Document:

exv10w23

 

Exhibit 10.23

	 	 	 
	Mr. Gregor Mirow

Schlossstr. 4

Rißtissen

Germany

	 	Micromet, Inc.

2110 Rutherford Road

Carlsbad, California 92008

	 
	 	 
	 

	 	Phone: (760) 494-4200

Fax: (760) 431-9980

E-mail: info@micromet-inc.com

Internet: www.micromet-inc.com

December 22, 2006

Re: Separation Agreement

Dear Gregor:

This letter sets forth the substance of the separation agreement (the “Agreement”), which Micromet,
Inc. (the “Company”) is offering to you to aid in your employment transition.

     1. Separation. As we have discussed with you, the Company is terminating your employment
without Cause (as defined in the Executive Employment Agreement between you and the Company dated
June 2, 2006, hereafter the “Employment Agreement”), and your last day of work with the Company and
your employment termination date will be March 15, 2007 (the “Separation Date”). Any termination by
you prior to the Separation Date would result in forfeiture of the Severance Benefits detailed
below.

     2. Severance Benefits. Subject to the terms of this Agreement, the Company will pay or grant
you the following severance benefits (the “Severance Benefits”):

     (a) the amount of your base salary for 12 months payable as a lump sum on the Separation Date
(less any payroll withholding and deductions due on such payments);

     (b) a bonus for calendar year 2006 determined by the Company  ́s Compensation Committee in
accordance with the 2006 Management Incentive Compensation Plan payable as a lump sum on the
Separation Date (less any payroll withholding and deductions due on such payments);

 

 

     (c) your base salary for any accrued vacation time from 2006 and pro-rated vacation time in
2007 to the extent you have not taken such vacation time by the Separation Date, payable as a lump
sum on the Separation Date (less any payroll withholding and deductions due on such payments);

     (d) executive-level outplacement services with a firm to be chosen by you from a list of firms
compiled by the Company up to a maximum of fifteen thousand Euros (€15,000). You must use the
outplacement services prior to or within six (6) months after the Separation Date;

     (e) your health insurance and life insurance premiums for a period of 12 months following the
Separation Date at the same level as was paid during the term of the employment under the
Employment Agreement;

     (f) the acceleration of the vesting of all your options per the Separation Date, with an
option exercise period of 12 months from the Separation Date; provided, however, that you agree
that you will not sell during any one-month period in the 12 months following the Separation Date
more than 10% of the shares held by you as of the Separation Date or issuable to you upon exercise
of your options. Any planned and completed sale of shares during such 12-month period will be
notified to the General Counsel of the Company.

     3. No Other Compensation or Benefits. You acknowledge that, except as expressly provided in
this Agreement, you will not receive any additional compensation, severance or benefits after the
Separation Date and that the Severance Benefits of Section 2 replace any severance benefits you may
have been entitled to under the Employment Agreement, any agreement you may have with Micromet AG,
your position as a Vorstand of Micromet AG, or otherwise.

     4. Expense Reimbursements. If you have been issued any Company credit or calling cards, the
Company will cancel these card(s) effective as of the Separation Date. You agree that, within ten
(10) days of 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 reasonable business expenses
pursuant to its regular business practice.

     5. Return of Company Property. By the Separation Date, you agree to return to the Company all
Company documents (and all copies thereof) and other Company property that you have had in your
possession at any time, including, but not limited to, Company files, notes, drawings, records,
business plans and forecasts, financial information, specifications, computer-recorded information,
tangible property (including, but not limited to, computers), credit cards, entry cards,
identification badges and keys; and, any materials of any kind that contain or embody any
proprietary or confidential information of the Company (and all reproductions thereof). Please
coordinate return of Company

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documents and property with Christian Neitzel, Director, Human Resources. Receipt of the
Severance Benefits described in Section 2 of this Agreement is expressly conditioned upon return of
all Company Property.

