Document:

Exhibit
10.1

 

MEMORANDUM OF AGREEMENT ENTERED INTO AT MONTREAL,
QUEBEC, ON THE 30th DAY OF MARCH, 2007

 

	
  BETWEEN:

  	
  CIARAN ROBERT GRIFFIN,

  
	
   

  	
   

  
	
   

  	
  (hereinafter referred to as the “Executive”)

  
	
   

  	
   

  
	
  AND:

  	
  NEUTRON ENTERPRISES, INC.,

  
	
   

  	
   

  
	
   

  	
  (hereinafter referred to as “Neutron”)

  

 

WHEREAS the
Executive and Neutron entered into an Employment Agreement (the “Employment
Agreement”) dated January 11, 2006 relating to the employment of the Executive
by Neutron;

WHEREAS
pursuant to the Employment Agreement, the parties entered into a Stock Option
Agreement dated January 6, 2006 (the “First Stock Option Agreement”) whereby
Neutron granted to the Executive an option to purchase one hundred thousand
(100,000) shares of common stock of Neutron;

WHEREAS
the Executive and Neutron entered into a Stock Option Agreement (the “Second
Option Agreement”) dated August 3, 2006, whereby Neutron granted to the
Executive an option to purchase two hundred thousand (200,000) shares of common
stock of Neutron;

WHEREAS
the parties wish to terminate the Employment Agreement and the Second Option
Agreement and to amend the provisions of the First Option Agreement;

IT IS AGREED AS FOLLOWS:

1.             PREAMBLE

1.1           The
Preamble to the present agreement shall form an integral part hereof as if
recited at full length herein.

2.             TERMINATION OF AGREEMENTS

2.1           The
Employment Agreement is hereby terminated, subject to the payment of the items
indicated in this agreement as specified in Sections 3.1 and 3.2, by
mutual agreement effective April 30, 2007 (the “Termination Date”).

2.2           Notwithstanding the
foregoing, Section 5 of the Employment Agreement shall survive the
termination of same and shall remain in full force and effect.

 

 

2.3           The
Second Option Agreement and the options granted to the Executive by Neutron
pursuant thereto are hereby cancelled and annulled for all future purposes.

3.             OTHER PROVISIONS

3.1           On
the Termination Date, Neutron shall pay to the Executive a lump sum severance
payment (the “Severance Payment”) in the amount of Thirty-seven Thousand Five
Hundred Dollars ($37,500.00), from which shall be deducted all appropriate
deductions at source.

3.2           In
addition to the foregoing, Neutron shall, on the Termination Date, transfer to
the Executive the laptop computer (the “Computer”) which he is currently
using.  The Executive shall transfer to
another computer owned by Neutron, as Neutron may direct, all information
relating directly or indirectly to Neutron, its subsidiaries and/or its affiliates
(as those terms are defined in the Canada
Business Corporations Act) (all of the foregoing companies being
collectively referred to as the “Neutron Group”) that is in the Executive’s
said laptop computer and will delete all such information contained therein.

3.3           On
or prior to the Termination Date, the Executive shall ensure that all
correspondence, memoranda and other documents (whether in printed or
electronically-recorded form) pertaining or related in any way to any of the
Neutron Group, is transferred to
an individual or location as instructed by an authorized representative of
Neutron.  The Executive shall not make or
maintain copies of the above information or documents.

3.4           Notwithstanding
the provisions of the First Option Agreement and Neutron’s Stock Option Plan,
the option granted to the Executive pursuant to the provisions of the First
Option Agreement (the “First Option”) shall vest in its entirety on the
Termination Date and the Executive shall have until October 31, 2008 to
exercise the First Option, after which date the First Option shall expire and
all rights to purchase shares of Neutron pursuant to the First Option shall
cease.  This stock option is not
cancellable by Neutron before its expiry, save and except in accordance with
the provisions of paragraphs 6(c), 14, 16 and 17 of the Neutron Enterprises,
Inc. Amended 2005 Stock Plan provided that the rights of the Executive in
respect of such option are not affected differently than those of the other
executives of Neutron.

3.5           The
Executive agrees to co-operate with Neutron, prior to and after the Termination
Date, for an orderly transition of his duties to his successor.  For clarification, this co-operation is
intended to take the form of normal professional responses to questions from
Neutron with respect to clarifying items presented in the financial statements
of the Company.

3.6           Neutron
shall provide the Executive with a letter of reference (the “Reference Letter”)
on or prior to the Termination Date.

3.7           The
Executive agrees that, until the Termination Date, he will diligently perform
on a timely basis all of the duties associated with his employment and will

 

 2
 

 

complete sign and file the Company’s 10k and
audited financial statements for the year ended December 31, 2006 on a timely
basis prior to his departure.

3.8           Provided
that the 10K for the year ended December 31, 2006 has been filed, Neutron
agrees that the Executive will take the period from April 16th, 2006 to April 30th to clear his remaining vacation entitlement.

