Document:

Filed by Bowne Pure Compliance

Exhibit 10.02

2008 DIRECTOR COMPENSATION POLICY

Effective as of January 1, 2008

			
	PURPOSE:	 	The Director Compensation Policy (“Policy”) establishes meeting fees and sets forth the
types of expenses that the Federal Home Loan Bank of New York (“FHLBNY”) will pay to the Board
of Directors (“Board”) of the FHLBNY. The activities referred to in this Policy are those as
to which the Board believes Director attendance is necessary and appropriate and which may be
compensated. The Policy has been prepared in accordance with the fee caps contained in
Section 7 of the Federal Home Loan Bank Act (“Bank Act”) and the regulations of the Federal
Housing Finance Board (“FHFB”) located at 12 C.F.R. 918 regarding Director compensation and
expenses.

	I.	 	MEETING FEES

	 	A.	 	Chairman

	 
	 	 	 	The fee for the Chairman of the Board is $3,904 per Board meeting attended (subject to
Section I.D. below).

	 
	 	B.	 	Vice Chairman

	 
	 	 	 	The fee for the Vice Chairman of the Board is $3,124 per Board meeting attended (subject
to Section I.D. below).

	 
	 	C.	 	Appointed and Elected Directors

	 
	 	 	 	The fee for a Director, other than the Chairman or the Vice Chairman, is $2,343 per
Board meeting attended (subject to Section I.D. below).

	 
	 	D.	 	Fee Caps

	 
	 	 	 	In no event shall fees paid to any Director in a calendar year exceed any
limitations imposed by Section 7 of the Bank Act and/or the regulations of the FHFB
located at 12 C.F.R. 918.3. The annual compensation limits established by the FHFB
for each of the boards of directors of the Federal Home Loan Banks in 2008 are as
follows: for the Chairman, $31,232; for the Vice Chairman, $24,986; and for each of the
other members of the Board, $18,739.

	II.	 	EXPENSES

	 	A.	 	In General

	 	1.	 	Directors may be paid for reasonable travel, subsistence and other
related expenses incurred in connection with the performance of their official
duties as are payable to senior officers of the FHLBNY as specified in the FHLBNY’s
current Travel Policy. However, under no circumstances shall Directors be paid for
gift or entertainment expenses.

 

 

	 	B.	 	Board and Board Committee Meetings

	 	1.	 	Reimbursable expenses may be paid to both appointed and elected
Directors for attendance at Board and Committee meetings as established herein.

	 	C.	 	Annual Regional Stockholders’ Meetings

	 	1.	 	Reimbursement of reasonable expenses incurred by appointed and
elected Directors attending the FHLBNY’s regional stockholders’ meetings is
permitted.

	 	D.	 	Industry Meetings

	 	1.	 	Reimbursement of appointed Directors’ expenses incurred while
attending industry meetings or annual conventions of trade associations on a
national level is permitted provided that a specific objective has been identified
and that attendance has been specifically pre-approved by the Board of Directors.
Appointed directors attending industry events on behalf of the FHLBNY should
register and identify themselves as directors of the FHLBNY.

	 
	 	2.	 	Reimbursement of elected Directors’ expenses incurred while in
attendance at industry meetings or annual conventions of trade associations on a
national level is not permissible, unless such attendance is incidental to a
FHLBNY Board or Committee meeting.

	 	E.	 	Meetings Called by the Federal Housing Finance Board

	 	1.	 	Reimbursement of reasonable expenses may be paid to all Directors
participating in meetings called by the Federal Housing Finance Board.

	 	F.	 	Other System Meetings

	 	1.	 	Reimbursement of reasonable expenses may be paid to all Directors who
are invited to attend meetings of Federal Home Loan Bank System committees (e.g.,
the Chair/Vice Chair Conference); Federal Home Loan Bank System director
orientation meetings; and meetings of the Council of Federal Home Loan Banks and
Council committees.

	 	G.	 	Expenses of Spouses

	 	1.	 	Reimbursement of reasonable expenses incurred by a Director’s spouse
while accompanying the Director to a meeting for which the Director’s own
reasonable expenses can be reimbursed (as specified in Sections II B, C, D, E or F
above) is permitted.

