Document:

Offer Letter

 Exhibit 10.1 
  

					
	April 13, 2005	  	REVISED	  	 

  
 Roger D. Graham, Jr. 
 20 Brookside Lane 
 Little Silver, NJ 07739 
  
 Dear Mr. Graham: 
  
 On behalf of Adolor Corporation (the “Company”), we would like to offer you the position of Senior Vice President Sales &
Marketing reporting directly to Bruce A. Peacock, CEO and President. You shall be responsible for coordinating and managing the Company’s marketing, sales, sales operations, managed care, sales and marketing training and market research
functions, as well as perform the functions, duties and responsibilities customarily associated with the position of Senior Vice President Sales & Marketing. You will be recommended for election by the Board of Directors of the Company to be an
officer of the Company. This offer is contingent upon our receipt of employment and education references that meet our standards of acceptability as well as: 
  

	a)	The completion of a satisfactory criminal background check (in compliance with the Fair Credit Reporting Act) 

  

	b)	The completion of a successful pre-employment drug screening. The drug test must be completed within 5 days of the employment letter date. Please see the enclosed contact
information for the local Quest Diagnostics Patient Service Centers in your area. Please call to schedule an appointment for your drug screen and bring the enclosed Custody and Control Form with you to your appointment. 

  

	c)	Successful verification of your signed certification that you are not an Ineligible Person as defined in the Adolor Corporation Certification List of Parties Excluded From Federal
Programs. 

  
 In this position, you will receive a base salary of
$27,500.00 per month, the equivalent of $330,000.00 on an annual basis, subject to the normal payroll withholding taxes in accordance with the Company’s customary practices. Adolor’s current pay practice is to make direct payroll deposits
on alternate Fridays. 
  
 Benefits 
  
 As a full time employee, you will be eligible to participate in the Company’s employee
benefit programs. Currently these benefits include: 
  

	 	•	 	Medical, prescription, and vision benefits through Blue Cross/Blue Shield’s Personal Choice plan or Keystone plan, and dental insurance coverage through MetLife. As is the
current practice in our industry, we ask that employees contribute a portion of the medical and dental insurance premiums. Your medical and dental insurance will be effective on the first day of the month following your start date.

  
 Confidential 

	 	•	 	Short Term Disability and Long Term Disability insurance, at no cost to you. These benefits are effective the first day of your employment. 

  

	 	•	 	A company paid term life insurance plan equivalent to twice your annual salary up to a maximum of $400,000, at no cost to you. This benefit is effective the first day of your
employment. 

  

	 	•	 	A 401(k) Retirement Savings Plan is available through The Principal Life Insurance Company to all employees on the first day of the month following enrollment and once you meet the
plan requirements. The 401(k) Plan is provided to help you prepare for your retirement through pre-tax savings. The Company will make matching contributions to your 401(k) account according to the plan provisions. 

  

	 	•	 	Twenty days of vacation on an annual basis. Every month you will accrue one twelfth of your annual vacation amount for use throughout the year. As a new hire, your vacation accrual
will be pro-rated your first year based on your hire date. 

  

	 	•	 	Eight (8) company holidays, and two (2) floating holidays per calendar year that can be scheduled by you. You will be eligible for all company holidays that follow your start date.

  

	 	•	 	Access to an Employee Resource Program for you and your eligible dependents. 

  

You should be aware that benefits are subject to change at the discretion of the Company. 
  
 Incentive Compensation 
  
 You will also be eligible to participate in the Adolor Corporation Incentive Compensation Plan (“Plan”) in the 2005 Performance Year; a copy of the Plan is
attached. Your annual bonus target will be 30% of your base salary based on your performance against individual objectives and the achievement of company milestones. For 2005, you are guaranteed to receive a minimum bonus of 30% of your base salary
not pro-rated. 
  
