Document:

Exhibit 10.23

 

VIA
TELECOPY and FEDERAL EXPRESS

 

March
2, 2006

Mr.
Glenn Sblendorio

51
Brams Hill Drive

Mahwah,
New Jersey 07430

 

Dear
Glenn:

 

It
is my pleasure to submit to you this offer of employment with The Medicines
Company (the “Company”). Each of us on
the senior management team is enthusiastic about your joining us and I firmly
believe that your background, qualifications, management and leadership
credentials will strongly contribute to our business.

 

On
behalf of the Company, I have set forth below the terms of your employment.

 

1.                                       You will be employed to serve on a full-time
basis as Executive Vice President and Chief Financial Officer, reporting to me.
Your anticipated start date is March 3, 2006.

 

2.                                       Your annual base salary will be $330,000.00,
paid semi-monthly.

 

3.                                       You will be granted 25,000 shares of
Restricted Stock of the Company and options to purchase 150,000 shares of
Common Stock of the Company at an exercise price equal to the closing price of
the stock on your first day of employment. The restricted shares will vest at
25% per year on an annual basis, and the options will be subject to a vesting schedule,
with 25% of the options vesting one year from your start date, and the

 

 

remainder vesting in equal amounts monthly over the
following 3 years.

 

4.                                       Based on the Company meeting its goals and your
meeting your personal performance goals, and at the sole discretion of the
Board of Directors, your target bonus shall be 40% of your annual base salary.

 

Generally this level of bonus would be anticipated
if you meet all of the goals set for you and if the Company meets all of its
annual business goals. To begin, your individual goals would be set in two
steps. First, a set of “90-day objectives” which we will discuss and agree on
during the first days of your employment. Second, a set of “2006 annual goals”
which we can agree after consideration during the first 90-days of employment. Both
sets of goals will take into account the overall Company goals. In subsequent
years, we anticipate annual appraisal of the Company’s and of your performance
at the end of each calendar year with goal-setting just before the beginning of
each calendar year. We believe this should be a collaborative process. At this
level of employment, we find that dialogue with the Board of Directors is very
useful for performance management.

 

5.                                       You will be entitled to receive on your start
date an agreement from the Company providing severance pay, reimbursement of
health care premiums and accelerated stock option vesting in the event that (i)
the Company terminates your employment without Cause (as defined in the
agreement) or (ii) you terminate your employment for Good Reason (as defined in
the agreement). A form of the agreement is enclosed for your review.

 

6.                                       You will be entitled to participate in any
and all benefit programs that the Company establishes and makes available to
its employees from time to time, including but not limited to,

 

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health insurance, life insurance and disability
insurance, to the extent you meet all eligibility requirements for
participation.

 

7.                                       You will normally be entitled to four weeks
weeks of paid vacation per calendar year. For your first year of employment
only, you will be entitled to a total of eight weeks of paid vacation.

 

8.                                       You will be required to abide by the rules
and regulations of the Company. Your employment with the Company will be “at
will;” both the Company and you have the right to terminate the employment at
any time for any lawful reason.

 

9.                                       You will be required to execute two
agreements on or before your start date: (i) an Invention and Non-disclosure
Agreement, and (ii) a Non-Competition and Non-Solicitation Agreement, forms of
both of which are enclosed with this letter.

 

10.                                 You are being employed to serve on a
full-time basis as Executive Vice President and Chief Financial Officer of the
Company.  Notwithstanding the foregoing, you may may continue to
serve on the outside board of directors of Nulens Ltd. (and such other
boards of directors as the Chief Executive Officer of the Company may agree),
provided that the companies involved have no direct competition or conflict
with the Company and such participation would not breach Section 1 of
your Invention and Non-disclosure Agreement with the Company, and that the
time commitment relating to such commitments is reasonable as determined
by the Chief Executive Officer [or Board of Directors] of the Company. You
may continue to assist clients of your consulting business on the date hereof
in minor ways for the first three months of your employment with the
Company, provided that (i) such clients and such consulting have no direct
competition or conflict with the Company and (ii) such assistance
would not breach Section 1

 

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of your Invention and
Non-Disclosure Agreement with the Company.

