Document:

Exhibit

Exhibit 4.9

DESCRIPTION OF THE REGISTRANT’S SECURITIES REGISTERED PURSUANT TO 
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

The following description of the capital stock of Gilead Sciences, Inc. (“Gilead”) does not purport to be complete and is subject to, and qualified in its entirety by, our restated certificate of incorporation (“certificate”) and our amended and restated bylaws (“bylaws”), each of which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this exhibit is a part.

General
Our authorized capital stock consists of 5,600,000,000 shares of common stock, $0.001 par value, and 5,000,000 shares of preferred stock, $0.001 par value per share. We have one class of securities registered under Section 12 of the Securities Exchange Act of 1934, our common stock, which is listed on the Nasdaq Global Select Market under the symbol “GILD.”
Common Stock
Voting rights. The holders of our common stock are entitled to one vote per share on all matters submitted to a vote of stockholders. A majority of the votes cast is required for stockholders to elect directors (except that directors are elected by a plurality of the votes cast in a contested director election). All other matters put to a stockholder vote generally require the approval of a majority of the shares entitled to vote on the matter and present in person or represented by proxy, except for certain matters for which our certificate and bylaws require the approval of a majority of the voting power of the outstanding shares entitled to vote on the matter and except as otherwise required by law. Stockholders do not have cumulative voting rights. 
Dividends. The holders of our common stock have the right to receive dividends if they are declared by our board of directors and there are sufficient funds to legally pay dividends, subject to the rights of the holders of any outstanding preferred stock to receive preferential dividends. 
Liquidation. Upon our liquidation, holders of our common stock would share ratably in any assets available for distribution to stockholders after payment of all of our obligations and the aggregate liquidation preference (including accrued and unpaid dividends) of any outstanding preferred stock. 
Preemptive, subscription and conversion rights. Our common stock is not redeemable and has no preemptive, subscription or conversion rights. 
Transfer agent. The transfer agent and registrar for our common stock is Computershare.
The rights, preferences and privileges of holders of our common stock are subject to the rights of the holders of shares of any series of preferred stock which we may issue. 
Preferred Stock
Our board of directors has the authority, without further action by our stockholders, to issue up to 5,000,000 shares of preferred stock, none of which are outstanding. Our board of directors may issue preferred stock in one or more series and fix the rights, preferences, privileges and restrictions of such preferred stock, including:
		
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	dividend rights;

		
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	dividend rate;

		
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	conversion rights;

		
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	voting rights; 

		
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	rights and terms of redemption; 

		
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	redemption price or prices; 

		
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	the liquidation preferences of any wholly unissued series of preferred stock; and 

		
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	the number of shares constituting any series or the designation of such series.

1

The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to the holders of our common stock or adversely affect the rights and powers, including voting rights, of the holders of our common stock.
Anti-Takeover Provisions
Some provisions of our certificate of incorporation, bylaws and Delaware law may have the effect of delaying, deferring or discouraging another party from acquiring control of us.
Our certificate and bylaws provide that:
		
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	the board of directors is authorized to issue preferred stock without stockholder approval;

		
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	the board of directors is expressly authorized to make, alter or repeal any provision of our bylaws;

		
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	stockholders may not cumulate votes in the election of directors;

		
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	special meetings of the stockholders may be called by the stockholders only upon the written request of one or more stockholders of record that own, or who are acting on behalf of persons who own, shares representing 20% or more of the voting power of the then outstanding shares of capital stock entitled to vote on the matter or matters to be brought before the proposed special meeting, and otherwise in accordance with the certificate and bylaws;

		
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	stockholders must satisfy advance notice procedures to submit proposals or nominate directors for consideration at a stockholders’ meeting; and

		
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	we will indemnify officers and directors against losses that they may incur as a result of investigations and legal proceedings resulting from their services to us, which may include services in connection with takeover defense measures.

