Document:

Exhibit 10

Exhibit 10.1

[Nektar Letterhead]

July 28, 2008

 

 

Randall W. Moreadith, M.D.

[Address]

[Address] 

Dear Randall,

I am pleased and excited to offer you the position of Senior Vice President, Drug Development and Chief Development Officer at Nektar, reporting to Howard Robin, President & CEO.  Your base compensation will be $425,000 on an annual basis.  You are also eligible to participate in the Nektar Discretionary Performance-Based Incentive Compensation Policy ("Bonus Program").  Your annual target incentive bonus under the Bonus Program will be 60% of your base compensation under the terms and conditions of Nektar Therapeutics Incentive Compensation policy.  You will receive a non pro-rated bonus for your partial period of service in 2008.  The standard bonus program will apply thereafter.

If you accept this offer and commence employment by August 11, 2008, the Company will pay you a sign-on bonus of $35,000, paid to you in your first paycheck following your start date.  We will pay the ordinary income and taxes due on the sign-on bonus.  We will pay these tax amounts directly to the appropriate taxing authorities as and when these amounts become due, but in no event later than April 15th of the year following the year in which the sign-on bonus was paid.  If, before the first anniversary of your start date, your employment is terminated by Nektar for "cause" or if you resign, then you agree to reimburse Nektar for the full amount of this sign-on bonus within 30 days.

You are also eligible to participate in Nektar's equity incentive plan.  Subject to the approval of the Compensation Committee, you will be granted an option to purchase 500,000 shares in accordance with this plan.  The option price will be the closing price of Nektar's stock on the later to occur of (i) your start date or (ii) the date of approval by the Compensation Committee.  You will also be eligible to participate in Nektar's standard employee benefits programs including Medical, Dental and Vision Insurance, Term Life Insurance, 401(k), ESPP, Flexible Health Spending Account, Short & Long Term Disability, Change of Control Severance Benefit Plan and the terms specified in those plans.

Nektar will also reimburse you for reasonable expenses incurred in connection with the following (collectively, the "Relocation Expenses"):

"Shipment of your household goods from [current home location] to the San Francisco Bay Area.

"Subject to your continued employment through the first anniversary of your start date, we will pay you $5,000 per month (subject to applicable tax withholdings) for the first 12 months of your employment to cover the cost of housing in the San Francisco Bay Area.  This will be paid to you per pay period (15th and 30th of the month) on a prorata basis.  (The cost of this housing is taxable to you and will be included in your total W-2 income).

"Travel expenses for you to the San Francisco Bay Area.

"Use of a rental car for up to 14 days or until your car arrives.

  

You will also receive a relocation allowance of $10,000 ("Relocation Allowance"), which will be paid to you in your first paycheck.  This amount will be subject to standard payroll withholding and deductions.  If, before the first anniversary of your employment start date, your employment is terminated by Nektar for "cause" or if you resign, you agree to reimburse Nektar for the full amount of the Relocation Expenses and Relocation Allowance within 30 days.  The form of Repayment Agreement is attached hereto as Exhibit A. 

Nektar will also provide you with the following relocation assistance benefits if you purchase a home in the San Francisco Bay Area before the first anniversary of your start date (collectively, the "Housing Transaction Costs"):  

"  Provide normal and customary closing costs on the sale of your home.  Those items considered not deductible for income tax purposes will be 'grossed up' and added to those costs considered deductible (this portion is subject to standard payroll withholding and deductions).  In no event will we reimburse you for more than 6% of the sale price.

"  Provide normal and customary single-family home purchase closing costs and loan discount points (not to exceed 1%).  Those items considered not deductible for income tax purposes will be 'grossed up' and added to those costs considered deductible (this portion is subject to standard payroll withholding and deductions).  In no event will we reimburse you for more than 3% of the purchase price.

If, before your first anniversary of your employment start date, your employment is terminated by Nektar for "cause" or if you resign, you agree to reimburse Nektar for the full amount of the Housing Transaction Costs within 30 days.   The form of Repayment Agreement is attached hereto as Exhibit A.  

