Document:

EXHIBIT
10.20

 

COMPENSATION
INFORMATION FOR NAMED EXECUTIVE OFFICERS

 

The table below provides
information regarding the discretionary cash bonus and cash incentive payments
paid for performance in the year ended December 31, 2007, as well as the
2008 annual base salary and target percentage for a cash incentive payment for
performance in 2008, of each named executive officer of ARYx Therapeutics, Inc.
(the “Company”).

 

	
  Name and Principal Position

  	
   

  	
  2007 Bonus(1)

  	
   

  	
  2007 Non-Equity

  Incentive Plan Compensation (2)

  	
   

  	
  2008 Annual 

  Base Salary

  	
   

  	
  2008 Target Cash Incentive

  Payment (As %

  of 2008 Annual 

  Base Salary)

  	
   

  
	
  Paul Goddard, Ph.D.

  	
   

  	
  $

  	
  40,000

  	
   

  	
  $

  	
  200,000

  	
   

  	
  $

  	
  437,850

  	
   

  	
  50.0

  	
  %

  	
   

  
	
  Chairman
  and Chief Executive Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Peter G. Milner, M.D.

  	
   

  	
  —

  	
   

  	
  80,000

  	
   

  	
  322,857

  	
   

  	
  35.0

  	
   

  	
   

  
	
  President,
  Research and Development

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  John Varian

  	
   

  	
  —

  	
   

  	
  70,000

  	
   

  	
  314,773

  	
   

  	
  35.0

  	
   

  	
   

  
	
  Chief
  Operating Officer and Chief Financial Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pascal Druzgala, Ph.D.

  	
   

  	
  —

  	
   

  	
  60,000

  	
   

  	
  262,463

  	
   

  	
  30.0

  	
   

  	
   

  
	
  Vice
  President and Chief Scientific Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Daniel Canafax, Pharm.D.

  	
   

  	
  —

  	
   

  	
  45,000

  	
   

  	
  263,288

  	
   

  	
  30.0

  	
   

  	
   

  
	
  Vice
  President and Chief Development Officer

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  David Nagler

  	
   

  	
  —

  	
   

  	
  55,000

  	
   

  	
  249,223

  	
   

  	
  30.0

  	
   

  	
   

  
	
  Vice
  President, Corporate Affairs and Secretary

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
														

 

(1)  Represents a
discretionary cash bonus paid by the Company for performance in 2007.

 

(2)  Represents cash incentive payments based on
the achievement of performance goals or milestones established by the
Compensation Committee of the Board of Directors of the Company in February 2007.Exhibit 10.1

 

November 3,
2006

 

Amreesh
Modi

1155 Palm Court

Naperville, IL 60540

 

Dear
Amreesh,

 

We are pleased to offer you the position of
Senior Vice President, Technology and Development and Chief Technology Officer
(CTO), at NAVTEQ North America, LLC (“NAVTEQ”), reporting to Judson Green,
President and CEO.  Upon commencement of
your employment in such position, you will be considered an Officer of NAVTEQ
Corporation (subject to annual election by the NAVTEQ Board of Directors) and
will be subject to our Securities Trading Policy (copy attached hereto as Exhibit A)
including trading pre-clearance requirements and trading windows .  Subject to your acceptance of this offer,
your employment will commence on a date to be determined.

 

You will receive a base annual salary of
$11,538.46 paid bi-weekly, equal to $300,000 annually.   In addition, you will receive a one-time new
hire bonus in the amount of $150,000, less applicable taxes.

 

Commencing on your start date, you will be
eligible to participate in NAVTEQ’s discretionary management bonus plan, and
your actual bonus award will be based on the financial performance of the
Company as well as your own performance. 
For your position, the bonus range is 0 - 50% of your base annual
salary.  For each NAVTEQ fiscal year
(calendar year), this bonus will be paid to you on or before April 1st
of the following year.

