Document:

exh103fy11q1.htm

Exhibit 10.3

 

June 23, 2010

Hand Delivered

Personal and Confidential

Ms Sandy Creighton

  

 

 

Re: Consulting Agreement

Dear Sandy:

We are very pleased that you have indicated a willingness to provide services to MIPS Technologies, Inc. (the “Company) to facilitate a transition after your separation from the Company. This letter sets forth the terms of the consulting arrangement (the “Agreement” or “Consulting Agreement”) between you and the Company with respect to your services for the Company.

 

1. Consultancy.  Commencing August 13, 2010, you agree to provide consulting services for a minimum period of twelve (12) months and thereafter on a month to month basis unless terminated by you or the Company upon thirty days written notice (the “Consulting Period”).  During the Consulting Period, you will be paid a monthly fee of $5,000.00 payable at the 12th day of each calendar month. Your tasks and responsibilities during the Consulting Period will be assigned by the Company and will be generally designed to facilitate the Company’s transition after your separation, most particularly in the Legal and HR departments.

 

2. Stock Options.  Although your employment with the Company will end on August 12, 2010, as additional enticement to enter into this Agreement, the Compensation and Nominating Committee has approved continued vesting of your stock options as set forth on Attachment A hereto by its action on June 16, 2010 to extend them through the Consulting Period conditional upon you providing continuous service by entering into this Agreement on or before August 13, 2010 and continuing to provide services hereunder as a consultant of the Company during that period.  If these conditions are met, your stock options and the vesting pursuant to such options shall not terminate on August 12, 2010 but shall continue in effect and will continue to vest through the Consulting Period, such that your vesting would cease at the end of the Consulting Period and your right to exercise the vested options would continue thereafter during the post-

 

 

Ms. Sandy Creighton Transition Documents

 

 

  

  

  

 

June 23, 2010

Page 2

 

termination period set forth in your stock option award documents (i.e., 12 months from the end of the Consulting Period).

 

3. No Other Compensation Or Benefits. You acknowledge that, except as expressly provided in this Agreement, you will not receive from the Company any additional compensation, severance or benefits under this Agreement.

 

4. Expense Reimbursements. The Company will reimburse your reasonable expenses incurred in connection with your performance of services under this Agreement pursuant to its regular business practices.  You agree that, within fifteen (15) days after the end of the Consulting Period, you will submit your final documented expense reimbursement statement reflecting all business expenses, if any, for which you seek reimbursement with respect to your services under this Agreement.

 

5. Cooperation.  You will cooperate in responding to the reasonable requests of the Company.  In such matters, you agree to provide the Company with reasonable advice, assistance and information.  However, in the event such requests require more than sixty (60) hours of your services in any given quarter, you shall not be obligated to render such services unless and until you and the Company have mutually agreed upon appropriate additional compensation.

 

6.           Indemnification.  The rights and obligations of the Indemnification Agreement you entered with the Company dated January 28, 1999 will apply through the Consulting Period to your actions taken under the terms of this Consulting Agreement.

 

7.           Miscellaneous.  This Agreement constitutes the complete, final and exclusive embodiment of the entire agreement between you and the Company with regard to its subject matters, and it supersedes any other such agreements, promises or representations, including but not limited to the Offer Letter; provided that your obligations under your Proprietary Information and Inventions Agreement with the Company are not modified or terminated by this Agreement. It is entered into without reliance on any agreement, promise or representation, written or oral, other than those expressly referred to herein, and it supersedes any other such agreements, promises or representations. This Agreement may not be modified or amended except in a writing signed by both you and a duly authorized officer of the Company. This Agreement will bind the heirs, personal representatives, successors and assigns of both you and the Company, and inure to the benefit of both you and the Company, their heirs, successors and assigns. The failure to enforce any breach of this Agreement shall not be deemed to be a waiver of any other or subsequent breach. For purposes of construing this Agreement, any ambiguities shall not be construed against either party as the drafter. If any provision of this Agreement is determined to be invalid or unenforceable, in whole or in part, this determination will not affect any other provision of this Agreement and the provision in question will be modified by the court so as to be rendered enforceable in a 

 

Ms. Sandy Creighton Transition Documents

 

  

  

  

 

June 23, 2010

Page 3

 

manner consistent with the intent of the parties insofar as possible. This Agreement will be deemed to have been entered into and will be construed and enforced in accordance with the laws of the State of California as applied to contracts made and to be performed entirely within California. This Agreement may be executed in counterparts, each of which shall be deemed to be part of one original, and facsimile signatures shall be equivalent to original signatures.

