Document:

ptla-ex1037_286.htm

Exhibit 10.37

June 3, 2018

Mardi Dier

Portola Pharmaceuticals, Inc.

270 East Grand Avenue

South San Francisco, CA 94080

Dear Mardi:

As discussed, effective June 3, 2018, you will assume the position of interim Co-President of Portola Pharmaceuticals, Inc. (the "Company"). This role will be in addition to your existing role of Chief Financial Officer.

While serving as interim Co-President, your annual base salary will be increased to $592,350. In addition, your annual target bonus percentage will be increased to 70%. Your overall target bonus for any year in which you have multiple target bonus percentages will be calculated on a pro rata basis reflecting the portion of the year that you spent at each target bonus level (in absolute dollars). I

Upon the Company hiring a new CEO, you will cease serving as the Company's interim Co-President, but will remain employed as Executive Vice President, Chief Financial Officer. At that time, your annual salary will return to its current level ($460,000), and your annual target bonus percentage will return to its current level (45%). You are hereby consenting to these changes, and thus you understand and agree that your removal as interim Co-President, and the return to your existing compensation levels, will not constitute a basis for a Good Reason resignation under the terms of your Executive Severance Benefits Agreement (the "Severance Agreement").

Following the hiring of a new CEO, you will be eligible for the following enhanced severance benefits:

	
 
	
•
	
If, during the one (1) year period following the Company's hiring of a new CEO (as measured from the first day of employment for the new CEO), your employment is terminated without Cause (as defined in the Severance Agreement), or you resign for Good Reason (as defined in the Severance Agreement), then in addition to the severance benefits set forth in your Severance Agreement, the Company will also (subject to the terms and conditions set forth in the Severance Agreement) accelerate the vesting of your equity awards such that you will be deemed vested in such shares that would have vested had you remained employed for one additional year following your last day of employment with the Company.

	
 
	
•
	
If, during the one (1) year period following the Company's hiring of a new CEO (as measured from the first day of employment for the new CEO), you decide to resign your employment for any reason, then the Company will accelerate the vesting on any earned PRSUs such that all earned but unvested shares will be deemed vested as of your last day of employment with the Company.

 

1 For example, if you work 8 months at a 45% target bonus and a salary of $460,000 and 4 months at a 70% target bonus and a salary of $592,350, your overall target bonus for the year would be $276,215 (calculated as 8/12 of $207,000 plus 4/12 of $414,645).

 

Except as set forth herein, the terms and conditions of your employment, as set forth in your offer letter from the Company dated July 28, 2006 and your Severance Agreement, shall remain unchanged. The terms set forth herein shall constitute the complete agreement of the parties with respect to such terms, and shall supersede and replace any and all prior agreements or representations made to you concerning the subject matters herein, whether written or oral. This letter agreement cannot be modified, amended or extended except in a writing signed by you and a duly authorized member of the Company's Board of Directors.

Sincerely,

 

Hollings Renton, on behalf of the Board of Directors

 

	
Understood and Agreed to:
	
 
	
 

	
 
	
 
	
 

	
/s/ Mardi Dier
	
 
	
June 4, 2018

	
Mardi Dier
	
 
	
Dateptla-ex1038_285.htm

 

Exhibit 10.38

June 3, 2018

John (Jack) Lawrence

Portola Pharmaceuticals, Inc.

270 East Grand Avenue

South San Francisco, CA 94080

Dear Jack:

As you know, Portola Pharmaceuticals, Inc. (the "Company") is initiating a search for a new Chief Executive Officer. In order to provide you with enhanced security during this period of time, the Company is amending the terms of your Executive Severance Benefits Agreement (the "Severance Agreement") as set forth below.

If, during the one (1) year period following the Company's hiring of a new CEO (as measured from the first day of employment for the new CEO), your employment is terminated without Cause, or you resign for Good Reason, then: (a) your Severance Period for such Covered Termination shall be twelve (12) months (instead of six (6)); and (b) in addition to the severance benefits set forth in Section 2.1 of the Severance Agreement, the Company will (subject to the terms and conditions set forth in the Severance Agreement) accelerate the vesting of your equity awards such that you will be deemed vested in such shares that would have vested had you remained employed for one additional year following your last day of employment with the Company. (All capitalized terms used in this paragraph that are not otherwise defined shall have the meanings set forth in the Severance Agreement.)

After the new CEO completes one (1) year of employment with the Company, then the terms set forth herein shall have no further force or effect, however you shall remain eligible for the severance benefits set forth in the Severance Agreement under the terms and conditions set forth therein.

