Document:

Exhibit
10.61

 

April 30, 2003

 

 

Frederick J. Schreiber

45 Sioux Lane

San Ramon, CA  94583

 

 

Dear Fred:

 

On behalf of InterMune, Inc. (the “Company”), we are pleased to offer
you the position of Senior Vice President of Human Resources, reporting to me.

 

The key terms of your employment will be as follows:

 

1.               You will receive a base salary of
$16,666.67 per month, paid on a semi-monthly basis.  In addition, you will be eligible for an annual bonus based on
the Company’s and your year-end performance as determined by your performance
versus MBO’s which will be subsequently established between you and I upon your
starting.  Historically, bonuses for a
Senior Vice President level have been at least 20% of their base salary. It is
understood that you will be eligible for a full year participation in said
bonus plan for 2003.  Annual reviews for
merit performance, bonus and stock typically occur  in the first quarter of the new fiscal year (i.e., January —
March).

 

2.               As a full-time employee of the Company,
you will be eligible for the Company’s standard benefits package including
medical, dental, vision, the Employee Stock Purchase program, 401K Retirement
Plan and our Flexible Spending Plan among other coverages.  Your position is exempt, and you will not be
eligible for overtime.

 

3.               You will be granted an option to
purchase 85,000 shares of the Company’s common stock.  Your right to exercise the shares of this option will be subject
to a vesting schedule, such that 85,000 shares of your option will be fully
vested at the end of four years completed employment.  Your vesting will begin on your first day of your employment with
us; however, it is subject to a one-year cliff.  The terms and conditions of this option, including vesting, will
be governed by an agreement that you will be required to sign.

 

4.               In the event of termination of your
employment other than for cause with the Company during your first year of
employment you will be entitled to receive continuation of salary and Company
paid medical, dental and life insurance coverage for three months following
your termination date.  Following the
first year, I will endeavor to ensure any such “no fault” termination event is
treated consistent with the then established policies or precedence for your
level of responsibilities and performance for the Company.  In addition, in the event of a change in
control of the Company’s ownership and a significant change in your
responsibilities at the Company, 50% of the unvested shares subject to all of
your outstanding options will fully vest effective with the change in control
date.

 

5.               You will be eligible for three weeks
vacation upon joining Intermune.

 

6.               It is understood that you will need to
build a first class HR team to support our anticipated successful scale and I
support that along with the needed budget and outsourced contractor support to
ensure the success of the enterprise. All such changes will assume normal
business case justification between you and I.

 

7.               Continued participation on selected HR
leadership forums to support continued education and ensure our ability to stay
current with “best of breed” HR practices in our industry will be encouraged
consistent with business case justification and the work priorities of the
enterprise.

 

1

 

As a condition of your employment, you will be required to provide
proof of U.S. citizenship or that you are legally entitled to work in the
United States, and to execute and be bound by the terms of the enclosed
Proprietary Information and Inventions Agreement.  In that regard, please be aware that Company policy prohibits all
employees from bringing to the Company, or using in performance of their
responsibilities at the Company, any confidential information, trade secrets, or
proprietary material or processes of any previous employer.  Employment with the Company is at will, is
not for any specific term and can be terminated by you or the Company at any
time for any reason with or without cause, consistent with the intent of #4
above.

 

This offer remains open through end of day May 1, 2003.  Upon acceptance of this offer, the terms
described in this letter and in the Proprietary Information and Inventions
Agreement shall be the terms of your employment, superseding and terminating
any other employment agreements or understandings with InterMune, whether
written or oral.  Any additions or
modifications of these terms must be in writing and signed by you and an
officer of the Company.  Your
anticipated start date is May 5.

 

Again, let me indicate how pleased we are to extend this offer, and how
much we at InterMune look forward to working with you.  We anticipate that you will find this an
exciting and challenging position in a dynamic and growing company.

 

Please accept this offer by signing and returning the enclosed
duplicate original of this letter to me.

 

Very truly yours,

 

	
  /s/ W. Scott Harkonen

  	
   

  
	
   

  
	
  W. Scott Harkonen, M.D.

  
	
  President and CEO

  

 

 

UNDERSTOOD AND
ACCEPTED:

 

 

	
  /s/ Fred J.
  Schreiber

  	
   

  	
  4/30/03

  	
   

  
	
  Fred J.
  Schreiber

  	
  Date

  

 

2Exhibit 10.62

 

July 2, 2003

 

 

Mr. Roger L. Hawley

258 25th St.

Del Mar, CA  92014

 

 

Dear Roger:

 

On behalf of InterMune, Inc. (the “Company”), we are pleased to offer
you the position of Executive Vice President of Commercial Operations,
reporting to me.

 

The key terms of your employment will be as follows:

 

1.              You
will receive a base salary of $27,083.33 per month, paid on a semi-monthly
basis. This is the annual equivalent of $325,000 per year. In addition, you
will be eligible for an annual bonus based on the Company’s and your year-end
performance as determined by your performance versus MBO’s, which will be
subsequently established between you and I upon employment. Historically,
bonuses for an Executive Vice President level have been at least 40% of their
base salary. It is understood that you will be eligible for a full year
participation in said bonus plan for 2003. Annual reviews for merit
performance, bonus and stock typically occur in the first quarter of the new
fiscal year (i.e., January – March).

