Document:

Exhibit
10.48

Ajay Bansal

 

 

 

January 28, 2003

 

Dear Ajay,

 

I am pleased and excited to offer you the position of
Chief Financial Officer at Nektar Therapeutics, reporting to me.  Your targeted compensation will be
$368,000.00 on an annual basis.  Of this
amount, your fixed compensation will be $276,000.00 and your target variable
compensation at 25% will be $92,000.00 per year.

 

In addition, you will receive a sign-on bonus of
$100,000.00, which will be paid to you in your first paycheck.  This amount will be subject to payroll
withholding and deductions.  If your
employment terminates other than “without cause” by Nektar or if you resign
before your first anniversary, you agree to reimburse Nektar for the full
amount of this sign-on bonus.

 

You are also eligible to participate in the Nektar
Stock Option Plan.  Subject to the
approval of the Option Grant Subcommittee, you will be granted an option to
purchase 70,000 shares in accordance with this plan.  In addition, you will also be granted Supplemental Options in the
amount of 20,000 shares, the purpose of which is to offset the forfeiture of
the sign on bonus to your current employer. 
The price of the shares from the Stock Option Plan and the Supplemental
Options will be set at the closing price of Nektar’s stock on the day preceding
your date of hire.  You will also be
eligible to participate in Nektar’s benefits program including Medical, Dental
and Vision Insurance, Term Life Insurance, 401(k), Flexible Health Spending
Account and Short & Long Term Disability.

 

Nektar will provide you with the following relocation
items:

 

•                  Partial shipment of your household goods from Berkeley
Heights, NJ to the SF Bay Area upon your employment with Nektar.

•                  Shipment of the remainder of your
household goods from Berkeley Heights, NJ to the SF Bay Area upon your final
move.

•                  Temporary housing and storage of your
household goods for you and your family up to 60 days  (The cost of this housing is taxable to you and will be included
in your total W-2 income)

•                  Travel for you and your family to the SF
Bay Area

•                  Use of a rental car for up to 2 weeks or
until your car arrives

•                  2 trips a month to New Jersey up through
December, 2003

•                  3 Family house-hunting trips from New
Jersey to Northern California.

 

 

 

 

 

•                  Provide normal and customary closing
costs on the sale of your home in, Berkeley Heights, NJ.  Those items considered not deductible for
income tax purposes will be “grossed up” and added to those costs considered
deductible.  (That portion is subject to
withholding.) We estimate these closing costs to be $39,000.00.  We will provide you an amount up to 6% of
the sale price.

 

•                  Provide normal and customary closing
costs, loan discount points not to exceed 1%, on the purchase of a home in the
Bay Area.  Those items considered not
deductible for income tax purposes will be “grossed up” and added to those
costs considered deductible.  (That
portion is subject to withholding.)   
We estimate these costs to be $33,000.00.  We will provide you an amount up to 3% of the purchase price.

 

In the event that you
should voluntarily terminate your employment with Nektar or be terminated other
than “without cause” by Nektar within one (1) year after these closing costs
have been reimbursed, you agree to repay pro-rated relocation dollars prorated
monthly over a 12 month period. (Including all expenses and closing costs that
were directly billed to Nektar). (See attached Relocation Policy).

 

Nektar will also provide
you with the following mortgage or rent differential:

 

•                  1st year: $35,000.00 (paid
over 24 pay periods and subject to withholding)

•                  2nd year: $27,000.00 (paid over 24 pay periods and subject
to withholding)

•                  3rd year: $20,000.00 (paid over 24 pay periods and subject
to withholding)

 

Ajay, we are delighted to
offer you an opportunity to be part of Nektar. 
As a key member of the Senior Management team, we expect you will play
an important role in building our company. 
In a rapidly growing company like Nektar, quality and committed people
like you are the major ingredients of success.

 

Your employment is by continued mutual agreement and
may be terminated without cause by either you or the company at any time
without any obligation or compensation by either party.

 

In compliance with the terms of the Federal
Immigration Reform and Control Act, you will be required to provide us with
proof of authorization to work and proof of identity.

 

This offer is valid
through February 6, 2003.

