ContractExecutive Employment Agreement • June 6th, 2005 • Vaxgen Inc • Pharmaceutical preparations • California
EXECUTIVE EMPLOYMENT AGREEMENT JAMES M. CUNHA This EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is entered into by and between James M. Cunha (hereinafter “Executive”) and VaxGen, Inc. (hereinafter “VaxGen” or the “Company”), as of the date that it has been signed by both parties (the “Effective Date”). In consideration of the mutual promises made herein, VaxGen and Executive agree as follows: 1. EMPLOYMENT BY THE COMPANY. VaxGen hereby employs Executive, and Executive hereby accepts employment with VaxGen upon the terms and conditions set forth in this Agreement, as of the Effective Date. On the Effective Date, Executive will be employed as the Company’s Chief Financial Officer (“CFO”) and Executive will cease serving as Interim Chief Financial Officer. 2. WORK RESPONSIBILITIES. As CFO, Executive shall perform the functions and responsibilities provided for that position in the Company’s by-laws and articles of incorporation, customarily associated with that position, and as may
ContractVaxgen Inc • June 6th, 2005 • Pharmaceutical preparations
[VaxGen Letterhead] June 3, 2005 VIA HAND DELIVERY James M. Cunha VaxGen, Inc. 1000 Marina Boulevard, Suite 200 Brisbane, CA 94005-1835 Dear Jim: This letter sets forth the substance of the separation agreement (the “Agreement”) that VaxGen, Inc. (the “Company”) is offering to you to aid in your employment transition. 1. Resignation Date. You hereby resign as Chief Financial Officer of the Company and from any other office or position you may hold with the Company or any subsidiary or affiliated entity, effective as of June 3, 2005 (the “Resignation Date”), and the Company hereby accepts those resignations; provided, however, that you will be retained by the Company after the Resignation Date as a consultant as set forth in Paragraph 7 of this Agreement. 2. Accrued Salary and Paid Time Off. On the Resignation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Resignation Date, subject to standard payroll deductions and withholdi