4.             RECEIPT, RELEASE AND DISCHARGE

4.1           Subject
to the obligations of the parties pursuant to the present Agreement and the
payment to the Executive of his salary and other benefits from the date hereof
until the Termination Date, the Executive hereby grants to the Neutron Group,
as well as their respective officers, directors, employees and representatives,
a receipt, release and discharge from any and all claims, demands, actions
and/or rights of action, present, past and/or future, of any nature whatsoever,
that he has, has had and/or may have against any and/or all of them relating
directly or indirectly to any of the Neutron Group, including, without in any
way limiting the generality of the foregoing, relating to the Employment
Agreement, the Second Option Agreement, his employment by Neutron and any stock
options that may have been granted to him, save and except for the First
Option.

5.             MISCELLANEOUS AND CONCLUDING
PROVISIONS

5.1           Governing
Law

This agreement shall be
governed by and interpreted in accordance with the laws of the Province of
Quebec, Canada.

5.2           Severability

Each subsection and each
provision of a subsection of this agreement is independent of the other and if
any subsection or provision thereof is declared invalid, illegal or
unenforceable by final judgment of a competent court, then the remaining
subsections and provisions shall not be affected by such declaration and shall
remain valid, binding and enforceable.

5.3           Interpretation

Unless otherwise dictated
by the context, the singular number shall include the plural and vice versa;
the masculine shall include the feminine and vice versa and, where applicable
to firms, companies or corporations, the neuter.

5.4           Headings

The headings of this agreement are for convenience of
reference only and shall not affect in any manner any of the terms and
conditions hereof.

 

 3
 

 

5.5           Acts
and Documents

The parties agree to do,
sign and execute all acts, deeds, documents and corporate proceedings necessary
or desirable to give full force and effect to this agreement.

5.6           Binding
Effect

This agreement shall be
binding upon and enure to the benefit of the parties hereto and their
respective successors and legal representatives and shall not be assignable or
transferable except as provided herein.

5.7           Counterparts

This agreement may be executed
in two or more counterparts, each of which shall be deemed an original and all
of which together shall constitute one and the same agreement.

5.8           Language

The parties acknowledge
that they have required and consented that this agreement and all related
documents be prepared in English.

Les
parties reconnaissent avoir exigé que la présente convention et tous les
documents connexes soient rédigés en anglais.

	
  

  	
  /s/ Ciaran Robert Griffin

  	
   

  
	
   

  	
  CIARAN ROBERT GRIFFIN, CA

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  NEUTRON ENTERPRISES, INC.

  
	
   

  	
   

  
	
   

  	
  Per:

  	
  /s/ Rory Olson

  	
   

  
				

 

 

 4Exhibit
10.1

	
  Dyax Corp.

  300 Technology Square

  Cambridge, MA 02139

  	
   

  	
  

  

 

CONFIDENTIAL
DOCUMENT 

April
26, 2007

Gustav
Christensen

3 Idylwilde Road

Lexington, MA 02421

Dear
Gustav,

On
behalf of Dyax Corp., this letter will confirm our offer of employment to you
for the position of Executive Vice President and Chief Business Officer.  The terms of our offer are as follows:

Supervision:

You
will be reporting directly the Company’s Chief Executive Officer.

Responsibilities:

As Executive
Vice President and Chief Business Officer, you
will be responsible for (i) supervising and managing the strategic operation of
the Business Development department,
and (ii) such other duties as the Company’s Chief Executive Officer shall designate. 
All such duties will be performed and discharged, faithfully, diligently
and to the best of your ability and in compliance with all applicable
laws and regulations.  In performing these duties, you agree to
devote substantially all of your working time and efforts to the business and
affairs of Dyax and its affiliates.

Salary and Bonus:

As
an exempt employee you will receive an annual salary of $325,000 to be paid in
accordance with the Company’s standard payroll practice.  Currently, our payroll is paid on a bi-weekly
basis.

You
will also be eligible to receive an annual bonus of up to forty percent (40%)
of your base salary following the completion of each calendar year during the
term of your employment.  Bonus eligibility
and amounts will be subject to (i) the attainment of specific individual and
corporate objectives that will be determined by you and the Company’s Chief
Executive Officer, and (ii) approval by of the Compensation Committee of the
Board of Directors.  In addition, you
must be an employee at the time of the scheduled bonus payment to receive the
bonus.  For the calendar year ending
December 31, 2007, you will be eligible to receive a “pro-rated” bonus of up to
forty percent (40%) of your base salary for your service during the remainder
of this year.