 

 

Sincerely,

 

	
  /s/ Ajit Gill

  
	
   

  
	
  Ajit Gill

  
	
  President & CEO

  

 

 

2

 

 

 

 

 

	
  OFFER ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/ Ajay Bansal

  	
   

  	
  2/2/03

  
	
  Ajay Bansal

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
    To be
  determined (but before or on 4/1/03)

  	
   

  	
   

  
	
  Start Date

  	
   

  	
   

  

 

 

 

 

3Exhibit 10.49

 

EMPLOYEE
RELOCATION REPAYMENT AGREEMENT

 

 

 

According to NEKTAR THERAPEUTICS policy, I am
eligible to receive reimbursement for specified relocation expenses.  Before receiving any reimbursements and/or
advances, I agree to and understand the following:

 

In the event that I cease to be employed by
NEKTAR THERAPEUTICS, or any of its affiliated companies, within twelve (12)
months of the date a relocation expense was incurred on my behalf, for reasons
other than death, disability or a decision by NEKTAR THERAPEUTICS that my
services are no longer required, I agree to reimburse NEKTAR THERAPEUTICS, or
any of its affiliated companies, all relocation expenses paid by NEKTAR
THERAPEUTICS on the effective date of my termination according to the following
scale:

 

 

Length of Service from Date Relocation Expense Was
Incurred

	
  Length of
  Services

  	
   

  	
  Amount

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  9 months or less

  	
   

  	
  100

  	
  %

  
	
  9-10 months

  	
   

  	
  75

  	
  %

  
	
  10-11 months

  	
   

  	
  50

  	
  %

  
	
  11-12 months

  	
   

  	
  25

  	
  %

  

 

 

 

	
  /s/ Ajay Bansal

  	
  4/2/03

  
	
  Signed

  	
  Date

  
	
   

  	
   

  
	
  Ajay Bansal

  
	
  Print NameExhibit 10.50

Addendum to Offer of Employment

 

 

Ajay
Bansal

 

 

 

April
03, 2003

 

 

Dear
Ajay,

 

This
letter is to inform you of an addendum to your Offer of Employment signed in
February 2003, with Nektar Therapeutics.

 

In
addition to all other terms and agreements provided in your signed Offer of
Employment and to assist you with your relocation to the San Francisco Bay
Area, Nektar agrees to pay to you the sum of $10,000.00 in relocation
allowance.  This amount will be subject
to payroll withholding and deductions.

 

Per the terms of the Nektar
relocation policy supplied to you in your original Offer of Employment, in the
event that you should voluntarily terminate your employment with Nektar or be
terminated other than “without cause” by Nektar within one (1) year after this
allowance has been paid to you, you agree to repay pro-rated relocation
dollars. (Including all expenses and closing costs that were directly billed to
Nektar).

 

All
other terms and conditions of your Offer of Employment are and will remain in
effect.

 

Sincerely,

 

	
   /s/ Elizabeth G. Frisby

  

 

 

Elizabeth
G. Frisby

VP,
Human Resources

 

 

	
  OFFER ACCEPTED:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
      /s/ Ajay Bansal

  	
   

  	
     4/3/03

  
	
  Ajay Bansal

  	
   

  	
  DateExhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (this “Agreement”) is made and entered into as of February 4,
2003 by and between Intrusion Inc., a Delaware corporation (including any of
its subsidiaries or any parent corporation, the “Company”), and Aaron Bawcom, an individual
(the “Executive”).

 

RECITALS

 

WHEREAS,
Executive is currently a Vice President of the Company; and

 

WHEREAS,
the Company and the Executive have determined that it is in their respective
best interest to enter into this Agreement on the terms and conditions as set
forth herein.

 

NOW,
THEREFORE, in consideration of the premises and the
mutual covenants and promises contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto hereby agree as follows:

 

AGREEMENT

 

1.               EMPLOYMENT
TERMS AND DUTIES

 

1.1                                 Employment.  The Company hereby employs Executive, and
Executive hereby accepts continued employment by the Company, upon the terms
and conditions set forth in this Agreement.

 

1.2                                 Duties.  Executive shall continue to serve as Vice
President or any other similar duties the Company may assign Executive.

 

1.3                                 During
the term of Executive’s employment hereunder, Executive shall devote his full
working time and efforts to the performance of his duties and the furtherance
of the interests of the Company and shall not be otherwise employed.  Notwithstanding the above, Executive may
serve as a director or trustee of other organizations; engage in charitable,
civic, and/or governmental activities; provided that such service and
activities do not prevent Executive from performing the duties required of
Executive under this Agreement and further provided that Executive obtains
written consent for all such activities from the Company, which consent will
not be unreasonably withheld.  Executive
may engage in personal activities, including, without limitation, personal
investments, provided that such activities do not interfere with Executive’s
performance of duties hereunder and/or the provisions of Executive’s written
agreements with the Company.

