Document:

Employment Offer Letter Agreement, dated May 29, 2003

 Exhibit 10.47a 

 

 

 May 23, 2003 

Scott D. Seiwert, Ph.D. 
 114 Longs Pk. Dr.

 Lyons, CO 80540 
 Dear Scott:

 On behalf of InterMune, Inc. (The “Company”), we are pleased to offer you the position of Senior Director, Applied Biochemistry,
Pharmacogenomics and Proteomics, reporting to Vice President of Biopharmacology Research, Larry Blatt, Ph.D. 
 The terms of your employment
will be as follows: 
 You will receive a base salary of $13,333.34 per month, paid on a semi-monthly basis. In addition, you will be eligible
for an annual bonus based on the Company’s and your year-end performance as determined by your performance versus MBO’s, which will be subsequently established between you and your manager upon employment. The Company will provide you with
a one-time sign-on bonus of $25,000 to be paid on your first day of employment, that is subject to repayment in full if your employment terminates before one year. As a full-time employee of the Company, you will be eligible for the Company’s
standard benefits package including medical and dental as well as the employee stock purchase program, 401K Retirement Plan and our Flexible Spending Plan. Your position is exempt, and you will not be eligible for overtime. 

The Company will retain a relocation company to provide you with the following services: area orientation, full packing services, pick-up and delivery,
household goods transportation, transport of (2) automobile, 2 rental cars, storage in transit for 60 days, temporary housing for up to 60 days and $75,000 full value protection. Additional terms and coverage of services will be provided by the
relocation company. The relocation expenses will be paid by the Company and is subject to repayment in full if your employment terminates before one year. 
 The Company will also provide to you an interest-free loan in the amount of $75,000 (no tax gross-ups). The term of the loan will be for ten (10) years and secured by the purchase of a primary home.
The loan is subject to repayment in full if your employment terminates before the end of the fifth year. After the fifth year, 2/10ths of the loan will be forgiven each year on your employment anniversary date through year ten. The other terms and
conditions of this loan will be governed by a loan agreement that you will be required to sign upon acceptance of offer. 
 You will be granted
an option to purchase 7,400 shares of the Company’s common stock. The grant will automatically be made on your first day of employment. The exercise price will be the same as the closing price of the Company’s common stock on the Nasdaq
Exchange on the day before your first day of employment. Your right to exercise the shares of this option will be subject to a vesting schedule, such that 7,400 shares of your option will be fully vested at the end of four years completed
employment. Your vesting will begin on your first day of your employment with us; however, it is subject to a one-year cliff. The terms and conditions of this option, including vesting, will be governed by an agreement that you will be required to
sign. 
 As a condition of your employment, you will be required to provide proof of U.S. citizenship or that you are legally entitled to work
in the United States, and to execute and be bound by the terms of the enclosed Proprietary Information and Inventions Agreement. In that regard, please be aware that Company policy prohibits all employees from bringing to the Company, or using in
performance of their responsibilities at the Company, any confidential information, trade secrets, or proprietary material or processes of any 
  

							
		  		  		  	 INTERMUNE, Inc.
 3280 Bayshore Boulevard
 Brisbane, CA 94005

Phone: (415) 466-2200
 Fax (415)
466-2300

 previous employer. Employment with the Company is at will, is not for any specific term and can be
terminated by you or the Company at any time for any reason with or without cause. 
 This offer remains open through end of the day on
May 30, 2003. Upon acceptance of this offer, the terms described in this letter and in the Proprietary Information and Inventions Agreement shall be the terms of your employment, superseding and terminating any other employment agreements or
understandings with InterMune, whether written or oral. Any additions or modifications of these terms must be in writing and signed by you and an officer of the Company. Your anticipated start date is June 16, 2003. 

Again, let me indicate how pleased we are to extend this offer, and how much we at InterMune look forward to working with you. We anticipate that you
will find this an exciting and challenging position in a dynamic and growing company. 
 Please accept this offer by signing and returning the
enclosed duplicate original of this letter to me. If you have any questions, please call me or Fred Schreiber in the office. 
  

