Document:

EX-10.50

EXECUTIVE EMPLOYMENT AGREEMENT

THIS AGREEMENT, dated as of February 26, 2007, is between Inhibitex, Inc., a Delaware
corporation (the “Company”), and Sam Michini (the “Executive”).

WHEREAS, the Company and the Executive are parties to an Executive Employment Agreement dated
as of December 7, 2005 (the “Prior Agreement”) and wish to amend and restate such agreement to
modify certain provisions thereof.

WHEREAS, the Company desires to assure itself of the Executive’s continued employment in an
executive capacity and to compensate him for such employment; and

WHEREAS, the Executive is willing to continue to be employed by the Company upon the terms and
subject to the conditions contained in this Agreement.

NOW THEREFORE, in consideration of the premises and mutual covenants contained herein and for
other good and valuable consideration, the adequacy and receipt of which are hereby acknowledged,
the parties agree as follows:

Section 1. Position, Duties and Responsibilities.

(a) During the Term (as defined in Section 2), the Executive shall serve as the Vice
President, Sales & Marketing of the Company consistent with the by-laws of the Company, and shall
be responsible for the duties identified in the attached Appendix I, such other duties as are
attendant to such offices and such other managerial duties and responsibilities with the Company,
its affiliates, subsidiaries or divisions consistent with such position as may be assigned by the
Board of Directors of the Company (the “Board”). The Executive shall devote his full energies,
interest, abilities and productive time to the business and affairs of the Company and to promoting
its best interests. The Executive acknowledges and agrees that although his duties shall be
performed from the Company’s offices in the Atlanta, Georgia metropolitan area or at such other
places as shall be necessary according to the needs, business and opportunities of the Company, the
performance by the Executive of his duties hereunder may require substantial travel from time to
time by the Executive. The Executive further agrees that, during the Term, the Company shall be
the Executive’s sole employer.

(b) Executive understands that the provisions of any employee handbooks, personnel manuals and
any and all other written statements of or regarding personnel policies, practices or procedures
that are or may be issued by the Company (the “Company Policies”) do not and shall not constitute a
contract of employment and do not and shall not create any vested rights; and that any such
provisions may be changed, revised, modified, suspended, canceled, or eliminated by the Company at
any time, in its sole discretion, with or without notice.

(c) Executive shall comply with all applicable Company Policies, which may be in effect from
time to time during the Term. Copies of all such Company Policies may be examined in the Human
Resource Department for the Company. If a provision in any policy conflicts with this Agreement,
the terms of this Agreement shall prevail.

(d) For up to a one (1) year period following any termination of the Executive’s employment,
upon the request of the Company, the Executive shall reasonably cooperate with the Company in all
matters relating to the winding up of pending work on behalf of the Company and the orderly
transfer of work to other employees of the Company. The Executive shall also cooperate in the
defense of any action brought by any third party against the Company that relates in any way to the
Executive’s acts or omissions while employed by the Company. The Company shall reimburse the
Executive for his reasonable out-of-pocket costs incurred in connection with such cooperation.

Section 2. Term of Employment.

The initial term (the “Initial Term”) of this Agreement commenced on December 7, 2005 and
continued through December 6, 2006 (the “Initial Expiration Date”). On each anniversary of the
Initial Expiration Date, this Agreement will be renewed automatically for an additional one (1)
year period (the “Extended Term”) (without any action by either party) on the last day of the
Initial Term and on each anniversary thereof, unless the Executive’s employment under this
Agreement is earlier terminated in accordance with Section 4. Executive may elect not to renew his
or her employment under this Agreement for any reason upon sixty (60) days written notice. For
purposes of this Agreement, “Term” means the Initial Term and, as extended, the Extended Term.

Section 3. Compensation; Benefits; Expenses.

(a) Base Salary. For all services rendered by the Executive hereunder during the
Term, the Company shall pay the Executive an annual salary equal to Two Hundred Thirty-Six Thousand
Nine Hundred dollars ($236,900), less standard deductions and withholdings, payable in equal
installments at the times and pursuant to the procedures regularly established for the payment of
salaries generally to employees, and as they may be amended by the Company during the Term. The
Executive’s salary will be reviewed from time to time by the Board, a committee of the Board, or
otherwise in accordance with the Company’s established procedures for adjusting salaries, and be
subject to increases (but not decrease, except pursuant to an across-the-board salary reduction as
described in Section 4(a)(iv)(B)) pursuant to such procedures.

(b) Incentive Compensation. The Executive shall be eligible to participate in such
bonus and incentive (including stock option and other equity-based) compensation plans of the
Company, if any, in which other executives of the Company are generally eligible to participate, as
the Board or a Committee thereof shall determine from time to time in its sole discretion, subject
to and in accordance with the terms and provisions of such plans. Subject to the terms and
conditions of such bonus and incentive compensation plans, the Executive shall be eligible for
annual cash incentive compensation of up to 30% of the then annual gross salary.

(c) Benefits. The Company shall provide the Executive with the right to participate
in and to receive benefits from the group life, group disability and medical plans and all similar
benefits made generally available to similarly situated executives of the Company. The amount and
extent of benefits to which the Executive is entitled shall be governed by the specific benefit
plan or plans, as such may be amended from time to time.

(d) Stock Options. The Executive has heretofore been granted employee stock options
under the Amended and Restated 2004 Inhibitex, Inc. Stock Incentive Plan to purchase shares of the
Company’s common stock, par value $0.001 per share, on the terms set forth in a the related stock
option agreement(s) entered into by the Executive and the Company. The Executive may be entitled to
future equity grants, from time to time, as determined by the Compensation Committee of the Board.

(e) Reimbursement of Expenses. It is contemplated that in connection with the
Executive’s Employment hereunder, he will incur business, entertainment and travel expenses. The
Company agrees to promptly reimburse the Executive in full for all reasonable out-of-pocket
business, entertainment and other related expenses (including all reasonable expenses of travel and
living expenses while away from home on business or at the request of, and in service of, the
Company) incurred or expended by him incident to the performance of his duties hereunder, provided
that the Executive properly account for such expenses in accordance with the policies and
procedures established by the Board and applicable to the executives of the Company.