 

1.4                                 Term.  Subject to the provisions of Section 1.5
and Section 1.7 below, the term of Executive’s employment under this
Agreement shall commence this date and shall continue for a period of two (2)
years (the “Employment Term”).

 

 

 

1.5                                 Compensation
and Benefits.

 

1.5.1                        Base
Salary.  Subject to the
provisions of Section 1.7 and in consideration of the services rendered
to the Company hereunder by Executive; the Company shall, during the Employment
Term, pay Executive a salary at the annual rate of one hundred seventy five
thousand dollars ($175,000) (the “Base  Salary”), less statutory deductions and withholdings,
payable in accordance with the Company’s regular payroll practices.  Base Salary shall be payable bi-weekly in
accordance with the Company’s normal payroll practices.

 

1.5.2                        Retention
Bonus.   Executive shall
be paid, on or before February 21, 2003, a Retention Bonus of one-hundred
seventy-five thousand dollars ($175,000), less statutory deductions and
withholdings, payable in accordance with the Company’s regular payroll
practices.    Retention Bonus shall vest
ratibly for 24 months.  Unearned
Retention Bonus shall be repaid by Executive to Company in the event of
voluntary termination or termination for cause as defined in Section 1.6.2.
If Executive is terminated by the Company without Cause, the Retention Bonus
becomes fully vested.

 

1.5.3                        Benefits
Package.  In addition to
the Base Salary set forth in Section 1.5.1 and the Retention Pay set
forth in Section 1.5.2, during the Employment Term, Executive shall be
entitled to receive such employee benefits, vacation and holidays as may be in
effect from time to time as are afforded to other executives of the Company.

 

1.6                                 Termination.  Executive’s employment and this Agreement
(except as otherwise provided hereunder) shall terminate upon the occurrence of
any of the following, at the time set forth therefor (the “Termination Date”):

 

1.6.1                        Death or
Disability.  Immediately
upon the death of Executive or the determination by the Company that Executive
has ceased to be able to perform the essential functions of his duties, with or
without reasonable accommodation, for a period of not less than ninety (90)
days, due to a mental or physical illness or incapacity (“Disability”) (termination pursuant to this Section
1.6.1 being referred to herein as termination for “Death or Disability”); or

 

1.6.2                        Termination
For Cause.  Immediately
following notice of termination for “Cause” (as defined below), specifying such
Cause, given by the Company (termination pursuant to this Section 1.6.2
being referred to herein as termination for “Cause”). 
As used herein, “Cause” means termination based on
Executive’s:

 

(a)          conviction or plea of “guilty”
or “no
contest” to any crime constituting a felony in the jurisdiction in
which committed, any crime involving moral turpitude (whether or not a felony),
or any other violation of criminal law involving dishonesty or willful
misconduct that materially injures the Company (whether or not a felony);

 

(b)         substance abuse that in
any manner materially interferes with the performance of your duties;

 

(c)          breach of this
agreement;

 

(d)         misconduct that
materially discredits or damages the Company;

 

(e)          indictment for a felony
violation of the federal securities laws; or

 

(f)            chronic absence from
work for reasons other than illness or incapacity.

 

 

 

1.6.3                        Other
Remedies.  Termination
pursuant to Section 1.6.2 above shall be in addition to and without prejudice
to any other right or remedy to which the Company may be entitled at law, in
equity, or under this Agreement.

 

1.7                                 Severance
and Termination.  In the
case of a termination of Executive’s employment hereunder for any reason
including and without limitation, termination without Cause, (i) Executive
shall not be entitled to receive payment of, and the Company shall have no
obligation to pay, any severance or similar compensation attributable to such
termination, other than Base Salary earned but unpaid, accrued but unused
vacation, vested benefits under any employee benefit plan, and any unreimbursed
expenses incurred by Executive as of the termination date, and (ii) the
Company’s obligations under this Agreement shall immediately cease.

 

 

2.               REPRESENTATIONS AND WARRANTIES BY THE EMPLOYEE

 

Executive represents and warrants to the Company that (i) this
Agreement is valid and binding upon and enforceable against him in accordance
with its terms, (ii) Executive is not bound by or subject to any contractual or
other obligation that would be violated by his execution or performance of this
Agreement, including, but not limited to, any non-competition agreement
presently in effect, and (iii) Executive is not subject to any pending or, to
Executive’s knowledge, threatened claim, action, judgment, order, or
investigation that could adversely affect his ability to perform his
obligations under this Agreement or the business reputation of the Company.

