Document:

Ex 10.25 MT Employ Letter

Exhibit 10.25

December 23, 2014

        
Marjorie Thomas
Mountain View, CA
Via e-mail
 

Dear Marj,

I am extremely pleased to offer you employment at RealNetworks, Inc. (“Real”, the “Company” or “us”) as Senior Vice President, Finance, reporting directly to me.  Your start date will be mutually determined between us but in no case later than January 15th, 2015. 

This offer is for a full-time, exempt, regular position with RealNetworks at our headquarters location in Seattle.  Your responsibilities will be as directed by RealNetworks commensurate with your title.  You will be paid a salary, which is equivalent on an annualized basis to $325,000 (subject to normal withholdings), payable semi-monthly in accordance with our normal payroll procedures.  You are eligible to participate in the Executive MBO Plan with an annual target bonus equivalent to 75% of your base salary, or $243,750.00, for an annual target total cash compensation of $568,750.00  You will have an opportunity to earn more than your target bonus if you overattain the targets set forth in your Executive MBO Plan.    Specific targets will be established by the Compensation Committee of our Board of Directors annually.  For the 2015 plan year, your eligibility in the Executive MBO Plan will be pro-rated based on full months’ eligibility.   Eligible employees hired after the first of the month will not begin pro-ration of their target bonus until the first day of the next month.  

You will be eligible to receive equity awards subject to the terms of the RealNetworks 2005 Stock Incentive Plan (the “Plan”).  Subject to and effective upon the commencement of your employment and the approval of the Compensation Committee, you will receive either (a) a grant of stock options for the purchase of 200,000 shares of RealNetworks common stock. These options will begin vesting on the first day of your employment and will be subject to all other provisions contained in the Plan and your stock option award agreement. These stock options will fully vest after four years of continuous employment in accordance with Real’s standard vesting practices for new employees (i.e. vesting of 25% after the first 12 months of employment and vesting of 12.5% at the expiration of each successive six months of employment). Your stock options will be granted by the Compensation Committee no later than 10 business days after your employment start date (the “Grant Date”).  The exercise price of the stock options granted to you shall be equal to the fair market value of RealNetworks common stock on the Grant Date.  Fair market value shall equal the closing price for a share of RealNetworks common stock on the Grant Date as reported by The NASDAQ Stock Market.  Please be aware that unvested stock options are forfeited upon termination of employment, except as otherwise provided. 

You will receive a sign-on bonus of $100,000 no later than 30 days from your start date.  The sign-on bonus is subject to repayment by you in full if you voluntarily leave RealNetworks within 12 months of your start date other than for “good reason” (as hereinafter defined).   

RealNetworks offers a comprehensive array of employee benefit programs.  You will receive paid time off and, upon satisfying plan applicable eligibility or waiting periods, medical/ dental/vision coverage, 401(k) participation, disability and life insurance coverage, employee stock purchase plan participation and other benefits (“Benefits”) as described in the RealNetworks Employee Handbook, Benefit Plan descriptions, and RealNetworks policies.  All of the Benefits are subject to change upon notice from RealNetworks.

RealNetworks recognizes that you will temporarily continue to maintain your primary residence in Northern California.  For a period of up to 4 months, RealNetworks will cover your travel between the Bay Area and Seattle as well as housing expenses in Seattle up to a monthly cap of $6,000

Further, in accordance with its relocation guidelines, RealNetworks will pay or reimburse you for all your reasonable expenses incurred in connection with relocating to Seattle up to a maximum of $50,000, unless authorized by RealNetworks. This relocation benefit shall expire on July 15, 2015. These relocation reimbursements and payments will be reported as taxable income. If you voluntarily leave your employment with RealNetworks within one year of your relocation, (other than for “good reason” as defined on Exhibit A) you will be required to reimburse RealNetworks on a pro-rated basis all relocation expenses incurred by RealNetworks on your behalf. For example, if you voluntarily leave RealNetworks six months after your relocation date (other than for “good reason”), you would be responsible for repayment of 50% of all relocation expenses incurred to date.
You will be regarded as a key employee under certain federal regulations governing family and medical leave.  This status will require that you work closely with us in planning should you develop a need for family or medical leave.

