Document:

Exhibit 10.24

 

 

January 6, 2005

 

 

David M.
Floyd, PhD

 

Dear Dave:

 

I am pleased to offer you the following opportunity with Pharmacopeia
Drug Discovery, Inc.  It is my sincere
hope that you will choose to join our organization, as it is our belief that
you possess the ability to make significant contribution toward our future
growth and innovation.  The following
will confirm the terms of our offer of employment to you:

 

Position/Location:
You will assume the position of Executive Vice President, Discovery, and Chief
Scientific Officer (the “Position”), based in our Princeton, NJ headquarters
and in this position will report directly to me.

 

Compensation: Your
compensation in the Position will include an annual base salary of $275,000.00,
paid semi-monthly at the rate of $11,458.33 per pay period.  This will be your base salary until our 2006
Salary Review effective March 1, 2006. 
Effective February 1, 2005, or upon your actual start date, whichever is
later, you will participate in our annual management incentive program and will
be eligible to earn, at target, an additional 35% of your base salary based
upon the achievement of corporate and individual objectives.

 

Employment and Benefits:
As an employee of Pharmacopeia, you will participate in our comprehensive
employee benefits package.  We are
committed to maintaining a competitive position in the employment marketplace
and in doing so make available to you the standard employee benefits package
provided to employees. This will include, but is not limited to, health,
disability, and life insurance; participation in our 401(k) retirement plan;
vacation benefits, and participation in both our stock option and stock
purchase plans.  You will also be
eligible to participate in our Executive Life, LTD and Deferred Compensation
plans.  Please find a complete summary of
our benefits enclosed for your review.

 

Severance Provisions:
We will provide a separate agreement that details our mutual obligations and
commitments upon the termination of your employment.

 

Incentive Stock Option Grant:
Upon joining the Company, management will recommend to the Board of Directors
that you be given the opportunity to receive an option for 150,000 shares of
Company common stock pursuant to the terms of the Company’s 2004 Stock Incentive
Plan (the “Plan”).  Any offer of options
is subject to the written approval of the Company’s Board of Directors and such
standard conditions as the Board may impose. 
The option will vest over a 4-year period, 25% at the end of the first
year and monthly thereafter.  These
options will be priced at the market close price on your first day of
employment with us.  In the event of a
consolidation, merger, reorganization, or sale of all, or substantially all, of
the assets or capital stock of the Company or other business combination in
which the Plan is not either continued or assumed, the above option will vest
in full.  

 

 

Vacation:  You will receive four weeks vacation per
calendar year, earned on a monthly basis.

 

Attorney Fees:  The Company
agrees to pay the reasonable legal fees you incur in the negotiation and
execution of this agreement, in an amount not to exceed $2,000.

 

Confidentiality:  Due to the nature of your responsibilities,
you will be required to execute the Company’s Invention and Non-Disclosure
Agreement upon commencement of your employment with Pharmacopeia Drug
Discovery, Inc.  We enclose a copy of
this Agreement for your review.

 

Consideration and Response Times:
We would appreciate a response to this offer no later than January 15, 2005.

 

Start Date: We
will mutually agree to a start date and propose it to be February 1, 2005.

 

This letter supersedes any prior or contrary representations that may
have been made by Pharmacopeia Drug Discovery, Inc.  The terms of this offer may be amended only
in writing and signed by you and me. 
This offer is subject to satisfactory documentation with respect to your
identification and right to work in the United States.  Please sign and return one copy of the
letter.

 

We look forward to your participation as a member of the Pharmacopeia
team and your involvement in what we are confident represents an exciting and
professionally rewarding venture.

 

 

	
   

  	
  On Behalf of Pharmacopeia Drug Discovery, Inc:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Leslie J. Browne, PhD

  	
   

  
	
   

  	
  Leslie J. Browne, PhD

  
	
   

  	
  President & CEO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Signed and agreed by:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ David M. Floyd, PhD

  	
   

  
	
   

  	
  David M. Floyd, PhD

  

 

2Exhibit
10.25

 

SEVERANCE
AGREEMENT FOR DAVID M. FLOYD

 

This SEVERANCE
AGREEMENT (the “Agreement”) is made and entered into as of the 7th
day of January, 2005, by and between PHARMACOPEIA
DRUG DISCOVERY, INC., a Delaware corporation (hereinafter, the “Company”),
and David M. Floyd an individual
(hereinafter, “Employee”).