     6. Proprietary Information and Other Continuing Obligations. Both during and after your
employment you acknowledge your continuing obligations under your Employee Invention Assignment and
Confidentiality Agreement and the continuing obligations and restrictive covenants of your
Employment Agreement, including Section 6 of the Employment Agreement, including your obligation
not to use or disclose any confidential or proprietary information of the Company. A copy of your
Employee Invention Assignment and Confidentiality Agreement is attached hereto as Exhibit A. If
you have any doubts as to the scope of these restrictions, you should contact Matthias Alder,
General Counsel, immediately to assess your compliance. As you know, the Company will enforce its
rights under its employment contracts. Please familiarize yourself with the enclosed agreement
that you signed.

     7. Confidentiality. To the extent the terms of this Agreement have not been made public by
the Company, the provisions of this Agreement will be held in strictest confidence by you and will
not be publicized or disclosed in any manner whatsoever; provided, however, that: (a) you may
disclose this Agreement in confidence to your immediate family; (b) you may disclose this Agreement
in confidence to your attorney, accountant, auditor, tax preparer, and financial advisor; and (c)
you may disclose this Agreement insofar as such disclosure may be required by law.

     8. Nondisparagement. You agree not to disparage the Company, and the Company’s attorneys,
directors, managers, partners, employees, officers, agents and affiliates, and the Company agrees
not to disparage you, in any manner likely to be harmful to the business, business reputation or
personal reputation of the other party; provided that you and the Company will respond accurately
and fully to any question, inquiry or request for information when required by legal process.

     9. Resignation and Release. As a condition to the payment of the Severance Benefits, you
hereby agree to resign as Vorstand of Micromet AG effective as of the Separation Date, and you will
sign a release substantially in the form attached to this Agreement as Exhibit B effective as of
the Separation Date.

     10. Cooperation. Prior to and after the Separation Date, you agree to fully cooperate with
the Company in all matters relating to the transition of your work, files and responsibilities on
behalf of the Company, including, but not limited to, any present, prior or subsequent
relationships, litigation in which the Company is or may become involved, and the orderly transfer
of any such work and institutional knowledge to such other persons as may be designated by the
Company. The Company and you will coordinate the timing of your performance under this Section 10
so as to minimize any interference with your ability to search or interview for or perform a new
job. The Company will

3

 

reimburse any reasonable out-of-pocket expenses you incur in connection with your performance
under this Section 10 for which you provide receipts to the Company. Receipt of the severance
payment described in Section 2 of this Agreement is expressly conditioned upon your compliance with
the terms of this Section 10, provided, however, that such condition will expire and the severance
payment will be unconditional on the first anniversary of the Separation Date; and provided
further, that you will be reimbursed for the time spent on any activities performed by you at the
request of the Company pursuant to this Section 10 after the first anniversary of the Separation
Date on an hourly basis at a rate mutually agreed at the time.

     11. Breach. You agree that upon any material breach of this Agreement you will forfeit all
amounts paid or owing to you under this Agreement. Further, you acknowledge that it may be
impossible to assess the damages caused by your violation of the terms of Sections 6, 7, 8, and 10
of this Agreement and further agree that any threatened or actual violation or breach of those
paragraphs of this Agreement will constitute immediate and irreparable injury to the Company. You
therefore agree that in addition to any and all other damages and remedies available to the Company
upon your breach of this Agreement, the Company will be entitled to an injunction to prevent you
from violating or breaching this Agreement.

     12. Miscellaneous. This Agreement, including Exhibit A and Exhibit B, along with the
surviving provisions of the Employment Agreement, including those set forth in Section 10(c) (other
than Section 6(a)), constitutes the complete, final and exclusive embodiment of the entire
agreement between you and the Company with regard to this subject matter. 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 such promises, warranties or representations. 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 will not affect any other
provision of this Agreement and the provision in question will be modified by the court so as to be
rendered enforceable. This Agreement will be deemed to have been entered into and will be
construed and enforced in accordance with the laws of Germany, as applied to contracts made and to
be performed entirely within Germany.

4

 

If this Agreement is acceptable to you, please sign below and return the original to me.

I wish you good luck in your future endeavors.

Sincerely,

	 	 	 	 	 
	Micromet, Inc.