In addition, we are subject to the provisions of Section 203 of the Delaware General Corporation Law (“DGCL”). In general, the statute prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a period of three years after the date that the person became an interested stockholder unless, with some exceptions, the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. Generally, a “business combination” includes a merger, asset or stock sale or other transaction resulting in a financial benefit to the stockholder, and an “interested stockholder” is a person who, together with affiliates and associates, owns (or within three years prior, did own) 15% or more of the corporation’s outstanding voting stock. This provision may have the effect of delaying, deferring or preventing a change in control without further action by the stockholders.
Exclusive Forum
Our certificate provides that unless we consent in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware will be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, employee or agent of Gilead or our stockholders; (iii) any action asserting a claim against us arising pursuant to any provision of the DGCL, or our restated certificate of incorporation or our amended and restated bylaws; or (iv) any action asserting a claim against us or any of our directors, officers, employees or agents governed by the internal affairs doctrine; provided, however, that in the event the Court of Chancery of the State of Delaware lacks jurisdiction over any such action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware. Our certificate also provides that any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock will be deemed to have notice of and to have consented to this choice of forum provision. It is possible that a court of law could rule that the choice of forum provision contained in our restated certificate of incorporation is inapplicable or unenforceable if it is challenged in a proceeding or otherwise.

2Exhibit

Exhibit 10.28
REVISED - August 8, 2018

Laura Hamill

Dear Laura,

Gilead Sciences, Inc. is pleased to offer you the position of Chief Commercial Officer reporting to our President and Chief Executive Officer. This position will be based in our Foster City facility. In this role, you will be a Section 16 Officer of the Company.  We are very excited about the possibility of you joining our team, and we look forward to the prospect of working with you in our innovative company. The following outlines the specific terms of our offer:

Your salary on an annualized basis will be $950,000.00 less taxes, payable bi-weekly.

(i)  Stock Option Grant. Subject to the final grant date determination by the Compensation Committee of the Board of Directors, you will be granted $1,500,000.00 in stock options under the Gilead Sciences, Inc. 2004 Equity Incentive Plan to purchase shares of Gilead Sciences, Inc. (“Gilead”) common stock with an exercise price equal to the fair market value of Gilead common stock at the time of grant.  The actual number of stock options you receive will be based on the fair market value as of the date on which your grant is approved.  The exercise price for your stock options will be no less than the fair market value per share of Gilead Sciences, Inc. common stock on the grant date. The fair market value per share for that date will be determined in accordance with the provisions of the Plan in effect for your grant. You will be notified of the details after your options have been granted. Your options will vest and become exercisable for 25% of the option shares upon your completion of one year of employment with Gilead, measured from the grant date, and will vest and become exercisable for the balance of the option shares in a series of successive equal quarterly installments upon your completion of each successive three-month period of continued employment with Gilead over the next three years. The options will have a maximum term of ten years, subject to earlier termination following your cessation of employment.

(ii)  Restricted Stock Units. Subject to the final grant date determination of the Compensation Committee of the Board of Directors, you will also be awarded $2,500,000.00 in restricted stock units under the Plan at the same time your stock option grant is made. The actual number of restricted stock units you receive will be based on the fair market value as of the date on which your grant is approved.  Your restricted stock units will vest, and the underlying shares of Gilead common stock issued to you, in a series of four successive annual installments upon your completion of each year of continued employment with Gilead over the four-year period measured from the award date.  Each restricted stock unit that vests will entitle you to one share of Gilead common stock.  However, the issuance of those vested shares will be subject to Gilead’s collection of all applicable withholding taxes. 
 
