Document:

Dendreon Corporation Incentive Plan

 Exhibit 10.31 
  
 DENDREON CORPORATION INCENTIVE PLAN 
  
 SECTION 1. 
  
 BACKGROUND, PURPOSE AND DURATION 
  

	1.1.	Effective Date. The Plan is effective as of January 1, 2005 (the “Effective Date”). 

  

	1.2.	Purpose of the Plan. The Plan is designed to motivate employees to achieve the Company’s primary annual objectives by providing the opportunity for incentive
compensation in addition to annual salaries. The terms of the Plan, as set forth herein, shall apply to awards granted under the Plan on and after the Effective Date. 

  
 SECTION 2. 
  
 DEFINITIONS 
  
 The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 
  

	2.1.	“Actual Award” means as to any Performance Period, the actual award of incentive compensation (if any) payable to a Participant for the Performance Period. Each
Actual Award is determined by the Payout Formula for the Performance Period, subject to the Committee’s authority under Section 4.6 to increase, reduce or eliminate the award determined by the Payout Formula. 

  

	2.2.	“Affiliate” means any corporation that is a “parent corporation” or “subsidiary corporation” of the Company, as those terms are defined in
Sections 424(e) and (f) of the Code, or any successor provision, and any joint venture in which the Company or any such “parent corporation” or “subsidiary corporation” owns a controlling equity interest.

  

	2.3.	“Board” means the Board of Directors of the Company. 

  

	2.4.	“Code” means the Internal Revenue Code of 1986, as amended. 

  

	2.5.	“Committee” means the Compensation Committee of the Board or its delegate as set forth in Section 3.4 hereof. 

  

	2.6.	“Company” means Dendreon Corporation, a Delaware corporation. 

  

	2.7.	“Employee” means any employee of the Company or of an Affiliate, whether such employee is so employed at the time the Plan is adopted or becomes so employed
subsequent to the adoption of the Plan. 

  

	2.8.	“Fiscal Year” means the fiscal year of the Company. 

  

	2.9.	“Participant” means as to any Performance Period, an Employee who has been selected by the Committee for participation in the Plan for that Performance Period.

	2.10.	“Payout Formula” means as to any Performance Period, the formula or payout matrix established by the Committee pursuant to Section 4.4 in order to determine the
Actual Awards (if any) to be paid to Participants. The formula or matrix may differ from Participant to Participant. 

  

	2.11.	“Performance Period” means generally, the Fiscal Year. However, the Committee may, at its discretion, designate a shorter period. 

  

	2.12.	“Plan” means the Dendreon Corporation Incentive Plan, as set forth herein and as hereafter amended from time to time. 

  

	2.13.	“Salary” of a Participant for a Performance Period, means the Participant’s eligible earnings during such period, determined in accordance with the
Company’s normal payroll practices: 

  

	 	a.	including: 

  

	 	i.	base salary at the beginning of the Fiscal Year; 

  

	 	ii.	the amount of any reduction in Salary to which a Participant has agreed as part of any plan of the Company to use the amount of such reduction to purchase benefits under a cafeteria
plan under Code Section 125, a transportation fringe benefit plan under Code Section 132(f), or in connection with any qualified cash or deferred arrangement under Code Section 401(k); and 

  

	 	iii.	if applicable, sick pay, vacation pay and paid time off; but 

  

	 	b.	excluding: (i) overtime and, if applicable, pay attributable to shift differentials, (ii) any discretionary bonuses (such as hiring bonuses); (iii) workers compensation payments;
(iv) short-term disability benefit payments from a third party; (v) long-term disability benefit payments; (vi) other payments made by a third party; (vii) service awards; (viii) tuition reimbursements; (ix) relocation allowances; (x) severance
payments; (xi) any one-time payment, or other payment not directly related to base salary (such as referral bonuses, incentive payments for a current Performance Period or prior Performance Period and other similar payments); (xii) payments of
deferred compensation, whether qualified or nonqualified; (xiii) payments made to the Participant under the Company’s salary continuance plan for absence due to illness, injury, or approved medical leave of absence; and (xiv) expatriate
allowances. 

