Exhibit 10.121
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT, dated as of November 1, 2000, is by and between XXXXX X. XXXXX (the "Employee") and
MEDIMMUNE, INC., a Delaware corporation (the "Company") and supercedes the Employment Agreement between them dated as of November 1,
1998.
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 the second anniversary of such date. 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 24 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 24 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. 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 Change in Control. In the event of a Change in Control during the Employment Period, all options
held by the Employee to purchase shares of the Company's stock that are not then vested and exercisable shall become immediately and
fully vested and exercisable as of the effective date of the Change in Control.
(b) 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,
which shall be 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
72 (i.e., that would have been payable on a semi-monthly basis during the 36 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 36 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 36 months from the date of the Employee's termination of employment, 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. In addition, upon any such Termination Without Cause or for Good Reason that occurs within
six months following the effective date of a Change in Control, the Employee shall retain the right to exercise any options to
purchase shares of the Company's stock until the earlier of (a) 36 months following the date of such termination or (b) the
expiration of the original full term of each such option.
(c) 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.
(d) 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(b) 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 thereof including, without limitation, that certain employment agreement between the parties dated as of April 1, 1997. 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/ Xxxxx X. Xxxxx By: /s/ Xxxxx X. Xxxx
Xxxxx X. Xxxxx Xxxxx X. Xxxx
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