EMPLOYMENT AGREEMENT
Exhibit 10.1
This EMPLOYMENT AGREEMENT (“Agreement”) is made effective as of the date of signature by and
between ENTREMED, INC., a Delaware corporation having its principal office at 0000 Xxxxxxx Xxxxxx
Xxxxx, Xxxxxxxxx, XX 00000 (the “Company”) and Xxxxxxx X. Xxxx, Ph.D. (the “Executive”).
FOR AND IN CONSIDERATION of the mutual premises, agreements and covenants contained herein, the
parties hereto, intending to be legally bound, do hereby agree as follows:
1. Employment; Position and Duties.
Subject to the terms hereof, the Company hereby agrees to employ the Executive during the Term (as
hereafter defined) to act as, and to exercise all of the powers and functions of its Senior Vice
President, Research and Development, and to perform such acts and duties and to generally furnish
such services to the Company and its subsidiaries (if any) as is customary for a senior management
person with a similar position in like companies, such services to include 1) responsibility for
the Company’s overall research and development activities, including project management,
coordination of outsourced research, and nonclinical development activities, and 2) full
operational responsibility for the Company’s research and development programs, including program
direction and budget responsibility. Executive shall report directly to the Chief Executive
Officer (“CEO”) of the Company and have such other powers, duties and responsibilities as the CEO,
in consultation with and approval of the Board of Directors (the “Board”), shall from time to time
reasonably prescribe. Executive will be a member of the Company’s Senior Management Team and the
Business Development Committee and will be the Company’s representative on the Scientific Advisory
Board, subject to approval by the Board as a named executive officer. Executive hereby agrees to
accept such employment and shall perform and discharge faithfully, diligently, and to the best of
his abilities such duties and responsibilities and shall devote sufficient working time and efforts
to the business and affairs of the Company and its subsidiaries.
2. Place of Employment.
While Executive is employed by the Company during the Term, Executive shall conduct his duties and
responsibilities hereunder primarily from the executive offices located in Rockville, Maryland
(except for routine and customary business travel), or from such other location in the Washington
D.C. metropolitan area as designated from time to time by the CEO.
3. Compensation
a. Base Salary. While the Company employs Executive during the Term, the Company
shall pay to Executive an annual base salary (“Base Salary”) of no less than $320,000, payable in
accordance with the Company’s customary payroll policy for its executives.
b. Base Salary Adjustments. Executive’s Base Salary shall be reviewed at least
annually in accordance with the Company’s customary practices for its executives. The Board or a
committee thereof may make such adjustments, as it deems appropriate in its sole discretion;
provided, however, in no event shall the Company pay Executive a Base Salary of less than $320,000.
In making such adjustments the Board or a committee thereof may solicit and give consideration to
the views of the CEO.
c. Incentive Compensation. While the Company employs Executive during the Term,
Executive’s annual incentive compensation (“Incentive Compensation”) shall be targeted at 30% of
base compensation, the exact amount of which shall be determined by the Board or a committee
thereof in its sole discretion. Executive shall be eligible for Incentive Compensation commencing
at the start of the Initial Term. Such bonus, if any, shall be paid within ninety (90) days
following the last day of each fiscal year of the Company. In making such determinations, the Board
or a committee thereof may solicit and take into consideration the views of the CEO.
d. Certain Other Benefits. While the Company employs Executive during the Term,
Executive shall be entitled to participate in any and all employee benefit plans and arrangements
which are available to senior executive officers of the Company, including without limitation,
group medical, disability and life insurance plans, and Company’s Directors and Officers (D&O)
insurance policy. Executive shall also be afforded no fewer than twenty-three (23) days paid time
off (PTO) pursuant to policies fixed by the Company.
e. Expenses. The Company shall pay or reimburse Executive for all reasonable business
expenses actually paid or incurred by Executive while Executive is employed by the Company during
the Term subject to reasonable documentation and in accordance with the Company’s business expense
reimbursement policy.
f. Relocation Expenses.
