Document:

exv10w4

 

Exhibit 10.4

NOVAVAX, INC.

AMENDMENT TO STOCK OPTION PLAN

     Pursuant to the resolutions of the Board of Directors of Novavax, Inc.
adopted on June 28, 2001 and March 6, 2002, and approved by the stockholders of
Novavax, Inc. on May 8, 2002, Section 4 of the Novavax, Inc. 1995 Stock Option
Plan is hereby amended by deleting the number “6,000,000” and inserting in its
place the number “8,000,000” so that the first sentence of Section 4 now reads
in its entirety as follows:

		
	 	“Subject to adjustment as provided in Section 15 below, the maximum
number of shares
of Common Stock which may be issued and sold under the
Plan is 8,000,000 shares.”

	 	 
	 	NOVAVAX, INC.
	 	 
	 	/s/ David A. White
	 	David A. White, Assistant Secretaryexv10w75

 

Exhibit 10.75

EMPLOYMENT AGREEMENT

               THIS EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of
May 30, 2002 by and between GENE LOGIC INC., a Delaware corporation (the
“Company”) and DUDLEY STAPLES, a Maryland resident (“STAPLES”).

RECITALS:

     The Company desires to secure the services of STAPLES and STAPLES desires
to perform such services for the Company on the terms and conditions as set
forth in this Agreement.

     NOW, THEREFORE, in consideration of these premises and the mutual promises
and conditions contained in this Agreement, the parties hereto hereby agree as
follows:

     1.     Employment and Duties. Subject to the terms and conditions of this
Agreement, the Company shall employ STAPLES as the Senior Vice President,
General Counsel of the Company and STAPLES hereby accepts such employment and
such position. STAPLES shall devote his full time, ability, attention,
knowledge and skill to performing all duties as Senior Vice President, General
Counsel of the Company as lawfully assigned or delegated to him by the
President & CEO.

     2.     Base Salary. In consideration for STAPLES’s services to the Company
during the term of his employment under this Agreement, STAPLES shall receive
an annualized base salary of $205,000 during 2002, and thereafter in such
amounts as may be mutually agreed by the Company and STAPLES, but not less than
$205,000. Base salary shall be paid in equal, semi-monthly installments from
which the Company shall withhold and deduct all applicable federal and state
income, social security, disability and other taxes as required by applicable
laws.

     3.     Incentive Stock Options. The Company will grant 65,000 incentive stock
options, to the maximum extent allowed under IRS rules, to STAPLES, contingent
upon approval by the Board of Directors. Such incentive stock options shall
become exercisable according to the schedule established by the Board of
Directors for the Company’s Incentive Stock Option Plan.

     5.     Additional Compensation and Benefits.

               5.1     Executive Bonus Program. You are eligible to participate in the
Executive Bonus Program which has an annualized potential of $50,000. You will
be eligible to receive a prorated portion of this based upon your start date
and the achievement of goals and successful attainment of objectives as
mutually agreed by you and the President & CEO.

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               5.2     Medical Benefits, Vacation and Sick Leave. STAPLES shall be entitled
to participate in such medical, health and life insurance plans as the Company
may from time to time implement, and to receive twenty-eight (28) days of paid
vacation per year and sick leave on the same basis as the Company’s other
senior executives. This paid time off will be prorated depending on actual start date to accrue at 9.33
hours per pay period.

               5.3     Pension Plan. STAPLES shall be entitled to participate as a
beneficiary under such pension plan(s) as the Company may from time to time
adopt, on the same basis as the Company’s other senior executives.

     6.     Confidentiality and Proprietary Inventions Agreement. Upon the
commencement of the term of this Agreement, STAPLES shall enter into the
Company’s standard form of agreement relating to the treatment of the Company’s
confidential information and ownership of proprietary inventions.

     7.     Term of Employment. Subject to the provisions of Section 8, the
term of the employment engaged by this Agreement shall be a period of four (4)
years commencing on May 30, 2002 and ending four (4) years later, May 29, 2006
whereupon the term shall automatically renew for successive one (1) year
periods unless one of the parties to the Agreement shall have given notice of
its intention to terminate the Agreement not later than ninety (90) days prior
to the end of such initial term or any such renewal term.

