Document:

Exhibit 10.10

 

First
Amendment to Employment Agreement dated December 1, 2003

 

The provisions set forth in Sections 4(b)(i)(ii) are
hereby amended to read:

 

(i)                                     All
75,000 Shares will vest in the event the Company closes an equity financing
transaction within eighteen (18) months after the Start Date with net cash
proceeds to the Company within such period of at least $20 million, at a
valuation and with other terms and conditions that are satisfactory to the
Chief Executive Officer and the Executive Chairman.  It is understood that such a financing may
include an initial public offering that meets such requirements within such
l8-month period.

 

(ii)                                  In
the event that no satisfactory equity financing transaction is completed within
the eighteen (18) months described in (i) then all the shares of the Second
Option will vest on the fifth anniversary of the Start Date.

 

All other provisions of the Employment Agreement dated
December 1, 2003 remain as 

originally stated.

 

	
  SUNESIS PHARMACEUTICALS, INC.

  	
   

  	
  ACCEPTED:

  
	
   

  
	
   

  
	
  By:

  	
  /s/  Daniel N. Swisher, Jr.

  	
   

  	
  /s/  Eric H. Bjerkholt

  	
   

  
	
   

  	
  Daniel N. Swisher, Jr.

  	
  Eric H. Bjerkholt

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  June 18, 2004

  	
   

  	
  Date:

  	
  June 21,
  2004Exhibit
10.11

 

EMPLOYMENT
AGREEMENT

 

December 1, 2003

 

Mr. Daniel Swisher, Jr.

 

Dear Dan:

 

On behalf of Sunesis Pharmaceuticals,
Incorporated (the “Company”), I am pleased to offer you the position of Chief
Executive Officer (CEO).  Speaking for
myself, as well as the other members of the Company’s Board of Directors, we
look forward to working with you and to your future success as Sunesis’ CEO.

 

The terms of your new position with the Company are as set forth below:

 

1.                                       Position.

 

a.                                       You will become
Chief Executive Officer of the Company, working out of the Company’s offices in
South San Francisco, California.  In
addition, commencing with the first meeting of the Board of Directors following
your Promotion Date, you will be appointed to the Board of Directors of the
Company.

 

b.                                      You agree to the
best of your ability and experience that you will at all times loyally and
conscientiously perform all of the duties and obligations required of and from
you pursuant to the express and implicit terms hereof.  During the term of your employment, you
further agree that you will devote all of your business time and attention to
the business of the Company, the Company will be entitled to all of the
benefits and profits arising from or incident to all such work services and
advice, you will not render commercial or professional services of any nature
to any person or organization, whether or not for compensation without the
prior written consent of the Company’s Board of Directors, and you will not
directly or indirectly engage or participate in any business that is
competitive in any manner with the business of the Company.  Nothing in this letter agreement will prevent
you from accepting speaking or presentation engagements in exchange for
honoraria or from serving on board of charitable organizations or otherwise
participating in civic, charitable or fraternal organizations, or from owning
no more than one percent (1%) of the outstanding equity securities of a
corporation

 

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whose stock is listed on a national stock exchange.  It is contemplated that you may serve on
board of directors of other, non-competitive companies, and the Sunesis Board
of Directors will not unreasonably withhold its consent from such participation.  Such participation shall not exceed the
greater of six (6) days per year or such number of days as is required for you
to serve on the board of directors of one such company.

 

2.                                       Promotion Date.  Subject to fulfillment of any conditions
imposed by this letter agreement, you will commence this new position with the
Company on December 1, 2003 (the “Promotion Date”).

 

3.                                       Compensation.

 

a.                                       Base Salary.  You will be paid a monthly salary of $25,000
which is equivalent to $300,000 on an annualized basis.  Your salary will be payable in two equal
payments per month pursuant to the Company’s regular payroll policy (or in the
same manner as other officers of the Company). 
Your base salary will be reviewed annually for adjustment based on cost
of living and merit, at the discretion of the Board of Directors.

 

b.                                      Bonus. 
In addition to your base salary, you will be eligible to earn incentive
bonuses of up to forty percent (40%) of your base salary, based on achievement
of objectives mutually agreed upon by you and the Board of Directors.

 

4.                                       Stock Options.

 

In connection with the commencement of your
promotion to CEO, the Company will grant you an option to purchase 300,000
additional shares of the Company’s Common Stock (“Shares”) with an exercise
price equal to the fair market value on the date of the grant (currently $0.60
per share).  The shares subject to the
Option will vest over four (4) years as follows:  One forty-eighth 1/48 of the total number of
shares subject to this option shall become vested at the end of each month
following the vesting commencement date, which shall be December 1, 2003. The
Option may be exercised prior to vesting by you (i) paying to the Company the
exercise price for the Shares being purchased, and (ii) entering into a
standard form of restricted stock purchase agreement with the Company.

 

5.                                       Benefits.

 

a.                                       Insurance Benefits.  The Company will provide you with standard
medical and dental insurance benefits. 
In addition, the Company currently indemnifies all officers and
directors to the maximum extent permitted by law, and you will be requested to
enter into the Company’s standard form of Indemnification Agreement giving you
such protection.  Pursuant to the
Indemnification Agreement, the Company will agree to advance any expenses for
which indemnification is available to the extent allowed by applicable law.

 

b.                                      Vacation.  You will be entitled to three (3) weeks paid
vacation per year, pro-rated for the remainder of this calendar year.