(i). The Company shall reimburse Executive an aggregate of $200,000 for relocation
expenses (the “Relocation Expense Payment”), consisting of (i) $100,000, payable in a lump
sum within thirty (30) days of the date of this Agreement and (ii) $100,000 upon the sale of
Executive’s principal residence in Oakland, California, payable upon the closing of such
sale. The Relocation Expense Payment shall be used by Executive in his discretion for
relocation expenses including, but not limited to, moving company expenses, house hunting,
temporary housing, temporary storage or vehicle transportation costs, and real estate
commissions in connection with the sale of his residence in Oakland, California.
(ii). If Executive terminates his employment without Good Reason or is terminated for
Cause within twenty four (24) months of the date of this Agreement, Executive shall
reimburse the Company for all or a portion of the Relocation Expense Payment as follows:
(a) if the termination occurs within twelve months of the date of this
Agreement, Executive shall repay 75% of the Relocation Expense Payment;
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(b) if the termination occurs at any time between thirteen (13) and eighteen
(18) months of the date of this Agreement, Executive shall repay 50% of the
Relocation Expense Payment; and
(c) if the termination occurs within nineteen (19) and twenty four (24)
months of the date of this Agreement, Executive shall repay 25% of the Relocation
Expense Payment.
Any reimbursement by Executive to the Company of the Relocation Expense Payment in accordance with
this Section 3(f) shall be made within (10) business days of Executive’s termination date, payable
in a lump sum. For the purposes of clarification, Executive shall not be obligated to reimburse
the Relocation Expense Payment in the event of a termination as a result of Death, Disability,
change in control, termination by Executive for Good Reason, termination by Company without Cause,
or termination as a result of the Company not seeking term renewal.
g. Legal Fees. The Company shall reimburse Executive up to $2,500 for legal fees
actually paid or incurred in connection with the preparation and execution of this Agreement.
4. Term.
The term of this Agreement shall be the period commencing on October 16, 2007 and continuing for
one year (the “Initial Term”); provided, however, that the Term of this Agreement shall be extended
automatically for successive one year periods (each one-year extension a “Successor Term” and
together with the Initial Term referred to herein as the “Term”) unless written notice of
nonextension is provided by either party to the other party at least thirty (30) days prior to the
end of the Initial Term or any Successor Term. In the event that this Agreement is not extended at
the end of the Initial Term or any Successor Term and thereby terminates, only paragraphs 6, 7,
8(d), 8(g), 8(h), 8(i) and 11 shall survive such termination, except that Executive shall be
entitled to receive compensation and benefits to the extent expressly provided herein or by the
terms of any of the Company’s compensation and benefit plans, programs or policies or as required
by applicable law.
5. Stock Options.
Upon the Executive’s commencement of employment, the Company will grant stock options to Executive
covering 350,000 shares of common stock with a per share exercise price equal to the closing price
of EntreMed’s stock on the date of grant. Such options will vest as to 25% of the covered shares
three months after the grant date, and shall vest as to the remaining covered shares in cumulative
25% share increments on each of the first, second, and third anniversary of the date of grant, if
Executive is then employed by the Company. Other periodic stock and incentive stock option grants
to Executive, if any, while the Company employs Executive during the Term shall be determined by
the Board or a committee thereof in its discretion. In the event of a termination pursuant to
paragraph 8(d) hereof or a resignation pursuant to paragraph 9 hereof, for which purposes sections
10(a) and 10(c) of this Agreement shall control, all vested options held by Executive on the
effective date of such termination or resignation shall be
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exercisable in accordance with the terms of such grants until the later of the date set forth in
such grant or twelve (12) months following Executive’s date of termination, but in no event beyond
the expiration date of the relevant option. Upon a change in control, as defined in the Executive’s
option agreement, all unvested options shall vest and become exercisable immediately. Except as set
forth herein, the terms of the stock option grants under this paragraph 5 shall be otherwise in
accordance with and subject to the terms of the Company’s 2001 Long Term Incentive Plan or
successor plan and such terms and conditions as the Board or a committee thereof may specify.
6. Unauthorized Disclosure.
During the Term and at all times thereafter, Executive shall not, without the written consent of
the Company, or except as required by applicable law, disclose to any person, other than a person
to whom disclosure is reasonably necessary or appropriate in connection with the performance by
Executive of his duties as an executive officer of the Company, any material confidential
information obtained by Executive while in the employ of the Company with respect to the businesses
of the Company or any of its subsidiaries, including but not limited to, operations, pricing,
contractual or personnel data, products, discoveries, improvements, trade secrets, license
agreements, marketing information, suppliers, dealers, principles, customers, or methods of
distribution, or any other confidential information the disclosure of which Executive knows, or in
the exercise of reasonable care should know, will be damaging to the Company; provided, however,
that confidential information shall not include any information known generally to the public or to
persons in the industry of which the Company’s business is a part (in each case, other than as a
result of unauthorized disclosure by Executive) or any information otherwise considered by the
Company not to be confidential.
