Document:

exv10w23

 

Exhibit 10.23

(NUCRYST LOGO)

June 15, 2005

Personal & Confidential

David C. McDowell

11 Palomino Drive

Carlisle, Ontario L0R1H3

Re: Revised Offer of Employment

Dear David,

I am pleased to offer you a position with NUCRYST Pharmaceuticals Corp., currently a
subsidiary company of The Westaim Corporation (“Westaim”), on the following terms and
conditions:

	 	 	 
	Employer:

	 	NUCRYST Pharmaceuticals Corp. (“NUCRYST” or the “Company”)
	 
	 	 
	Position:

	 	Vice President, Manufacturing Operations. You will be an Officer of NUCRYST
Pharmaceuticals Corp. and NUCRYST Pharmaceuticals Inc.
	 
	 	 
	Reporting To:

	 	Scott H. Gillis, President
	 
	 	 
	Start Date:

	 	July 11, 2005 or earlier in July if possible.
	 
	 	 
	Base Salary:

	 	CDN $215,000.00 per annum, payable in arrears in equal
semi-monthly installments.
	 
	 	 
	Variable Pay:

	 	An annual bonus (prorated for any partial year) based on the Company’s
variable pay program, utilizing the following percentages of base salary:

	 	 	 	 	 
	Threshold
	 	 	20	%
	Target
	 	 	35	%
	Stretch
	 	 	50	%

	 	 	 
	Long Term
	 	 
	Incentives:
	 	You will participate in the NUCRYST Pharmaceuticals Corp. 1998 Equity Incentive Plan, as amended,
(“Plan”) whereby you will be granted 60,000 stock options. Your options will have an exercise price
equal to the exercise price for options issued under the Plan in effect on your commencement date.

NUCRYST Pharmaceuticals Inc.

 

50 Audubon Road, Suite B, Wakefield, MA 01880            Telephone: 781-224-1444       Fax: 781-246-6002

 

 

(NUCRYST LOGO)

David C. McDowell

June 15, 2005

Page 2 of 3

	 	 	 
	Confidentiality & Non-Compete:

	 	
As a condition of your employment and
prior to commencing employment, you will be required to sign the Company’s
standard Employee Confidentiality Agreement, in the form attached to this
letter, relating to confidentiality of information and assignment of
inventions and, in your case, containing a non-compete covenant for a
period of one year.
	 
	 	 
	Code of
Conduct:

	 	
As a condition of your employment, you will be required to sign an
acknowledgement of The Westaim Corporation’s Corporate Policies relating
to the principles of business conduct, prior to commencing employment.
	 
	 	 
	Relocation:

	 	The Company will relocate you from Ontario to the Alberta, Canada area.
The total relocation package will be for a maximum of $50,000 for
directly related relocation expenses including temporary housing
costs in the Edmonton area. If you are terminated for “cause” or
resign from the Company within twelve (12) months of the date of
acceptance of this letter, you will be required to pay back the
relocation, prorated. Payment of the relocation package will be
conditional upon the execution and delivery by you of a promissory
note to the Company regarding repayment of the package in the event
of such resignation or termination.
	 
	 	 
	Location:

	 	Fort Saskatchewan, AB
	 
	 	 
	Benefits/Pension:

	 	You will be eligible for coverage under the Company sponsored
benefit and pension programs of which details and eligibility of the various
plans will be explained to you during your orientation. Your benefit coverage
will be in effect on the date of hire.
	 
	 	 
	Vacation:

	 	Four weeks annually, prorated from your start date.

Upon acceptance of this offer, your employment is subject to approval by
Westaim, compliance with all conditions outlined in this letter, and completion of
favorable reference and background checks.

This offer is open for acceptance until 5:00 p.m. (Eastern Standard Time) for five (5)
days from the receipt of this letter. Please confirm your acceptance of this offer by
signing below and forwarding to my attention.

 

 

(NUCRYST LOGO)

David C. McDowell

June 15, 2005

Page 3 of 3

David, we are very excited at the prospect of you joining NUCRYST and are confident
that it will be a great fit for both of us.

Sincerely,

/s/ SCOTT H. GILLIS

Scott H.Gillis

President

NUCRYST Pharmaceuticals Corp.

Accepted this  19  day of June, 2005

	 
	/s/ DAVID C. MCDOWELL

	 

	David C. McDowell

Attachment enclosedexv10w24

 

EXHIBIT 10.24

(NUCRYST LOGO)

March 14, 2002

PERSONAL & CONFIDENTIAL

Paul J. Schecter, M.D., Ph.D.

263 Dedham Street

Dover, MA 02030

OFFER OF EMPLOYMENT

Dear Paul,

I am pleased to offer you a position with NUCRYST Pharmaceuticals Inc., currently a subsidiary
company of The Westaim Corporation (“Westaim”), on the following terms and conditions:

	 	 	 
	Employer:

	 	NUCRYST Pharmaceuticals Inc. (“NUCRYST” or the “Company”)
	 
	 	 
	Position:

	 	Vice President, Drug Development
& Regulatory Affairs
 Chief Medical Officer
	 
	 	 
	Reporting To:

	 	Scott H. Gillis, President
	 
	 	 
	Start Date:

	 	As soon as possible, but no later than May 1, 2002.
	 