 

2.              In
addition, to assist in your move to the Bay Area, the Company will provide you
with a one-time sign-on bonus of $250,000 to be paid one month following your
first day of employment, which is subject to repayment in full of net proceeds
if your employment terminates before the end of two years.

 

3.              As
a full-time employee of the Company, you will be eligible for the Company’s
standard benefits package including medical, dental, vision, the Employee Stock
Purchase program, 401K Retirement Plan and our Flexible Spending Plan among
other coverages.  Your position is
exempt, and you will not be eligible for overtime.

 

4.              The
Company will retain a relocation company to provide you with the following
services: area orientation, full packing services, pick-up and delivery,
household goods transportation and full value protection of goods, transport of
(2) automobiles, storage in transit for 60 days, temporary housing for up to 6
months, if required, and home sale/purchase assistance.  A summary of terms and coverage of services
are attached for your reference.  The
relocation expenses will be paid by the Company and is subject to repayment in
full if your employment terminates before one year.  In addition, the Company will cover all applicable closing costs of
your home at 13174 Polvera Avenue, San Diego as part of the relocation program.

 

5.              You
will be granted an option to purchase 150,000 shares of the Company’s common
stock.  Your right to exercise the
shares of this option will be subject to a vesting schedule, such that 150,000
shares of your option will be fully vested at the end of four years completed
employment. Your vesting will begin on your first day of your employment with
us; however, it is subject to a one-year cliff. The terms and conditions of
this option, including vesting, will be governed by an agreement that you will
be required to sign. 

 

In addition, you will receive an additional 25,000 shares of the
Company’s common stock if  and when
shareholders’ approval of the planned additional stock pool request is obtained
in the future. Upon such approval, you will be granted an option to purchase
25,000 shares of the Company’s common stock. 
Your right to exercise the shares of this option will be subject to a
vesting schedule, such that 25,000 shares of your option will be fully vested
at the end of four years completed employment. Your vesting will begin
retroactively on your first day of your employment with us; however, it is
subject to a one-year cliff. The terms and conditions of this option, including
vesting, will be governed by an agreement that you will be required to sign.

 

6.              In
the event of termination of your employment other than for cause with the
Company during your first two years of employment, you will be entitled to
receive: (i) continuation of salary and Company paid medical, dental and life
insurance coverage for one year following your termination date; (ii) the
agreed-to targeted bonus for that fiscal year in which your are terminated will
be paid on a pro-rated basis; and (iii) 50% of your initial option unvested
shares subject to all of your outstanding options will fully vest effective
with the date of your termination of employment. The proceeding coverages are
provided, however, assuming your execution and non-revocation of a release of
claims by you that is provided by and acceptable to the

 

1

 

Company. In addition, pursuant to your signing our stock option
agreement, in the event of a change in control of the Company’s ownership and a significant change in your
responsibilities at the Company; (i) you will be entitled to six months of your
current base salary following your termination of employment; provided,
however, that no amount shall be paid prior to your execution and
non-revocation of a release of claims by you that is provided by and acceptable
to the Company; and (ii) 100% of the unvested shares subject to all of your
outstanding options will fully vest effective with the date of your termination
of employment.

 

7.              You
will be eligible for three weeks annual vacation.

 

8.              Your
continued participation on selected memberships and active leadership forums to
support continued education and ensure our ability to stay current with “best
of breed” practices in our industry will be encouraged consistent with business
case justification and the work priorities of the enterprise.

 

As a condition of your employment, you will be required to provide proof
of U.S. citizenship or that you are legally entitled to work in the United
States, and to execute and be bound by the terms of the enclosed Proprietary
Information and Inventions Agreement. 
In that regard, please be aware that Company policy prohibits all
employees from bringing to the Company, or using in performance of their
responsibilities at the Company, any confidential information, trade secrets,
or proprietary material or processes of any previous employer.  Employment with the Company is at will, is
not for any specific term and can be terminated by you or the Company at any
time for any reason with or without cause, consistent with the intent of #6
above.

 

This offer remains open through end of day Thursday, July 3,
2003.  Upon your written acceptance of
this offer, the terms described in this letter and in the Proprietary
Information and Inventions Agreement (which you must also sign) shall be the
terms of your employment, superseding and terminating any other employment
agreements or understandings with InterMune, whether written or oral.  Any additions or modifications of these
terms must be in writing and signed by you and an authorized officer of the
Company.  Your start date will be soon
as possible with the exact date determined with me after your acceptance.

 

Again, let me indicate how pleased we are to extend this offer, and how
much we at InterMune look forward to working with you. Fred Schreiber, our
SVP-HR and I have both enjoyed our recent conversation with you and we
anticipate that you will find this an exciting and challenging position in a
dynamic and growing company.

 

Please accept this offer by signing and returning the enclosed duplicate
original of this letter to Fred Schreiber and faxing a copy of this email after
signing to Fred at (415) 508-0755.

 

 

	
  Very truly yours,

  
	
   

  
	
   

  
	
  /s/ William Ringo

  	
   

  
	
  William Ringo

  
	
  Executive Chairman and Interim CEO

  

 

 

UNDERSTOOD AND
ACCEPTED:

 

 

	
  /s/ Roger L. Hawley

  	
   

  	
  July 3, 2003

  	
   

  
	
  Roger L. Hawley

  	
  Date

  	
   

  

 

2

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