Document:

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                                                                   EXHIBIT 10.26

                      CHANGE OF CONTROL/SEVERANCE AGREEMENT

     This CHANGE OF CONTROL/SEVERANCE AGREEMENT, dated as of July 6, 2006 by and
between PAREXEL International Corporation (together with all subsidiaries or
affiliates hereinafter referred to as the "Company") and Douglas A. Batt (the
"Executive").

     WHEREAS, the Executive has been hired as a senior executive of the Company
and is expected to make major contributions to the Company;

     WHEREAS, the Company desires continuity of management; and

     WHEREAS, the Executive is willing to render services to the Company subject
to the conditions set forth in this Agreement.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Company and the Executive agree
as follows:

     1.   TERMINATION WITHOUT CAUSE.

     In the event the Company terminates the Executive's employment with the
Company without Cause (as such term is defined in Section 4(c) below), the
Company shall pay to the Executive lump sum amounts (net of any required
withholding) equal to (i) twelve (12) months of monthly base salary (at the
highest monthly base salary rate in effect for the Executive in the twelve month
period prior to the termination of his employment)("Base Salary")(which shall be
paid within ten business days following the Executive's last date of
employment), plus (ii) the pro rata share of the bonus that would otherwise have
been payable to the Executive pursuant to the Company's Performance Bonus Plan
(the "PBP") during the year in which the termination occurs had his employment
not been terminated by the Company, based on bonus arrangements in effect at any
time during the twelve month period immediately prior to the termination of his
employment, such pro rata share to be calculated from the beginning of the
fiscal year in which the termination occurs through the date of termination
(which shall be paid within ten business days after the payment of bonuses, if
any, to the Company's executive officers pursuant to the PBP for the year in
which the termination occurred); provided, however, that such pro rata bonus
shall only be payable to the extent of, and in accordance with, (i) the
Company's determination that the Company's and the Executive's PBP performance
goals have been satisfied, and (ii) the Company's determination to pay bonuses
to its executive officers, for the year in which the termination occurs.

     2.   TERMINATION PRIOR TO A CHANGE OF CONTROL.

     (a) Notwithstanding the provisions of Section 1 above, if, within nine
months prior to a Change of Control (as such term is defined in Section 4(b)
below) and subsequent to the commencement of substantive discussions that
ultimately result in the Change of Control, the

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Company terminates the Executive's employment with the Company without Cause (as
such term is defined in Section 4(c) below), the Company shall:

          (1)  Pay to the Executive, within ten (10) business days following the
               Change of Control, a lump sum amount (net of any required
               withholding) equal to: (i) twelve (12) months of Base Salary,
               plus (ii) the target bonus that could have been payable to the
               Executive (assuming continued employment) during the year in
               which the termination of employment occurs based on bonus
               arrangements in effect at any time during the twelve month period
               immediately prior to the termination of his employment; and

          (2)  Provide the Executive and his dependents with life, accident,
               health and dental insurance substantially similar to that which
               the Executive was receiving immediately prior to the termination
               of his employment until the earlier of: (i) the date which is
               twelve (12) months following the Change of Control; or (ii) the
               date the Executive commences subsequent employment; and

          (3)  On the Change of Control, cause any unexercisable installments of
               any stock options of the Company or any subsidiary or affiliate
               of the Company held by the Executive on the Executive's last date
               of employment with the Company that have not expired to become
               exercisable on the Change of Control; provided, however, that:
               (i) such acceleration of exercisability shall not occur as to any
               option if the Change of Control does not occur within the period
               within which the Executive may exercise such option after a
               termination of employment in accordance with the provisions of
               the relevant option agreement and option plan; and (ii) any such
               acceleration of exercisability shall not extend the period after
               a termination of employment within which any option may be
               exercised by the Executive in accordance with the provisions of
               the relevant option agreement and option plan; and

          (4)  On the Change of Control, cause any unvested portion of any
               qualified or non-qualified capital accumulation benefits, and any
               unvested portion of any qualified or non-qualified awards made
               pursuant to any stock incentive plans, including, but not limited
               to, restricted stock units, restricted stock, stock appreciation
               rights and all other equity based awards (but excluding stock
               options), to become immediately vested (subject to applicable
               law);

provided, however, that any amounts and benefits set forth in this Section 2
shall be reduced by any and all other severance or other amounts or benefits
paid or payable to the Executive as a result of the termination of his or her
employment.

                                       -2-

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     3.   TERMINATION FOLLOWING A CHANGE OF CONTROL.

