Document:

Exhibit 10.2

 

PDL BIOPHARMA, INC.

NOTICE OF GRANT OF STOCK OPTION

 

The Participant has been granted an option (the “Option”) to purchase certain
shares of Stock of PDL BioPharma, Inc. (“PDL”)
pursuant to PDL’s 2005 Equity Incentive Plan (the “Plan”), as follows:

 

	
  Participant:

  	
  L. Patrick Gage

  	
   

  
	
   

  	
   

  	
   

  
	
  Date of
  Grant:

  	
  November 16, 2007

  	
   

  
	
   

  	
   

  	
   

  
	
  Number
  of Option Shares:

  	
  100,000

  	
   

  
	
   

  	
   

  	
   

  
	
  Exercise
  Price:

  	
  $18.03

  	
   

  
	
   

  	
   

  	
   

  
	
  Initial
  Vesting Date:

  	
  The date one (1) month after October 1,
  2007

  	
   

  
	
   

  	
   

  	
   

  
	
  Option
  Expiration Date:

  	
  The date seven (7) years after the Date of
  Grant

  	
   

  
	
   

  	
   

  	
   

  
	
  Tax
  Status of Option:

  	
  Nonstatutory Stock Option

  	
   

  
	
   

  	
   

  	
   

  
	
  Vested
  Shares:

  	
  Except as provided in the Stock Option Agreement,
  the number of Vested Shares (disregarding any resulting fractional share) as
  of any date is determined by multiplying the Number of Option Shares by the “Vested Ratio”
  determined as of such date as follows:

  

 

	
   

  	
   

  	
  Vested
  Ratio

  
	
   

  	
  Prior to Initial Vesting Date

  	
  0

  
	
   

  	
   

  	
   

  
	
   

  	
  On Initial Vesting Date, provided the Participant’s
  Service has not terminated prior to such date

  	
  1/24

  
	
   

  	
   

  	
   

  
	
   

  	
  Plus

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  For each additional full month of the Participant’s
  continuous Service from Initial Vesting Date until the Vested Ratio equals
  1/1, an additional

  	
  1/24

  

 

	
  Adjustments
  to Vested Ratio:

  	
  PDL may adjust the Vested Ratio to account for any
  periods of part-time Service as an Employee.

  
	
   

  	
   

  	
   

  
	
  Termination
  of Unvested Option:

  	
  Except as may otherwise be provided by the Board,
  upon termination of the Participant’s Service as an Employee, the Option
  shall terminate immediately with respect to shares that are not Vested
  Shares. However, provided the Participant’s Service continues uninterrupted
  in a capacity other than as an Employee, the Option shall continue in
  accordance with the terms of the Stock Option Agreement with respect to any
  Vested Shares. Upon termination of the Participant’s Service, the Option
  shall terminate in accordance with the terms of the Stock Option Agreement.

  

 

By their signatures below
or by electronic acceptance or authentication in a form authorized by PDL, PDL
and the Participant agree that the Option is governed by this Grant Notice and
by the provisions of the Plan and the Stock Option Agreement, both of which are
made a part of this document.  The
Participant acknowledges that copies of the Plan, the Stock Option Agreement
and the prospectus for the Plan are available on PDL’s internal web site and
may be viewed and printed by the Participant for attachment to the
Participant’s copy of this Grant Notice. 
The Participant represents that the Participant has read and is familiar
with the provisions of the Plan and the Stock Option Agreement, and hereby
accepts the Option subject to all of their terms and conditions.

 

	
  PDL BioPharma, Inc.

  	
   

  	
  Participant

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Andrew Guggenhime

  	
   

  	
  /s/ L. Patrick Gage

  
	
   

  	
  Andrew Guggenhime

  	
   

  	
  Signature

  
	
   

  	
  Senior Vice President and Chief Financial Officer

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Date

  
	
  Address:

  	
  1400 Seaport Boulevard

  	
   

  	
   

  
	
   

  	
  Redwood City, California 94063

  	
   

  	
  Address

  
					

 

 

	
  ATTACHMENTS:

  	
   

  	
  2005 Equity Incentive Plan, as amended to the Date
  of Grant; Stock Option Agreement, Exercise Notice and Plan ProspectusExhibit 10.3

 

[PDL Letterhead]

 

February 16, 2007

 

Dr. Mark McCamish

***

***

 

Dear Mark:

 

On
behalf of PDL BioPharma, Inc., I am pleased to extend you an offer for the
position of Senior Vice President and Chief Medical Officer reporting to Mark
McDade, CEO. Your appointment as an officer of PDL is subject to approval by
PDL’s Board of Directors.