	
	Very truly yours,
	
	/s/ Stephen N. Rosenfield
	Stephen N. Rosenfield
	Executive Vice President of Legal Affairs

  

					
	UNDERSTOOD AND ACCEPTED:	 		 	
			
	/s/ Scott D. Seiwert Date	 		 	5-29-03
	Scott D. Seiwert Date	 		 	DateSecond Amendment to Offer Letter

 Exhibit 10.47b 
 SECOND AMENDMENT TO OFFER LETTER 
 InterMune, Inc. (“InterMune” or the
“Company”) and Scott Seiwert (“Executive”) entered into an Offer Letter agreement which was accepted by Executive on May 29, 2003 (the “Offer Letter”), and the parties previously amended the Offer Letter in August
2008 (the “Prior Amendment”). In order to reflect Executive’s recent designation as a member of the Company’s executive committee, the following agreement (the “Agreement”) between InterMune, Inc. and Executive is
intended to amend and restate the Prior Amendment in its entirety, and the Prior Amendment shall have no further force or effect. Other than as specifically provided below, all terms and conditions of the Offer Letter continue in full force and
effect. Payments pursuant to this Agreement shall be subject to all required tax withholding. 
 1. Severance Pay in the
Event of Termination (Not For Cause). Although Executive remains an at-will employee of InterMune, InterMune agrees that in the event Executive is terminated by the Company other than for “Cause” (as that term is defined below) in the
absence of a “Change in Control” of InterMune (as that term is defined below) and the termination of employment constitutes a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h) (a
“Separation from Service”), Executive will receive the following benefits, provided that Executive delivers to the Company, within fifty (50) days after the Separation from Service, a general release duly signed by Executive that
releases the Company from all of Executive’s actual or potential claims against InterMune, and such release shall not have been revoked by Executive within any period permitted under applicable law: 

 

	 	•	 	 If Executive has completed less than one (1) full year of service as an InterMune employee, Executive will receive six (6) months base salary
at Executive’s final rate of pay, six (6) months benefits continuation (i.e., Company-provided COBRA payments), and six (6) months immediate acceleration of vesting of each of Executive’s outstanding equity grants, whether
stock options or restricted shares. 

  

	 	•	 	 If Executive has completed at least one (1) year but less than two (2) years of service as an InterMune employee, Executive will receive nine
(9) months base salary at Executive’s final rate of pay, nine (9) months benefits continuation (i.e., Company-provided COBRA payments), and nine (9) months immediate acceleration of vesting of each of Executive’s
outstanding equity grants, whether stock options or restricted shares. 

  

	 	•	 	 If Executive has completed two (2) years of service or more as an InterMune employee, Executive will receive twelve (12) months base salary
at Executive’s final rate of pay, twelve (12) months benefits continuation (i.e., Company-provided COBRA payments), and twelve (12) months immediate acceleration of vesting of each of Executive’s outstanding equity grants,
whether stock options or restricted shares. 

  

	 	•	 	 If such termination not for Cause occurs in the second half of the calendar year, Executive also will receive a pro rata share of
Executive’s target bonus for that year. 

 The acceleration of vesting provided for in this Section 1 of this
Agreement is intended to be in lieu of any acceleration rights provided in the operative Stock Option Agreement, and in addition to any 

 
acceleration rights provided in the operative Stock Plan documents. All other terms and conditions applicable to Executive’s equity grants, e.g., with regard to exercise after
termination, forfeiture, etc., will continue to be governed by the operative Stock Option Agreement and Stock Plan document. Cash compensation required to be paid pursuant to this Section 1 of the Agreement will be paid in a single lump-sum
payment within sixty (60) days following the date of the Separation from Service. 
 2. Compensation upon Change in
Control. In the event of a Change in Control of the Company that results in: (i) Executive’s termination by the Company without Cause, or (ii) Executive’s resignation for “Good Reason,” which for purposes of this
Agreement shall mean either (a) a material diminution in Executive’s duties, title or compensation, or (b) a requirement that Executive relocate more than fifty (50) miles from the Company’s Home Office location, any of
which event occurs within one (1) year after the Change in Control (a “Triggering Event”), and the termination of employment constitutes a Separation from Service, Executive will receive the following benefits described in this
Section 2, provided that Executive delivers to the Company, within fifty (50) days after the Separation from Service, a general release duly signed by Executive that releases the Company from all of Executive’s actual or potential
claims against InterMune, and such release shall not have been revoked by Executive within any period permitted under applicable law. In order to resign for Good Reason, Executive must provide written notice to the Company of the existence of the
Triggering Event within 90 days after the initial existence of such Triggering Event. Upon receipt of such notice of the Triggering Event, the Company will be provided with a period of 30 days during which it may remedy the Triggering Event and not
be required to provide for the payments and benefits described herein as a result of the proposed resignation due to the Triggering Event specified in the notice. If the Triggering Event is not remedied within the period specified in the preceding
sentence, Executive may resign for Good Reason as a result of the Triggering Event specified in the notice, provided that such resignation must occur within six months after the initial existence of such Triggering Event. 