 

This
offer is contingent upon your successful completion of the Company’s
preliminary drug screen and successful completion of all other facets of the
Company’s pre-employment screening process. Also, as a condition of employment
you are to present proof of your identity and your eligibility to work in the
United States, as required by United States Immigration and Naturalization.

 

By
accepting this offer, you confirm that (i) your work for the Company in the
position offered will not violate any non-competition or other agreement with
other employers, and (ii) you will not violate any obligation not to use or
disclose confidential information obtained from other employers.

 

This
offer letter supersedes and cancels all prior oral and written negotiations,
agreements and commitments. This is an offer letter and is not a contract of
employment for a particular duration or period.

 

If
this letter sets forth the terms under which you agree to be employed by the
Company,  please indicate your acceptance
and agreement by signing the enclosed copy of this letter in the space provided
below.

 

 

	
  Very truly yours,

  
	
   

  
	
  /s/ Clive Meanwell

  	
   

  
	
   

  
	
  Clive Meanwell

  
	
  Chairman and Chief Executive Officer

  

 

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The
foregoing correctly sets forth the terms of my employment by The Medicines
Company.

 

 

	
  /s/ Glenn Sblendorio

  	
   

  
	
  Glenn Sblendorio

  

 

 

5Exhibit 10.25

 

December
21, 2005

 

[Name]

[Title]

The
Medicines Company

8
Campus Drive

Parsippany,
NJ 07054

 

Dear
[Name]:

 

In recognition of and as an incentive to induce you
to maintain your continued commitment to The Medicines Company (the “Company”),
the Company agrees, on the terms and subject to the conditions set forth in
this letter (this “Agreement”), as follows:

 

1.                                       As used herein, the following terms shall
have the following meanings:

 

1.1                                 “Cause” shall mean (i) conviction of (or the
entry of a guilty plea or plea of nolo contendere to) any felony or any crime
involving moral turpitude or dishonesty; (ii) participation in a fraud or act
of dishonesty against the Company or any of its affiliates; (iii) willful and
material breach of the Company’s or any of its affiliates’ policies; (iv)
intentional and material damage to the Company’s or any of its affiliates’
property;  (v) materially unsatisfactory
performance of your key duties, responsibilities or objectives, unless such
unsatisfactory performance is cured within 90 days after written notice;
provided, however, that such opportunity to cure shall not be required where,
in the Company’s determination, such unsatisfactory performance is not capable
of cure; or (vi) material breach of your confidentiality obligations or duties
under your non-disclosure, non-competition or other similar agreement with the
Company or any of its affiliates.

 

1.2                                 “Change in Control Event” means:

 

(i)                                     any sale or transfer of all or substantially
all of the assets of the 

 

 

Company to another corporation or entity, or any
merger, consolidation or reorganization of the Company into or with another
corporation or entity, with the result that, upon conclusion of the
transaction, the voting securities of the Company immediately prior thereto do
not represent (either by remaining outstanding or by being converted into
voting securities of the surviving entity) more than 50% of the combined voting
power of the voting securities of the continuing or surviving entity of such
merger, consolidation or reorganization; or

 

(ii)                                  a disclosure that any person (as the term “person”
is used in Section 13(d)(3) or Section 14(d)(2) of the Exchange Act),
other than (A) any shareholder who, prior to the Company becoming subject to
the reporting requirements of Section 13 of the Exchange Act, previously held
at least 30% of the combined voting power of outstanding voting securities of
the Company, (B) the Company, or (C) any corporation owned directly or
indirectly by the stockholders of the Company in substantially the same
proportion as their ownership of stock of the Company, has become the
beneficial owner (as the term “beneficial owner” is defined under
Rule 13d-3 or any successor rule or regulation thereto under the Exchange
Act) of securities representing 30% or more of the combined voting power of the
then outstanding voting securities of the Company; or

 

(iii)                               such time as individuals who as of the date
hereof constitute the Board of Directors of the Company, and any new director
(other than a director designated by a person who has entered into an agreement
with the Company to effect any transaction described in clause (i) or (ii)
of this section) whose election by

 

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the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors
then still in office who were either directors at the beginning of the period
or whose election or whose nomination for election was previously so approved,
cease for any reason to constitute a majority of the Board of Directors; or

 

(iv)                              the liquidation or dissolution of the
Company.