     (a) Notwithstanding the provisions of Section 1 above, if, at any time
during a period commencing with a Change of Control and ending eighteen months
after such Change of Control the Company terminates the Executive's employment
without Cause (as such term is defined in Section 4(c) below) or the Executive
terminates his employment with the Company for Good Reason (as such term is
defined in Section 3(b) below) (provided, however, that any such termination by
the Executive must occur promptly (and in any event within 90 days) after the
occurrence of the event or events constituting "Good Reason"), the Company
shall:

          (1)  Pay to the Executive, within ten (10) business days following the
               Executive's last date of employment, a lump sum amount (net of
               any required withholding) equal to: (i) twelve (12) months of
               Base Salary, plus (ii) the target bonus that could have been
               payable to such Executive (assuming continued employment) during
               the year in which the termination of employment occurs based on
               bonus arrangements in effect immediately prior to the termination
               of his or her employment (all payments under Sections 1, 2 and
               this Section 3(a) being referred to collectively, as the
               "Severance Payments"); and

          (2)  Provide the Executive and his dependents with life, accident,
               health and dental insurance substantially similar to that which
               the Executive was receiving immediately prior to the termination
               of his employment until the earlier of: (i) the date which is
               twelve (12) months following the Executive's last day of
               employment; or (ii) the date the Executive commences subsequent
               employment; and

          (3)  Cause any unexercisable installments of any stock options of the
               Company or any subsidiary or affiliate of the Company held by the
               Executive on the Executive's last date of employment with the
               Company that have not expired to become exercisable on such last
               date of employment; provided, however, that: (i) such
               acceleration of exercisability shall not occur as to any option
               if the Change of Control does not occur within the period within
               which the Executive may exercise such option after a termination
               of employment in accordance with the provisions of the relevant
               option agreement and option plan; and (ii) any such acceleration
               of exercisability shall not extend the period after a termination
               of employment within which any option may be exercised by the
               Executive in accordance with the provisions of the relevant
               option agreement and option plan; and

          (4)  Cause any unvested portion of any qualified or non-qualified
               capital accumulation benefits, and any portion of any qualified
               or non-qualified awards made pursuant to any stock incentive
               plans, including, but not limited to, restricted stock units,
               restricted stock, stock appreciation rights

                                       -3-

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               and all other equity based awards (but excluding stock options),
               to become immediately vested (subject to applicable law);

provided, however, that any amounts and benefits set forth in this Section 3
shall be reduced by any and all other severance or other amounts or benefits
paid or payable to the Executive as a result of the termination of his or her
employment.

     (b) For purposes of Section 3 above, "Good Reason" shall mean the
occurrence of one or more of the following events following a Change of Control,
as the case may be: (i) the assignment to the Executive of any duties
inconsistent in any adverse, material respect with his position, authority,
duties or responsibilities immediately prior to the Change of Control or any
other action by the Company which results in a material diminution in such
position, authority, duties or responsibilities; (ii) a material reduction in
the aggregate of the Executive's base or incentive compensation or the
termination of the Executive's rights to any employee benefits immediately prior
to the Change of Control, except to the extent any such benefit is replaced with
a comparable benefit, or a reduction in scope or value thereof; or (iii) a
relocation of the Executive's place of business which results in the one-way
commuting distance for the Executive increasing by more than 25 miles from the
location thereof immediately prior to the Change of Control (provided, however,
that travel consistent with past practices for business purposes shall not be
considered "commuting" for purposes of this clause (iii)) or (iv) a failure by
the Company to obtain the agreement referenced in Section 4(f).

     4.   GENERAL.

     (a) In the event the Executive's employment with the Company is
terminated(i) by the Company at any time for Cause (as such term is defined in
Section 4(c) below), or (ii) the Executive terminates his employment with the
Company other than during the specific time periods set forth in Section 3 or
for any reason other than Good Reason (as such term is defined in Section 3(b)
above), the Executive shall not be entitled to the severance benefits or other
considerations described herein by virtue of this Agreement.

     (b) For purposes of this Agreement, "Change of Control" shall mean the
closing of: (i) a merger, consolidation, liquidation or reorganization of the
Company into or with another Company or other legal person, after which merger,
consolidation, liquidation or reorganization the capital stock of the Company
outstanding prior to consummation of the transaction is not converted into or
exchanged for or does not represent more than 50% of the aggregate voting power
of the surviving or resulting entity; (ii) the direct or indirect acquisition by
any person (as the term "person" is used in Section 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, as amended) of more than 50% of the voting
capital stock of the Company, in a single or series of related transactions; or
(iii) the sale, exchange, or transfer of all or substantially all of the
Company's assets (other than a sale, exchange or transfer to one or more
entities where the stockholders of the Company immediately before such sale,
exchange or transfer retain, directly or indirectly, at least a majority of the
beneficial interest in the voting stock of the entities to which the assets were
transferred).

                                       -4-

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     (c) For purposes of this Agreement, "Cause" shall mean: (i) the commission
by the Executive of a felony, either in connection with the performance of his
obligations to the Company or which adversely affects the Executive's ability to
perform such obligations; (ii) gross negligence, breach of fiduciary duty or
breach of any confidentiality, non-competition or developments agreement in
favor of the Company; or (iii) the commission by the Executive of an act of
fraud or embezzlement or other acts in intentional disregard of the Company
which result in loss, damage or injury to the Company, whether directly or
indirectly.

