Document:

Exhibit 10.21

 

EMPLOYMENT AGREEMENT

 

EMPLOYMENT AGREEMENT dated as of March 1, 2011 by and between GWEN BINDER-SCHOLL (the “Employee”) and ADAPTIMMUNE LLC, Delaware limited liability company (the “Company”; each of the Company and the Employee are referred to herein as “Party and collectively as the “Parties”), a solely owned subsidiary of ADAPTIMMUNE LIMITED.

 

WHEREAS, the Company desires to employ the Employee, and the Employee desires to accept employment with the Company, upon the terms and subject to the conditions hereinafter set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and obligations hereinafter set forth, intending to be legally bound, the Parties hereto hereby agree as follows:

 

Section 1.                                          Employment. The Company hereby agrees to employ the Employee as Vice President of Operations, Adaptimmune LLC, and the Employee hereby accepts such employment by the Company, upon the terms and subject to the conditions hereinafter set forth.

 

Section 2.                                          Term. The term of this Agreement shall commence on March 1, 2011 (the “Effective Date”) The Employee is employed on an “at will” basis. The terms of employment shall continue unless terminated by the Employee or the Company. The term of this Agreement shall begin as of the Effective Date and shall continue in full force and effect until termination of this Agreement by either party upon thirty (30) days prior written notice, which termination may be effected by either party at any time with or without Cause (as defined below); provided, that the Company may terminate this Agreement immediately for Cause. The period of time during which the Employee is employed hereunder is referred to as the “Term.”

 

Section 3.                                          Duties. The Employee shall perform such duties and services as are appropriate and commensurate with the Employee’s position and as are assigned to her from time to time by the Company (the “Services”). The Employee shall report to the Chief Operating Officer (“COO”) of ADAPTIMMUNE LIMITED or her designee. The Employee shall perform her duties principally based in the Company’s principal executive offices located within the University City Science Center in Philadelphia, Pennsylvania.

 

Section 4.                                          Time to be Devoted to Employment.

 

(a)                                           The Employee agrees that, during the Term of this Agreement, she will: (i) devote her full and exclusive working time to the business of the Company; (ii) diligently and faithfully commit her best efforts, skills and abilities to the business of the Company and the promotion of the interests of the Company; and (iii) perform, in a competent and professional manner, her duties and responsibilities under this Agreement.

 

(b)                                           The Employee agrees that she shall not, during the Term, engage in any other business activity, whether or not such business activity is pursued for gain, profit or other pecuniary advantage, unless the Employee obtains prior approval from the COO or ADAPTIMMUNE LIMITED’S Chief Executive Officer (“CEO”). However, nothing in this Agreement shall preclude the Employee from devoting nominal time during business hours to:

 

 

(i) personal matters and investments; and (ii) professional, educational, philanthropic, public interest, or civic activities, provided that such activities do not interfere with the Employee’s regular performance of her duties and responsibilities hereunder and are approved in advance by the COO or the CEO.

 

Section 5.                                          Compensation and Related Matters.

 

(a)                                           Base Salary. The Company shall pay the Employee an annual salary of $115,000 (the “Base Salary”), which Base Salary shall be paid to the Employee in accordance with the Company’s regular payroll practices and shall be subject to applicable withholdings as required by law. During the Term, such Base Salary shall be reviewed periodically by the COO, the CEO and the Board of Directors of the Company (the “Board”) at their convenience, but no less frequently than annually. In connection with such review, the COO, the CEO and the Board, in their sole discretion, may increase the Base Salary, and once the Base Salary is so increased, it may not thereafter be decreased below the original Base Salary of $115,000 set forth herein without the Employee’s written consent. The Base Salary as so increased shall then constitute the “Base Salary” for purposes of this Agreement.

 

(b)                                           Equity. During the Term, subject to the Employee’s continued employment hereunder, the Employee shall be entitled to participate in the equity plans sponsored or maintained by the Company and its affiliates from time to time, in accordance with the terms of any such plan, as and if determined by the Board or the Compensation Committee of the Board in their sole discretion. The grant or issuance of any equity award is subject to obtaining the necessary Board and other approvals, as determined by the Company in its sole discretion, and will be governed by the terms and conditions of any applicable granting documents or agreements.

 

(c)                                            Benefits. The Employee shall, during the Term, be permitted to participate in such medical, dental and other employee benefit plans of the Company as set forth on Schedule A hereto that generally are maintained for other senior-level employees of the Company in the United States. The scope and availability of the benefits described herein shall be governed by the terms of the respective plan documents.

 

(d)                                           Vacation and Holidays; Illness and Disability. The Employee shall be entitled to take up to twenty-four (24) days of paid vacation per calendar year, which vacation days shall accrue upon the first day of the year. Upon termination of employment, the Employee will be paid for any accrued but unused vacation days. Further, the Employee shall not be permitted to carry over into a subsequent calendar year any unused vacation days from the previous calendar year. In addition, the Employee shall be eligible for up to 5 paid sick days per calendar year, paid at the employee’s regular base rate of pay, for illness, injury or medical appointments. The company reserves the right to require employee to provide a doctor’s note to support such absences. Except in the event of an emergency, employee is expected to provide 24 hours notice of the need to use a paid sick day. Sick days may not be used to extend a holiday or vacation. Sick days do not carry over from year to year and are not paid out on termination.

 

(e)                                            Other Expenses. The Company will reimburse the Employee for reasonable expenses relating to the Employee’s purchase of a blackberry/cell phone, and any monthly fees/charges associated therewith. In addition, the Company shall reimburse, in

 

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accordance with ADAPTIMMUNE LMITED’s applicable guidelines and policies, all reasonable and necessary traveling and other business expenses incurred by the Employee for or on behalf of the Company in the performance of her duties hereunder upon presentation by the Employee to the Company of appropriate receipts and documentation and otherwise in accordance with the ADAPTIMMUNE LIMITED’s standard policies

 

Section 6.                                          Termination of Agreement.

 

(a)                                           Disability. If the Employee becomes permanently disabled, this Agreement shall terminate effective when the Disability is deemed to become permanent. The term “Disability” shall mean any physical or mental illness or incapacity of the Employee that renders the Employee unable or incompetent to carry out the essential functions of her duties under this Agreement for a period of either: (i) one hundred twenty (120) or more consecutive days from the first date of the Employee’s absence due to a disability; or (ii) one hundred eighty (180) days during any three hundred sixty-five day period. The Disability of the Employee shall be determined by the Company, in consultation with a medical doctor selected by it. To assist the Company in making such determination, the Employee agrees to submit to a reasonable number of medical examinations and the Employee hereby authorizes the disclosure and release to the Company of medical information pertaining to the Employee. If, and to the extent that, the Employee receives any payments during the period of her Disability from any Company disability insurance policy, such amounts shall offset any amounts due to the Employee from the Company, so that the total amount paid to the Employee during the period of her Disability does not exceed one hundred percent (100%) of the compensation payable to her under this Agreement.

