Document:

ex_174842.htm

Exhibit 10.54

 

	
			

				
			Progenics Pharmaceuticals, Inc.

			One World Trade Center

			47th Floor, Suite J

			New York, New York 10007

			(646) 975-2500

			www.progenics.com

			

 

 

CONSULTING SERVICES AGREEMENT 

 

PROGENICS CONTRACT NO. 000000

 

This Consulting Services Agreement (“Agreement”) effective as of the November 15, 2019 (“Effective Date”) is by and between Progenics Pharmaceuticals, Inc., a corporation organized under the laws of the State of Delaware with a place of business at One World Trade Center, 47th Floor, Suite J, New York, New York 10007 (“PROGENICS”) and David W. Mims, with a place of business at [*] (“CONSULTANT”).

 

In consideration of the promises and mutual covenants contained herein and on the terms and conditions hereinafter set forth, it is agreed as follows:

 

	
			1.

				
			SCOPE OF SERVICES

			

 

CONSULTANT is engaged by PROGENICS to provide interim Chief Executive Officer (“CEO”) services (the “Services”).

 

CONSULTANT will personally perform all Services hereunder. CONSULTANT shall be available to PROGENICS at its offices or such other places as the parties may agree, at such times as the parties may agree, and shall be available for telephone consultations as requested by PROGENICS. CONSULTANT shall perform all Services in a prompt and professional manner. CONSULTANT shall not be entitled to subcontract any of its obligations hereunder without PROGENICS’ prior written approval. CONSULTANT will commute from his home in Alabama, and will work out of his home when he is not in the Progenics offices or at other locations on behalf of Progenics.

 

CONSULTANT’s primary contact at PROGENICS with respect to the work performed hereunder will be PROGENICS’ Board of Directors or such other individual(s) as PROGENICS may subsequently designate (“PROGENICS Contact”).

 

CONSULTANT shall not remove any PROGENICS property from PROGENICS’ premises without prior written authorization from PROGENICS; provided that CONSULTANT may have company property in his possession away from Progenies' premises for use in carrying out his duties under this agreement or as a board member.

 

	
			2.

				
			COMPENSATION

			

 

CONSULTANT’s fees for performance of Services (“Monthly Retainer”) will be $30,000 USD per month payable in arrears on the last business day of each month.

 

The parties estimate that Service fees hereunder will not exceed an aggregate dollar amount during the term of this Agreement of US $225,000.00 (“Maximum Service Fees”). Any amount above the Maximum Service Fees must be approved in writing by PROGENICS.

 

 

 

 

In addition to the compensation set forth above, PROGENICS will reimburse CONSULTANT for reasonable out-of-pocket expenses actually incurred by CONSULTANT in the performance of the Services, including, but not limited to telephone and facsimile charges and calls, car rental, lodging, travel expenses, meals and associated expenses all in accordance with Progenics’ current Travel Policy provided to CONSULTANT. CONSULTANT shall not be eligible to participate in any PROGENICS of ’s employee benefit plans, fringe benefit programs, group insurance arrangements or similar programs.   

 

 

CONSULTANT shall submit invoices once a month to PROGENICS, which shall set forth the hours of Services performed by CONSULTANT (and brief description of such Services, if applicable) for the prior unbilled period, and the amount of out-of-pocket expenses incurred by CONSULTANT for which CONSULTANT seeks reimbursement. Such invoices shall be payable within thirty (30) days of receipt by PROGENICS. CONSULTANT shall provide PROGENICS with supporting receipts and documentation for any out-of-pocket expenses which individually exceed $100.00 as an attachment to the billing statement. All invoices submitted by CONSULTANT shall reference the PROGENICS contract number on the first page of this Agreement. PROGENICS prefers invoices to be sent via email to AP@progenics.com. Alternatively, paper invoices may be mailed to PROGENICS at One World Trade Center, 47th Floor, Suite J, New York, New York 10007, Attn: Accounts Payable. PROGENICS does not accept invoices via facsimile.