  

	2.14.	“Target Award” means the target award payable under the Plan to a Participant for the Performance Period, expressed as a percentage of his or her Salary or a
specific dollar amount, as determined by the Committee in accordance with Section 4.2 hereof. 

  

	2.15.	“Termination of Employment” means a cessation of the employee-employer relationship between an Employee and the Company or an Affiliate for any reason, including,
but not limited to, a termination by resignation, discharge, death, disability, retirement, or the cessation of Affiliate status, whether through sale, decrease in equity ownership or otherwise. 

  

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 SECTION 3. 
  
 ADMINISTRATION 
  

	3.1.	Committee is the Administrator. The Plan shall be administered by the Compensation Committee of the Board (the “Committee”). The Committee shall consist of
not less than two (2) members of the Board. The members of the Committee shall be appointed from time to time by the Board. 

  

	3.2.	Committee Authority. It shall be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers
and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (a) determine which Employees shall be Participants, (b) prescribe the terms and conditions of awards, (c)
interpret the Plan and the awards, (d) adopt such procedures and subplans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed outside of the United States, (e) adopt rules for the
administration, interpretation and application of the Plan as are consistent therewith, and (f) interpret, amend or revoke any such rules. 

  

	3.3.	Decisions Binding. All determinations and decisions made by the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan shall be
final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 

  

	3.4.	Delegation of Authority. The Committee, in the exercise of its sole discretion, may delegate all or any part of its authority and powers under the Plan to other Board
members or Dendreon employees on such terms and conditions as the Committee may provide, provided that no delegation of authority may be made with respect to any employee who is required to report pursuant to Section 16(a) of the Securities Exchange
Act of 1934 or with respect to any officer of the Company that is a Vice President or more senior officer. Unless the Committee determines otherwise, the Committee shall be treated as having delegated its authority to the Company’s Chief
Executive Officer (“CEO”) to the fullest extent permitted hereunder. The CEO may make such determinations and take such actions within the scope of such delegation as the CEO deems necessary. In his or her sole discretion, the CEO may
delegate all or part of the CEO’s authority and powers under the Plan to one or more directors, officers, or other employees of the Company on such terms and conditions as he or she may provide. 

  

	3.5	Indemnification. To the full extent permitted by law, each member and former member of the Committee and each person to whom the Committee or the CEO delegates or has
delegated authority under this Plan shall be entitled to indemnification by the Company against and from any loss, liability, judgment, damages, cost and reasonable expense incurred by such member, former member or other person by reason of any
action taken, failure to act or determination made in good faith under or with respect to this Plan. 

  

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 SECTION 4. 
  
 SELECTION OF PARTICIPANTS AND DETERMINATION OF AWARDS 
  

	4.1.	Selection of Participants. The Committee, in its sole discretion, shall select the Employees who shall be Participants for any Performance Period based upon the
recommendation of appropriate management. In addition, the Committee, in its sole discretion, shall determine whether Employees who are hired after the commencement of a Performance Period shall participate in the Plan for that Performance Period.
Participation in the Plan is in the sole discretion of the Committee, and on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or assured of being
selected for participation in any subsequent Performance Period. 

  

	4.2.	Determination of Target Awards. The Committee, in its sole discretion, shall establish a Target Award for each Participant, which shall be set forth in writing. The
amount of each Participant’s Target Award shall be determined by the Committee in its sole discretion, based upon the Participant’s level of responsibility within the Company or such other objective criteria as the Committee may determine
is appropriate. 

  

	4.3.	Determination of Performance Goals. The Committee, in its sole discretion, shall approve the Performance Goals for each Participant for the Performance Period. Such
Performance Goals shall be set forth in writing. “Performance Goals” means, as to each Participant, a combination of Corporate Goals as determined by the Board to be applicable to the Participants for a Target Award for a Performance
Period, and Unit/Individual Performance Category goal(s) determined by the Committee (in its sole discretion). The Performance Goals may differ from award to award. 

  
 Minimum threshold(s) may be set by the Committee for any or all of the Performance Categories (as defined in Section 4.4)
for a Participant, below which no Actual Awards may be payable to the Participant. 
  
 A Participant may be assigned multiple Performance Goals in the same Performance Category. In such cases the Performance Goals shall be given a percentage weight that is dependent on the assessment of the importance
of the Performance Objective and the sum of the percentage weights in a Performance Category shall equal 100%. 
  

