Exhibit 10.130
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT, dated as of February 15, 2001, is by and between XXXXXXX X. XXXXXXX (the "Employee")
and MEDIMMUNE, INC., a Delaware corporation (the "Company").
The Company and the Employee hereby agree as follows:
1. Employment. The Company hereby employs the Employee, and the Employee hereby accepts employment by
the Company, upon the terms and conditions hereinafter set forth.
2. Term. Subject to the provisions for earlier termination as herein provided, the employment of the
Employee hereunder will be for the period commencing on the date hereof and ending on October 31, 2002. Such period may be extended,
with the consent of the Employee, for one or more one-year periods by resolution adopted by the Compensation and Stock Committee
(the "Compensation Committee") of the Board of Directors of the Company (the "Board"). The period of the Employee's employment under
this Agreement, as it may be terminated or extended from time to time as provided herein, is referred to hereafter as the
"Employment Period."
3. Duties and Responsibilities. The Employee will be employed by the Company in the position set
forth on Annex A, a copy of which is attached hereto and the terms of which are incorporated herein by reference. The Employee will
faithfully perform the duties and responsibilities of such office, as they may be assigned from time to time by the Board or the
Board's designee.
4. Time to be Devoted to Employment. Except for vacation in accordance with the Company's policy in
effect from time to time and absences due to temporary illness, the Employee shall devote full time, attention and energy during the
Employment Period to the business of the Company. During the Employment Period, the Employee will not be engaged in any other
business activity which, in the reasonable judgment of the Board or its designee, conflicts with the duties of the Employee
hereunder, whether or not such activity is pursued for gain, profit or other pecuniary advantage.
5. Compensation; Reimbursement.
(a) Base Salary. The Company (or, at the Company's option, any subsidiary or affiliate
thereof) will pay to the Employee an annual base salary of not less than the amount specified as the Initial Base Salary on Annex A,
payable semi-monthly. The Employee's base salary shall be reviewed annually by the Compensation Committee and shall be subject to
increase at the option and sole discretion of the Compensation Committee.
(b) Bonus. The Employee shall be eligible to receive, at the sole discretion of the Compensation Committee,
an annual cash bonus based on pre-determined performance standards of the Company.
(c) Benefits; Stock Options. In addition to the salary and cash bonus referred to above, the Employee shall
be entitled during the Employment Period to participate in such employee benefit plans or programs of the Company, and shall be
entitled to such other fringe benefits, as are from time to time made available by the Company generally to employees of the
Employee's position, tenure, salary, age, health and other qualifications. Without limiting the generality of the foregoing, the
Employee shall be eligible for such awards, if any, under the Company's stock option plan as shall be granted to the Employee by the
Compensation Committee or other appropriate designee of the Board acting in its sole discretion. The Employee acknowledges and
agrees that the Company does not guarantee the adoption or continuance of any particular employee benefit plan or program or other
fringe benefit during the Employment Period, and participation by the Employee in any such plan or program shall be subject to the
rules and regulations applicable thereto.
(d) Expenses. The Company will reimburse the Employee, in accordance with the practices in effect from time
to time for other officers or staff personnel of the Company, for all reasonable and necessary traveling expenses and other
disbursements incurred by the Employee for or on behalf of the Company in the performance of the Employee's duties hereunder, upon
presentation by the Employee to the Company of appropriate vouchers.
6. Death; Disability. If the Employee dies or is incapacitated or disabled by accident, sickness
or otherwise, so as to render the Employee mentally or physically incapable of performing the services required to be performed by
the Employee under this Agreement for a period that would entitle the Employee to qualify for long-term disability benefits under
the Company's then-current long-term disability insurance program or, in the absence of such a program, for a period of 90
consecutive days or longer (such condition being herein referred to as a "Disability"), then (i) in the case of the Employee's
death, the Employee's employment shall be deemed to terminate on the date of the Employee's death or (ii) in the case of a
Disability, the Company, at its option, may terminate the employment of the Employee under this Agreement immediately upon giving
the Employee notice to that effect. Disability shall be determined by the Board or the Board's designee. In the case of a
Disability, until the Company shall have terminated the Employee's employment hereunder in accordance with the foregoing, the
Employee shall be entitled to receive compensation provided for herein notwithstanding any such physical or mental disability.