Any reimbursements pursuant to the foregoing provisions of this offer letter shall be made in accordance with the Company's reimbursement policies, practices and procedures in effect from time to time and shall be paid as soon as reasonably practicable and in all events not later than the end of the calendar year following the year in which the related expense was incurred.  Your rights to reimbursement hereunder are not subject to liquidation or exchange for another benefit and the amount of expenses eligible for reimbursement in one calendar year shall not affect the amount of expenses eligible for reimbursement in any other year.  Any tax gross-up payments made pursuant to the foregoing provisions of this offer letter shall be made as soon as practicable and in all events not later than the end of the calendar year following the year in which you remit the related taxes.

This offer letter agreement setting forth certain severance benefits to be afforded to you under certain circumstances (the "Letter Agreement").  Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Company's Amended and Restated Change of Control Severance Benefit Plan, as it may be further amended from time to time (the "COC Plan").  

In the event your employment is terminated for reasons not related to a Change of Control (a) by the Company without Cause, or (b) by you for a Good Reason Resignation, then the Company will enter into a severance arrangement with you which will include the following: (i) a fully effective waiver and release in such form as the Company may require, (ii) a cash severance payment equal to your total annual cash compensation target (defined as your then current monthly base salary annualized for 12 months, plus your then current annual performance bonus target, multiplied by the expected pay-out percentage used by the Company for its GAAP financial statements in the previous calendar quarter, but in any case not to exceed 100% of such target), payable in accordance with the severance payment schedule described in the COC Plan, (iii) the exercise period for the vested and unexercised portion of your stock options shall be twelve (12) months following the termination date, unless earlier terminated as provided by the Company's 2000 Equity Incentive Plan, as amended, or the agreement granting such options, and (iv) the Company shall pay all applicable COBRA payments for you and your family until the earlier of the first anniversary of the termination date and the date on which you become eligible for comparable benefits with another employer.  The Company will use commercially reasonable efforts to make adjustments to the terms of this Letter Agreement, as necessary and to the extent practicable, so that the terms will not be deemed deferred compensation taxable under Section 409A of the Internal Revenue Code of 1086, as amended.

The terms, compensation and benefits set forth in this Letter Agreement shall be governed by California law without reference to principles of conflicts of laws, may not be reduced without your prior written consent and shall be binding upon and inure to the benefit of (a) your heirs, executors, and legal representatives upon your death and (b) any person or entity which at any time, whether by purchase, merger, or otherwise, directly or indirectly acquires all or a majority of the assets, business, capital stock, or voting stock of Nektar.  Any such person or entity shall be deemed substituted for Nektar under this Letter Agreement for all purposes.  

YOUR EMPLOYMENT IS BY CONTINUED MUTUAL AGREEMENT AND MAY BE TERMINATED AT WILL WITH OR WITHOUT CAUSE BY EITHER YOU OR NEKTAR AT ANY TIME WITH OR WITHOUT ADVANCED NOTICE.

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 August 1, 2008 and is contingent upon verification of information that you have provided Nektar regarding your qualification for employment as well as approval by our Compensation Committee.

Randall, we are delighted to offer you an opportunity to be part of Nektar.  As a key member of the Nektar executive 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

Sincerely,

/s/ Dorian Rinella

Dorian Rinella

SVP, Human Resources

 

OFFER ACCEPTED:

 

 

/s/ Randall Moreadith __________________/s/ 7/29/2008__________________

Randall MoreadithDate

 

     Start Date:   August 11, 2008Exhibit 10.1

GSI Commerce, Inc.

2005 Equity Incentive Plan

Restricted Stock Unit Grant Notice

GSI Commerce, Inc. (the "Company"), pursuant to Section 7(c) of its 2005 Equity Incentive Plan (the "Plan"), hereby awards to you as a Participant under the Plan a Restricted Stock Unit for the number of shares (the "Shares") set forth below (the "Award").  This Award is subject to all of the terms and conditions as set forth herein and in (i) the applicable Restricted Stock Unit Agreement which is attached hereto and incorporated herein in their entirety, and (ii) the Plan, which is available on the Company's Intranet under the Legal and Human Resources sections and incorporated herein in its entirety.  

