Document:

exv10w01

 

Exhibit 10.01

SYMANTEC EXECUTIVE RETENTION PLAN

This Executive Retention Plan (the “Plan”) applies to the Chief Executive Officer (“CEO”),
President, and other executive officers of Symantec Corporation (the “Company”) who are designated
as Section 16(b) officers, and such other individuals as may be designated by the Company’s
Compensation Committee, based on recommendations made by the CEO (collectively, “Designated
Executives”).

1. Acceleration of Equity Compensation Awards. 

If the employment of a Designated Executive is terminated other than for Cause, or if the
Designated Executive resigns following a Constructive Termination, in either case within 12 months
after a Change in Control, all Equity Compensation Awards granted by the Company to such Designated
Executive shall become fully vested and, if applicable, exercisable. Acceleration of vesting will
not occur if there is no Change in Control within 12 months prior to such termination or
Constructive Termination.

2. Definitions.

Unless defined elsewhere herein, for purposes of the Plan, the following shall have the meaning as
set forth below:

“Cause” means (i) gross negligence or willful misconduct in the performance of duties to the
Company (other than as a result of a disability) that has resulted or is likely to result in
substantial and material damage to the Company, after a demand for substantial performance is
delivered by the Company which specifically identifies the manner in which it believes the
Designated Executive has not substantially performed his/her duties and provides the Designated
Executive with a reasonable opportunity to cure any alleged gross negligence or willful misconduct;
(ii) commission of any act of fraud with respect to the Company or its affiliates; or (iii)
conviction of a felony or a crime involving moral turpitude causing material harm to the business
and affairs of the Company. No act or failure to act by the Designated Executive shall be
considered “willful” if done or omitted by the Designated Executive in good faith with reasonable
belief that such action or omission was in the best interest of the Company.

“Change in Control” means (i) any person or entity becoming the beneficial owner, directly or
indirectly, of securities of the Company representing forty (40%) percent of the total voting power
of all its then outstanding voting securities, (ii) a merger or consolidation of the Company in
which its voting securities immediately prior to the merger or consolidation do not represent, or
are not converted into securities that represent, a majority of the voting power of all voting
securities of the surviving entity immediately after the merger or consolidation, (iii) a sale of
substantially all of the assets of the Company or a liquidation or dissolution of the Company, or
(iv) individuals who, as of the date of adoption of this Plan, constitute the Board of Directors
(the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board;
provided that any individual who becomes a director of the Company subsequent to the date of
adoption of this Plan, whose election, or nomination for election by the Company stockholders, was
approved by the vote of at least a majority of the directors then in office shall be deemed a
member of the Incumbent Board.

“Constructive Termination” means the occurrence of any of the following conditions without a
Designated Executive’s written consent, which condition remains in effect for ten (10) days after
written notice to the Company from such Designated Executive of such condition:

(a) a decrease in the Designated Executive’s base salary or target bonus, or a substantial
reduction of other compensation and benefits, from that in effect immediately prior to the
Change in Control;

(b) the relocation of a Designated Executive’s work place for the Company to a location more
than 25 miles from the location of such Designated Executive’s work place prior to the
Change in Control;

(c) the assignment of responsibilities and duties that are not the Substantive Functional
Equivalent of the position which the Designated Executive occupied immediately preceding the
Change in Control; or

 

 

(d) any material breach by the Company of the terms of this Plan which is not cured within
10 days of written notice.

“Equity
Compensation Award” shall mean any award of stock options, restricted stock, restricted
stock units, stock appreciation rights or such other equity compensation award held by a Designated
Executive granted under an equity compensation plan of the Company, including, without limitation,
the Company’s 1996 Equity Incentive Plan, its 2004 Equity
Incentive Plan and any equity
compensation award assumed by the Company in prior acquisitions.

“Substantive Functional Equivalent” means an employment position occupied by a Designated Executive
after the Change in Control that:

(a) is in a substantive area of competence (such as, accounting; engineering management;
executive management; finance; human resources; marketing, sales and service; operations and
manufacturing; etc.) that is consistent with such Designated Executive’s experience;

(b) requires a Designated Executive to serve in a role and perform duties that are
functionally equivalent to those performed by the Designated Executive prior to the Change
in Control,

(c) does not otherwise constitute a material, adverse change in the Designated Executive’s
responsibilities or duties, as measured against the Designated Executive’s responsibilities
or duties prior to the Change in Control, in each case, causing it to be of materially
lesser rank or responsibility.

