Document:

Exhibit 10.51

 

March 30, 2005

 

Mr. George Rose

3041 Hutton Drive

Beverly Hills, California
90210

 

Re:       Your
Employment Agreement with Activision, Inc.

dated
November 20, 2002 (the “Employment Agreement”)

 

Dear George:

 

This letter confirms our
agreement to amend the terms of the Employment Agreement in accordance with the
provisions set forth below.  Capitalized
terms not defined in this letter shall have the meanings ascribed to them in
the Employment Agreement.

 

The specific amendments
to the Employment Agreement are as follows:

 

1.               Paragraph
1 of the Employment Agreement is deleted in its entirety and is replaced with
the following:

 

“1.  Term

 

The
term of your employment under this agreement shall commence on November 01,
2002 and expire on March 31, 2007, unless earlier terminated as provided
below.”

 

2.               Paragraph
2(a) of the Employment Agreement is supplemented with the following
sentence:

 

“Notwithstanding
anything to the contrary set forth in this agreement, commencing effective as
of March 30, 2005, your base salary shall be $330,000.”

 

3.               Paragraph
2(d) of the Employment Agreement is deleted in its entirety and is
replaced with the following:

 

“In
addition to your base salary, you may be eligible to receive an annual
discretionary bonus targeted at sixty percent (60%) of your annual base salary
(pro-rated for the amount of time that you actually perform services for
Employer during a particular fiscal year). 
The amount of this bonus, if any, is within the sole and absolute
discretion of the Employer’s Board of Directors (or the Compensation Committee
of the Board of Directors).  Certain of
the criteria that will be considered to evaluate your eligibility for a bonus
are your achievement of specific objectives and/or your contribution to the
success of the corporate goals and objectives. 
Employer’s overall financial performance will also be considered in
determining whether any bonus is awarded and, if so, the amount.  Discretionary bonuses, if granted, are
generally paid to employees in May.  You
must remain continuously employed by Employer through the date on which the
discretionary bonus is paid to be eligible to receive a bonus.  Employer retains the right to modify, at any
time, any and all of the criteria used to determine whether Employee is eligible
for a bonus and, if so, the amount of any such bonus.”

 

1

 

Employer
and you do hereby agree that the terms of that certain Memorandum dated July 23,
2002 as specifically relating to the reduction of your bonus level to 55% are
hereby deemed no longer in effect.

 

4.               Paragraph
2(e) of the Employment Agreement is amended by adding the following
provisions to the end of the sentence currently constituting such Paragraph:

 

“As an
additional incentive to the extension of your employment with Employer under
this agreement, you will receive a sign-on bonus equal to $90,000.  This bonus shall be paid upon execution of
this Amendment.”

 

5.               Paragraph
2 of the Employment Agreement is amended by adding the following Paragraph 2(e) to
the end of the sentence currently constituting such Paragraph:

 

“Without
limiting the generality of the foregoing, in consideration for your execution
of this letter, you were also granted options to purchase 50,000 shares of
Employer’s common stock.  The options
will be issued on March 30, 2005 at an exercise price that will be the
market low of such common stock on that date. 
The option to purchase 50,000 shares referred to above will vest ratably
over four years beginning March 30, 2006, with twenty-five percent (25%)
of the amount granted vesting on each subsequent March 30th.  The foregoing options will be governed in all
other respects by the company’s stock option plan in effect at the time of the
grant.”

 

Except as specifically
set forth above, the Employment Agreement shall remain unmodified and in full
force and effect.

 

If the foregoing
accurately reflects your understanding of the provisions of your Employment
Agreement that are being amended pursuant to this letter, please so indicate by
signing in the space provided below.

 

Very truly yours,

 

 

Ron Doornink

Chief Executive Officer

 

 

	
  ACCEPTED AND
  AGREED TO:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  George Rose

  

 

2Exhibit 10.19

 

AEROGEN,
INC.

 

SUMMARY OF
TERMS OF

MANAGEMENT
INCENTIVE PLAN

 

	
  I.

  	
  Purpose
  — Retain and motivate key employees of Aerogen in order to
  maximize Aerogen’s ability to sustain and enhance shareholder value, either
  through strategic transactions, restructuring of Aerogen’s business, or the
  generation of considerable sources of capital.

  
	
   

  	
   

  
	
  II.

  	
  Eligible
  Participants — Executive officers and others as may be
  designated by the Board of Directors.

  
	
   

  	
   

  
	
  III.

  	
  Incentive
  Payment — Each participant in the Management Incentive Plan
  shall be eligible for an incentive bonus of between approximately twenty and
  forty percent of such participant’s current base annual salary to be paid
  upon the earliest of: (i) the closing of a strategic transaction of a
  type approved by the Board of Directors; (ii) a liquidation of the Company; or (iii) March 31, 2006. In
  addition, the Board of Directors may implement the payment of bonuses under
  the Incentive Plan within its sole discretion at any time.Exhibit 10.20

 

June 3, 2005

 

John C. Hodgman

 

Re:     Employment
Terms

 

Dear John:

 

Aerogen, Inc. (the
“Company”) is pleased to offer you the position of President and Chief
Executive Officer on the following terms.

 

You will be responsible
for overall management of the Company, reporting to the Company’s Board of
Directors (“Board”).  The Company shall use its best efforts to
elect you to the Board for so long as you hold the position of President and
Chief Executive Officer of the Company. 
You agree to serve as a director if elected by the shareholders and the
Board, as the case may be.  The current
Chairman of the Board, Dr. Jane Shaw, shall resign her positions as
Chairman and as a Director of the Company, effective June 30, 2005.

 

You will work at the Company’s
headquarters located in Mountain View, California.  The Company may change your work location
from time to time in its discretion.