Except as set forth herein, the terms and conditions of your employment, as set forth in your offer letter from the Company dated October 18, 2017 and your Severance Agreement, shall remain unchanged. The terms set forth herein shall constitute the complete agreement of the parties with respect to such terms, and shall supersede and replace any and all prior agreements or representations made to you concerning the subject matters herein, whether written or oral. This letter agreement cannot be modified, amended or extended except in a writing signed by you and a duly authorized member of the Company's Board of Directors.

Sincerely,

Hollings Renton, on behalf of the Board of Directors

 

	
Understood and Agreed to:
	
 
	
 

	
 
	
 
	
 

	
/s/ John (Jack) Lawrence
	
 
	
June 7, 2018

	
John (Jack) Lawrence
	
 
	
Dateptla-ex1039_284.htm

Exhibit 10.39

June 3, 2018

John Moriarty

Portola Pharmaceuticals, Inc.

270 East Grand Avenue

South San Francisco, CA 94080

Dear John:

As you know, Portola Pharmaceuticals, Inc. (the "Company") is initiating a search for a new Chief Executive Officer. In order to provide you with enhanced security during this period of time, the Company is offering you the following benefits.

If, during the one (1) year period following the Company's hiring of a new CEO (as measured from the first day of employment for the new CEO), your employment is terminated without Cause (as defined in your Executive Severance Benefits Agreement (the "Severance Agreement")), or you resign for Good Reason (as defined in the Severance Agreement), then in addition to the severance benefits set forth in your Severance Agreement, the Company will (subject to the terms and conditions set forth in the Severance Agreement) accelerate the vesting of your equity awards such that you will be deemed vested in such shares that would have vested had you remained employed for one (1) additional year following your last day of employment with the Company.

Additionally, if during the one (1) year period following the Company's hiring of a new CEO (as measured from the first day of employment for the new CEO), you decide to resign your employment for any reason, then the Company will forgive any sign on bonus repayment that you may owe to the Company under the terms of your offer letter from the Company dated January 18, 2018 (the "Offer Letter").

We also realize that the commencement of a search for a new CEO may call into question your plans to relocate to the Bay Area. With that in mind we want to confirm that you will remain eligible for the relocation benefits set forth in your Offer Letter. In the alternative, you may decide to have your family remain resident on the East Coast. In that case, the Company will continue to pay for your corporate apartment in the Bay Area, and will also pay your travel/commuting expenses between Connecticut and the Bay Area. To the extent such expenses are subject to taxation, the Company will provide a tax gross up.

Except as set forth herein, the terms and conditions of your employment, as set forth in your Offer Letter and Severance Agreement, shall remain unchanged. The terms set forth herein shall constitute the complete agreement of the parties with respect to such terms, and shall supersede and replace any and all prior agreements or representations made to you concerning the subject matters herein, whether written or oral. This letter agreement cannot be modified, amended or extended except in a writing signed by you and a duly authorized member of the Company's Board of Directors.

Sincerely,

 

Hollings Renton, on behalf of the Board of Directors

 

	
Understood and Agreed to:
	
 
	
 

	
 
	
 
	
 

	
/s/ John Moriarty
	
 
	
June 11,2018

	
John Moriarty
	
 
	
Dateptla-ex1040_332.htm

 

Exhibit 10.40

 

	

	
 
	
 
	
 

	
 
	
 
	
 

	
info@ portola.com
	
T: 650.246.7000
	
270 East Grand Avenue

	
www.portola.com
	
F: 650.246.7376
	
South San Francisco, CA 94080

	
 
	
 
	
 

	
 
	
 
	
 

	
Innovative Science. Patient Focused.
	
 

October 18, 2017

John (Jack) Lawrence

142 Woosamonsa Road

Pennington, NJ 08534

jack31awrence@outlook.com

VIA EMAIL

Dear Jack,

On behalf of Portola Pharmaceuticals, Inc. (“Portola” or the “Company”), I am pleased to offer you an exempt position of Senior Vice President, Chief Medical Officer reporting to Bill Lis, Chief Executive Officer. Your “home” office and primary work location will be your personal residence in New Jersey, and your will be required to make regular business trips to headquarters in California. Your start date for this position is Monday, November 6, 2017.

Annual Salary

Your salary will be paid at the rate of $35,833.34 per month ($430,000.00 annualized) less payroll deductions and all required withholdings.

