Document:

QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.21    
    

Revised Offer

April 6,
2001 

Patrick
P.A. Humphrey, Ph.D., D.Sc.

Arcadia House

Church Lane

Wrestlingworth

Bedfordshire

SG19 2EU

United Kingdom 

Dear
Pat: 

        On
behalf of Advanced Medicine, Inc. (the "Company"), I am pleased to offer you the position of Senior Vice President of Research at a starting salary of $275,000 per year. You
will be eligible to receive a bonus up to 30% of your salary, which for the first year of your employment will be guaranteed. In addition, you will receive a signing bonus upon your first day of
employment in the amount of $75,000, less applicable taxes. Until April 2002 you will report to Burt Christensen, our current Executive Vice President of Research. Upon Burt's resignation on or
before April 2002, and assuming satisfactory performance by you, it is expected that you would be promoted to Executive Vice President of Research and you would then report to the President and
Chief Executive Officer. 

        Subject
to the approval of the Company's Board of Directors, you will be granted options to purchase 300,000 shares of Common Stock of the Company at a purchase price determined at the
Board meeting following your date of hire. The current purchase price for options is $5.50 per share, and I anticipate that would be the purchase price for any options granted in the next three
months. Such options will vest over a four-year period after the date of hire at a rate of 25% after the first year and ratably each month thereafter. The options granted to you will be
contingent on your
execution of the Company's Standard Stock Option Agreement and will be subject to all terms of the Company's 1997 Stock Option Plan. 

        The
Company will pay for 50% of the rental cost of local Bay Area housing for you. In addition, the Company will provide you with three months of temporary living expenses (rent and auto
expense) to assist you while you locate appropriate permanent rental housing. The Company will also reimburse you for the reasonable costs associated with moving personal effects to California. You
will be responsible for the taxes associated with the rental assistance, temporary living and moving expenses. Should you instead decide to purchase a home, the Company will, at your election, loan
you up to $1 million to assist you with this purchase. The loan will be interest free and secured by (i) a first priority deed of trust and (ii) any shares of Company Common Stock
purchased by you upon exercise of your options. The loan would be due at the earlier to occur of (i) your receipt of first proceeds from any sale of your Company Common Stock, or
(ii) the tenth anniversary of the loan. 

        We
will review any potential tax consequences to you of starting work at the Company prior to July 1, 2001 relating to your severance payments from Glaxo. Based on that review we
will reach mutual agreement on the level of service to be provided to the Company prior to July 1, 2001 and/or how much "tax protection" the Company will provide to you. 

        As
a regular employee of Advanced Medicine, Inc., you will be eligible for a number of Company-sponsored benefits. These are described in the Summary Plan Description that you
will receive when you begin work; however, they include enrollment in our Aetna PPO or HMO plan and in our Vision and Dental plans for you and your family. The Company also provides life, LTD
and AD&D insurance, and you will be able to participate in our 401(k) program. In addition to the Company's generous allotment of standard holidays, you will be eligible for three weeks of paid
vacation per year. 

 

        Your
employment pursuant to this offer is contingent on you executing the Company's standard form of Proprietary Information and Inventions Agreement. Also, the United States Immigration
and Naturalization Service requires that employers establish the eligibility of each employee as a U.S. citizen, permanent resident or individual authorized for employment in the United States. The
Company will sponsor you for an H1-B visa upon acceptance of this offer. 

        While
we hope that your employment with the Company will be mutually satisfactory, employment with Advanced Medicine, Inc. is for no specific period of time. As a result, either
you or the Company is free
to terminate your employment relationship at any time for any reason, with or without cause. This is the full and complete agreement between us on this term. Although your job duties, title,
compensation and benefits, as well as the Company's personnel policies and procedures, may change from time-to-time, the "at-will" nature of your employment may
only be changed in an express writing signed by you and the Chairman of the Board or the President of the Company. 

        Until
you begin employment with the Company we are willing to offer you a short-term consulting arrangement with us upon the terms of the Consulting Agreement enclosed with
this letter. This Agreement provides that we would pay you a consulting fee of $1,000 per day for services provided to the Company while you are at the Company's offices between the date of this
letter and your employment start date. The Company will also pay for your reasonable living and transportation expenses during the term of your consultancy. 

        This
letter sets forth the terms of your employment with us and supersedes any prior representations or agreements, whether written or oral. A duplicate original of this offer is
enclosed for your records. To accept this offer, please sign and return this letter to me, in which event your employment will begin on a date mutually agreed to, but no later than July 1,
2001. This offer will expire if not accepted by you before April 13, 2001. 