(f) Vacation; Personal Days. During the Term, the Executive shall be entitled to no
less than four (4) weeks vacation with pay during each calendar year of his employment hereunder
provided that the vacation days taken do not materially interfere with the operations of the
Company. Such vacation may be taken, in the Executive’s discretion, at such time or times as are
not inconsistent with the reasonable business needs of the Company. The Executive shall also be
entitled to all paid holidays and personal days given by the Company to its executives. Vacation,
holiday and personal days shall additionally be subject to applicable Company Policies.

Section 4. Termination.

(a) The Executive’s employment under this Agreement may be terminated under the following
circumstances:

(i) Death. The Executive’s employment shall immediately terminate upon his
death.

(ii) Disability. In the event the Executive shall be unable to render the
services or perform his duties hereunder by reason of “Disability,” as such term is
defined in the Company’s Long-Term Disability Plan, as the same shall be amended from
time to time; the Company shall have the right to terminate this Agreement immediately
upon notice to the Executive.

(iii) Termination of Employment by the Company for Cause. The Company may
terminate the employment of the Executive immediately for Cause (as hereinafter defined).
The term “Cause,” as used herein, shall mean (1) the Executive’s willful misconduct,
gross negligence, dishonesty or fraud in the performance of his duties hereunder, (2) the
material breach of this Agreement by the Executive after notice of such breach and a
reasonable opportunity to cure, (3) the Executive’s willful refusal or failure to perform
his duties hereunder or under any lawful directive of the Board or his superior officer,
as the case may be, which is consistent with his title and position after notice of such
failure and a reasonable opportunity to cure, or (4) the conviction, plea of guilty or
nolo contendere of the Executive in respect of any felony or other crime
involving moral turpitude, dishonesty, theft or unethical business conduct.

(iv) Termination of Employment by Executive for Good Reason. The Executive
may resign and terminate his employment hereunder for Good Reason (as defined below) by
providing a written notice thereof within sixty (60) days from the occurrence of the
event that the Executive is deeming constitutes Good Reason. For purposes of this
Agreement, “Good Reason” shall mean there has occurred, without the express written
consent of the Executive:

(A) the assignment to the Executive of any duties materially inconsistent
with his status as a senior executive officer of the Company or a
substantial diminution in the nature or status of his responsibilities;

(B) a reduction by the Company in the Executive’s Base Salary as in effect
on the date hereof or as the same may be increased from time to time
except for across-the-board salary reductions similarly affecting all
executives of the Company;

(C) (1) the relocation of the Company’s principal executive offices to a
location outside the Atlanta, Georgia metropolitan area or (2) the
Company’s requiring the Executive to perform substantially all of his
duties at a location other than the Company’s principal executive offices;
provided that required travel on the Company’s business to an extent
substantially consistent with the Executive’s responsibilities shall not
constitute “Good Reason”;

(D) the failure by the Company to continue in effect, without any material
adverse change, any compensation plan in which the Executive was
participating or the failure by the Company to continue the Executive’s
participation therein, unless an equitable arrangement (embodied in an
ongoing substitute or alternative plan) has been made with respect to such
plan or participation;

(E) the failure by the Company to continue to provide the Executive with
benefits substantially similar to those enjoyed by the Executive under the
Company’s employee stock ownership, life insurance, medical,
health-and-accident, or disability plans in which the Executive was
participating, the taking of any action by the Company which would
directly or indirectly materially reduce any of such benefits or deprive
the Executive of any other material fringe benefits enjoyed by the
Executive, or the failure by the Company to provide the Executive with the
number of paid vacation days to which the Executive is entitled on the
basis of years of service with the Company in accordance with the
Company’s normal vacation policy, except for across-the-board changes in
such benefits similarly affecting all executives of the Company; or

(F) the failure of the Company to obtain a satisfactory agreement from any
successor to assume and agree to perform this Agreement, as contemplated
in Section 16 hereof.

(v) Terminations other than for Cause, Good Reason, Disability or upon
Death. In addition to the foregoing, either party may terminate this Agreement at
any time, by providing thirty (30) days prior written notice of his or its desire to
terminate.

(b) Notice of Termination. Any termination of the Executive’s employment by the
Company or by the Executive (other than a termination pursuant to Section 4(a)(i) above) shall be
communicated by written notice of termination to the other party.

(c) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s
employment is terminated by his death, the date of his death or (ii) in all other circumstances,
the date specified in the notice of termination.

Section 5. Compensation Upon Termination.

(a) Compensation Upon Termination Due to Death. In the event of the death of the
Executive during the Term, the Executive’s designated beneficiary, or, in the absence of such
designation, the estate or other legal representative of the Executive (collectively, the “Estate”)
shall be paid, within thirty (30) days of the Executive’s death, an amount equal to the sum of the
Executive’s unpaid salary and any earned but unpaid bonuses through the Date of Termination. The
Estate shall be entitled to other death benefits in accordance with the terms of the Company’s
benefit programs and plans.

(b) Compensation Upon Termination Due to Disability. If the Executive’s employment
hereunder is terminated due to Disability, the Executive shall be entitled to receive (if entitled
thereto) disability compensation and benefits in accordance with the Company’s benefit programs and
plans. In addition, Executive shall be entitled to received unpaid salary and any earned but
unpaid bonuses through the Date of Termination, as soon as practicable following termination of
employment, but in no event more than two and one half months after the year in which his
termination occurs.

(c) Compensation Upon Termination for Cause. If the Executive’s employment is
terminated by the Company for Cause, the Company shall pay the Executive his salary through the
Date of Termination as soon as practicable following termination of employment, but in no event
more than two and one half months after the year in which his termination occurs, and the Company
shall have no further obligations to the Executive under this Agreement.

(d) Compensation Upon Termination Due to a Change in Control (other than for Cause,
Disability or upon Death).