 	 	 
	By:  	/s/ Christian Itin
 	 	 
	 	Name:  	Christian Itin 	 	 
	 	Title:  	President and CEO 	 	 
	 
	Agreed to and Accepted:

 	 	 
	/s/ Gregor K. Mirow
 	 	 
	Gregor Mirow 	 	 
	 	 	 

5

 

CONSIDERATION PERIOD

I, Gregor Mirow, understand that I have the right to take 21 days to consider whether to sign this
Agreement, which I received on December 22, 2006. If I elect to sign this Agreement before 21 days
have passed, I understand I am to sign and date below this paragraph to confirm that I knowingly
and voluntarily agree to waive the 21-day consideration period.

	 	 	 	 	 
	Agreed:

 	 	 
	/s/ Gregor K. Mirow
 	 	 
	Executive Employee Signature 	 	 
	 
	January 9, 2007 	 
	Date 	 	 
	 

6

 

Exhibit 10.23

Exhibit A

Employee Invention Assignment and Confidentiality Agreement

 

Exhibit 10.23

Exhibit B

Form of Release

RELEASE AGREEMENT

1. Consideration. I understand that my position with Micromet, Inc. (the “Company”)
terminated effective March 15, 2007 (the “Separation Date”). Company has agreed that if I
choose to sign this Release Agreement (“Release”), Company will pay me certain Severance
Benefits and provide other consideration pursuant to the terms of the Separation Agreement
(the “Agreement”) between myself and Company, and any agreements incorporated therein by
reference. I understand that I am not entitled to such benefits or considerations unless I
sign this Release, and that Severance Benefits will be paid commencing on the first regular
payday following the Effective Date as defined herein, while the insurance premiums pursuant
to Section 2(e) will be paid commencing upon my execution of this Release.

2. General Release. In exchange for the consideration provided to me under the Agreement that
I am not otherwise entitled to receive, I hereby generally and completely release Company and
its present and former directors, officers, employees, shareholders, partners, agents,
attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and
assigns from any and all claims, liabilities and obligations, both known or reasonably
knowable, that arise out of or are in any way related to events, acts, conduct, or omissions
occurring prior to my signing this Release. This general release includes, but is not limited
to all claims arising out of or in any way related to my employment with Company or the
termination of that employment. Further, notwithstanding the foregoing, I hereby generally and
completely release Company and its present and former directors, officers, employees,
shareholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary
entities, insurers, affiliates, and assigns 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 prior to my signing this Release. This general release
includes, but is not limited to: (a) all claims related to my compensation or benefits from
Company, including salary, bonuses, commissions, vacation pay, expense reimbursements,
Severance Benefits, fringe benefits, stock, stock options, or any other ownership interests in
Company; (b) all claims for breach of contract, wrongful termination, and breach of the
implied covenant of good faith and fair dealing; (c) all tort claims, including claims for
fraud, defamation, emotional distress, and discharge in violation of public policy; and (d)
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, the federal Age Discrimination in Employment Act of 1967 (as
amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended), and any
corresponding German laws. Notwithstanding the release in the preceding sentence, I am not
releasing (a) any right of indemnification I may have in my capacity as an employee, officer
and/or director of Company pursuant to any express indemnification agreement, (b) any rights I
may have as an owner and/or holder of Company’s common stock and stock options, and (c) any
rights I may have as a beneficiary

 

 

of the D&O insurance obtained by Company as required by the
terms of the Agreement. Excluded from this Release are any claims which cannot be waived by
law. I am waiving, however, my right to any monetary recovery should any agency, such as the
EEOC, pursue any claims on my behalf.

3. ADEA Waiver. I acknowledge that I am knowingly and voluntarily waiving and releasing any
rights I may have under the ADEA (“ADEA Waiver”). I also acknowledge that the consideration
given for the ADEA Waiver is in addition to anything of value to which I was already entitled.
I further acknowledge that I have been advised by this writing, as required by the ADEA,
that: (a) my ADEA Waiver does not apply to any rights or claims that arise after the date I
sign this Release; (b) I should consult with an attorney prior to signing this Release; (c) I
have twenty-one (21) days to consider this Release (although I may choose to voluntarily sign
it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the
ADEA Waiver; and (e) the ADEA Waiver will not be effective until the date upon which the
revocation period has expired unexercised, which will be the eighth day after I sign this
Release (“Effective Date”). Nevertheless, my general release of claims, except for the ADEA
Waiver, is effective immediately, and not revocable.

