Document:

exv10w1

Exhibit 10.1

AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT

     This Amendment No. 3 (this “Amendment”) to the Employment Agreement, dated as of May 18, 2000,
by and between Stanley Erck, an individual resident of the Commonwealth of Massachusetts (“you”),
and Iomai Corporation, a Delaware corporation (the “Company”), as amended by Amendment No. 1
thereto on October 25, 2001 and Amendment No. 2 thereto on December 1, 2005 (as so amended, the
“Employment Agreement”) is made and entered into as of May 12, 2008, by and between you and the
Company. Capitalized terms used and not otherwise defined in this Amendment are used herein as
defined in the Employment Agreement.

     WHEREAS, in accordance with Section 17(c) of the Employment Agreement, you and the Company
desire to amend certain provisions of the Employment Agreement, as set forth below.

     NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties herby agree as follows:

	 	1.	 	Amendment to Section 3(c). The last sentence of Section 3(c) of the
Employment Agreement is hereby amended and restated in its entirety as follows:
	 
	 	 	 	“Your options shall be governed by the Company’s option plans pursuant to which the
grant has been, or in the future is, made and shall vest under the Company’s
standard vesting schedule, provided, however, that the Company agrees that, at any
time after a Change in Control, upon termination of your employment with the Company
for any reason or other separation from the Company for any reason, all of your
unvested options, whether granted by the Company pursuant to this Section 3(c) of
this Agreement or otherwise, shall immediately vest and become exercisable.”
	 
	 	2.	 	Consent. You and the Company acknowledge and agree that the execution
of Voting Agreements, in the form provided to you, by and between Intercell AG and
holders of over 50% of the Company’s outstanding Common Stock, on or about May 12,
2008, shall not, in and of itself, be deemed a “Change in Control” for purposes of the
Employment Agreement.
	 
	 	3.	 	Full Force and Effect. Except as modified, amended and supplemented
above, all rights, terms and conditions of the Employment Agreement shall remain in
full force and effect.
	 
	 	4.	 	Effect of Amendment. This Amendment is an amendment to the Employment
Agreement. Unless the context of this Amendment otherwise requires, the Employment
Agreement and this Amendment shall be read together and shall have the effect as if the
provisions of the Employment Agreement and this Amendment were contained in one
agreement. After the effective date of this Amendment, all references in the Employment
Agreement to the “Employment

 

 

	 	 	 	Agreement,” “this Agreement,” “hereto,” “hereof,” “hereunder” or words of like
import referring to the Employment Agreement shall mean the Employment Agreement as
amended by this Amendment.
	 
	 	5.	 	Governing Law. Regardless of the choice of law provisions of the State
of Delaware or any other jurisdiction, the parties agree that this Amendment shall be
otherwise interpreted, enforced and governed by federal laws and the laws of the State
of Delaware.
	 
	 	6.	 	Counterparts. This Amendment may be executed in counterparts, and when
so executed, each counterpart shall be deemed an original, and said counterparts
together shall constitute one and the same instrument.

[Signature page follows]

 

 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Stanley C. Erck
 

Stanley C. Erck
	 	 
	 
	 	 	 	 	 	 
	 	 	IOMAI CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Russell P. Wilson
 

	 	 
	 	 	Name: Russell P. Wilson	 	 
	 	 	Title:   Chief Financial Officerexv10w2

Exhibit 10.2

AMENDMENT NO. 1 TO CHANGE IN CONTROL AGREEMENT

     This Amendment No. 1 (this “Amendment”) to the Change in Control Agreement (the “Change in
Control Agreement”), dated as of                     , by and between                      (“Executive”) and Iomai
Corporation (the “Company”), is made and entered into as of May 12, 2008, by and between the
Executive and the Company. Capitalized terms used and not otherwise defined in this Amendment are
used herein as defined in the Change in Control Agreement.

WITNESSETH:

     WHEREAS, in accordance with Section 8 of the Change in Control Agreement, the Executive and
the Company desire to amend certain provisions of the Change in Control Agreement, as set forth
below.

     NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

	 	1.	 	Amendment to Section 1(a). Section 1(a) of the Change in Control
Agreement is hereby amended and restated in its entirety as follows:
	 
	 	 	 	“(a) Entitlement to Severance Benefits.
	 
	 	 	 	(i) If during that period starting on the date of a Change in Control and ending on
the first anniversary of the Change in Control, the Company terminates Executive’s
employment without Cause, or if Executive terminates his employment for Good Reason,
(x) the Company will pay to Executive, within 10 days of such termination, in one
lump sum, an amount equal to the sum of (A) his annual base salary in effect
immediately prior to the termination (or, if his base salary has been reduced within
sixty (60) days of the termination or at any time after the Change in Control, his
base salary in effect prior to the reduction) and (B) the higher of (i) his target
incentive bonus for the year in which such termination occurs or (ii) his actual
incentive bonus for the last full year preceding the year in which such termination
occurs, and (y) if Executive elects pursuant to COBRA (§4980B under the Internal
Revenue Code) to continue coverage under the Company’s health and/or dental plans,
the Company shall pay the premiums for Executive (and, where applicable, Executive’s
dependents) for a period of twelve (12) months from the date of termination,
provided that Executive remains eligible under COBRA to continue coverage under such
plans.
	 
	 	 	 	(ii) If after the date of a Change in Control, the Company terminates Executive’s
employment without Cause, or if Executive terminates his employment for Good Reason,
all of Executive’s unvested employee stock options which were granted prior to or in
connection with the Change in Control, shall immediately vest and become
exercisable.”

1

 

	 	2.	 	Amendment to Section 5. Section 5 of the Change in Control Agreement
is hereby amended so that the reference to “Section 2” in the first sentence of Section
5 is replaced by “Section 1”.
	 
	 	3.	 	Consent. The Executive and the Company acknowledge and agree that the
execution of Voting Agreements, in the form provided to the Executive, by and between
Intercell AG and holders of over 40% of the Company’s outstanding common stock, par
value $.01 per share, on or about May 12, 2008, shall not, in and of itself, be deemed
a “Change in Control” for purposes of the Change in Control Agreement or this
Amendment.
	 
	 	4.	 	Full Force and Effect. Except as modified, amended and supplemented
above, all rights, terms and conditions of the Change in Control Agreement shall remain
in full force and effect.
	 
	 	5.	 	Effect of Amendment. This Amendment is an amendment to the Change in
Control Agreement. Unless the context of this Amendment otherwise requires, the Change
in Control Agreement and this Amendment shall be read together and shall have the
effect as if the provisions of the Change in Control Agreement and this Amendment were
contained in one agreement. After the effective date of this Amendment, all references
in the Change in Control Agreement to the “Change in Control Agreement,” “this
Agreement,” “hereto,” “hereof,” “hereunder” or words of like import referring to the
Change in Control Agreement shall mean the Change in Control Agreement as amended by
this Amendment.
	 
	 	6.	 	Governing Law. Regardless of the choice of law provisions of the State
of Delaware or any other jurisdiction, the parties agree that this Amendment shall be
otherwise interpreted, enforced and governed by federal laws and the laws of the State
of Delaware.
	 
	 	7.	 	Counterparts. This Amendment may be executed in counterparts, and when
so executed, each counterpart shall be deemed an original, and said counterparts
together shall constitute one and the same instrument.

[Signature page follows]

2

 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

[Executive]
	 	 
	 
	 	 	 	 	 	 
	 	 	IOMAI CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
 

	 	 
	 	 	Name: Stanley C. Erck	 	 
	 	 	Title:   Chief Executive Officer	 	 

3exv10w29

    Exhibit 10.29

 

    CONSOLIDATED
    EBITDA

 

    Earnings before interest, taxes, depreciation and amortization,
    non-cash stock compensation and payments, non-cash charges that
    do not result in future cash obligations, any extraordinary or
    non recurring gains (losses) and any non-cash transactions
    (Consolidated EBITDA) is not intended to present a measure of
    performance in accordance with accounting principles generally
    accepted in the United States (GAAP). Nor should Consolidated
    EBITDA be considered as an alternative to statements of cash
    flows as a measure of liquidity. Consolidated EBITDA is included
    herein as means to measure operating performance that financial
    analysts, lenders, investors and other interested parties find
    to be a useful tool for analyzing companies.