     (d) Notwithstanding anything to the contrary in this Agreement, if any
portion of any payments received by the Executive from the Company (whether
payable pursuant to the terms of this Agreement or any other plan, agreement or
arrangement with the Company, its successors or any person whose actions result
in a change of control of the Company) shall be subject to tax imposed by
Section 4999 of the Internal Revenue Code of 1986, as amended or any successor
statutory provision, the Company shall pay to the Executive such additional
amounts as are necessary so that, after taking into account any tax imposed by
Section 4999 (or any successor statutory provision), and any federal and state
income taxes payable on any such tax, the Executive is in the same after-tax
position that he or she would have been if such Section 4999 (or any successor
statutory provision) did not apply and no payments were made pursuant to this
Section 4(d). The Executive and the Company shall each reasonably cooperate with
the other in connection with any administrative or judicial proceedings
concerning the existence or amount of liability for Excise Tax with respect to
the Payments. All determinations required to be made under this Section 4(d),
including whether a Gross-Up Payment is required and the amount of such Gross-Up
Payment, shall be made by the Company, after consultation with its tax and
accounting advisors.

     (e) The parties hereto expressly agree that the payments by the Company to
the Executive in accordance with the terms of this Agreement will be liquidated
damages, and that the Executive shall not be required to mitigate the amount of
any payment provided for in this Agreement by seeking other employment or
otherwise, nor shall any profits, income, earnings or other benefits from any
source whatsoever create any mitigation, offset, reduction or any other
obligation on the part of the Executive.

     (f) Except as otherwise provided herein, this Agreement shall be binding
upon and inure to the benefit of the Company and any successor (whether direct
or indirect, by purchase, merger, consolidation, reorganization or otherwise) of
the Company; provided, however, that as a condition of closing any transaction
which results in a Change of Control, the Company shall obtain the written
agreement of any successor (whether direct or indirect, by purchase, merger,
consolidation, reorganization or otherwise) of the Company to be bound by the
provisions of this Agreement as if such successor were the Company and for
purposes of this Agreement, any such successor of the Company shall be deemed to
be the "Company" for all purposes.

     (g) Nothing in this Agreement shall create any obligation on the part of
the Company or any other person to continue the employment of the Executive. If
the Executive elects to receive the severance and benefits set forth in Sections
1, 2 or 3, the Executive shall not be entitled to any other salary continuation
or severance benefits in the event of his cessation of employment with the
Company.

                                       -5-

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     (h) Nothing herein shall affect the Executive's obligations under any key
employee, non-competition, confidentiality, option or similar agreement between
the Company and the Executive currently in effect or which may be entered into
in the future.

     (i) The Executive agrees that it will execute and deliver to the Company a
copy of the Agreement/Waiver in the form attached hereto as Exhibit A in
consideration of, and prior to the Company's payment of, any amounts payable
hereunder.

     (j) This Agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Massachusetts. This Agreement constitutes the
entire Agreement between the Executive and the Company concerning the subject
matter hereof and supersedes any prior negotiations, understandings or
agreements concerning the subject matter hereof, whether oral or written, and
may be amended or rescinded only upon the written consent of the Company and the
Executive. The invalidity or unenforceability of any provision of this Agreement
shall not affect the other provisions of this Agreement and this Agreement shall
be construed and reformed to the fullest extent possible. The Executive may not
assign any of his rights or obligations under this Agreement; the rights and
obligations of the Company under this Agreement shall inure to the benefit of,
and shall be binding upon, the successors and assigns of the Company. This
Agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same instrument.

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the date first written above.

                                        The Company:

                                        PAREXEL INTERNATIONAL CORPORATION

                                        By: /s/ Josef H. von Rickenbach
                                            ------------------------------------
                                        Name: Josef H. von Rickenbach
                                        Title: Chairman and Chief Executive
                                               Officer

                                        The Executive:

                                        Signature: /s/ Douglas A. Batt
                                                   -----------------------------
                                        Printed Name: Douglas A. Batt

                                       -6-

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                                                                       EXHIBIT A

                                AGREEMENT/WAIVER

     It is hereby agreed by and between Douglas A. Batt (the "Executive") and
PAREXEL International Corporation (together with all subsidiaries and affiliates
hereinafter referred to as the "Company"), for good and sufficient consideration
more fully described below, that:

     1. Consideration. The Company will provide the Executive with the amounts
and benefits described in Sections 1, 2 and 3 of the Change of Control/Severance
Agreement entered into by the Company and the Executive, dated July __, 2006,
(the "Agreement"), subject to the terms and conditions of such Agreement. The
Executive understands that payment of and all such amounts and benefits are
conditioned upon the Executive signing this agreement.