        Pat,
we look forward to having you join us. If you have any questions, please call me at (908) 658-3108.   

	 	 	Sincerely,
	

 	
 	

/s/  P. ROY VAGELOS      
 P. Roy Vagelos

Chairman of the Board
	

I have read and accept this employment offer.	
 	

 
	

/s/  PATRICK P.A. HUMPHREY      
 Patrick P.A. Humphrey	
 	

 
	

 Date:	
 	

 

2

QuickLinks

Exhibit 10.21QuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10.22    
    

 
 

FULL RECOURSE NOTE SECURED BY
  DEED OF TRUST AND STOCK PLEDGE    
    

	$1,000,000.00	 	February 27, 2002
	 	 	South San Francisco, California

        FOR
VALUE RECEIVED, the undersigned Maker promises to pay to the order of Advanced Medicine, Inc. (the "Company"), at its principal offices at 901 Gateway Boulevard, South San
Francisco, California 94080, the principal sum of One Million Dollars ($1,000,000.00) upon the terms and conditions specified below. 

        1.    Principal.    The entire principal balance of this Note shall be due and payable on February 27, 2012,
subject to paragraph 5 below. 

        2.    Interest.    No interest shall accrue on the unpaid principal balance of the Note. 

        3.    Application of Payment.    Payment shall be made in lawful tender of the United States and shall be applied
first to any accrued and unpaid interest on this Note and the balance to principal. Prepayment
of the principal balance of this Note, together with any accrued and unpaid interest, may be made in whole or in part at any time without penalty. 

        4.    Purpose and Security.    The proceeds of the loan evidenced by this Note shall be applied solely to the purchase
of the Maker's principal residence in the Town of Burlingame, County of San Mateo, State of California. Payment of this Note shall be secured by a Deed of Trust on such principal residence, as such
residence is more particularly described in Exhibit "A" to the Deed of Trust, a copy of which is attached hereto as Exhibit I. Payment of this Note also shall be secured by a Stock Pledge
Agreement to be executed and delivered by Maker covering shares of the Company's Common Stock. Maker, however, shall remain personally liable for payment of this Note, and all assets of the Maker, in
addition to the collateral under the Deed of Trust and the Stock Pledge Agreement, may be applied to the satisfaction of the Maker's obligations hereunder. 

        5.    Events of Acceleration.    The entire unpaid principal balance of this Note shall become immediately due and
payable upon any one of the following events: 

	A.
	the
date thirty (30) days after the Maker ceases to be in service as an employee of the Company if such cessation of service is due to Maker's (i) voluntary resignation
or (ii) termination for cause (which for purposes of this Note shall mean (A) the unauthorized use or disclosure of the confidential information or trade secrets of the Company which
causes material harm to the Company, (B) conviction of a felony under the laws of the United States or any State thereof, (C) gross misconduct, or (D) repeated failure to perform
assigned duties for thirty days after receiving notice from a senior officer of the Company); or

	B.
	the
sale, transfer, mortgage, assignment, encumbrance or lease, whether voluntarily or involuntarily or by operation of law or otherwise, of the property covered by the Deed of Trust,
or any portion thereof or interest therein, without the prior written consent of the Company; or

	C.
	the
insolvency of the Maker, the commission of any act of bankruptcy by the Maker, the execution by the Maker of a general assignment for the benefit of creditors, the filing by or
against the Maker of any petition in bankruptcy or any petition for relief under the provisions of the federal bankruptcy act or any other state or federal law for the relief of debtors and the
continuation of such petition without dismissal for a period of thirty (30) days or more, the appointment of a receiver or trustee to take possession of any property or assets of the Maker, or
the attachment of or execution against any property or assets of the Maker; or 

 

	D.
	the
failure of the Maker to execute and deliver to the Company a Deed of Trust on Maker's principal residence within 5 days of a request from the Company; or

	E.
	the
sale or other disposition for value by Maker of any of the shares of Common Stock that secure the repayment of this Note, unless Maker has agreed to remit to the Company in
repayment of all or a portion of this Note at least 25% of the gross proceeds received by him from such disposition; if such proceeds are not sufficient to repay in full the principal and accrued
interest under this Note, Maker will execute and deliver a new promissory note to the Company on substantially the same terms as this Note but reflecting the remaining unpaid principal and accrued
interest (if any); or

	F.
	the
occurrence of any event of default under the Deed of Trust or the Stock Pledge Agreement securing this Note or any obligation secured thereby. 