	4.4.	Determination of Payout Formula or Formulas. The Committee, in its sole discretion, shall establish a Payout Formula or Formulas for purposes of determining the Actual
Award (if any) payable to each Participant. Each Payout Formula shall (a) be in writing, (b) be based on a combination of Performance Categories (as defined below) designated for the Participant, (c) be based on a comparison of actual performance to
the Performance Goals, (d) provide for the payment of a Participant’s Target Award if the Performance Goals for the Performance Period are achieved, and (e) provide for an Actual Award greater than or less than the Participant’s Target
Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals. 

  
 Each Participant’s entitlement to an Actual Award will be based on one or more of the percentage-weighted combination(s) of the performance of the
Company as a whole 
  

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 (“Corporate Goals”), the Participant’s Unit (e.g., business unit, division, work group,
department, country, geography, etc.) and/or the Participant’s individual performance (“Unit/Individual Performance”) (each defined as a “Performance Category”). The Committee shall designate for each Participant in the Plan
a combination of Performance Categories based upon the level of impact and responsibility the Participant’s job has on corporate, sector and/or business unit specific financial results and/or individual performance. The Participant’s
Payout Formula shall include one or a combination of the foregoing Performance Categories. For instance, the Payout Formula for Participant A may contain only Corporate Goals, in which case the Participant’s Payout Formula would be based solely
on attainment of Corporate Goals. Likewise, the Payout Formula for Participant B may contain both Corporate Goals and Performance Goals in the Unit/Individual Performance Category, in which case the Participant’s Payout Formula would be based
on attainment of both Corporate Goals and Unit/Individual Performance goals. 
  

	4.5.	Date for Determinations. The Committee shall make all determinations under Section 4.1 through 4.4 on or before the 90th day of each Performance Period, but in no
event after 25% of the applicable Performance Period has elapsed. 

  

	4.6.	Determination of Actual Awards. After the end of each Performance Period, the Committee shall certify in writing the extent to which the Performance Goals applicable
to each Participant for the Performance Period were achieved or exceeded. The Actual Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance that has been certified by the Committee.
Notwithstanding any contrary provision of the Plan, the Committee, in its sole discretion, may (a) eliminate or reduce the Actual Award payable to any Participant below that which otherwise would be payable under the Payout Formula, (b) increase the
Actual Award payable to any Participant above that which otherwise would be payable under the Payout Formula, and (c) as further set forth in Section 5.4 below, determine whether or not a Participant will receive an Actual Award in the event the
Participant incurs a Termination of Employment prior to the date the Actual Award is to be paid pursuant to Section 5.2 below. 

  

	4.7	Determination of Total Bonus Pool. The aggregate amount of Actual Awards available in each Performance Period for all Participants shall be equal to the Company’s
achievement of the Corporate Goals, expressed as a percentage, as determined by the Committee, multiplied by the aggregate amount of Target Awards for all Participants during such Performance Period. 

  
 SECTION 5. 
  
 PAYMENT OF AWARDS 
  

	5.1.	Right to Receive Payment. The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment
of any amounts under the Plan, and rights to the payment hereunder shall be no greater than the rights of the Company’s unsecured creditors. All expenses involved in administering the Plan shall be borne by the Company.

  

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	5.2.	Timing of Payment. A Participant’s Actual Award for a Performance Period shall be paid to him or her within 75 days following the close of the Performance Period.

  

	5.3.	Form of Payment. Payment of an Actual Award shall be in cash in the form of a lump sum. 

  

	5.4.	Termination of Employment During Performance Period. Except as otherwise provided in written agreements with the Company, a Participant shall not be entitled to any
Actual Award for a Performance Period if the Participant has a Termination of Employment during the Performance Period or during the period between the end of the Performance Period and the date on which the Actual Award is otherwise payable to the
Participant, unless otherwise determined solely at the discretion of the Committee. No such Actual Award may exceed a pro rata portion of the Actual Award for which the Participant otherwise would have been eligible, determined at the end of the
applicable Performance Period based upon the portion of the Performance Period the Participant was employed by the Company or Affiliate. 

  
 SECTION 6. 
  