 

    The definition of Consolidated EBITDA is defined in the senior
    secured convertible notes as a measurement for meeting the notes
    covenant requirements. Consolidated Net Debt is defined as the
    sum of (a) aggregate stated balance sheet amount of all
    Indebtedness of the Company plus or minus (b) any
    adjustment required to include the Amended Notes at their face
    amount rather than fair value that is used for GAAP
    presentation, minus (c) the aggregate stated balance sheet
    amount of unrestricted cash and cash equivalents of the Company
    in accordance with GAAP. For the six months ended March 31,
    2008, the quotient of Consolidated Net Debt divided by
    Consolidated EBITDA for the six month period, multiplied by two
    was required to be not less than 5.0 in order for the Company to
    be compliant with covenant requirements of the notes. The
    Company was in compliance with the required covenant at
    March 31, 2008.

 

    The following table reconciles our consolidated net earnings per
    GAAP to Consolidated EBITDA:

 

	 	 	 	 	 
	
 
	
 
	
    Six Months

    
	
 

	
 
	
 
	
    Ended

    
	
 

	
 
	
 
	
    March 31,

    
	
 

	
 
	
 
	
    2008
	
 

	 

	

    Consolidated Net Loss

	
 
	
    $
	
    (4,847
	
    )

	

    Any extraordinary or non recurring gains or losses

	
 
	
 
	
 
	
 

	

    Loss from disposed operations, net of tax

	
 
	
 
	
    1,300
	
 

	

    (Gain) Loss on sale of subsidiaries

	
 
	
 
	
    387
	
 

	

    Non-cash charges that do not result in future cash obligations

	
 
	
 
	
 
	
 

	

    Loss (Gain) from fair value of notes and warrants

	
 
	
 
	
    1,210
	
 

	

    (Gain) Loss from Sale of Fixed Assets

	
 
	
 
	
    217
	
 

	

    Non-cash expenses associated with stock compensation expense

	
 
	
 
	
    376
	
 

	
 
	
 
	
 
	
 
	
 

	

    Adjusted Net Loss before

	
 
	
    $
	
    (1,357
	
    )

	

    Interest Income

	
 
	
 
	
    (504
	
    )

	

    Interest Expense

	
 
	
 
	
    3,442
	
 

	

    Income tax expense

	
 
	
 
	
    151
	
 

	

    Depreciation Expense

	
 
	
 
	
    2,888
	
 

	

    Amortization Expense

	
 
	
 
	
    557
	
 

	

    Any non-cash transactions

	
 
	
 
	
 
	
 

	

    Foreign currency losses

	
 
	
 
	
    218
	
 

	

    Adjustments related to Inventory

	
 
	
 
	
    374
	
 

	

    Bad Debt Expense

	
 
	
 
	
    42
	
 

	

    Hedge or non-hedge derivative adjustments

	
 
	
 
	
    —
	
 

	
 
	
 
	
 
	
 
	
 

	

    Consolidated EBITDA

	
 
	
    $
	
     5,811
	
 

	
 
	
 
	
 
	
 
	
 

	

    Other Financial Disclosure Required based on terms of
    notes:

	
 
	
 
	
 
	
 

	

    Consolidated Net Interest Expense

	
 
	
    $
	
     2,938
	
 

	
 
	
 
	
 
	
 
	
 

	

    Consolidated Net Debt (Total Debt less Cash and Cash
    Equivalents) at March 31, 2008

	
 
	
    $
	
    33,125
	
 

	
 
	
 
	
 
	
 
	
 

	

    Quotient of Consolidated Net Debt divided by 2 times of
    Consolidated EBITDA

	
 
	
 
	
    2.85
	
 

	
 
	
 
	
 
	
 
	
 

	

    Covenant Requirement — not more than

	
 
	
 
	
    5.00
	
 

	

    Covenant Status

	
 
	
 
	
    PASSED

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