Participant:Michael G. Rubin

Date of Grant:DATE

Number of Shares subject to Award:NUMBER OF SHARES

Consideration:Your Services to the Company

Vesting Schedule: The shares subject to this Award will vest in accordance with the following schedule; provided that the vesting will cease upon the termination of your Continuous Service:
VESTING SCHEDULE

Change in Control: Vesting of your Shares may be accelerated upon a Change in Control, as provided in that certain Employment Agreement between you and the Company, effective as of July 1, 2006.

Parachute Payments:  If any payment or benefit you would receive pursuant to a Change in Control from the Company or otherwise ("Payment") would (i) constitute a "parachute payment" within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the "Excise Tax"), then such Payment shall be equal to the Reduced Amount.  The "Reduced Amount" shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or (y) the largest portion of the Payment, up to and including the total Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax.  If a reduction in payments or benefits constituting "parachute payments" is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order unless you elect in writing a different order:  reduction of cash payments; cancellation of accelerated vesting of Stock Awards (as defined in the Plan); reduction of employee benefits.  If acceleration of vesting of Stock Award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of your Stock Awards unless you elect in writing a different order for cancellation.

The Company shall appoint a nationally recognized independent accounting firm to make the determinations required hereunder, which accounting firm shall not then be serving as accountant or auditor for the individual, entity or group effecting the Change in Control of the Company.  The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 

The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation, on which you may rely, to you and the Company within fifteen (15) calendar days after the date on which your right to a Payment is triggered (if requested at that time by you or the Company) or such other time as requested by you or the Company.  If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish you and the Company with an opinion reasonably acceptable to you that no Excise Tax will be imposed with respect to such Payment.  The Company shall be entitled to rely upon the accounting firm's determinations, which shall be final and binding on all persons.

Additional Terms/Acknowledgements:You acknowledge receipt of, and understand and agree to, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan.  You also acknowledge receipt of the 2005 Equity Incentive Plan Prospectus.  You further acknowledge that as of the Date of Grant, this Restricted Stock Unit Grant Notice, the Restricted Stock Unit Agreement and the Plan set forth the entire understanding between you and the Company regarding the acquisition of stock in the Company pursuant to this Award and supersede all prior oral and written agreements on that subject with the exception of (i) Stock Awards (as defined in the Plan) previously granted and delivered to you under the Plan, and (ii) the following agreements only:

Other Agreements:

GSI Commerce, Inc.

By: _________________________________

Signature

Name: _______________________________

Print

Title: ________________________________

Date:________________________________

Participant

__________________________________

                           Signature

Name: _____________________________ 

                              Print

Date: ______________________________

Attachments: Restricted Stock Unit Agreement 

Attachment I

Restricted Stock Unit Agreement

GSI Commerce, Inc. 

2005 Equity Incentive Plan

Restricted Stock Unit Agreement

 

Pursuant to your Restricted Stock Unit Grant Notice ("Grant Notice") and this Restricted Stock Unit Agreement (the "Agreement"), GSI Commerce, Inc. (the "Company") has granted you a Restricted Stock Unit under Section 7(c) of the GSI Commerce, Inc. 2005 Equity Incentive Plan (the "Plan") for the number of shares of the Company's common stock (the "Common Stock") indicated in the Grant Notice (collectively, the "Award").  Capitalized terms not explicitly defined in this Agreement but defined in the Plan or Grant Notice will have the same definitions as in the Plan.

The details of your Award are as follows.