 

CONSULTANT shall be required to devote CONSULTANT’s full time and attention to the performance of the Services hereunder to PROGENICS; provided that CONSULTANT may continue to serve on other boards and undertake other investment and business activity consistent with his current activity.

 

	
			3.

				
			TERM & TERMINATION

			

 

This Agreement shall enter into force and effect as of the Effective Date and shall remain in force and effect until June 30, 2020 unless terminated as set forth herein by either party.

 

This Agreement may be terminated by either party, which in the case of Progenics will be its Board of Directors, (i) for convenience upon fifteen (15) days written notice to the other, or (ii) upon default in performance of the other party, provided that the defaulting party shall be given not less than ten (10) days prior written notice of default and the opportunity to cure the default during such notice period. To the extent stated in the notice, CONSULTANT shall cease all Services as of the effective date of termination (the “Termination Date”).

 

Promptly upon the expiration or termination of this Agreement, and earlier if requested by PROGENICS at any time, CONSULTANT shall deliver to PROGENICS (and shall not keep in CONSULTANT’s possession or deliver to anyone else) all Confidential Information, as defined in Section 4 below, of PROGENICS (including all embodiments thereof) and all software, documentation, devices (including cell phones, computers and other electronics used by CONSULTANT), records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items, or any other work product whatsoever, developed by CONSULTANT as part of or in connection with the Services or otherwise belonging to PROGENICS.

 

 

 

 

	
			4.

				
			CONFIDENTIALITY

			

 

During the term of this Agreement, and for a period of three years following the expiration or termination of this Agreement, CONSULTANT shall keep confidential, and shall not use for any purpose other than in connection with the performance of CONSULTANT’s obligations under this Agreement, any information, including without limitation, data, business plans, techniques, processes, trade secrets, or other technical or business information of PROGENICS that is directly or indirectly disclosed by or on behalf of PROGENICS to CONSULTANT, by any means, including written, oral, visual or electronic, or obtained or generated by CONSULTANT during or as a result of CONSULTANT’s work for PROGENICS (“Confidential Information”).

 

The foregoing obligations of confidentiality and nonuse shall not apply to any information that (i) is or becomes part of the public domain through no fault of CONSULTANT, (ii) was already known to CONSULTANT at the time of disclosure by PROGENICS, as evidenced by written records prepared prior to such disclosure, or (iii) is acquired by CONSULTANT from a third party having right to possess and disclose such information, provided that such third party did not receive such information directly or indirectly from PROGENICS. CONSULTANT shall use the same degree of care, but no less than a reasonable degree of care, to keep PROGENICS’ Confidential Information confidential as CONSULTANT uses in safeguarding CONSULTANT’s own confidential information.

 

In addition, CONSULTANT may disclose Confidential Information to the extent required to do so by regulatory or judicial authority to whose jurisdiction CONSULTANT is subject. CONSULTANT shall promptly notify PROGENICS of any such request so that PROGENICS may object to the request and/or seek an appropriate protective order.

 

CONSULTANT shall not disclose the existence or subject matter of this Agreement to any third party other than employees of PROGENICS with a need to know without prior written consent of PROGENICS.

 

	
			5.

				
			OWNERSHIP OF MATERIALS

			

 