(iii) Performance Restricted Stock Units. Subject to the final grant date determination of the Compensation Committee of the Board of Directors, you will also be awarded $4,000,000.00 restricted stock units under the Plan at the same time your stock option grant is made. Your restricted stock units will be performance-based which means that you will not vest in those units unless (i) you attain the performance goals established for you within the first 30 days of your employment and (ii) you continue in Gilead's employ until the completion of the applicable performance period, subject to pro-rated vesting in the event of your death or permanent disability. The performance period for each of your goals will be set at the time the goal is established and approved by the CEO and President, and the combined performance period for all of your goals will usually not exceed five years. To the extent a performance goal is not attained within the established performance period for that goal, the restricted stock units tied to that performance goal will be forfeited. For each restricted stock unit which vests in accordance with such vesting provisions, you will receive one share of Gilead common stock following the completion of the applicable performance period and the Compensation Committee’s certification of the attained performance goals. However, the issuance of those vested shares will be subject to Gilead’s collection of the applicable withholding taxes.
Following this initial equity award, you will be eligible to participate in Gilead's equity award program under which you will be considered for annual awards in the combined form of stock option grants and performance stock unit awards. You will be eligible for 100% of your equity award for 2018 performance, typically granted in Q1 2019 (i.e. no proration for Y1).  Currently, the annual target grant value for your role is $3,000,000.00 and is comprised of 

Gilead Sciences, Inc. 333 Lakeside Drive Foster City, CA 94404 USA
Phone 650 574 3000 facsimile 650 578 9264

stock options and performance based units (measured against goals approved by the Compensation Committee, and historically based on relative Total Shareholder Return (TSR) and absolute Revenue). The target grant values and equity vehicles are reviewed on an annual basis and subject to change based on the authority of the Compensation Committee.
 
You will be eligible to participate in an annual corporate bonus program based on individual and company performance. An employee’s first date of employment must be on or before October 31st to be eligible for a performance bonus. Your target bonus is 95% of annual salary, less taxes. The actual payout can range from 0% to 150% of this target based on your performance against your annual goals and objectives, as well as the company’s overall performance. If you have been at your current level for only part of the performance year, you will be eligible for a prorated bonus.

You will be eligible to receive a one-time bonus of $3,000,000.00, less applicable withholdings and deductions (the “Sign On Bonus”). The first portion of your Sign On Bonus, $1,500,000.00, will be advanced to you and reflected on your first payroll check subsequent to your start date at Gilead. The second portion of your bonus, $1,500,000.00, will be reflected on your paycheck upon your first anniversary with Gilead. The gross amount of the Sign On Bonus, however, is not earned unless and until you have completed one year of service with Gilead, except as otherwise provided herein.  In the event that your employment is terminated by Gilead for Cause, which is defined as (i) performance of any act, or failure to perform any act, in bad faith and to the detriment of the Company or a Related Entity; (ii) dishonesty, intentional misconduct, material violation of any applicable Company or Related Entity policy, or material breach of any agreement with the Company or a Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person (as defined in the Equity Incentive Plan) or by you without Good Reason (as defined in the award agreements evidencing your initial equity awards), prior to your completion of one year of service, the Sign On Bonus payment advanced to you will not be earned and a pro-rata amount of the Sign On Bonus must be repaid by you to Gilead. Your repayment obligation amount, if applicable, will be equal to the Sign On Bonus payment advanced, then prorated so that for each full month of service, the amount to be repaid shall be reduced by 1/12. Your repayment obligation, if applicable, is due in full to Gilead ninety (90) days immediately following your employment termination date.
In the event that during your first two years with Gilead, your employment is terminated by Gilead without Cause, which is defined as (i) performance of any act, or failure to perform any act, in bad faith and to the detriment of the Company or a Related Entity; (ii) dishonesty, intentional misconduct, material violation of any applicable Company or Related Entity policy, or material breach of any agreement with the Company or a Related Entity; or (iii) commission of a crime involving dishonesty, breach of trust, or physical or emotional harm to any person (as defined in the Equity Incentive Plan) or if you voluntarily terminate for Good Reason (as defined in the award agreements evidencing your initial equity awards), you will become 100% vested in any remaining unvested stock options subject to this initial grant, any remaining unvested time-based restricted stock units, any remaining unvested performance restricted stock units subject to this initial grant (regardless of performance) and the full Sign On Bonus (whether or not previously paid).  Any unpaid portion of the Sign On Bonus will be paid to you within 30 days of such termination date.  The stock options, restricted stock units and performance restricted stock awards will be subject, in all respects, to the terms and conditions of an award agreement that will be provided to you under separate cover.  

Gilead will enroll you in their home marketing, Buyer Value Option (BVO) Program, administered by our relocation vendor, The MIGroup. All non-recurring transaction costs in connection with the sale of your current home and purchase of a new home will be covered by Gilead, through The MIGroup. This includes the real estate commission, typical seller closing costs, and typical purchase closing costs associated with the purchase of a new home. A complete policy will be provided to you by The MIGroup. Alternatively, you may be reimbursed for up to two months’ rent for fees directly related to canceling your rental lease when vacating your current rental residence. Documentation will be required.

The Company will provide a mortgage subsidy to assist you when purchasing a home in a significantly higher cost housing area compared to your previous lower cost housing area. The subsidy is an amount of money to be used only to help you purchase a home in the new location by reducing the mortgage’s interest rate for a period of time so that you can ease into the higher cost area. You cannot use the mortgage subsidy for any purpose other than to reduce (temporarily) the interest rate on your loan. In order to be most tax advantageous to you, we will allow 

Gilead Sciences, Inc. 333 Lakeside Drive Foster City, CA 94404 USA
Phone 650 574 3000 facsimile 650 578 9264

you to configure this subsidy in any manner you choose, provided it follows a reducing schedule and all legal guidelines set forth by The MIGroup Relocation. The mortgage subsidy is provided exclusively through The MIGroup for up to five years. The annual distribution is set on a reducing scale and the total subsidy amount is capped at $450,000.00.

Gilead will provide you with a rental subsidy, in lieu of the mortgage subsidy and home purchase closing costs, if you elect to rent a home in the new location. The Rental Subsidy Program (RSP) is provided for a maximum of 24 months and paid in two advance, lump sum installments. The first 12 month payment will be issued within 10 days of your request and the second 12 month payment will be paid on the 1 year anniversary of your first payment. Qualification is based on housing costs from your Westlake Village, CA residence and average rental index for the Bay Area, tiered according to family size. The RSP you are eligible for is $75,000.00 annually.  This amount will be grossed up so that the net amount you receive is $75,000.00 annually.

Gilead will reimburse you for 100% of the transaction costs associated with your home purchase. All non-recurring transaction costs in connection with purchase of a new home will be covered by Gilead, through the MI Group. This includes the typical purchase closing costs associated with the purchase of a new home. A complete policy will be provided to you by The MIGroup. The new home purchase must be within 24 months of your start date. 

We will provide you with up to nine months of temporary accommodations in a fully furnished corporate apartment. Gilead and its relocation vendors will assist you with the selection and billing for these accommodations.

The MIGroup will arrange to have your household goods moved to your new location utilizing the company contracted carrier. This moving allowance is intended to relocate your household goods from Westlake Village, CA to Foster City. 

You will be provided a miscellaneous relocation allowance of $20,000.00, paid net of taxes as soon as administratively possible. This is intended to cover miscellaneous expenses such as utilities installation, auto license and registration, and any other expenses not provided elsewhere within Gilead’s relocation policy.

Gilead will adjust certain relocation expenses to help offset the tax liability that may occur as a result of Federal and State tax regulations. The Company tax gross up will be based on your annualized base pay plus normal target incentive, or bonuses ONLY, excluding such one-time payments as stock options, deferred compensation, etc. Gilead will not include in its calculations any income from any outside sources, like spousal or outside income. The relocation benefits must be used within 12 months of your start date.

The cash amount of this relocation package including, but not limited to, any moving allowance, temporary housing costs, transaction costs, and lump sums accepted by you is due and payable to Gilead 90 days after your last date of employment if your employment should terminate for any reason within two years of your employment date, unless such termination is the result of involuntary termination without cause, voluntary termination for Good Reason, a reduction in force, or a merger or acquisition of Gilead.