7. Termination For Cause. The Company may, with the approval of a majority of the Board, terminate
the employment of the Employee hereunder at any time during the Employment Period for "cause" (such termination being hereinafter
called a "Termination for Cause") by giving the Employee notice of such termination, upon the giving of which such termination will
take effect immediately. For purposes of this Agreement, "cause" means (i) the Employee's willful and substantial misconduct, (ii)
the Employee's repeated, after written notice from the Company, neglect of duties or failure to act which can reasonably be expected
to affect materially and adversely the business or affairs of the Company or any subsidiary or affiliate thereof, (iii) the
Employee's material breach of any of the agreements contained in Sections 13, 14 or 15 hereof, (iv) the commission by the Employee
of any material fraudulent act with respect to the business and affairs of the Company or any subsidiary or affiliate thereof or (v)
the Employee's conviction of (or plea of nolo contendere to) a crime constituting a felony.
8. Termination Without Cause. The Company may terminate the employment of the Employee hereunder at
any time without "cause" (such termination being hereinafter called a "Termination Without Cause") by giving the Employee notice of
such termination, upon the giving of which such termination will take effect not later than 30 days from the date such notice is
given.
9. Voluntary Termination. Any termination of the employment of the Employee hereunder, otherwise than
as a result of death or Disability, a Termination For Cause, a Termination Without Cause or a termination for Good Reason (as
defined below) following a Change in Control (as defined below), will be deemed to be a "Voluntary Termination." A Voluntary
Termination will be deemed to be effective immediately upon such termination.
10. Effect of Termination of Employment.
(a) Voluntary Termination; Termination For Cause. Upon the termination of the Employee's employment
hereunder pursuant to a Voluntary Termination or a Termination For Cause, neither the Employee nor the Employee's beneficiaries or
estate will have any further rights or claims against the Company under this Agreement except the right to receive (i) the unpaid
portion of the base salary provided for in Section 5(a) hereof, computed on a pro rata basis to the date of termination, (ii)
payment of his accrued but unpaid rights in accordance with the terms of any incentive compensation, stock option, retirement,
employee welfare or other employee benefit plans or programs of the Company in which the Employee is then participating in
accordance with Sections 5(b) and 5(c) hereof and (iii) reimbursement for any expenses for which the Employee shall not have
theretofore been reimbursed as provided in Section 5(d) hereof.
(b) Termination Without Cause. Upon the termination of the Employee's employment as a Termination
Without Cause, neither the Employee nor the Employee's beneficiaries or estate will have any further rights or claims against the
Company under this Agreement except the right to receive (i) the payments and other rights provided for in Section 10(a) hereof,
(ii) severance payments in the form of semi-monthly payment of the Employee's base salary (as in effect immediately prior to such
termination) and of the Pro-Rata Bonus Amount (as defined below) for a period of 12 months following the effective date of such
termination, and (iii) continuation of the medical benefits coverage to which the Employee is entitled under Section 5(c) hereof
over the 12 month period provided in clause (ii) above, with such coverage to be provided at the same level and subject to the same
terms and conditions (including, without limitation, any applicable co-pay obligations of the Employee, but excluding any applicable
tax consequences for the Employee) as in effect from time to time for officers of the Company generally. For the purposes of this
Agreement, "Pro-Rata Bonus Amount" shall mean one-twenty-fourth (1/24th) of the greater of (a) the most recent annual cash bonus
paid to the Employee prior to the date of his termination, or (b) the average of the three most recent annual cash bonuses paid to
the Employee prior to the date of his termination; provided, however, that in the case of a Termination Without Cause that occurs
prior to the date the Employee would have been eligible for payment of his first bonus, the Pro-Rata Bonus Amount shall be an amount
equal to 60% of his base salary at the time of such termination. The rights of the Employee and the obligations of the Company under
this Section 10(b) shall remain in full force and effect notwithstanding the expiration of the Employment Period, whether by failure
of the Compensation Committee to extend such period or otherwise.