 

(b)                                           Death. If the Employee dies during the Term, her employment hereunder shall be deemed to cease as of the date of her death, and all benefits and payments otherwise due her pursuant to Section 7(a) herein, shall be paid to the beneficiary designated by the Employee in a writing delivered to the Company (the “Beneficiary”), or if there be no such designated beneficiary, to her estate.

 

(c)                                            Termination by the Company for Cause. The Company may terminate the Employee’s employment hereunder for cause. For purposes of this Agreement, “Cause” shall be defined as one or more of the following:

 

(i)                                     the Employee’s indictment or its equivalent for any crime constituting a felony or commission by Employee of any crime involving theft, fraud, dishonesty or moral turpitude;

 

(ii)                                  fraud, personal dishonesty, embezzlement, defalcation or acts of intentional misconduct on the part of Employee in the course of her employment with the Company, or any act or omission by the Employee which is, or could reasonably be expected to become, injurious to the financial condition, business or reputation of the Company;

 

(iii)                               breach by Employee of this Agreement, any other written agreement between the Employee and the Company or any written Company policy, if such

 

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breach is not cured by Employee within ten (10) days after written notice from the Company of such breach;

 

(iv)                              breach of Employee’s fiduciary duty of loyalty to the Company;

 

(v)                                 failure or refusal by the Employee to follow a lawful directive of the Board, the CEO or the COO; or

 

(vi)                              gross negligence by the Employee in the performance of, or willful failure or refusal by the Employee to perform, any of Employee’s job duties and responsibilities.

 

(d)                                           Termination by the Employee for Good Reason. The Employee may terminate her employment at any time upon written notice to the Company for Good Reason. “Good Reason” shall be deemed to exist with respect to any termination of employment by the Employee for any of the following reasons: (i) any material failure by the Company to comply with any material term of this Agreement that is not corrected within 30 days after written notice from the Employee, which notice shall set forth the nature of the breach; (ii) the relocation following a Change of Control of the principal headquarters of the Company (or any successor hereto) to a location outside a radius of fifty (50) miles from Philadelphia, Pennsylvania; or (iii) the demotion of the Employee to a lesser position than described in Section 1 hereof or a substantial diminution of the Employee’s authority, duties or responsibilities as in effect on the date of this Agreement or as hereafter increased; provided, however, that Good Reason shall not include a termination of the Employee’s employment pursuant to Section 6(a), 6(b) or 6(c) hereof or, following a Change of Control of the Company, a reduction in title, position, responsibilities or duties substantially as a result of the Company being acquired and made part of a larger entity or operated as a subsidiary of another entity. For purposes hereof, “Change of Control” shall mean any transaction or series of related transactions: (a) as a result of which the holders of the voting securities of Company outstanding immediately prior to such transaction would not continue to retain directly or indirectly (either by such voting securities remaining outstanding or by such voting securities being converted into voting securities of the surviving entity or otherwise), more than 50% of the total voting power represented by the voting securities of Company or the surviving entity outstanding immediately after such transaction or series of transactions; or (b) that constitute the sale, lease, transfer, exchange, exclusive license or other conveyance of all or substantially all of the assets of Company.

 

Section 7.                                          Effect of Termination of Employment.

 

(a)                                           Termination by the Company for Cause; Termination by the Employee Without Good Reason; and Termination upon Death or Disability. Upon the Company’s termination of the Employee’s employment hereunder for Cause (as such term is defined in Section 6(c) herein), or upon the Employee’s termination of her employment hereunder without Good Reason (as such term is defined in Section 6(d) herein), or upon the Employee’s Disability (as such term is defined in section 6(a) herein) or death, the Employee shall not be entitled to any Severance Benefits (as such term is defined in Section 7(b) herein), and the Employee shall relinquish any and all rights to any amounts payable and to any benefits otherwise provided for herein, other than: (i) any unpaid portion of the Base Salary payable pursuant to Section 5(a),

 

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computed on a pro-rata basis through the date of termination and (ii) payment for any unreimbursed car, travel and/or business expenses through the date of termination.

 

(b)                                           Termination by the Company without Cause or Termination by the Employee for Good Reason. If the Agreement is terminated without cause by the Company or as a result of the Employee’s termination with Good Reason, the Company shall provide the Employee with: (i) severance in the form of salary continuation (at the Employee’s Base Salary in effect on the date of termination), which shall be paid in accordance with the Company’s regular payroll practices and subject to the applicable withholdings as required by law, for two (2) months (the “Severance Payment”), which Severance Payment is contingent upon the Employee’s execution of a release of claims in a form acceptable to the Company and (ii) payment for any unreimbursed car, travel and/or business expenses (collectively the “Severance Benefits”).

 

Section 8.                                          Non-Disclosure of Confidential Information.

 

(a)                                           Definition of Confidential Information. The Parties acknowledge that, in order to permit the Employee to successfully perform the Services for which she was contracted by the Company, it is necessary for the Company to provide the Employee with access to Confidential Information which is essential to the profitable operation of the Company, and which gives the Company a competitive advantage over other firms pursuing related business activities. For purposes of this Section, “Confidential Information” shall mean certain valuable proprietary information and knowledge of certain modes of business operation, including without limitation to all information arising out of or relating to the Company’s business operations or plans; knowledge and information relating to the Company’s trade secrets, patents and copyright material; marketing, financial, research, and sales information; proprietary computer software designs and hardware configurations; new product and service ideas; business, pricing and marketing plans; and customer, prospect, vendor and personnel files. The Employee understands that this description of Confidential Information includes all such information in any and all forms, whether written, oral or electronic, or on a computer, tape, disk or in any other form, and includes all originals, copies, portions, and summaries of all such information.

 

(b)                                           Use and Disclosure of Confidential Information. The Employee agrees that she shall not, directly or indirectly, at any time, during the Term of this Agreement or at any time thereafter, and without regard to when or for what reason, if any, such relationship shall terminate, use or cause to be used any such Confidential Information, whether acquired prior to or subsequent to the execution of this Agreement, in connection with any activity, business or line of research except the business of the Company, and shall not disclose such Confidential Information to any individual, partnership, corporation, or other entity other than the Company and its stockholders or members or their affiliates unless such disclosure has been specifically authorized in writing by an authorized officer of the Company or except as may be required by any applicable law or by order of a court of competent jurisdiction, a regulatory or self-regulatory body, or a governmental body.

