Document:

Exhibit 10.1

 

August 23, 2001

 

Anthony Williams, MD

4400 Memorial Drive #1161

Houston, TX  77007

 

Dear Tony,

 

This will confirm our offer of employment, pending
successful references, for the position of Senior Vice President, Medical and
Clinical Affairs, reporting to Henry Blair.

 

Dyax will pay you a base salary of $240,000 per year
($9,230.76 bi-weekly), which is subject to review by the Compensation Committee
of the Board of Directors on an annual basis. 
You will be eligible for your first salary review, on a pro-rated basis,
on January 1, 2002, and annually thereafter. 
In addition, you will be eligible for a targeted bonus of 25% of your
base compensation subject to attainment of specific individual and corporate
objectives that will be determined and agreed to by you and Henry Blair.  You will be eligible for pro-rata
participation in this bonus for the remainder of the year 2001.

 

Subject to approval by the Compensation Committee,
Dyax agrees to grant you an Incentive Stock Option for the purchase of 75,000
shares of Dyax common stock.  These
options will be granted under the Dyax 1995 Equity Incentive Plan, which states
in relevant part that the option will: 1) be granted at fair market value at
the close of business on the day before your first day of employment; 2)
vesting equally over forty-eight months; 3) expire in 10 years; and 4) provide
exercisability of the vested portion of your options for ninety (90) days after
the termination of your employment.

 

You will receive four (4) weeks vacation and be
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, 40l(k) savings plan, disability insurance and life insurance.  A package describing these benefits is
enclosed.  Additionally, Dyax requires
that you execute the Company’s standard Employee Confidentiality Agreement and
comply with Federal and state employment laws and regulations.

 

Dyax is also prepared to reimburse you up to $20,000
for the following costs associated with your relocation to the Boston area:

 

•              Moving
and storage of your household goods;

•              Costs
associated with housing rental in the Boston area;

•              Temporary
housing, if needed;

•              Your
travel from Houston to Boston associated with this relocation.

 

You will be an employee at will.  However, in the event (a) your employment is
terminated by the Company without cause, (b) in the case of change of control
if you are terminated or resign, subsequent to a material decrease in your
responsibilities or a decrease in your base compensation or target bonus
percentage, Dyax agrees to pay you your monthly base salary for a minimum of
six (6) months as severance.  All earned
but unpaid bonuses and accrued vacation

 

 

time shall be paid upon termination.  Medical and dental benefits shall 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.  If your employment is terminated for cause
by the Company or is terminated by you for any reason not enumerated above,
your compensation, benefits, and stock option vesting shall cease as of the
termination date.  For purposes of this
offer, “cause” shall mean gross neglect in the performance of your duties or
the commission of an act of dishonesty or moral turpitude in connection with
your employment, as determined by the Board of Directors.  Subject to the foregoing, either party may
terminate this agreement at any time.

 

We look forward to your joining Dyax on or about
September 18, 2001.  If the above
accurately reflects your understanding of your employment terms at Dyax, please
sign both copies of this letter and return one copy to me.

 

	
  Sincerely,

  
	
   

  
	
   

  
	
  /s/ Henry E.
  Blair

  	
   

  
	
   

  
	
  Henry Blair

  	
   

  
	
  Chairman,
  CEO & President

  
	
   

  
	
   

  
	
  AGREED TO:

  
	
   

  
	
   

  
	
  /s/ Anthony
  Williams

  	
   

  
	
  Anthony
  Williams

  
	
   

  
	
  23rd
  August 2001

  	
   

  
	
  DateExhibit 10.2

 

August 28, 2001

 

Lynn Baird

39 Riverside Terrace

North Easton, MA  02356

 

Dear Lynn,

 

This will confirm our offer of employment, pending
successful references, for the position of Senior Vice President, Regulatory
and Pre-Clinical Affairs, reporting to Henry Blair.

 

Dyax will pay you a base salary of $205,000 per year
($7,884.61 bi-weekly), which is subject to review by the Compensation Committee
of the Board of Directors on an annual basis. 
You will be eligible for your first salary review, on a pro-rated basis,
on January 1, 2002, and annually thereafter. 
In addition, you will be eligible for a targeted bonus of 15% of your
base compensation subject to attainment of specific individual and corporate objectives
that will be determined and agreed to by you and Henry Blair.  You will be eligible for pro-rata
participation in this bonus for the remainder of the year 2001.