Target Bonus

You will be eligible to receive an annual bonus target of 40% of your base salary. Whether Portola awards bonuses for any given year, the allocation of the bonuses, if awarded, will be in the sole discretion of the Company as determined by its Board of Directors (the “Board”). If the Board approves payment of bonuses for any given year, the bonus amounts generally will be determined and paid within the first calendar quarter of the year based on the prior year’s performance. If your employment terminates for any reason prior to the payment of a bonus, then you will not have earned the bonus and will not receive any portion of it.

Equity

Stock Options: Subject to Board approval, and as a material inducement for you to enter into employment with the Company, you will be granted an option grant to purchase 125,000 shares of the Company’s common stock, subject to the terms and conditions of a Portola equity incentive plan, pursuant to a stock option grant notice and stock option agreement that will be provided to you following the date of grant. The exercise price of the option will be the closing price of Portola’s Common Stock on the date of grant. The option will be subject to a four (4) year vesting schedule, such that 25% of the shares will vest on the first anniversary of the commencement of your employment, with the balance vesting in equal monthly installments over the subsequent thirty-six (36) months, until either your option shares are fully vested or your employment ends, whichever occurs first, in each case subject to your continued employment with the Company through the applicable vesting dates.

Restricted Stock Units (RSUs): Subject to Board approval, and as a material inducement for you to enter into employment with the Company, you will be granted 5,000 Restricted Stock Units that will vest and become non-forfeitable, assuming your continued employment with the Company upon each vesting date, annually over three years.

 

 

Additional Benefits

In addition to the compensation package outlined above, you will receive the following:

Benefits: You will be eligible to receive Portola’s complete package of benefits subject to the terms of the benefit plans and generally applicable Company policies.

Sign-On Bonus: Payable upon your first paycheck you will receive a one-time sign-on bonus payment of $25,000.00 less required taxes and withholdings. You are required to repay this bonus to the Company in full if you resign within the first twelve (12) months of employment. You are required to make any such repayment to the Company within sixty (60) days following your employment termination date. If your employment terminates for any reason prior to the payment of a bonus, then you will not have earned the bonus and will not receive any portion of it.

Executive Severance Benefits Agreement: Provides compensation and benefits in the event that you are subject to certain qualifying terminations of employment, including a change in control and an involuntary termination without cause. The compensation and benefits are subject to the terms of the Company’s form of severance benefits agreement for similarly situated employees.

Please note that Portola may modify compensation and benefits from time to time as it deems necessary in accordance with applicable law.

Confidentiality

As a Portola employee, and as a condition of your employment, you will be expected to abide by Company rules and regulations and sign and comply with the Company’s Proprietary Information and Inventions Agreement which prohibits unauthorized use or disclosure of Portola proprietary information.

In your work for the Company, you will be expected not to make any unauthorized use or disclosure of any confidential information or materials, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.

By signing this letter, you represent that you are able to perform your job duties within these guidelines, and you are not in unauthorized possession of any confidential documents, information, or other property of any former employer or other third party. In addition, you represent that you have disclosed to the Company in writing any agreement you may have with any third party (e.g., a former employer) which may limit your ability to perform your duties to the Company.

Acknowledgements

By signing below, you agree that your employment with Portola is “at will,” which means you may terminate your employment with Portola at any time and for any reason whatsoever simply by notifying Portola, and likewise, Portola may terminate your employment at any time and with or without cause or advance notice. This at-will employment relationship cannot be changed except in a writing signed by a Company officer. Portola reserves the right, in its sole discretion, to adjust salaries, incentive compensation, stock plans, employee benefits, job titles, locations, duties, responsibilities and reporting relationships in accordance with applicable laws.

This letter, together with the Proprietary Information and Inventions Agreement, forms the complete and exclusive statement of agreement with Portola concerning the subject matter hereof. The employment terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion in this letter, require a written modification signed by an officer of Portola. As required by law, this offer is subject to satisfactory proof of your right to work in the United States of America.

 

 

The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees. Your employment offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, to the Company’s satisfaction.

Please sign and date this letter and return it to the Company by 5:00 PM Pacific Standard Time, Monday, October 23, 2017 if you wish to accept employment at Portola under the terms described above.

We welcome you to the Portola team and look forward to your contribution to the Company’s success.

Yours truly,

Stacy Markel

Senior Vice President, Human Resources

Accepted:

 

	
/s/ John (Jack) Lawrence
	
 
	
October 20, 2017

	
John (Jack) Lawrence
	
 
	
Date

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