 

Your base salary will be
$300,000 per year, less payroll withholding and all required deductions, paid
semi-monthly.

 

You will be eligible to
participate in the Management Incentive Plan, whereby you would earn an amount
equal to forty percent (40%) of your then base salary, subject to payroll
withholding, if you are actively employed as the Company’s President and Chief Executive
Officer upon the earliest to occur of the following:  1) completion of a strategic alternative, such
as an acquisition of the Company by merger, stock purchase, or a sale of the
Company or substantially all of its assets, either in a single transaction or
in a series of transactions;  2)
liquidation of the Company on or before December 5, 2005; or 3) March 31,
2006.

 

In addition, you will be
eligible to participate in the Executive Severance Change of Control Program,
the detailed terms of which are currently being formulated and documented.  Although the Program will contain a specific
and detailed definition of “Change of Control”, the Company agrees that as the
Program will apply to you, a Change of Control will be deemed to have occurred
if fifty-one percent (51%) or more of the Company’s equity is acquired by a new
owner.  In addition, a Change of Control
while you are President and Chief Executive Officer will constitute a material
or substantial change in your responsibilities, for purposes of the
Program.  Your severance available under
the Program will be equivalent to one (1) year of base salary, subject to
payroll withholding.

 

In the event that the
Company files for, or has filed against it, a bankruptcy proceeding in the
United States Bankruptcy Court, leading to the liquidation of the Company after
December 5,

 

 

2005 and while you are
President and Chief Executive Officer, then upon completion of the liquidation,
the Company shall pay you the equivalent of one (1) year of base salary, subject
to payroll withholding.

 

In order to receive
severance related to a Change of Control or liquidation, you will be required
to execute and deliver a fully effective general release of all claims, known
and unknown, against the Company and its affiliates, in a form acceptable to
the Company.

 

Because of the
uncertainty of the application of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”), to severance payments pursuant to this
letter agreement, you agree that if any such payments are subject to the
provisions of Section 409A of the Code, by reason of this letter
agreement, or any part thereof, being considered a “nonqualified deferred
compensation plan” pursuant to Section 409A of the Code, then such
payments shall be made in accordance with Section 409A of the Code,
including, without limitation, any necessary delay of six (6) months
applicable to payment of deferred compensation to a “specified employee” (as
defined in Section 409A(2)(B)(i) of the Code) upon separation from service.

 

In the event that the
Board decides to restructure the Company’s balance sheet and reduce ongoing
expenditures, in order to promote the Company’s growth as an independent entity
in lieu of a strategic alternative, then subject to the approval of the Board you
shall be granted an option to purchase at least two percent (2%) but not more
than four percent (4%) [on a fully-diluted basis] of the Company’s common
stock, at the fair market value as determined by the Board as of the date of grant.  The Board shall determine in its sole
discretion the number of shares granted to you, based upon the Board’s
evaluation of your work performance and the new valuation of the Company.   The option shall be subject to a standard
vesting schedule and will be governed in all respects by the applicable
plan documents, grant notice and option agreement.

 

You will be eligible for
all standard Company benefits, including medical insurance, vacation, sick
leave, and paid holidays.  Details about
these benefits are provided in the Employee Handbook and Summary Plan
Descriptions, available for your review. 
The Company may change
employee benefits from time to time in its discretion.

 

As a Company employee,
you will be expected to abide by Company rules and policies, and to
acknowledge in writing that you have read the Company’s Employee Handbook.  As a condition of employment, you must sign
and comply with the attached Proprietary Information and Inventions Agreement
which prohibits unauthorized use or disclosure of Company proprietary
information.

 

In your work for the
Company, you will be expected not to use or disclose any confidential
information, including trade secrets, of any former employer or other person to
whom you have an obligation of confidentiality. 
Rather, you will be expected to use only that information which is
generally known and used by persons with training and experience comparable to
your own, which is common knowledge in the industry or otherwise legally in the
public domain, or which is otherwise provided or developed by the Company. You
agree that you will not bring onto Company premises any unpublished documents
or property belonging to any former employer or

 

2

 

other person to whom you
have an obligation of confidentiality. 
You represent further that you have disclosed to the Company any
contract you have signed that may restrict your activities on behalf of the
Company.

 

You may terminate your
employment with the Company at any time and for any reason whatsoever simply by
notifying the Company.  Likewise, the Company
may terminate your employment at any time, with or without cause or advance
notice.  Your employment at-will status
can only be modified in a written agreement signed by you and by the Board.  As required by law, this offer is subject to
satisfactory proof of your right to work in the United States.

 

This letter, together
with your Proprietary Information and Inventions Agreement, forms the complete
and exclusive statement of your employment agreement with the Company.  The employment terms in this letter supersede
any other agreements or promises made to you by anyone, whether oral or
written.  Changes in your employment
terms, other than those changes expressly reserved to the Company’s discretion
in this letter, require a written modification signed by an officer of the
Company.

 

Please sign and date this
letter and the enclosed Proprietary Information and Inventions Agreement, and
return them to me by no later than [5p.m., Friday June 3, 2005/Monday
morning, June 6, 2005] if you wish to accept employment at the Company
under the terms described above.  If you
accept our offer, we would like you to start on June 6, 2005.

 

We look forward to your favorable reply and to a productive and
enjoyable work relationship.

 

	
  Sincerely,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Jean-Jacques Bienaimé

  	
   

  	
   

  
	
  Jean-Jacques Bienaimé

  	
   

  
	
  Board Member

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ John C. Hodgman

  	
   

  	
  6/6/05

  	
   

  
	
  John C. Hodgman

  	
  Date

  

 

Attachment:  Proprietary
Information and Inventions Agreement

 

3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]