 Sign On Bonus 
  
 You will be eligible to receive a $25,000 sign on bonus. This payment is subject to normal
payroll taxes and will be paid to you in your first paycheck. If you should voluntarily resign your position without “Good Reason” (as defined below) or are terminated for “Cause” (as defined below) within one year of service,
you are responsible to the Company for full reimbursement of this sign-on bonus in the amount of $25,000. 
  
 Relocation 
  
 It is agreed that you will
relocate from Little Silver, New Jersey to the Suburban Philadelphia area. To assist you in the relocation of you and your family, Adolor Corporation is pleased to offer Relocation Benefits for Homeowners as outlined in the attached Relocation
Assistance Policy. 
  
 Relocation benefits will include: 
  

	 	1.	Reasonable costs associated with the sale of your current residence at 20 Brookside Lane, Little Silver, NJ 07739 to include commission, related taxes, title insurances, and related
fees. 

  

	 	2.	Temporary living assistance for a period of up to 120 days. 

  

	 	3.	One home-finding trip not to exceed five days. 

  

	 	4.	Reasonable costs associated with the purchase of a new property in the Suburban Philadelphia area to include related fees, title insurance, and home inspection services.

  
 Confidential 

	 	5.	Shipment of household goods from your current residence (including packing) to your new residence. If necessary, temporary storage of household good for up to 60 days will be
included. 

  

	 	6.	Actual and reasonable travel costs associated with you and your family members moving to your new location. 

  
 Applicable expenses will be grossed-up for federal and state taxes. 
  
 Please contact Alex DiGiacomo, Manager, Human Resources (484-595-1975) or me directly with
any questions and before initiating any aspect of the relocation process. We will coordinate an introduction between you and a consultant from Prudential Fox Roach, our corporate relocation assistance vendor. 
  
 It is agreed that if you voluntarily leave Adolor without Good Reason (as defined below) or
are terminated for “Cause” (as defined below), within twelve (12) months following your relocation, you will be required to reimburse the Company for all expenses incurred for your relocation. 
  
 Annual Performance Review 
  
 Your individual performance will be evaluated during our 2005 annual review process.
Currently, our annual review process takes place at the end of each calendar year, followed by the merit increase process in January. You will receive a review during our 2005 Performance Review cycle, which may include a review of your cash
compensation and stock options. As a new hire, your merit increase may be pro-rated your first year based on your hire date. 
  
 Stock Option Program 
  
 Upon joining the Company, you will have the opportunity to participate in the Company’s stock option program. Subject to the approval of the Compensation Committee, you will be offered an option to purchase
125,000 shares of Adolor’s common stock. These options will be subject to the terms of Adolor Corporation’s Amended and Restated 1994 Equity Compensation Plan (“Plan”). A copy of the Plan is attached for your reference. The
options will be Incentive Stock Options to the maximum extent available under tax regulations and your right to purchase the stock (exercise a portion of the option) will vest in equal monthly amounts over a 48-month period commencing on your start
date, subject to an initial three month waiting period. 
  
 At the time of the
annual review, if your performance is satisfactory or better, you will be considered for additional discretionary option grants. 
  
 Adolor Stock 
  
 Please note that under Adolor’s Policy Concerning Trading in Securities and Conflicts of Interest (Policy #: LGL002), employees are not permitted to purchase or sell shares of Adolor stock without written
pre-approval from the office of the General Counsel. 
  
 Termination of
Employment 
  
 You will have the right to terminate your employment hereunder
with or without Good Reason (as defined below), as provided below, and the Company will have the right to terminate your employment hereunder with or without Cause or (as defined below), as provided below. Except as provided for in the immediately
following paragraph, if your employment hereunder is terminated at any time: 
  
 (i) by you for Good Reason following 15 days prior written notice to the Company; or, 
  
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 (ii) by the Company without Cause, or if a Change in Control occurs and your employment hereunder is terminated at any
time during the 90 days before or the first twelve months following such Change in Control (a) by you for Good Reason following 15 days prior written notice to the Company, or (b) by the Company without Cause; 
  
 then you will be entitled to receive from the Company: 
  