 GENERAL PROVISIONS 
  

	6.1.	Tax Withholding. The Company or an Affiliate shall have the right to deduct from any payment made under the Plan any federal, state, local or non-U.S. income, payroll
or other taxes required by law to be withheld with respect to such payment. 

  

	6.2.	No Effect on Employment. Neither the Plan nor any action taken hereunder shall be construed as giving any employee or other person any right to continue to be employed
by or perform services for the Company or any Affiliate of the Company, and the right to terminate the employment of or performance of services by any Participant at any time and for any reason is specifically reserved to the Company and its
Affiliates. 

  

	6.3.	Participation. No Employee shall have the right to be selected to receive an award under this Plan, or, having been so selected, to be selected to receive a future
award. 

  

	6.4.	Release. Any payment of an Actual Award to or for the benefit of a Participant or beneficiary that is made in good faith by the Company in accordance with the
Company’s interpretation of its obligations hereunder, shall be in full satisfaction of all claims against the Company for payments under the Plan. 

  

	6.5.	Notices. Any notice provided by the Company under the Plan may be posted to a Company-designated website. 

  

	6.6.	Benefits Not Transferable. Except as may be approved by the Committee, a Participant’s rights and interest under the Plan may not be assigned or transferred,
hypothecated or encumbered, in whole or in part, either directly or by operation of law or 

  

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 otherwise including, but not by way of limitation, execution, levy, garnishment, attachment, pledge,
bankruptcy or in any other manner; provided, however, that, subject to applicable law, any amounts payable to any Participant hereunder are subject to reduction to satisfy any liabilities owed to the Company or any of its Affiliates by the
Participant. 
  

	6.7.	Successors. All obligations of the Company and any Affiliate under the Plan, with respect to awards granted hereunder, shall be binding on any successor to the Company
and/or such Affiliate, whether the existence of such successor is the result of a direct or indirect purchase, merger or consolidation of all or substantially all of the business or assets of the Company or such Affiliate, or otherwise.

  

	6.8.	Actions and Decision Regarding the Business or Operations of the Company. Notwithstanding anything in the Plan to the contrary, none of the Company, its officers,
directors, employees or agents shall have any liability to any Participant (or his or her beneficiaries or heirs) under the Plan or otherwise on account of any action taken, or not taken, in good faith by any of the foregoing persons with respect to
the business or operations of the Company or any Affiliates. 

  
 SECTION 7. 
  
 AMENDMENT, TERMINATION AND DURATION 
  

	7.1.	Plan Amendment or Suspension. The Plan may be amended or suspended in whole or in part at any time and from time to time by the Board. 

  

	7.2.	Plan Termination. This Plan shall terminate upon the adoption of a resolution of the Board terminating the Plan. 

  

	7.3.	Duration of the Plan. The Plan shall commence on the date specified herein, and subject to Sections 7.1 and 7.2 (regarding the Board’s right to amend or terminate
the Plan, respectively), shall remain in effect thereafter. 

  
 SECTION 8. 
  
 LEGAL
CONSTRUCTION 
  

	8.1.	Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the
singular and the singular shall include the plural. 

  

	8.2.	Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts
of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 

  

	8.3.	Requirements of Law. The granting and payment of awards under the Plan shall be subject to all applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required. 

  

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	8.4.	Governing Law. The validity, construction, interpretation, administration and effect of the Plan, and rights relating to the Plan and to awards granted under the Plan,
shall be governed by the substantive laws, but not the choice of law rules, of the State of Delaware. 

  

 8Employment Agreement by and between Dendreon Corporation and David L. Urdal

 Exhibit 10.32 
  
 DENDREON CORPORATION 
  
 EXECUTIVE EMPLOYMENT AGREEMENT 
  
 (WASHINGTON STATE) 
  
 This Executive Employment Agreement (“Agreement”) is entered into as of the date of the last signature to this Agreement
(“Effective Date”), by and between Dendreon Corporation, a Delaware corporation (the “Company”), and David Urdal (“Employee”). 
  
 The parties agree as follows: 
  
 1. Employment. The Company hereby employs Employee as Senior
Vice President & Chief Scientific Officer, and Employee hereby accepts such employment, upon the terms and conditions set forth in this Agreement. 
  