(i) If the Executive’s employment is terminated by the Executive for Good Reason or
by the Company within one (1) year after the consummation of a Change in Control (as
hereafter defined) (or in contemplation of a Change of Control that is reasonably likely
to occur) for any reason other than pursuant to Section 4(a)(i), 4(a)(ii) or 4(a)(iii)
hereof, the Company, within sixty (60) days of the Date of Termination, shall pay to the
Executive (or in the event of the Executive’s death, the Executive’s estate) a lump-sum
cash amount equal to the sum of (x) the Executive’s unpaid salary through the Date of
Termination; plus (y) any bonus compensation earned and unpaid through the Date
of Termination; provided, however, that any bonus compensation
conditioned upon the satisfaction of performance goals shall not be paid unless such
performance goals have been satisfied; plus (z) the product of (A) a fraction the
numerator of which is the number of months in the Change in Control Severance Period (as
hereafter defined) and the denominator of which is 12 and (B) the sum of (1) Executive’s
annual base salary as then in effect and (2) the bonus or incentive compensation paid to
the Executive in respect of the most recent fiscal year prior to the year in which the
Change in Control occurs. In addition, Executive shall receive a lump sum payment equal
to the present value of the premium payments that would be made by the Company if
Executive were to continue to be covered under the Company’s group health, life and
disability insurance for the Change in Control Severance Period, which amount shall be
determined by the Company in its sole discretion. The “Change in Control Severance
Period” shall be eighteen (18) months, commencing on the Date of Termination. In no
event shall any amount payable under this Section 5(d)(i) be paid later than two and one
half months after the year in which Executive’s termination occurs; provided however,
that in the event that any payment made pursuant to this Section 5(d)(i) is deemed to
constitute a “deferral of compensation” under Section 409A of the Internal Revenue Code
of 1986, as amended (the “Code”), notwithstanding any other provisions herein, Executive
shall not receive payment of any of the lump sum amounts described in this Section
5(d)(i) until the earlier of (A) six months following Executive’s “separation from
service” with the Company (as such phrase is defined in Section 409A of the Code) or (B)
Executive’s death.

(ii) Notwithstanding any other provision herein to the contrary, in the event that
the Executive becomes entitled to any payments under Section 5(d)(i) (“Termination
Payments”) and any portion of such Termination Payments, when combined with any other
payments or benefits provided to the Executive (including, without limiting the
generality of the foregoing, by reason of any stock options), in the absence of this
Section 5(d)(ii), would be subject to the tax (the “Excise Tax”) imposed by Section 4999
of the Code, then (subject to Section 5(d)(iii) hereof) the amount payable to the
Executive under Section 5(d)(i) shall be reduced such that none of the amounts payable to
the Executive under Section 5(d)(i) and any other payments or benefits received or to be
received by the Executive in connection with a Change in Control or the termination of
the Executive’s employment (whether pursuant to the terms of this Agreement or any other
plan, arrangement or agreement with the Company, any person whose actions result in a
Change in Control or any person having such a relationship with the Company or such
person as to require attribution of stock ownership between the parties under Section
318(a) of the Code) shall be treated as “parachute payments” within the meaning of
Section 280G(b)(2) of the Code. For purposes of applying the foregoing sentence, if in
the opinion of tax counsel selected by the Company’s independent auditors prior to the
Change in Control and reasonably acceptable to the Executive, such payments or benefits
(in whole or in part) represent reasonable compensation for services actually rendered
within the meaning of Section 280G(b)(4) of the Code, then such amounts shall be excluded
from any such calculation. Furthermore, in determining the maximum amount of the
payments to the Executive which would not constitute a parachute payment within the
meaning of Sections 280G(b)(1) and (4), the value of any non-cash benefits or any
deferred payment or benefit shall be determined by the Company’s independent auditors in
accordance with the principles of Sections 280G(d)(3) and (4) of the Code or any
applicable proposed or final Treasury Regulations promulgated under the Code.

(iii) If the net after-tax amount of the Termination Payments which would be payable
to the Executive in the absence of the reduction described in Section 5(d)(ii) above
exceeds the net after-tax amount of the Termination Payments which would be payable to
the Executive if the reduction described in Section 5(d)(ii) above were applicable, then
the reduction to the Executive’s Termination Payments described in Section 5(d)(ii) above
shall not be applicable. For purposes of computing such net after-tax amounts, the
Termination Payments shall be treated as subject to Federal income tax and any state and
local income taxes (based upon the residence of the Executive at the time the first
amount of Termination Payments is to be paid hereunder) at the highest marginal rate of
income tax imposed upon individuals (but without assuming any reduction in Federal income
taxes that could be obtained from the deduction of any such state or local taxes if paid
in such year), shall be subject only to the Medicare portion of the F.I.C.A tax and, in
calculating the net after-tax amount of the Termination Payments which would otherwise be
payable to the Executive if the reduction described in Section 5(d)(ii) above were not
applicable, any applicable Excise Tax, and all such taxes shall be computed based upon
the tax rates in effect for the calendar year in which the first amount of Termination
Payments are to be paid hereunder. The determination of the net after-tax amounts will
be made by the Company’s independent auditors prior to the Change in Control, whose
determination will be binding on both the Executive and the Company.