 

Subject to approval by the Compensation Committee,
Dyax agrees to grant you an Incentive Stock Option for the purchase of 50,000
shares of Dyax common stock.  These
options will be granted under the Dyax 1995 Equity Incentive Plan, which states
in relevant part that the option will: 1) be granted at fair market value at
the close of business on the day before your first day of employment; 2)
vesting equally over forty-eight months; 3) expire in 10 years; and 4) provide
exercisability of the vested portion of your options for ninety (90) days after
the termination of your employment.

 

You will receive four (4) weeks vacation and be
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.  Additionally, Dyax requires
that you execute the Company’s standard Employee Confidentiality Agreement and
comply with Federal and state employment laws and regulations.

 

You will be an employee at will.  However, in the event (a) your employment is
terminated by the Company without cause, (b) in the case of change of control
if you are terminated or resign, subsequent to a material decrease in your
responsibilities or a decrease in your base compensation or target bonus percentage,
Dyax agrees to pay you your monthly base salary for a minimum of six (6) months
as severance.  All earned but unpaid
bonuses and accrued vacation time shall be paid upon termination.  Medical and dental benefits shall continue
during the period when you are receiving severance.  Other than your rights under COBRA, all other benefits and
vetting of your stock options will terminate as of your date of
termination.  If your employment is
terminated for cause by the Company or is terminated by you for any reason not
enumerated above, your compensation, benefits, and stock option vesting shall
cease as of the termination date.  For
purposes of this offer, “cause” shall mean gross neglect in the performance of
your duties or the commission of an act of dishonesty or moral turpitude in
connection with your

 

 

employment, as determined by the Board of
Directors.  Subject to the foregoing,
either party may terminate this agreement at any time.

 

We look forward to your joining Dyax.  If the above accurately reflects your
understanding of your employment terms at Dyax, please sign both copies of this
letter and return one copy to me.

 

	
  Sincerely,

  
	
   

  
	
   

  
	
  /s/ Henry
  Blair

  	
   

  
	
   

  
	
  Henry Blair

  
	
  Chairman,
  CEO & President

  
	
   

  
	
   

  
	
  AGREED TO:

  
	
   

  
	
   

  
	
  /s/ Lynn G.
  Baird

  	
   

  
	
  Lynn Baird

  
	
   

  
	
  28 August
  2001

  	
   

  
	
  DateExhibit 10.3

 

June 27, 2003

 

Dr. Clive Wood

2 Hawthorne Place

Apt. #17R

Boston, MA  02114

 

Dear Clive,

 

This will
confirm our offer of employment for the position of Senior Vice President,
Discovery Research and Chief Scientific Officer reporting to Henry Blair,
President and CEO.  In this position,
you will be responsible for the strategy and operations of all Dyax Discovery
Research.

 

Dyax will pay
you a base salary of $225,000 per year ($8,653.85 bi-weekly), which is subject
to review by the Compensation Committee of the Board of Directors on an annual
basis.  You will be eligible for your
first salary review, on a pro-rated basis, on January 1, 2004, and annually
thereafter.  In addition, you will
receive a targeted bonus up to 25% of your base compensation subject to
attainment of specific individual and corporate objectives that will be
determined and agreed to by you and Henry Blair.  You will receive pro-rata participation in this bonus for the
remainder of the year 2003.  These
bonus-related objectives for 2003 will be decided upon within 30 days of your
first day of employment, and in the future years will be decided upon annually
on or no later than January 31 of each year.

 

Subject to
approval by the Compensation Committee, Dyax agrees to grant you an Incentive
Stock Option for the purchase of 50,000 shares of Dyax common stock.  These options will be granted under the Dyax
1995 Equity Incentive Plan, which states in relevant part that the option will:  1) be granted at fair market value at the
close of business on the day before your first day of employment; 2) vesting
equally over forty-eight months; 3) expire in 10 years; and 4) provide
exercisability of the vested portion of your options for ninety (90) days after
the termination of your employment.