     2. Settlement of Amounts Due the Executive. The Executive agrees that the
amounts set forth above in Section 1, together with any amounts previously
provided to the Executive by the Company, shall be complete and unconditional
payment, settlement, satisfaction and accord with respect to all obligations and
liabilities of the Company and any of its affiliated companies (including their
respective successors, assigns, shareholders, officers, directors, employees
and/or agents) to the Executive, and all claims, causes of action and damages by
the Executive against the Company and/or any such other parties regarding the
Executive's employment with and termination from employment with the Company,
including, without limitation, all claims for back wages, salary, draws,
commissions, bonuses, vacation pay, equity compensation, expenses, compensation,
severance pay, attorney's fees, compensatory damages, exemplary damages, or
other costs or sums.

     3. Release.

     (a) In exchange for the amounts and benefits described in Section 1 above
and other good and valuable consideration, receipt of which is hereby
acknowledged, the Executive and his representatives, agents, estate, successors
and assigns, absolutely and unconditionally hereby release and forever discharge
the Company, its affiliated companies and/or their successors, assigns,
directors, shareholders, officers, employees and/or agents, both individually
and in their official capacities, (the "Releasees"), from any and all actions or
causes of action, suits, claims, complaints, contracts, liabilities, agreements,
promises, debts and damages, controversies, judgments, rights and demands,
whether existing or contingent, known or unknown, which arise under the
Agreement. This release is intended by the Executive to be all encompassing and
to act as a full and total release of any claims that the Executive may have or
has had against the Releasees under the Agreement, including, but not limited
to, any federal, state or local law or regulation dealing with either employment
or employment discrimination such as those laws or regulations concerning
discrimination on the basis of age, race, color, religion, creed, sex, sexual-
orientation, national origin, ancestry, marital status, physical or mental
disability, any veteran status or any military service or application for any
military service; any contract, whether oral or written, express or implied; or
common law.

<PAGE>

     (b) The Executive agrees not only to release and discharge the Releasees
from any and all claims as stated above that the Executive could make on his/her
own behalf or on behalf of others, but also those claims which might be made by
any other person or organization on behalf of the Executive, and the Executive
specifically waives any right to become, and promises not to become, a member of
any class in a case in which a claim or claims against the Releasees are made
involving any matters which arise out of, or in connection with, the Agreement.
Nothing in this agreement is to be construed as an admission by the Releasees of
any liability or unlawful conduct whatsoever.

     4. Waiver of Rights and Claims Under the Age Discrimination and Employment
Act of 1967.

     (a) The Executive has been informed that since he is 40 years of age or
older, he has or might have specific rights and/or claims under the Age
Discrimination and Employment Act of 1967. In consideration for the amounts
described in Section 1 hereof, the Executive specifically waives such rights
and/or claims to the extent that such rights and/or claims arose prior to the
date this Agreement was executed.

     (b) The Executive was advised by the Company of his right to consult with
an attorney prior to executing this Agreement.

     (c) The Executive was further advised when he was presented by the Company
with the original draft of this Agreement on _______, 200_, that he had at least
21 days within which to consider its terms and to consult with or seek advice
from an attorney or any other person of his/her choosing, until the close of
business on __________, 200_.

     5. Confidentiality. The Executive agrees he shall not divulge or publish,
directly or indirectly, any information whatsoever regarding the substance,
terms or existence of the Agreement or this agreement and/or any discussions or
negotiations relating to the Agreement or this agreement to any person or
organization, except to his immediate family members, counsel or accountant, and
unless required under law or court order.

     6. Representations and Governing Law.

     (a) This agreement represents the complete and sole understanding between
the parties regarding the subject matter hereto. This agreement may not be
modified, altered or rescinded except upon written consent of the Company and
Executive. The invalidity or unenforceability of any provision of this agreement
shall not affect the other provisions of this agreement, but this agreement
shall be revised, construed and reformed to the fullest extent possible to
effectuate the purposes of this agreement. This agreement shall be binding upon
and inure to the benefit of the Company and the Executive and their respective
heirs, successors and assigns. The parties agree that the Company will not have
an adequate remedy if the Executive fails to comply with Sections 3, 4, and 5
hereof and that damages will not be readily ascertainable, and that in the event
of such failure, the Executive shall not oppose any application by the Company
requiring a decree of specific performance or an injunction enjoining a breach
of this agreement. If the

                                       A-2

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Executive breaches any of his/her obligations hereunder, he shall forfeit all
right to payments pursuant to Section 1.

     (b) This agreement shall be governed by and construed in accordance with
the laws of the Commonwealth of Massachusetts, without giving effect to the
principles of conflicts of law thereof.