CONSULTANT shall promptly make full written disclosure to PROGENICS, shall hold in trust for the sole right and benefit of PROGENICS, and hereby assigns, transfers and conveys to PROGENICS, or its designee, all of CONSULTANT’s worldwide right, title and interest in and to any and all inventions, original works of authorship, findings, conclusions, data, discoveries, developments, concepts, improvements, trade secrets, techniques, processes and know-how, whether or not patentable or registrable under patent, copyright or similar laws, that CONSULTANT may solely or jointly conceive, develop or reduce to practice, or cause to be conceived, developed or reduced to practice, in the performance of the Services or that result, to any extent, from use of PROGENICS’ premises or property (collectively, the “Inventions”), including any and all moral rights and intellectual property rights inherent therein and appurtenant thereto, including, but not limited to, all patent rights, copyrights, trademarks, know-how and trade secrets and the rights to apply for the same (collectively, “Intellectual Property Rights”). CONSULTANT further acknowledges and agrees that all original works of authorship that are made by CONSULTANT (solely or jointly with others) in the performance of the Services (a “Work”) and that are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act. However, to the extent that any Work may not, by operation of any applicable law, be a work made for hire, CONSULTANT hereby assigns, transfers and conveys to PROGENICS all of CONSULTANT’s worldwide right, title and interest in and to such Work, including all Intellectual Property Rights relating thereto. For avoidance of doubt, this Section does not apply to Consultants activity permitted by the proviso in the last paragraph of Section 2.

 

 

 

 

Upon the request and at the expense of PROGENICS, CONSULTANT shall execute and deliver any and all instruments and documents and take such other acts as may be necessary or desirable to document the assignment and transfer described herein or to enable PROGENICS to secure its rights in the Inventions, Works and Intellectual Property Rights relating thereto in any and all jurisdictions, or to apply for, prosecute and enforce Intellectual Property Rights in any and all jurisdictions with respect to any Inventions or Works, or to obtain any extension, validation, re-issue, continuance or renewal of any such Intellectual Property Right. Without limiting the foregoing, CONSULTANT shall disclose to PROGENICS all pertinent information and data with respect thereto and shall execute all applications, specifications, oaths and all other instruments which PROGENICS deems necessary in order to apply for and obtain such rights and in order to assign and convey to PROGENICS the sole and exclusive right, title and interest in and to such Inventions, Works and any Intellectual Property Rights relating thereto. If PROGENICS is unable for any other reason to secure CONSULTANT’s signature to apply for or to pursue any application for any United States or foreign patent, trademark, copyright or other registration covering Inventions or Works assigned to PROGENICS hereunder, then CONSULTANT hereby irrevocably designates and appoints PROGENICS and its duly authorized officers and agents as CONSULTANT’s agent and attorney in fact, to act for and in CONSULTANT’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or trademark, copyright or other registrations thereon with the same legal force and effect as if executed by CONSULTANT.

 

CONSULTANT will only use any materials provided by or on behalf of PROGENICS consistent with and as contemplated by this Agreement and will not undertake any actions which would jeopardize the copyright, trademark, tradename and other intellectual property rights of PROGENICS or its affiliates in any such materials.

 

	
			6.

				
			WARRANTIES

			

 

CONSULTANT hereby warrants and represents to PROGENICS that:

 

	 	
			A.

				
			the Services shall be performed strictly in accordance with this Agreement and applicable laws and in a competent, timely, professional and workmanlike manner using the standards of care, skill, and diligence normally provided by competent professionals in the performance of Services similar to that are contemplated by this Agreement;

			

 

	 	
			B.

				
			CONSULTANT has all rights, approvals, licenses, rights or other authorizations required to perform the Services, if any; and

			

 

	 	
			C.

				
			the Services and/or any portion thereof, shall not violate, infringe upon, or misappropriate any patent, copyright, trade secret, trade name, or other proprietary rights of any third party, or breach any contract by which CONSULTANT is bound, and that CONSULTANT has neither assigned nor otherwise entered into an agreement by which CONSULTANT purports to assign or transfer to a third party any right, title or interest in or to any technology or intellectual property right that would conflict with CONSULTANT's obligations under this Agreement (collectively, "Infringement").

			

 

	
			7.

				
			INDEMNIFICATION

			

 

 

 

 

	
			8.

				
			COMPLIANCE WITH LAWS

			

 

A.     CONSULTANT shall comply with all requirements of any and all applicable federal, state, and local laws, rules and regulations relating to his performance of the Services hereunder.