 2. Duties. 
  
 2.1 Position. Employee shall perform such duties as are customary for the position of Senior Vice President & Chief Scientific Officer
and any additional duties that Mitchell Gold MD may reasonably prescribe from time to time. Employee shall devote Employee’s full business time and efforts to the performance of Employee’s assigned duties for the Company, provided,
however, that Employee may devote reasonable periods of time to (a) serving on the board of directors of other corporations subject to the prior approval of the CEO, and (b) engaging in charitable or community service activities, so long as
none of the foregoing additional activities interfere with Employee’s duties under this Agreement. 
  
 2.2 Work Location. Employee’s principal place of work shall be located in Seattle, Washington, or such other location as the parties
may agree upon from time to time. 
  
 3.
Term. The employment relationship pursuant to this Agreement shall begin on the Effective Date, will be for no specified term, and may be terminated by Employee or the Company at any time, with or without Cause (as defined in Section
6), subject to the provisions regarding termination set forth in Section 6. 
  
 4. Compensation. 
  
 4.1 Base Salary. As compensation for Employee’s performance of his/her duties under this Agreement, the Company shall pay Employee a base salary (“Base Salary”), which shall initially equal Three
Hundred Seventy Five Thousand Dollars ($375,000.00) per year, payable in accordance with the normal payroll practices of the Company, less required deductions for state and federal withholding tax, social security and all other required employment
taxes and payroll deductions. The Base Salary may not be reduced for reasons unrelated to Employee’s performance unless the base salaries of all other employees of the Company at the Vice President level and above are proportionally reduced.

  
 4.2 Incentive Compensation. Within thirty (30)
days after the end of each calendar year, if the Company and Employee meet specified targets agreed upon in advance by 
  

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 the Board, Employee shall be entitled to receive a bonus of up to forty percent (40%) of his/her Base Salary (the
“Annual Bonus”) as determined by the Board of Directors, in its sole discretion. If the Company and Employee do not fully meet such targets, the Company may pay Employee a bonus of such amount as the Board of Directors deems
appropriate in its sole discretion. Before the beginning of a new bonus year, the Board may, in its discretion, reduce the percentage of the Annual Bonus applicable to employees, provided that Employee’s Annual Bonus may be reduced only to the
extent that the percentage annual bonuses of all other employees of the Company at the Vice President level and above are proportionally reduced. 
  
 4.3 Performance and Compensation Review. The Employee’s performance will be reviewed on no less than an annual basis to determine
whether Employee’s salary or other compensation should be modified. 
  
 4.4 Vacation. Employee shall be eligible to earn four (4) calendar weeks of paid vacation in each year of this Agreement. Vacation will accrue at the rate of 6.67 hours per semi-monthly pay period, and
may be carried over from year to year up to a maximum cap of 240 hours. Any accrued unused vacation will be cashed out upon termination of employment at Employee’s then current Base Salary rate. 
  
 4.5 Benefits and Insurance. In addition to the vacation
benefits in Section 4.4 above, Employee shall be entitled to all benefits that the Company may make generally available from time to time to its employees, subject to the terms and conditions of the applicable policy or plan, and provided that
Employee understands that he/she will be designated as a key employee for purposes of any FMLA leave. 
  
 5. Business Expenses. The Company shall pay, or promptly reimburse, Employee for all reasonable, out-of-pocket travel and business expenses
incurred in the performance of Employee’s duties on behalf of Company for which Employee submits the required supporting documentation and otherwise fully complies with the Company’s travel and expense reimbursement policy as in effect
from time to time. 
  