 

3.               MISCELLANEOUS

 

3.1                                 Notices.  All notices, requests, and other
communications hereunder must be in writing and will be deemed to have been
duly given only if delivered personally against written receipt or by facsimile
transmission with answer back confirmation or mailed (postage prepaid by
certified or registered mail, return receipt requested) or by overnight courier
to the parties at the following addresses or facsimile numbers:

 

If to the Executive, to:

Aaron Bawcom

10604 Birmingham Dr

Frisco, TX 75035

 

If to the Company, to:

Intrusion Inc.

1101 E. Arapaho Road

Richardson, Texas  75081

Facsimile:  (972) 234-1467

Attention:  Ward Paxton

 

3.2                                 Entire
Agreement.  This
Agreement supersedes all prior discussions and agreements among the parties
with respect to the subject matter hereof and contain the sole and entire agreement
between the parties hereto with respect thereto.

 

3.3                                 Waiver.  Any term or condition of this Agreement may
be waived at any time by the party that is entitled to the benefit thereof, but
no such waiver shall be effective unless set forth in a written instrument duly
executed by or on behalf of the party waiving such term or condition.  No waiver by any party hereto of any term or
condition of this Agreement, in any one or more

 

 

instances, shall be deemed to be or construed
as a waiver of the same or any other term or condition of this Agreement on any
future occasion.  All remedies, either
under this Agreement or by law or otherwise afforded, will be cumulative and
not alternative.

 

3.4                                 Amendment.  This Agreement may be amended,
supplemented, or modified only by a written instrument duly executed by or on
behalf of each party hereto.

 

3.5                                 Change of
Control. Upon Change of Control of the Company, unearned
Retention Bonus shall become fully vested.

 

3.6                                 No Third
Party Beneficiary.  The
terms and provisions of this Agreement are intended solely for the benefit of
each party hereto and the Company’s successors or assigns, and it is not the
intention of the parties to confer third-party beneficiary rights upon any
other person.

 

3.7                                 No
Assignment; Binding Effect. 
This Agreement shall inure to the benefit of any successors or assigns
of the Company.  Executive shall not be
entitled to assign his obligations under this Agreement.

 

3.8                                 Headings.  The headings used in this Agreement have
been inserted for convenience of reference only and do not define or limit the
provisions hereof.

 

3.9                                 Severability.  The Company and Executive intend all
provisions of this Agreement to be enforced to the fullest extent permitted by
law. Accordingly, if a court of competent jurisdiction determines that the
scope and/or operation of any provision of this Agreement is too broad to be
enforced as written, the Company and Executive intend that the court should
reform such provision to such narrower scope and/or operation as it determines
to be enforceable.  If, however, any
provision of this Agreement is held to be illegal, invalid, or unenforceable
under present or future law, and not subject to reformation, then (i) such
provision shall be fully severable, (ii) this Agreement shall be construed and
enforced as if such provision was never a part of this Agreement, and (iii) the
remaining provisions of this Agreement shall remain in full force and effect
and shall not be affected by illegal, invalid, or unenforceable provisions or
by their severance.

 

3.10                           Governing
Law.  This Agreement
shall be governed by and construed in accordance with the laws of the State of
Texas applicable to contracts executed and performed in such State without
giving effect to conflicts of laws principles.

 

3.11                           Jurisdiction.  With respect to any suit, action, or other
proceeding arising from (or relating to) this Agreement, the Company and
Executive hereby irrevocably agree to the non-exclusive personal jurisdiction
and venue of the United States District Court for the Northern District of
Texas (and any Texas State Court within Dallas County, Texas).

 

3.12                           Counterparts.  This Agreement may be executed in any number
of counterparts and by facsimile, each of which will be deemed an original, but
all of which together will constitute one and the same instrument.

 

IN
WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed on the date first written above.

 

 

 

	
   

  	
  “COMPANY”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  INTRUSION INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ G. Ward Paxton

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
  G. Ward Paxton

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  President & CEO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  2/4/03

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  “EXECUTIVE”

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Aaron Bawcom

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Aaron Bawcom

  	
   

  
	
   

  	
  Executive

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Date:

  	
  2/4/03

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