 (a) in twelve monthly installments a payment in gross amount equal to the
sum of (i) your Base Salary and (ii) the bonus amount paid to you for your performance during the immediately preceding calendar year (provided that if such termination occurs prior to the end of the calendar year 2005, then the bonus amount shall
be deemed to be 30% of your Base Salary), 
  
 (b) continuation of
similar benefits in effect as of the date of termination for a period of one year following the date of termination at the Company’s sole expense, 
  
 (c) immediate payment of any unpaid expense reimbursements, deferred compensation and unused accrued vacation days through the date of termination,

  
 (d) the ability to exercise all equity interests in the
Company that have vested up through the date of termination during the period of one year following the date of termination, and 
  
 (e) any other payments and/or benefits which you are entitled to receive under the terms and provisions of any of the employee pension, incentive, or
welfare benefit plans of the Company. 
  
 In the event your employment is
terminated (i) by you voluntarily without Good Reason, or (ii) by the Company for Cause, you will only be entitled to receive from the Company (a) your Base Salary through the date of such termination, (b) immediate payment of any unpaid expense
reimbursements, deferred compensation and unused accrued vacation days through the date of termination, and (c) any other payments and/or benefits which you are entitled to receive under the terms and provisions of any employee pension, incentive or
welfare benefit plans of the Company. 
  
 If your employment is terminated due to
your death, your estate will be entitled to receive from the Company (a) Base Salary continuation through the end of the month in which your death occurs, (b) a pro-rated bonus payment for the year of death equal to the bonus amount paid to you for
your performance during the immediately preceding calendar year multiplied by a fraction, the numerator of which is the number of days from and including January 1 of such year through the date of your death and the denominator of which is 365, (c)
immediate payment of any unpaid expense reimbursements, deferred compensation and unused accrued vacation days through the date of death or such termination, and (d) any other payments and/or benefits which you are entitled to receive under the
terms and provisions of any employee pension, incentive or welfare benefit plans of the Company. 
  
 In the event of any termination of your employment, you will be under no obligation to seek other employment and there will be no offset against any amounts due to you hereunder on account of any remuneration
attributable to any subsequent employment that you may obtain. Any amounts due under “Termination of Employment” are in the nature of severance payments, or liquidated damages, or both, and are not in the nature of a penalty.
Notwithstanding the foregoing, the Company’s obligation to provide continuation of benefits under the welfare benefit plans described above shall cease if you become eligible for other health insurance benefits at the expense of a new employer.
You agree to notify a duly authorized officer of the Company, in writing, immediately upon acceptance of any employment following the date of termination of your employment, which provides you with eligibility for health insurance benefit.

  
 For purposes of the Agreement, “Cause” means (a) your conviction
(including a plea of guilty or nolo contendere) of a felony under federal law or the law of the state in which such action occurred, (b) the commitment by you of an intentional act of fraud, embezzlement, or theft in connection with your duties in
the course of your employment with the Company, or your engagement in gross negligence 
  
 Confidential 

 
in the course of your employment with the Company or (c) your willful and deliberate failure to perform your employment duties in any material respect. For
purposes of the Agreement, an act or omission on your part shall be deemed “intentional” or gross negligence only if it was done by you in bad faith, not merely an error in judgment, and without reasonable belief that the act or omission
was in the best interest of the Company. 
  
 For purposes of the Agreement,
“Good Reason” means and will be deemed to exist if, without your prior express written consent, (i) you are assigned any duties or responsibilities inconsistent in any respect with the scope of the duties or responsibilities associated
with your title or position, as set forth and described above; (ii) you suffer a material change in the duties, responsibilities, reporting rights or obligations, or effective authority associated with your title and position and/or as set forth
above; (iii) your Base Salary is decreased by the Company, or your benefits under any of the Company’s employee pension or welfare plans or programs are in aggregate materially decreased; or (iv) the Company fails to pay your compensation,
employee benefits or reimbursements when due; provided that in the event of a Change in Control “Good Reason” shall also include the relocation of your principal office location to a site that is more than 50 miles from your then current
principal office. 
  