 

(c)                                            No Removal and Return of Company Property. The Employee agrees not to remove from the Company’s premises any property of the Company including, but not limited to, documents, records, or materials containing any Confidential Information, except as

 

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necessary to perform her work for the Company. Upon termination of her employment for any reason and upon request of the Company, the Employee will return all property in her possession, custody, or control belonging to the Company. Property of the Company includes, but is not limited to, the Employee’s work product and the work product of other employees of the Company, as well as all documents, records and materials (whether originals, copies, portions, or summaries) containing any Confidential Information.

 

(d)                                           No Waiver of Trade Secret Protection. Nothing contained in this Agreement shall be deemed to weaken or waive any rights related to the protection of trade secrets that the Company may have under common law or any applicable statutes.

 

(e)                                            Inventions and Patents. The Employee acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) that relate to the Companies’ actual or anticipated business, research and development or existing or future products or services and that are conceived, developed or made by the Employee while employed by the Companies (“Work Product”) belong to the Company. The Employee shall promptly disclose such Work Product to the COO and perform all actions reasonably requested by the Company (whether during or after the Employment Term) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments).

 

Section 9.                                                  Non-Solicitation/Non-Competition. In connection with her employment by the Company, the Employee acknowledges that she shall be given access to Confidential Information and shall assist in building goodwill and customer relationships for the Company. Ancillary to the foregoing and the other agreements of the Parties herein, the Parties agree and stipulate that the protective covenants provided below are fair, reasonable and necessary to protect legitimate interests of the Company; are not against the public interest and do not place an undue burden upon the Employee or unreasonably restrict the Employee’s ability to earn a living or pursue the Employee’s chosen career or profession.

 

(a)                                           Non-Competition. During the Term and for a period of one (1) year after the Term of this Agreement (the “Restricted Period”), the Employee shall not, without the Company’s prior written consent, directly or indirectly, in any manner or capacity, own, lend money to, acquire or hold any interest in, render services to, act as agent, sales representative or consultant for, be employed by, or otherwise engage in a Competitive Business operating in any location in the United States of America. As used in this Agreement, the term “Competitive Business” means any firm or business organization that competes with the Company or ADAPTIMMUNE LIMITED in the business of developing, designing, testing, marketing, selling, distributing or manufacturing products or services involving the use of T cell receptors in T cell therapy to treat or diagnose human disease .

 

(b)                                           Agreement Not to Solicit Employees. During the Restricted Period, the Employee shall not, directly or indirectly (through another person, entity or otherwise): (i) solicit, induce or attempt to induce any employee of the Company or ADAPTIMMUNE LIMITED to leave the employ of the Company or ADAPTIMMUNE LIMITED, or in any way interfere with the relationship between the Company or ADAPTIMMUNE LIMITED and any employee thereof, or (ii) hire any person who is/was an employee of the Company or

 

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ADAPTIMMUNE LIMITED, at any time during the Restricted Period as an employee, consultant or otherwise.

 

(c)                                            Agreement Not to Solicit Others. During the Restricted Period, the Employee shall not directly or indirectly (through another person, entity or otherwise): (i) contact, solicit, accept or help others to solicit or accept, the business of any customer, vendor or client of the Company or ADAPTIMMUNE LIMITED for any reason except for non-competing purposes unrelated to the use of T cell receptors in T cell therapy to treat or diagnose human disease ; or (ii) induce or seek to influence any customer, vendor or client of the Company or ADAPTIMMUNE LIMITED to discontinue, modify or reduce its business relationship with the Company or ADAPTIMMUNE LIMITED for any reason.

 

(d)                                           Injunctive Relief. The Employee acknowledges and agrees that (i) the Company’s remedies at law for a breach or threatened breach of any of the provisions of Sections 8 or 9 would be inadequate and, in recognition of this fact, the Employee agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, will be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available in the event of the termination of Employee’s employment with the. Company, (ii) the Employee’s experience and capabilities are such that Employee can obtain employment in a field of employment that would not breach Employee’s covenants under this Agreement, and the enforcement of this Agreement by way of injunction will not cause Employee undue hardship or prevent Employee from earning a livelihood, and (iii) the nature of the Company’s business is worldwide in scope. Employee acknowledges that any claim or cause of action against Company shall not constitute a defense to the enforcement by Company of Employee’s covenants in Section 8 and/or 9 of this Agreement. In the event that Employee violates any of the covenants in this Agreement and the Company prevails in any legal action for injunctive or other relief, the Company shall have the benefit of the full period of the covenants such that the covenants shall have the duration of one year computed from the date the Employee ceased violation of the covenants, either by order of the court or otherwise. In the event that, notwithstanding the foregoing, any of the provisions in the Sections 8 or 9 shall be held to be invalid or unenforceable, the remaining provisions of such Sections shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in such Sections. In the event that any provision of such Sections relating to the time period and/or the areas of restriction and/or related aspects shall be declared by a court of competent jurisdiction to exceed the maximum restrictiveness such court deems reasonable and enforceable, the time period and/or areas of restriction and/or related aspects deemed reasonable and enforceable by the court shall become and be the maximum restriction in such regard, and the restriction shall remain enforceable to the fullest extent deemed reasonable by such court. In the event of a breach by Employee of any provision of Section 8 or 9 of this Agreement, Company’s obligations under this Agreement shall immediately terminate and Employee shall not be entitled to any additional monetary payments of any kind whatsoever.

 

Section 10.                                   Remedies for Breach.

 

(a)                                           Notwithstanding the Company’s foregoing right to obtain injunctive relief in a court of law for any Employee violations of Sections 8 and 9, the Employee and the

 

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Company agree that any claim, controversy or dispute between the Employee and the Company (including without limitation the Company’s affiliates, officers, executives, representatives, or agents) arising out of or relating to this Agreement, the employment of the Employee, the cessation of employment of the Employee, or any matter relating to the foregoing shall be submitted to and settled by arbitration before a single arbitrator in a forum of the American Arbitration Association (“AAA”) located in Philadelphia, Pennsylvania, and conducted in accordance with the National Rules for the Resolution of Employment Disputes. In such arbitration: (i) the arbitrator shall agree to treat as confidential evidence and other information presented by the Parties to the same extent as Confidential Information under this Agreement must be held confidential by the Employee, (ii) the arbitrator shall have no authority to amend or modify any of the terms of this Agreement, and (iii) the arbitrator shall have ten (10) business days from the closing statements or submission of post-hearing briefs by the Parties to render his/her decision.

 

(b)                                           All AAA-imposed costs of said arbitration, including the arbitrator’s fees, if any, shall be borne by the Company. All legal fees incurred by the Parties in connection with such arbitration shall be borne by the party who incurs them, unless applicable statutory authority provides for the award of attorneys’ fees to the prevailing party and the arbitrator’s decision and award provides for the award of such fees.

