 3KB of 15KB total

Price:

$38

ID:

#389374

 

 

► Employment ► Change of Cont. ► Executive Change of Control Agreements
► Biotech & Drugs ► Pharmaceutical Preparations

 

 

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                      EXECUTIVE CHANGE OF CONTROL AGREEMENT



This Agreement is made as of August 16, 2001, between Angiotech Pharmaceuticals
(U.S.), Inc., a Washington corporation having an office at Suite 6501, 701 5th
Avenue, Seattle, Washington, 98104 ("Angiotech U.S."), Angiotech
Pharmaceuticals, Inc., a British Columbia corporation having an office at 6660
N.W. Marine Drive, Vancouver, British Columbia, V6T 1Z4 (the "Company") and
Donald E. Longenecker of 3B 399 H Street, Blaine, Washington, 98230 ("the
"Employee").

THIS AGREEMENT WITNESSES:

1. Definitions - In this Agreement, the following terms shall have the
meanings ascribed below:


(a) "Change of Control" means:

(i) a change in the composition of the board of directors of the Company,
as a result of which fewer than one-half of the incumbent directors are
directors who had been directors of the Company 12 months prior to such
change, with the exception of any such change in the composition of the
board made with the approval of the board as it was constituted immediately
prior to such change; or

(ii) the acquisition or aggregation of securities by any Person pursuant to
which such Person is or becomes the beneficial owner, directly or
indirectly, of securities of the Company representing 50% or more of the
combined voting power of the Company's then outstanding base capital stock
(meaning the securities of the company ordinarily, and apart from rights
accruing under special circumstances, having the right to vote at elections
of directors of the Company), except that any change in the relative
beneficial ownership of the Company's securities by any Person resulting
solely from a reduction in the aggregate number of outstanding shares of
base capital stock, and any decrease thereafter in such Person's ownership
of securities shall be disregarded until such Person increases in any
manner, directly or indirectly, his, her or its beneficial ownership of any
securities of the Company; or

(iii) the acquisition of all or substantially all the capital stock or
assets of Angiotech U.S. by a Person other than (i) the Company, or (ii) an
affiliated or related entity of the Company in which a majority of the
voting stock of such affiliated or related entity is beneficially owned or
controlled by the Company.

(b) "Employee Benefit Plans" means such medical, dental, eye care,
disability, life and other health insurance benefit plans maintained, in whole
or in part, by Angiotech U.S. on behalf of employees generally or executive
employees over a certain grade level.

(c) "Employee Option Plans" means stock option, stock appreciation rights,
restricted stock, phantom stock or similar plans or agreements maintained, in
whole or in part, by the Company on behalf of either employees generally or

 

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