Document:

Employment Agreement between the Registrant and Sheldon Goldberg

 Exhibit 10.11 
  
 EMPLOYMENT AGREEMENT 
  
 This Employment Agreement (this “AGREEMENT”) is entered into as of February 22, 2005 by and between Voyager Pharmaceutical Corporation, a
Delaware corporation (the “COMPANY”), and Sheldon Goldberg, an individual residing at 15835 Delasol Lane, Naples, Florida 34110 (“EXECUTIVE”). 
  
 RECITALS: 
  
 The Company desires to be assured of the services of Executive by employing Executive in the capacity and on the terms set forth below and Executive
desires to commit himself to serve the Company on the terms herein provided. 
  
 In consideration of the foregoing and the covenants contained herein, the Company hereby agrees to employ Executive and Executive hereby agrees to provide services to the Company on the following terms. 
  
 1. EMPLOYMENT PERIOD. Executive’s employment hereunder shall be
effective on March 15, 2005 or other mutually agreeable date (the “COMMENCEMENT DATE”), and shall terminate on the fifth anniversary thereof (the “TERM”), unless sooner terminated in accordance herewith, and subject to extension
by mutual agreement of the parties. 
  
 2. TITLE AND DUTIES DURING
EMPLOYMENT PERIOD. Executive shall be the Senior Vice President of Corporate Development of the Company and as such will be responsible for government relations (including Medicare reimbursement issues), national and international opinion leader
development, site recruitment support and related duties. 
  
 3.
FULL TIME EFFORT. Executive will devote substantially all of his energies, interest, abilities and productive time during customary business hours to the business of the Company. Executive may discharge his responsibilities from his home in Naples,
Florida. The Company will reimburse Executive or pay directly for Executive’s travel and lodging expenses associated with travel from Naples, Florida to the Company’s headquarters in Raleigh, North Carolina and other destinations
associated with Executive’s responsibilities. 
  
 4.
COMPENSATION. 
  
 (a) SALARY. The Company shall pay to Executive
an annual salary of $300,000 during the Term, subject to such increases as the Board of Directors may from time to time approve (the “SALARY”). Such Salary shall be payable during the applicable year semi-monthly in 24 installments and
shall be pro-rated for partial calendar years. 
  
 (b) BONUS. In
addition to his Salary, Executive shall be eligible for a yearly bonus of up to 50% of his salary under the Company’s annual bonus plan (the “BONUS”). The individual and corporate milestones and objectives under the bonus plan shall
be set annually based on review and approval by the Company’s Board of Directors and bonuses shall be paid as soon as practicable after the end of each calendar year. 
  

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 5. STOCK OPTIONS. Upon the commencement of the Term, the Company shall grant Executive an option to
purchase 50,000 shares of the Company’s common stock at a price of $8.00 per share pursuant to the Company’s 2001 Stock Option Plan, of which 10,000 such options shall be immediately vested on such commencement and the balance of which
shall vest at a rate of 8,000 options per year on the anniversary date of such commencement, subject to continued employment on such date. Executive shall also be eligible for additional option grants during his employment at the discretion of the
Company’s Board of Directors. 
  
 6. BENEFITS. 
  
 (a) PARTICIPATION. Executive shall be entitled to participate in such
then-available insurance programs, equity-based plans and other benefits as the Company regularly provides to its other senior executive officers; provided, however, that nothing contained herein shall preclude the Company from amending or
terminating any particular employment benefit plans. 
  
 (b)
VACATION. Executive shall be entitled to four weeks of vacation time each calendar year, to be pro-rated for partial calendar years, during the term of Executive’s employment hereunder. 
  
 (c) EXPENSES AND CAR ALLOWANCE. Subject to compliance with the Company’s
normal and customary policies regarding substantiation and verification of business expenses, Executive is authorized to incur on behalf of the Company and the Company shall pay, or reimburse Executive for, all customary and reasonable expenses
incurred in connection with the performance of duties hereunder or for promoting, pursuing or otherwise furthering the business of the Company, or any of its subsidiaries, including, but not limited to, expenses for travel, entertainment and similar
items. Executive shall also be entitled to a car allowance of $750.00 per month to defray the costs of ownership of an automobile. 
  
 7. TERMINATION BY THE COMPANY FOR CAUSE. The Company shall have the right to terminate Executive’s employment hereunder for Cause upon written notice
to Executive, subject to Executive’s right to cure within 14 days of such notice in the case of any termination for cause under clause (i) below. In the event Executive’s employment is terminated for Cause, Executive shall be entitled to
receive his unpaid Salary and unreimbursed business expenses through his termination date. All other rights of Executive under this Agreement shall terminate on his termination date. 
  
 “CAUSE” means (i) the willful and continued failure by Executive substantially to perform his duties hereunder
(other than such failure resulting from Executive’s incapacity due to physical or mental illness); (ii) the indictment or conviction of Executive of any felony, or (iii) fraud, embezzlement or misappropriation by Executive relating to the
Company or its funds, properties, opportunities or other assets. 
  
 8. TERMINATION ON DEATH OR DISABILITY. This Agreement shall terminate on the death or Disability of the Executive. In the event of such death or Disability, Executive or his estate shall be entitled to receive his unpaid Salary and
unreimbursed business expenses through the date of such death or Disability, as well as any bonus payable to Executive 

  

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with respect to the year preceding his death or Disability and any bonus that would have been payable to Executive with respect to the year in which his
death or Disability occurred. Such bonus shall be paid as soon as practicable after the amount thereof has been determined and shall be pro-rated for any partial calendar year. All other rights of Executive under this Agreement shall terminate on
such date. 
  