Gilead Sciences, Inc. 333 Lakeside Drive Foster City, CA 94404 USA
Phone 650 574 3000 facsimile 650 578 9264

Gilead provides a comprehensive company-paid benefits package including health, dental, vision, life insurance, and long-term disability insurance plans. You are eligible for health and welfare benefits if you are a full-time employee working 30 hours or more (unless otherwise specified). You will need to enroll for medical or dental/vision within 31 days of your hire date, or you will not be eligible to enroll until the next open enrollment, unless you have a qualifying life event. Upon completion of enrollment, your coverage begins effective your date of hire.

At the next enrollment date, you will be eligible to participate in our Employee Stock Purchase Plan that offers you the opportunity to contribute up to 15% of your earnings, up to the IRS maximum, through payroll deductions to purchase Gilead stock at 85% of the lower of the closing price at the date of enrollment or purchase. ESPP enrollment occurs two times a year.

Additionally, we offer a 401(k) plan, which provides you with the opportunity for Pre-tax, Roth After-tax and Additional After-tax savings by deferring from 1-50% of your annual salary, subject to IRS maximums. Gilead will match 100% of your Pre-tax and/or Roth After-tax contributions to the plan up to a maximum company contribution of $10,000 per year. More detailed information regarding your benefits will be provided at your New Employee Orientation, shortly after you begin employment.

As an employee, you are covered under Gilead’s Workers Compensation insurance policy. This policy applies to all employees who become ill or injured on the job.  Gilead’s Workers Compensation carrier is XL Insurance America, Inc.  Claims are handled by Sedgwick, a Third Party Administrator, at 1-855-336-0983.

For your information, we have enclosed a Benefits Summary outlining Gilead's benefits programs. We will arrange for you to meet with a member of our benefits staff to review your benefits package and enroll in the various programs. Please note that, as an executive, you will not accrue PTO but will instead have the flexibility of taking time off at your discretion in accordance with the business needs of the corporation.

You will abide by Gilead Sciences' strict company policy that prohibits any new employee from using or bringing with them from any prior employer any proprietary information, trade secrets, proprietary materials or processes of such former employers. Upon starting employment with Gilead, you will be required to sign Gilead Sciences’ Confidential Information and Inventions Agreement (“CIIA”) for Employees indicating your agreement with this policy. At the termination of your employment, you will be reminded of your continuing duties under the CIIA. Please read this policy and the CIIA carefully.

You will also be required to fill out the electronic Employment Eligibility Verification (Form I-9). This electronic form will be sent to you via email. On your first day of employment, please bring the necessary documents that establish your identity and employment eligibility.

You agree by signing below that the Company has made no other promises other than what is outlined in this letter. It contains the entire offer the Company is making to you. Our agreement can only be modified by written agreement signed by you and the Company’s Representative. You also agree that should you accept a position at Gilead Sciences, the employment relationship is based on the mutual consent of the employee and the Company. Accordingly, either you or the Company can terminate the employment relationship at will, at any time, with or without cause or advance notice. You should also note that the Company may modify wages and benefits from time to time at its discretion.

Gilead Sciences, Inc. 333 Lakeside Drive Foster City, CA 94404 USA
Phone 650 574 3000 facsimile 650 578 9264

This offer of employment is effective for 7 days from the date of this letter. The offer is also contingent upon successful background and reference checks. If all of the foregoing is satisfactory, please sign and date within 7 days.

Laura, we look forward to you joining the team at Gilead Sciences.

Sincerely,

/s/ Katie Watson

Katie Watson
Executive Vice President, Human Resources

Foregoing terms and conditions hereby accepted:

Signature:  /s/ Laura Hamill                                    

Name:      Laura Hamill                                            

Date:                                                                                                            

Intended Start Date: September 10, 2018              

Gilead Sciences, Inc. 333 Lakeside Drive Foster City, CA 94404 USA
Phone 650 574 3000 facsimile 650 578 9264

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