In the event that RealNetworks terminates your employment without “cause” or if you terminate your employment for “good reason”, and in consideration for your signing (and not revoking) a customary separation and release agreement to be provided by RealNetworks at the time of termination, RealNetworks will provide you, at its option, with either (a) a lump sum payment equal to 12 months of your then current base salary, or (b) 12 monthly payments of your then current base salary. RealNetworks will also provide you with a pro-rated bonus as described in the paragraph below.  Also, RealNetworks will cover your COBRA costs for up to 12 months until the earlier of (a) 12 months or (b) you have another employer covering your health care costs.  Such severance benefits are subject to the terms set forth on Exhibit A under the section titled “Release and Section 409A.”  

With respect to the pro-rated bonus referenced in the preceding paragraph, it shall be deemed that your bonus for the year in question will be the greater of 30% of base salary or what you have actually earned under the bonus plan, in both cases, pro-rated based on the number of days in the year through your termination date. In addition, you will be paid your full bonus for the year prior to termination even if the termination occurs before the payment date(s) for such bonus.

You agree that in the event you wish to terminate your employment at RealNetworks other than for “good reason,” you will provide us with 90 days written notice and will continue to work fulltime for RealNetworks during that 90 day period unless RealNetworks determines that it does not need your services.  You will be paid for any time actually worked.

In addition to the severance benefits offered above, in the event of a “Change in Control” (“CIC”), the Company agrees to provide you certain benefits as set forth in its Change of Control and Severance Agreement to be effective as of your start date, which agreement will be provided under separate cover (the “CIC Agreement”).  In the event that your employment terminates in a qualifying termination and subject to the other conditions in the CIC Agreement, you will receive 1.5 times your regular severance plus 1 year accelerated vesting of any unvested, non-performance based stock options. 

It is our policy that employees may not use or disclose confidential information or trade secrets obtained from any source or during any prior employment.  RealNetworks requires employees to abide by all contractual and legal obligations they may have to prior employers or others, such as limits on disclosure of information or competition.  Prior to signing this letter, you must inform us if you are subject to any such obligations that would prevent you from working at RealNetworks in your intended capacity or that would otherwise restrict you in the performance of your services to RealNetworks.  Violation of this requirement may result in termination of your employment with RealNetworks.  By signing this letter, you further agree that you will not bring to RealNetworks any confidential documents of another, nor disclose any confidential information of another, and that you will comply fully with these requirements. 

Our employment relationship will be terminable at will, which means that either you or RealNetworks may terminate your employment at any time and for any reason or no reason, subject only to our respective obligations set forth in this letter agreement.  Your right to receive payments described herein are subject to and conditioned upon your signing a valid general and complete release of all claims (except those relating to RealNetworks compensation obligations described under this letter agreement) against RealNetworks (and its related entities and persons) in a form provided by RealNetworks.  Notwithstanding 

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anything in the preceding sentence or elsewhere in this letter agreement to the contrary, the release will preserve and not release (1) your rights to indemnification from RealNetworks or its insurers with respect to any claims against you and (2) your rights pursuant to the CIC Agreement in the event it is later determined that your termination occurred during a Change in Control Period (as defined in the CIC Agreement).

You represent that the execution of this letter agreement, your employment with RealNetworks, and the performance of your proposed duties to RealNetworks will not violate any agreements or obligations you may have to any former employer or third party and you are not subject to any restrictions that would prevent or limit you from carrying out your duties for RealNetworks.

This offer is contingent on:  (i) you providing evidence of employability as required by federal law (which includes providing RealNetworks, within three days after your employment commences, with acceptable evidence of your identity and US employment eligibility), (ii) RealNetworks receiving acceptable results from any background check or reference check and (iii) you signing the RealNetworks Development, Confidentiality and Noncompetition Agreement attached hereto.  

