Filed by Bowne Pure Compliance



 




Exhibit 10.1














	 	 	 	 	 
	Northwest

	 	t (425) 608-3008
	 	www.nwbio.com
	Biotherapeutics, Inc.

	 	(800)-519-0755
	 	OTCBB: NWBO
	 

	 	f (425) 608-3009	 	 
	18701 120th Avenue NE
	 	 	 	 
	Suite 101
	 	 	 	 
	Bothell, WA 98011
	 	 	 	 











September 14, 2007




Dear Mr. Deasey:



The Board of Directors proposes to enter into an employment agreement effective October 1, 2007
with you for four years of service in the senior management of the Company, with the following key
terms:




	 	•	 	Title: Chief Financial Officer and Senior Vice President of Finance
	 
	 	•	 	Board of Directors seat: Effective October 1, pending BOD approval
	 
	 	•	 	Term: 4 years
	 
	 	•	 	Annual Salary: $275,000 (subject to potential increases based on annual review
by the Compensation Committee of the Board of Directors)
	 
	 	•	 	Location of Employment: Bethesda, MD
	 
	 	•	 	Bonuses: To be determined in the Board’s discretion for extraordinary and
unanticipated accomplishments.
	 
	 	•	 	Equity: Sufficient options to result in your holding 1.0% of the stock of the
Company, on a fully diluted basis (i.e., including all of the shares issuable under options
and warrants outstanding or reserved in the employee pool) immediately after Admission of
the AIM Placing Shares for trading. (The number of options is thus anticipated to be
approximately 769,208.) Vesting shall occur over a 4-year period as defined in the Stock
Option Grant Notice, with 25% vesting on the first anniversary of your full time employment
and the remaining 75% vesting monthly over the 36 months following the first anniversary.
	 
	 	•	 	Change in Control: For purposes of this agreement Change in Control shall mean
the merger or acquisition of the Company by another entity in whole or in part so as to
hold majority ownership of the Company. Upon such an event if it should occur in the first
year of employment which would be prior to vesting of the first 25% of options, this first
year vesting of 25% of options shall be accelerated and vested.
	 
	 	•	 	Termination: Employment will be at will. The Company may terminate your
employment with no notice “For Cause” or with 90 days notice “Without Cause.” “Cause” is
defined as, but not limited to, malfeasance, material non-performance or materially
inadequate performance of your duties following written notice or other communication
from the Board of such non-performance or inadequate performance and a reasonable period of
time to cure it one time.




 


 









 






	 	•	 	Notice of resignation: If you resign, you will give at least 60 days advance
notice if resignation is prior to October 1, 2009, and 30 days after October 1, 2009.
During the 60 or 30 days prior to departure, you will devote best efforts, in good faith,
to the Company’s business and any personnel transition. Failure to give the 60 or 30 days
notice will result in clawback of any bonuses paid to you and option vesting that occurred
in the 6 months prior to the resignation announcement.
	 
	 	•	 	Effect of termination or resignation on options: Vesting of your stock
options will cease upon the termination of your employment or resignation.






	 	•	 	If your employment is terminated For Cause, options which are already
vested as of the date of termination shall expire one business day after such
termination.
	 
	 	•	 	If your employment is terminated Without Cause, options will vest until the last
day of your employment and will be exercisable for up to 120 days following your
termination Without Cause, so long as you execute a separation and release
agreement reasonably acceptable to the Company.
	 
	 	•	 	If you resign or your 4 year contract expires, the vesting of your
options will cease on the last day of your employment. If your resignation
complies with the 60 — or 30-day notice, best efforts and good faith requirements
above, your options will be exercisable for 60 days following the last day of your
employment so long as you do not work for or with a Competing Company (as defined
below) in any capacity (employee, director, adviser, collaborator, etc.) during the
one year following the termination of your employment. The term “Competing
Company” means a business that is developing immunotherapies for cancer. If your
resignation does not comply with the notice, best efforts and good faith
requirements above, your options will expire one business day after your
resignation.






	 	•	 	Outside activities: During the term of this Agreement, you shall not engage in
any outside business activities except with express prior approval of the Board. It is
recognized that you have limited transitional activities with your former employer and the
Company acknowledges that these transitional activities are not in conflict with this
specific clause.
	 
	 	•	 	Non-competition: You agree not to work for or with any Competing Company (as
defined above) for 1 year after resignation, termination for cause or expiration of your
employment with the Company. You must execute a non-competition agreement with the Company
providing for this arrangement.
	 
	 	•	 	Assignment of inventions; confidentiality: All inventions conceived or
developed by you during your employment by the Company must be assigned to the Company.
You must also execute the Company’s standard invention assignment agreement and a limited
power of attorney enabling the Company to make filings and take actions necessary to
implement your assignments of inventions. You must also execute the standard
confidentiality agreement.




 


 









 






	 	•	 	Vacation and sick leave: 4 weeks of vacation, no carryover (use it or lose it)
except in special circumstances with prior Board approval and then only up to 2 weeks; 2
weeks of sick leave, to be used only for sickness and medical appointments for yourself or
family members.





The Board hopes that you will find these terms agreeable. If so, please indicate your acceptance
by countersigning below. We look forward to your continued important role in the Company for the
next several years.



Sincerely,




	 	 	 
	NWBT BOARD OF DIRECTORS

	 	I have read and accept this employment offer:
	By:

	 	By:
	 
	 	 
	 
	 	 
	 

	 	 
	Name: Alton L. Boynton

	 	Name:
	Title: President & CEO
	 	 
	Date: September 14, 2007

	 	Date: