Document:

ex10-2.htm

    
      

    

    Exhibit
10.2

     

     

    
      AMENDED AND RESTATED EMPLOYMENT
AGREEMENT dated as of March 11, 2009 (this

      “Agreement”), among
OTELCO INC., a Delaware corporation
(the “Company”)
and

      CURTIS L. GARNER, JR. (the
“Employee”).

       

      WHEREAS, the Employee and
Otelco Telephone LLC, a Delaware limited liability company and a wholly-owned
subsidiary of the Company, have entered into that certain Employment Agreement,
dated as of June 9, 2004, as amended on December 19, 2008 (as amended, the
“Prior
Agreement”).

       

      WHEREAS, the Company and the
Employee desire to amend and restate the terms of the Prior
Agreement.

       

      NOW THEREFORE, in
consideration of the mutual covenants contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

       

      Section
1.    Effective
Date.

       

      This
Agreement shall be effective as of January 1, 2009 (the “Effective
Date”).

       

      Section
2.    Employment
Period.

       

      Subject
to Section 4,
the Company hereby agrees to employ the Employee, and the Employee hereby agrees
to be employed by the Company, in accordance with the terms and provisions of
this Agreement, for the period from the Effective Date through the Termination
Date (the “Employment
Period”).

       

      Section
3.    Terms of
Employment.

       

      (a)    Position.  During
the Employment Period, the Employee shall serve as Chief Financial Officer of
the Company and certain of its subsidiaries (collectively, the “Company Entities”)
and shall report to the Chief Executive Officer and to the Board of Directors of
the Company (the “Board”) and each such
subsidiary.  The Employee shall have such powers and duties as may
from time to time be prescribed by the Board or the Chief Executive Officer of
the Company.

       

      (b)    Full
Time.  During the Employment Period, and excluding any periods
of vacation and sick leave to which the Employee is entitled, the Employee
agrees to devote his full business time and efforts, to the best of his ability,
experience and talent, to the business and affairs of the Company Entities.
During the Employment Period, it shall not be a violation of this Agreement for
the Employee to serve on corporate, civic or charitable boards or committees or
manage personal investments (including serving as a member of boards of
directors or similar bodies of entities not engaged in competition with the
Company Entities (as determined by the Board in its reasonable discretion)), in
each case, so long as such activities do not interfere with the performance of
the Employee’s responsibilities as an employee of the Company Entities in
accordance with this Agreement.

       

      (c)    Compensation.

       

      (i)    Base
Salary.  During the Employment Period, the Employee shall
receive an annual base salary of $185,000 which Annual Base Salary shall be
subject to annual increase by an amount equal to at least the increase in the
cost of living, if any, between the date of the immediately preceding increase
and the date of each such adjustment, based upon the Consumer Price Index for
Urban Consumers, or if that index is discontinued, a similar index prepared by a
department or agency of the United States government (as so adjusted, the “Annual Base Salary”).
The Annual Base Salary shall be paid in accordance with the customary payroll
practices of the Company, subject to withholding and other payroll
taxes.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      (ii)    Bonus.  For each
fiscal year during the Employment Period, the Employee will be entitled to
receive a bonus (the “Bonus”). The Bonus
shall be based upon the Company achieving operating and/or financial goals to be
established by the Board or any duly appointed committee thereof in good faith,
in its sole discretion.

       

      (iii)          
Benefits. 
During the Employment Period, the Employee shall be entitled to participate in
all incentive (including any long term incentive plan), savings and retirement
plans, practices, policies and programs applicable generally to other employees
of the Company Entities and shall be eligible for participation in and shall
receive all benefits under welfare benefit plans, practices, policies and
programs provided by the Company Entities to the extent applicable generally to
other employees of the Company Entities. In addition, the Employee will be
entitled to coverage under any directors’ and officers’ liability insurance
maintained by the Company.

       

      (iv)   Automobile. 
During the Employment Period, the Company shall provide the Employee with the
use of a Company automobile (or, at the Company’s option, shall lease an
automobile for the Employee’s use) and shall reimburse the Employee for all
reasonable expenses incurred by the Employee in connection with the use and
maintenance of such automobile.

       

      (v)    Expenses.  The
Employee shall be entitled to receive reimbursement for all reasonable expenses
incurred by the Employee during the Employment Period in connection with the
performance of his duties hereunder, in accordance with the policies, practices
and procedures of the Company as in effect from time to time.

       

      (vi)   Vacation and
Holidays.  During the Employment Period, the Employee shall be
entitled to up to 5 weeks paid vacation per year in accordance with the policies
of the Company applicable to other employees of the Company
generally.

       

      Section
4.    Termination of
Employment.

       

      (a)    Death or
Disability.  The Employee’s employment shall terminate automatically
upon the Employee’s death or Disability. For purposes of this Agreement, “Disability” shall
mean the Employee’s inability to perform his duties and obligations hereunder
for any 90 days during a period of 180 consecutive days due to mental or
physical incapacity as determined by a physician selected by the Company or its
insurers.

       

      (b)    Termination by the
Employee.  The Employee may terminate his employment with the
Company Entities at any time, without prior notice.

       

      (c)    Termination by the
Company.  The Company may terminate the Employee’s employment with
the Company or any Company Entity at any time, with or without Cause and without
prior notice. “Cause” will mean that
any of the following will have occurred: (i) the Employee has been convicted of
a felony, stolen funds or otherwise engaged in fraudulent conduct, (ii) the
Employee has engaged in willful misconduct or has been grossly negligent, in
each case, which has been materially injurious to the Company, (iii) the
Employee has failed or refused to comply with directions of the Board that are
reasonably consistent with the Employee’s current position, or (iv) the Employee
has breached the terms of this Agreement. “Without Cause” shall
mean a termination by the Company of the Employee’s employment during the
Employment Period for any reason other than a termination based upon Cause,
death or Disability.

       

      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

       

      Section
5.    Obligations of the Company
upon Termination.