     (c) The Executive represents that he has read this agreement, fully
understands the terms and conditions of such agreement, and is voluntarily
executing the same. In entering into this agreement, the Executive does not rely
on any representation, promise or inducement made by the Releasees, with the
exception of the consideration described in this document.

     7. Effective Date. The Executive may revoke this agreement during the
period of seven (7) days following its execution by the Executive, and this
agreement shall not become effective or enforceable until this revocation period
has expired.

                                        The Company:

                                        PAREXEL INTERNATIONAL CORPORATION

                                        By:
                                            ------------------------------------
                                        Name:
                                              ----------------------------------
                                        Title:
                                               ---------------------------------
                                        Date:
                                              ----------------------------------

                                        The Executive:

                                        Signature:
                                                   -----------------------------

                                        Printed Name: Douglas A. Batt
                                        Date:
                                              ----------------------------------

                                       A-3exv10w1

 

Exhibit 10.1

 

August 18, 2006
 

CONFIDENTIAL
 

John F. Weidenbruch, Esq.

1867 Sapra Street

Thousand Oaks, CA 91362

 

Dear John:

On behalf of Idenix Pharmaceuticals, Inc. (“Idenix”), I am pleased to offer you the position of
Executive Vice President and General Counsel, reporting to Dr. Jean-Pierre Sommadossi, Chief
Executive Officer and Chairman of the Board. The terms of your employment are set forth below.

	1.	 	Commencement: Your employment will commence on September 1st, 2006. Upon
commencement of your employment, you may expect that the Board will elect you as an executive
officer of Idenix and that you will be thereafter be an “officer” of Idenix within the meaning
of Rule 16a-1(f) under the Securities Exchange Act and an “executive officer” within the
meaning of Rule 3b-7 under the Exchange Act.
	 
	2.	 	Base Salary: Your annual base salary (“Base Salary”) will be equivalent to $300,000
annually, subject to applicable withholding and payable in accordance with normal payroll
practices of Idenix. The Base Salary shall be reviewed annually for additional
increases, if any, which in the sole discretion of the Idenix Board of Directors (the “Board”)
are merited or necessary to adjust for cost of living increases or to retain a competitive
Base Salary. After any such increase, the term “Base Salary” as utilized herein shall
thereafter refer to the increased amount. Base Salary shall not be reduced at any time
without your express prior written consent.
	 
	3.	 	Equity: As soon as practicable following the commencement of your employment, the
Company will recommend to its Board of Directors that you be granted, pursuant to the 2005
Idenix Pharmaceuticals, Inc. Stock Incentive Plan, options to purchase 75,000 shares of
Idenix’s common stock. The exercise price of such option will be the current fair market
value of Idenix’s common stock on the date of grant. Except as otherwise contemplated and
provided by paragraph 9 hereof, the option will vest ratably over a 48-month period beginning
on the last day of the month in which your employment commences. In addition, you shall have
annual performance targets and opportunities to be awarded additional equity awards and
incentives. Such awards may include stock options, restricted stock grants and other equity
linked incentives. The actual type of award and number of shares to be awarded under such
target equity opportunity shall be subject to annual approval by the Board and conditioned
upon the achievement of annual performance targets established by the Board. Currently, it is
anticipated that the target equity award would be comprised of an annual grant of

 

 

John F. Weidenbruch, Esq.

August 18, 2006

Page 2 of 8

 

	 	 	ptions to
purchase 30,000 shares of Idenix’s common stock on terms and conditions with respect to
exercise price and vesting substantially similar to the initial “new hire” grant described
above.
	 
	4.	 	Benefits: Upon the commencement of your employment, you will be eligible to
participate in all benefit plans Idenix provides generally to its senior level executives,
subject to, and on a basis consistent with, the participation requirements and other terms and
conditions of such plans and programs. Such programs currently include medical, dental,
disability, life insurance and a 401(k) plan. You will be eligible to accrue four weeks of
vacation per calendar year and such vacation carryover as is set forth in the policy approved
by the Board. In 2006, your total vacation accrued will be prorated based on the date you
commenced employment.
	 
	5.	 	Location: This position is based at Idenix’ offices in Cambridge, Massachusetts.
	 
	6.	 	Relocation: In connection with your relocation to the Cambridge, Massachusetts area,
Idenix will provide you relocation assistance in the type and amount offered to other Idenix
senior level executives. Such assistance includes amounts required to gross up the aggregate
of all the foregoing to offset any related additional income tax liabilities. Idenix’s
obligation to make the payments contemplated by this paragraph 6 will terminate on the
2nd anniversary of your employment commencement.
	 