Notwithstanding the foregoing, any change in role, responsibilities or duties that is solely
attributable to the change in the Company’s status from that of an independent company to that of a
subsidiary of the newly controlling entity shall not constitute a change in role, responsibilities
or duties for purposes of claims (b) or (c) above.

3. Adjustment of Excess Parachute Payments to a Designated Executive.

If (1) benefits that accrue to a Designated Executive under this Plan are characterized as excess
parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the
“Code”), and (2) the Designated Executive thereby would be subject to any United States federal
excise tax due to that characterization, then (3) the Designated Executive may elect, in the
Designated Executive’s sole discretion, to reduce the benefits that accrue under this Agreement or
to have any portion of an applicable Equity Compensation Award not vest in order to avoid any
“excess parachute payment” under Section 28OG(b)(1) of the Code.

4. No Employment Agreement.

This Plan does not obligate the Company to continue to employ a Designated Executive for any
specific period of time, or in any specific role or geographic location. Subject to the terms of
any applicable written employment agreement between Company and a Designated Executive, the Company
may assign a Designated Executive to other duties, and either the Company or Designated Executive
may terminate Designated Executive’s employment at any time for any reason.

5. Release of Claims.

The Company may condition the benefits described provided under this Plan upon the delivery by the
Designated Executive of a signed release of claims in a form reasonably satisfactory to the
Company.

6. Deductions and Withholding.

The Company may withhold or require payment of all federal, state, and/or local taxes which the
Company determines are required to be withheld in accordance with applicable statutes and/or
regulations from time to time in effect.

 

 

7. Governing Law.

This Plan shall be subject to, and governed by, the laws of the State of California applicable to
agreements made and to be performed entirely therein.

8. Amendment or Termination.

This Plan may be amended or terminated by the Board of Directors prior to a Change in Control.
Notwithstanding the foregoing, no amendment or termination of this Plan shall reduce any Designated
Executive’s rights or benefits that have accrued and become payable under this Plan before such
amendment or termination.exv10w1

 

Exhibit 10.1

Execution Version

DATED 3rd of_April, 2006

 

RENEURON LIMITED

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STEMCELLS INC.

 

 

AMENDMENT 5

to

LICENSE AGREEMENT dated 1 July 2005

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	 	 	Page
	1
	 	INTERPRETATION

	 	1
	2
	 	AMENDMENT

	 	2
	3
	 	FULL FORCE AND EFFECT

	 	6
	4
	 	GOVERNING LAW

	 	6
	5
	 	ENTIRE AGREEMENT

	 	6
	6
	 	COUNTERPARTS

	 	6

i

 

THIS AMENDMENT 5 (this “Amendment”) to the License Agreement (as defined below) is made as of
3rd of April, 2006 between the following parties:

	(1)	 	RENEURON LIMITED a company incorporated in England and Wales (registered number 03375897)
whose registered office is at 10 Nugent Road, Surrey Research Park, Guildford, Surrey GU2 7AF,
United Kingdom (“ReN”); and
	 
	(2)	 	STEMCELLS, INC. a corporation organised and existing under the laws of the State of Delaware,
whose principal place of business is at 3155 Porter Drive, Palo Alto, California 94304, United
States of America (“SCI”).

WHEREAS

	(A)	 	ReN and SCI have entered into:

	 	(i)	 	a license agreement dated 1 July 2005 (the “License Agreement”);
	 
	 	(ii)	 	an amendment to the License Agreement dated 1 August 2005 (“Amendment 1”)
	 
	 	(iii)	 	a subscription and share exchange agreement dated 1 July 2005 (the
“Subscription and Share Exchange Agreement”), as required by the License Agreement
	 
	 	(iv)	 	an amendment to the Subscription and Share Exchange Agreement pursuant to a
deed dated 1 August 2005 (the “Deed of Amendment”)
	 
	 	(v)	 	a second amendment to the License Agreement dated 9 September 2005;
	 
	 	(vi)	 	a third amendment to the License Agreement dated 28 November 2005; and
	 
	 	(vii)	 	a fourth amendment to the License Agreement dated 31 January, 2006.

	(B)	 	The parties hereto wish to further amend the License Agreement in accordance with the terms
of this Amendment.