       

      (a)    Without Cause; Death or
Disability.  If, during the Employment Period, the Company shall
terminate the Employee’s employment Without Cause or due to death or Disability,
then the Company will provide the Employee with the following severance payments
and/or benefits:

       

      (i)    The
Company shall pay to the Employee a lump sum in the amount of the Employee’s
accrued but unpaid Annual Base Salary through the Termination Date (“Accrued
Obligations”);

       

      (ii)    The
Employee, if applicable, and members of his family shall be entitled to continue
their participation in the Company Entities’ welfare and benefit plans until the
Termination Date;

       

      (iii)          
The
Company shall pay to the Employee a lump sum in the amount of his Annual Base
Salary within six months following termination but not later than March 14 of
the calendar year following termination; and

       

      (iv)   The
Company shall pay to the Employee a lump sum amount equal to the Bonus the
Employee would have received had he remained employed by the Company through the
end of the fiscal year in which the termination occurred, pro rated for the
number of days Employee was employed by the Company during such fiscal year, to
be paid at the same time that similar bonuses are paid to the Company’s other
employees.

       

      (b)    Cause; by the Employee;
Death or Disability.  If the Employee’s employment shall be
terminated by the Company for Cause, by the Employee for any reason, or due to
death or Disability, then the Company shall have no further payment obligations
to the Employee (or his heirs or legal representatives) other than for (i)
payment of Accrued Obligations and (ii) the continuance of the Employee’s and
his family’s participation in the Company Entities’ welfare and benefit plans
through the Termination Date.

       

      (c)    Condition:
Remedies.  The Employee acknowledges and agrees that, (a) the
Company’s obligations to make payments under Section 5(a) will be
conditioned on the Employee executing and delivering a customary general release
in form and substance reasonably satisfactory to the Company.

       

      Section
6.    Nondisclosure and Nonuse of
Confidential Information.

       

      (a)    The
Employee shall not disclose or use at any time, either during the Employment
Period or thereafter, any Confidential Information (as hereinafter defined) of
which the Employee is or becomes aware as a consequence of or in connection with
his employment with a Company, whether or not such information is developed by
him, except (i) to the extent that such disclosure or use is in furtherance of
the Employee’s performance in good faith of his duties as Chief Financial
Officer of the Company Entities or (ii) to the extent required by law or legal
process; provided that (A) the
Employee agrees to provide the Company with prompt written notice of any such
law or legal process and to assist the Company, at the Company’s expense, in
asserting any legal challenges to or appeals of such law or legal process that
the Company in its sole discretion pursues, and (B) in complying with any such
law or legal process, the Employee shall limit his disclosure only to the
Confidential Information that is expressly required to be disclosed by such law
or legal process. The Employee will take all commercially reasonable steps to
safeguard Confidential Information and to protect it against disclosure, misuse,
espionage, loss and theft. The Employee shall deliver to the Company at the
termination of the Employment Period, or at any time the Company may request,
all memoranda, notes, plans, records, reports, computer tapes and software and
other documents and data (and copies thereof) relating to the Confidential
Information or the Work Product (as hereinafter defined) of the Company Entities
which the Employee may then possess or have under his control.

       

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

       

      (b)    The
Employee agrees that all Work Product belongs in all instances to the Company
Entities. The Employee will promptly disclose such Work Product to the Board and
perform all actions reasonably requested by the Board (whether during or after
the Employment Period) to establish and confirm the Company Entities’ ownership
of the Work Product (including, without limitation, the execution and delivery
of assignments, consents, powers of attorney and other instruments) and to
provide reasonable assistance to the Company Entities (whether during or after
the Employment Period), at the Companies’ sole expense, in connection with the
prosecution of any applications for patents, trademarks, trade names, service
marks or reissues thereof or in the prosecution or defense of interferences
relating to any Work Product. The Employee recognizes and agrees that the Work
Product, to the extent copyrightable, constitutes works for hire under the
copyright laws of the United States.

       

      (c)    “Confidential
Information” means information that is not generally known to the public
and that is used, developed or obtained by a Company Entity in connection with
its business, including, but not limited to, information, observations and data
obtained by the Employee while employed by the Company or any predecessors
thereof (including those obtained prior to the date of this Agreement)
concerning (i) the business or affairs of the Company Entities and their
Affiliates and (ii) products, services, fees, costs, pricing structures,
analyses, drawings, photographs and reports, computer software (including
operating systems, applications and program listings), data bases, accounting
and business methods, inventions, devices, new developments, methods and
processes (whether patentable or unpatentable and whether or not reduced to
practice), customers and clients and customer and client lists, all technology
and trade secrets, and all similar and related information in whatever form.
Confidential Information will not include any information that (A) is or becomes
generally available to the public other than through disclosure by the Employee
in violation of this Section 6, (B) was
provided to the Employee prior to the date hereof a nonconfidential basis from a
Person who was not otherwise bound by a confidentiality agreement or duty with a
Company Entity or an Affiliate thereof, or (C) becomes available to the Employee
on a nonconfidential basis from a Person who is not otherwise bound by a
confidentiality agreement or duty with a Company Entity or its Affiliates or is
not otherwise prohibited from transmitting the information to the
Employee.

       

      (d)    “Work Product” means
all inventions, innovations, improvements, technical information, systems,
software developments, methods, designs, analyses, drawings, reports, service,
marks, trademarks, trade names, trade dress, logos and all similar or related
information (whether patentable or unpatentable) which relates to a Company
Entity’s actual or anticipated business, research and development or existing or
future products or services and which are conceived, developed or made by the
Employee (whether or not during usual business hours and whether or not alone or
in conjunction with any other person) during the Employment Period together with
all patent applications, letters patent, trademark, trade name and service mark
applications or registrations, copyrights and reissues thereof that may be
granted for or upon any of the foregoing.

       

      
        
           

        

        
          -4-

          
            

          

        

        
           

        

      

       

      Section
7.    Non-Compete and
Non-Solicit.

