Document:

EX-10.7

 Exhibit 10.7 
 January 14, 2005 
 Anthony Ramos 
 Dear Anthony 
 On behalf of Vical, I am pleased to confirm an offer of full-time employment.

 The basic components of the position and compensation will be as follows: 

 

			
	Title:	  	Director & Controller
	Grade:	  	E08
	Reporting To:	  	Jill Church
	Salary Rate:	  	$13,333.34/month (Which is equivalent to an annual salary of $160,000.00)
	Start Date:	  	TBD

 In addition to your base salary and stock options, you will be considered for a cash bonus award targeted at 0% to
20% of the base salary paid to you during 2005. Bonuses are proposed in December of each year and, if approved by the Vical Board of Directors, are paid out in the following February. 
 Additionally, you will receive stock options exercisable for 20,000 shares of Vical common stock. These options will be granted by the Stock Plan Committee of the Board and will reflect the fair market
value of the stock on the date granted. The specific terms and conditions of these options are governed by both the Stock Incentive Plan of Vical Incorporated and the Option Agreement between you and the company. These will be provided to you upon
execution of the required documents. 
 The enclosed benefit summary describes the benefits Vical currently offers to its employees. The
effective date of your benefit coverage is the first of the month following your date of hire. 
 This offer is contingent upon a background
check and drug screen. A positive test will result in rescission of the offer. Please contact HR at 858-646-1142 to set up the process. 

Anthony this offer is also contingent upon (1) the execution of the Company’s standard form of Employee Proprietary Information and Inventions
Agreement (see attachment), and (2) satisfying the requirements of the Immigration Control and Reform Act. The latter issue can be accomplished by presenting a document or documents that establish identity and eligibility for employment within
three days of commencing employment. A copy of the INS (Employment Eligibility Verification) form is attached. If you have any questions with regard to documents appropriate for these purposes, please contact me directly. 

Your employment with Vical is “at-will”. In other words, either you or Vical can terminate your employment at any time for any reason, with or
without cause and with or without notice. This term of employment is not subject to change or modification of any kind except if in writing and signed by you and the President & CEO of Vical. 

 Please note that this offer supersedes any prior agreements, representations or promises of any kind,
whether written, oral, express or implied, between the parties hereto with respect to the subject matters herein. It constitutes the full, complete and exclusive agreement between you and Vical with respect to the subject matters herein. 

We look forward to the possibility of working with you. 
 Sincerely, 
 Jill Church 
 CFO & VP 
  
  

Upon acceptance of this offer, please sign one copy of this letter and return to me. 
 This offer of employment is accepted and agreed to: 
  

							
	 /S/    ANTHONY RAMOS
	 		  	 1/17/05
	  	
	Anthony Ramos	 		  	DateEX-10.8

 Exhibit 10.8 
 April 16, 2013 
 Anthony A. Ramos 
 Re: Severance Agreement (“Agreement”) 
 Dear Tony: 

This Severance Agreement is an attachment to your Offer Letter dated January 14, 2005 and has an effective date that is six
(6) months following the public release of the top line data from the Allovectin® phase 3 trial
(“Effective Date”). By signing this letter, you will be agreeing to the following terms: 
 Salary Continuation. Subject to
mitigation, Vical will continue to pay your base compensation, at the rate then in effect, for up to six months following the termination of your employment if, prior to the expiration of your rights to salary continuation as provided below:

  

	 	1.	Vical terminates your employment without your consent for any reason other than for Cause or Disability; or 

 