 

(c)                                            Any arbitration award shall be final and binding upon the Parties, and any court having jurisdiction may enter a judgment on the award. The foregoing requirement to arbitrate claims, controversies, and disputes applies to all claims or demands by the Employee, including without limitation, any rights or claims the Employee may have under the Age Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1991, the Equal Pay Act, the Family and Medical Leave Act or any other federal, state or local laws or regulations pertaining to the Employee’s employment or the termination of the Employee’s employment,

 

(d)                                           Thus, all claims must be arbitrated, with the limited exception of claims for violations of Sections 8 and 9 of this Agreement. In the event of an alleged breach of Sections 8 and 9 by the Employee, the Company has the option to elect between arbitration and a judicial forum.

 

Section 11.                                   Representations of Employee. Employee represents to Company: (a) that there are no restrictions, agreements or understandings, oral or written, to which Employee is a party or by which Employee is bound that prevent or make unlawful Employee’s execution or performance of this Agreement; (b) none of the information supplied by Employee to Company or any representative of Company or placement agency in connection with Employee’s employment by Company misstated a material fact or omitted information necessary to make the information supplied not materially misleading; and (c) Employee does not have any business or other relationship that creates a conflict between the interests of Employee and the Company.

 

Section 12.                                   Non-Disparagement. Except to the extent required by law or in the context of a legal dispute between the Company and the Employee, each of the Company and the Employee agrees not to make any disparaging comments about the other to a third party.

 

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Section 13.                                   Notices. Notices and other communications hereunder shall be in writing and shall be delivered personally or sent by air courier or first class certified or registered mail, return receipt requested and postage prepaid, addressed as follows:

 

If to the Employee:

 

2230 Montrose Street

Philadelphia, PA 19146

 

If to the Company:

 

ADAPTIMMUNE LIMITED

57c Milton Park

Abingdon, Oxfordshire

OX14 4RX

United Kingdom

Attention: Helen Tayton-Martin

 

or to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. All notices and other communications hereunder shall be deemed to have been given on the date of delivery.

 

Section 14.                                   Miscellaneous.

 

(a)                                         Binding Agreement. This Agreement shall inure to the benefit of, and shall be binding upon, the Parties hereto and their successors, heirs and legal representatives. If the Employee should die while any amount would still be payable to her hereunder, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Beneficiary, or if there be no such designated beneficiary, to her estate.

 

(b)                                         Assignment. With respect to the Employee, this Agreement is personal in its nature and the Employee shall not assign or transfer this Agreement or any rights or obligations hereunder. With regard to the Company, this Agreement and its rights and obligations herein shall inure to the benefit of, and be binding upon, each successor of the Company, whether by merger, consolidation, recapitalization, transfer of all or substantially all assets, or otherwise.

 

(c)                                          Governing Law; Jurisdiction. The Parties acknowledge and agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the Commonwealth of Pennsylvania, without regard to conflicts of law principles. Further, subject to the restrictions of Section 9(d) hereof, the Parties consent to the jurisdiction and venue of the state and federal courts and arbitration forums located in the Commonwealth of Pennsylvania.

 

(d)                                         Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement shall not operate as or be construed as a waiver of any subsequent breach thereof.

 

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(e)                                            Entire Agreement; Amendments. This Agreement contains the entire agreement between the Parties with respect to the subject matter contained herein and supersedes all prior written or oral agreements between the Company and the Employee. No representations, warranties, covenants or agreements have been made concerning or affecting this Agreement except as are contained herein. This Agreement may not be amended or modified except in a writing signed by both Parties, which writing specifically references this Agreement.

 

(f)                                             Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original document but all of which shall constitute but one agreement.

 

(g)                                            Severability. The provisions of this Agreement are severable, and if any clause or provision shall be held to be invalid or unenforceable in whole in part, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, and shall not in any manner affect any other clause or provision of this Agreement.

 

(h)                                           Advice of Counsel: Negotiated Agreement. The Employee acknowledges that she has had the option to retain independent counsel of her choosing in connection with the negotiation and review of this Agreement. The Employee further agrees that the terms of this Agreement are the result of negotiations between the Parties and there shall be no presumption that any ambiguities in this Agreement should be resolved against any party to this Agreement. Any controversy concerning the construction of this Agreement shall be decided neutrally and without regard to authorship.

 

(i)                                               Headings. The section and other headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

 

(j)                                              Representations and Warranties. The Employee warrants and represents to the Company that the execution and delivery by the Employee of this Agreement does not, and the performance by her obligations hereunder shall not: (i) violate any judgment, writ, injunction or order of the court, arbitrator or governmental agency applicable to the Employee; or (ii) conflict with, result in a breach of any provisions of or the termination of, or constitute a default under any agreement to which the Employee is a party or by which the Employee was, is or may be bound.

 

IN WITNESS WHEREOF, the Parties have duly executed this Employment Agreement as of the date first above written.

 

	
GWEN BINDER-SCHOLL
    	
 
    	
ADAPTIMMUNE LLC
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
By:
    	
/s/ Gwen Binder-Scholl
    	
 
    	
By:
    	
/s/ H.K. Tayton-Martin
    
	
 
    	
 
    	
 
    	
 
    	
H.K. Tayton-Martin
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Date:
    	
3/1/2011
    	
 
    	
Title:
    	
Chief Operating Officer
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Date:
    	
1st March 2011
    

 

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Schedule A

 

Benefits

 

·                                          Medical, prescription drug, dental and vision care plans

·                                          Life insurance

·                                          Retirement plan (contributory with match up to 8%)

·                                          Short term sickness and disability insurance

 

11Exhibit 10.22

 

CONFIDENTIAL

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (“Agreement”) is made effective as of this 18th day of February, 2015 (“Effective Date”), by and between Adaptimmune, LLC, a wholly-owned subsidiary of Adaptimmune Ltd. (“Company”) and Rafael Amado of 5 Ashwood Lane, Malvern, PA 19436 (“Executive”).

 

The parties agree as follows:

 

1.                                      Employment. Company hereby employs Executive, and Executive hereby accepts such employment, upon the terms and conditions set forth herein. Executive’s anticipated start date is March 16, 2015.

 

2.                                      Duties.

 

2.1                               Position. Executive shall be employed as Chief Medical Officer, Adaptimmune, reporting to the Chief Executive Officer. Executive shall have duties, which include but are not limited to clinical strategy and delivery, pipeline prioritization, clinical trial operations, biostatistics, safety, diagnostics and other areas as agreed upon with the Chief Executive Officer. Executive shall perform faithfully and diligently all duties assigned to him.

 

2.2                               Full-time/Best Interests. Executive shall devote his full business time and efforts to the performance of his assigned duties for Company and act in the best interests of Company at all times. Executive shall perform his duties diligently and faithfully and commit his best efforts, skills and abilities to the business of the Company and the promotion of the interests of the Company; including performing all duties in a competent and professional manner. Furthermore, Executive agrees to abide by all applicable policies of the Company, as well as all applicable federal, state and local laws.