IT IS AGREED as follows:

	1	 	INTERPRETATION
	 
	1.1	 	Save as defined in this Amendment, expressions used in this Amendment shall have the meanings
given thereto in the License Agreement.
	 
	1.2	 	In this Amendment:

	 	1.2.1	 	the headings in this Amendment do not affect its construction or interpretation;
	 
	 	1.2.2	 	a reference to a document is a reference to that document as amended or
modified from time to time in writing by the mutual consent of the parties; and
	 
	 	1.2.3	 	the singular includes the plural and vice versa and any gender includes any
other gender.

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	2	 	AMENDMENT
	 
	2.1	 	The parties to this Amendment agree that the License Agreement shall be amended as
follows:
	 
	 	 	Existing Section 1.39 of the License Agreement is hereby renumbered Section 1.40 and the
following new Section 1.39 is inserted in the License Agreement:

1.39 “Supply Agreement” shall mean an agreement between the Parties so titled, of
even date herewith.

	 	 	Existing Sections 1.40 through 1.42 of the License Agreement are hereby renumbered Sections
1.41 through 1.43 respectively.
	 
	 	 	2.1.2 Section 2.04 of the License is deleted and the following text is substituted:

2.04 Supply of Materials

(a) Nomination of Research Cell Lines. From time to time during the period commencing
on the Effective Date and ending upon the expiration of the Royalty Term, SCI shall
have the right to nominate one or more Cell Lines from among Cell Lines already in
ReN’s possession as of the Effective Date for use by SCI solely for pre-clinical
research purposes (a “Research Cell Line”). Such nomination shall be rejected by ReN
only if:: (i) ReN had, prior to its receipt of such nomination from SCI, directly or
indirectly commenced in vivo pre-clinical testing for developmental purposes (such as
initial efficacy or toxicology testing) with respect to such nominated Cell Line, or
(ii) such nominated Cell Line was, as of the date of ReN’s receipt of such nomination
from SCI, already created or produced by ReN for a Third Party or otherwise subject
to a pre-existing contractual restriction with a Third Party. ReN shall provide
written notice to SCI within thirty (30) days after ReN’s receipt of a given Cell
Line nomination if any of the foregoing causes for rejection apply. A nominated Cell
Line that is not timely rejected by ReN as provided in this Section 2.04(a) is
referred to herein as an “Approved Research Cell Line.” The parties agree that the
following three Cell Lines shall be deemed to be nominated and not rejected and
therefore Approved Research Cell Lines for purposes of this Section 2.04: cortical
line CTX0E10, striatal line STR0C08, and ventral mesencephalon line VME0A04. Upon
nomination, SCI shall provide ReN with a written description of the research SCI will
conduct with each Approved Research Cell Line (similar to the e-mail already provided
to ReN by SCI with respect to the Cell Lines described in the foregoing sentence).
SCI shall provide ReN with the data and results arising from its research with each
Approved Research Cell Line.

(b) Nomination of Development Cell Lines. From time to time during the period
commencing on the Effective Date and ending upon the expiration of the Royalty Term,
SCI shall have the right to nominate one or more new (i.e., not previously
created or pre-existing) Cell Lines for creation by ReN according to

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reasonable specifications provided by SCI, for use by SCI for pre-clinical
development purposes within the SCI Field (a “Development Cell Line”). Such
nomination shall be rejected by ReN only if such nominated Cell Line was, as of the
date of ReN’s receipt of such nomination from SCI, already created or produced by ReN
for itself, an Affiliate or a Third Party. ReN shall provide written notice to SCI
within thirty (30) days after ReN’s receipt of a given Cell Line nomination if any of
the foregoing causes for rejection apply. A nominated Cell Line that is not timely
rejected by ReN as provided in this Section 2.04(b) is referred to herein as an
“Approved Development Cell Line.”

(c) Supply ReN shall use commercially reasonable and diligent efforts to establish
and thereafter produce (directly or through a sub-contractor) reasonable quantities
of each Approved Research Cell Line and Approved Development Cell Line, together with
methods for growth and expansion thereof. Once a Cell Line becomes an Approved
Development Cell Line, ReN shall have no right to conduct research and pre-clinical
development of such Approved Development Cell Line (and ReN shall not develop or
commercialize such Approved Development Cell Line or Products therefrom, directly or
indirectly, nor authorize or license others to do so) for so long as SCI shall
continue diligently to pursue the development and commercialization of such Approved
Development Cell Line or Products incorporating or derived from the use of such
Approved Development Cell Line.