4. Section 1542 Waiver. In giving the general release herein, which includes claims which may
be unknown to me at present, I acknowledge that I 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 favor at the time of executing the release, which if known by him must have
materially affected his settlement with the debtor.”

To the extent permissible under applicable law, I hereby expressly waive and relinquish all rights
and benefits under that section and any law of any other jurisdiction of similar effect with
respect to my release of any unknown or unsuspected claims herein.

	 	 	 	 	 	 	 	 	 
	Agreed:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Micromet, Inc.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	Date:	 	 
	 
	 	 	 	 	 	 
	 
	 	Christian Itin	 	 	 	 	 	 
	 
	 	President and Chief Executive Officer	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	Date:	 	 
	 
	 	 	 	 	 	 
	 
	 	Gregor Mirowexv10w25

 

Exhibit 10.25

2007 Management Incentive

Compensation Plan

1

 

Exhibit 10.25

2007 Management Incentive Compensation Plan

The Management Incentive Compensation Plan (the “Plan”) is designed to offer incentive compensation
to officers and employees (the “Associates”) of Micromet, Inc. and its subsidiary Micromet AG
(collectively, “Micromet”) by rewarding the achievement of corporate goals and specifically
measured individual goals that are consistent with and support overall corporate goals. The Plan
will create an environment that will focus Associates on the achievement of objectives. Since
cooperation between departments and Associates will be required to achieve corporate objectives
that represent a significant portion of the incentive compensation paid under the Plan, the Plan
should help foster improved teamwork and a more cohesive management team.

Purpose of the Plan

The Plan is designed to:

	•	 	Provide an incentive program to achieve overall corporate objectives and to enhance shareholder value
	 
	•	 	Reward those individuals who significantly impact corporate results
	 
	•	 	Encourage increased teamwork among all disciplines within Micromet
	 
	•	 	Incorporate an incentive program in the overall compensation program of Micromet to help attract and retain key
Associates

Plan Governance

The President and CEO of Micromet, Inc. (the “Chief Executive Officer”) will be responsible for the
administration of the Plan for Associates of Micromet, Inc. and the Vorstand of Micromet AG
(“Executive Management Board”) will be responsible for the administration of the Plan for
Associates of Micromet AG, except that the Compensation Committee (the “Committee”) of the Board of
Directors of Micromet, Inc. (the “Board”) will be responsible for approving any incentive awards to
officers of Micromet, Inc. and for determining and approving any incentive awards to the Chief
Executive Officer.

Eligibility

The Associates who may be eligible to participate in the Plan shall be selected at the sole
discretion of Micromet (each such Associate a “Plan Participant”). In order to be eligible to
receive any incentive award under this Plan, an Associate (a) must have been in an eligible
position for at least three (3) consecutive months during the Plan year; (b) must not be a
Part-time Associate; (c) must have had at least an acceptable, “Meets Standard” (3.0 or higher)
rating on his or her most recent performance review; and (d) if the Associate has been on probation
for performance or other issues at any time during the Plan year or during the period from the end
of the Plan year until the time at which bonus determinations are made, any award to such
individual must be approved by and will be subject to the discretion of the Committee for
Associates of Micromet, Inc. and the Vorstand (or Executive Management Board) of Micromet AG will
be responsible for the administration of the Plan for Associates
of Micromet AG. For purposes of this Plan, Part-time Associate shall be defined as any Associate
working fewer than 30 hours per week.

2

 

Exhibit 10.25

Form of Incentive Award Payments

Incentive award payments may be made in cash, through the issuance of stock or stock options, or by
a combination of cash, stock and/or stock options, at the discretion of the Committee, subject to
the approval of the Board. In the event that the Committee and the Board elect to pay incentive
awards in stock or stock options, the Committee, in its sole discretion, will make a determination
of the number of shares of stock or stock options to be issued to each Plan Participant based, in
part, upon the Plan Participant’s achievement of corporate and individual goals, as described
below. The issuance of stock and stock options may also be subject to the approval of Micromet,
Inc.’s stockholders, and any stock options issued will be subject to the terms and conditions of
Micromet, Inc.’s 2003 Equity Incentive Award Plan, as amended from time to time by Micromet, Inc.