 

RECITALS

 

WHEREAS,
the Company desires to provide certain benefits and payments to Employee in the
event of the termination of his employment with the Company; and

 

WHEREAS,
Employee desires to accept such benefits and payments on the terms and subject
to the conditions set forth in this Agreement;

 

NOW, THEREFORE,
in consideration of their mutual promises and intending to be legally bound,
the parties agree as follows:

 

1.   TERMINATION AND EFFECT OF TERMINATION.  Employee’s employment hereunder is AT WILL
and may be terminated at any time by the Company for any reason.  In the event of termination of Employee’s
employment, the Company shall have no liability to Employee for compensation or
benefits except as specified in this Section 1 or as required by the
Company’s benefits policy.

 

(a)  Termination by the Company for Cause.  Employee’s employment may be terminated by
the Company for Cause at any time upon delivery of written notice to Employee.  Upon such a termination, the Company shall
have no obligation to Employee other than the payment of all accrued, but
unpaid, Base Salary and any unpaid expenses or expense reimbursements prior to
the effective date of such termination. 
For purposes of this Agreement, “Cause” means the occurrence of any one
or more of the following events or conditions:

 

(i)  any gross failure on the part of Employee
(other than by reason of disability as provided in Section 1(e) below) to
faithfully and professionally carry out Employee’s duties or to comply with any
other material provision of this Agreement, which failure continues for thirty
(30) days after written notice detailing such failure is delivered by the
Company; provided, that the Company shall not be required to provide such
notice in the event that such failure (A) is not susceptible to remedy or
(B) relates to the same type of acts or omissions as to which notice has been
given on a prior occasion;(ii)  Employee’s
dishonesty (which shall include without limitation any misuse or
misappropriation of the Company’s assets), or other willful misconduct
(including without limitation any conduct on the part of Employee intended to
or likely to injure the business of the Company);

 

(ii)  Employee’s conviction of any felony or of any
other crime involving moral turpitude, whether or not relating to Employee’s
employment;

 

(iii)  Employee’s insobriety or use of drugs,
chemicals or controlled substances either (A) in the course of performing
Employee’s duties and responsibilities under this Agreement, or (B) otherwise
affecting the ability of Employee to perform the same;

 

(iv)  Employee’s failure to comply with a lawful
written direction of the Company; or

 

(v)  any wanton or willful dereliction of duties
by Employee.

 

 

(b)  Involuntary Termination by the Company
without Cause. 
The Company may involuntarily terminate Employee’s employment under this
Agreement at any time without Cause upon delivery of written notice to
Employee.  Subject to the provisions of Section 1(g)
hereof (concerning termination in connection with a Change of Control (as
defined in Section 1(g)), if Employee’s employment is terminated
involuntarily by the Company without Cause pursuant to this Section 1(b),
the Company shall:

 

(i)  pay Employee all compensation and benefits
accrued, but unpaid, up to the effective date of termination;

 

(ii)  pay Employee in a lump sum one year’s Base
Salary in effect as of the effective date of termination;

 

(iii)  pay Employee in a lump sum within thirty (30)
days after termination; a pro rata portion of Employee’s Target Incentive Bonus
for the calendar year in which Employee’s employment is terminated as provided
in this Section 1(b), such portion to be based on the number of full
months for which Employee was employed during the year of termination; and.

 

(iv) 
maintain Employee’s group medical coverage until the earlier of (a) the
end of a period of twelve months following
the effective date of such termination, or (b) until such time as comparable
medical coverage is obtained by the Employee.

 

(v) 
allow all vested options or other incentive securities to be exercised
pursuant to the terms of the option agreement or other agreements under which
such options or other incentive securities were granted.