	7.	 	Sign-on Bonus:In connection with your commencement of employment, Idenix will pay to
you within the first 30 days of your employment, a lump sum amount of $250,000. Such amount
will be included and reported as bonus income on 2006 Form W-2 and will be subject to
applicable withholding taxes. You agree that if you voluntarily terminate your employment
with Idenix or are terminated by Idenix for cause during the 24 month period immediately
following the commencement of your employment such amount will be repayable in whole or part
to Idenix. Specifically, if you voluntarily terminate your employment or Idenix terminates
your employment for cause on or prior to the 1st anniversary of your employment
commencement, you will be liable for repayment of 100% of such amount. If you voluntarily
terminate your employment or Idenix terminates your employment for cause after the 1st
anniversary but on or prior to the 2nd anniversary of your employment commencement, you will
be liable for repayment of 50% of such amount.
	 
	8.	 	Incentive based compensation: In your role as Executive Vice President, you are
eligible for an annual target cash bonus (“Target Bonus”) equal to no less than 35% of your
Base Salary, based upon the realization of objective and measurable criteria which shall be
established by Dr. Sommadossi in consultation with you. The actual cash bonus may range from
0% to a maximum aggregate amount of 200% of the target amount. Your Target Bonus as a
percentage of Base Salary may, at the discretion of the Board, be periodically reviewed for
increase. After any such increase, the term “Target Bonus” as used herein shall thereafter
refer to the increased amount. The Target Bonus shall not be reduced at any time without your
express prior written consent. Notwithstanding the foregoing, for services rendered by you to
Idenix in 2006 you will have a bonus target of $26,250, or 35% of the prorata Base Salary you
will earn during your 2006 employment with Idenix. The actual 2006 cash bonus may range from
zero to a maximum aggregate amount of 200% of the target amount.

 

 

John F. Weidenbruch, Esq.

August 18, 2006

Page 3 of 8

 

	9.	 	Termination: You and Idenix each agree that your employment with Idenix is that of an
employee at will. Each of you and Idenix has the right to terminate your employment at any
time for any or no reason, subject to the consequences provided herein.

	 	A)	 	In the event Idenix terminates your employment for reasons other than cause, or you terminate
your employment for Good Reason (as defined on Appendix A hereto), whether before or
after a Change in Control (as defined on Appendix A hereto) you will be entitled to
receive the following:

	 	1.	 	Lump sum payment equivalent to one year of Base Salary and the greater of: (i)
the Target Bonus; or (ii) the bonus you earned in the year preceding the year in which
the termination of your employment occurs, less any and all applicable taxes and
withholdings;
	 
	 	2.	 	Immediate vesting and exercisability of all outstanding equity awards; and
	 
	 	3.	 	Provided you timely elect and remain eligible for benefits continuation
pursuant to the federal “COBRA” laws, continued payment by Idenix of premiums for you
(and your covered dependents) under the group health, dental, disability and life
insurance coverage at the active employee rates for a period of 12 months subsequent to
the date of your termination. Any such payments and related coverage shall be
discontinued in the event that you obtain substantially equivalent substitute coverage
from another employer or provider during such 12 month period.

	 	B)	 	The obligation of Idenix to make the payments and provide the benefits described in paragraph
A above is conditioned upon the execution, delivery and honor by you of a release of claims
upon the termination of your employment. The form of waiver and release of claims is set
forth as Appendix B to this letter. In addition, in exchange for the payments and
benefits described above you agree that for a period of one year following the termination of
employment, you shall not, without express prior written approval of Idenix, directly or
indirectly, knowingly solicit any employee of Idenix or any of its affiliates, to leave the
employ of such entity.

	10.	 	Section 409 A Treatment: If any payment, compensation or other benefit provided to
you in connection with your employment termination is determined, in whole or in part, to
constitute “nonqualified deferred compensation” within the meaning of Section 409A and you are
a specified employee as defined in Section 409A(2)(B)(i), no part of such payments shall be
paid before the day that is six (6) months plus one (1) day after the date of termination (the
“New Payment Date”). The aggregate of any payments that otherwise would have been paid to you
during the period between the date of termination and the New Payment Date shall be paid to
you in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding
as of the day immediately following the New Payment Date shall be paid without delay over the
time period originally scheduled, in accordance with the terms of this letter agreement.

 

 

John F. Weidenbruch, Esq.

August 18, 2006

Page 4 of 8

 

	11.	 	Disclosure of Inventions: This offer is conditioned on your agreement, that as an
employee of Idenix, you will make full and prompt disclosure to Idenix of all inventions,
improvements, modifications, discoveries, creations, methods, processes and developments which
are created, made, or reduced to practice by you alone, under your direction or with others in
connection with or relating to Idenix’s then present or planned business or research and
development activities during the term of your employment, whether or not such developments
are patentable or protected as confidential information, and whether or not such developments
are made or conceived during normal working hours or on or off the premises of Idenix (all of
which are hereinafter collectively termed “Developments”).
	 