       

      (a)    The
Employee acknowledges that, in the course of his employment with the Company
Entities, he has become familiar, or will become familiar, with the Company
Entities’ and their Affiliates’ trade secrets and with other confidential
information concerning the Company Entities and their Affiliates and that his
services have been and will be of special, unique and extraordinary value to the
Company Entities and their Affiliates. Therefore, the Employee agrees that,
during the Employment Period and for 6 months thereafter (the “Restricted Period”),
he shall not directly or indirectly (i) engage, within the Restricted Territory,
in any telephone or communications business, including, but not limited to,
incumbent local exchange carrier, long distance telephone business, cable
television, Internet access, or other business that the Company or any of its
Affiliates is engaged in during the Employee’s employment by the Company (the
“Company
Business”), (ii) compete or participate as agent, employee, consultant,
advisor, representative or otherwise in any enterprise engaged in a business
which has any operations engaged in the Company Business within the Restricted
Territory; or (iii) compete or participate as a stockholder, partner, member or
joint venturer, or have any direct or indirect financial interest, in any
enterprise which has any material operations engaged in the Company Business
within the Restricted Territory; provided, however, that nothing
contained herein will prohibit the Employee from (A) owning, operating or
managing any business, or acting upon any business opportunity, after obtaining
approval of a majority of the Board; or (B) owning no more than five
percent (5%) of the equity of any publicly traded entity with respect to which
the Employee does not serve as an officer, director, employee, consultant or in
any other capacity other than as an investor.  The term “Restricted Territory”
means all states within the United States in which the Company or any of its
Affiliates conducts or is pursuing or analyzing plans to conduct Company
Business as of the Termination Date.

       

      (b)    As a
means reasonably designed to protect Confidential Information, the Employee
agrees that, during the period commencing on the Effective Date and ending on
the expiration of the Restricted Period, he will not (i) solicit or make any
other contact with, directly or indirectly, any customer of a Company Entity or
any of their Affiliates as of the date that the Employee ceases to be employed
by the Company with respect to the provision of any service to any such customer
that is the same or substantially similar to any service provided to such
customer by the Company Entities or their Affiliates or (ii) solicit or make any
other contact with, directly or indirectly, any employee of a Company Entity or
any of their Affiliates on the date that the Employee ceases to be employed by
the Company (or any person who was employed by a Company Entity or any of their
Affiliates at any time during the three-month period prior to the Termination
Date) with respect to any employment, services or other business
relationship.

       

      Section
8.    Remedies.

       

      The
Employee acknowledges that irreparable damage would occur in the event of a
breach of the provisions of Section 6 or Section 7 by the
Employee. It is accordingly agreed that, in addition to any other remedy to
which its is entitled at law or in equity, the Company will be entitled to an
injunction or injunctions to prevent breaches of such sections of this Agreement
and to enforce specifically the terms and provisions of such
sections.

       

      Section
9.    Definitions.

       

      “Accrued Obligations”
has the meaning set forth in Section
5(a)(i).

       

      “Affiliate” means,
with respect to any Person, any other Person that is controlled by, controlling
or under common control with, such Person. Notwithstanding anything to the
contrary contained herein, with respect to each Company Entity (and each member
thereof), the term “Affiliate” will include, without limitation, each Person
with an ownership interest in a Company Entity (and each member, stockholder or
partner of each such Person), each Person in which the member of a Company
Entity (and member, stockholder or Partner of each such Person) holds or has the
right to acquire, collectively, more than 25% of the voting equity
interests.

       

      
        
           

        

        
          -5-

          
            

          

        

        
           

        

      

       

      “Agreement” has the
meaning set forth in the Caption.

       

      “Annual Base Salary”
has the meaning set forth in Section
3(c)(i).

       

      “Board” has the
meaning set forth in Section
3(a).

       

      “Bonus” has the
meaning set forth in Section
3(c)(ii).

       

      “Business Day” means
any day that is not a Saturday, Sunday, legal holiday or other day on which
banks are required to be closed in New York, New York.

       

      “Cause” has the
meaning set forth in Section
4(c).

       

      “Company” has the
meaning set forth in the Caption.

       

      “Company Business” has
the meaning set forth in Section
7(a).

       

      “Company Entity” has
the meaning set forth in Section
3(a).

       

      “Confidential
Information” has the meaning set forth in Section
6(c).

       

      “Disability” has the
meaning set forth in Section
4(a).

       

      “Employment Period”
has the meaning set forth in Section
1.

       

      “Employee” has the
meaning set forth in the Caption.

       

      “Person” means an
individual, partnership, corporation, limited liability company, trust or
unincorporated organization, or a government or agency or political subdivision
thereof.

       

      “Restricted Period”
has the meaning set forth in Section
7(a).

       

      “Restricted Territory”
has the meaning set forth in Section
7(a).

       

      “Termination Date”
means the effective date of the termination of the Employee’s employment with
the Company, for any reason, by any party, or by death or
Disability.

       

      “Without Cause” has
the meaning set forth in Section
4(c).

       

      “Work Product” has the
meaning set forth in Section
6(d).

       

      Section
10.         General
Provisions.

       

      (a)    Severability.  It
is the desire and intent of the parties hereto that the provisions of this
Agreement be enforced to the fullest extent permissible under the laws and
public policies applied in each jurisdiction in which enforcement is sought.
Accordingly, if any particular provision of this Agreement shall be adjudicated
by a court of competent jurisdiction to be invalid, prohibited or unenforceable
for any reason, such provision, as to such jurisdiction, shall be ineffective,
without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.
Notwithstanding the foregoing, if such provision could be more narrowly drawn so
as not to be invalid, prohibited or unenforceable in such jurisdiction, it
shall, as to such jurisdiction, be so narrowly drawn, without invalidating the
remaining provisions of this Agreement or affecting the validity or
enforceability of such provision in any other jurisdiction.

       

      
        
           

        

        
          -6-

          
            

          

        

        
           

        

      

       

      (b)    Entire
Agreement.  This Agreement amends, restates and supersedes the
Prior Agreement and embodies the complete agreement and understanding among the
parties hereto with respect to the subject matter hereof. This Agreement
supersedes and preempts any prior understandings, agreements or representations
by or among the parties, written or oral, which may have related to the subject
matter hereof in any way.

       

      (c)    Survival. 
Notwithstanding anything to the contrary contained herein, the provisions of
Section 6,
Section 7 and
Section 8 shall
survive the termination of this Agreement.