7. Indemnification.
a. The Company shall defend, indemnify and hold harmless Executive if he is made a party, or
threatened to be made a party, to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative, or investigative (a “Proceeding”), because he is or was an
officer or director of the Company or any of its subsidiaries, affiliates, or successors, or
because he is or was serving in a fiduciary capacity with respect to employee benefit plans of the
Company, whether or not the basis of such Proceeding is alleged action in an official capacity or
otherwise, against all Expenses incurred or suffered by him in connection with such Proceeding to
the fullest extent authorized by the General Corporation Law of the State of Delaware and any other
applicable law in effect from time to time, and such indemnification shall continue as to Executive
even if he ceases to be an officer or director or is no longer employed by the Company, and shall
inure to the benefit of Executive’s heirs, executors and administrators.
b. As used in this Agreement, the term “Expenses” shall include, without limitation, damages,
losses, judgments, liabilities, fines, penalties, excise taxes, settlements and reasonable costs,
reasonable attorneys’ fees, reasonable accountants’ fees, and reasonable disbursements and costs of
attachment or similar bonds, investigations, and any reasonable expenses of establishing a right to
indemnification under this Agreement.
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c. Expenses incurred by Executive in connection with any Proceeding shall be paid
by the Company upon presentation of appropriate documentation and a giving by Executive of any
undertakings required by applicable law.
8. Termination.
a. Upon Death. If Executive dies while employed by the Company during the Term, his
estate shall be entitled to receive payment of Base Salary through the last day of the nine (9)
months following the month in which his death occurred, payable over nine (9) months at the
Company’s normal pay periods. If, in respect of the fiscal year in which Executive dies the Board
or a committee thereof determines in its discretion that he would otherwise have been entitled to
receive Incentive Compensation under subparagraph 3(c) by reason of the operations of the Company
during such fiscal year, Executive’s estate shall be entitled to receive a pro rata portion of his
Incentive Compensation for such fiscal year. Such pro rata portion shall equal the product of (x)
the full amount of such Incentive Compensation, and (y) a fraction, the numerator of which is the
number of days in the fiscal year of Executive’s death prior to the date of death, and the
denominator of which is the total number of days in such fiscal year.
b. Termination Upon Disability. The Company may terminate Executive’s employment
hereunder during the Term at the end of any calendar month in the event of his Disability by giving
to Executive written notice of termination. In the event of any such termination pursuant to this
subparagraph 8(b), Executive shall be entitled to receive his Base Salary, payable in accordance
with the Company’s customary payroll policy for it executives, through the last day of the nine (9)
months following the month in which the date of termination occurred. If in respect of the fiscal
year in which Executive’s employment terminates pursuant to this subparagraph 8(b) the Board or a
committee thereof determines in its discretion that he would otherwise have been entitled to
receive Incentive Compensation under subparagraph 3(c) by reason of the operations of the Company
during such fiscal year, Executive shall be entitled to receive a pro rata portion of his Incentive
Compensation for such year. Such pro rata portion shall equal the product of (x) the full amount
of such Incentive Compensation, and (y) a fraction, the numerator of which is the number of days in
the fiscal year of Executive’s termination on account of Disability prior to the date of
termination, and the denominator of which is the total number of days in such fiscal year.
c. Termination for Cause. The Company may terminate Executive’s employment hereunder
at any time during the Term for Cause by giving to Executive written notice of termination that
specifies the reasons for and date of termination, subject to the terms of sub-paragraph 10(a)
hereunder. Upon any such termination for Cause under this subparagraph 8(c), the Company shall pay
to Executive Base Salary through the date of termination, including the benefits provided at
paragraph 3(d), and the Company shall have no further obligations under this Agreement.