 

1.3                                 “Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

1.4                                 “Good Reason” shall
mean the Company’s taking any of
the following actions, which actions shall not have been cured within a 30-day
period following written notice by you: (A) the principal place of the
performance of your responsibilities is changed to a location outside of a 30
mile radius from the Principal Location; (B) there is a material reduction in
your responsibilities as of the date hereof without Cause; (C) there is a
material reduction in your annual base salary as of the date hereof, unless
such reduction is applicable generally to other employees in your grade level;
provided, however, that if such reduction is in an amount greater than ten
percent (10%) of your annual base salary as of the date hereof, then such
reduction shall constitute Good Reason (unless cured as set forth herein) even
if it is applicable generally to other employees in your grade level; (D) there
is a material reduction in your benefits, bonus eligibility or equity
eligibility as of the date hereof, unless such material reduction is also
applicable to other employees in your grade level;  or (E) there is a material breach of the
Company’s obligations to you.

 

1.5                                 “Principal Location” shall mean the principal
place of the performance of your responsibilities on the date hereof.

 

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1.6                                 “Termination Date” shall mean the date on
which the termination of your employment shall become effective.

 

1.7                                 “Termination Event” shall mean the
termination of your employment effective on or prior to the first anniversary
of the date of the consummation of a Change in Control Event (i) by the Company
without Cause; or (ii) by you upon written notice given promptly after the
Company’s taking any action that constitutes Good Reason.

 

2.                                       If the Company terminates your employment
other than for Cause, or if you terminate your employment for Good Reason other
than as provided in Section 3 hereof, subject to Sections 5, 6 and 7 hereof,
the Company will pay to you, and you will be entitled to receive:

 

(i)                                     on the Termination Date,  in a lump sum, an amount equal to two (2)
years  of your then current annual base
salary, and

 

(ii)                                  for a period of twelve (12) months after the
Termination Date, reimbursement of COBRA health care premiums actually paid by
you and payment by the Company for reasonable outplacement assistance of your
choosing; provided that the payments provided in this Section 2 (ii) shall
terminate upon your commencing employment with a new employer, and

 

(iii)                               accelerated vesting, effective on the
Termination Date, of stock options previously granted to you which would have
vested within two (2) years after the Termination Date (assuming that you had
continued to be employed by the Company during such two (2) year period).

 

3.                                       If you terminate your employment for Good
Reason as a result of the Company taking the action described in item (C) of
the definition of Good Reason, and a Change in Control Event has not been

 

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consummated prior to such termination, subject to
Sections 5, 6 and 7 hereof, the Company will pay to you, and you will be
entitled to receive:

 

(i)                                     on the Termination Date,  in a lump sum, an amount equal to one (1)
year of your then current annual base salary, and

 

(ii)                                  for a period of twelve (12) months after the
Termination Date, reimbursement of COBRA health care premiums actually paid by
you and payment by the Company for reasonable outplacement assistance of your
choosing; provided that the payments provided in this Section 2 (ii) shall
terminate upon your commencing employment with a new employer, and

 

(iii)                               accelerated vesting, effective on the
Termination Date, of stock options previously granted to you which would have
vested within one (1) year after the Termination Date (assuming that you had
continued to be employed by the Company during such one (1) year period).

 

4.                                       If a Termination Event occurs, subject to
Sections  5, 6 and 7 hereof, the Company
will pay to you, and you will be entitled to receive:

 

(i)                                     on the Termination Date, in a lump sum, an
amount equal to the sum of (A) two (2) years of your then current annual base
salary, plus (B) an amount equal to two (2) times fifty percent (50%) of your
then current annual base salary (in lieu of any other bonus payment payable for
the year in which termination occurs), and

 

(ii)                                  for a period of twelve (12) months after the
Termination Date, reimbursement of COBRA health care premiums actually paid by
you and payment by the Company for reasonable

 

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outplacement assistance of your choosing; provided
that the payments provided in this Section 3 (ii) shall terminate upon your
commencing employment with a new employer, and

 

(iii)                               accelerated vesting, effective on the
Termination Date, of stock options previously granted to you which would have
vested within two (2) years  after the
Termination Date (assuming that you had continued to be employed by the Company
during such two (2) year period).