For purposes of this Agreement, a “Change in Control” of the Company shall mean (A) the
consummation of a merger or consolidation of the Company in which the stockholders of the Company
immediately prior to such merger or consolidation would not, immediately after the merger or
consolidation, beneficially own (as such term is defined in Rule 13d-3 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, shares representing
in the aggregate 45% or more of the combined voting power of the securities of the corporation
issuing cash or securities in the merger or consolidation (or of its ultimate parent corporation,
if any); (B) the stockholders of the Company approve a plan of complete liquidation or dissolution
of the Company, or there is consummated an agreement for the sale or disposition by the Company of
all or substantially all of the Company’s assets, other than a sale or disposition by the Company
of all or substantially all of the Company’s assets to an entity, at least 45% of the combined
voting power of the voting securities of which are owned by persons in substantially the same
proportion as their ownership of the Company immediately prior to such sale; (C) during any period
of two (2) consecutive years, individuals who at the beginning of such period constitute the Board,
including for this purpose any new director whose election or nomination for election by the
Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in
office who were directors at the beginning of the period or whose election or nomination for
election was previously so approved but excluding for this purposes any such new director whose
initial assumption of office occurs as a result of either an actual or threatened election contest
(as such terms are used in Rule 14a-11 of Regulation 14A under the Exchange Act) or other actual or
threatened solicitation of proxies or consents by or on behalf of an individual, corporation,
partnership, group, association or other entity or Person (as such term is used in Sections 13(d)
and 14(d) of the Exchange Act) other than the Board, cease for any reason to constitute a majority
thereof; or (D) such other similar transaction not specifically identified above, which in the sole
discretion of the Board of Directors (or committee thereof) effectively constitutes a change in
control of the Company.

(e) Compensation Upon All Other Terminations. If the Company terminates this
Agreement for any reason other than pursuant to Section 4(a)(i), 4(a)(ii), 4(a)(iii) or Section
5(d) or if Executive terminates his employment for Good Reason, then the Company shall pay
Executive a lump sum equal to the sum of (w) Executive’s unpaid salary through the Date of
Termination; plus (x) any bonus compensation earned and unpaid through the Date of
Termination; provided, however, that any bonus compensation conditioned upon the
satisfaction of performance goals shall not be paid unless such performance goals are actually
satisfied; plus (y) the Executive’s salary for the Severance Period if such salary would
have continued to be paid during the Severance Period, as determined by the Company in its sole
discretion; plus (z) the product of (1) a fraction the numerator of which is the number of
months in the Severance Period and the denominator of which is 12 and (2) the bonus or incentive
compensation paid to the Executive in respect of the most recent fiscal year prior to the year in
which the Date of Termination occurs. In addition, Executive shall receive a lump sum payment
equal to the present value of the premium payments that would be made by the Company if Executive
were to continue to be covered under the Company’s group health, life and disability insurance for
the Severance Period, which amount shall be determined by the Company in its sole discretion. If
Executive voluntarily terminates this Agreement other than for Good Reason, then the Company shall
pay Executive his salary and any earned but unpaid bonuses through the Date of Termination in a
lump sum, and the Company shall have no further obligations to the Executive under this Agreement.
The “Severance Period” shall be twelve (12) months, commencing on the Date of Termination. All
amounts payable under this Section 5(e) for any other reason shall be paid no later than two and
one half months after the year in which Executive’s termination occurs; provided however, that in
the event that any payment made pursuant to this Section 5(e) is deemed to constitute a “deferral
of compensation” under Section 409A of the Code, notwithstanding any other provisions herein,
Executive shall not receive payment of any of the lump sum amounts described in this Section 5(e)
until the earlier of (A) six months following Executive’s “separation from service” with the
Company (as such phrase is defined in Section 409A of the Code) or (B) Executive’s death.

(f) Notwithstanding anything else contained herein, the obligation of the Company to make any
severance payments to the Executive hereunder shall be conditioned upon the execution and delivery
by the Executive of a release from liability in favor of the Company substantially in the form
attached hereto as Appendix II.

Section 6. Confidentiality.

(a) Each Item, Trade Secret and piece of Confidential Information (in each case, as defined
below) that has come or comes into Executive’s possession by reason of his employment hereunder are
the property of the Company and shall not be used by Executive in any way except in the course of
his employment by, and for the benefit of the Company. Executive will not remove any Items from
premises owned or leased by the Company except as his duties shall require, and upon termination of
his employment, all Items (including any copies or excerpts thereof) will be turned over to
Executive’s supervisor at the Company.

(b) Executive will preserve as confidential all Confidential Information that has been or may
be obtained by him. Executive will not, without written authority from the Company, use for his
own benefit or purposes, or disclose to others, either during his employment or for two (2) years
thereafter, any Confidential Information or any copy or notes made from any Item embodying
Confidential Information except as required by his employment with the Company or to the extent
disclosure is or may be required by a statute, by a court of law, by any governmental agency having
supervisory authority over the business of the Company or by any administrative or legislative body
(including a committee thereof) with jurisdiction to order him to divulge, disclose or make
accessible such information, provided, however, that the Executive shall give the Company notice of
any such request or demand for such information upon his receipt of same and the Executive shall
reasonably cooperate with the Company in any application the Company may make seeking a protective
order barring disclosure by the Executive. Executive understands that his obligations with respect
to Confidential Information shall continue for two years after termination of his employment with
the Company. These restrictions concerning use and disclosure of Confidential Information shall
not apply to information which is or becomes publicly known by lawful means, or comes into
Executive’s possession from sources not under an obligation of confidentiality to the Company.

(c) Executive agrees to hold in confidence all Trade Secrets of the Company that came into his
knowledge during or in connection with his employment by the Company and shall not disclose,
publish or make use of at any time after the date hereof such Trade Secrets without the prior
written consent of the Company for as long as the information remains a Trade Secret.

(d) Executive understands that any entrusting of Confidential Information or Trade Secrets to
him by the Company is done in reliance on a confidential relationship arising out of his employment
with the Company. Executive further understands that Confidential Information or Trade Secrets
that he may acquire or to which he may have access, especially with regard to research and
development projects and findings, formulae, designs, formulation, processes, the identity of
suppliers, customers and patients, methods of manufacture, and cost and pricing data is of great
value to the Company.

(e) Executive agrees that following termination of his employment with the Company Executive
will, if at all possible before answering but in any event as soon thereafter as practicable, make
every effort to contact the Company’s General Counsel if Executive is served with a subpoena or
other legal process asking for a deposition, testimony or other statement, or other potential
evidence to be used in connection with any lawsuit to which the Company is a party or involving
Executive’s employment with the Company or any Confidential Information or Trade Secret of the
Company.