(c) Death and Disability. Upon the termination of the Employee's employment hereunder as a result of
death or Disability, neither the Employee nor the Employee's beneficiaries or estate will have any further rights or claims against
the Company under this Agreement except the right to receive (i) the payments and other rights provided for in Section 10(a) hereof,
(ii) a lump-sum payment, within 15 days after the effective date of such termination, equal to the aggregate amount of the
Employee's base salary as in effect immediately prior to such termination that would be payable over a period of 12 months following
the effective date of such termination and (iii) in the case of Disability only, continuation of the medical benefits coverage to
which the Employee is entitled under Section 5(c) hereof over the same period with respect to which the lump-sum payment is
calculated under clause (ii) above, with such coverage to be provided at the same level and subject to the same terms and conditions
(including, without limitation, any applicable co-pay obligations of the Employee, but excluding any applicable tax consequences for
the Employee) as in effect from time to time for officers of the Company generally.
(d) Forfeiture of Rights. In the event that, subsequent to termination of employment hereunder, the
Employee (i) breaches any of the provisions of Section 13, 14 or 15 hereof or (ii) directly or indirectly makes or facilitates the
making of any adverse public statements or disclosures with respect to the business or securities of the Company, all payments and
benefits to which the Employee may otherwise have been entitled pursuant to Section 10(a), 10(b) or 11 hereof shall immediately
terminate and be forfeited, and any portion of such amounts as may have been paid to the Employee shall forthwith be returned to the
Company.
11. Change in Control Provisions.
(a) Effect of Termination Following Change in Control. In the event of a Change in Control during
the Employment Period and a subsequent termination of the Employee's employment, either by the Company as a Termination Without
Cause or by the Employee for Good Reason, whether or not such termination is during the Employment Period, the Employee shall be
entitled to receive (i) the payments and other rights provided in Section 10(a) hereof, (ii) a severance payment in the form a cash
lump sum, paid within 15 days of the date of termination, equal to the sum of the Employee's semi-monthly base salary (as in effect
immediately prior to such termination) and the Pro-Rata Bonus Amount (as determined under Section 10(b) above) multiplied by 48
(i.e., that would have been payable on a semi-monthly basis during the 24 months following such termination), but discounted to
present value from the dates such payments would be made if paid on a semi-monthly basis for such 24 month period, based on the 100%
short-term Applicable Federal Rate (compounded annually) under Section 1274(d) of the Internal Revenue Code of 1986, as amended (the
"Code") as in effect at the time of payment, and (iii) continuation of the medical benefits coverage to which the Employee is
entitled under Section 5(c) hereof for a period of 24 months following the date of termination, with such coverage to be provided at
the same level and subject to the same terms and conditions (including, without limitation, any applicable co-pay obligations of the
Employee, but excluding any applicable tax consequences for the Employee) as in effect from time to time for officers of the Company
generally.
(b) Definition of Change in Control. For purposes of this Agreement, a "Change in Control" shall be
deemed to have occurred upon:
(i) an acquisition subsequent to the date hereof by any person, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2)
of the Securities Exchange Act of 1934, as amended (the "Exchange Act")) (a "Person"), of beneficial ownership (within the meaning
of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either (A) the then outstanding shares of common stock of the
Company ("Common Stock") or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the "Outstanding Company Voting Securities"); excluding, however, the following: (1) any
acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the
security being so converted was itself acquired directly from the Company, (2) any acquisition by the Company and (3) any
acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company;
(ii) a change in the composition of the Board such that during any period of two consecutive years, individuals who at the beginning
of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an
agreement with the Company to effect a transaction described in clause (i), (iii), or (iv) of this paragraph) whose election by the
Board or nomination for election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then
still in office who either were directors at the beginning of the period or whose election or nomination for election was previously
so approved, cease for any reason to constitute at least a majority of the members thereof;
(iii) the approval by the stockholders of the Company of a merger, consolidation, reorganization or similar corporate transaction,
whether or not the Company is the surviving corporation in such transaction, in which outstanding shares of Common Stock are
converted into (A) shares of stock of another company, other than a conversion into shares of voting common stock of the successor
corporation (or a holding company thereof) representing 80% of the voting power of all capital stock thereof outstanding immediately
after the merger or consolidation or (B) other securities (of either the Company or another company) or cash or other property;
(iv) the approval by stockholders of the Company of the issuance of shares of Common Stock in connection with a merger,
consolidation, reorganization or similar corporate transaction in an amount in excess of 40% of the number of shares of Common Stock
outstanding immediately prior to the consummation of such transaction;
(v) the approval by the stockholders of the Company of (A) the sale or other disposition of all or substantially all of the assets
of the Company or (B) a complete liquidation or dissolution of the Company; or
(vi) the adoption by the Board of a resolution to the effect that any person has acquired effective control of the business and
affairs of the Company.