       

      (d)    Counterparts. 
This Agreement may be executed in separate counterparts, each of which is deemed
to be an original and all of which taken together constitute one and the same
agreement.

       

      (e)    Successors and Assigns;
Beneficiaries.  This Agreement is personal to the Employee and
without the prior written consent of the Company shall not be assignable by the
Employee other than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Employee’s
heirs and legal representatives and the successors and assigns of the Company.
The Company reserves the right to assign this Agreement in whole or in part to
any of its Affiliates and upon any such assignment, the term “Company” will be
deemed to be such Affiliate.

       

      (f)    Governing
Law.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY
CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK
OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER
THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE
INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND
CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW
OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION
WOULD ORDINARILY APPLY.

       

      (g)    Waiver of Jury
Trial.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ITS
RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT
OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES HERETO RELATING TO THE
SUBJECT MATTER HEREOF.

       

      (h)    Amendment and
Waiver.  The provisions of this Agreement may be amended and waived
only with the prior written consent of the Employee and the Company and no
course of conduct or failure or delay in enforcing the provisions of this
Agreement shall be construed as a waiver of such provisions or affect the
validity, binding effect or enforceability of this Agreement or any provision
hereof.

       

      (i)     Notices.  All
notices, requests, demands, claims, consents and other communications which are
required or otherwise delivered hereunder shall be in writing and shall be
deemed to have been duly given if (i) personally delivered or transmitted by
electronic mail, (ii) sent by nationally recognized overnight courier,
(iii) mailed by registered or certified mail with postage prepaid, return
receipt requested, or (iv) transmitted by facsimile (with a copy of such
transmission concurrently transmitted by registered or certified mail with
postage prepaid, return receipt requested), to the parties hereto at the
following addresses (or at such other address for a party as shall be specified
by like notice):

       

      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

       

      
        	 
      	
                (a)

              	
                If
      to the Board or the Company, to:

              	 
      
	 	 	 	 
	 
      	 
      	
                Otelco
      Inc.

              	 
      
	 
      	 
      	
                900D
      Hammond Street

              	 
      
	 
      	 
      	
                Bangor,
      Maine 04401

              	 
      
	 
      	 
      	
                Attention:  Michael
      Weaver

              	 
      
	 
      	 
      	
                Telephone
      No.:  (207) 992-9925

              	 
      
	 
      	 
      	
                Facsimile
      No.:  (207) 992-9999

              	 
      
	 	 	 	 
	 
      	 
      	
                with
      a copy to:

              	 
      
	 	 	 	 
	 
      	 
      	
                Dorsey
      & Whitney LLP

              	 
      
	 
      	 
      	
                250
      Park Avenue

              	 
      
	 
      	 
      	
                New
      York, New York 10177

              	 
      
	 
      	 
      	
                Attention:  Steven
      Khadavi, Esq.

              	 
      
	 
      	 
      	
                Telephone
      No.:  (212) 415-9376

              	 
      
	 
      	 
      	
                Facsimile
      No.:  (212) 953-7201; and

              	 
      
	 	 	 	 
	 
      	
                (b)

              	
                if
      to the Employee to:

              	 
      
	 	 	 	 
	 
      	 
      	
                Curtis
      L. Garner, Jr.

              	 
      
	 
      	 
      	
                505
      Third Avenue East

              	 
      
	 
      	 
      	
                Oneonta,
      Alabama 35121

              	 
      
	 
      	 
      	
                Telephone
      No.:  (205) 625-3571

              	 
      
	 
      	 
      	
                Facsimile
      No.:  (205) 374-8999

              	 
      

      

       

      or to
such other address as the party to whom such notice or other communication is to
be given may have furnished to each other party in writing in accordance
herewith. Any such notice or communication shall be deemed to have been received
(i) when delivered, if personally delivered or transmitted by electronic mail,
with receipt acknowledgment by the recipient by return electronic mail, (ii)
when sent, if sent by facsimile on a Business Day during normal business hours
(or, if not sent on a Business Day during normal business hours, on the next
Business Day after the date sent by facsimile), (iii) on the next Business Day
after dispatch, if sent by nationally recognized, overnight courier guaranteeing
next Business Day delivery, and (iv) on the 5th
Business Day following the date on which the piece of mail containing such
communication is posted, if sent by mail.

       

      (j)    Descriptive Headings.
The descriptive headings of this Agreement are inserted for convenience only and
do not constitute a part of this Agreement.

       

      (k)    Construction. 
Where specific language is used to clarify by example a general statement
contained herein, such specific language shall not be deemed to modify, limit or
restrict in any manner the construction of the general statement to which it
relates. The language used in this Agreement shall be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of strict
construction shall be applied against any party.

       

      
        
           

        

        
          -8-

          
            

          

        

        
           

        

      

       

      (l)    Nouns and
Pronouns.  Whenever the context may require, any pronouns used
herein shall include the corresponding masculine, feminine or neuter forms, and
the singular form of nouns and pronouns shall include the plural and
vice-versa.

       

       

       

      [signature
page follows]

      
        
           

        

        
          -9-

          
            

          

        

        
           

        

      

       

      IN WITNESS WHEREOF, the
parties hereto have executed this Amended and Restated Employment Agreement as
of the date first written above.

       

      

      
        	 
      	
                OTELCO
      INC.

              
	 
      	 
      
	 
      	 
      
	 
      	
                By:

              	
                /s/
      Michael D. Weaver

              	 
      
	 	 	      
                Name:
      Michael D. Weaver

              	 
	 	 	      
                Title:
      President and Chief Executive Officer

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	 
      	
                EMPLOYEE

              
	 
      	 
      
	 
      	 
      
	 
      	
                /s/
      Curtis L. Garner, Jr.