Target Awards Multiplier

Incentive awards will be determined by applying an “achievement multiplier” to the base salary of
Plan Participants. The following target award multipliers will be used for this purpose:

	 	 	 	 	 	 	 
	Micromet, Inc. Position	 	Micromet AG Position	 	Target Award Multiplier
	 
	President & CEO

	 	n.a.
	 	 	50	%
	Senior Vice President

	 	Vorstand
	 	 	35	%
	Vice President

	 	Vorstand
	 	 	35	%
	Executive Director

	 	Vice President
	 	 	25	%
	Senior Director

	 	Senior Director
	 	 	20	%
	Director

	 	Director
	 	 	20	%
	Associate Director

	 	Associate Director
	 	 	15	%
	Senior Manager

	 	Senior Manager
	 	 	15	%

The target award multiplier will be used to establish the target incentive award at the beginning
of each year. The target award multiplier will be equal to the actual award multiplier used at
year-end in situations where corporate and individual objectives have been met for the year.

Corporate and Individual Performance

Prior to or within 90 days after the beginning of the Plan year, the Chief Executive Officer will
present to the Committee a list of the overall corporate objectives for the Plan year, which are
subject to approval by the Committee.

3

 

Exhibit 10.25

All participants in the Plan will then
develop a list of key individual objectives, which must be approved by the responsible Vice
President and by the Chief Executive Officer for Plan Participants of Micromet, Inc., and the
responsible member of the Executive Management Board of Micromet AG and the entire Executive
Management Board for Plan Participants of Micromet AG.

The Plan calls for incentive awards based on the achievement of annual corporate and individual
objectives that have been approved as indicated above. The relative weight between corporate and
individual performance factors may vary based on the individual’s level within the organization.
The weighting will be reviewed annually and may be adjusted, as necessary or appropriate. The
weighting for the Plan year will be as follows:

	 	 	 	 	 	 	 	 	 	 	 
	Micromet, Inc.	 	Micromet AG	 	Corporate	 	Individual
	 
	President & CEO

	 	n.a.
	 	 	100	%	 	 	0	%
	Senior Vice President

	 	Vorstand
	 	 	75	%	 	 	25	%
	Vice President

	 	Vorstand
	 	 	75	%	 	 	25	%
	Executive Director

	 	Vice President
	 	 	75	%	 	 	25	%
	Senior Director

	 	Senior Director
	 	 	50	%	 	 	50	%
	Director

	 	Director
	 	 	50	%	 	 	50	%
	Associate Director

	 	Associate Director
	 	 	25	%	 	 	75	%
	Senior Manager

	 	Senior Manager
	 	 	25	%	 	 	75	%

Performance Measurement

The following scale will be used to determine the actual award multiplier for incentive award
calculations based upon measurement of corporate and individual performance versus objectives.
Separate payment multipliers will be established for both the individual and the corporate
components of each award. The same payment multiplier for the corporate component of each
participant’s annual award shall be used for all Plan Participants in any given year.

	 	 	 
	Performance Category	 	Award Multiplier
	 
	1. Performance for the year met or exceeded objectives or
was excellent in view of prevailing conditions
	 	75% - 150%
	2. Performance generally met the year’s objectives or was
very acceptable in view of prevailing conditions
	 	50% - 75%
	3. Performance for the year met some, but not all,
objectives
	 	25% - 50%
	4. Performance for the year was not acceptable in view of
prevailing conditions
	 	0%   

4

 

Exhibit 10.25

Calculation of Cash Incentive Award

The example below shows sample cash incentive award calculations under the Plan. First, a
total target award is calculated by multiplying the Plan Participant’s base salary by the target
award multiplier. This dollar figure is then divided between its corporate component and its
individual component based on the performance factor mix for that specific position. This
calculation establishes specific dollar target awards for the performance period for both the
individual and corporate components of the award.

At the end of the performance period, corporate and individual award multipliers will be
established using the criteria described above. The corporate award multiplier, which is based on
overall corporate performance, is used to calculate corporate performance awards for all Plan
Participants. This is accomplished by multiplying the target corporate award established for each
individual at the beginning of the performance period by the actual award multiplier. The
individual award multiplier, which is based on an individual’s performance against objectives, is
used in the same way to calculate the actual individual performance award.