Following the nomination by SCI of a Cell Line that is not timely rejected by ReN and
therefore becomes an Approved Cell Line, the Parties shall in good faith establish a
time-line on which ReN, using reasonable diligence, shall establish the capacity (or
have a sub-contractor establish such capacity) to supply such Approved Cell Line to
SCI pursuant to this Section 2.04. In accordance with the agreed-upon time table,
SCI shall notify ReN in advance of its projected requirements of each Approved Cell
Line and shall place firm orders for such Approved Cell Line sufficiently in advance
of the date agreed to for delivery.

(d) Standards

     (i) Approved Research Cell Lines. Approved Research Cell Lines to be
supplied by ReN under this Section 2.04 (or the tissue, or corresponding
blood samples, from which such Research Cell Lines were derived) shall, at
the time of delivery to SCI, have been screened by or for ReN for
mycoplasma, sterility and communicable diseases (HTLV, HIV, HBV, HCV) using
standard testing protocols or based on documentation on the determination of
donor eligibility. Upon delivery of such Research Cell Lines, ReN shall
certify in writing (including by electronic mail) that such Research Cell
Lines have been successfully screened in accordance with the foregoing. For
the avoidance of doubt, Approved Research Cell Lines are solely for SCI’s
internal research purposes and are not intended to serve as precursors for
Approved Development Cell Lines.

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     (ii) Approved Development Cell Lines. Each Approved Development Cell
Line supplied by ReN under this Section 2.04 (including, without limitation,
clonal cell lots and master cell banks thereof, as described hereinbelow)
shall have been manufactured, handled, stored, transported and delivered in
compliance with applicable Laws and Regulations (as such term is defined in
the Supply Agreement) in effect at the time of such manufacture, handling,
storage, transportation and delivery (including, without limitation, with
applicable Current Good Tissue Practices and Current Good Manufacturing
Practices, as such terms are defined in the Supply Agreement and with
applicable regulations of the Recombinant DNA Advisory Committee of the
National Institutes of Health; provided, however, that clonal cell lots to
be provided under (ii)(A) below will not be cGMP compliant unless and until
selected for master cell banks to be provided under (ii)(B) below). Upon
delivery of such Approved Development Cell Line to SCI, ReN shall warrant in
writing (including by electronic mail) that such Approved Development Cell
Line meet the foregoing criteria. Furthermore, with respect to compliance
with the applicable regulations of the Recombinant DNA Advisory Committee of
the National Institutes of Health, the parties recognize that additional
testing (and corresponding time and expense) be required to establish such
compliance and therefore shall meet and agree as to whether such testing and
compliance for a given Approved Development Cell Line shall be done for all
the clonal cell lots to be provided under (ii)(A) below or just for the
master cell bank to be provided under Section (ii)(B) (and the obligation of
ReN to comply with such regulations hereunder shall be adjusted (if at all)
accordingly).

     (A) Approved Development Cell Lines shall initially be delivered
to SCI in multiple clonal cell lots derived from the same tissue
source (which clonal cell lots are not required to be cGMP compliant
but which have been screened by or for ReN for mycoplasma, sterility
and communicable diseases including, without limitation, HTLV, HIV,
HBC and HCV, using standard testing protocols or based on
documentation on the determination of donor eligibility). Following
receipt of such clonal cell lots SCI will conduct such in vivo and in
vitro pre-clinical testing as it deems appropriate to establish
whether any of such clonal cell lots meet internally established
performance criteria as a pre-condition for moving forward with
pre-clinical and clinical development of Approved Development Cell
Lines within the SCI Field.

     (B) Promptly following completion of such internal testing, SCI
will notify ReN as to which — if any — of such clonal cell lots SCI
wishes to continue to develop as an Approved Development Cell Line.
With respect to each clonal cell lot that SCI indicates that it
wishes to continue to develop, ReN shall diligently

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manufacture and deliver to SCI a master cell bank (“MCB”) in
compliance with applicable Laws and Regulations in effect at the
time of manufacture. Those clonal cell lots as to which SCI notifies
ReN that SCI has no further interest shall thereafter no longer be
considered “Approved Development Cell Lines” and may be exploited by
ReN as it sees fit.