 

Subject
to approval by NAVTEQ’s Board of Directors’ Compensation Committee, you will be
eligible to participate in the the Company’s Long-Term Incentive Program
(LTIP), which is an annual equity-based discretionary incentive program under
which eligible employees may be granted a mix of stock options and restricted
stock units (RSUs).  Both stock option
and RSU awards are subject to time vesting. 
Additionally, for vice president level employees, RSU awards are
performance-granted RSUs, and thus tied to specific NAVTEQ revenue and
operating income metrics each year.

 

LTIP
awards are typically granted in March on an annual basis, but your first
grant, if you join the Company in 2006, will be awarded on the first business
day of the month following your date of hire. 
This 2006 grant shall be made under NAVTEQ Amended & Restated
2001 Stock Incentive Plan and forms of agreements, and shall consist of opportunity
values of $300,000 for RSUs (non-performance based) and $300,000 for stock
options (which is a grant date opportunity value of 200% of your base
salary).  Additionally, on the first
business day of the month following your date of hire, you will receive a
one-time special, separate award consisting of opportunity values of $150,000
for RSUs (non-performance based) and $150,000 for stock options (which is a
grant date opportunity value of 100% of your base salary).

 

The first 60 working days of
your employment will be considered an introductory period.  Your performance will be evaluated during
this period, using the  Company’s
Employee Performance Plan form.  Unless
notified otherwise, at the end of the 60 working days you will be considered as
having successfully completed the introductory period.  Notwithstanding the above, if you are

 

 

Amreesh
Modi

November 3,
2006

Page 2

 

terminated without Cause
during this 60 day introductory period, you will still receive your sign-on
bonus.

 

You
are eligible for a benefits package beginning on your date of hire, which
includes PTO, medical, dental, vision, life and long-term disability
coverage.  Employees have the option of
acquiring medical, dental, and vision coverage for their dependents as well.

 

Depending
on the plan you select, your employee contribution will vary.  You will also be eligible to participate in a
Section 125 Health Care/Dependent Care Reimbursement Plan and a 401(k) Savings
and Investment Plan.  We also currently
provide Officers with a monthly vehicle allowance of $800.

 

This
offer is contingent on completion of a background verification that is
satisfactory to NAVTEQ, and the execution by you and NAVTEQ of the Proprietary
Information and Inventions Agreement and Code of Conduct attached hereto as
Exhibits B and C, respectively, on or before the commencement of your
employment with NAVTEQ.  This offer is
also contingent on your providing NAVTEQ with proof of your legal eligibility
to work in the United States within seventy-two (72) hours of your first day of
employment.  This Agreement cannot be
modified or changed unless it is done in a writing signed by both parties.

 

We
look forward to your positive response to this offer and to your role as a key
member of the team that will lead NAVTEQ to success.

 

Sincerely,

 

	
  /s/
  Chris Moore

  	
   

  
	
   

  
	
  Chris
  Moore

  
	
  Vice
  President

  
	
  Human
  Resources

  

 

AGREED
TO AND ACCEPTED:

 

	
  /s/
  Amreesh Modi

  	
   

  	
  November 5,
  2006

  	
   

  
	
  Amreesh
  Modi

  	
   

  	
   

  

 

 

2Exhibit 10.2

 

AMENDMENT TO LETTER OF EMPLOYMENT

OF

AMREESH S. MODI

 

This amendment (“Amendment”) to your letter
of employment with NAVTEQ Corporation (“Company”) dated November 3, 2006
(“Letter of Employment”) is made as of the latest date of signature below
(“Effective Date”). The Letter of Employment, together with this Amendment,
shall hereinafter be referred to as your “Employment Agreement”.

 

1.             Duties.
You shall serve as Senior Vice President, Technology and Development and Chief
Technology Officer of the Company and shall have the normal duties,
responsibilities, functions and authority of such positions.