	12.	 	Assignment of Inventions: By your acceptance of this offer of employment, you agree
to assign and do hereby assign to Idenix all your title, interests and rights, including,
without limitation, intellectual property rights, in and to any and all Developments, and you
agree to assign to Idenix any and all patents and patent applications arising from such
Developments, and to execute and deliver such assignments, patents and patent applications and
other documents (including, without limitation, power of attorney) as Idenix may direct.
Additionally, you agree to cooperate fully with Idenix both during and after the term of your
employment, to enable Idenix to secure and maintain rights in said Developments assigned to
Idenix in any and all countries. In the event that any of such Developments are by operation
of applicable law excluded from this assignment, you agree that Idenix shall have a
non-exclusive, fully paid license to use for all purposes any such Developments not assigned
to Idenix.
	 
	13.	 	No Conflict: By your acceptance of this offer of employment, you hereby represent
that you are not bound by the terms of any agreement with any previous employer or other
party to refrain from competing, directly or indirectly, with the business of such previous
employer or any other party. You further represent that your acceptance of this offer of
employment and employment by Idenix does not and will not breach any agreement to keep in
confidence proprietary information, knowledge or data acquired by you in confidence or in
trust prior to your employment with Idenix.
	 
	14.	 	Confidential Information of Prior Employers: You shall not use or disclose to
Idenix any information in violation of any agreements with or rights of any prior employer,
nor shall you use or provide to Idenix or bring to the premises of Idenix, any copies or
tangible embodiments of non-public information belonging to or obtained from any such prior
agreement.

In the position of Executive Vice President and General Counsel, you will have access to valuable,
confidential and proprietary information. Accordingly, as a condition to commencing employment with
Idenix, you will be required to enter into a confidentiality and non-disclosure agreement in
standard form regarding the nondisclosure and nonuse of such valuable, confidential and proprietary
information.

If you agree with the above terms, please sign both copies of this letter indicating your
acceptance and return one copy to me at your earliest convenience but in any event no later than
August 21, 2006. The second copy of this letter is for your records. This offer of employment will
expire on August 22, 2006.

 

 

John F. Weidenbruch, Esq.

August 18, 2006

Page 5 of 8

 

Very truly yours,

	 	 	 	 	 
	 	 	 
	 	/s/  Paul Fanning
 	 
	 	Paul Fanning 	 
	 	V.P., Human Resources 	 
	 

ACCEPTED as of this 18th day of August, 2006

	 	 	 	 	 
	 	 	 
	 	/s/ John F. Weidenbruch
 	 
	 	John F. Weidenbruch 	 
	 	 	 

 

 

	 	 	 	 	 

John F. Weidenbruch, Esq.

August 18, 2006

Page 6 of 8

 

Appendix A

 

“Change in Control” shall mean:

     (i)      any “person,” as such term is used in Sections 3(a)(9) and 13(d) of the
Securities Exchange Act of 1934, becomes a “beneficial owner,” as such term is used
in Rule 13d-3 promulgated under that act, of fifty percent (50%) or more of the
Voting Stock of the Company, or Novartis Pharma AG disposes of its entire interest
in the Company’s Voting Stock;

     (ii)      the Company adopts any plan of liquidation providing for the distribution
of all or substantially all of its assets;

     (iii)      all or substantially all of the assets or business of the Company is
disposed of pursuant to a merger, consolidation or other transaction (unless the
shareholders of the Company immediately prior to such merger, consolidation or other
transaction beneficially own, directly or indirectly, at least fifty percent (50%)
of the Voting Stock or other ownership interests of the entity or entities, if any,
that succeed to the business of the Company); or

     (iv)      the Company combines with another company and is the surviving corporation
but, immediately after the combination, the shareholders of the Company immediately
prior to the combination hold, directly or indirectly, fifty percent (50%) or less
of the Voting Stock of the combined company (there being excluded from the number of
            shares held by such shareholders, but not from the Voting Stock of the combined
company, any shares received by affiliates of such other company in exchange for
stock of such other company).

     For purposes of this definition of “Change in Control” the “Company” shall include any entity
that succeeds to all or substantially all of the business of the Company and “Voting Stock” shall
mean securities of any class or classes having general voting power under ordinary circumstances,
in the absence of contingencies, to elect the directors of a corporation.

“Good Reason” to terminate your employment with Idenix shall be deemed to exist if, without
your prior written consent, there is: (i) any adverse change in your title or a material diminution
in your authority or responsibilities; (ii) a reduction in your Base Salary, the Target Bonus or
target equity amount; or (iii) the primary place of your employment is relocated by Idenix to a
location more than 40 miles from Cambridge, Massachusetts.

 

 

John F. Weidenbruch, Esq.

August 18, 2006

Page 7 of 8

 

Appendix B

 

Executive’s Release of Claims

AGREEMENT AND RELEASE

 

     THIS AGREEMENT AND RELEASE is executed by ___(the “Executive”) releasing
certain claims against Idenix Pharmaceuticals, Inc., a corporation domesticated under the laws of
the State of Delaware (together with its successors and assigns, the “Company”), and
certain affiliated parties.