d. Termination Without Cause. The Company may terminate Executive’s employment with
the Company at any time during the Term, for any reason and without Cause, by giving him written
notice thirty (30) days prior to the date of termination. Until the effective date of any such
termination, the Company shall continue to pay to Executive the full compensation specified in this
Agreement, including the benefits provided at paragraph 3(d). Following the date of termination,
Executive shall make himself reasonably available to
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members of the Board, the CEO, and other senior managers and officers of the Company to assist in
the transition of responsibilities and information to others and to facilitate the orderly conduct
of business operations. Upon termination, the Company shall have no other financial obligations to
Executive under any compensation or benefit plan, program or policy and Executive’s participation
in the Company’s compensation and benefit plans, programs and policies shall cease as of the date
of Executive’s termination except as set forth herein or as expressly provided under the terms of
any such plans, programs or policies, or as required by applicable law. However, in addition to the
above, if Executive is terminated pursuant to this subparagraph 8(d), the Company shall (i) pay
Executive a severance amount equal to nine (9) months Base Salary over the following nine (9)
months at the Company’s normal pay periods, and (ii) provide Executive coverage under the Company’s
health insurance program, under the same terms as are available to other senior executive officers
of the Company, for a period of nine (9) months, after which Executive would be eligible for COBRA
continuation coverage, or until he has obtained substantially equivalent new coverage, as
determined by the Board or a committee thereof in its discretion, through successor employment,
whichever occurs sooner. If, in respect of the fiscal year in which Executive’s employment
terminates pursuant to this subparagraph 8(d), the Board or a committee thereof determines in its
discretion that he would otherwise have been entitled to receive Incentive Compensation under
subparagraph 3(c) by reason of the operations of the Company during such fiscal year, Executive
shall be entitled to receive a pro rata portion of his Incentive Compensation for such year. Such
pro rata portion shall equal the product of (x) the full amount of such Incentive Compensation, and
(y) a fraction, the numerator of which is the number of days in the fiscal year of Executive’s
termination without Cause prior to the date of termination, and the denominator of which is the
total number of days in such fiscal year.
e. Resignation for Other than Good Reason. Executive may voluntarily terminate his
employment with the Company during the Term for any reason upon at least thirty (30) days prior
written notice, which specifies the effective date of termination. Until the effective date of
such termination, the Company shall continue to pay him the full compensation specified in this
Agreement, including the benefits provided at paragraph 3(d), provided he continues to perform his
duties during this period. Thereafter, the Company shall have no further obligations to him under
this Agreement. This subparagraph 8(e) shall not apply to Executive’s resignation for Good Reason
pursuant to paragraph 9 hereof.
f. No Mitigation. The parties hereto acknowledge and agree that, in the event
Executive’s employment with the Company is terminated pursuant to this paragraph 8, he shall not be
required to mitigate his damages by affirmatively seeking other employment. Further, except as
provided in subparagraph 8(d)(ii) above, the amount of any payment or benefit provided for in this
Agreement shall not be reduced by any compensation earned by him or benefit provided to him as the
result of employment by another employer or otherwise.
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g. Non-Competition. For a period of 1) twelve (12) months after resignation for other
than for Good Reason or 2) six (6) months after termination of employment with the Company for any
other reason, Executive shall not, as an individual, principal, agent, employee, consultant or
otherwise, directly or indirectly, or with respect to any company or entity with which the Company
has concluded partnership, licensing, joint research and development or other similar business
agreements during his employment with the Company, render any services to any firm or company or
any division or subsidiary of any firm or company, engaged in the development or commercialization
of compounds, analogs or derivatives of those compounds that (a) are of a similar type, that is,
small molecules, (for example, but not limited to, small peptidomimetic molecules), (b) have more
than one mechanism of action and cellular pathway in common with; and (c) are within the same field
(i.e. oncology or inflammation) as, those being developed and or commercialized by
the Company during the Term (“Competing Company”). In addition, for an additional period of six
(6) months after the six-month period set forth above and subject to Section 6 hereof, Executive
only may provide services to such a Competing Company if Executive does not work on, or furnish
confidential information regarding, any matter related to such compounds defined above. Moreover,
for a period of [twelve (12)] months after the termination of Executive’s employment with the
Company, Executive shall not take any action, without the prior written consent of the Company, to
assist Executive’s successor employer or any other entity in recruiting or hiring any other
employee who was an employee of the Company during Executive’s employment. This prohibition
includes (i) identifying to such successor employer or its agents or such other entity, the person
or persons who have special knowledge concerning the Company or its inventions, processes, methods
or confidential affairs, and (ii) commenting to Executive’s successor employer or its agents or
such other entity about the quantity or work, quality of work, special knowledge or personal
characteristics of any person who is still employed by the Company. Executive also agrees that he
will not provide such information to a prospective employer or to an executive search firm during
interviews preceding possible employment.