 6. Separation of
Employee’s Employment. 
  
 6.1 Termination for
Cause by Company. The Company may terminate Employee’s employment at any time for Cause. For purposes of this Agreement, “Cause” is defined as: Employee’s continued neglect or failure to perform his/her
duties and responsibilities satisfactorily, after written notice thereof; willful misconduct by Employee with respect to his/her duties and responsibilities under this Agreement; conduct which is materially injurious (monetarily or otherwise) to the
Company, including without limitation, misuse of Company funds or property; unethical business practices or dishonesty related to the Company’s business; any other material breach by Employee of this Agreement or any noncompetition,
nondisclosure and/or invention agreement with the Company; conviction of a felony or misdemeanor involving moral turpitude; or any similar or related act or failure to act by Employee which is materially adversely injurious to the Company. In the
event that Employee’s employment is terminated in accordance with this Section 6.1, Employee shall be entitled to receive, on Employee’s first regular payday following his/her Termination Date, a lump sum payment equal to the following:
(i) Employee’s then current Base Salary, prorated to the date of termination of employment (“Termination Date”), and (ii) any accrued unused vacation as of the Termination Date, all of the foregoing to be less required
withholding. All other Company obligations to Employee, including but not limited to any bonus as described in Section 4.2 and Severance (as defined in Section 6.2), and excepting the Company’s obligations in Section 8.8 (Dispute Resolution)
will automatically terminate and be completely extinguished as of the Termination Date. 
  

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 6.2 Termination Without Cause. If the Company terminates Employee’s employment without
Cause, or if Employee resigns for Good Reason in accordance with Section 6.3, Employee will be entitled to receive, on Employee’s first regular payday following his/her Termination Date, the following: (a) a lump sum severance payment in an
amount equal to three fourths (3/4) of the Employee’s then current Base Salary, (b) two thirds (2/3) times the amount of maximum Annual Bonus payable to Employee for the then calendar year, (c) all accrued, unused vacation, all (a), (b), and
(c) to be less required withholding; (d) payment of reasonable costs not to exceed $10,000 for outplacement services provided by a purveyor approved by Company, upon delivery to the Company of an itemized invoice for such services; (e) payment by
the Company for continuation of all Health Benefits in effect on the Termination Date and timely elected by Employee under COBRA, for a period of eighteen (18) months following the Termination Date, or until Employee is eligible to receive
comparable health benefits from another Employer; and (f) full accelerated vesting of any and all unvested stock options and restricted stock grants held by Employee (together, “Severance”). All other Company obligations to
Employee pursuant to this Agreement, except those in Section 8.8 (Dispute Resolution), will automatically terminate and be completely extinguished as of the Termination Date 
  
 6.3 Resignation of Employee for Good Reason. Employee will be deemed to have resigned for “Good
Reason” if any of the following events or conditions occur without the Employee’s express consent: 
  

	 	(a)	The Board or Company (i) alters Employee’s duties, responsibilities or title resulting in a significant diminution of the Employee’s position, duties, responsibilities or
status with the Company or (ii) reduces Employee’s Base Salary, unless the base salaries of all other employees of the Company at the Vice President level or above are proportionately reduced; or 

  

	 	(b)	The Board or Company transfers or assigns Employee to any location that is more than fifty (50) miles from the location of Employee’s principal office. Required travel on the
Company’s business that is consistent with the business travel obligations of Employee’s position is excluded from this Section. 

  
 6.4 Resignation by Employee Without Good Reason. Employee may voluntarily resign his/her position with the Company without Good Reason at
any time on thirty (30) days’ advance written notice. In the event Employee’s resignation is without Good Reason, Employee will be entitled to receive, on Employee’s first regular payday following his/her Termination Date, a lump sum
payment equivalent to the following: (i) the Base Salary then in effect, prorated to the Termination Date; and (ii) accrued unused vacation as of the Termination Date, all of the foregoing to be less required withholding. All other Company
obligations to Employee pursuant to this Agreement, except those in Section 8.8 (Dispute Resolution), will automatically terminate and be completely extinguished. 
  

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 6.5 Employee’s Execution of Release. The payment of Severance pursuant to Section 6.2,
6.3, or Section 6.6(b) is expressly contingent upon execution by Employee or his duly authorized representative of a full and general release of any and all claims against the Company and its officers and directors in the form reasonably required by
the Company. 
  
 6.6 Termination Upon Death or
Disability. 
  
 (a) Death. Employee’s
employment will terminate automatically upon death of the Employee. In the event of Employee’s death, Employee’s Base Salary then in effect, prorated to the Termination Date, and any accrued unused vacation as of the Termination Date, all
of the foregoing to be less required withholding, shall be paid, on the Employee’s first regular payday following his/her Termination Date, to the beneficiary designated in writing by the Employee (“Beneficiary”) or, if no such
Beneficiary is designated, to the Employee’s estate. In addition, (i) the Company will continue the Employee’s Base Salary until the earlier of six months from the Termination Date or the commencement of death benefits under any existing
Company Group Life Insurance Plan, and (ii) the Company shall fully accelerate vesting of any and all unvested stock options and restricted stock grants held by Employee. 
  