	 	 
	Base Salary:

	 	USD $210,000 per annum, payable in arrears in equal semi-monthly
installments.
	 
	 	 
	Variable Pay:

	 	An annual bonus based on the achievements of the divisions and corporate
goals, utilizing the following percentages of base annual earnings:
	 
	 	 
	 

	 	— Threshold 20%        — Target 35%        — Stretch 50%
	 
	 	 
	 

	 	For the first twelve months of your employment, your Variable Pay will be
paid out at a minimum of 15% of your base annual earnings from your date
of hire.
	 
	 	 
	Bonus:

	 	You are eligible to receive a one time only signing bonus in the amount of
USD $15,000 payable on the first pay period following the commencement of
your employment.
	 
	 	 
	Vacation:

	 	Regular vacation entitlement is 20 days per year with the vacation year
running from January 1st to December 31st.
	 
	 	 
	Benefits:

	 	NUCRYST will provide you with both a comprehensive company sponsored
benefit plan which includes health, dental, life and disability insurance
and a 401k plan (refer to the attached). You will also be eligible for the
Company’s Employee Stock Purchase Plan.

NUCRYST Pharmaceuticals Inc.

 

50 Audubon Road, Suite B, Wakefield, MA 01880 Telephone: 781-224-1444 Fax: 781-246-6002

 

 

(NUCRYST LOGO)

	 	 	 
	Long Term
	 	 
	Incentives:

	 	You will participate in the Westaim
Biomedical Corp. 1998 Equity
Incentive Plan, as amended (“Plan”)
whereby you will be granted 60,000
stock options. Your options will
have an exercise price equal to the
exercise price for options issued
under the Plan in effect on your
start date with NUCRYST. The 60,000
options will vest over a three-year
period, with one-third vesting on
each of the first, second and third
anniversaries of your commencement
date. The options will be
exercisable for 10 years after
issuance, provided that unvested
options will immediately terminate
upon termination of employment for
any reason. The options will be
issued under and governed by the
Plan and the Company’s standard
stock option agreement applicable to
subsidiary officers, which when
executed will supercede this section
of this offer letter.
	 
	 	 
	Confidentiality
	 	 
	& Non-Compete:
	 	 
	 

	 	As a term of your employment, you will be required to sign the Company’s
standard form of non-disclosure and confidentiality agreement relating to
confidentiality of information and assignment of inventions, prior to
commencing employment. You will also be required to sign the Company’s
non-compete agreement.
	 
	 	 
	Code of
	 	 
	Conduct:

	 	As a condition of your employment, you will be required
to sign Westaim’s Corporate Policies relating to the
principles of business conduct, prior to commencing
employment.
	 
	 	 
	Severance:

	 	If your employment is terminated for any reason other
than for cause, severance will be paid in amount equal to
six months salary, less applicable taxes and six months
continued health and dental insurance coverage.

This offer is open for acceptance until 5:00 p.m. (Eastern Standard Time) for five (5)
days from the receipt of this letter. Please confirm your acceptance by signing below
and forwarding to the attention of myself or Belinda Braley.

Paul, we are excited at the prospect of you joining NUCRYST and are confident that it
will be a great fit for you and for us.

Sincerely,

/s/ Scott H. Gillis

Scott H. Gillis

President

NUCRYST Pharmaceuticals Inc.

	 	 	 	 	 
	/s/ Paul J. Schecter

	 	3/14/02
	 	 
	 

	 	 	 	 
	Acceptance Signature

	 	Dateexv10w25

 

Exhibit 10.25

SUMMARY OF NON-EMPLOYEE DIRECTOR COMPENSATION

     Effective December 23, 2005, the Board of Directors of NUCRYST Pharmaceuticals Corp. approved
a policy regarding compensation for our non-employee directors. The policy provides that:

	 	•	 	each non-employee director will receive $2,500 for each board meeting
attended in person ($1,000 for meetings attended by video or telephone
conference);
	 
	 	•	 	each non-employee director will, upon their election to our board,
receive, under our amended equity incentive plan, an initial stock
option grant to purchase 20,000 of our common shares, as well as an
annual stock option grant to purchase 10,000 common shares. These
stock options will vest in equal monthly amounts for 36 months from
the date of grant;
	 
	 	•	 	the chairman of our audit committee will receive $2,500 for each
committee meeting attended in person ($1,500 for meetings attended by
video or telephone conference) and each other member of such committee
will receive $1,000 per committee meeting attended in person ($750 for
meetings attended by video or telephone conference); and
	 
	 	•	 	the chairmen of our human resources and compensation committee and
corporate governance and nominating committee will receive $1,500 per
committee meeting attended in person ($1,000 for meetings attended by
video or telephone conference) and each other member of such
committees will receive $750 per committee meeting attended in person
($500 for meetings attended by video or telephone conference).

     In addition, the Company shall reimburse all directors for out-of-pocket expenses incurred in
attending Board and Board committee meetings.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00095-of-00352.parquet"}]]