 

The
monthly salary for this position is $30,000.00 ($360,000.00/annually). We offer
our employees an attractive benefits package, including a comprehensive medical
policy and dental plan, as well as life insurance coverage. You are also
eligible to participate in PDL’s 2007 performance bonus program (payable in
2008), with an annual target bonus

 

You
will also receive options to purchase 85,000 shares of PDL BioPharma, Inc.,
Common Stock under a PDL stock option plan. The options will vest over four
years, with one-fourth of the options vesting after one year of employment and
the remainder vesting in equal monthly increments over the remaining three
years. In addition, you will receive 7,500 shares of restricted stock, which
vest annually over four years. This offer is subject to the approval of the
Board of Directors and your execution of our standard Stock Option Agreement.

 

PDL is
prepared to offer you a hiring bonus of $100,000.00, less applicable taxes. The
bonus amount shall be payable and included with your first paycheck from PDL.
If you voluntarily resign your position or your employment is terminated for
cause prior to your one-year anniversary with PDL, $100,000.00 will be
immediately due and payable to PDL. If you voluntarily resign your position or
your employment is terminated for cause after your one-year anniversary but
prior to your two-year anniversary with PDL, $50,000 will be immediately due
and payable to PDL.

 

PDL
will also provide you with a $55,000 relocation bonus, less applicable taxes.
If you voluntarily resign your position or your employment is terminated for
cause prior to your one-year anniversary with PDL, the entire amount will be
immediately due and payable to PDL. If you voluntarily resign your position or
your employment is terminated for cause after your one-year anniversary but
prior to your two-year anniversary with PDL, $27,500 will be immediately due
and payable to PDL.

 

For
purposes of federal immigration law, you will be required to provide PDL
documentary evidence of your identity and eligibility for employment in the
United States. Such documentation must be provided to us within three (3) business
days of your date of hire. In addition, this offer is contingent upon the
successful completion of a background check.

 

 

As a
PDL BioPharma employee, you are free to resign at any time, just as PDL
BioPharma is free to terminate your employment at any time, with or without
cause. There will be no express or implied agreements to the contrary.

 

To
indicate your acceptance of our offer, please sign and date one copy of this
letter in the space provided below and return it to Laurie Torres, in the
enclosed envelope by the date indicated below. This letter, along with an
agreement relating to proprietary rights between you and PDL, sets forth the
terms of your employment with PDL and supersedes any prior representations or
agreements, whether written or oral. This letter may not be modified or amended
except by a written agreement, signed by PDL and by you.

 

We are
very excited at the prospect of your joining PDL BioPharma as a key
contributor. This offer will remain open until February 20, 2007, at which
time it will expire if not previously accepted.

 

Sincerely,

 

 

	
  /s/ Mark McDade

  	
   

  	
  /s/ Mark McCamish

  
	
  Mark
  McDade

  	
   

  	
  Dr. Mark
  McCamish

  
	
  CEO

  	
   

  	
   

  
	
   

  	
   

  	
  17
  Feb 2007

  
	
   

  	
   

  	
  DateExhibit 10.4

 

July 18,
2000

 

Mr. Jaisim
Shah

***

***

 

Dear Jaisim:

 

On behalf of Protein Design Labs, Inc., I am
pleased to extend to you an offer for the position of Vice President, Marketing
reporting to Daniel Levitt, President, Research and Development.

 

The monthly salary for this
position is $18,750.00 ($225,000.00/annually). We offer our employees an
attractive benefits package, including a comprehensive medical policy and dental plan, as
well as life insurance coverage.

 

PDL is prepared to offer you
reasonable relocation assistance from New Jersey to the San Francisco Bay Area, including movement of your household goods
(packing, shipping and unloading of household goods) and the shipment of two
automobiles (if you are not driving one of them across country). The cost
of shipping the cars shall not exceed the low blue book value. Arrangements
will be made by PDL.

 

In addition, PDL agrees to
provide reimbursement for reasonable expenses incurred during a
five-day house hunting trip for your and your spouse to the Bay Area. The trip will include lodging, meals and a rental car for
five days. Again, these arrangements will be made by PDL.

 

PDL will also pay the airfare
for your and your spouse’s final trip to the Bay Area. If you prefer to drive,
PDL will provide you with a stipend to cover gas, hotel, and food that would be
equivalent to the cost of the plane tickets. Arrangements will be made by PDL.