     (C) Within 180 days following its receipt of each MCB, SCI shall
test such MCB for compliance with the applicable specifications, in
accordance with the procedures set forth in Section 5.1 of the Supply
Agreement. In the event that an MCB fails to meet the applicable
specifications or otherwise fails to comply with applicable Laws and
Regulations (as determined in accordance with Section 5.1 of the
Supply Agreement), the parties shall in good faith consult in an
effort to ascertain the reasons for such failure and to identify
mutually acceptable means to assure the production of MCBs that meet
applicable specifications, Laws and Regulations. ReN shall, at SCI’s
request and at ReN’s expense, promptly manufacture and transfer to
SCI a second MCB for the relevant Approved Development Cell Line. If
such second MCB fails to meet the applicable specifications or
otherwise fails to comply with applicable Laws and Regulations (as
determined in accordance with Section 5.1 of the Supply Agreement)
SCI may, on notice to ReN, either (i) require a transfer of
technology as provided in Section 5.1.5 of the Supply Agreement,
whereunder ReN’s right to supply Development Cell Lines pursuant to
this Agreement, and SCI’s obligation to purchase such Cell Lines from
ReN, shall terminate, or (ii) terminate the License and the Supply
Agreement.

     (D) Except as expressly provided in subsection (C), above, in
the event of a second MCB failure, SCI’s sole and exclusive remedy,
and ReN’s sole obligation and liability, with respect to any Approved
Development Cell Line or Approved Research Cell Line that fails to
meet the standards and criteria set forth in this Section 2.04(d)
shall be replacement of such Cell Line by ReN or refund by ReN of any
amounts paid by SCI therefore.

(e) Payment. With respect to Approved Research Cell Lines supplied to SCI pursuant to
this Agreement, SCI shall reimburse ReN for the Fully Burdened Manufacturing Costs
and Cost of External Services with respect to such Cell Lines. With respect to
Approved Development Cell Lines supplied to SCI pursuant to this Agreement, SCI shall
reimburse ReN in the amount of one and one half (1.5) times ReN’s Fully Burdened
Manufacturing Costs plus one times ReN’s Cost of External Services with respect to
such Cell Lines. The terms “Fully Burdened Manufacturing Costs” and “Cost of
External Services” are as defined in Exhibit A

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to the Supply Agreement (except that references therein to “Product” shall refer to
such Approved Research Cell Lines or Approved Development Cell Lines, as the case may
be). SCI shall pay ReNeuron within thirty (30) days of receipt of ReNeuron’s invoice
for the foregoing amounts follow delivery of the applicable Cell Lines in accordance
with the provisions above (except to the extent provided otherwise in the Supply
Agreement).

(f) Inspections. With respect to each Approved Development Cell Line isolated,
produced and supplied by ReN pursuant to this Section 2.04, SCI shall have the right,
no more than once in any 12 month period, during ordinary working hours and with no
fewer than 10 days’ prior written notice to ReN, to conduct reasonable quality
assurance audits of ReN’s applicable production and testing facilities (or such
facilities of ReN’s applicable subcontractor for such Approved Development Cell
Line). In addition, SCI shall have the right, on 15 days’ prior notice to ReN, to
inspect such facilities as frequently as is reasonably required in order to confirm
compliance with requests or directions of regulatory authorities with respect to such
facilities.

	3	 	FULL FORCE AND EFFECT
	 
	 	 	Except as expressly amended by this Amendment, the License Agreement shall remain unchanged
and continue in full force and effect as provided therein.
	 
	4	 	GOVERNING LAW
	 
	 	 	This Amendment shall be governed by and interpreted in accordance with the laws of the
State of California, without regard to conflicts of laws principles.
	 
	5	 	ENTIRE AGREEMENT
	 
	 	 	This Amendment and the License Agreement contain the full understanding of the parties
with respect to the subject matter hereof. No waiver, alteration or modification of any of
the provisions hereof shall be binding unless made in writing and signed by the parties by
their respective officers thereunto duly authorized.
	 
	6	 	COUNTERPARTS
	 
	 	 	This Amendment may be executed in any number of counterparts (which shall include
facsimile counterparts), each of which shall be deemed an original but all of which taken
together shall constitute one and the same instrument.

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     IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed in their names by
their properly and duly authorized officers or representatives as of the date first above written.

	 	 	 	 	 	 	 
	 	 	RENEURON LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	STEMCELLS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	Title:
	 	 	 	 
	 

	 	 	 	 	 	 

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