Exhibit
10.48


Ajay Bansal


 


 


 


January 28, 2003


 


Dear Ajay,


 


I am pleased and excited to offer you the position of
Chief Financial Officer at Nektar Therapeutics, reporting to me.  Your targeted compensation will be
$368,000.00 on an annual basis.  Of this
amount, your fixed compensation will be $276,000.00 and your target variable
compensation at 25% will be $92,000.00 per year.


 


In addition, you will receive a sign-on bonus of
$100,000.00, which will be paid to you in your first paycheck.  This amount will be subject to payroll
withholding and deductions.  If your
employment terminates other than “without cause” by Nektar or if you resign
before your first anniversary, you agree to reimburse Nektar for the full
amount of this sign-on bonus.


 


You are also eligible to participate in the Nektar
Stock Option Plan.  Subject to the
approval of the Option Grant Subcommittee, you will be granted an option to
purchase 70,000 shares in accordance with this plan.  In addition, you will also be granted Supplemental Options in the
amount of 20,000 shares, the purpose of which is to offset the forfeiture of
the sign on bonus to your current employer. 
The price of the shares from the Stock Option Plan and the Supplemental
Options will be set at the closing price of Nektar’s stock on the day preceding
your date of hire.  You will also be
eligible to participate in Nektar’s benefits program including Medical, Dental
and Vision Insurance, Term Life Insurance, 401(k), Flexible Health Spending
Account and Short & Long Term Disability.


 


Nektar will provide you with the following relocation
items:


 


•                  Partial shipment of your household goods from Berkeley
Heights, NJ to the SF Bay Area upon your employment with Nektar.


•                  Shipment of the remainder of your
household goods from Berkeley Heights, NJ to the SF Bay Area upon your final
move.


•                  Temporary housing and storage of your
household goods for you and your family up to 60 days  (The cost of this housing is taxable to you and will be included
in your total W-2 income)


•                  Travel for you and your family to the SF
Bay Area


•                  Use of a rental car for up to 2 weeks or
until your car arrives


•                  2 trips a month to New Jersey up through
December, 2003


•                  3 Family house-hunting trips from New
Jersey to Northern California.


 


 


 

















 


 


•                  Provide normal and customary closing
costs on the sale of your home in, Berkeley Heights, NJ.  Those items considered not deductible for
income tax purposes will be “grossed up” and added to those costs considered
deductible.  (That portion is subject to
withholding.) We estimate these closing costs to be $39,000.00.  We will provide you an amount up to 6% of
the sale price.


 


•                  Provide normal and customary closing
costs, loan discount points not to exceed 1%, on the purchase of a home in the
Bay Area.  Those items considered not
deductible for income tax purposes will be “grossed up” and added to those
costs considered deductible.  (That
portion is subject to withholding.)   
We estimate these costs to be $33,000.00.  We will provide you an amount up to 3% of the purchase price.


 


In the event that you
should voluntarily terminate your employment with Nektar or be terminated other
than “without cause” by Nektar within one (1) year after these closing costs
have been reimbursed, you agree to repay pro-rated relocation dollars prorated
monthly over a 12 month period. (Including all expenses and closing costs that
were directly billed to Nektar). (See attached Relocation Policy).


 


Nektar will also provide
you with the following mortgage or rent differential:


 


•                  1st year: $35,000.00 (paid
over 24 pay periods and subject to withholding)


•                  2nd year: $27,000.00 (paid over 24 pay periods and subject
to withholding)


•                  3rd year: $20,000.00 (paid over 24 pay periods and subject
to withholding)


 


Ajay, we are delighted to
offer you an opportunity to be part of Nektar. 
As a key member of the Senior Management team, we expect you will play
an important role in building our company. 
In a rapidly growing company like Nektar, quality and committed people
like you are the major ingredients of success.


 


Your employment is by continued mutual agreement and
may be terminated without cause by either you or the company at any time
without any obligation or compensation by either party.


 


In compliance with the terms of the Federal
Immigration Reform and Control Act, you will be required to provide us with
proof of authorization to work and proof of identity.


 


This offer is valid
through February 6, 2003.


 


 


Sincerely,


 


	
  /s/ Ajit Gill

  
	
   

  
	
  Ajit Gill

  
	
  President & CEO

  



 


 


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  OFFER ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Ajay Bansal

  	
   

  	
  2/2/03

  
	
  Ajay Bansal

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
    To be
  determined (but before or on 4/1/03)

  	
   

  	
   

  
	
  Start Date

  	
   

  	
   

  



 


 


 


 


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