 (b) Disability. In the event that Employee becomes physically or mentally disabled such that he/she is unable
to perform his/her duties for a period of three (3) consecutive months as determined by a medical professional (“Disability”), the Company may terminate Employee’s employment, unless otherwise prohibited by law. In the
event of termination due to Disability, Employee shall be paid, on the Employee’s first regular payday following his/her Termination Date, a lump sum payment equivalent to Employee’s Base Salary then in effect prorated to Employee’s
Termination Date, and any accrued unused vacation as of the Termination Date, all of the foregoing to be less required withholding. In addition, (i) the Company will continue Employee’s Base Salary (less any short term disability payments
Employee receives from the Company) until the earlier of six (6) months from the Termination Date or the commencement of Long Term disability payments under any existing Company Long Term Disability Policy; and (ii) the Company shall fully
accelerate vesting of any and all unvested stock options and restricted stock grants held by Employee. 
  
 6.7 Board Action. The Company agrees to take all actions required by the Board or otherwise to accelerate Employee’s unvested stock
options and restricted stock grants as required by Sections 6.2, 6.3, or 6.6. 
  
 6.8 Change in Control. In the event of the Employee’s “Involuntary Termination Without Cause” or “Termination For Good Reason” as defined in the Dendreon Corporation Change of
Control Executive Severance Plan (“Change of Control Severance Plan”), during the “Severance Period” as defined in the Change of Control Severance Plan, the terms of the Change in Control Severance Plan shall govern instead of
this Agreement, provided, however, that if Employee’s employment is terminated during the Severance Period due to a Disability as defined under this Agreement, this Agreement shall govern. In all other circumstances, this Agreement shall govern
the Employee’s termination of employment. 
  

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 7. Agreement Not to Compete. 
  
 7.1 No Employment with, or Connection to, Competitor. Employee agrees that, during the term of his/her
employment with the Company and for a period of nine months, Employee will not, without securing the prior written permission of the Company: 
  
 (a) be employed by, act as an agent for, or consult with or otherwise perform services for, a Competitor (as defined below); or 
  
 (b) own any equity interest in, manage or participate in the management (as
an officer, director, partner, member or otherwise) of, or be connected in any other manner with, a Competitor, except that this section shall not restrict Employee from owning less than one percent (1%) of the equity interests of any publicly held
entity. 
  
 7.2 Nonsolicitation of Company Employees,
Customers, etc. Employee agrees that for a period of one (1) year following Employee’s Termination Date, Employee will not, without securing the prior written permission of the Company: 
  
 (a) induce or attempt to induce any Employee, officer, director, agent,
independent contractor, consultant, customer, strategic partner, licensor, licensee, supplier or other service provider of the Company to terminate a relationship with, cease providing services or products to, or purchasing products or services
from, the Company; or 
  
 (b) perform services or solicit the
opportunity to perform services for a customer or client of the Company for which or with which the Company was, as of Employee’s Termination Date, performing services, contracting for the performance of services or engaging in negotiations
with respect to a contract for the performance of services. 
  
 7.3 Definition of Competitor. The term “Competitor” as used in this Agreement means any individual or entity that is directly or indirectly engaged in the development and/or commercialization in the
United States of one or more ex vivo cellular immunotherapies for the therapeutic treatment of cancer, which ex vivo cellular immunotherapies generate twenty percent (20%) or more of either the annual gross revenue or worldwide operating expense of
such Competitor in the United States. The term “Competitor” also includes an individual or entity that is preparing to directly or indirectly engage in the development and/or commercialization in the United States of ex vivo
cellular immunotherapies, if such ex vivo immunotherapies are anticipated to generate twenty (20%) or more of either the annual gross revenue or annual operating expense of such Competitor in the United States during the first calendar year of
development and/or commercialization. 
  