 

B.     CONSULTANT represents and warrants to PROGENICS that CONSULTANT is not and has never been (i) sanctioned by the Office of Inspector General of the Department of Health and Human Services, excluded from participating in any government health care program, or convicted of a criminal offense that could lead to CONSULTANT being sanctioned or excluded; (ii) debarred by the Food and Drug Administration under the Generic Drug Enforcement Act of 1992, 21 U.S.C. Section 306(a) or (b) of the Federal Food, Drug, and Cosmetic Act, as amended, or any similar federal or state law or regulation, or (iii) other relevant professional licensing body. CONSULTANT shall immediately notify PROGENICS, during the term of this Agreement, upon becoming aware of any facts or circumstances reasonably expected to make such representations and warranties to become untrue. Upon receipt of such notice or if PROGENICS otherwise becomes aware of a threatened or actual sanction, exclusion, debarment, or disciplinary action, PROGENICS shall have the right to immediately terminate this Agreement for cause. PROGENICS reserves the right to screen CONSULTANT against the Office of Inspector General and General Services Administration exclusion databases, the U.S. Food and Drug Administration (“FDA”) debarment list, and any other relevant databases at any time during the term of this Agreement.

 

C.     CONSULTANT hereby certifies that CONSULTANT has not and will not use in any capacity the services of any individual, corporation, partnership or association which has been debarred under 21 U.S.C. Section 306(a) or (b). In the event that CONSULTANT becomes aware of the debarment or threatened debarment of any individual, corporation, partnership or association providing services to CONSULTANT which directly or indirectly relate to CONSULTANT’s activities under this Agreement, CONSULTANT shall notify PROGENICS immediately. CONSULTANT understands that PROGENICS shall have the right to terminate this Agreement immediately upon receipt of such notice pursuant to the provisions of Section 3 hereof.

 

D.     CONSULTANT acknowledges that PROGENICS conducts its relationships with healthcare professionals, in compliance with applicable laws and regulations (including, without limitation, the U.S. Anti-Kickback Statute, 42, U.S.C. §1320a-7(b)), and the PhRMA Code. CONSULTANT, in the performance of Services on behalf of PROGENICS, shall conduct its relationships with healthcare professionals, if any, in accordance with all applicable laws and the PhRMA Code.

 

E.     CONSULTANT acknowledges PROGENICS’ commitment to comply with all applicable local, state, and federal laws, rules, regulations, and agreements, including, without limitation, transparency principles. To that end, CONSULTANT acknowledges and agrees that payments made pursuant to this Agreement may be reported by PROGENICS to government entities as required by law, rule, regulation, or agreement. CONSULTANT acknowledges that PROGENICS may be required to publicly disclose payments to CONSULTANT, including the identity of the CONSULTANT, the nature of any services performed by the CONSULTANT pursuant to this Agreement, and the value and nature of any payments to the CONSULTANT.

 

 

 

 

	
			9.

				
			INDEPENDENT CONTRACTOR

			

 

Execution of this Agreement in no way creates, nor shall this Agreement be interpreted or construed as creating, an employment relationship between PROGENICS and CONSULTANT and it is understood CONSULTANT will be acting as an independent contractor.

 

	
			10.

				
			INSIDER TRADING

			

 

While providing the Services, CONSULTANT may gain access to certain material non-public information regarding PROGENICS. CONSULTANT understands that should CONSULTANT gain access to such material non-public information, CONSULTANT will, in compliance with U.S. securities laws, refrain from buying or selling PROGENICS securities, or disclosing such information to others.

 

	
			11.

				
			NOTICES

			

 

Any notice required or permitted hereunder shall be in writing and shall be deemed given as of the date it is (a) delivered by hand; (b) sent by registered or certified mail, postage prepaid, return receipt requested; or (c) delivered by overnight carrier with signature of recipient confirming receipt to the other party at the address listed above.

 

	
			12.

				
			GOVERNING LAW

			

 

This Agreement shall be governed by the laws of the State of New York, without reference to its choice of law principles.

 

	
			13.