(c) Good Reason Following Change in Control. For purposes of this Agreement, termination for "Good Reason"
-----------------------------------------
shall mean termination by the Employee of his employment with the Company, within six months immediately following a Change in
Control, based on:
(i) any diminution in the Employee's position, title, responsibilities or authority from those in effect immediately prior to such
Change in Control; or (ii) the breach by the Company of any of its material obligations under this Agreement. 12. Parachute Tax
Indemnity
(a) If it shall be determined that any amount paid, distributed or treated as paid or distributed by the Company to or for the
Employee's benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise,
but determined without regard to any additional payments required under this Section 12) (a "Payment") would be subject to the
excise tax imposed by Section 4999 of the Code, or any interest or penalties are incurred by the Employee with respect to such
excise tax (such excise tax, together with any such interest and penalties, being hereinafter collectively referred to as the
"Excise Tax"), then the Employee shall be entitled to receive an additional payment (a "Gross-Up Payment") in an amount such that
after payment by the Employee of all federal, state and local taxes (including any interest or penalties imposed with respect to
such taxes), including, without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and
Excise Tax imposed upon the Gross-Up Payment, the Employee retains an amount of the Gross-Up Payment equal to the Excise Tax imposed
upon all the Payments.
(b) All determinations required to be made under this Section 12, including whether and when a Gross-Up Payment is required and the
amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally
recognized accounting firm as may be designated by the Employee (the "Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Employee within 15 business days of the receipt of notice from the Employee that there has
been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant
or auditor for the individual, entity or group effecting the change in control, the Employee shall appoint another nationally
recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne by the Company. Any Gross-Up Payment, as
determined pursuant to this Section 12, shall be paid by the Company to the Employee within five days of the receipt of the
Accounting Firm's determination. Any determination by the Accounting Firm shall be binding upon the Company and the Employee. As a
result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Accounting
Firm hereunder, it is possible that Gross-Up Payments which will not have been made by the Company should have been made
("Underpayment"), consistent with the calculations required to be made hereunder. In the event that the Company exhausts its
remedies pursuant to this Section 12 and the Employee thereafter is required to make a payment of any Excise Tax, the Accounting
Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the
Company to or for the Employee's benefit.
(c) The Employee shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require
the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later then ten
business days after the Employee is informed in writing of such claim and shall apprise the Company of the nature of such claim and
the date on which such claim is requested to be paid. The Employee shall not pay such claim prior to the expiration of the 30-day
period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment
of taxes with respect to such claim is due). If the Company notifies the Employee in writing prior to the expiration of such period
that it desires to contest such claim, the Employee shall:
(i) give the Company any information reasonably requested by the Company relating to such claim,
(ii) take such action in connection with contesting such claim as the Company shall reasonably request in writing from time to
time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably
selected by the Company,
(iii) cooperate with the Company in good faith in order to effectively contest such claim, and
(iv) permit the Company to participate in any proceeding relating to such claim; provided, however, that the Company shall
bear and pay directly all costs and expenses (including additional interest and penalties) incurred in connection with such contest
and shall indemnify and hold the Employee harmless, on an after-tax basis, from any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and payment of costs and expense. Without limitation on
the foregoing provisions of this Section 12, the Company shall control all proceedings taken in connection with such contest and, at
its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct the Employee to pay the tax claimed and xxx for a
refund or contest the claim in any permissible manner, and the Employee agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine;
provided, however, that if the Company directs the Employee to pay such claim and xxx for a refund, the Company shall advance the
amount of such payment to the Employee, on an interest-free basis, and shall indemnify and hold the Employee harmless, on an
after-tax basis, from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to
such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the
statute of limitations relating to payment of taxes for the Employee's taxable year with respect to which such contested amount is
claimed to be due is limited solely to such contested amount. Furthermore, the Company's control of the contest shall be limited to
issues with respect to which a Gross-Up Payment would be payable hereunder and the Employee shall be entitled to settle or contest,
as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority.