	 	 	 	 	 
	Example:

	 	Target Award Calculation	 	 
	 

	 	Position:
	 	 Executive Director
	 

	 	Base Salary:
	 	 $120,000
	 

	 	Target Award Multiplier:
	 	 25% 
	 

	 	Target Award (in dollars):
	 	 $30,000 ($120,000 x 25%) 
	 
	 	 	 	 
	 	 	Weighting of Corporate and Individual Goals for Executive Directors
	 

	 	Corporate goals:
	 	 75% 
	 

	 	Individual goals:
	 	 25% 
	 
	 	 	 	 
	 

	 	Maximum Target Award	 	 
	 

	 	Maximum Target Award based on corporate performance:
	 	 $22,500 ($30,000 x 75%) 
	 

	 	Maximum Target Award based on individual performance:
	 	 $7,500 ($30,000 x 25%) 
	 
	 	 	 	 
	 	 	Assumed payment multipliers based on assessment of corporate and individual performance:
	 

	 	Award Multiplier for Corporate Goals (performance

generally met year’s objectives)
	 	 75% 
	 

	 	Award Multiplier for Individual Goals (performance

generally exceeded objectives)
	 	 125% 
	 
	 	 	 	 
	 

	 	Actual Incentive Award	 	 
	 

	 	Corporate component
	 	 $16,875 ($22,500 x 75%) 
	 

	 	Individual component
	 	 $9,375 ($ 7,500 x 125%) 

Payment of the Incentive Award

Annual performance reviews for Plan Participants will be completed before March 31 of the year
following the Plan year. Payment of incentive awards will be made as soon as practicable
thereafter. Incentive award calculations will be based on the participant’s base salary as of
December 31 of the Plan year. In addition to the required review process, incentive award payments
to the President & CEO and to the Senior Vice President and CFO
will be made after the completion and issuance of Micromet, Inc.’s year-end audited Financial
Statements for the Plan year.

5

 

Exhibit 10.25

Participants who have been in an eligible position for less than a year, but for at least three
months, will receive a pro-rata bonus based on the number of days in an eligible position.
Participants promoted during the year from one “Target Award Multiplier” level to another will have
their incentive award calculated using their base pay on December 31 of the Plan year. Providing
the promotion occurred prior to October 1 of the Plan year, the calculation will be pro-rated,
based on the number on months at each Target Award Multiplier level. If the promotion occurred
after October 1 of the Plan year, the entire calculation will be based on the Target Award
Multiplier percentage applicable prior to the promotion.

Termination

If a Plan Participant has given or received a notice of termination or if a Plan Participant’s
employment is terminated prior to the payment of the incentive award under this Plan, Micromet will
have sole and absolute discretion as to whether or not to pay an incentive award. If Micromet
decides to pay an incentive award to such Plan Participant, Micromet will have sole and absolute
discretion as to whether to pay the full amount or a portion of the amount of the incentive award
that may be payable to the Plan Participant in accordance with the provisions of this Plan.

Absolute Right to Alter or Abolish the Plan

Micromet reserves the right in its absolute discretion to abolish the Plan at any time or to alter
the terms and conditions under which incentive compensation will be paid. Such discretion may be
exercised any time before, during, and after the Plan year is completed. No participant shall have
any vested right to receive any compensation hereunder until actual delivery of such compensation.

Employment Duration/Employment Relationship

This Plan does not, and Micromet’s policies and practices in administering this Plan do not,
constitute a contract or other agreement concerning the duration of any participant’s employment
with Micromet. The employment relationship of each Plan Participant of Micromet, Inc. is “at will”
and may be terminated at any time by Micromet, Inc. or by the Plan Participant, with or without
cause. The employment relationship of each Plan Participant of Micromet AG is governed by the
employment agreement of the Plan Participant and applicable German law.

6

 

Exhibit 10.25

2007 Management Incentive Compensation Plan

This is to acknowledge that I have received a copy of the 2007 Management Incentive Compensation
Plan.

	 	 	 	 	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Date:
	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	(print)	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	(signature)	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	Please return signed copy to the Human Resources Department.

7

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