 

Upon arriving in the Bay Area,
PDL is prepared to offer you a temporary housing allowance covering up to
$2,000 in expenses, each month for six (6) months. If you prefer, you can use this money for a mortgage
differential instead of temporary housing for up to six (6) months.
Additionally, PDL is prepared to offer you a storage allowance covering up to
$2,000 in expenses, each month for six (6) months.

 

If you terminate your
employment with PDL anytime during your first year of employment, you must repay the amount you received for relocation in
full, within fifteen (15) days of leaving the Company.

 

PDL will extend to you a loan
with a principal amount of up to $50,000 toward the purchase of a home in the
Bay Area. The loan may only be used within the first year of your employment with PDL, and will be made upon
your execution of an appropriate promissory note when you purchase a
home in the Bay Area. The loan will bear interest at the lowest rate permissible by law to avoid imputed interest, and
will be repayable as follows: on the first anniversary of the loan, all

 

 

then-accumulated interest will
be due; on the second anniversary of the loan, all then-accumulated interest
will be due; on the third anniversary of the loan, 50% of the principal amount,
plus all then-accumulated interest will be due; and on the fourth anniversary
of the loan, the balance of all principal and accumulated interest will be
due. The full amount of the principal and any accumulated interest will be immediately due and payable upon
your termination of employment with PDL for any reason.

 

PDL will extend to you an
additional loan with a principal amount of up to $50,000 toward the
purchase of a home in the Bay Area. The loan must be used within the first year of your employment at PDL, and will be made
upon your execution of an appropriate promissory
note. The loan will bear interest at the lowest rate permissible by law to
avoid imputed interest. Accumulated interest will be forgiven annually
on the anniversary date of the loan, if, on each such date, you are still an
employee of PDL. The entire principal amount
will be forgiven on the fourth anniversary date of the loan if you are then
still an employee of PDL. If your employment with PDL is terminated for any
reason prior to the fourth anniversary date of the loan, the full amount of the
principal and any accumulated interest will be immediately due and
payable to PDL.

 

PDL will extend to you a
bridge loan toward the purchase of a home in the Bay Area. The amount of
this loan shall not exceed $100,000. The loan will be made upon the execution of an appropriate promissory note. The
loan will bear interest at the lowest rate permissible by law to avoid
imputed interest. The entire principal amount and all accumulated interest will be immediately due and payable the sooner of
either the sale of your current residence or six (6) months after your
first day of employment with PDL.

 

In addition, PDL is prepared
to offer you a hiring bonus of $40,000.00 payable and included in your first
paycheck from PDL. If your employment will PDL is terminated for any reason prior to your second anniversary with PDL, the entire
$40,000.00 will be immediately due and payable to PDL.

 

In addition to our salary and
benefits packages, I am pleased to offer to you options to purchase 40,000 shares of Protein Design Labs Common Stock under a PDL
stock option plan. This offer is subject to
the approval of the Board of Directors and your execution of our standard
Stock Option Agreement. The options will vest over four years, with one-fourth of the options vesting after one year of
employment and the remainder vesting in equal monthly increments over
the remaining three years. The exercise price will be equal to the fair market value of the stock on the date the Board
approves the stock offer.

 

For purposes of federal
immigration law, you will be required to provide PDL documentary evidence of
your identity and eligibility for employment in the United States. Such
documentation must be provided to us within three (3) business days of
your date of hire.

 

As a Protein Design Labs
employee, you are free to resign at any time, just as Protein Design Labs is
free to terminate your employment at any time, with or without cause.

 

2

 

To indicate your acceptance of
our offer, please sign and date one copy of this letter in the space provided below and return it to Cheryle Johnson, in the enclosed
envelope by the date indicated below. This letter, along with an
agreement relating to proprietary rights between
you and PDL, sets forth the terms of your employment with PDL and supersedes any
prior representations or agreements, whether written or oral. This letter may
not be modified or amended except by a
written agreement, signed by PDL and by you.

 

We are very excited at the
prospect of your joining Protein Design Labs as a key contributor. This offer
will remain open until July 24, 2000, at which time it will expire if not
previously accepted.

 

Sincerely,

 

 

	
  /s/
  Daniel Levitt

  	
   

  	
  /s/
  Jaisim Shah

  
	
  Daniel
  Levitt, President, Research and

  	
   

  	
  Jaisim
  Shah

  
	
  Development

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  July 20,
  2000

  
	
   

  	
   

  	
  Date

  

 

3

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