(d) If, after the Employee's receipt of an amount advanced by the Company pursuant to this Section 12, the Employee becomes entitled
to receive any refund with respect to such claim, the Employee shall (subject to the Company's complying with the requirements of
this Section 12) promptly pay to the Company the amount of such refund (together with any interest paid or credited thereon after
taxes applicable thereto). If, after the Employee's receipt of an amount advanced by the Company pursuant to this Section 12, a
determination is made that the Employee shall not be entitled to any refund with respect to such claim and the Company does not
notify the Employee in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall
offset, to the extent thereof, the amount of Gross-Up Payment required to be paid.
(e) The foregoing provisions of this Section 12 are intended to supersede the provisions of Section 7(d) of the Company's 1991 Stock
Option Plan as applied to the Employee.
13. Disclosure of Information. The Employee will not, at any time during or after the Employment Period,
disclose to any person, firm, corporation or other business entity, except as required by law, any non-public information concerning
the business, products, clients or affairs of the Company or any subsidiary or affiliate thereof for any reason or purpose
whatsoever, nor will the Employee make use of any of such non-public information for personal purposes or for the benefit of any
person, firm, corporation or other business entity except the Company or any subsidiary or affiliate thereof.
14. Restrictive Covenant. (a) The Employee hereby acknowledges and recognizes that, during the Employment Period, the Employee will
be privy to trade secrets and confidential proprietary information critical to the Company's business and the Employee further
acknowledges and recognizes that the Company would find it extremely difficult or impossible to replace the Employee and,
accordingly, the Employee agrees that, in consideration of the benefits to be received by the Employee hereunder, the Employee will
not, from and after the date hereof until the first anniversary of the termination of the Employment Period (or six months after the
termination of the Employment Period if such termination is as a result of a termination for Good Reason following a Change in
Control), (i) directly or indirectly engage in the development, production, marketing or sale of products that compete (or, upon
commercialization, would compete) with products of the Company being developed (so long as such development has not been abandoned),
marketed or sold at the time of the Employee's termination (such business or activity being hereinafter called a "Competing
Business") whether such engagement shall be as an officer, director, owner, employee, partner, affiliate or other participant in any
Competing Business, (ii) assist others in engaging in any Competing Business in the manner described in the foregoing clause (i), or
(iii) induce other employees of the Company or any subsidiary thereof to terminate their employment with the Company or any
subsidiary thereof or engage in any Competing Business. Notwithstanding the foregoing, the term "Competing Business" shall not
include any business or activity that was not conducted by the Company prior to the effective date of a Change in Control. (b) The
Employee understands that the foregoing restrictions may limit the ability of the Employee to earn a livelihood in a business
similar to the business of the Company, but nevertheless believes that the Employee has received and will receive sufficient
consideration and other benefits, as an employee of the Company and as otherwise provided hereunder, to justify such restrictions
which, in any event (given the education, skills and ability of the Employee), the Employee believes would not prevent the Employee
from earning a living.
15. Company Right to Inventions. The Employee will promptly disclose, grant and assign to the Company, for its sole use and benefit,
any and all inventions, improvements, technical information and suggestions relating in any way to the business of the Company which
the Employee may develop or acquire during the Employment Period (whether or not during usual working hours), together with all
patent applications, letters patent, copyrights and reissues thereof that may at any time be granted for or upon any such invention,
improvement or technical information. In connection therewith: (i) the Employee shall, without charge, but at the expense of the
Company, promptly at all times hereafter execute and deliver such applications, assignments, descriptions and other instruments as
may be necessary or proper in the opinion of the Company to vest title to any such inventions, improvements, technical information,
patent applications, patents, copyrights or reissues thereof in the Company and to enable it to obtain and maintain the entire right
and title thereto throughout the world; and (ii) the Employee shall render to the Company, at its expense (including a reasonable
payment for the time involved in case the Employee is not then in its employ), all such assistance as it may require in the
prosecution of applications for said patents, copyrights or reissues thereof, in the prosecution or defense of interferences which
may be declared involving any said applications, patents or copyrights and in any litigation in which the Company may be involved
relating to any such patents, inventions, improvements or technical information.