 

2.3                               Work Location. Executive shall be based in Philadelphia, Pennsylvania, but shall travel to other locations and countries as and when required by Company including as relevant travel to Company’s affiliate offices in the UK.

 

3.                                      At-Will Relationship. Executive’s employment with Company is at-will and not for any specified period and may be terminated at any time, with or without cause, by either Executive or Company, subject to sections 8 and 9 of this Agreement. No representative of Company, other than the Chief Executive Officer has the authority to alter the at-will employment relationship. Any change to the at-will employment relationship must be by specific, written agreement signed by Company’s Chief Executive Officer. Nothing in this Agreement is intended to or should be construed to contradict, modify or alter this at-will relationship.

 

4.                                      Compensation.

 

4.1                               Base Salary. As compensation for Executive’s performance of his duties hereunder, Company shall pay to Executive an initial Base Salary of $418,200.00 per year, payable in accordance with the normal payroll practices of Company, less required deductions for federal, state and local tax withholdings, social security and all other employment taxes and payroll deductions (“Base Salary”). In the event Executive’s employment under this Agreement is terminated by either party, for any reason, Executive will earn the Base Salary prorated to the date of termination.

 

4.2                               Annual Bonus. Executive will be eligible for an annual bonus (“Annual Bonus”) subject to (a) objective criteria set forth by the Company’s Board of Directors or an

 

 

authorized delegate thereof on an annual basis; and (b) the overall performance of the Company. The Executive’s target Annual Bonus shall be forty-five percent (45%) of Executive’s Base Salary, pro-rated for any part-year of employment. The Annual Bonus shall be paid in a single lump sum no later than 2.5 months after the end of the calendar year in which the Annual Bonus, if any, was earned. For clarity the Executive will be entitled to an Annual Bonus in each calendar year where the objective criteria under clause 4.2(a) are met unless as a result of the overall performance of the Company in any particular calendar year, the Company’s Board of Directors or an authorized delegate thereof determines that no or reduced annual bonuses (or equivalent payments) will be paid to any senior staff of the Company in such calendar year.

 

4.3                               Stock Options. Subject to approval by Parent Company’s Board of Directors and in accordance with the terms of the Parent Company’s option scheme or such equivalent scheme as may exist as at the Executive’s start date (whether at Company or Parent Company), Parent Company and Executive shall enter into a stock option agreement as soon as reasonably practicable after the Executive’s start date and not later than the first board meeting of the Parent Company after the start date. The option agreement shall include the following terms: (a) 36,000 share options (or equivalent amount to reflect any corporate reorganisation) shall be granted over ordinary shares of Parent Company at the fair market value as of the date of grant (“Stock Options”); (b) 25% of such Stock Options shall vest on the first anniversary of Executive’s start date and the remaining 75% of such Stock Options will vest in equal monthly amounts over the following 36 months so that all Stock Options granted under the option agreement will have vested after four (4) years, unless vested sooner pursuant to this section 4.3 or section 10 of this Agreement; (c) any and all vested Stock Options will be exercisable for a period of no less than forty (40) days after the Executive’s employment is terminated for any reason, and immediately upon a sale, takeover or public offering of Parent Company; (d) in the event of a termination of Executive’s employment by the Company without Cause or by the Executive for Good Reason (as defined below), any and all Stock Options unvested as of the date of termination shall vest and immediately become exercisable on date of termination and (e) in the event of a termination of Executive’s employment by the Company or by the Executive, in each case as a result of the Executive’s physical or mental illness, incapacity or disability, Parent Company’s Board Compensation Committee, acting in good faith, shall assess Executive’s contribution to the Company and based on such assessment shall accordingly determine the number of Stock Options that shall vest and immediately become exercisable on the date of termination. Executive shall also be eligible to participate in future awards of options under the option scheme, such awards are made at the sole and absolute discretion of Company and Parent Company’s Board of Directors. Parent Company in this Agreement means a company which owns at least fifty percent of the total voting stock of the Company or otherwise has the power to control and direct the affairs of the Company.

 

4.4                               Additional City Tax Compensation. Company shall add to each periodic payment of salary or bonus compensation an additional 3.459% of such periodic payment in order to help defray Executive’s obligation to pay the Philadelphia City Tax (“Additional City Tax Compensation”). The Additional City Tax Compensation shall be to subject to applicable employment taxes and withholdings.

 

4.5                               Performance and Salary Review. Company will review Executive’s performance on an annual basis, with the performance review generally occurring during the month of December. Salary increases, if any, will generally be effective in January.

 

5.                                      Fringe Benefits. Executive will be eligible for all customary and usual fringe benefits generally available to executives of Company, including the benefits enumerated below, subject to the terms and conditions of Company’s benefit plan documents. Company reserves the right to change or eliminate the fringe benefits on a prospective basis, at any time, effective upon notice to Executive.

 

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5.1                               Health Insurance. Executive, and his eligible dependents, will be eligible to participate in Company’s group health plan. Company will contribute a maximum of $1,000 per month for an individual Executive, child(ren) or Executive-spouse plan or $1200 per month for a family plan. Executive will be responsible for the remainder of the premium payment, which will be deducted from Executive’s pay on a pre-tax basis.

 

5.2                               Life, Dental and Disability Insurance. Company will pay up to a maximum of $200 per month for other insurance coverage for Executive and his eligible dependents, to include life insurance, disability insurance and dental insurance. Executive will be responsible for payment of any other costs associated with this insurance coverage, which will be deducted from Executive’s pay on a pre-tax basis.

 

5.3                               Vacation. Executive will accrue four (4) weeks (20 days) of paid vacation on a pro-rata basis each calendar year in accordance with Company’s vacation policy. Vacation days are to be taken during the calendar year they are earned, but up to five (5) days may be carried over to the following calendar year. These carryover days must be taken by the end March. Upon termination of employment, Executive will be paid for accrued, unused vacation time.

 

5.4                               Retirement Plan. Executive will be eligible on the start date of his employment to participate in Company’s 401(k) retirement plan. Company shall provide a 401(k) contributions match of three percent (3%) of Executive’s Base Salary and may provide a supplemental, discretionary match, if any, as determined annually by Company on March 1.

 

6.                                      Business Equipment. Company agrees to provide Executive with an iPhone, iPad and laptop computer for business use (“Business Equipment”). Company also agrees to pay the related monthly service charges for the Business Equipment. Executive understands that the Business Equipment provided by Company is for business use and will remain the property of Company. Upon termination of employment or on demand by Company, Executive agrees to promptly return this Company-provided Business Equipment.