 7.4 Reasonableness
of Restrictions. The Company and Employee agree that, in light of all of the facts and circumstances relating to the relationship that exists and is expected to exist between the Company and Employee, these restrictions (including, but not
limited to, the scope of the restricted activities, the duration of the restrictions, and the geographic extent of the restrictions) are fair and reasonably necessary for the protection of the goodwill and other protectable interests of the Company.
If a court or arbitrator of competent jurisdiction declines to enforce any of these restrictions, the Company and Employee agree that the restrictions shall be enforceable to the maximum extent allowed by law. 
  

 5 

 8. General Provisions. 
  
 8.1 Successors and Assigns. The rights and obligations of Company under this Agreement shall inure to the
benefit of and shall be binding upon the successors and assigns of the Company. Employee shall not be entitled to assign any of Employee’s rights or obligations under this Agreement. 
  
 8.2 Waiver. Either party’s failure to enforce any provision of this Agreement shall not in any way be
construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement. 
  
 8.3 Severability. In the event any provision of this Agreement is found to be unenforceable by an arbitrator or court of competent
jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefits contemplated in this Agreement to the fullest extent
permitted by law. If a deemed modification is not satisfactory in the judgment of such arbitrator or court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected.

  
 8.4 Interpretation; Construction. The headings
set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement. Both parties have participated in the negotiation of this Agreement. Therefore, the normal rule of construction to the effect that any
ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement. 
  
 8.5 Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed
given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (d) by
certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth below, or such other address as either party may specify in writing. 
  
 8.6 Survival. Section 6 (“Separation of Employee’s
Employment”), Section 7 (“Agreement Not to Compete”), Section 8 (“General Provisions”) of this Agreement shall survive Employee’s employment by the Company. 
  
 8.7 Entire Agreement. This Agreement, the Company’s stock option plan and documents reflecting options
and restricted stock granted to Employee, the Proprietary Information and Inventions Agreement entered into by Employee at the commencement of his employment with the Company, and the Indemnity Agreement entered into by the Company and Employee, if
any, together with the Dendreon Corporation Change of Control Executive Severance Plan, constitute the entire agreement between the parties relating to this subject matter and supersede all prior or simultaneous representations, discussions,
negotiations, and agreements, whether written or oral. This Agreement may be amended or modified only with the written consent of Employee and a duly authorized officer of the Company. No oral waiver, amendment or modification will be effective
under any circumstances whatsoever. 
  
 8.8 Dispute
Resolution. The parties agree that any dispute arising out of this Agreement shall be resolved by the parties through confidential mediation or final and binding confidential arbitration. The parties will first attempt to mediate the dispute
before a 
  

 6 

 neutral mediator agreed upon by the parties. If mediation is not successful, the dispute will be submitted to final and
binding confidential arbitration before a neutral arbitrator agreed upon by the parties. Except as specifically provided herein, the mediation or arbitration shall be governed by the rules of the American Arbitration Association or such other rules
as agreed to by the parties. Each party shall be responsible for their own costs and attorneys’ fees relating to mediation and arbitration. Both parties agree that the procedures outlined in this paragraph are the exclusive methods of dispute
resolution. 
  
 8.9 Injunctive Relief.
Notwithstanding the foregoing, any action brought by the Company under this Agreement seeking a temporary restraining order, temporary and/or permanent injunction and/or decree of specific performance of the terms of this Agreement may be brought in
a court of competent jurisdiction without the obligation to proceed first to mediation or arbitration. The Company shall not be required to post a bond as a condition for the granting of such relief. 
  
 8.10 Governing Law and Venue. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of Washington as though made and to be fully performed in that State. Venue for any action, including mediation or arbitration under Section 8.8, arising from this Agreement shall be
exclusively in King County, Washington. 
  
 THE PARTIES TO THIS AGREEMENT HAVE
READ THIS AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION. 
  

					
	 	 	EMPLOYEE
		
	Dated: June 9, 2005	 	 /s/ David Urdal

		
	 	 	Address:
	 	 	  

	 	 	  

		
	 	 	DENDREON CORPORATION
			
	Dated: June 9, 2005	 	By:	 	 /s/ Mitchell H. Gold, M.D.

	 	 	Its:	 	President & CEO

  

 7

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