        6.    Assignment.    This Note shall be binding on the Maker and his successors, assigns, personal representatives,
heirs, and legatees, and shall be binding upon and inure to the benefit of the Company, any future holder of this Note and their respective successors and assigns. The Maker may not assign or transfer
this Note or any of his obligations hereunder. 

        7.    Collection.    If action is instituted to collect this Note, the Maker promises to pay all costs and expenses
(including reasonable attorney fees) incurred in connection with such action. 

        8.    Waiver.    No previous waiver and no failure or delay by the Company in acting with respect to the terms of this
Note, the Deed of Trust or the Stock Pledge Agreement shall constitute a waiver of any breach, default, or failure of condition under this Note, the Deed of Trust, the Stock Pledge Agreement or the
obligations secured thereby. A waiver of any term of this Note, the Deed of Trust, the Stock Pledge Agreement or of any of the obligations secured thereby must be made in writing and shall be limited
to the express terms of such waiver. 

        The
Maker hereby waives presentment, demand for payment, notice of dishonor, default or delinquency, notice of acceleration, notice of protest and non-payment, notice of
costs,
expenses or losses and interest thereon, notice of interest on interest, and diligence in taking any action to collect any sums owing under this Note or in proceeding against any of the rights or
interests in or to properties securing payment of this Note. 

        9.    Conflicting Agreements.    In the event of any inconsistencies between the terms of this Note and the terms of
any other document related to the loan evidenced by the Note, the terms of this Note shall prevail. 

        10.    Governing Law.    This Note shall be construed in accordance with the laws of the State of California. 

	

 	
 	

/s/  PATRICK P.A. HUMPHREY      
MAKER: Patrick P.A. Humphrey

2

 
 
 

CONSENT OF SPOUSE    
    

	To:
	Advanced
Medicine, Inc. 

        I
acknowledge that I have been provided copies of the Promissory Note, Deed of Trust and Stock Pledge Agreement, each dated as of February 27, 2002, between Patrick P.A. Humphrey
and Advanced Medicine, Inc. (the "Secured Party") any and all related collateral documents and agreements
(collectively, the "Collateral Documents"); and that I am familiar with the contents of the Collateral Documents. I acknowledge and agree that any interest I may have, whether direct, community or
otherwise, in the property and assets constituting the collateral contemplated by the Collateral Documents (the "Collateral") shall be subject to all of the terms and conditions of the Collateral
Documents. Without limiting the generality of the foregoing, I am aware that in the Collateral Documents my spouse grants to the Secured Party a security interest in the Collateral as security for the
obligations referred to in the Collateral Documents. The granting of a security interest in the Collateral includes and encumbers any property interest I may have therein, whether direct, community or
otherwise, and I consent to such encumbrance. 

        I
agree that I will not make or cause to be made any transfer of my interest in the Collateral except to the extent expressly permitted by the Collateral Documents. 

        I
further agree that this Consent shall bind my successors, assigns (including, but not limited to, the trustee of any trust), personal representatives, heirs, and legatees. 

Dated:
February 27, 2002 

	 	 	/s/  MARY HUMPHREY      
 Signature

Print Name: Mary Humphrey

3

 
 

EXHIBIT I    
    
    DEED OF TRUST    
    

 
 

EXHIBIT A    
    
    LEGAL DESCRIPTION OF PRINCIPAL RESIDENCE    
    

LOT
2, BLOCK 49, AS DELINEATED UPON THAT CERTAIN MAP ENTITLED, "MAP OF EASTON ADDITION TO BURLINGAME NO.4, SAN MATEO COUNTY, CALIFORNIA", FILED FOR RECORD IN THE OFFICE OF THE RECORDER OF THE COUNTY
OF SAN MATEO, STATE OF CALIFORNIA, ON MARCH 4th, 1907 IN BOOK "A" OF ORIGINAL MAPS, AT PAGE 45, AND COPIED INTO BOOK 4 OF MAPS AT PAGE 57. 

	ASSESSOR'S PARCEL NUMBER: 026-014-020	 	JPN 026-001-014-02

QuickLinks

Exhibit 10.22

FULL RECOURSE NOTE SECURED BY DEED OF TRUST AND STOCK PLEDGE

CONSENT OF SPOUSE

EXHIBIT I DEED OF TRUST

EXHIBIT A LEGAL DESCRIPTION OF PRINCIPAL RESIDENCE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]