h. Non-Disparagement. During the Term and thereafter, Executive shall not communicate
negatively about or otherwise disparage the Company or its products or each and any of the released
parties described in subparagraph 8(i) in any way whatsoever except as may be required for truthful
sworn testimony or in connection with a legal or administrative proceeding, report, claim or
dispute. The Company, acting in its official capacity, shall not make any public false, disparaging
or derogatory statements in connection with or concerning Executive’s service to the Company except
as may be required for truthful sworn testimony or in connection with a legal or administrative
proceeding, report, claim or dispute. After termination, in the event Executive materially breaches
any of the conditions set forth herein or in any other paragraph of this Agreement, the Company may
discontinue the provision of any payment or benefits to him under this Agreement, and in such event
he shall forfeit his entitlement to any further termination payments or benefits under this
Agreement. After termination, in the event the Company materially breaches any of the conditions
set forth herein or in any other paragraph of this Agreement, the Executive may pursue any remedies
available to him at law.
i. Release. In consideration of Executive’s receipt of severance benefits subject to
and in accordance with subparagraphs 8(b) and (d) and paragraph 9 of this Agreement, Executive
agrees that, upon his first receipt and acceptance of any such benefits, he shall have released and
forever discharged the Company, its subsidiaries and affiliates, successors and assigns,
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predecessors and all of their respective officers, directors, employees and agents and
employee benefits plans from all claims, demands, liabilities and causes of action arising out of
facts or occurrences arising or occurring at any time up to and including the time of Executive’s
termination or resignation, whether known or unknown, and the parties hereto contemplate that this
release shall be broadly construed.
9. Resignation for Good Reason.
If Executive has Good Reason during the Term, Executive may resign at any time during the Term by
providing at least thirty (30) days prior written notice to the Company that specifies the reason
for, and the effective date of, his resignation. If Executive resigns during the Term for Good
Reason, such resignation shall be deemed a Termination without Cause under subparagraph 8(d) hereof
and Executive shall receive the compensation and benefits provided under subparagraph 8(d) hereof
as if he had been terminated without Cause.
10. Definitions.
a. “Cause” shall mean Executive’s (i) habitual drunkenness or drug addiction, (ii) material
failure to perform and discharge his duties and responsibilities hereunder, (iii) misconduct that
is materially and significantly injurious to the Company, (iv) conviction of a felony involving the
personal dishonesty of Executive or moral turpitude, (v) conviction of any crime or offense
involving the property of the Company or (vi) material breach of Executive’s obligations under this
Agreement. Provided, however, with regard to a.(ii) and a.(vi.) above, the parties exclude for this
purpose an action not taken in bad faith that is remedied by Executive promptly upon receipt of
written notice thereof given to the Company.
b. “Disability” shall mean the Executive’s incapacity due to physical or mental illness which
prevents the proper performance of Executive’s duties as set forth herein or established pursuant
hereto for ninety (90) days in any twelve (12) month period of the Term. A qualified independent
physician mutually selected by the Company and the Executive shall determine any questions as to
the existence or extent of illness or incapacity of Executive, upon which the Company and Executive
cannot agree. The determination of such physician certified in writing to the Company and to the
Executive shall be final and conclusive for all purposes of this Agreement. For purposes of the
disability provisions of this Agreement, if the Executive is unable to act on his own behalf due to
incapacity, any person legally authorized to do so may act on the Executive’s behalf.