 

7.                                      Business Travel and Expenses. Executive is authorized to use Business Class for all flights over 2.5 hours when traveling on Company business. Flights, hotel and airport transportation are typically arranged by Company to avoid upfront expenditures by Executive. Executive will be reimbursed for all reasonable, out-of-pocket business expenses incurred in the performance of Executive’s duties on behalf of Company. Mileage is reimbursed at the current IRS rate. To obtain reimbursement, expenses must be submitted promptly with appropriate supporting documentation in accordance with Company’s policies.

 

8.                                      Termination of Executive’s Employment.

 

8.1                               Termination by Company for Cause and without Cause. Although Company anticipates a mutually rewarding employment relationship with Executive, Company may terminate Executive’s employment:

 

(i) immediately at any time for Cause. For purposes of this Agreement, “Cause” is defined as (a) acts or omissions constituting gross negligence, recklessness or willful misconduct on the part of Executive with respect to Executive’s obligations or otherwise relating to the business of Company; (b) Executive’s material breach of this Agreement or any Company policies; (c) Executive’s material insubordination or material non-performance or willful neglect of assigned duties ; or (d) acts or omissions which bring the reputation of the Company into material disrepute; and

 

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(ii) Company may also terminate Executive’s employment at any time without Cause. Any termination of Executive’s employment which does not constitute a termination for Cause shall be deemed a termination without Cause.

 

8.2                               Termination by the Executive. Executive may terminate his employment with Company for any reason, including but not limited to Good Reason on provision of 60 days written notice. For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the “Good Reason Process” (hereinafter defined) following the occurrence of any of the following events: (i) a material diminution in the Executive’s responsibilities, authority or duties which are not agreed with the Executive; (ii) a material diminution in the Executive’s Base Salary except for across-the-board salary reductions based on the Company’s financial performance similarly affecting all or substantially all senior management employees of the Company or as otherwise agreed with the Executive; or (iii) the material breach of this Agreement by the Company. “Good Reason Process” shall mean that (i) the Executive reasonably determines in good faith that a “Good Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason condition within 60 days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s efforts, for a period not less than 30 days following such notice (the “Cure Period”), to remedy the condition; (iv) notwithstanding such efforts, the Good Reason condition continues to exist; and (v) the Executive terminates his employment within 60 days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred and no right to terminate for Good Reason shall exist.

 

8.3                               Survival. All provisions which by the nature survive or should survive termination or expiry of this Agreement shall continue and survive such expiry or termination including this clause 8.3 and clauses 11 through 15.

 

9.                                      Compensation Upon Termination.

 

9.1                               Termination Generally. In the event Executive’s employment is terminated for any reason, Executive shall be entitled to receive no later than the time required by law his accrued but unpaid Base Salary then in effect (prorated to the date of termination) through the termination date, accrued but unused vacation through the termination date, and reasonable business expenses that have not yet been reimbursed by Company as of the termination date (collectively, the “Accrued Benefit”).

 

9.2                               Termination by Company for Cause or by Executive other than for Good Reason. In the event Executive’s employment is terminated by Company for Cause or by Executive other than for Good Reason, all Company obligations to compensate Executive pursuant to this Agreement, other than the Accrued Benefit, will become automatically terminated and completely extinguished and Executive will not be entitled to receive the severance packages described below.

 

9.3                               Termination by Company Without Cause or by Executive with Good Reason. In addition to the Accrued Benefit, if Executive’s employment is terminated by Company without Cause or by Executive for Good Reason and Executive complies with all the surviving provisions of this Agreement and signs a full general release in a form acceptable to Company, releasing all claims known and unknown, that Executive may have against Company arising out of or in any way related to Executive’s employment or termination of employment with Company (the “Release Agreement”), Company shall provide Executive with a severance package that includes the following benefits:

 

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(a)                                 Severance Payment. Executive shall receive a severance payment equivalent to nine (9) months of Executive’s Base Salary then in effect (and in each case less any local, state and federal tax withholdings, social security and other employment taxes and payroll deductions), and a pro-rata share of Executive’s Annual Bonus (less any local, state and federal tax withholdings, social security and other employment taxes and payroll deductions) (“Severance Payment”). The Severance Payment, which will be less all applicable local, state and federal tax withholdings, social security and all other employment taxes and payroll deductions, will be paid in a lump sum as soon as administratively feasible within 60 days following the termination date. The Severance Payment is intended to be exempt from Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A of the Code”) under the short-term deferral exemption, as set forth in Treasury Regulations Section 1.409A-1 (b)(4).

 

(b)                                 COBRA Reimbursement. Company agrees to reimburse Executive for Company’s share of the premiums required to continue Executive’s group health care coverage for nine (9) months immediately following the termination date, pursuant to the applicable provisions of the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), provided Executive elects to continue his health care coverage and provides proof of payment of the COBRA premiums.

 

10.                               Change in Control Benefits. Upon the date that a Change in Control occurs (the “Change in Control Date”), all of Executive’s Stock Options that are unvested as of the Change in Control Date shall immediately vest and become immediately exercisable . For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any one or more of the following events: (i) the consummation of a merger or consolidation of Company with any other entity, other than a merger or consolidation in which voting securities of Company outstanding immediately prior thereto continue to represent more than fifty percent (50%) percent of the total voting power of Company or such surviving entity immediately after such merger or consolidation; (ii) the acquisition of all of Company’s outstanding capital stock by a single person or entity or a group acting in concert to effect such acquisition other than an acquisition in which voting securities of Company outstanding immediately prior thereto continue to represent more than fifty percent (50%) percent of the total voting power of Company or such surviving entity immediately after such merger or consolidation; or (iii) the sale or disposition of all or substantially all of the assets of Company. For the avoidance of doubt, if Executive’s employment is terminated by Company without Cause or for Good Reason after the Change in Control Date, Executive shall be entitled to receive the severance package benefits described in section 9.3 subject to the condition of signing the Release Agreement described therein.

 

11.                               Agreement to Arbitrate.

 

11.1                        Notwithstanding any express provision to the contrary, the Employee and the Company agree that any claim, controversy or dispute between the Employee and the Company (including without limitation the Company’s affiliates, officers, executives, representatives, or agents) arising out of or relating to this Agreement, the employment of the Executive, the cessation of employment of the Executive, or any matter relating to the foregoing shall be submitted to and settled by arbitration before a single arbitrator in a forum of the American Arbitration Association (“AAA”) located in Philadelphia, Pennsylvania, and conducted in accordance with the National Rules for the Resolution of Employment Disputes. In such arbitration: (i) the arbitrator shall agree to treat as confidential evidence and other information presented by the Parties to the same extent as Confidential Information under this Agreement must be held confidential by the Executive, (ii) the arbitrator shall have no authority to amend or modify any of the terms of this Agreement, and (iii) the arbitrator shall have ten (10) business days from the closing statements or submission of post-hearing briefs by the Parties to render his/her decision.