				
			SEVERABILITY

			

 

The invalidity or unenforceability of any term or provision of this Agreement shall not affect the validity or enforceability of any other term or provision hereof.

 

	
			14.

				
			WAIVER

			

 

Waiver by either party or the failure by either party to claim a breach of any provision of this Agreement shall not be deemed to constitute a waiver or estoppel with respect to any subsequent breach of any provision hereof.

 

	
			15.

				
			ASSIGNMENT

			

 

This Agreement is personal to PROGENICS. CONSULTANT may not assign this Agreement without the prior written consent of PROGENICS. Any purported assignment made in violation of this provision shall be null, void and without legal effect.

 

	
			16.

				
			ENTIRE AGREEMENT; AMENDMENTS

			

 

This Agreement supersedes any previous understandings or agreements, whether written or oral, between the parties regarding the Services. This Agreement may be amended only by a written document signed by both parties. No pre-printed terms of any subsequent purchase order or invoice will add to, modify, or supersede the terms of this Agreement.

 

 

 

 

	
			17.

				
			SURVIVAL

			

 

Any provision of or obligation under this Agreement, which contemplates performance or observance subsequent to any termination or expiration of this Agreement, shall survive any such termination or expiration, and shall continue in full force and effect. In addition, all provisions of this Agreement shall survive the termination or expiration of this Agreement to the fullest extent necessary to give the parties the full benefit of the bargain expressed herein and of the intent contemplated hereunder.

 

 

 

IN WITNESS WHEREOF, the parties hereto, by their duly authorized representatives, have signed this Agreement as of the Effective Date.

 

	PROGENICS PHARMACEUTICALS, INC. 	DAVID W. MIMS
	 	 
	By:       /s/ Patrick Fabbio                                    	By:      /s/ David W. Mims                                 
	 	 
	Name:       Patrick Fabbio                                    	Name:       David W. Mims                              
	 	 
	Title:     EVP & CFO                                           	Title:     CEO                                                    
	 	 
	Date:     1/7/20                                                     	Date:     1/7/20ex_176151.htm

Exhibit 10.55

 

		Progenics Pharmaceuticals, Inc.
	One World Trade Center, 47th Floor Suite J
	New York, NY 10007
	Phone: (646) 975-2500
	Fax: (646) 707-3626
	www.progenics.com

 

 

October 11, 2019

 

[NAME]

c/o Progenics Pharmaceuticals, Inc.

One World Trade Center, 47th Floor

New York, NY 10007

 

Re: Retention Bonus Agreement

 

Dear [FIRST NAME]:

 

As you may know, Progenics Pharmaceuticals, Inc. (the “Company”) has recently entered into an agreement to be acquired by Lantheus Holdings, Inc. (“Parent,” and such acquisition, the “Company Sale”). The Company is pleased to offer you a total retention bonus opportunity of $[TOTAL BONUS AMOUNT] on the terms and conditions set forth in this letter agreement.

 

Your total retention bonus opportunity consists of two parts:

 

	 	
			1.

				
			If you remain employed with the Company through the closing of the Company Sale (the “Closing”), the Closing occurs on or before July 1, 2020 (the “Expiration Date”), and you continue to perform your duties for the Company through the Closing, the Company will pay you a cash bonus of $[50% OF BONUS AMOUNT], subject to applicable withholdings and deductions.

			

 

	 	
			2.

				
			If the Closing occurs on or before the Expiration Date and you remain employed with the Company through the date that is six (6) months after the Closing, the Company will pay you a cash bonus of $[50% OF BONUS AMOUNT], subject to applicable withholdings and deductions.