(f) For purposes of this Agreement: (i) “Confidential Information” means information relating
to the present or planned business of the Company which has not been released publicly by
authorized representatives of the Company. Executive understands that Confidential Information may
include, for example, discoveries, inventions, know-how and products, customer, patient, supplier
and competitor information, sales, pricing, cost, and financial data, research, development,
marketing and sales programs and strategies, manufacturing, marketing and service techniques,
processes and practices, and regulatory strategies. Executive understands further that
Confidential Information also includes all information received by the Company under an obligation
of confidentially to a third party; (ii) “Items” include documents, reports, drawings, photographs,
designs, specifications, formulae, plans, samples, research or development information, prototypes,
tools, equipment, proposals, marketing or sales plans, customer information, customer lists,
patient lists, patient information, regulatory files, financial data, costs, pricing information,
supplier information, written, printed or graphic matter, or other information and materials that
concern the Company’s business that come into Executive’s possession or about which Executive has
knowledge by reason of his employment; and (iii) “Trade Secrets” include all information, including
a formula pattern, process, compilation, program, device, method, or technique that (A) derives
independent economic value, actual or potential, from not being generally known to, and not being
readily ascertainable by proper means by other persons who can obtain economic value from its
disclosure or use, (B) is the subject of efforts that are reasonable under the circumstances to
maintain its secrecy; and (C) otherwise satisfies the requirements of the Georgia Trade
Secrets Act.

Section 7. Proprietary Information.

(a) All Inventions (as defined below) related to the present or planned business of the
Company, which have been or are conceived or reduced to practice by Executive, either alone or with
others, during the period of his employment or during a period of one (1) year after termination of
such employment, whether or not done during his regular working hours, are the sole property of the
Company. The provisions of this paragraph shall not apply to an invention for which no equipment,
supplies, facilities or confidential or trade secret information of the Company was used and which
was developed entirely on Executive’s own time, unless (a) the invention relates to (i) the
business of the Company, or (ii) the Executive’s actual or demonstrably anticipated research or
development for the Company, or (b) the invention results from any work performed by Executive for
the Company.

(b) Executive will disclose promptly and in writing to the Company, through his supervisor,
all Inventions which are covered by this agreement, and Executive agrees to assign to the Company
or its nominee all his right, title, and interest in and to such Inventions. Executive agrees not
to disclose any of these Inventions to others, without the express consent of the Company.
Executive will, at any time during or after his employment, on request of the Company, execute
specific assignments in favor of the Company or its nominee of his interest in and to any of the
Inventions covered by this agreement, as well as execute all papers, render all assistance, and
perform all lawful acts which the Company considers necessary or advisable for the preparation,
filing, prosecution, issuance, procurement, maintenance or enforcement of patent applications and
patents of the United States and foreign countries for these Inventions, and for the transfer of
any interest Executive may have. Executive will execute any and all papers and documents required
to vest title in the Company or its nominee in the above Inventions, patent applications, patents,
and interests. Executive understands that if he is not employed by the Company at the time he is
requested to execute any document under this Section 7(b), Executive shall receive fifty dollars
($50.00) for the execution of each document, and one hundred fifty dollars ($150.00) per day of
each day or portion thereof spent at the request of the Company in the performance of acts pursuant
to this Section 7(b), plus reimbursement for any out-of-pocket expenses incurred by Executive at
the Company’s request in such performance. Executive further understands that the absence of a
request by the Company for information, or for the making of an oath, or for the execution of any
document, shall in no way be construed to constitute a waiver of the Company’s rights under this
agreement. Should the Company be unable to secure the Executive’s signature on any document
necessary to apply for, prosecute, obtain, or enforce any patent, copyright, or other right or
protection relating to any Invention, whether due to the Executive’s mental or physical incapacity
or any other cause, the Executive hereby irrevocably designates and appoints the Company and each
of its duly authorized officers and agents as the Executive’s agent and attorney in fact, to act
for and in the Executive’s behalf and stead and to execute and file any such document, and to do
all other lawfully permitted acts to further the prosecution, issuance, and enforcement of patents,
copyrights, or other rights or protections with the same force and effect as if executed and
delivered by the Executive.

(c) Executive has disclosed to the Company all continuing obligations which he has with
respect to the assignment of Inventions to any previous employers, and Executive claims no previous
unpatented Inventions as his own, except for those which have been reduced to practice and which
are shown on a schedule, if any, attached to this agreement. Executive understands that the
Company does not seek any confidential or trade secret information which Executive may have
acquired from a previous employer, and Executive will not disclose to or utilize any such
information on behalf of the Company.

(d) All writings and other works which may be copyrighted (including computer programs) which
are related to the present or planned business of the Company and are prepared by Executive during
his employment by the Company shall be, to the extent permitted by law, works made for hire, and
the authorship and copyright of the work shall be in the Company’s name. To the extent that such
writings and works are not works for hire, Executive agrees to the wavier of “moral rights” in such
writings and works, and to assign to the Company all Executive’s right, title and interest in and
to such writings and works, including copyright.

(e) Executive will permit the Company and its agents to use and distribute any pictorial
images which are taken of him during his employment by the Company as often as desired for any
lawful purpose. Executive waives all rights of prior inspection or approval and release the
Company and its agents from any and all claims or demands which Executive may have on account of
the lawful use of publication of such pictorial images.

(f) For purposes of this Agreement, “Invention” shall mean all ideas, potential marketing and
sales relationships, inventions, experiments, copyrightable expression, research, plans for
products or services, marketing plans, reports, strategies, processes, computer software
(including, without limitation, source code), computer programs, original works of authorship,
characters, know-how, trade secrets, information, data, developments, discoveries, improvements,
modifications, technology, algorithms, database schema, designs, and drawings, whether or not
subject to patent or copyright protection, made, conceived, expressed, developed, or actually or
constructively reduced to practice by the Executive solely or jointly with others prior to or
during the Term, which refer to, are suggested by, or result from any work which (i) the Executive
has performed prior to the Term of this Agreement, (ii) the Executive may perform during his
employment, or (iii) from any information obtained from the Company or any affiliate of the
Company, and shall not be limited to the meaning of “Invention” under the United States patent
laws.