     8.     Termination of Employment.

               8.1     For Cause. The Company may terminate this Agreement, effective
immediately upon written notice to STAPLES, if at any time, in the reasonable
opinion of the Company’s Board of Directors, (a) STAPLES commits any material
act of dishonesty, fraud or embezzlement with respect to the Company or any
subsidiary or affiliate thereof, (b) is convicted of a crime of moral
turpitude, or (c) breaches any material obligation under this Agreement. The
Company’s total liability to STAPLES in the event of termination of STAPLES’s
employment under this Subsection 8.1 shall be limited to the payment of
STAPLES’s salary and benefits through the effective date of termination.

               8.2     Without Cause. The Company may terminate this agreement without cause
upon thirty (30) days’ written notice to STAPLES. Upon any termination of this
agreement without cause by the Company, the Company shall pay to STAPLES as
severance pay in one lump sum an amount equal to six months of his current
salary in addition to such other compensation to which STAPLES may be entitled
prior to the date of termination.

               8.3     By STAPLES. STAPLES reserves the right to terminate his employment
hereunder for any reason upon thirty (30) days’ written notice to the Company.
The Company’s total liability to STAPLES in the event of termination of
STAPLES’s employment under this Subsection 8.3 shall be limited

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to the payment
of STAPLES’s salary and benefits through the effective date of termination and
the provisions of Subsection 8.2 shall not apply.

               8.4     Executive Severance Plan. The Board will be asked to approve STAPLES’
inclusion in the Executive Severance Plan.

     9.     Miscellaneous.

               9.1     Modification. Any modification of this Agreement shall be effective
only if reduced to writing and signed by the parties to be bound thereby.

               9.2     Entire Agreement. This Agreement constitutes the entire agreement
between the Company and STAPLES pertaining to the subject matter hereof and
supersedes all prior or contemporaneous written or verbal agreements and
understandings between the parties in connection with the subject matter
hereof.

               9.3     Severability. If any provision of this Agreement is held by a court
of competent jurisdiction to be invalid, void or unenforceable, the remaining
provisions shall, nevertheless, continue in full force and effect without being
impaired or invalidated in any way.

               9.4     Waiver. The parties hereto shall not be deemed to have waived any of
their respective rights under this Agreement unless the waiver is in writing
and signed by the waiving party. No delay in exercising any right shall be a
waiver of such right nor shall a waiver of any right on one occasion operate as
a waiver of such right on a future occasion.

               9.5     Costs of Enforcement. If any action or proceeding shall be commenced
to enforce this Agreement or any right arising in connection with this
Agreement, each party shall initially bear its own costs and legal fees
associated with such action or proceeding. The prevailing party in any such
action or proceeding shall be entitled to recover from the other party the
reasonable attorneys’ fees, costs and expenses incurred by such prevailing
party in connection with such action or proceeding.

               9.6     Notices. All notices provided for herein shall be in writing and
delivered personally or sent by United States mail, registered or certified,
postage paid or by Federal Express, addressed as follows:

	 	 	 
	To the Company:	 	
Gene Logic Inc.

   708 Quince Orchard Road

   Gaithersburg, MD 20878
	 	 	 
	To STAPLES:	 	
Dudley Staples

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or to such other addresses as either of such parties may from time to time
designate in writing. Any notice given under this Agreement shall be deemed to
have been given on the date of actual receipt, or, if not received during
normal business hours, on the next business day.

               IN WITNESS WHEREOF, the parties have executed this Agreement by their duly
authorized officers or agents as of the date first written above.

	 	 	 
	“Company”	 	
“Employee”
	 	 	 
	GENE LOGIC INC	 	
/s/ Dudley Staples
	 	 	

	a Delaware corporation	 	
Dudley Staples
	 	 	 
	By: /s/ Mark D. Gessler

Name: Mark Gessler
Title: President and Chief Executive
Officer
	 	 

Page 4exv10w99

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

     In connection with the Quarterly Report of Gene Logic Inc. (the “Company”)
on Form 10-Q for the quarter ending June 30, 2002, as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), each of Mark D.
Gessler, the Chief Executive Officer of the Company, and Philip L. Rohrer, Jr.,
the Chief Financial Officer of the Company, hereby certify, pursuant to and for
purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that, to his knowledge:

		
	 	(1) The Report fully complies with the requirements of Section 13(a) or
15(d) of the Securities Exchange Act of 1934; and

		
	 	(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of
the Company.

	 	 	 	 	 	 	 
	 	By:	
/s/ Mark D. Gessler

Mark D. Gessler

Chief Executive Officer

August 9, 2002
	 	 	By:
	/s/ Philip L. Rohrer, Jr.

Philip L. Rohrer, Jr.

Chief Financial Officer

August 9, 2002

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