			

 

Notwithstanding the foregoing, if the Closing occurs on or before the Expiration Date and, during the six (6)-month period after the Closing, your employment with the Company is terminated either (i) by such entity without Cause (as defined below), (ii) by you for Good Reason (as defined below), or (iii) as a result of your death or disability, the Company will pay you the entire amount of your cash bonus provided above (to the extent not previously paid). If, however, you cease to be employed by the Company (or a successor or affiliate) prior to the date that is six (6) months after the Closing for any reason other than as described in the preceding sentence, or if the Closing does not occur on or before the Expiration Date, this letter agreement will terminate and you will not be entitled to any payment of the bonus (or the second portion of the bonus in the case of such a termination of employment after the Closing) hereunder. As used herein, the term “Company” shall include any successor or affiliate thereof.

 

If you become entitled to payment of a bonus as described above, the Company will pay your bonus on or as soon as practicable after (and in all events within ten (10) business days after) the date the bonus is earned (the Closing in the case of the first portion of the bonus opportunity described above and the date that is six (6) months after the Closing in the case of the second portion of the bonus opportunity described above); provided, however, that if your bonus becomes payable in connection with a termination of your employment during the six (6)-month period after the Closing by the Company without Cause, by you for Good Reason, or due to your death or disability as described in the preceding paragraph, the bonus will be paid on (or within ten (10) business days following) your termination of employment.

 

 

 

 

For purposes of this letter agreement, the term “Cause” means the occurrence of any of the following: (i) your willful and continued failure to substantially perform your duties to the Company; (ii) your conviction for, or plea of nolo contendere to, a felony or any crime involving moral turpitude; (iii) your engagement in any malfeasance, fraud or dishonesty of a substantial nature in connection with your position with the Company; or (iv) such other willful act by you that materially damages the reputation of the Company. However, no act or failure to act, on your part shall be considered “willful” unless done, or omitted to be done, by you not in good faith and without reasonable belief that your action or omission was in the best interest of the Company. Notwithstanding the foregoing, if you are a party to an employment or similar agreement with the Company or any subsidiary of the Company, the term “Cause” shall, as used in this letter agreement, have the same meaning set forth in such employment or similar agreement if and to the extent such term is defined therein.

 

For purposes of this letter agreement, the term “Good Reason” means the occurrence, without your consent, of any of the following events: (i) a material reduction in your rate of base salary or target annual cash opportunity; or (ii) Parent’s relocation of your principal place of employment to a location outside of a seventy-five (75)-mile radius of New York City (unless such new place of employment is closer to your personal residence than the prior place of employment); provided, however, that none of the events described in this sentence shall constitute Good Reason unless you first notify Parent in writing describing in reasonable detail the condition which constitutes Good Reason within thirty (30) days of its occurrence, Parent fails to cure such condition within thirty (30) days after the Parent’s receipt of such written notice, and you terminate your employment within sixty (60) days after the end of such thirty (30)-day cure period.

 

The Company will require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business or assets of the Company expressly to assume and agree to perform this letter in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This letter will be binding upon and inure to the benefit of the Company and any such successor to the Company and will inure to the benefit of and be enforceable by your successors. Nothing contained in this letter constitutes an employment or service commitment by the Company (or any of its subsidiaries or successors) or affects your status as an employee at will who is subject to termination without cause at any time. This letter contains all of the terms and conditions of your retention bonus opportunity and supersedes all prior understandings and agreements, written or oral, between you and the Company and any of its subsidiaries with respect thereto. This letter may be amended only by a written agreement between you and the Company that expressly refers to this letter. The validity, interpretation, construction and performance of this letter shall be governed by the laws of the State of New York without regard to the conflicts of laws principles thereof. It is intended that any amounts payable under this letter shall either be exempt from or comply with Section 409A of the U.S. Internal Revenue Code so as not to subject you to payment of any additional tax, penalty or interest imposed under Section 409A, and the provisions of this letter will be construed and interpreted in accordance with such intent.

 

We appreciate your hard work and look forward to this next exciting chapter in the Company’s history. Should you have any questions regarding this bonus opportunity, please feel free to call me.

 

	 	
			Progenics Pharmaceuticals, Inc.

			 

			/s/ Patrick Fabbio

			Patrick Fabbio

			Chief Financial Officer

			
	 	 
	 	 

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