c. “Good Reason” shall mean the occurrence of any of the following events during the Term:
(A) the assignment to Executive of any duties inconsistent in any material respect with Executive’s
position, authority, duties or responsibilities as of the commencement of the Term or any other
action by the Company which results in a diminution in any material respect in such position,
duties or responsibilities, excluding for this purpose an isolated and inadvertent action not taken
in bad faith that is remedied by the Company promptly after receipt of written notice thereof given
by Executive; (B) a reduction by the Company in Executive’s annual Base Salary as in effect on the
date hereof or subsequently in effect hereunder, except as agreed to by Executive, unless such
change was applicable to all senior executives of the Company; (C) the failure by the Company to
continue to provide Executive with benefits substantially similar to
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those enjoyed by him under any of the Company’s pension, life insurance, medical, health and
accident, disability or other welfare plans in which he was participating as of the commencement of
the Term or subsequently in effect hereunder, unless such change was applicable to all senior
executives of the Company; (D) the failure by the Company to pay to Executive any deferred
compensation when due under any deferred compensation plan or agreement applicable to him; (E) the
failure by the Company to honor in any material respect the terms and provisions of this Agreement;
or (G) a requirement by the Company that Executive conduct his duties and responsibilities from a
permanent location more than fifty (50) miles from the place of employment, as defined in paragraph
2 herein.
11. Miscellaneous.
a. Assignments and Binding Effect. The respective rights and obligations of the
parties under this Agreement shall be binding upon the parties hereto and their heirs, executors,
administrators, successors, and assigns, including, in the case of the Company, any other
corporation or entity with which the Company may be merged or otherwise combined and, in the case
of Executive, his estate or other legal representatives.
b. No Assignment of Benefits. Except as otherwise provided herein or by applicable
law, no right or interest of the Executive under this Agreement shall be assignable or
transferable, in whole or in part, either directly or by the operation of law or otherwise,
including without limitation execution, levy, garnishment, attachment, pledge or in any manner; no
attempted transfer thereof shall be effective.
c. Governing Law. This Agreement shall be governed as to its validity, interpretation
and effect by the laws of the State of Maryland, without reference to its conflict of laws
provisions.
d. Severability. In the event that any provision or portion of this Agreement shall
be determined to be invalid, illegal, or unenforceable for any reason, the remaining provisions and
portions of this Agreement shall remain in full force and effect to the fullest extent permitted by
law. Such invalid, illegal or unenforceable provision(s) shall be deemed modified to the extent
necessary to make it (them) valid, legal, and enforceable.
e. Withholding. All amounts payable hereunder shall be paid net of any applicable
withholding required under federal, state or local laws and any additional withholding to which
Executive has agreed.
f. Entire Agreement; Amendments. This Agreement constitutes the entire Agreement and
understanding of the Company and Executive with respect to the terms of Executive’s employment with
the Company and supersedes all prior discussions, understandings and agreements with respect
thereto.
g. Captions. All captions and headings used herein are for convenient reference only
and do not form part of this Agreement.
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h. Waiver. No provision of this Agreement may be modified, waived or discharged
unless such modification, waiver or discharge is agreed to in writing and signed by the Executive
and the Board or its delegate. The failure of the Company or the Executive to insist upon
strict compliance with the terms of this Agreement or the failure of the Company or the Executive
to assert any right the Company or the Executive may have hereunder shall not be deemed a waiver of
such provision or right or any other provision of this Agreement.
f. Notice. Any notice or communication required or permitted under this Agreement
shall be made in writing and shall be delivered by hand, or mailed by registered or certified mail,
return receipt requested, first call postage prepaid, addressed as follows:
If to Executive:
Xxxxxxx X. Xxxx, Ph.D.
c/o EntreMed, Inc.
0000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxx 00000
c/o EntreMed, Inc.
0000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxxxx, Xxxxxxxx 00000
If to the Company:
EntreMed, Inc.
0000 Xxxxxxx Xxxxxx Xxxx
Xxxxxxxxx, Xxxxxxxx 00000
Attn.: Chief Executive Officer
0000 Xxxxxxx Xxxxxx Xxxx
Xxxxxxxxx, Xxxxxxxx 00000
Attn.: Chief Executive Officer
g. Counterparts. This Agreement may be executed in counterparts, each of which shall
constitute one and the same agreement.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement effective as of October
16, 2007.
Xxxxxxx X. Xxxx, PhD | ||||
Executive | ||||
ENTREMED, INC. |
||||
By: | ||||
Xxxxx X. Xxxxx | ||||
President and Chief Executive Officer | ||||
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