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EXHIBIT 10.48  

 
 

InterMune, Inc.    
  

	TO:	 	Marianne Armstrong
	FROM:	 	Stephen N. Rosenfield
	RE:	 	Bonus Plan
	DATE:	 	April 18, 2002
	

        Set forth below is your bonus plan from InterMune, Inc. (the "Company") for the calendar years 2003-2007 (the "Bonus Plan"). All accounting
determinations referred to in the Bonus Plan shall be governed by U.S. Generally Accepted Accounting Principles. 

1.    Annual Bonus:  

        You are eligible to earn an annual bonus for calendar years 2003-2007. Your first annual bonus shall be a minimum of 33.8% of your starting salary of
$240,000 ("Starting Salary"). Your second through fifth annual bonuses shall be a minimum of 34.6%, 33.2%, 31.9%, 31.0%, respectively, of your Starting Salary. Any percentage above the minimum shall
be determined in the Company's sole and absolute discretion. Each bonus will be paid before the last day of the first quarter of the applicable year. In addition to the bonus payments, you will also
receive an additional payment to cover the income taxes resulting from any bonus payment (the "Gross-Up Payment") which shall be paid within thirty (30) days
of any bonus payment. The Gross-Up Payment shall equal an amount such that after payment by you of all taxes imposed upon any bonus payment and the Gross-Up Payment, you retain
an amount equal to such bonus payment. You must be employed by the Company at the time the bonus is payable in order to earn and receive the annual bonus and Gross-Up payments. 

2.    At-Will Employment:  

        You understand that this Bonus Plan does not constitute a guarantee of continued employment with the Company, and that your employment relationship with the
Company is at-will. As such, either you or the Company may terminate your employment at any time and for any reason, either with or without cause or advance notice. In addition, the
Company retains the right to modify your compensation and benefits, other than this Bonus Plan, within its sole discretion, upon notice to you. 

Agreed and Accepted:  

	/s/ Marianne Armstrong
 Print Name: Marianne Armstrong	 	Date: /s/ 4/18/02 

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EXHIBIT 10.49  

 
 

SECURED PROMISSORY NOTE    
  

	$345,000	 	May 1, 2002

Brisbane, California

        FOR VALUE RECEIVED, MARIANNE ARMSTRONG ("Borrower") an employee of
Intermune, Inc., a Delaware corporation ("Lender"), hereby unconditionally promises to pay to the order of Lender, in lawful money of the United
States of America and in immediately available funds, the principal amount of Three Hundred Forty-Five Thousand Dollars ($345,000) together with interest accrued and unpaid, if any
("Loan"). 

        It
is the intent of the parties that the purpose of this Secured Promissory Note ("Note") is not for consumer, family or household
purposes. 

        1. PRINCIPAL REPAYMENT.    The outstanding principal balance of the Loan shall be subject to scheduled
amortized repayments on the dates and in the amounts listed below; provided, however, the outstanding principal balance of the Loan plus all accrued but
unpaid interest and other charges hereunder shall be
due and payable in full upon the earlier to occur of any of the following: (a) that date which is five (5) years from the date of this Note; (b) fifteen (15) days after
either the resignation by Borrower of her employment with Lender or the termination of her employment for any or no reason whatsoever, including the death of Borrower; or (c) any sale or
transfer of all or any portion of the Property (as defined in Section 5) (any of the events described in clauses (a) through (c) shall be the "Maturity
Date"). Notwithstanding anything to the contrary contained herein, Borrower shall have the right to prepay all or any part of the unpaid principal amount of this Note, together
with accrued and unpaid interest thereon, without penalty or premium at any time prior to the Maturity Date. 

	Repayment Date
	 	Repayment Amount

	April 30, 2003	 	$65,000
	April 30, 2004	 	$70,000
	April 30, 2005	 	$70,000
	April 30, 2006	 	$70,000
	April 30, 2007	 	$70,000

        2. INTEREST RATE.    Borrower further promises to pay interest on the outstanding principal amount
hereof from the date hereof until payment in full, which interest shall be payable at a fixed rate of four and sixty-five hundredths percent (4.65%) per annum (the
"Interest Rate") and calculated on the basis of a 365-day year for the actual number of days elapsed. Accrued and unpaid interest shall be
due and payable on each of the Repayment Dates set forth in Section 1 above. 

        3. DEFAULT INTEREST.    If any amount payable hereunder shall not be paid when due, at the option of
Lender and in lieu of the interest payable under Section 2 above, the unpaid principal balance shall immediately begin to accrue interest at a rate equal to the Interest Rate  plus one percent
(1.0%) per annum. 

        4. APPLICATION OF PAYMENTS.    Payment on this Note shall be applied first to accrued interest, and
thereafter to the outstanding principal balance hereof. Any payment due hereunder shall be paid to Lender at 3280 Bayshore Boulevard, Brisbane, California 94005, Attn: Controller, or at such other
place as Lender may designate. Any amount payable hereunder will be due and payable without set-off, deduction, or counter-claim. 

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        5. SECURITY.    This Note is secured by a [second] position Deed of Trust dated
of even date herewith, executed by Borrower [and Borrower's spouse] in favor of Lender, as beneficiary (as the same may from time to time be amended, modified or supplemented
or restated) (the "Deed of Trust"), granting a security interest in certain real property located at 64 Mountain View Avenue, Mill Valley, California
94941, as more particularly described therein (the "Property"). Borrower hereby represents and warrants that, as of the date hereof, (a) Borrower
[and Borrower's spouse] [is] [are] the sole and lawful fee owner[s] of the Property[, and
(b) the fair market value of the Property, as determined by an M.A.I. appraiser reasonably satisfactory to Lender, exceeds the aggregate amount of all indebtedness secured by liens upon the
Property]. 

        6. DEFAULT AND REMEDIES.    

        (a)  Default. Each of the following events shall be an "Event of Default"
hereunder: (i) Borrower fails to pay timely any of the principal amount due under this Note on the date the same becomes due and payable or any accrued interest or other amounts due under this
Note on the date the same becomes due and payable; (ii) the breach by Borrower of any other covenant or agreement under this Note; (iii) the default by Borrower of her obligations under
the Deed of Trust or any other instrument evidencing or securing this Note; (iv) the default by Borrower of her obligations under any mortgage, deed of trust, encumbrance or lien respecting the
Property, which encumbrance is senior to the Deed of Trust; (v) the appointment of a receiver for any part of the Property of, or an assignment for the benefit of creditors by, or the
commencement of any proceedings under any bankruptcy or insolvency laws by or against Borrower; or (vi) the transfer, directly or indirectly, of all or any part of the Property, whether by
sale, lease, assignment, mortgage or otherwise, voluntarily or involuntarily. 

        (b)  Remedies. Upon the occurrence of an Event of Default hereunder, all unpaid principal, accrued interest and other amounts
owing hereunder shall, at the option of Lender, and, in the case of an Event of Default pursuant to Section 6(a)(v) above, automatically, be immediately due, payable and collectible by
Lender pursuant to applicable law. Lender shall have all rights and may exercise any remedies available to it under the Deed of Trust, at law, or in equity, successively or concurrently. 

        (c)  Right of Set-off. Upon the occurrence of an Event of Default under Section 6, Lender is hereby
authorized to set off and apply any and all payments by way of payroll deduction, if necessary (whether for compensation, bonus arrangements, expense reimbursement, vacation, commission payment or
otherwise) at any time held and other obligations at any time owing by Lender to or for the account of Borrower against any principal and/or interest due hereunder. 