 

2.             Termination.
In the event that your employment is terminated with Cause (defined below), you
shall be provided with written notice containing a reasonably detailed
description of the Company’s basis for your termination. In the event that your
employment is terminated without Cause, or you terminate your employment for
Good Reason (defined below), the Company will: (i) provide you with
severance pay equal to twelve (12) months of your then base salary; (ii) pay
you a bonus at the full target bonus amount for any prior annual period for
which such bonus has not yet been paid at the time of your termination, as well
as a pro rata share of such full target bonus amount for the annual period in
which you are terminated, based on the number of days of the year that have
elapsed as of the effective date of your termination; and (iii) continue
your medical, dental and vision benefits at the Company’s expense for a period
of twelve (12) months after the effective date of termination; provided,
however, that the Company’s obligation to provide the foregoing severance pay
and benefits is contingent on your execution and delivery to the Company,
within 30 days following your termination, of a general release in favor of the
Company and its affiliates, directors, officers, shareholders, employees and
each of their successors, in the form reasonably prescribed by the
Company.  The amounts payable pursuant to
clauses (i) and (ii), above, will be paid in a single lump sum within 10
days following your delivery of the above-described release, provided that such
release has by then become irrevocable. 
The severance pay and benefits described herein will be in lieu of, not
in addition to, any other severance arrangement maintained by the Company.  “Cause” means commission of a felony or any
act or omission in the conduct of your duties constituting fraud, gross
negligence or willful misconduct.  “Good
Reason” means any one or more of: (a) a significant diminution of your
duties; (b) a material reduction in your base salary and/or (e) a
material reduction in your target bonus; provided, however, that none of the
foregoing will constitute “Good Reason” unless:

 

(i)            you
provide the Company with written objection to the event of condition within
ninety (90) days following the occurrence thereof,

 

(ii)           The
Company does not reverse or otherwise cure the event or condition within thirty
(30) days of receiving that written objection, and

 

(iii)          you
resign your employment within 240 days following the expiration of such cure
period.

 

3.             Special
Timing Rules.  Notwithstanding the
foregoing, if the termination giving rise to the payments described in
Paragraph 2 is not a “Separation from Service” within the meaning of Treas.
Reg. § 1.409A-1(h)(1) (or any successor provision), then the amounts
otherwise payable pursuant to Paragraph 2 will be deferred without interest and
will not be paid until you experiences a Separation  from Service. 
In addition, to the extent compliance with the requirements of Treas.
Reg. § 1.409A-3(i)(2) (or any successor provision) is necessary to avoid
the application of an additional tax under Section 409A 

 

 

of the Internal Revenue Code of 1986, as amended, to amounts payable
under Paragraph 2, those amounts that would otherwise be paid within six months
following your Separation from Service (taking into account the preceding
sentence of this paragraph) will instead be deferred without interest and paid
to you in a lump sum immediately following that six-month period.  This provision shall not be construed as
preventing the application of Treas. Reg. § 1.409A-1(b)(9)(iii) to amounts
payable hereunder.

 

4.             Seat
of Arbitration.  In order to minimize
costs and expenses for all parties, any disputes or controversies arising in
connection with your employment or the cessation of your employment with the
Company will be resolved by binding arbitration in the city of Chicago in the
State of Illinois.  The arbitration will
be conducted in accordance with the applicable rules of the American
Arbitration Association under Illinois law.

 

5.             Effect
of Amendment. Except as modified by this Amendment, all other terms of your
Letter of Employment remain in effect. In the event of any inconsistencies
between your Letter of Employment (or any other prior or contemporaneous
agreement, discussion or understanding) and this Amendment, the terms of this
Amendment prevail. The Employment Agreement does not in any way alter or supersede
any of your stock option agreements or other incentive award agreements with
the Company, which such agreements remain in full force and effect.

 

AGREED
TO AND ACCEPTED:

 

NAVTEQ
Corporation

 

	
  By:

  	
   /s/ Amreesh S. Modi

  	
   

  
	
  Its:

  	
  Amreesh
  S. Modi

  	
   

  	
  Date:
  

  	
  September 27,
  2007

  	
   

  
	
  Date:

  	
  September 27,
  2007

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Judson S. Green

  	
   

  
	
   

  	
  President
  and CEO

  	
   

  

 

 

2

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