16. Enforcement. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforceable to the
fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, to the extent that a restriction contained in this Agreement is more restrictive than permitted by the laws of any
jurisdiction where this Agreement may be subject to review and interpretation, the terms of such restriction, for the purpose only
of the operation of such restriction in such jurisdiction, will be the maximum restriction allowed by the laws of such jurisdiction
and such restriction will be deemed to have been revised accordingly herein.
17. Remedies; Survival. (a) The Employee acknowledges and understands that the provisions of the covenants contained in Sections 13,
14 and 15 hereof, the violation of which cannot be accurately compensated for in damages by an action at law, are of crucial
importance to the Company, and that the breach or threatened breach of the provisions of this Agreement would cause the Company
irreparable harm. In the event of a breach or threatened breach by the Employee of the provisions of Section 13, 14 or 15 hereof,
the Company will be entitled to an injunction restraining the Employee from such breach. Nothing herein contained will be construed
as prohibiting the Company from pursuing any other remedies available for any breach or threatened breach of this Agreement.
(b) Notwithstanding anything contained in this Agreement to the contrary, the provisions of Sections 10(b), 13, 14, 15, 16 and 17
hereof will survive the expiration or other termination of this Agreement until, by their terms, such provisions are no longer
operative.
18. Notices. Notices and other communications hereunder will be in writing and will be delivered personally or sent by air courier
or first class certified or registered mail, return receipt requested and postage prepaid, addressed as follows: if to the Employee:
as specified in Annex A
and if to the Company: MedImmune, Inc.
00 Xxxx Xxxxxxx Xxxx Xxxx
Xxxxxxxxxxxx, Xxxxxxxx 00000
Attention: Chief Executive Officer
with a copy to: Xxxxxxxxx X. Xxxxxx, Esq.
Xxxxx Xxxxxxxxxx LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
All notices and other communications given to any party hereto in accordance with the provisions of this Agreement will be deemed to
have been given on the date of delivery, if personally delivered; on the business day after the date when sent, if sent by air
courier; and on the third business day after the date when sent, if sent by mail, in each case addressed to such party as provided
in this Section 18 or in accordance with the latest unrevoked direction from such party.
19. Binding Agreement; Benefit. The provisions of this Agreement will be binding upon, and will inure to the benefit of, the
respective heirs, legal representatives and successors of the parties hereto.
20. Governing Law. This Agreement will be governed by, and construed and enforced in accordance with, the laws of the State of
Maryland.
21. Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement by the other party must be in
writing and will not operate or be construed as a waiver of any subsequent breach by such other party.
22. Entire Agreement; Amendments. This Agreement (including Annex A) contains the entire agreement between the parties with respect
to the subject matter hereof and supersedes all prior agreements or understandings among the parties with
respect thereto. This Agreement may be amended only by an agreement in writing signed by the parties hereto.
23. Headings. The section headings contained in this Agreement are for reference purposes only and will not affect in any way the
meaning or interpretation of this Agreement.
24. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction will, as to such
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision
in any other jurisdiction.
25. Assignment. This Agreement is personal in its nature and the parties hereto shall not, without the consent of the other, assign
or transfer this Agreement or any rights or obligations hereunder; provided, that the provisions hereof
(including, without limitation, Sections 13, 14 and 15) will inure to the benefit of, and be binding upon, each successor of the
Company, whether by merger, consolidation, transfer of all or substantially all of its assets or otherwise.
IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above written.
EMPLOYEE MEDIMMUNE, INC.
/s/: Xxxxxxx X. Xxxxxxx By: /s/: Xxxxx X. Xxxx
----------------------------- ---------------------
Xxxxxxx X. Xxxxxxx Xxxxx X. Xxxx