              	 
      
	 
      	
                CURTIS
      L. GARNER, JR.Form of Amended and Restated Executive Officer Change of Control Agreement

 Exhibit 10.2 
 MAXYGEN, INC. 
 AMENDED AND RESTATED
CHANGE OF CONTROL AGREEMENT 
 This CHANGE
OF CONTROL AGREEMENT (the “Agreement”), originally made by and between MAXYGEN, INC., a Delaware corporation (the “Company”),
and [                            ] (the “Executive”) on
[                    ], as amended and restated on May 7, 2008 (the “Prior Agreement”), is hereby amended and restated in its entirety
effective as of the last date signed below in order to comply with Internal Revenue Code Section 409A. 
 WHEREAS, the Company considers it essential to the best interests of its stockholders to foster the continuous employment of key management personnel; 
 WHEREAS, the Board of Directors of the Company recognizes that, as is the case with many publicly-held corporations,
the possibility of a Change of Control (as defined herein) exists and that such possibility, and the uncertainty and questions that it may raise among management, may result in the departure or distraction of management personnel to the detriment of
the Company and its stockholders; and 
 WHEREAS, the Board has determined that appropriate steps should
be taken to reinforce and encourage the continued attention and dedication of members of the Company’s management, including the Executive, to their assigned duties without distraction in the face of potentially disturbing circumstances arising
from the possibility of a Change of Control. 
 NOW, THEREFORE, in consideration of the
premises and the mutual covenants herein contained, the Company and the Executive agree as follows: 
 1. Introduction; Purposes.

 (a) The purpose of this Agreement is to provide the Executive with protection of certain benefits in case of a termination of his or her
employment with the Company in connection with a Change of Control of the Company. 
 (b) The Company, by means of the Agreement, seeks to
(i) secure and/or retain the services of the Executive and (ii) provide incentives for the Executive to exert maximum efforts for the success of the Company even in the face of a potential Change of Control of the Company. 
 2. Definitions. 
 (a)
“Accountants” has the meaning given thereto in Section 4. 
 (b) “ADEA” has the meaning given thereto in
Section 5(c). 
 (c) “Agreement” means this Change of Control Agreement. 
 (d) “Board” means the Board of Directors of the Company. 
 (e) “Cause” means the Executive’s: (i) willful and continued failure to substantially perform the Executive’s duties with the Company (other than as a result of physical or mental disability)
after a written demand for substantial performance is deliver to the Executive by the Company, which demand specifically identifies the manner in which the Company believes that the Executive has not substantially performed the Executive’s
duties and that has not been cured within fifteen (15) days following receipt by the Executive of the written demand; (ii) commission of a felony (other than a traffic-related offense) that in the written determination of the Company is
likely to cause or has caused material injury to the Company’s business; (iii) dishonesty with respect to a 

 
significant matter relating to the Company’s business; or (iv) material breach of any agreement by and between the Executive and the Company, which
material breach has not been cured within fifteen (15) days following receipt by the Executive of written notice from the Company identifying such material breach. 
 (f) “Change of Control” means: (i) a dissolution or liquidation of the Company; (ii) a sale of all or substantially all the assets of the Company; (iii) a merger, recapitalization,
reorganization, consolidation or other similar transaction (a “Business Combination”) in which beneficial ownership of securities of the Company representing at least thirty-five percent (35%) of the combined voting power entitled to
vote in the election of directors has changed; (iv) a reverse merger in which the Company is the surviving corporation but the shares of the common stock of the Company outstanding immediately before the merger are converted by virtue of the
merger into other property, whether in the form of securities, cash or otherwise, and in which beneficial ownership of securities of the Company representing at least thirty-five percent (35%) of the combined voting power entitled to vote in
the election of directors has changed; (v) an acquisition by any person, entity or group within the meaning of Section 13(d) or 14(d) of the Exchange Act, or any comparable successor provisions (excluding any employee benefit plan, or
related trust, sponsored or maintained by the Company or subsidiary of the Company or other entity controlled by the Company) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable
successor rule) of securities of the Company representing at least thirty-five percent (35%) of the combined voting power entitled to vote in the election of directors; (vi) in the event that the individuals who are members of the
Incumbent Board cease for any reason to constitute at least fifty percent (50%) of the Board; (vii) a sale of substantially all the assets of the Company’s protein pharmaceutical business; or (viii) the consummation by the
Company of a Business Combination with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the combined voting power of the then outstanding securities of the Company entitled to vote generally
in the election of directors immediately prior to such Business Combination do not, following consummation of all transactions intended to constitute part of such Business Combination, beneficially own, directly or indirectly, at least sixty-five
percent (65%) of the voting securities of the Company (or the corporation, business trust or other entity resulting from or being the surviving entity in such Business Combination). 
 (g) “Code” means the Internal Revenue Code of 1986, as amended. 
 (h) “Committee” means the Finance Committee of the Board or such other committee as appointed by the Board to administer this Agreement. 
 (i) “Company” means Maxygen, Inc., a Delaware corporation. 
 (j) “Company-Paid Coverage” has the meaning given thereto in Section 3(a). 
 (k)
“Confidential Information, Secrecy and Invention Agreement” has the meaning given thereto in Section 5(b). 
 (l)
“Disability” means Executive (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment which can be expected to last for a continuous period of not less than twelve (12) months,
receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering Company employees. 
 (m) “Effective Date” means the date first above written. 
 (n) “Employee Agreement and
Release” has the meaning given thereto in Section 5(c). 
 (o) “Exchange Act” means the Securities Exchange Act of 1934,
as amended. 
  

 2 

 (p) “Excise Tax” has the meaning given thereto in Section 4. 
 (q) “Executive” means the person identified in the introductory paragraph of this Agreement. 
 (r) “Good Reason” means: (i) any material reduction of the Executive’s duties, authority or responsibilities relative to the
Executive’s duties, authority, or responsibilities as in effect immediately before such reduction, except if agreed to in writing by the Executive; (ii) a reduction by the Company in the base salary of the Executive, or of twenty-five
percent (25%) or more in the Target Bonus opportunity of such Executive, as in effect immediately before such reduction, except if agreed to in writing by the Executive; (iii) the relocation of the Executive to a facility or a location
more than thirty (30) miles from the Executive’s then present business location, except if agreed to in writing by the Executive; (iv) a material breach by the Company of any provision of this Agreement or (v) any failure of the
Company to obtain the assumption of this Agreement by any successor or assign of the Company; provided, however, that such events shall not constitute grounds for a Good Reason termination unless the Executive has provided notice to the Company of
the existence of the one or more of the above conditions within ninety (90) days of its initial existence and the Company has been provided at least thirty (30) days to remedy the condition. 
 (s) “Incumbent Board” means the individuals who, as of the Effective Date, are members of the Board. If the election, or nomination for
election by the Company’s stockholders, of any new director is approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new director shall be considered as a member of the Incumbent Board. 
 (t) “Section 16 Officer” means an “officer” of the Company, as defined in Rule 16a-1(f) promulgated under the Exchange Act,
designated as such by action of the Board. 
 (u) “Target Bonus” means the Executive’s target bonus for the then current
fiscal year, as set by the Board or the appropriate committee thereof. 
 3. Severance Benefits in the Event of a Change of Control.