Section 8. Agreement Not to Compete.

(a) While employed by the Company and for a period equal to the greater of (x) one (1) year
and (y) the severance period (or the deemed severance period set forth in clause z(A) of the first
sentence of Section 5(d)(i) in the event of a termination of employment upon a Change of Control)
thereafter, the Executive shall not, directly or indirectly, anywhere in the United States:

(i) render services which are substantially similar to the services performed by
Executive for the Company during the last year of the Term of this Agreement to any
person, corporation, partnership or other entity which competes with the Company (or any
subsidiary) in the business of developing or manufacturing antibody-based
immunotherapeutic products to prevent or treat infections caused by staphylococcal,
enterococcal or fungal organisms;

Executive agrees that this covenant is especially appropriate because, if he worked for a
competitor in the field described above, he would be required to assess and make business
decisions by relying on his knowledge of the Company’s Confidential Information and Trade
Secrets; thus, he would inevitably provide competitors with the Company’s Confidential
Information and Trade Secrets. The Company’s Confidential Information and Trade Secrets
are not generally known by others in the industry, and they would provide an unfair
advantage for competitors. Further, the Company recognizes that there are some companies
who provide many products and services, some of which may be competitive and some which
may not be. Accordingly, this covenant only prohibits Executive from performing the same
or substantially the same services for that section, division, group, subsidiary,
affiliate or operating unit of a competitor that actually develops or manufactures
antibody-based immunotherapeutic products to prevent or treat infections caused by
staphylococcal, enterococcal or fungal organisms;

(ii) solicit for employment of any person who was employed by the Company (or any
subsidiary) during the Executive’s employment with the Company and with whom the
Executive had contact during the last year of his employment with the Company; or

(iii) call on or solicit, directly or indirectly for the purpose of providing
immunotherapeutic products (and related services) to prevent or treat infections caused
by staphylococcal, enterococcal or fungal organisms, any person or entity known by the
Executive to be a customer of the Company (or of any subsidiary), or with which the
Company (or any subsidiary) was in negotiations to become a customer of the Company (or
such subsidiary), as the case may be, during the Executive’s employment with the Company,
and with whom the Executive had direct contact. For purpose of this section, “contact”
means interaction between the Executive and the client within the last year of
Executive’s employment to further the business relationship or perform services for the
client, and interaction between the Executive and prospective client within the last year
of Executive’s employment to develop a business relationship.

(b) If any of the restrictions contained in this Section 8 shall be deemed by any court of
competent jurisdiction to be unenforceable by reason of the extent, duration or geographical scope
thereof, or otherwise, then the parties agree that such court shall modify such restriction, only
to the extent necessary to render it enforceable and, in its reduced form, such restriction shall
then be enforced, and in its reduced form this Section 8 shall be enforceable in the manner
contemplated hereby.

(c) The Executive and the Company agree to revise the specific description of the Company’s
line of business set forth in Section 8(a) as appropriate to reflect any material change in the
Company’s business due to an in-licensing, merger, acquisition or similar strategic transaction.

Section 9. Company Resources.

Executive may not use any of the Company’s (or any affiliate’s) equipment for personal
purposes without written permission from the Company. The Executive may not give access to the
Company’s (or any affiliate’s) offices or files to any person not in the employ of the Company
without written permission of the Company.

Section 10. Injunctive Relief.

Executive understands and agrees that the Company will suffer irreparable harm in the event
that the Executive breaches any of the Executive’s obligations under Sections 6, 7, 8 or 9 hereof
and that monetary damages will be inadequate to compensate the Company for such breach.
Accordingly, the Executive agrees that, in the event of a breach or threatened breach by the
Executive of any of the provisions of Sections 6, 7, 8 or 9 hereof, the Company shall be entitled
to appropriate injunctive relief, in addition to any other in addition to any other rights,
remedies or damages available to the Company at law or in equity.

Section 11. Severability.

In the event any of the provisions of this Agreement shall be held by a court or other
tribunal of competent jurisdiction to be unenforceable, the other provisions of this Agreement
shall remain in full force and effect.

Section 12. Survival.

Sections 1(d) and 4 through 16 shall survive the termination of this Agreement for any reason.

Section 13. Representations, Warranties, and Covenants.

Executive represents, warrants, and covenants that the Executive’s performance of all the
terms of this Agreement and any services to be rendered as an employee of the Company do not and
will not breach any fiduciary or other duty or any covenant, agreement or understanding (including,
without limitation, any agreement relating to any proprietary information, knowledge or data
acquired by the Executive in confidence, trust or otherwise prior to the Executive’s employment by
the Company) to which the Executive is a party or by the terms of which the Executive may be bound.
The Executive further covenants and agrees not to enter into any agreement or understanding,
either written or oral, in conflict with the provisions of this Agreement.

Section 14. Accounting for Profits; Indemnification.

Executive covenants and agrees that, if the Executive shall violate any of the Executive’s
covenants or agreements contained in Sections 6, 7, 8 or 9 hereof, the Company shall be entitled to
an accounting and repayment of all profits, compensation, royalties, commissions, remunerations or
benefits which the Executive directly or indirectly shall have realized or may realize relating to,
growing out of or in connection with any such violation; such remedy shall be in addition to and
not in limitation of any injunctive relief or other rights or remedies to which the Company is or
may be entitled at law or in equity or otherwise under this Agreement. The Executive hereby agrees
to defend, indemnify and hold harmless the Company against and in respect of: (a) any and all
losses and damages resulting from, relating or incident to, or arising out of any misrepresentation
or breach by the Executive of any of the Executive’s representations, warranties, covenants or
agreements made or contained in this Agreement; and (b) any and all actions, suits, proceedings,
claims, demands, judgments, costs and expenses (including reasonable attorneys’ fees) incident to
the foregoing.

Section 15. General.