 

If this Agreement is acceptable to you, please sign below and return the signed original to me.

 

	 	
Sincerely, 

 

MIPS Technologies, Inc.

 

/s/ SANDEEP VIJ

 

Sandeep Vij

President & CEO

 

I have read, understand, and agree fully to the foregoing agreement:

/s/ Sandy Creighton

Sandy Creighton

Dated:  August 12, 2010

 

 

Ms. Sandy Creighton Transition DocumentsExhibit 10.1

 

CONFIDENTIAL
TREATMENT REQUESTED

UNDER
17 C.F.R §§ 200.80(b)4, AND 240.24b-2

 

Execution Copy

 

FIRST
AMENDMENT

 

TO
COLLABORATION RESEARCH AND LICENSE AGREEMENT

 

THIS FIRST AMENDMENT TO COLLABORATION AND LICENSE
AGREEMENT (the “Amendment”) is made and entered into effective as of
July 27, 2010 (the “First Amendment Effective Date”) by and between
Bristol-Myers Squibb Company, a
Delaware corporation (“BMS”) and Isis
Pharmaceuticals, Inc., a Delaware Corporation (“Isis”).

 

WHEREAS, BMS and Isis entered into a Collaboration and
License Agreement effective May 8, 2007 (the “Collaboration Agreement”)
relating to the discovery, development and commercialization of ASOs targeting
PCSK9;

 

WHEREAS, the initial 3-year Research Term for the
conduct of the Research Program under the Collaboration Agreement ended
May 8, 2010; and

 

WHEREAS, the Parties now desire to amend the
Collaboration Agreement to extend the Research Term for the continuation of the
Research Program in accordance with and subject to the Collaboration Agreement
as amended by this Amendment.

 

NOW, THEREFORE in consideration of the foregoing and
the mutual covenants herein contained, the Parties do hereby agree as follows.

 

1.             Definitions. 
The terms in this Amendment with initial letters capitalized shall have
the meaning set forth in this Amendment and if not defined in this Amendment
shall have the meaning set forth in the Collaboration Agreement.  Unless stated otherwise, reference to a
Section refers to that Section in the Collaboration Agreement.

 

2.             Extension of the Research Program. 
The initial Research Term under the Collaboration ended May 8,
2010.  The Parties now desire to extend
the Research Term (and the Research Term is hereby extended) to continue from
May 8, 2010 for an additional period ending June 30, 2012 (such
period being the “Extended Research Term”).  BMS shall have the option to extend the
Research Term for [***] additional [***] after such 2-year period in accordance
with the provisions of Sections 3.2.1 and 3.2.2 as applied to such BMS option
to extend the Research Term.  The
Research Program to be carried out during the Extended Research Term is
referred to herein as the “Extended Research Program”).

 

3.             Research Plan for Extended Research
Program.  The Research Plan for the Extended Research
Program is attached hereto as Attachment A.

 

4.             FTE Funding and Research Program Cost
Payments by BMS for Conduct of Extended Research Program. 
BMS shall fund the number of Isis FTEs as set forth in Attachment A
hereto for the conduct of the Extended Research Program.  Such FTE funding payments shall be made in
accordance with Section 3.5.2 of the Collaboration Agreement, except that
the first such payment which is for the 3rd Calendar Quarter of 2010 (for [***]
Isis FTEs) shall be made within 30 days following the Amendment Effective
Date.  The budget for the Research
Program Costs for the Extended Research Program are set forth in Attachment A
hereto.  The FTE Rate during the Extended
Research Term shall be $[***] per FTE per year (i.e., without further
adjustment).

 

 

5.             Success Compound. 
It is the objective of the Extended Research Program to identify one or
more Success Compounds.  “Success
Compound” means a Compound identified during the Extended Research Program
either (i) meeting both the Success Criteria and the [***] Criteria as
reasonably determined by BMS or (ii) for which [***] has been initiated by
BMS using [***] in accordance with [***] of the Collaboration Agreement.  “Success Criteria” has the meaning set
forth in Attachment A hereto.  BMS shall
act in good faith in its reasonable determination as to whether a Compound
meets the Success Criteria.

 

6.             [***]. 
“[***] Criteria” means a Compound which is or would be expected
to be [***]) by a [***] during the Extended Research Term and which would be
expected to have [***]).  In order to
meet the [***] Criteria a Compound must:

 

(1) [***]), and

 

(2) demonstrate in pre-clinical studies
[***].  For clarity, a Compound having a
[***], will satisfy the condition set forth in the foregoing clause (2).