 

(c)  Termination by Employee for Good Reason.  Employee may terminate his employment under
this Agreement for Good Reason upon the provision of advance written notice to
the Company specifying in reasonable detail the events or conditions upon which
Employee is basing such termination.  The
Company will be given the opportunity, but shall have no obligation, to “cure”
such events or conditions within thirty (30) days after the provision by
Employee of such notice.  Subject to the
provisions of Section 1(g) hereof (concerning termination in connection
with a Change of Control), if the Company elects in a written notice to
Employee not to cure such events or conditions or otherwise fails to so cure
such events or conditions within such thirty (30) day period, Employee may
terminate his employment with the Company for Good Reason pursuant to this Section 1(c)
and in the event of such termination, the Company shall:

 

(i)  pay Employee all compensation and benefits
accrued, but unpaid, up to the effective date of termination;

 

(ii) 
pay Employee in a lump sum one year’s Base Salary in effect as of the
effective date of termination.

 

(iii)  pay Employee within thirty (30) days after
termination, a pro rata portion of Employee’s Target Incentive Bonus for the
calendar year in which Employee’s employment is terminated as provided in this Section 1(c),
such portion to be based on the number of full months for which Employee was
employed during the year of termination; and

 

 

(iv)  maintain Employee’s group medical coverage
until the earlier of (a) the end of a period of twelve months following the
effective date of such termination, or (b) until such time as comparable
medical coverage is obtained by the Employee.

 

(v)  allow all vested options or other incentive
securities to be exercised pursuant to the terms of the option agreement or
other agreements under which such options or other incentive securities were
granted.

 

For purposes
of this Agreement, Good Reason means any one or more of the following events or
conditions:

 

(A)  the Company’s material breach of any of the
terms of this Agreement or the letter agreement dated the date hereof between
Employee and the Company (the “Letter Agreement”);

 

(B)  the Company’s requiring Employee, without his
consent, to relocate from his residence or to commute more than fifty (50)
miles from the offices of the Company at which he was principally employed on
the date of this Agreement;

 

(C)  a diminution in Employee’s Executive Vice
President or Chief Scientific Officer titles, or material diminution in the
duties or responsibilities or conditions of his employment from those in effect
on the date hereof; or

 

(D)  a reduction by more than twenty percent (20%)
in Employee’s annual Base Salary as in effect on the date of this Agreement or
as the same may be increased from time to time after such date and prior to the
delivery of such notice (other than such a reduction applicable generally to
substantially all employees of the Company). 

 

(d)  Termination by Employee without Good Reason
(Voluntary Resignation).  Employee may voluntarily resign his position
and terminate his employment under this Agreement without Good Reason at any
time.  Upon such a termination, the
Company shall have no obligation to pay compensation and provide benefits to
Employee other than the payment of all accrued and unpaid Base Salary and any
other unpaid expenses or expense reimbursements prior to the effective date of
such termination.

 

(e)  Disability.  If Employee becomes disabled for more than
one hundred eighty (180) days in any twelve (12) month period, the Company
shall have the right to terminate Employee’s employment without further
liability upon written notice to Employee. 
Without limiting the generality of the foregoing, Employee shall be
deemed disabled for purposes of this Agreement either (i) if Employee is deemed
disabled for purposes of any long-term disability insurance policy paid for by
the Company and at the time in effect, or (ii) if in the exercise of the
Company’s reasonable judgment, due to accident, mental or physical illness, or
any other reason, Employee cannot perform Employee’s duties.  In the event the Company shall terminate
Employee due to disability, as described above, Employee shall be entitled to
receive only those benefits provided under the Company’s Long Term Disability
Plan and the employee’s stock options will be treated under the Disability section of
the 2004 Stock Incentive Plan (the “2004 Plan”).  

 

(f)  Death.  In the event of the death of Employee, this
Agreement shall automatically terminate and any obligation to continue to pay
compensation and benefits shall cease as of the date of death, except for the
payment of all accrued, but unpaid, Base

 

 

Salary and any other unpaid expenses or
expense reimbursement prior to the date of death.  In the event of Employee’s death, the
Employee’s stock options shall be treated under the Death section of the
2004 Plan.

 

(g)  Change
in Control Termination.