     WHEREAS, the Executive and the Company have entered into an letter agreement as of ___,
2006 (the “Letter Agreement”);

     WHEREAS, the Executive’s employment with the Company has terminated and as such the Executive
is due certain payments and entitlements pursuant to the Letter Agreement subject to the
Executive’s executing this Agreement and Release.

     NOW, THEREFORE, in consideration of the payments set forth in paragraph 9 of the Letter
Agreement and other good and valuable consideration, the Executive agrees as follows:

     1.      The Executive, on behalf of himself and his dependents, heirs, administrators, agents,
executors, successors and assigns, hereby releases and forever discharges the Company and all of
its current and former subsidiaries, joint venturers, affiliates and executive benefit plans, and
all of their respective directors, officers, trustees, employees, successors and assigns
(collectively, the “Released Parties”), from any and all charges, controversies, claims,
wages, rights, agreements, actions, costs or expenses, causes of action, obligations, damages,
losses, promises and liabilities of whatever kind or nature, in law or equity or otherwise, whether
known or unknown, suspected or unsuspected, from the beginning of time to the date the Executive
executes this Agreement and Release, including, but not limited to, any and all claims arising out
of, or relating to, the Executive’s employment with the Company or any affiliate, or the
termination thereof, including, but not limited to, claims under the Age Discrimination in
Employment Act (ADEA), as amended by the Older Workers’ Benefit Protection Act (OWBPA) or any state
counterpart, Title VII of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Equal Pay
Act, the Sarbanes-Oxley Act, the Americans With Disabilities Act of 1990 (ADA), the Fair Credit
Reporting Act, the Employee Retirement Income Security Act of 1974 (ERISA) ,the Family and Medical
Leave Act (FMLA), the Massachusetts Fair Employment Practices Act., the Massachusetts Civil Rights
Act, the Massachusetts Equal Rights Act, the Massachusetts Labor and Industries Act, the
Massachusetts Privacy Act, and the Massachusetts Maternity Leave Act, all as amended, all claims of
discrimination, retaliation or harassment under any applicable state law or any local, state or
federal law or regulation governing discrimination in employment; all claims under state contract
or tort law such as wrongful termination, assault, invasion of privacy, breach of the implied
covenant of good faith and fair

 

 

John F. Weidenbruch, Esq.

August 18, 2006

Page 8 of 8

 

dealing, defamation or negligent or intentional infliction of
emotional distress and all claims for attorneys’ fees.

     Anything to the contrary notwithstanding in this Agreement and Release, nothing herein shall
release any Released Party from any claims or damages based on (i) any right or claim that arises
after the date of this Agreement and Release, (ii) any right the Executive may have to enforce
paragraphs 2, 3 and 9 of the Letter Agreement or this Agreement and Release, (iii) any right the
Executive may have to benefits or entitlements under any applicable plan, policy, program, award or
agreement of the Company or any Affiliate, or (iv) the Executive’s eligibility for indemnification
in accordance with applicable laws or the Company’s restated certificate of incorporation, as
amended, or by-laws, or under any applicable insurance policy with respect to any liability the
Executive incurs or has incurred as an officer of the Company.

     2.      The Executive expressly acknowledges and agrees that this Agreement and Release fully and
finally releases and fully resolves any and all disputes between him and any Released Party with
respect to the claims released herein, including those that are unknown, unanticipated or
unsuspected or which may hereafter arise as a result of the discovery of new or additional facts.

     3.      The Executive understands and agrees that by entering into this Agreement, he is waiving
any and all rights or claims he might have under the Age Discrimination in Employment Act, as
amendment by the Older Workers Benefits Protection Act, and that he has received consideration
beyond that to which he was previously entitled. The Executive acknowledges that he has been
provided a period of at least twenty-one (21) calendar days in which to consider and execute this
Agreement and Release. The Executive further acknowledges and understands that he has seven
calendar days from the date on which he executes this Agreement and Release to revoke his
acceptance of this Agreement and Release by delivering to the Company written notification of his
intention to revoke this Agreement and Release. If the Executive so revokes his agreement to this
Agreement and Release he shall not be entitled to the payments, benefits and other entitlements
provided pursuant to paragraph 9 of the Letter Agreement that are conditioned on him executing this
Agreement and Release. This Agreement and Release becomes effective when signed by the Executive
unless revoked in writing in accordance with this seven-day provision. To the extent that the
Executive has not otherwise done so, the Executive is advised to consult with an attorney prior to
executing this Agreement and Release.

     IN WITNESS WHEREOF, the Executive has executed this Agreement and Release as of the date
written below.

	 	 	 	 	 
	 	 	 
	 	 
 	 
	 	Executive 	 
	 	Date:

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