	Distribution of Shares of Common Stock.  The Company will deliver to you a number of shares of Common Stock equal to the number of vested shares of Common Stock subject to your Award on the vesting date or dates provided in your Grant Notice.  Notwithstanding the foregoing, in the event that the Company determines that your sale of shares of Common Stock on the date the shares subject to the Award are scheduled to be delivered (the "Original Distribution Date") would violate its policy regarding insider trading of the Common Stock, as determined by the Company in accordance with such policy, then such shares shall not be delivered on such Original Distribution Date and shall instead be delivered as soon as practicable following the next date that you could sell such shares pursuant to such policy; provided, however, that in no event shall the delivery of the shares be delayed pursuant to this provision beyond the later of: (1) December 31st of the same calendar year of the Original Distribution Date, or (2) the 15th day of the third calendar month following the Original Distribution Date.

	Consideration.  The Common Stock delivered to you pursuant to your Award shall be deemed paid, in whole or in part, in consideration of your services to the Company in the amounts and to the extent required by law.  

	Vesting.  Subject to the limitations contained herein, your Award will vest as provided in the Grant Notice; provided that vesting will cease upon the termination of your Continuous Service.  

	Number of Shares.  The number of shares of Common Stock subject to your Award referenced in your Grant Notice may be adjusted from time to time for Capitalization Adjustments as set forth in the Plan.  

	Conditions to Issuance and Delivery of Shares.  Notwithstanding any other provision of this Agreement or the Plan, the Company will not be obligated to issue or deliver any shares of Common Stock pursuant to this Agreement (i) until all conditions to the Award have been satisfied or removed, (ii) until, in the opinion of counsel to the Company, all applicable Federal and state laws and regulations have been complied with, (iii) if the outstanding Common Stock is at the time listed on any stock exchange or included for quotation on an inter-dealer system, until the shares to be delivered have been listed or included or authorized to be listed or included on such exchange or system upon official notice of notice of issuance, (iv) if it might cause the Company to issue or sell more shares of Common Stock that the Company is then legally entitled to issue or sell, and (v) until all other legal matters in connection with the issuance and delivery of such shares have been approved by counsel to the Company.  

	Execution of Documents.  You hereby acknowledge and agree that the manner selected by the Company by which you indicate your consent to your Grant Notice is also deemed to be your execution of your Grant Notice and of this Agreement.  You further agree that such manner of indicating consent may be relied upon as your signature for establishing your execution of any documents to be executed in the future in connection with your Award. This Restricted Stock Unit Agreement shall be deemed to be signed by the Company and you upon the respective signing by the Company and you of the Restricted Stock Unit Grant Notice to which it is attached.  

	Non-transferability.  Your Award is not transferable, except by will or by the laws of descent and distribution.  Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, will thereafter be entitled to receive any distribution of Shares pursuant to Section 1 of this Agreement.

	Award not a Service Contract.  Your Award is not an employment or service contract, and nothing in your Award will be deemed to create in any way whatsoever any obligation on your part to continue in the employ of the Company or an Affiliate, or on the part of the Company or an Affiliate to continue your employment.  In addition, nothing in your Award will obligate the Company or an Affiliate, their respective stockholders, Boards of Directors or Employees to continue any relationship that you might have as a Director or Consultant for the Company or an Affiliate.

	Unsecured Obligation.  Your Award is unfunded, and as a holder of a vested Award, you will be considered an unsecured creditor of the Company with respect to the Company's obligation, if any, to issue shares of Common Stock pursuant to this Agreement.  You will not have voting or any other rights as a stockholder of the Company with respect to the shares of Common Stock awarded pursuant to this Agreement until such shares are issued to you pursuant to Section 1 of this Agreement.   Upon such issuance, you will obtain full voting and other rights as a stockholder of the Company.  Nothing contained in this Agreement, and no action taken pursuant to its provisions, will create or be construed to create a trust of any kind or a fiduciary relationship between you and the Company or any other person.  

	Withholding Obligations.

	On or before the time you receive a distribution of shares pursuant to your Award, or at any time thereafter as requested by the Company, you hereby authorize withholding from, at the Company's election, vested shares of Common Stock distributable to you, payroll and any other amounts payable to you and otherwise agree to make adequate provision for, as determined by the Company, any sums required to satisfy the federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with your Award.