 (a) If within eighteen (18) months following the date of a Change of Control of
the Company either (A) the Company terminates the Executive’s employment other than for Cause, death or Disability or (B) the Executive terminates his or her employment with the Company voluntarily with Good Reason, then in each case,
subject to Section 4 and Section 5: (i) the Executive shall be entitled to receive, on the 61st day following the employment
termination date or such later date as is required under Section 11, a lump sum payment equal to three times the Executive’s yearly base salary in effect on the date of termination (without giving effect to any reduction in base salary
subsequent to a Change of Control that constitutes Good Reason), (ii) each of the Executive’s outstanding stock options, all stock subject to repurchase or forfeiture, including without limitation, restricted stock, restricted stock units
and performance shares awards, and any options, stock subject to repurchase or forfeiture, awards or purchases held in the name of an estate planning vehicle for the benefit of the Executive or his or her immediate family, shall have their vesting
and exercisability schedule accelerate in full (or, as applicable, the corresponding repurchase or forfeiture right shall lapse in full) as of the date of termination; (iii) if on the date of termination the Executive is covered by any
Company-paid health, disability, accident and/or life insurance plans or programs, the Company shall provide to the Executive benefits substantially similar to those that the Executive was receiving immediately prior to the date of termination (the
“Company-Paid Coverage”), with any premiums related to such coverage paid by the Company no later than thirty (30) days following the premium due date; and (iv) the post-termination exercise period of Executive’s outstanding
stock option and stock appreciation right awards shall automatically be extended to the later of (A) the fifteenth day of the third month following the date at which the stock option or stock appreciation right would otherwise have expired but
for this extension, based on the terms of the stock option or stock appreciation right on its grant date, or (B) December 31 of the calendar year in which the stock option or stock appreciation right would otherwise have expired but for
this extension, based on the terms of the stock option or stock appreciation right on its grant date; provided, 

  

 3 

 
however, that in the event final Treasury Regulations under Code Section 409A permit a longer extension without resulting in the imposition of an
additional tax under Code Section 409A, the stock option or stock appreciation right shall provide for such greater post-termination exercise period; provided, further, that in no event shall the term of the stock option or stock appreciation
right be extended longer than its original maximum term. If such coverage included the Executive’s spouse and/or dependents immediately prior to the date of termination, such spouse and/or dependents shall also be covered at Company expense.
Company-Paid Coverage shall continue until the earlier of (x) three (3) years from the date of termination, or (y) the date that the Executive and his or her spouse and/or dependents become covered under another employer’s
health, disability, accident and/or life insurance plans or programs that provides the Executive and his or her spouse and/or dependents with comparable benefits and levels of coverage; provided, however that such coverage, premium payments, or
reimbursements (to the extent Executive pays the premiums in the interim) shall be delayed six months and one day from Employee’s termination date (and then paid in full in arrears) to the extent required to avoid the imposition of additional
tax under Code Section 409A. 
 (b) If within eighteen (18) months following the date of a Change of Control of the Company the
Executive’s employment with the Company is terminated as a result of death or Disability, then in each case, subject to Section 4 and Section 5: (i) each of the Executive’s outstanding stock options, all stock subject to
repurchase or forfeiture, including without limitation restricted stock, restricted stock units, performance shares awards, and any options, stock subject to repurchase or forfeiture, awards or purchases held in the name of an estate planning
vehicle for the benefit of the Executive or his or her immediate family, shall have their vesting and exercisability schedule accelerated such that vesting (or, as applicable, the corresponding repurchase or forfeiture right lapsing) shall occur as
if the vesting (or lapsing) had occurred on a monthly basis from the last date of vesting (or lapse) to the date of termination; and (ii) the Company will provide the Executive with health, disability, accident and/or life insurance benefits as
described in Section 3(a)(iii). 
 (c) In no event shall the Executive be obligated to seek other employment or take any other action to
mitigate the amounts payable or benefits provided to the Executive under this Agreement, nor shall any such payments or benefits be reduced by any earnings or benefits that the Executive may receive from any other source. 
 (d) The Executive’s employment shall be deemed to have been terminated following a Change of Control by the Company without Cause or by the
Executive with Good Reason if the Executive’s employment is terminated prior to a Change of Control without Cause at the direction of a person who has entered into an agreement with the Company the consummation of which will constitute a Change
of Control or if the Executive terminates his or her employment with Good Reason prior to a Change of Control if the circumstances or event that constitutes Good Reason occurs at the direction of such person. 
 (e) If the Change of Control is the result of the circumstances described in subsection (vii) of Section 2(f) then, subject to Section 4
and 5 hereof, the benefits described in Section 3(a) shall be payable to the Executive upon cessation of employment with the Company (for any reason) that occurs after the earlier to occur of (x) twelve (12) months after the Change of
Control and (y) disposition of all or substantially all the remaining assets of the Company, or such shorter period as determined in the sole discretion of the Board. 
 (f) If the Executive is eligible for severance benefits pursuant to this Article 3, then the
Executive shall be eligible for and considered for a bonus for the calendar year in which the Executive’s employment terminates at the same time other employees are considered for a bonus for such calendar year even though the Executive will no
longer be an employee of the Company at that time; provided, however, any such bonus shall not be pro-rated regardless of the effective date of the Executive’s termination. Any such bonus shall be paid no later than 2 1/2 months following the end of the taxable year in which the bonus is earned. 
 (g) Notwithstanding any contrary provision of the Agreement, if the Company determines, in its good faith judgment, that Section 409A of the Code
shall result in the imposition of additional tax on any payment or 