 

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11.2                        All AAA-imposed costs of said arbitration, including the arbitrator’s fees, if any, shall be borne by the Company. All legal fees incurred by the Parties in connection with such arbitration shall be borne by the party who incurs them, unless applicable statutory authority provides for the award of attorneys’ fees to the prevailing party and the arbitrator’s decision and award provides for the award of such fees.

 

11.3                        Any arbitration award shall be final and binding upon the Parties, and any court having jurisdiction may enter a judgment on the award. The foregoing requirement to arbitrate claims, controversies, and disputes applies to all claims or demands by the Executive, including without limitation, any rights or claims the Executive may have under the Age Discrimination in Employment Act of 1967, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act of 1991, the Equal Pay Act, the Family and Medical Leave Act or any other federal, state or local laws or regulations pertaining to the Executive’s employment or the termination of the Executive’s employment.

 

11.4                        Thus, all claims must be arbitrated, with the limited exception of claims for violations of sections 14 and 15 of this Agreement. In the event of an alleged breach of sections 14 and 15 of this Agreement by the Executive, the Company has the option to elect between arbitration and a judicial forum.

 

12.                               Covenants. Executive covenants and represents to Company: (a) that there are no restrictions, agreements or understandings, oral or written, to which Executive is a party or by which Executive is bound that prevent or make unlawful Executive’s execution or performance of this Agreement; (b) none of the information supplied by Executive to Company or any representative of Company or placement agency in connection with Executive’s employment by Company misstated a material fact or omitted information necessary to make the information supplied not materially misleading; and (c) Executive does not have any business or other relationship that creates a conflict between the interests of Executive and the Company. The Executive covenants that he shall not make any statements, other than pursuant to the performance of his duties as agreed with the Chief Executive Officer, to the press or other media in connection with the Company and/or any affiliated company at any time either during or after the Employment without the prior consent of the Chief Executive Officer.

 

13.                               Injunctive Relief. Executive acknowledges that his breach of the covenants and representations contained in the agreements referenced in section 12 (collectively “Covenants”) would cause irreparable injury to Company and agrees that in the event of any such breach, without limiting any other rights or remedies available to Company, Company shall be entitled to seek temporary and preliminary injunctive relief without the necessity of proving actual damages or posting any bond or other security.

 

14.                               Non-Disclosure of Confidential Information.

 

14.1                        Definition of Confidential Information. The Parties acknowledge that, in order to permit the Executive to successfully perform his duties under this Agreement, it is necessary for the Company to provide the Executive with access to Confidential Information which is essential to the profitable operation of the Company, and which gives the Company a competitive advantage over other firms pursuing related business activities. For purposes of this Section, “Confidential Information” shall mean certain valuable proprietary information and knowledge of certain modes of business operation, including without limitation to all information arising out of or relating to the Company’s or its affiliate company’s business operations or plans; knowledge and information relating to the Company’s trade secrets, patents and copyright material; marketing, financial, research, and sales information; proprietary computer software designs and hardware configurations; new product and service ideas; business, pricing and marketing plans; and customer,

 

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prospect, vendor and personnel files. The Executive understands that this description of Confidential Information includes all such information in any and all forms, whether written, oral or electronic, or on a computer, tape, disk or in any other form, and includes all originals, copies, portions, and summaries of all such information.

 

14.2                        Use and Disclosure of Confidential Information. The Executive agrees that he shall not, directly or indirectly, at any time, during the term of this Agreement or at any time thereafter, and without regard to when or for what reason, if any, such relationship shall terminate, use or cause to be used any such Confidential Information, whether acquired prior to or subsequent to the execution of this Agreement, in connection with any activity, business or line of research except the business of the Company, and shall not disclose such Confidential Information to any individual, partnership, corporation, or other entity other than the Company and its stockholders or members or their affiliates unless such disclosure has been specifically authorized in writing by an authorized officer of the Company or except as may be required by any applicable law or by order of a court of competent jurisdiction, a regulatory or self-regulatory body, or a governmental body.

 

14.3                        No Removal and Return of Company Property. The Executive agrees not to remove from the Company’s premises any property of the Company including, but not limited to, documents, records, or materials containing any Confidential Information, except as necessary to perform his work for the Company. Upon termination of his employment for any reason and upon request of the Company, the Executive will return all property in his possession, custody, or control belonging to the Company. Property of the Company includes, but is not limited to, the Executive’s work product and the work product of other Executives of the Company, as well as all documents, records and materials (whether originals, copies, portions, or summaries) containing any Confidential Information.

 

14.4                        No Waiver of Trade Secret Protection. Nothing contained in this Agreement shall be deemed to weaken or waive any rights related to the protection of trade secrets that the Company may have under common law or any applicable statutes.

 

14.5                        Inventions and Patents. The Executive acknowledges that all inventions, innovations, improvements, developments, methods, designs, analyses, drawings, reports and all similar or related information (whether or not patentable) and all intellectual property rights therein or created or reduced to practice during the performance of this Agreement and that relate to the Companies’ actual or anticipated business, research and development or existing or future products or services and that are conceived, developed or made by the Executive while employed by the Companies (“Work Product”) belong to the Company. The Executive shall promptly disclose such Work Product to the COO and perform all actions reasonably requested by the Company (whether during or after the Employment Term) to establish and confirm such ownership (including, without limitation, assignments, consents, powers of attorney and other instruments) both during the term of this Agreement and following termination or expiry of this Agreement. The Executive hereby assigns and agrees to assign to the Company any rights in such Work Product to Company.

 

15.                               Non-Solicitation/Non-Competition. In connection with his employment by the Company, the Executive acknowledges that he shall be given access to Confidential Information and shall assist in building goodwill and customer relationships for the Company. Ancillary to the foregoing and the other agreements of the Parties herein, the Parties agree and stipulate that the protective covenants provided below are fair, reasonable and necessary to protect legitimate interests of the Company; are not against the public interest and do not place an undue burden upon the Executive or unreasonably restrict the Executive’s ability to earn a living or pursue the Executive’s chosen career or profession.

 

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15.1                        Non-Competition. During the Term and for a period of one (1) year after the termination of Executive’s employment for any reason (the “Restricted Period”), the Executive shall not, without the Company’s prior written consent, directly or indirectly, in any manner or capacity, own, lend money to, acquire or hold any interest in, render services to, act as agent, sales representative or consultant for, be employed by, or otherwise engage in a Competitive Business operating in any location in the United States of America. As used in this Agreement, the term “Competitive Business” means any firm or business organization that competes with the Company or any affiliated company in the business of developing, designing, testing, marketing, selling, distributing or manufacturing products or services involving the use of T cell receptors in T cell therapy to treat or diagnose human disease. Notwithstanding the foregoing, the Executive may own up to one percent (1%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competitive Business.