	Unless the tax withholding obligations of the Company or any Affiliate are satisfied, the Company will have no obligation to issue a certificate for such shares of Common Stock.

	Notices.  All notices with respect to the Plan shall be in writing and shall be hand delivered or sent by first class mail or reputable overnight delivery service, expenses prepaid.  Notice may also be given by electronic mail or facsimile and shall be effective on the date transmitted if confirmed within 24 hours thereafter by a signed original sent in a manner provided in the preceding sentence.  Notices to the Company or the Board shall be delivered or sent to GSI's headquarters, 935 First Avenue, King of Prussia, PA 19406, to the attention of its Chief Financial Officer and its General Counsel.  Notices to any Participant or holder of shares of Common Stock issued pursuant to an Award shall be sufficient if delivered or sent to such person's address as it appears in the regular records of the Company or its transfer agent.

	Headings.  The headings of the Sections in this Agreement are inserted for convenience only and will not be deemed to constitute a part of this Agreement or to affect the meaning of this Agreement.

	Amendment.  This Agreement may be amended only by a writing executed by the Company and you which specifically states that it is amending this Agreement. Notwithstanding the foregoing, this Agreement may be amended solely by the Board (or appropriate committee thereof) by a writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to you, and provided that no such amendment adversely affecting your rights hereunder may be made without your written consent. Without limiting the foregoing, the Board (or appropriate committee thereof) reserves the right to change, by written notice to you, the provisions of this Agreement in any way it may deem necessary or advisable to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, including with respect to compliance with Section 409A of the Internal Revenue Code of 1986, as amended (the "Code") and the regulations issued thereunder, provided that any such change will be applicable only to rights relating to that portion of the Award which is then subject to restrictions as provided herein.

	Miscellaneous.

	The rights and obligations of the Company under your Award will be transferable by the Company to any one or more persons or entities, and all covenants and agreements hereunder will inure to the benefit of, and be enforceable by the Company's successors and assigns.  Your rights and obligations under your Award may not be assigned by you, except with the prior written consent of the Company.

	The benefits provided under this Agreement are intended to be subject to a "substantial risk of forfeiture" under Code Section 409A, and to be payable within the "short term deferral period" under such statute following lapse of the applicable forfeiture conditions.

	You agree upon request to execute any further documents or instruments necessary or desirable in the sole determination of the Company to carry out the purposes or intent of your Award.

	You acknowledge and agree that you have reviewed your Award in its entirety, have had an opportunity to obtain the advice of counsel prior to executing and accepting your Award and fully understand all provisions of your Award.

	Governing Plan Document.  Your Award is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your Award, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of your Award and those of the Plan, the provisions of the Plan will control.  The Board (or appropriate committee thereof) will have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation, and application of the Plan as are consistent therewith and to interpret or revoke any such rules. All actions taken and all interpretations and determinations made by the Board (or appropriate committee thereof) will be final and binding upon you, the Company, and all other interested persons. No member of the Board (or appropriate committee thereof) will be personally liable for any action, determination, or interpretation made in good faith with respect to the Plan or this Agreement.

	Effect on Other Employee Benefit Plans.  The value of the Award subject to this Agreement will not be included as compensation, earnings, salaries, or other similar terms used when calculating the Employee's benefits under any employee benefit plan sponsored by the Company or any subsidiary except as such plan otherwise expressly provides. The Company expressly reserves its rights to amend, modify, or terminate any of the Company's or any subsidiary's employee benefit plans.

	Choice of Law.  The interpretation, performance and enforcement of this Agreement will be governed by the law of the state of Delaware without regard to such state's conflicts of laws rules.

	Severability.  If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity will not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any Section of this Agreement (or part of such a Section) so declared to be unlawful or invalid will, if possible, be construed in a manner which will give effect to the terms of such Section or part of a Section to the fullest extent possible while remaining lawful and valid.

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