 

(i)  Benefits.  In the event
Employee’s employment under this Agreement is terminated by the Company
involuntarily without Cause or Employee terminates his employment with the
Company for Good Reason as defined in Section 1 (c), in either case at any
time during the period commencing two (2) months before and ending twelve (12)  months after the occurrence of a Change in
Control, the Company shall:

 

(A) pay
Employee all compensation and benefits accrued, but unpaid, up to the effective
date of termination;

 

(B) pay
Employee a lump sum amount equal to one and one-half (1.5) times Employee’s
annual Base Salary in effect as of the effective date of termination;

 

(C) pay
Employee a lump sum amount equal to one and one half (1.5) times the Employee’s
Target Incentive Bonus;

 

(D) maintain
Employee’s group medical coverage until the earlier of (a) the end of a period
of eighteen (18) months following the effective date of termination or (b) such
time as comparable medical coverage is obtained by the employee.  

 

Anything contained in this Section to
the contrary notwithstanding, Employee shall not be entitled to any of the
benefits set forth in this Section 1(g)(i) if Employee either resigns and
terminates such employment voluntarily (other than for Good Reason, as
described above) or is terminated by the Company for Cause.

 

For purposes of Section 1(g) hereof, the
term the “Company” shall include any Acquiring Company (as defined below) and
all obligations of the Company under such Section shall be assumed by any
Acquiring Company.

 

(ii)  Stock Options.  In
the event Employee’s employment under this Agreement is terminated by the
Company involuntarily without Cause or Employee terminates his employment with
the Company for Good Reason, in either case at any time during the period
commencing two (2) months before and ending twelve (12) months after the
occurrence of a Change in Control:

 

(A)
notwithstanding anything to the contrary contained in the 2004 Plan or any
other stock option or incentive compensation plan of the Company, any unvested
stock options or other incentive securities which were granted to Employee
prior to or during the term of this Agreement under the 2004 Plan or any such
other stock option or incentive compensation plan shall immediately vest on the
date of such termination of Employee’s employment, the expiration date of the
exercise period for such options or other securities shall be the earlier of
(1) one (1) year following the date of termination or (2) the expiration of the
term of the option, and the Company shall take all actions necessary or
advisable to give effect to this Section 1(g)(ii)(A); and

 

 

(B) all vested
options or other incentive securities held by Employee which were issued
pursuant to the 2004 Plan or any such other plan shall be exercisable pursuant
to the terms of the stock option agreement or other agreement(s) under which
the options or other incentive securities were granted, and the Company shall
take all actions necessary or advisable to give effect to this Section 1(g)(ii)(B).

 

Anything contained in this Section to the
contrary notwithstanding, Employee shall not be entitled to any of the benefits
set forth in this Section 1(g)(ii) if Employee either resigns and
terminates such employment voluntarily (other than for Good Reason, as
described above) or is terminated by the Company for Cause.

 

(iii)  Definition of “Change in Control.”  The definition of “Change in Control” set
forth in the 2004 Plan is incorporated, and made a part hereof, by reference.

 

(iv)  Definition of “Acquiring Company.”  For purposes of Section 1(g)
of this Agreement, an “Acquiring Company” shall mean the resulting or surviving
corporation, or the company issuing cash or securities (or its ultimate parent
company), in a merger,  sale, asset
purchase, or assignment of all or substantially all of the Company’s assets,
consolidation or share exchange involving the Company, or the successor
corporation to the Company (whether in any such transaction or otherwise).

 

2.  GENERAL RELEASE.  Notwithstanding
anything in this Agreement to the contrary, no payments shall be made or benefits
provided by the Company under Section 1 prior to the execution by Employee
at the time of termination of a general release in favor of the Company and its
affiliates, and its and their respective officers, employees and directors.

 

3.  TAXES.  Employee will be responsible for the payment
of any tax liability incurred as a result of this Agreement.  The Company may withhold tax on any payments
or benefits provided to Employee as required by law or regulation.