	III.	 	PROCEDURES AND ADMINISTRATIVE MATTERS

	 	A.	 	Directors’ expense reports should be submitted to the Office of the Corporate
Secretary no less than quarterly.

	 
	 	B.	 	Payment for and reimbursement of allowable business expenses of the Directors
will require the approval of the Corporate Secretary or Assistant Corporate Secretary.

	 
	 	C.	 	Meetings of the Board and Committees thereof should usually be held within the
district served by the FHLBNY. Under no circumstances shall such meetings be held in
any location that is not within the district without prior approval of the Board. FHFB
Regulation 12 C.F.R. 918.8 prohibits any meetings of the Board of Directors (including
committee, planning, or other business meetings) to be held outside the United States
or its possessions and territories.

 

2Filed by Bowne Pure Compliance

Exhibit 10.103

April 7, 2008

VIA HAND DELIVERY

Matthew J. Pfeffer

VaxGen, Inc.

1000 Marina Blvd.

Brisbane, CA 94005-1841

Re: Separation Agreement

Dear Matt:

As you have been informed, your employment with VaxGen, Inc. (“VaxGen” or the “Company”) is
terminating as part of a reorganization and reduction-in-force. This letter contains the terms of
the separation agreement (the “Agreement”) that the Company is offering you in connection with your
employment transition.

1. Separation
Date. As you were informed, your employment with the Company will terminate on
April 15, 2008, which will be your last day of work (the “Separation Date”).

2. Accrued Salary and Paid Time Off. On the Separation Date, the Company will pay you all
accrued salary, and all accrued and unused Paid Time Off (“PTO”) earned through the Separation
Date, subject to standard payroll deductions and withholdings. You are entitled to these payments
regardless of whether or not you sign this Agreement.

3. Severance Benefits. The termination of your employment qualifies as a termination without
Cause by the Company for the purposes of the Executive Employment Agreement between you and the
Company dated March 28, 2006, as amended effective September 12, 2006 and as further amended
effective March 26, 2008 (the “Employment Agreement”). Accordingly, if you timely enter into this
Agreement and allow it to become effective, the Company hereby agrees to provide you the following
as your sole severance benefits (“Severance Benefits”), and you and the Company agree such
Severance Benefits are the entire severance benefits that you are entitled to receive and that you
will receive:

(a) Severance Payment. The Company will pay you a lump sum severance payment of $347,000,
which is the sum of (i) 99% of your current annual base salary, and (ii) two (2) months of your
current base salary (the “Severance Payment”). The Severance Payment will be subject to required
payroll deductions and withholdings, and paid within ten (10) business days after the Effective
Date of this Agreement (as defined in Section 14).

 

 

 

(b) Health Insurance. To the extent provided by the federal COBRA law or, if applicable,
state insurance laws (collectively, “COBRA”), and by the Company’s current group health insurance
policies, you will be eligible to continue your group health insurance benefits at your own expense
after the Separation Date. Later, you may be able to convert to an individual policy through the
provider of the Company’s health insurance, if you wish. You will be provided with a separate
notice more specifically describing your rights and obligations to continuing health insurance
coverage under applicable state and/or federal insurance laws on or after the Separation Date. If
you timely elect continued coverage under COBRA, the Company, as an additional severance benefit,
will pay the COBRA premiums necessary to maintain your current level of health insurance coverage
(including dependent coverage, if applicable) through the earlier of either June 30, 2008, or the
date that you become eligible for group health insurance coverage through a new employer, provided
that you remain eligible for such coverage. For the avoidance of doubt, in the event that your
eligibility for COBRA coverage ceases for any reason, including due to termination of the Company’s
group health insurance plan,
then the Company’s obligation to pay your COBRA premiums will cease in full. You agree to provide
prompt written notice to the Company in the event that you become eligible for group health
insurance coverage through a new employer on or before June 30, 2008.

(c) Acceleration of Equity Awards. Vesting of your outstanding stock options (if any) and any
other equity awards (the “Options”) will accelerate in full and all shares will be deemed fully
vested as of the Separation Date. Your Options, including your rights to exercise vested shares,
are governed by the terms of your operative agreements with the Company and the applicable stock
option plan.

(d) No Severance Benefits Under Company’s Severance Benefit Plan. The Severance Benefits
provided herein shall be in lieu of (and not in addition to) any severance benefits under the
VaxGen, Inc. Severance Benefit Plan (the “Severance Plan”), and you hereby waive, release and
relinquish in full any and all entitlements you may have to participation in or benefits under the
Severance Plan.