 “DISABILITY” means a physical or mental
incapacity as a result of which Executive becomes unable to continue the proper performance of his duties hereunder for 120 or more business days in any 12-month period. In the event Executive’s employment terminates because of death or
Disability, Executive or his estate shall also be entitled to receive any disability payments or death benefits provided by the Company’s insurance plans. 
  

9. NOTICES. Any notice, request, demand or other communication required or permitted hereunder shall be deemed to be properly given when personally
delivered in writing addressed as specified below or deposited in the United States mail, registered or certified with return receipt requested, postage prepaid and addressed as specified below. 
  

			
	 To the Company:
	  	 Voyager Pharmaceutical Corporation
 8540 Colonnade
Center Drive
 Raleigh, NC 27615

		
	 Attention:
	  	Patrick S. Smith
		
	 To the Executive:
	  	 Sheldon Goldberg
 15835 Delasol Lane
 Naples, FL 34110

  
 Each party may change its address by
written notice in accordance with this Section. 
  
 10. BENEFIT OF
AGREEMENT. This Agreement shall inure to the benefit of and shall be binding upon the parties and their respective executors, administrators, successors and assigns. 
  
 11. APPLICABLE LAW. This Agreement is made and is to be governed by and construed under the internal laws of North Carolina
without regard to principles of conflict of laws. 
  
 12. WAIVER
OF BREACH. A waiver by either party of any breach of the provisions of this Agreement by the other party, or, in any particular instance or series of instances, of any term or condition of this Agreement, shall not constitute or be deemed a waiver
of such breach or of any such term or condition in any other instance nor shall any waiver constitute a continuing waiver hereunder. No waiver shall be binding unless executed in writing by the party making the waiver. 
  
 13. WARRANTIES. As an inducement to the Company to enter into this Agreement,
Executive represents and warrants that there exist no impediments or restraints, contractual or otherwise on Executive’s power, right or ability to enter into this Agreement and to perform his duties and obligations hereunder. As an inducement
to Executive to enter into this Agreement, 

  

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the Company represents and warrants that there exist no impediments or restraints, contractual or otherwise on the Company’s power, right or ability to
enter into this Agreement and to perform its duties and obligations hereunder. 
  
 14. AMENDMENT. The provisions of this Agreement may be amended, modified, supplemented, or otherwise altered only by an agreement, in writing, executed by the Company and Executive. 
  
 15. ENTIRE AGREEMENT. This Agreement and the attached Proprietary Information
and Inventions Agreement contain the entire agreement of the Company and Executive, and supersede any and all other agreements, either oral or in writing, between the Company and Executive with respect to the employment of Executive by the Company.
Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other
agreement, statement or promise with respect to the subject matter hereof not contained in this Agreement or the attached Proprietary Information and Inventions Agreement shall be valid or binding. 
  
 16. COUNTERPARTS. This Agreement may be executed in one or more counterparts,
each of which shall be deemed an original, all of which together shall constitute one and the same instrument. 
  

									
	 EXECUTIVE
	 	 	 	 VOYAGER PHARMACEUTICAL CORPORATION

				
	 /s/ Sheldon L. Goldberg
	 	 	 	By:	 	 /s/ Patrick S. Smith

	 	 	 	 	 	 	 Title:
	 	 President, CEO

  

 4Offer Letter dated August 20, 2004

 Exhibit 10.12 
  
 

 
  

			
	 Michael J. Giannini
 5409 Fire Pink Way
 Raleigh, NC 27613
	 	 January 22, 2002

  
 Dear Mike, 
  
 This will confirm our offer of employment as Vice President of Human
Resources for Voyager, commencing Monday, January 28, 2002. In that position, you will have broad responsibility for our human resource functions and will develop our employee policies and procedures, benefit packages and ongoing training programs.

  
 Your salary will be $100,000 per year, payable on the
15th and 30th of each month. Your salary will be subject to review annually. In addition, your salary will be increased to $150,000 in the event we raise at least $5,000,000 in financing from venture capital firms
or other institutional investors and will be increased to at least $175,000 in the event we raise at least $10,000,000 in financing from such investors or in the event of an initial public offering by Voyager. 
  
 Also, upon commencement of your employment, you will be granted a stock
option to purchase 15,000 shares of Voyager common stock at $2.50 per share. Your option will vest 20% per year over five years on the anniversary of your start date. You will also be eligible for additional annual grants under our Stock Option
Plan, as determined by our Board of Directors. 
  
 In addition,
you will be entitled to participate in other employee benefits available to our employees generally, including health insurance and, when instituted, life insurance and 401k programs. 
  
 As a valued senior executive, you also have a current opportunity to purchase Voyager common stock at $2.50 per share. You
should touch base with Dave Corcoran if you would like to follow up on this opportunity. 
  
 Mike, I’m sure you realize this is a ground floor opportunity and that this position offers tremendous growth potential. We look forward to having you as part of our team and to the exciting challenges ahead.

  
 Please indicate your acceptance of our offer by signing and
returning to me a duplicate of this letter. 
  

	
	Sincerely,
	
	 /s/ Patrick S. Smith

	 Patrick S. Smith

	 President

  

	
	ACCEPTED:
	
	 /s/ Michael J. Giannini

	 Michael J. Giannini

  
 8540 Colonnade Center
Drive, Suite 409 
 Raleigh, North Carolina 27615 
 (919) 846-4880 • fax (919) 846-4881

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