        7. NOTICE.    All notices or other communications required or given hereunder shall be in writing and
shall be deemed effectively given when presented personally or on the date of receipt (or refusal of
delivery) if sent by courier service or U.S. mail (certified or registered, postage prepaid, return receipt requested) to the parties at the addresses given below or such other addresses as the
parties may hereafter designate in writing. The date shown on the courier's confirmation of delivery or return receipt shall be conclusive as to the date of receipt. 

	 	Borrower:	 	Marianne Armstrong

64 Mountain View Avenue

Mill Valley, CA 94941
	 	
Lender:	
 	

InterMune, Inc.

3280 Bayshore Boulevard

Brisbane, California 94005

Attn: General Counsel

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        8. MAXIMUM LEGAL RATE OF INTEREST.    All agreements between Borrower and Lender, whether now existing
or hereafter arising, are hereby limited so that in no event shall the interest charged hereunder or agreed to be paid to Lender exceed the maximum amount permissible under applicable law. Lender
shall be entitled to amortize, prorate and spread throughout the full term of this Note all interest paid or payable so that the interest paid does not exceed the maximum amount permitted by law. If
Lender ever receives interest or anything deemed interest in excess of the maximum lawful amount, an amount equal to the excessive interest shall be applied to the reduction of the principal, and if
it exceeds the unpaid balance of principal hereof, such excess shall be refunded to Borrower. If interest otherwise payable to Lender would exceed the maximum lawful amount, the interest payable shall
be reduced to the maximum amount permitted under applicable law. This section shall control all agreements between Borrower and Lender in connection with the indebtedness evidenced hereby. 

        9. WAIVER.    Borrower waives diligence, presentment, protest and demand and also notice of protest,
demand, dishonor, acceleration, intent to accelerate, and nonpayment of this Note, and shall pay all costs of collection when incurred, including, without limitation, reasonable attorneys' fees, costs
and other expenses. The right to plead any and all statutes of limitations as a defense to any demands hereunder is hereby waived to the full extent permitted by law. 

        10. MISCELLANEOUS.    

        (a)  Borrower shall pay all costs, including, without limitation, reasonable attorneys' fees and expenses incurred by Lender
in collecting the sums due hereunder or in connection with the release of any security for this Note. 

        (b)  This Note may be modified only by a written agreement executed by Borrower and Lender. 

        (c)  The terms of this Note shall inure to the benefit of and bind Borrower and Lender and their respective heirs, legal
representatives and successors and assigns. 

        (d)  Time is of the essence with respect to all matters set forth in this Note. 

        (e)  If this Note is destroyed, lost or stolen, Borrower will deliver a new note to Lender on the same terms and conditions as
this Note with a notation of the unpaid principal in substitution of the prior Note. Lender shall furnish to Borrower reasonable evidence that the Note was destroyed, lost or stolen and any security
or indemnity that may be reasonably required by Borrower in connection with the replacement of this Note. 

        (f)    If any provision of this Note shall be held to be invalid or unenforceable, such determination shall not affect the
remaining provisions of this Note. 

        (g)  If this Note is now, or hereinafter shall be, signed by more than one party or person, it shall be the joint and several
obligation of such parties or persons and shall be binding upon such parties and upon their respective successors and assigns. 

        11. GOVERNING LAW.    This Note shall be governed by, and construed and enforced in accordance with, the
laws of the State of California, excluding conflict of laws principles that would cause the application of laws of any other jurisdiction. 

        12. JURISDICTION AND VENUE.    For any legal action arising from or related to this Agreement, the
parties hereby: (i) consent and submit solely to jurisdiction and venue of the state and federal courts located in San Francisco County, California, (ii) agree that such courts shall be
the sole courts utilized and (iii) hereby waive any jurisdictional or venue objections to such courts, including without limitation, forum non
conveniens. 

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        IN WITNESS WHEREOF, Borrower has executed this Secured Promissory Note as of the date and year first above written. 

	 	 	Borrower:
	 	 	/s/ Marianne Armstrong
MARIANNE ARMSTRONG

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