4. No Other Compensation or Benefits. You acknowledge that, except as expressly provided in
this Agreement, you have not earned and will not receive from the Company any additional
compensation (including base salary, bonus (including but not limited to any bonus for 2008),
incentive compensation, or equity), severance, or benefits before or after the Separation Date,
with the exception of any vested right you may have under the express terms of a written
ERISA-qualified benefit plan (other than the Severance Plan) or any vested Options.

5. Expense Reimbursements. You agree that, no later than thirty (30) days following the
Separation Date, you will submit your final documented expense reimbursement statement reflecting
all business expenses you incurred through the Separation Date, if any, for which you seek
reimbursement. The Company will reimburse you for these expenses pursuant to its regular business
practice.

 

 

 

6. Return
of Company Property. By the close of business on the Separation Date, you must
return to the Company all Company documents (and all copies thereof) and other Company property
which you have in your possession or control, including, but not limited to, Company files, notes,
drawings, records, plans, forecasts, reports, studies, analyses, proposals, agreements, financial
information, research and development information, sales and marketing information, customer lists,
prospect information, pipeline reports, sales reports, operational and personnel information,
specifications, code, software, databases, computer-recorded information, tangible property and
equipment (including, but not limited to, computers, facsimile machines, mobile telephones,
servers), credit cards, entry cards, identification badges and keys; and any materials of any kind
which contain or embody any proprietary or confidential information of the Company (and all
reproductions thereof in whole or in part). You agree that you will make a diligent search to
locate any such documents, property and information as soon as possible. In addition, if you have
used any personally owned computer, server, or e-mail system to receive, store, review, prepare or
transmit any Company confidential or proprietary data, materials or information, then on or before
the Separation Date, you must provide the Company with a computer-useable copy of such information
and then permanently delete and expunge such Company confidential or proprietary information from
those systems; and you agree to provide the Company access to your system as requested to verify
that the necessary copying and/or deletion is done. VaxGen has contractual obligations to third
parties, including Genentech, the National Institute of Health, and the Walter Reed Institute, that
could require VaxGen to provide certain information, documents or other materials to such third
parties in the future. Therefore, your obligations set forth in this paragraph include
information, documents and other materials in your possession or control that VaxGen may be
required to provide to such third parties, including information related to technology provided to
VaxGen by Genentech pursuant to their license agreements. You agree that, after your compliance
with this Section 6, you will neither use nor possess Company property. Your timely compliance
with this Section 6 is a condition precedent to your eligibility for and receipt of the Severance
Benefits.

7. Proprietary Information Obligations. You acknowledge and reaffirm your continuing
obligations under the Employee’s Proprietary Information and Inventions Agreement that you signed
on March 28, 2006, a copy of which is attached hereto as Exhibit A (the “Proprietary Information
Agreement”).

8. Disclosure. You hereby acknowledge and agree that the Company may be required, under the
Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder,
to file this Agreement and/or a description of the terms set forth herein with the Securities and
Exchange Commission pursuant to its obligations as a reporting company, in which case this
Agreement or its terms would be publicly available.

9. Nondisparagement. You agree not to disparage the Company, and the Company’s officers,
directors, employees, shareholders and agents, in any manner likely to be harmful to them or their
business, business reputation or personal reputation, and the Company (through its officers and
directors) agrees not to disparage you in any manner likely to be harmful to your business,
business reputation or personal reputation; provided that both you and the Company may respond
accurately and fully to any question, inquiry or request for information when required by legal
process.

10. No Voluntary Adverse Action. You agree that you will not voluntarily assist any person in
bringing or pursuing any litigation, arbitration, administrative claim or other formal proceeding,
or any proposed litigation, arbitration, administrative claim, or other formal proceeding, against
the Company, its parents, subsidiaries, affiliates, distributors, officers, directors, employees or
agents.

 

 

 

11. Cooperation. You agree to cooperate fully with the Company in connection with its actual
or contemplated defense, prosecution, or investigation of any claims, demands, or other matters
arising from events, acts, or failures to act that occurred during the time period in which you
were employed by the Company. Such cooperation includes, without limitation, making yourself
available upon reasonable notice, without subpoena, for interviews, depositions, and trial
testimony. The Company will reimburse you for reasonable out-of-pocket expenses you incur in
connection with any such cooperation (excluding forgone wages, salary, or other compensation), and
will make reasonable efforts to accommodate your scheduling needs.