This Agreement supersedes and replaces any existing agreement between the Executive and the
Company relating generally to the same subject matter (including, without limitation, the Prior
Agreement), and may be modified only in a writing signed by the parties hereto. Failure to enforce
any provision of the Agreement shall not constitute a waiver of any term herein. The Executive
agrees that he will not assign, transfer, or otherwise dispose of, whether voluntarily or
involuntarily, or by operation of law, any rights or obligations under this Agreement. Any
purported assignment, transfer, or disposition shall be null and void. Nothing in this Agreement
shall prevent the consolidation of the Company with, or its merger into, any other corporation, or
the sale by the Company of all or substantially all of its properties or assets, or the assignment
by the Company of this Agreement and the performance of its obligations hereunder. Subject to the
foregoing, this Agreement shall be binding upon and shall inure to the benefit of the parties and
their respective heirs, legal representatives, successors, and permitted assigns, and shall not
benefit any person or entity other than those enumerated above. The use of any gender herein shall
be applicable to all genders.

Section 16. Executive Acknowledgment.

Executive acknowledges (a) that he has consulted with or has had the opportunity to consult
with independent counsel of his own choice concerning this Agreement and has been advised to do so
by the Company, and (b) that he has read and understands the Agreement, is fully aware of its legal
effect, and has entered into it freely based on his own judgment.

[Signatures appear on the following page.]

1

AGREED TO BY:

INHIBITEX, INC.

	 	 	 
	     

Sam Michini

	 	     

Russell H. Plumb

President and CEO

2

Appendix I

Job Description

The Vice President, Sales & Marketing will be responsible for:

	 	•	 	Provide the commercial leadership skills necessary to ensure a
successful l market entry for Veronate®

	 	•	 	Participate actively as a member of the Executive Committee
responsible for contributing to the overall strategic direction of the company.

	 	•	 	Design a strategic marketing and sales plan to successfully launch
Veronate® and Aurexis® and achieve revenue and profit growth
goals.

	 	•	 	Provide leadership to attract and develop a world-class marketing,
sales and product development and delivery organization.

	 	•	 	Maximize market awareness of Inhibitex and its products through the
education of key medical specialists and academic institutions.

	 	•	 	Ensure effective competitive information gathering, analysis and
interpretation to influence business outcomes.

	 	•	 	Lead commercial analysis for the development and management of the
product pipeline.

	 	•	 	Develop and implement a successful reimbursement strategy.

	 	•	 	And any other responsibilities assigned by the CEO.
	 
	 	 	 	Inhibitex, Inc.
	 
	 	 	 	By:      
Russell H. Plumb

     

Date:      Sam Michini

3EX-10.1

Exhibit 10.1

EXIDE TECHNOLOGIES

2004 STOCK INCENTIVE PLAN

_______________________________

Form of Restricted Share Units Award Agreement

______________________________

Award No. _______

You are hereby awarded Restricted Share Units subject to the terms and conditions set forth in
this Restricted Share Units Award Agreement (“Award Agreement”), and in the Exide
Technologies 2004 Stock Incentive Plan (the “Plan”), which is attached. You should
carefully review these documents, and consult with your personal financial advisor, in order to
fully understand the implications of this Award, including your tax alternatives and their
consequences.

By executing this Award Agreement, you agree to be bound by all of the Plan’s terms and
conditions as if they had been set out verbatim in this Award Agreement. In addition, you
recognize and agree that all determinations, interpretations, or other actions respecting the Plan
and this Award Agreement will be made by the Board of Directors of Exide Technologies (the
“Board”) or the Committee pursuant to Section 4 of the Plan, and that such determinations,
interpretations or other actions are (unless arbitrary and capricious) final, conclusive and
binding upon all parties, including you, your heirs, and representatives. Capitalized terms are
defined in the Plan or in this Award Agreement.

1. Specific Terms. Your Restricted Share Units have the following terms:

	 	 	 
	Name of Participant	 	 
	Number of Units	 	 
	Subject to Award	 	 
	Agreement	 	 
	Award Date	 	[	]
	Vesting

	 	Your Restricted Share Units under this Award

Agreement shall vest and become non-forfeitable at

the rate of 20% on the first, second, third, fourth

and fifth anniversary after grant date, subject in

each case to acceleration as provided in the Plan,

and to your Continuous Service with the Company not

ending before the vesting date.
	 

	 	 
	 
	 	 
	Lifetime Transfer

	 	Allowed in accordance with Section 11(b) of the Plan.
	 

	 	 

2. Dividends. You will not be entitled to any dividends that may be declared on the Shares
or any payment in lieu thereof under this Award Agreement.

3. Settlement. As soon as practicable, and upon your satisfaction of applicable tax
withholding requirements, the Company shall release to you one Share for each vested Restricted
Share Unit on the Payment Date. The Payment Date shall be, and in the case of Restricted Share
Units that vested prior to the [fifth anniversary following grant date], shall be deferred to, the
earlier of (i) [five years following the grant date] or (ii) the date on which your Continuous
Service ceases. Any Restricted Share Unit that remains unvested on the date your Continuous
Service ceases shall be forfeited.

4. Tax Withholding. You agree, by accepting the Restricted Share Units awarded under this
Award Agreement, to pay to the Company (or otherwise provide for) the amount of any Federal, state,
local or foreign income taxes or other taxes incurred by reason of the vesting or release of any
Restricted Share Units or Shares covered by this Award Agreement that the Company may be required
to withhold with respect thereto. On the Payment Date, such withheld taxes shall be satisfied by
the reduction of the number of Shares to be released, with any fractional Shares that would
otherwise be delivered being rounded up to the next whole Share; provided, however,
that you may elect to pay or provide for such withheld taxes (i) in cash, (ii) by delivery or
attesting to ownership of Shares owned by you for at least 6 months prior to the Payment Date or
(ii) any combination of such methods. For purposes hereof, Shares will be valued at Fair Market
Value.