 

You will
receive four (4) weeks paid vacation and will participate in the Company’s
employee benefit program 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.  Additionally, Dyax requires that you execute
the Company’s standard Employee Confidentiality Agreement and comply with
Federal and state employment laws and regulations.

 

You will be an
employee at will.  However, in the event
your employment is terminated by the Company without cause, Dyax agrees to pay
you your monthly base salary for a minimum of six (6) months as severance.  All earned but unpaid bonuses and accrued
vacation time shall be paid upon termination. 
Medical and dental benefits shall 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. 
If your employment is

 

 

terminated for cause by the Company or is terminated by you for any
reason not enumerated above, your compensation, benefits, and stock option
vesting shall cease as of the termination date.  For purposes of this offer, “cause” shall mean gross neglect in
the performance of your duties or the commission of an act of dishonesty or
moral turpitude in connection with your employment, as determined by the Board
of Directors.  Subject to the foregoing,
either party may terminate this agreement at any time.

 

Additionally,
this letter agreement (this “Agreement”) sets forth those benefits which the
Company will provide to you in the event your employment within the Company is
terminated after a “Change in Control” (as defined in Paragraph 2(i)) of the
Company under the circumstances described below.

 

1.             TERM.

 

If a Change in
Control should occur while you are still an employee of the Company, then this
Agreement shall continue in effect from the date of such Change in Control for
so long as you remain an employee of the Company, but in no event for more than
12 months following such Change in Control. 
If your employment is terminated by the Company without Cause (as
defined in Paragraph 3(ii)) prior to a Change in Control, this Agreement shall
expire 90 days after the date that your employment is terminated.  In addition, this Agreement may be
terminated by the Company at any time upon 120 days written notice to you.  The termination or expiration of the term of
this Agreement shall not adversely affect your rights under this Agreement that
have accrued prior to any such termination or expiration.

 

2.             CHANGE IN CONTROL

 

(i)            For purposes of this Agreement, a
Change in Control of the Company (a “Change in Control”) shall be deemed to
have occurred only if any of the following events occur:

 

(a)  the acquisition of 50% or more of the Common
Stock of the Company (including shares convertible into Common Stock) by any
“person” (as such term is defined in Section 3(a)(9) of the Securities Exchange
Act of 1934 (as amended, the “Exchange Act”));

 

(b)  a merger or similar combination after which
50% or more of the voting stock of the Company or any other surviving
corporation that is the successor to the Company is not held by the persons
having beneficial ownership (within the meaning of Rule 13d-3 under the
Exchange Act) of the Company immediately prior to such merger or combination;
or

 

(c)  the sale, lease, or exchange of all or
substantially all of the Company’s property or assets, or the dissolution or
liquidation of the Company;

 

provided,
however, that a spin-off transaction in which the property or assets of the
Company are transferred to a subsidiary of the Company and ownership of the
stock of the subsidiary is merely transferred pro-rata to the stockholders of
the Company or its successor shall not be deemed to be a Change in Control of
the Company.

 

2

 

3.             TERMINATION FOLLOWING CHANGE IN CONTROL.

 

If a Change in
Control shall have occurred while you are still an employee of the Company, you
shall be entitled to the payments and benefits provided in Paragraph 4 hereof
upon the subsequent termination of your employment within twelve (12) months of
such Change in Control, by you or by the Company unless such termination is (a)
because of your death or “Disability” (as defined below), (b) by the Company
for “Cause” (as defined below), or (c) by you other than for “Good Reason” (as
defined below), in any of which events you shall not be entitled to receive
benefits under this Agreement.

 

(i)                                     “Disability”.  If, as a result of your incapacity due to
physical or mental illness, you shall have been deemed “disabled” by the
institution appointed by the Company to administer the Company’s Long-Term
Disability Plan (or successor plan) because you shall have been absent from
your duties with the Company on a full-time basis for such months and shall not
have returned to full-time performance of your duties within thirty days after
written notice is given you, the Company may terminate your employment for
Disability.