 

4.  NON-COMPETITION; NON-SOLICITATION.

 

(a)  Restrictions. 
Employee shall not, during the course of Employee’s employment
with the Company or for a period of twelve (12) months thereafter, directly or
indirectly:

 

(i) be
employed by, engaged in or participate in the ownership, management, operation
or control of, or act in any advisory or other capacity (including as an
individual, principal, agent employee, consultant or otherwise) for, any
Competing Entity which conducts its business within the Territory (as the terms
Competing Entity and Territory are hereinafter defined); provided, however,
that notwithstanding any of the foregoing, Employee may make solely passive
investments in any Competing Entity the common stock of which is “publicly held”
and of which Employee shall not own or control, directly or indirectly, in the
aggregate securities which constitute 5% or more of the voting power of such
Competing Entity;

 

(ii) solicit
or divert any business or any customer or known prospective customer from the
Company or assist any person or entity in doing so or attempting to do so;

 

(iii) cause or
seek to cause any person or entity to refrain from dealing or doing business
with the Company or assist any person or entity in doing so; or

 

(iv) solicit
for employment, or advise or recommend to any other person or entity that he,
she or it employ or solicit for employment or retention as an employee or
consultant, any person who is an employee of, or exclusive consultant to, the
Company.

 

 

(b) 
Effect on the Company’s Obligations.  The
Company’s obligation to make payments and provide the other benefits pursuant
to Section 1 above shall terminate in the event that, and at such time as,
Employee is in breach of Employee’s obligations set forth in Section 4(a)
above.

 

(c)  Definitions.  For purposes of this Section 4:

 

(i) “Competing
Entity” means any entity which is presently or hereafter engaged in any
business of the type or character engaged in by the Company or any of its
subsidiaries including, without limitation, (a) the business of providing to third
parties products or services for pre-clinical drug discovery or chemical
development which (x) include the outlicensing of small molecule libraries, the
undertaking of drug candidate screening, and/or related drug optimization
activities, or (y) utilize combinatorial chemistry or high-throughput screening
technologies in offering pre-clinical drug discovery services or (b) any
business which is engaged in the discovery and development of human therapeutic
products.

 

(ii) “Territory” means North
America, Europe and Japan.

 

Notwithstanding anything in the above to the
contrary, Employee may engage in the activities set forth in Section 4(a)
hereof with the prior written consent of the Company, which consent shall not
be unreasonably withheld.  Further, in
determining whether a specific activity by Employee for a Competing Entity
shall be permitted, the Company will consider, among other things, the nature
and scope of (A) the duties to be performed by Employee and (B) the
business activities of the Competing Entity at the time of Employee’s proposed
engagement by such entity.

 

(d) 
Acknowledgement.  Employee acknowledges and
agrees that the covenants set forth in this Section are reasonable and
necessary in all respects for the protection of the Company’s legitimate
business interests (including without limitation the Company’s confidential,
proprietary information and trade secrets and client good-will, which
represents a significant portion of the Company’s net worth and in which the
Company has a property interest). 
Employee acknowledges and agrees that, in the event that Employee
breaches any of the covenants set forth in this Section, the Company shall be
irreparably harmed and shall not have an adequate remedy at law; and,
therefore, in the event of such a breach, the Company shall be entitled to
injunctive relief, in addition to (and not exclusive of) any other remedies
(including monetary damages) to which the Company may be entitled under
law.  If any covenant set forth in this Section 4
is deemed invalid or unenforceable for any reason, it is the parties’ intention
that such covenants be equitably reformed or modified to the extent necessary
(and only to such extent) to render it valid and enforceable in all
respects.  In the event that the time period
and geographic scope referenced above is deemed unreasonable, overbroad, or
otherwise invalid, it is the parties’ intention that the enforcing court shall
reduce or modify the time period and/or geographic scope to the extent
necessary (and only to such extent necessary) to render such covenants
reasonable, valid and enforceable in all respects.