5. Occurrence of a Change in Corporate Control. Notwithstanding Section 12(c) of the Plan,
if these Restricted Share Units are assumed or substituted by a Successor Corporation in a Change
in Control, and your employment is Involuntarily Terminated by the Successor Corporation in
connection with, or within 12 months following consummation of, the Change in Control, then your
right to these Restricted Share Units shall become fully vested and shall be released in accordance
with Section 3(ii).

6. Transfer. This Award Agreement may not be sold, pledged, or otherwise transferred
without the prior written consent of the Committee.

7. Designation of Beneficiary. Notwithstanding anything to the contrary contained herein
or in the Plan, following the execution of this Award Agreement, you may expressly designate a
beneficiary (the “Beneficiary”) to your interest, if any, in the Restricted Share Units
awarded hereby. You shall designate the Beneficiary by completing and executing a designation of
beneficiary agreement substantially in the form attached hereto as Exhibit A (the
“Designation of Beneficiary”) and delivering an executed copy of the Designation of
Beneficiary to the Company.

8. Notices. Any notice, payment or communication required or permitted to be given by any
provision of this Award Agreement shall be in writing and shall be delivered personally or sent by
certified mail, return receipt requested, addressed as follows: (i) if to the Company, at the
address set forth on the signature page, to the attention of: Board of Directors of Exide
Technologies; (ii) if to you, at the address set forth below your signature on the signature page.
Each party may, from time to time, by notice to the other party hereto, specify a new address for
delivery of notices relating to this Award Agreement. Any such notice shall be deemed to be given
as of the date such notice is personally delivered or properly mailed.

9. Binding Effect. Except as otherwise provided in this Award Agreement or in the Plan,
every covenant, term, and provision of this Award Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, legatees, legal representatives,
successors, transferees, and assigns.

10. Modifications. This Award Agreement may be modified or amended at any time by the
Committee, provided that your consent must be obtained for any modification that adversely alters
or impairs any rights or obligations under this Award Agreement, unless there is an express Plan
provision permitting the Committee to act unilaterally to make the modification.

11. Headings. Headings shall be ignored in interpreting this Award Agreement.

12. Severability. Every provision of this Award Agreement and the Plan is intended to be
severable, and any illegal or invalid term shall not affect the validity or legality of the
remaining terms.

13. Governing Law. This Award Agreement shall be interpreted, administered and otherwise
subject to the laws of the State of Delaware (disregarding any choice-of-law provisions).

14. Compliance with Section 409A of the Code. To the extent applicable, it is intended
that this Award Agreement and the Plan comply with the provisions of Section 409A of the Code, so
that the income inclusion provisions of Section 409A(a)(1) do not apply to you. This Award
Agreement and the Plan shall be administered in a manner consistent with this intent, and any
provision that would cause this Agreement or the Plan to fail to satisfy Section 409A of the Code
shall have no force and effect until amended to comply with Section 409A of the Code (which
amendment may be retroactive to the extent permitted by Section 409A of the Code and may be made by
the Company without your consent). In particular, to the extent the Restricted Share Units become
payable pursuant to Section 3(ii) and the issuance of the Shares at such time would subject you to
penalties under Section 409A of the Code, then notwithstanding anything to the contrary in
Section 3 above, issuance of the Shares will be made, to the extent necessary to comply with the
provisions of Section 409A of the Code, to you on the earlier of (i) your “separation from service”
with the Company (determined in accordance with Section 409A); provided, however,
that if the you are a “specified employee” (within the meaning of Section 409A), your date of
issuance of the Shares shall be the date that is six months after the date of your separation of
service with the Company or (ii) March 21, 2012 or (iii) your death. Reference to Section 409A of
the Code is to Section 409A of the Internal Revenue Code of 1986, as amended, and will also include
any proposed, temporary or final regulations, or any other guidance, promulgated with respect to
such Section by the U.S. Department of the Treasury or the Internal Revenue Service.

15. Counterparts. This Award Agreement may be executed by the parties hereto in separate
counterparts, each of which when so executed and delivered shall be an original, but all such
counterparts shall together constitute the same instrument.

16. Data Protection. By your signature below, you consent that Exide Technologies may
process your personal data provided herein (the “Data”) exclusively for the purpose of performing
this Award Agreement, in particular in connection with the exercise of Restricted Share Units
awarded to you. For this purpose the Data may also be disclosed to and processed by companies
outside the Company, e.g., banks involved.

1

BY YOUR SIGNATURE BELOW, along with the signature of the Company’s representative, you and the
Company agree that the Restricted Share Units are awarded under and governed by the terms and
conditions of this Award Agreement and the Plan.

EXIDE TECHNOLOGIES

By:

A duly authorized Director or Officer

	 	 	 
	Address:

	 	13000 Deerfield Parkway
	
 
	 	 
	
 
	 	Building 200
	
 
	 	 
	
 
	 	Alpharetta, GA 30004
	
 
	 	 

The undersigned hereby accepts the terms of this Award Agreement and the Plan.

Address:

2

EXIDE TECHNOLOGIES

2004 STOCK INCENTIVE PLAN

Exhibit A

Designation of Beneficiary

In connection with the RESTRICTED SHARE UNIT AWARD AGREEMENT (the “Award Agreement”)
entered into on March 21, 2007 between Exide Technologies (the “Company”) and
[Participant], an individual residing at [Address] (the “Recipient”), the Recipient hereby
designates the person specified below as the beneficiary of the Recipient’s interest in Restricted
Shares (as defined in the 2004 Stock Incentive Plan of the Company awarded pursuant to the Award
Agreement. This designation shall remain in effect until revoked in writing by the Recipient.

	 
	 

	Name of Beneficiary:

	 

	Address:

	 

	Social Security No.:

The Recipient understands that this designation operates to entitle the above-named
beneficiary to the rights conferred by the Award Agreement from the date this form is delivered to
the Company until such date as this designation is revoked in writing by the Recipient, including
by delivery to the Company of a written designation of beneficiary executed by the Recipient on a
later date.

	 
	 

	Date:

	 

	By:

Sworn to before me this

     day of      , 20     

Notary Public

County of

State of

3

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