 

(ii)                                  “Cause”.  For the purpose of this Agreement, the Company shall have “Cause”
to terminate your employment upon

 

(a)           The willful and continued failure by
you substantially to perform your duties with the Company (other than any such
failure resulting from your incapacity due to physical or mental illness or any
failure resulting from your terminating your employment with the Company for
“Good Reason” (as defined below)) after a written demand for substantial
performance is delivered to you by the Company which specifically identifies
the manner in which the Company believes that you have not substantially
performed your duties,

 

(b)           Willful gross misconduct or
dishonesty; or

 

(c)           Conviction of a felony or a crime
involving moral turpitude.

 

(iii)                               “Good Reason”.  You may terminate your employment for Good
Reason.  For purpose of this Agreement,
“Good Reason” shall mean:

 

(a)           The material diminution of your
duties with the Company from that immediately prior to the Change in Control;

 

(b)           A reduction by the Company in your
base salary in effect immediately prior to the Change in Control;

 

(c)           Any requirement by the Company that
the location at which you perform your principal duties for the Company be
changed to a new location that is more than 50 miles from the location at which
you perform your principal duties for the Company immediately prior to the
Change in Control.

 

(iv)                              Notice of Termination. 
Any termination by the Company pursuant to subparagraphs (i) or (ii)
above or by you pursuant to subparagraph (iii) above

 

3

 

shall be
communicated by written Notice of Termination to the other party hereto.  For purposes of this Agreement, a “Notice of
Termination” shall mean a notice which shall indicate the specific termination
provision in this Agreement relied upon and shall set forth in reasonable
detail the facts and circumstances claimed  to
provide a basis of your termination under the provision so indicated.

 

(v)           Date of Termination.  “Date of Termination” shall mean:

 

(a)           If this Agreement is terminated for
Disability, thirty days after Notice of Termination is given (provided that you
shall not have returned to the performance of your duties on a full-time basis
during such thirty-day period),

 

(b)           If your employment is terminated
pursuant to subparagraph (iii) above, the date specified in the Notice of
Termination, and

 

(c)           If your employment is terminated for
any other reason, the date on which a Notice of Termination is given (or, if a
Notice of Termination is not given, the date of such termination).

 

(vi)                              Termination in Anticipation of a Change
in Control.  If your employment is terminated by the
Company without Cause within 90 days prior to a Change of Control and such
termination (i) was at the request of a third party who had indicated an
intention or had taken steps reasonably calculated to effect a Change of
Control and who subsequently effectuates a Change of Control (a “Third Party”)
or (ii) otherwise occurred as a condition to, or in anticipation of, a Change
of Control which actually occurs, then for all purposes of this Agreement, the
date of a Change of Control for purposes of this Agreement shall mean the date
immediately prior to the date of such termination of your employment and shall
entitle you to the benefits provided under Section 4 of this Agreement as
though it were a termination without Cause
after a Change in Control.

 

4.             COMPENSATION UPON TERMINATION AFTER A CHANGE IN
CONTROL.

 

(i)                                     If, after a Change in Control, your
employment shall be terminated for Cause, the Company shall pay you your full
base salary through the Date of Termination at the rate in effect at the time
Notice of Termination is given and the Company shall have no further
obligations to you under this Agreement.

 

(ii)                                  If, after a Change in Control, the
Company shall terminate your employment, other than pursuant to Paragraph 3(i)
or (ii) hereof or by reason of death, or you shall terminate your employment
for Good Reason:

 

(a)           The Company shall pay you as
severance pay (and without regard to the provisions of any benefit plan) six
(6) months of salary continuation at the base rate in effect at the time of
termination (together with the payments provided in paragraphs (b), (c) and (d)
below, the “Severance Payments”);

 

4

 

(b)           For a six (6) month period after such
termination, the Company shall arrange to provide you with life, dental,
accident and group health insurance benefits substantially similar to those
that you were receiving immediately prior to such termination to the extent
that the Company’s plans then permit the Company to provide you with such
benefits.  Notwithstanding the
foregoing, the Company shall not provide any such benefits to you to the extent
that an equivalent benefit is received by you from another employer during such
period, and you shall report any such benefit actually received by you to the
Company;

 

(c)           The exercisability of all outstanding
stock options and restricted stock awards with respect to Common Stock of the
Company then held by you shall accelerate in full; and

 

(d)           You shall be entitled to full
executive outplacement assistance with an agency selected by the Company.