  

 4 

 
benefit otherwise due to the Executive under the Agreement during the six (6) month period following the Executive’s termination date, all such
payments or benefits shall accrue during the six (6) month period and shall become payable in a lump sum payment on the date six (6) months and one (1) day following the Executive’s termination date. All subsequent payments or
benefits, if any, shall be paid as provided in the Agreement. 
 4. Parachute Payments; Excise Tax. 
 In the event that the severance, acceleration of stock options and other benefits payable to the Executive as a result of a Change of Control of the
Company (i) constitute “parachute payments” within the meaning of Section 280G (as it may be amended or replaced) of the Code and (ii) but for this Section 4, would be subject to the excise tax imposed by
Section 4999 (as it may be amended or replaced) of the Code (the “Excise Tax”), then the Executive’s benefits payable in connection therewith shall be either 
 (a) delivered in full, or 
 (b) delivered as
to such lesser extent that would result in no portion of such benefits being subject to the Excise Tax, 
 whichever of the foregoing
amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by the Executive on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such
benefits may be taxable under the Excise Tax. Unless the Company and the Executive otherwise agree in writing, any determination required under this Section 4 shall be made in writing in good faith by a “Big Four” national accounting
firm selected by the Company or such other person or entity to which the parties mutually agree (the “Accountants”). Any reduction in payments and/or benefits required by this section shall occur in the following order: (1) reduction
in vesting acceleration of stock options; (2) reduction in vesting acceleration of restricted stock units and restricted stock; (3) reduction of cash payments; and (4) reduction of other benefits paid or provided to the Executive. In
the event that acceleration of vesting of equity awards is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant for the Executive’s equity awards. If two or more equity awards are granted on
the same date, each award will be reduced on a pro-rata basis. For purposes of making the calculations required by this Section 4, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on
reasonable, good faith interpretations concerning the application of the Code. Any good faith determination of the Accountants made hereunder shall be final, binding and conclusive upon the Company and the Executive. 
 The Company and the Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably request in order to make
a determination under this Section 4. The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section 4. 
 5. Limitations and Conditions on Benefits. 
 The benefits and payments provided under this Agreement shall be subject to the following terms and limitations: 
 (a)
Withholding Taxes. The Company shall withhold required foreign, federal, state and local income and employment taxes from any payments hereunder. 
 (b) Confidential Information, Secrecy and Invention Agreement Prior to Receipt of Benefits. The Executive shall have executed and delivered to the Company, a standard form of the Company’s confidential
information, secrecy and invention agreement, a copy of the current form of which is attached as Exhibit A (the “Confidential Information, Secrecy and Invention Agreement”), prior to the receipt or provision of any benefits
(including the 

  

 5 

 
acceleration benefits) under this Agreement. Additionally, the Executive agrees that all documents, records, apparatus, equipment and other physical property
that is furnished to or obtained by the Executive in the course of his or her employment with the Company shall be and shall remain the sole property of the Company. The Executive agrees not to make or retain copies, reproductions or summaries of
any such property, except as otherwise necessary while acting in the normal course of business. In the event of any material breach by the Executive of the Confidential Information, Secrecy and Invention Agreement that is not cured within thirty
(30) days of notice of such breach to the Executive, all benefits payable under Section 4 of this Agreement shall immediately terminate. 
 (c) Employee Agreement and Release Prior to Receipt of Benefits. If the Executive’s employment with the Company terminates involuntarily other than for Cause, death or Disability, or the Executive terminates his or her
employment with the Company voluntarily with Good Reason, then prior to, and as a condition of the receipt of any benefits (including the acceleration benefits) under this Agreement on account of such termination, the Executive shall, as of the date
of such termination, execute an employee agreement and release in the form attached as Exhibit B (the “Employee Agreement and Release”) prior to receipt of benefits. The receipt of any severance payments or benefits pursuant to
Section 3 will be subject to the Executive signing and not revoking such Employee Agreement and Release and provided that such Employee Agreement and Release is effective within sixty (60) days following the termination of Executive’s
employment. No benefits (including the acceleration benefits) under Section 3 of this Agreement shall be payable or made available to the Executive on account of a termination until the Executive Agreement and Release becomes effective. Such
Employee Agreement and Release shall specifically relate to all the Executive’s rights and claims in existence at the time of such execution and shall confirm the Executive’s obligations under the Company’s standard form of
Confidential Information, Secrecy and Invention Agreement. 
 6. Termination. Prior to a Change of Control of the Company, this
Agreement shall automatically terminate on the date the Executive ceases to be a Section 16 Officer, as evidenced by action of the Board removing the Executive as a Section 16 Officer or otherwise; provided, however, that if the Executive
ceases to be a Section 16 Officer prior to a Change of Control at the direction of a person who has entered into an agreement with the Company the consummation of which will constitute a Change of Control, this Agreement shall not terminate due
to the change in status of the Executive. 
 7. At-Will Employment. The Company and the Executive acknowledge that the
Executive’s employment is and shall continue to be at-will, as defined under applicable law. This Agreement shall not be construed as creating an express or implied contract of employment between the Executive and the Company. The Executive
shall not have any right to be retained in the employment of the Company. 
 8. Notices. Any notice provided under this Agreement
shall be in writing and shall be deemed to have been effectively given (i) upon receipt when delivered personally, (ii) one day after sending when sent by express mail service (such as Federal Express), or (iii) five (5) days
after sending when sent by regular mail to the following address: 
 In the case of the Company: 
 Maxygen, Inc. 
 515 Galveston Drive 
 Redwood City, CA 94063 
 Attn: General Counsel 
 In the case of the Executive: 
 The last personal residence 
 address known by the Company 
 or to such
other address as the Company or the Executive hereafter designates by written notice in accordance with this Section 8. 
  