 For purposes of the Agreement, “Change in Control”
means (A) the consummation of a merger or consolidation of the Company in which the stockholders of the Company immediately prior to such merger or consolidation, would not, immediately after the merger or consolidation, beneficially own (as such
term is defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended), directly or indirectly, shares representing the aggregate 50% or more of the combined voting power of the securities of the corporation issuing cash or securities
in the merger or consolidation (or of its ultimate parent corporation, if any); or (B) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company, or there is consummated an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of
the voting securities of which are owned by persons in substantially the same proportion as their ownership of the Company immediately prior to such sale. 
  
 In the event that the terms and conditions of this Agreement conflict with the terms and conditions of a Company Policy, the terms and conditions of this Agreement shall
govern. This Agreement may not be changed, amended or modified orally. This Agreement may be changed, amended or modified only by an agreement in writing signed by the parties. 
  
 Miscellaneous Items 
  
 You will receive a Company laptop and either a Company cell phone or a Company Blackberry that is paid monthly by Adolor with the understanding that you comply with the
Company Policy regarding its use. 
  
 Conditions of Employment 

 
 As a condition of employment with the company, which you understand to be at-will
employment, we require that you sign the enclosed Employee Noncompetition, Nondisclosure and Development Agreement and return it to me. This offer will expire at 5:00 p.m. on Friday, April 15, 2005 unless you accept it prior to that time. If you
wish to accept this offer based on the terms defined in this letter, please call me at 484-595-1080. Please sign, date, and return the enclosed copy together with the signed Employee Noncompetition, Nondisclosure and Development Agreement in the
envelope enclosed. Please do not fax either of these documents to Adolor. 
  
 Confidential 

 Mr. Graham, we sincerely hope that you will accept our offer and we are eager to have you join Adolor Corporation. We
would anticipate, if you accept our offer, that your employment would begin on a mutually agreed upon date on or before April 18, 2005. We are looking forward to working with you and supporting you in your work so that your contributions lead the
Company to even greater future success. 
  
 Please feel free to call me if you
have any questions about this offer or any other aspect of Adolor. 
  
  

	
	Sincerely,
	
	 /s/    Denise B. Kerton

	 Denise B. Kerton
 Vice President, Human
Resources

  
 Confidential

 I acknowledge receipt of this offer and understand that I will be an at-will employee and that this offer
letter does not constitute an employment contract. 
  

							
	 	 	 /s/ Roger D. Graham, Jr.

	 	 	 	 April 14, 2005

	 	 	Signature	 	 	 	Date

  
 Please provide the
following information for Human Resources Use ONLY 

							
				
	 	 	  

	 	 	 	  

	 	 	Social Security #	 	 	 	Middle Initial
				
	 	 	  

	 	 	 	 
	 	 	Anticipated Start Date	 	 	 	 

  
 ConfidentialLetter Agreement

 Exhibit 10.1 
  
 [Oxford Letterhead] 
  
                             April 15, 2005 
  
 Mr. Bob Jakobs 
 Director of Finance 
 Icagen, Inc. 
 4222 Emperor Blvd. 
 Suite 350 
 Durham, NC 27703

  
 Dear Bob, 
  
 This is to notify you that Oxford Finance Corporation has approved Icagen’s request for a credit line expansion good
through April 15, 2005 under the same terms and conditions of the original proposal executed on December 20, 2001. The expansion will be changed to reflect current treasury-bill constant maturity rates as of April 11, 2005. This is to accommodate
your anticipated funding of $1,000,000 worth of capital expenditures through December 31, 2005. If you need to increase this amount, or if you have any questions or concerns about this expansion, please do not hesitate to contact me directly.

  

	
	 Sincerely,

	
	 /s/ Chad D. Norman

	 Chad D. Norman

	 Business Development Officer

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