12. No Admissions. The promises and payments in consideration of this Agreement shall not be
construed to be an admission of any liability or obligation by either party to the other party, and
neither party makes any such admission.

13. Release of Claims. Except as otherwise set forth in this Agreement, in exchange for the
consideration under this Agreement to which you would not otherwise be entitled, including but not
limited to the Severance Benefits, you hereby generally and completely release the Company and its
parents, subsidiaries, successors, predecessors and affiliates, and its and their directors,
officers, employees, shareholders, agents, attorneys, insurers, affiliates and assigns
(collectively, the “Released Parties”), of and from any and all claims, liabilities and
obligations, both known and unknown, that arise out of or are in any way related to events, acts,
conduct, or omissions occurring at any time prior to and including the date you sign this Agreement
(collectively, the “Released Claims”). The Released Claims include, but are not limited to: (a)
all claims arising out of or in any way related to your employment with the Company or the
termination of that employment; (b) all claims related to your compensation or benefits, including
salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits,
stock, stock options, or any other ownership or equity interests in the Company; (c) all claims for
breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair
dealing; (d) all claims arising under or based on the Severance Plan; (e) all tort claims,
including claims for fraud, defamation, emotional distress, and discharge in violation of public
policy; and (f) all federal, state, and local statutory claims, including claims for
discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal
Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act of 1990 (as
amended), the federal Age Discrimination in Employment Act of 1967 (as amended) (the “ADEA”), the
California Labor Code (as
amended), and the California Fair Employment and Housing Act (as amended). Notwithstanding
the foregoing, the following are not included in the Released Claims (the “Excluded Claims”):
(a) any rights or claims for indemnification you may have pursuant to your signed Indemnity
Agreement with the Company (a copy of which is attached as Exhibit B), the charter, bylaws, or
operating agreements of the Company, or under applicable law; (b) any rights which are not waivable
as a matter of law; and (c) any claims for breach of this Agreement. In addition, nothing in this
Agreement prevents you from filing, cooperating with, or participating in any proceeding before the
Equal Employment Opportunity Commission, the Department of Labor, the California Department of Fair
Employment and Housing, or any other government agency, except that you acknowledge and agree that
you are hereby waiving your right to any monetary benefits in connection with any such claim,
charge or proceeding. You represent that, other than the Excluded Claims, you have no lawsuits,
claims or actions pending in your name, or on behalf of any other person or entity, against any of
the Released Parties.

 

 

 

14. ADEA
Waiver. You acknowledge that you are knowingly and voluntarily waiving and releasing
any rights you may have under the ADEA, and that the consideration given for the waiver and release
in the preceding paragraph hereof is in addition to anything of value to which you are already
entitled. You further acknowledge that you have been advised, as required by the ADEA, that:
(a) your waiver and release do not apply to any rights or claims that may arise after the date that
you sign this Agreement; (b) you have the right to consult with an attorney prior to signing this
Agreement (although you may choose voluntarily not to do so); (c) you have forty-five (45) days to
consider this Agreement (although you may choose voluntarily to sign it earlier); (d) you have
seven (7) days following the date you sign this Agreement to revoke the Agreement (by providing
written notice of your revocation to me); and (e) this Agreement will not be effective until the
date upon which the revocation period has expired, which will be the eighth day after the date that
this Agreement is signed by you, provided that you do not revoke it (the “Effective Date”).

15. Section 1542 Waiver. In giving the releases set forth in this Agreement, which include
claims which may be unknown to you at present, you acknowledge that you have read and understand
Section 1542 of the California Civil Code which reads as follows: “A general release does not
extend to claims which the creditor does not know or suspect to exist in his or her favor at the
time of executing the release, which if known by him or her must have materially affected his or
her settlement with the debtor.” You hereby expressly waive and relinquish all rights and benefits
under that section and any law or legal principle of similar effect in any jurisdiction with
respect to your release of claims herein, including but not limited to the release of unknown and
unsuspected claims.

16. Disclosure Under ADEA, 29 U.S.C. § 626(f)(1)(H). You hereby acknowledge that the Company
has provided you with the ADEA Disclosure information (under Title 29 U.S. Code Section
626(f)(1)(H)), attached as Exhibit C to this Agreement.