 

5.                                      (a)                                   In addition to
any other amounts that may be payable to you hereunder, in the event of the
termination of your employment with the Company for any reason, the Company
will pay you (or in the case of death, your spouse and, in the event you have
no spouse, your estate), your base salary earned but not yet paid through the
Termination Date, any vacation pay accrued through the Termination Date payable
pursuant to the Company’s policies in effect from time to time, any
unreimbursed business expenses incurred through the Termination Date pursuant
to the Company’s policies in effect from time to time, and (except if the
Company terminates your employment for Cause), any bonus earned but not yet
paid prior to your Termination Date.

 

(b)                                 The Company may
withhold from any and all amounts payable under this Agreement such federal, state
and local taxes as may be required to be withheld pursuant to applicable law or
regulation. Upon your termination of employment from the Company, the Company
may also offset amounts that you owe to the Company against any amounts payable
to you hereunder.

 

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(c)                                  If your
employment is terminated for any reason, you are not required to seek other
employment or attempt in any way to reduce any amounts payable to you under
this Agreement, except with respect to health coverage and outplacement as
provided under Sections 2 (ii), 3 (ii) and 4 (ii) hereof.

 

 6.                                    In order to receive the payments and benefits
provided in this Agreement, you will be required to execute, effective as of
the Termination Date, a general release in favor of the Company, in form and
substance reasonably satisfactory to the Company.

 

7.                                       (a)                                  Any provision in this Agreement (or any
agreement or arrangement referenced herein) that is inconsistent with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”), and the regulations issued or to be issued by the Department of
the Treasury thereunder (“Section 409A”), including the timing of any payment,
shall be promptly amended in a manner mutually agreed to by the parties hereto
in good faith in order to attempt to avoid triggering adverse tax consequences
to you under Section 409A.

 

(b)                                 In the event any payment that is either
received by you or paid by the Company on your behalf, or any property or
any other benefit provided to you under this Agreement or under any other plan,
arrangement or agreement with the Company or any other person whose payments,
property or benefits are treated as contingent on a change of ownership or
control of the Company (or in the ownership of a substantial portion of the
assets of the Company) or of any person affiliated with the Company or such
person (but only if such payment or other

 

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property or benefit is in connection with your
employment by the Company) (collectively, the “Company Payments”), will be
subject to the tax (the “Excise Tax”) imposed by Section 4999 of the Code (or
any successor provision and any similar tax that may hereafter be imposed
by any taxing authority), the amount of the Company Payments shall be
automatically reduced to an amount that is one dollar less than an amount that
would be subject to the Excise Tax; provided, however, that the reduction
shall occur only if the reduced Company Payments (after taking into account
further reductions for applicable federal, state and local income, social
security and other taxes) would be greater than the unreduced Company Payments
minus (i) the Excise Tax payable with respect to such Company Payments, and
(ii) all applicable federal, state and local income, social security and other
taxes on such Company Payments.

 

8.                                       Except as amended as set forth herein, all of
the terms and conditions of the letter agreement, dated September 5, 1996,
between you and the Company remain in full force and effect. In addition, by
signing this Agreement, you acknowledge and reaffirm your obligation to keep
confidential all non-public information concerning the Company which you
acquired during the course of your employment with the Company, as stated more
fully in the Invention and Non-Disclosure Agreement, and your obligations not
to compete with the Company or to solicit or hire employees of the Company, as
stated more fully in the Non-Competition and Non-Solicitation Agreement, both
of which agreements you executed at the inception of your employment and which
remain in full force and effect following the termination of your employment.

 

8

 

9.                                       No supplement, modification or amendment of this
Agreement shall be binding unless executed in writing by the parties hereto.

 

10.                                 This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and
assigns. This Agreement is assignable by the Company
only to an entity that is owned, directly or indirectly, in whole or in part by
the Company or by any successor to the Company or an acquirer of all or
substantially all of the assets of the Company.

 

Please indicate your acceptance of and agreement to
the foregoing by executing the enclosed copy of this letter where indicated and
returning it to me.

 

 

	
  Very truly yours,

  
	
   

  
	
  THE MEDICINES COMPANY

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  
	
  ACCEPTED AND AGREED:

  
	
   

  
	
   

  	
   

  
	
  [Name]

  

 

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