	 	2.	You voluntarily resign your employment for Good Reason.  

 The salary continuation payments will cease in the event of your death. In order to receive your salary continuation, you will be required to sign a release in a form acceptable to Vical, of any and all
claims that you may have against Vical. The salary continuation rights described herein shall expire on the 1 year anniversary of the Effective Date of this Agreement; provided, however, that such rights shall automatically renew for
successive 1 year periods unless the Company provides written notice to you at least 90 days prior to the next scheduled expiration date that such rights will not be renewed. 
 Section 409A. It is intended that each installment of the Severance Benefits or Change in Control Severance Benefits is a separate “payment” for purposes
Section 1.409A-2(b)(2)(i) of the Treasury Regulations. For the avoidance of doubt, it is intended that payments of the Severance Benefits or Change in Control Severance Benefits satisfy, to the greatest extent possible, the exemptions from the
application of Section 409A provided under Sections 1.409A1(b)(4), 1.409A-l(b)(5) and 1.409A-l(b)(9) of the Treasury Regulations. However, if the Company determines that the Severance Benefits or Change in Control Severance Benefits constitute
“deferred compensation” under Section 409A and you are, on your separation from service, a “specified employee” of the Company (as such term is defined in Section 409A(a)(2)(B)(i) of the Code) then, solely to the extent
necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the payment of the Severance Benefits or Change in Control Severance Benefits shall be delayed so that on the earlier to occur of:
(i) the date that is six months and one day after your separation from service and (ii) the date of your death (such applicable date, the “Specified Employee Initial Payment Date”), the Company shall (A) pay to you a lump
sum amount equal to the sum of the Severance Benefits or Change in Control Severance Benefits that you 

 
would otherwise have received through the Specified Employee Initial Payment Date if the commencement of the payment of the Severance Benefits or Change in Control Severance Benefits had not been
so delayed pursuant to this paragraph and (B) commence paying the balance of the Severance Benefits or Change in Control Severance Benefits in accordance with the applicable payment schedules set forth in this Agreement. 

Definitions: 
  

	1.	Cause shall mean a failure to perform your duties, other than a failure resulting from complete or partial incapacity due to physical or mental illness or
impairment, gross misconduct or fraud or conviction of, or a plea of “guilty” or “no contest” to a felony. 

  

	2.	Change in Control shall mean (A) a change in the composition of the Board of Directors, as a result of which fewer than 50% of the incumbent directors are
directors who either: (1) had been directors of the Company 24 months prior to such change; or (2) were elected, or nominated for election, to the Board of Directors with the Company 24 months prior to such change and who were still in
office at the time of the election or nomination; or (B) any person by the acquisition or aggregation of securities of the Company is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing 50% or more
of the combined voting power of the Company’s securities eligible to vote for the election of directors; except that any change in the relative beneficial ownership of the Company’s securities by any person resulting solely from a
reduction in the aggregate number of outstanding shares of the Company’s stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly,
such person’s beneficial ownership of any securities of the Company. 

  

	3.	Disability shall mean that you, at the time your employment is terminated, have performed substantially none of your duties under this Agreement for a period of
not less than three consecutive months as the result of your incapacity due to physical or mental illness. 

  

	4.	Good Reason shall mean that you have incurred a material reduction in your authority or responsibility or a reduction in base salary of more than 25%.
Notwithstanding the foregoing, a resignation for Good Reason shall only occur if: (1) you notify the Company in writing, within 60 days after the occurrence of one of the foregoing events, specifying the event(s) constituting “good
reason” and that you intend to terminate your employment no earlier than 30 days after providing such notice; (2) the Company does not cure such condition within 30 days following its receipt of such notice or states unequivocally in
writing that it does not intend to attempt to cure such condition; and (3) you resign from employment within 30 days following the end of the period within which the Company was entitled to remedy the condition constituting “good
reason” but failed to do so. 

  

	5.	Stock Awards shall mean all stock options, restricted stock, and other equity awards granted pursuant to the Company’s stock option and equity incentive
award plans or agreements and any shares of Company stock issued upon exercise thereof. However, Stock Awards does not include stock awards issued under or held in any plan sponsored by the Company that is intended to be qualified under
Section 401(a) of the Internal Revenue Code (e.g., the Company’s 401(k) plan). 

 This letter may be executed in
two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. This letter shall be governed by and construed in accordance with the laws of the State of California,
without regard to conflicts of law principles. 

 Please sign this letter and return it to the Company at your earliest convenience. 

Sincerely, 
 VICAL INCORPORATED

  

			
	 By:
	 	
        /S/    VIJAY B.
SAMANT

		 	        Vijay B. Samant
		 	        President and Chief Executive Officer

 ACCEPTED AND AGREED: 
  

	
	 /S/    ANTHONY A. RAMOS

Anthony A. Ramos

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