17. Representations. You hereby represent that you have been paid all compensation owed and
for all hours worked, have received all the leave and leave benefits and protections for which you
are eligible pursuant to the Family and Medical Leave Act, the California Family Rights Act, or
otherwise, and have not suffered any on-the-job injury for which you have not already filed a
workers’ compensation claim.

 

 

 

18. Dispute Resolution. To ensure rapid and economical resolution of any disputes regarding
this Agreement, the parties hereby agree that any and all claims, disputes or controversies of any
nature whatsoever arising out of, or relating to, this Agreement, or its interpretation,
enforcement, breach, performance or execution, your employment with the Company, or the termination
of such employment, shall be resolved, to the fullest extent permitted by law, by final, binding
and confidential arbitration in San Francisco, California conducted before a single arbitrator by
JAMS, Inc. (“JAMS”) or its successor, under the then applicable JAMS arbitration rules. The
parties each acknowledge that by agreeing to this arbitration procedure, they waive the right to
resolve any such dispute, claim or demand through a trial by jury or judge or by administrative
proceeding. You will have the right to be represented by legal counsel of your choosing at any
arbitration proceeding. The arbitrator shall: (a) have the authority to compel adequate
discovery for the resolution of the dispute and to award such relief as would otherwise be
available under applicable law in a court proceeding; and (b) issue a written statement signed by
the arbitrator regarding the disposition of each claim and the relief, if any, awarded as to each
claim, the reasons for the award, and the arbitrator’s essential findings and conclusions on which
the award is based. The Company shall bear JAMS’ arbitration fees and administrative costs. The
arbitrator, and not a court, shall also be authorized to determine whether the provisions of this
paragraph apply to a dispute, controversy or claim sought to be resolved in accordance with these
arbitration procedures. Nothing in this Agreement is intended to prevent either you or the Company
from obtaining injunctive relief in court to prevent irreparable harm pending the conclusion of any
such arbitration.

19. Miscellaneous. This Agreement, including Exhibit A and Exhibit B, constitutes the
complete, final and exclusive embodiment of the entire agreement between you and the Company with
regard to the subject matter hereof. It is entered into without reliance on any promise or
representation, written or oral, other than those expressly contained herein, and it supersedes any
other agreements, promises, warranties or representations concerning its subject matter. This
Agreement may not be modified or amended except in a writing signed by both you and a duly
authorized officer of the Company. This Agreement will bind the heirs, personal representatives,
successors and assigns of both you and the Company, and inure to the benefit of both you and the
Company, their heirs, successors and assigns. If any provision of this Agreement is determined to
be invalid or unenforceable, in whole or in part, this determination shall not affect any other
provision of this Agreement and the provision in question shall be modified so as to be rendered
enforceable in a manner consistent with the intent of the parties insofar as possible under
applicable law. This Agreement shall be construed and enforced in accordance with the laws of the
State of California without regard to conflicts of law principles. Any ambiguity in this Agreement
shall not be construed against either party as the drafter. Any waiver of a breach of this
Agreement, or rights hereunder, shall be in writing and shall not be deemed to be a waiver of any
successive breach or rights hereunder. This Agreement may be executed in counterparts which shall
be deemed to be part of one original, and facsimile signatures shall be equivalent to original
signatures.

 

 

 

If this Agreement is acceptable to you, please sign below and return the original to me on or
before forty-five (45) calendar days from the date you receive this Agreement. The offer of
Severance Benefits contained in this Agreement will automatically expire if we do not receive the
fully executed Agreement from you by the aforementioned date.

I wish you the best in your future endeavors.

	 	 	 	 	 
	 	Sincerely,

VaxGen, Inc.

 	 
	 	By:  	/s/ James P. Panek
 	 
	 	 	James P. Panek 	 
	 	 	President and Chief Executive Officer 	 
	 

Exhibit A — Employee’s Proprietary Information and Inventions Agreement

Exhibit B — Indemnity Agreement

Exhibit C — ADEA Disclosure Under Title 29 U.S. Code § 626(f)(1)(H)

Understood and Agreed:

	 	 	 
	/s/ Matthew J. Pfeffer
	 	 
	Matthew J. Pfeffer
	 	 
	 
	 	 
	April 7, 2008
	 	 
	Date

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