 6 

 9. Litigation/Arbitration Expenses. Reasonable litigation and/or arbitration costs and expenses
shall be paid by the Company, win or lose, in connection with any dispute between the Company (and its successors) and the Executive concerning this Agreement; provided, however, that if the litigation or arbitration is found to have been commenced
in bad faith by the Executive, the Executive shall bear all of his or her own costs and expenses in connection with such litigation or arbitration. 
 10. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by the Executive, and the Company, and any surviving entity resulting from a Change of Control and upon any other person
who is a successor by merger, acquisition, consolidation or otherwise to the business formerly carried on by the Company, and their respective successors, assigns, heirs, executors and administrators, without regard to whether or not such person
actively assumes any rights or duties hereunder; provided, however, that the Executive may not assign any duties hereunder without the prior written consent of the Company. 
 11. Section 409A. 
 (a)
Notwithstanding any provision to the contrary herein, no Deferred Compensation Separation Payments (as defined below) that becomes payable under this Agreement by reason of Employee’s termination of employment with the Company (or any successor
entity thereto) will be made unless such termination of employment constitutes a “separation from service” within the meaning of Section 409A of the Internal Revenue Code (the “Code”), and any final regulations and Internal
Revenue Service guidance promulgated thereunder (“Section 409A”). Further, if Executive is a “specified employee” of the Company (or any successor entity thereto) within the meaning of Section 409A on the date of
Employee’s termination (other than a termination due to death), then the severance payable to Employee, if any, under this Agreement, when considered together with any other severance payments or separation benefits that are considered deferred
compensation under Section 409A (together the “Deferred Compensation Separation Payments”) that are payable within the first six (6) months following Employee’s termination of employment, shall be delayed until the first
payroll date that occurs on or after the date that is six (6) months and one (1) day after the date of the termination, when they shall be paid in full arrears. All subsequent Deferred Compensation Separation Payments, if any, shall be
paid in accordance with the payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following his termination but prior to the six (6) month anniversary of his termination, then
any Payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after the date of Employee’s death and all other Payments will be payable in accordance with the payment schedule
applicable to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 (b) Any amounts paid under this Agreement that satisfy the requirements of the “short-term deferral” rule set forth in
Section 1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Compensation Separation Payments for purposes of clause (a) above. 
 (c) Any amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that do not
exceed the Section 409A Limit shall not constitute Deferred Compensation Separation Payments for purposes of clause (ii) above. “Section 409A Limit” will mean the lesser of two (2) times: (A) Executive’s annualized
compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year preceding the Company’s taxable year of Executive’s termination of employment as determined under Treasury Regulation
1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with respect thereto; or (B) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in
which Executive’s employment is terminated. 
 (d) Any taxable reimbursements and/or taxable in-kind benefits provided in this Agreement
shall be made or provided in accordance with the requirements of Section 409A, including: (i) the amount of any such expense 

  

 7 

 
reimbursement or in-kind benefit provided during a taxable year of the Executive shall not affect any expenses eligible for reimbursement in any other
taxable year; (ii) the reimbursement of an eligible expense shall be made no later than the last day of the employee’s taxable year that immediately follows the taxable year in which the expense was incurred; and (iii) the right to
any such reimbursement shall not be subject to liquidation or exchange for another benefit or payment. 
 (e) The foregoing provisions are
intended to comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided in this Agreement will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will
be interpreted to so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any
additional tax or income recognition prior to actual payment to Executive under Section 409A. 
 12. Miscellaneous. 

(a) No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing by each
of the parties. 
 (b) No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof
have been made by either party that are not expressly set forth in this Agreement. This Agreement replaces and supersedes in its entirety the Prior Agreement. 
 (c) The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect.

 13. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of California,
regardless of the law that might be applied under applicable principles of conflicts of law. 
  

			
	 MAXYGEN, INC.
  

	By:	 	  

		 	 Louis Lange
 Chairman, Compensation Committee

	  
 Date:             , 2008

	
	 THE EXECUTIVE
  

	  

	 [Name], [Title]
  
 Date:            , 2008

  

 8 

 Exhibit A 
 to Change of Control Agreement 
 MAXYGEN, INC. 
 CONFIDENTIAL INFORMATION, SECRECY AND 
 INVENTION AGREEMENT 
  

 9 

 Exhibit B 
 to Change of Control Agreement 
 MAXYGEN, INC. 
 AGREEMENT AND RELEASE 
 I hereby
confirm my obligations under the Confidential Information, Secrecy and Invention Agreement that I have previously entered into with the Company. 
 I acknowledge that I have read and understand Section 1542 of the California Civil Code that reads as follows: 
 A general
release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with debtor. 
 I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my
release of any claims I may have against the Company. 
 Except as otherwise set forth in this Agreement and Release (the
“Release”) and except for obligation of the Company set forth in the Change of Control Agreement entered into between the Company and me, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries, and their
officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of
every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a result of any third party action against me based on my employment
with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to and including the Effective Date of this Release (as defined below), including but not limited to: all such claims and demands
directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent infliction of emotional distress, any and all
tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other
form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination in Employment Act of 1967, as amended
(“ADEA”); the federal Americans with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the
implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligation to (i) indemnify me pursuant to any applicable indemnification agreement
and to provide me with continued coverage under the Company’s directors and officers liability insurance policy to the same extent that it has provided such coverage to previously departed officers and directors of the Company or
(ii) provide the benefits to me set forth in the Change of Control Agreement entered into between the Company and me. 
 I acknowledge
that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I
was already entitled. If and only if I am covered by ADEA, I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise after the
Effective Date of this Release; (B) I have the right to consult with an attorney prior to executing this Release; (c) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily execute this Release
earlier); (D) I have seven (7) days following the execution of this Release to revoke the Release; and (E) this Release shall not be effective until the date upon 

  

 10 

 
which the revocation period has expired, which shall be the eighth day after this Release is executed by me (the “Effective Date”). If I am not
covered by ADEA, I acknowledge that this Agreement shall be effective as of the date upon which this Release has been executed by me (the “Effective Date”). 
  

			
	 By:
	 	  

		 	THE EXECUTIVE
	 Date:
	 	  

  

 11

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