 

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6.                                       Confidentiality of Terms.  You agree to follow the Company’s strict
policy that employees must not disclose, either directly or indirectly, any
information, including any of the terms of this agreement, regarding salary,
bonuses, or stock purchase or option allocations to any person, including other
employees of the Company; provided, however, that you may discuss such terms
with members of your immediate family and any legal, tax or accounting
specialists who provide you with individual legal, tax or accounting advice,
and you may discuss it with other employees of the Company on a need to know
basis if required to carry out your duties as the Company’s Chief Executive
Officer.

 

8.                                       At-Will Employment.  Your employment with the Company will be on an
“at will” basis, meaning that either you or the Company may terminate your
employment at any time for any reason or no reason on thirty (30) days notice,
without further obligation or liability.

 

a.                                       In addition, if
you are terminated by the Company without “cause”, as defined below (other than
by reason of Disability), then:

 

(i)                                     your annual base
salary will continue to be paid in accordance with the Company’s standard
payroll policies until the earlier of (A) twelve (12) months following the date
of termination or (B) your acceptance of other full-time employment at an equal
or greater base salary.  If you obtain
full time employment at an annualized base salary less than the annualized base
salary you were entitled to at the Company, then the Company will pay you the
difference in monthly base salary on a monthly basis until the end of the
Company’s severance pay obligation.  You
shall have no obligation to obtain other employment during the severance
payment period;

 

(ii)                                  you will continue to
receive benefits pursuant to the Company’s Benefit Plans, provided that such
Benefit Plans permit continuation post-termination by payment of State or
Federal COBRA premiums, at the Company’s expense until the earlier of (A)
twelve (12) months following the date of termination, or (B) you are no longer
eligible for State of Federal COBRA;

 

(iii)                               the number of Shares
vested under the Option shall be measured as if the termination occurred twelve
(12) months after the actual date of termination; and

 

(iv)                              you shall be entitled to
the benefits described in subparagraphs (i), (ii) and (iii) above if you
terminate employment of Effective Termination. 
“Effective Termination” shall mean: 
(A)  without your express written
consent, a significant reduction of your duties, position or responsibilities;
or (B) without your express written consent, a substantial reduction of the
facilities and perquisites (including office space and location); or (C) a
material reduction by the Company of your base salary; or (D) a reduction by
the Company in the kind or level of your benefits to which you are entitled
with the result that your overall benefits package is significantly reduced; or
(E) without your express written consent, the relocation of you to a facility
or location more than one hundred (100) miles from the Company’s current
facility.

 

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(v)                                 Upon change of control
(as defined below) of the Company, vesting of the unvested portion of the
Option or the Company’s right to repurchase stock under the stock purchase
agreement entered into upon exercise of the Option shall automatically be
accelerated (or in the case of the right of repurchase, shall lapse) so that
such Option (or shares, as applicable) shall become completely vested.  For the purposes of this Section 8(v), “Change
of Control” shall mean a merger or reorganization of the Company with or into
any other corporation or corporations, or a sale of all or substantially all of
the assets of the corporation, or a sale of securities of the Company, in which
transaction the Company’s stockholders immediately prior to such transaction
own immediately after such transaction less than 50% of the equity securities
of the surviving corporation or its parent. 
Notwithstanding the foregoing, if it is determined by the Company’s
independent public accountants that such accelerated vesting would preclude
accounting for the change of control as a pooling of interests for financial
accounting purposes, and it is a condition to the closing of the change of
control that the transaction be accounted for as a pooling of interests, then
the accelerated vesting shall not occur pursuant to this section (v) but
shall be accelerated at the earliest time which will not preclude accounting as
a pooling of interests.

 

(vi)                              Your stock option
agreement and/or stock purchase agreement will reflect the vesting acceleration
and change of control provisions recited in this Agreement.

 

b.                                      Definition of “Cause.”

 

“Cause” to terminate your employment is
defined as follows:

 

(A)                              your deliberate refusal
to substantially perform the duties associated with your position;

 

(B)                                your personally
engaging in conduct that you intend to be seriously injurious to the Company,
its affiliates or employees;

 

(C)                                your knowing violation
of a federal or state law or regulation applicable to the business of the
Company;

 

(D)                               your being convicted of
a felony under the laws of the United States or any State, or the
misappropriation of material property belonging to the Company or its affiliates;
or

 

(E)                                 your knowingly and
intentionally breaching in any material respect the terms of your Proprietary
Information Agreement.

 

c.                                       Definition of “Disability.”

 

“Disability” means a mental or physical
impairment, which in the good faith judgment of the Board of Directors of the
Company, prevents you from performing the responsibilities and

 

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duties of your position to their satisfaction for a period of
forty-five (45) consecutive days or ninety (90) days during any twelve-month
period.

 

We are all delighted to be able to extend you this offer and look
forward to working with you.  To indicate
your acceptance of the Company’s offer, please sign and date this letter in the
space provided below and return it to me, along with a signed and dated copy of
the Confidentiality Agreement.  This
letter, together with the Confidentiality Agreement, set forth the terms of
your employment with the Company and supersede any prior representations or
agreements, whether written or oral. 
This letter may not be modified or amended except by a written
agreement, signed by the Company and by you.

 

Very truly yours,

 

	
  SUNESIS PHARMACEUTICALS, INCORPORATED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED AND ACCEPTED:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
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  Date

  	
   

  

 

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