(a) Cash Compensation: Two (2) years base salary at Executive’s final rate of pay and two (2) years benefits
continuation (i.e., Company-provided COBRA payments). If a Triggering Event occurs in the second half of the calendar year, Executive also will receive a pro rata share of Executive’s target bonus for that year. The base salary
and any pro rata target bonus payment described in this Section 2(a) will be paid in a single lump-sum payment within sixty (60) days following the date of the Separation from Service. 

(b) Options or Restricted Share Grants: Vesting of all outstanding equity grants (including InterMune stock option grants,
InterMune restricted stock grants, and any grants made by the acquiring entity) will immediately accelerate. The acceleration of vesting provided for in this Section 2 of this Agreement is intended to be in lieu of any acceleration rights
provided in the operative Stock Option Agreement, and in addition to any acceleration rights provided in the operative Stock Plan document. All other terms and conditions applicable to Executive’s equity grants, e.g., with regard to
exercise after termination, forfeiture, etc., will continue to be governed by the operative Stock Option Agreement and Stock Plan documents. 

  
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 (c) Transition Management Services: Executive will receive executive transition
management services for a one-year period following the Separation from Service with Lee Hecht Harrison, Right Management, or a similar outplacement firm, up to a cap of Forty Thousand Dollars ($40,000). 

3. Retention Bonus. Executive will also be entitled to receive a retention bonus in the amount of One Hundred Fifty Thousand
Dollars ($150,000), payable on July 31, 2009, provided that, as of that date: (a) Executive is an employee of InterMune in good standing (i.e., Executive is not on a Performance Improvement Plan), (b) InterMune has concluded a
partnership or other collaborative agreement for one of the following programs: (i) HCV helicase inhibitor, (ii) second generation pirfenidone, or (iii) second generation HCV protease inhibitor (macrocyclic or nonmacrocyclic), and all
material program milestones relating to that partnership or collaboration are proceeding on schedule, and (c) there has been no Change in Control of the Company (as defined below). As of January 5, 2009, the Board of Directors determined
that Item (b) has been achieved. 
 4. Section 409A. Notwithstanding any provision to the contrary in this
Agreement, if Executive is deemed by the Company at the time of the Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”),
to the extent delayed commencement of any portion of the benefits to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of
Executive’s benefits shall not be provided to Executive prior to the earlier of (a) the expiration of the six-month period measured from the date of the Separation from Service or (b) the date of Executive’s death. Upon the first
business day following the expiration of the applicable Code Section 409A(a)(2)(B)(i) period, all payments deferred pursuant to this Section 4 shall be paid in a lump sum to Executive, and any remaining payments due under the Agreement
shall be paid as otherwise provided herein. 
 5. Definitions. 

For purposes of this Agreement, “Cause” shall mean any of the following: 

 

	 	•	 	 Willful refusal to follow lawful and reasonable corporate policy or Chief Executive Officer directives; or 

 

	 	•	 	 Willful failure, gross neglect or refusal to perform duties; or 

 

	 	•	 	 Willful act that intentionally or materially injures the reputation or business of the Company; or 

 

	 	•	 	 Willful breach of confidentiality that has a material adverse affect on the Company; or 

 

	 	•	 	 Fraud or embezzlement; or 

  

	 	•	 	 Indictment for criminal activity. 

 For purposes of this Agreement, “Change in Control” shall mean any of the following: 
  

	 	•	 	 A sale, lease or other disposition of all or substantially all of the securities or assets of the Company; or 

 

	 	•	 	 A merger or consolidation in which the Company is not the surviving corporation; or 

  
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	 	•	 	 A reverse merger in which the Company is the surviving corporation but the shares of Common Stock outstanding immediately preceding the merger are
converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise. 

  

									
	/s/ Scott Seiwert	 		 	
	Scott Seiwert	 		 	Dated: March 26, 2009
			
	INTERMUNE, INC.	 		 	
				
	By:	 	/s/ Howard Simon	 		 	Dated: 3/26, 2009
	Its:	 	SVP, HR & Associate Gen Counsel	 		 		 	

  
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