 

5.  ARBITRATION.  Any and all disputes between the parties
(except actions to enforce the provisions of Section 4 of this Agreement)
arising under or relating to this Agreement or any other dispute arising
between the parties, including claims arising under any employment
discrimination laws, may be adjudicated and resolved exclusively through
binding arbitration before the American Arbitration Association pursuant to the
American Arbitration Association’s then-in-effect National Rules for the
Resolution of Employment Disputes (hereinafter, “Rules”).  The initiation and conduct of any arbitration
hereunder shall be in accordance with the Rules and, unless expressly required
by law, each side shall bear its own costs and counsel fees in such
arbitration.  Any arbitration hereunder
shall be conducted in Princeton, New Jersey or at such other location as
mutually agreed by the parties.  Any
arbitration award shall be final and binding on the parties.  The arbitrator shall have no authority to
depart from, modify, or add to the written terms of this Agreement.  The arbitration provisions of this Section shall
be interpreted according to, and governed by, the Federal Arbitration Act, 9
U.S.C. § 1 et seq., and any action pursuant

 

 

to such Act to enforce any
rights hereunder shall be brought exclusively in any United States District
Court in the State of New Jersey.  The
parties consent to the jurisdiction of (and the laying of venue in) any such
court.

 

6.  NOTICES.  For the purposes of this Agreement,
notices, demands and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given when delivered
or (unless otherwise specified) mailed by United States certified or registered
mail, return receipt requested, postage prepaid, addressed as follows:

 

(a)                                  If to the Company, to:

 

Pharmacopeia Drug Discovery, Inc.

3000 Eastpark Blvd.

Cranbury, NJ  08512

Attn.:                 Leslie J. Browne , PhD

 

(b)                                 If to Employee, to:

 

David M. Floyd, PhD

 

or
to such other address as a party hereto shall designate to the other party by
like notice, provided that notice of a change of address shall be effective
only upon receipt thereof.

 

7.  WAIVER.  The waiver by the Company or Employee of any
breach of any provision of this Agreement shall not operate or be construed as
a waiver of any subsequent breach by Employee or the Company, as applicable of
any provision of this Agreement.

 

8.  SEVERABILITY.  The parties have carefully reviewed the
provisions of this Agreement and agree that they are fair and equitable.  However, in light of the possibility of
differing interpretations of law and changes of circumstances, the parties
agree that in the event that any section, paragraph or term of this Agreement
shall be determined to be invalid or unenforceable by any competent authority
or tribunal for any reason, the remainder of this Agreement shall be unaffected
thereby and shall remain in full force and effect.  Moreover, if any of the provisions of this
Agreement is determined by a court of competent jurisdiction to be excessively
broad as to duration, activity, geographic application or subject, it shall be
construed by limiting or reducing it to the extent legally permitted so as to
be enforceable to the extent compatible with then applicable law.

 

9.  SUCCESSORS
AND ASSIGNS.  This
Agreement shall bind and inure to the benefit of the successors and assigns of
the Company and the heirs, executors or personal representatives of
Employee.  This Agreement may not be
assigned by Employee.  This Agreement may
be assigned to any successor in interest to the Company (including by way of
merger, consolidation or reorganization, or by way of any assignment of all or
substantially all of the Company’s assets, business or properties), and
Employee hereby consents to such assignment.

 

10.  ENTIRE
AGREEMENT; AMENDMENTS. 
This Agreement, the Letter Agreement and the applicable bylaws and
policies of the Company, constitute the entire Agreement between the parties
hereto and there are no other understandings, agreements or representations,
expressed or implied.  This Agreement
supersedes any and all prior or contemporaneous agreements, oral or written,
concerning Employee’s employment and compensation.  This Agreement may be amended only in writing
signed by Employee and the Chief Executive Officer or Executive Vice President,
Human Resources of the Company.

 

 

11.  COUNTERPARTS.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which
together will constitute one and the same instrument.

 

12.  GOVERNING
LAW; FORUM SELECTION.  This Agreement shall be governed by and
construed in accordance with the laws (other than conflicts of laws principles)
of the State of New Jersey applicable to contracts executed in and to be
performed entirely within such State.  
The parties consent to jurisdiction and laying of venue in the state and
federal courts of New Jersey for purposes of resolving disputes under this
Agreement

 

IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the date first set forth above.

 

	
   

  	
  PHARMACOPEIA DRUG DISCOVERY, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ Leslie J. Browne, PhD

  	
   

  
	
   

  	
   

  	
  Leslie J. Browne, Ph.D.

  
	
   

  	
   

  	
  President and Chief
  Executive Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By 

  	
  /s/ David M. Floyd, PhD

  	
   

  
	
   

  	
   

  	
  David M. Floyd, PhD

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