 

(iv)                              You shall not be required to mitigate the
amount of any payment provided for in this Paragraph 4 by seeking other
employment or otherwise, nor shall the amount of any payment provided for in
this Paragraph 3 be reduced by any compensation earned by you as the result of
employment by another employer after the Date of Termination, or otherwise,
except to the extent provided in Section 4(ii)(b) above.

 

5.             LIMIT ON SEVERANCE PAYMENTS.

 

In the event
that any payment or benefit received or to be received by you in connection
with a Change in Control or the termination of your employment (whether
pursuant to the terms of this Agreement or any other plan, arrangement or
agreement with the Company, any person whose actions result in a Change in Control
or any person affiliated with the Company or such person) (collectively with
the Severance Payments, “Total Payments”) would not be deductible (in whole or
part) as a result of section 280G of the Internal Revenue Code of 1986, as
amended (the “Code”) by the Company, an affiliate or other person making such
payment or providing such benefit, the Severance Payments shall be reduced
until no portion of the Total Payments is not deductible, or the Severance
Payments are reduced to zero.  For
purposes of this limitation (a) no portion of the Total Payments the receipt or
enjoyment of which you shall have effectively waived in writing prior to the
date of payment of the Severance Payments shall be taken into account, (b) no
portion of the Total Payments shall be taken into account which in the opinion
of tax counsel selected by the Company’s independent auditors serving as such
immediately prior to the Change in Control does not constitute a “parachute
payment” within the meaning of section 280G(b)(2) of the Code, (c) the
Severance Payments shall be reduced only to the extent necessary so that the
Total Payments (other than those referred to in clauses (a) or (b)) in their
entirety constitute reasonable compensation for services actually rendered
within the meaning of section 280G(b)(4) of the Code or are otherwise not
subject to disallowance as deductions, in the opinion of the tax counsel
referred to in clause (b); and (d) the value of any non-cash benefit or any
deferred payment or benefit included in the Total Payments shall be determined
by the Company’s independent auditors based on Sections 280G and 4999 of the
Code and on proposed final regulations for applying those Code Section, or on
substantial authority within the meaning of Section 6662 of the Code.

 

5

 

6.             NOTICE.

 

For the
purpose of this Agreement, notices and all other communications provided for in
this Agreement shall be in writing and shall be delivered to each party at each
party’s respective address set forth on the first page of this Agreement, and
shall be deemed effectively given or delivered:  (i) upon personal delivery to the party to be notified, (ii)
three (3) days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (iii) one (1) business day after deposit
with a nationally recognized overnight courier, specifying next day delivery,
with written verification of receipt; provided that all notices to the Company
should be directed to the attention of the Chairman of the Board of the
Company, with a copy to the Chief Financial Officer of Dyax Corp., in each case
at 300 Technology Square, Cambridge, MA 
02139.

 

7.             ENTIRE AGREEMENT.

 

This Agreement
represents the entire agreement of the parties with respect to the subject
matter hereof and supersedes any other agreement between the parties with
respect to such subject matter.

 

8.             COUNTERPARTS.

 

This Agreement
may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one in the same
instrument.

 

9.             MISCELLANEOUS

 

(i)            No provision of this Agreement may
be modified, waived, or discharged unless such waiver, modification, or
discharge is agreed to in writing signed by you and such officer as may be
specifically designated by the Board of Directors of the Company.

 

(ii)           No waiver by either party hereto at
any time of any breach by the other party hereto of, or compliance with, any
condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at
the same or at any time prior to subsequent time.

 

(iii)          The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of
the Commonwealth of Massachusetts.

 

(iv)          The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and
effect.

 

(v)           The Company may withhold from any
amounts payable under this Agreement such federal, state, local or foreign
taxes as shall be required to be withheld pursuant to any applicable law or
regulation.

 

6

 

If this
Agreement correctly sets forth our agreement on the subject matter hereof,
kindly sign and return to the Company the enclosed copy of this Agreement which
will then constitute our agreement on this subject.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Stephen
  S. Galliker

  
	
   

  	
  Stephen S.
  Galliker

  
	
   

  	
  Executive
  Vice President

  

 

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

 

	
  /s/ Clive
  Wood

  	
   

  	
  7/8/03

  	
   

  
	
  Name:  Clive Wood

  	
   

  	
   

  

 

7

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