 

Stock Options:

Effective
as of the first day of your employment, Dyax will grant you an Incentive Stock
Option to purchase  80,000 shares of Dyax
common stock at a purchase price equal to the closing price of Dyax’ common stock
on the grant date, which will be your first day of employment.  The option will be subject to the provisions
of the Company’s 1995 Equity Incentive Plan
(the “Plan”) and the Stock Option Award Agreement to be entered into by
you and the Company following the grant, which in relevant part will require
that such option (i) vest in equal monthly installments over four years; (ii)
expire 10 years from the grant date; and (iii) may be exercised (as to the
vested portion) for ninety (90) days following the termination of your employment.

Additionally,
notwithstanding anything to the contrary contained in the Consulting Agreement
between Dyax and you, dated February 26, 2007 (the “Consulting Agreement”), the
Non-Qualified Stock Option granted to you thereunder to purchase 40,000 shares
of Dyax common stock will (i) continue to vest for as long as you continue to
provide services to the Company as an employee or a consultant; (ii) expire 10
years from the date of the Consulting Agreement; and (iii) remain exercisable
(as to the vested portion) for three (3) years following the termination of
your service as either an employee or a consultant of the Company.

Benefits:

You
will eligible to participate in the Company’s employee benefits in the same
manner provided generally to the Company’s senior executives, including health
and dental insurance, 401(k) savings plan, disability insurance and life
insurance.  A package describing these
benefits is enclosed.

Vacation:

Over
the first year of your employment, you will accrue twenty (20) days of vacation.  Thereafter, you will continue to accrue one
additional day for each year of employment, up to a maximum of thirty (30) days
of vacation per year.  All vacation is to
be taken in accordance with the Company’s vacation policy.  In addition, should you become ill, you will
be allowed up to five (5) paid sick days, provided that any unused sick days will
not to be carried over from year to year and will not to be cashed out upon
termination.

Termination and Severance:

All
employees at Dyax are employed at will.  “Employment
at will” refers to the traditional relationship between employer and employee,
allowing either party to unilaterally terminate the employment
relationship.  While we ask that all
senior executives provide at least ninety (90) days prior notice, you will be
free to resign at any time.  Similarly,
the Company reserves the right to terminating your employment at any time, with
or without cause and with or without prior notice.

However,
in the event you are terminated by the Company without “cause,” Dyax agrees to continue
paying you your monthly base salary for six (6) months as severance.  All bonuses that have been earned for a
completed calendar year and all accrued vacation time will be paid upon
termination.  Medical and dental benefits
will continue during the period when you are receiving severance.  Other than your rights under COBRA, all other
benefits and vesting of your stock options will terminate as of your date of
termination.

 2
 

 

If your employment is terminated for “cause” by the Company or is
terminated by you for any reason, your compensation, benefits, and stock option
vesting will cease as of the termination date. 
For purposes of this offer, “cause” will mean:

(i)                                     the
willful and continued failure by you to perform your duties with the Company
(other than any such failure resulting from your incapacity due to physical or
mental illness), as determined by the Board of Directors; or

(ii)                                  any
act of material misconduct or the commission of any act of dishonesty or moral
turpitude in connection with your employment, as determined by the Board of
Directors; or

(iii)                               the conviction of a
felony or a crime involving moral turpitude.

Change of Control Agreement:

Additionally,
the Company has agreed to provide you with additional benefits in the event
your employment within the Company is terminated after a “change in control” on
the same terms as has previously been offered to other senior executives of the
Company.  A copy of the letter containing
such terms (the “Change of Control Agreement”) is enclosed for your review.

Confidentiality
Agreement:

You will be required to sign the Company’s Standard Employee
Confidentiality Agreement on or before your first day of work.  A copy is enclosed for your review.  The Confidentiality Agreement obligates you
not to disclose confidential information you may learn during your employment
with the Company, to assign to the Company rights in inventions or other
intellectual property developed in the course of your employment and not to solicit
employees or business away from, or engage in competition against, the Company
for a period of one year following any termination of your employment.

Additional
Documents:

You
will be also be required to a Certificate of Acknowledgment under which you
acknowledge that you have read and agree to comply with the Company’s Corporate Communications, Disclosure and Insider
Trading / Reporting Policy, the Company’s Code of Ethics and the Audit
Committee Procedures for Handling Complaints. A copy of each of
these documents is also enclosed.

If
this offer letter correctly sets forth our agreement on the subject matter
hereof, kindly sign and return to Dyax the enclosed copy of this letter, along
with the Change of Control Agreement and Confidentiality Agreement referenced
above.  Such documents will then
constitute the complete agreement with respect to your employment by the
Company, and will supercede all prior oral or written agreements relating to
such matters, including, without limitation, the Consulting Agreement.

	
  

  	
   

  	
  Sincerely,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Henry E. Blair

  
	
   

  	
   

  	
  Henry E. Blair

  
	
   

  	
   

  	
  Chairman and Chief Executive Officer

  

 

I acknowledge receipt and agree with the
foregoing terms and conditions.

	
  /s/ Gustav Christensen

  	
   

  	
   

  
	
  Gustav Christensen

  	
   

  	
   

  

 

 3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]