 

If Isis disputes BMS’ determination that a Compound
has not met the [***] Criteria, Isis will provide BMS written notice
thereof, and, notwithstanding Section 13.4 of the Agreement, the Parties
will promptly refer the dispute to a mutually agreed [***] expert for
resolution, and the determination by such expert will be binding on the
Parties.

 

7.             Additional Milestone Payments for First
Success Compound.  The following milestone payments would be
payable by BMS for the first Success Compound to achieve the milestone:

 

	
  $[***]

  	
   

  	
  [***]);

  
	
   

  	
   

  	
   

  
	
  $[***]

  	
   

  	
  [***];

  
	
   

  	
   

  	
   

  
	
  $[***]

  	
   

  	
  [***].

  

 

The milestone payments set forth above shall be
payable by BMS within 60 days following the achievement of such milestone event
(subject to Section 8 below).

 

For clarity, in addition to the milestones set forth
above, Compounds (including without limitation any Success Compound(s))
resulting from the Extended Research Program will be subject to the milestone
and royalty obligations (under Article 5 of the Collaboration Agreement),
and other terms and conditions, as set forth in the Collaboration Agreement.

 

8.             Termination.

 

8.1           BMS Right to Terminate Agreement at Time
First Compound First Demonstrated to be Success Compound. 
At the time that the first Compound is demonstrated to achieve the
Success Milestone, BMS shall have the right to elect to pay the Success
Milestone payment (as set forth in Section 7 above) with the Collaboration
Agreement continuing in effect in accordance with its terms as amended by this
Amendment, or alternatively, BMS may elect at its discretion to terminate the
Collaboration Agreement in its entirety by providing Isis with written notice
of such termination within [***] days following such first achievement of the
Success Milestone.  Such termination of
the Agreement shall be effective upon such written notice and Sections 9.5,
9.6.1 and 10.1 shall apply following such termination, provided however, that BMS shall have no
obligation to pay the Success Milestone payment following such termination of
the Agreement by BMS.

 

2

 

8.2           Reduction or Termination of Research
Program Upon Payment of Success Milestone Payment. 
BMS shall have the right to reduce the scope of or terminate the Research
Program, and accordingly reduce or terminate the further funding of Isis FTEs
by BMS under Section 4 above, effective upon the [***]th day following written notice being given by
BMS to Isis, which written notice by BMS may be given at any time following the
first Compound becoming a Success Compound. 
In addition, Section 3.5 of the Collaboration Agreement shall apply
to each Research Year during the Extended Research Term, with the “Research
Year” during the Extended Research Term being the 12 month period beginning
on July 1, and each such Research Year being deemed to be a “1 year
extension of the Research Term” for purposes of Section 3.5.  In addition, without limiting
Section 3.5, the Parties may mutually agree in writing to reduce or change
the scope of or terminate the Research Program (and accordingly reduce or
terminate the further funding of Isis FTEs by BMS under Section 4 above).

 

8.3           For clarity, upon termination of the
Collaboration Agreement pursuant to Article 9 of the Collaboration Agreement,
BMS shall only be obligated to fund Isis FTEs under Section 4 above for
the period prior to such termination (and shall have no obligation to fund Isis
FTEs for the period thereafter).

 

9.             No Other Amendment; Continuation of the Collaboration
Agreement.  This Amendment does not and shall not amend
or modify the covenants, terms, conditions, rights and obligations of the
Parties under the Collaboration Agreement except as specifically set forth
herein.  The Collaboration Agreement
shall continue in full force and effect in accordance with its terms as amended
by this Amendment.

 

10.           Counterparts. 
This Amendment may be executed simultaneously in two or more
counterparts, any one of which need not contain the signature of more than one
party, but all such counterparts taken together shall constitute one and the
same instrument, and may be executed and delivered through the use of email of
pdf copies of the executed Amendment.

 

*   *  
*   signature
page follows  *   *   *

 

3

 

IN WITNESS WHEREOF, the Parties hereto intending to be
legally bound have caused this Amendment to be executed by their duly
authorized representatives.

 

 

	
  BRISTOL-MYERS
  SQUIBB COMPANY

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Arthur H. Bertelsen

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Arthur H. Bertelsen

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  VP Research Collaborations

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  ISIS
  PHARMACEUTICALS, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ B. Lynne Parshall

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  B. Lynne Parshall

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  Chief Operating Officer and CFO

  	
   

  

 

4

 

Attachment A

 

Research Plan for
Extended Research Program

 

[***]

 

5

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