 

15.2                        Agreement Not to Solicit Executives. During the Restricted Period, the Executive shall not, directly or indirectly (through another person, entity or otherwise): (i) solicit, induce or attempt to induce any executive of the Company or any affiliated company to leave the employ of the Company or affiliated company, or in any way interfere with the relationship between the Company or affiliated company and any Executive thereof, or (ii) hire any person who is/was an executive of the Company or affiliated company, at any time during the Restricted Period as an Executive, consultant or otherwise.

 

15.3                        Agreement Not to Solicit Others. During the Restricted Period, the Executive shall not directly or indirectly (through another person, entity or otherwise): (i) contact, solicit, accept or help others to solicit or accept, the business of any customer, vendor or client of the Company or affiliated company for any reason except for non-competing purposes unrelated to the use of T cell receptors in T cell therapy to treat or diagnose human disease; or (ii) induce or seek to influence any customer, vendor or client of the Company or affiliated company to discontinue, modify or reduce its business relationship with the Company or affiliated company for any reason.

 

15.4                        Injunctive Relief. The Executive acknowledges and agrees that (i) the Company’s remedies at law for a breach or threatened breach of any of the provisions of sections 14 and 15 would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, will be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available in the event of the termination of Executive’s employment with the Company, (ii) the Executive’s experience and capabilities are such that Executive can obtain employment in a field of employment that would not breach Executive’s covenants under this Agreement, and the enforcement of this Agreement by way of injunction will not cause Executive undue hardship or prevent Executive from earning a livelihood, and (iii) the nature of the Company’s business is worldwide in scope. Executive acknowledges that any claim or cause of action against Company shall not constitute a defense to the enforcement by Company of Executive’s covenants in sections 14 and 15 of this Agreement. In the event that Executive violates any of the covenants in this Agreement and the Company prevails in any legal action for injunctive or other relief, the Company shall have the benefit of the full period of the covenants such that the covenants shall have the duration of one year computed from the date the Executive ceased violation of the covenants, either by order of the court or otherwise. In the event that, notwithstanding the foregoing, any of the provisions in the sections 14 and 15 shall be held to be invalid or unenforceable, the remaining provisions of such Sections shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in such Sections. In the event that any provision of such Sections relating to the time period and/or the areas of restriction and/or related aspects shall be declared by a court of competent jurisdiction to exceed the maximum restrictiveness such court deems reasonable and enforceable, the time period and/or areas of

 

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restriction and/or related aspects deemed reasonable and enforceable by the court shall become and be the maximum restriction in such regard, and the restriction shall remain enforceable to the fullest extent deemed reasonable by such court. In the event of a breach by Executive of any provision of sections 14 and 15 of this Agreement, Company’s obligations under this Agreement shall immediately terminate and Executive shall not be entitled to any additional monetary payments of any kind whatsoever.

 

16.                               General Provisions.

 

16.1                        Successors and Assigns. The rights and obligations of Company under this Agreement shall inure to the benefit of and shall be binding upon the successors and assigns of Company. Executive shall not be entitled to assign any of his rights or obligations under this Agreement.

 

16.2                        Waiver. Either party’s failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement.

 

16.3                        Attorneys’ Fees. Each side will bear its own attorneys’ fees in any dispute unless a statutory section at issue, if any, authorizes the award of attorneys’ fees to the prevailing party.

 

16.4                        Severability. In the event any provision of this Agreement is found to be unenforceable by a court of competent jurisdiction, such provision shall be deemed modified to the extent necessary to allow enforceability of the provision as so limited, it being intended that the parties shall receive the benefit contemplated herein to the fullest extent permitted by law. If a deemed modification is not satisfactory in the judgment of such court, the unenforceable provision shall be deemed deleted, and the validity and enforceability of the remaining provisions shall not be affected thereby.

 

16.5                        Interpretation. The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement.

 

16.6                        Governing Law. This Agreement will be governed by and construed in accordance with the laws of the United States and the Commonwealth of Pennsylvania.

 

16.7                        Notices. Any notice required or permitted by this Agreement shall be in writing and shall be delivered as follows with notice deemed given as indicated: (a) by personal delivery when delivered personally; (b) by overnight courier upon written verification of receipt; (c) by telecopy or facsimile transmission upon acknowledgment of receipt of electronic transmission; or (d) by certified or registered mail, return receipt requested, upon verification of receipt. Notice shall be sent to the addresses set forth below, or such other address as either party may specify in writing.

 

	
Notices to Executive:
    	
 
    	
Notices to the Company:
    
	
 
    	
 
    	
 
    
	
Rafael Amado
    	
 
    	
Adaptimmune, LLC
    
	
5 Ashwood Lane
    	
 
    	
Attn: Chief Executive Officer
    
	
Malvern, PA 19436
    	
 
    	
3711 Market Street, 8th Floor
    
	
 
    	
 
    	
Philadelphia, PA 19104
    

 

16.8                        Survival. Sections, 12 (“Covenants”), 15.4 (“Injunctive Relief), 16 (“General Provisions”) and 18 (“Entire Agreement”) of this Agreement shall survive Executive’s employment by Company.

 

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17.                               Code Section 409A. To the extent the payments and benefits under this Agreement are subject to Internal Revenue Code (“Code”) Section 409A, this Agreement shall be interpreted, construed and administered in a manner that satisfies the requirements of Section 409A of the Code, the Treasury Regulations issued thereunder and any other applicable interpretive guidance issued thereunder.

 

18.                               Entire Agreement. This Agreement, constitutes the entire agreement between the parties relating to this subject matter and supersedes all prior or simultaneous representations, discussions, negotiations, and agreements, whether written or oral. This Agreement may be amended or modified only with the written consent of Executive and Company. No oral waiver, amendment or modification will be effective under any circumstances whatsoever.

 

THE PARTIES TO THIS AGREEMENT HAVE READ THE FOREGOING AGREEMENT AND FULLY UNDERSTAND EACH AND EVERY PROVISION CONTAINED HEREIN. WHEREFORE, THE PARTIES HAVE EXECUTED THIS AGREEMENT ON THE DATES SHOWN BELOW.

 

 

	
Dated: 
    	
February 18, 2015
    	
 
    	
/s/ Rafael Amado
    
	
 
    	
Rafael Amado
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
Adaptimmune, LLC
    
	
 
    	
 
    
	
 
    	
 
    
	
Dated: 
    	
18th February 2015
    	
 
    	
/s/ James Noble
    
	
 
    	
James Noble
    
	
 
    	
Authorised Signatory
    

 

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