REALNETWORKS PROVIDES EQUAL OPPORTUNITY IN EMPLOYMENT AND WILL ADMINISTER ITS POLICIES WITH REGARD TO RECRUITMENT, TRAINING, PROMOTION, TRANSFER, DEMOTION, LAYOFF, TERMINATION, COMPENSATION AND BENEFITS WITHOUT REGARD TO RACE, RELIGION, COLOR, NATIONAL ORIGIN, CITIZENSHIP, MARITAL STATUS, SEX, SEXUAL ORIENTATION, AGE, DISABILITY OR STATUS AS A DISABLED VETERAN OR VETERAN OF THE VIETNAM ERA OR ANY OTHER CHARACTERISTIC OR STATUS PROTECTED BY APPLICABLE LAW. 

This letter agreement, the Development, Confidentiality and Noncompetition Agreement, the 2005 Stock Incentive Plan, the Change of Control and Severance Agreement, and your stock option award agreements contain the entire agreement between you and RealNetworks relating to your employment and supersede all prior oral and written discussion, agreements and understandings.  This letter agreement may not be modified except in writing signed by both you and RealNetworks.  Any disputes regarding this letter agreement or your employment with RealNetworks shall be governed by and construed in accordance with the laws of the State of Washington.  If any provision of this letter agreement is deemed to be invalid or unenforceable, at RealNetworks option, the remaining terms shall continue in full force and effect.   

This offer is valid until December 30, 2014, and subject to final approval of Real’s Compensation Committee and completion of checks personal references you have provided us.  

We are excited about the prospect of you joining RealNetworks and look forward to working with you.  Please let me know if you have questions about this offer.

Sincerely, 

/s/ Rob Glaser

Rob Glaser
Chief Executive Officer
RealNetworks, Inc.

I have read and agree to the terms of employment contained in this letter agreement and the attached Development, Confidentiality and Noncompetition Agreement, which represent a full, complete and fair statement of the offer of employment made to me by RealNetworks, Inc.

Marjorie Thomas:    /s/ Marjorie Thomas                            Date: December 30, 2014

3EX-10.8

 Exhibit 10.8 

SEVERANCE AGREEMENT 
 This
Severance Agreement (the “Agreement”) is dated as of January 23, 2015, by and between Anthony Ramos (the “Employee”) and Vical Incorporated (the “Company”). 

1. At-Will Employment.    The Company and the Employee acknowledge that the Employee’s
employment with the Company is and will continue to be “at-will,” as defined under applicable law, and that the Employee’s employment with the Company may be terminated by either party at any time for any or no reason. If the
Employee’s employment with the Company terminates for any reason, the Employee will not be entitled to any payments, benefits, damages, awards or compensation other than as provided in this Agreement, and as may otherwise be available in
accordance with the terms of the Company’s established employee plans and written policies at the time of such termination. 

2. Term.    The term of this Agreement will expire on the one (1)-year anniversary of the date of
this Agreement; provided, however, that such term will automatically renew for successive one (1)-year periods, unless the Company provides written notice to the Employee at least ninety (90) days prior to the next scheduled expiration
date that such term will not be renewed. Notwithstanding the foregoing, if the Employee incurs a Qualifying Termination prior to the expiration of such term, this Agreement will not terminate until all obligations of the parties hereunder have been
satisfied. 
 3. Qualifying Termination.    Subject to Section 7, if the Employee incurs a
Qualifying Termination and the Employee has satisfied the Release requirement set forth in Section 6, then the Employee will be entitled to receive the benefits set forth in Sections 3(a), 3(b) and 3(c) below, as applicable, subject to any
required payroll deductions and tax withholdings. 
 (a) Cash Severance Benefit.    The Employee
will be entitled to receive a cash payment equal to the following amount, as applicable (the “Cash Severance Benefit”), in a lump sum within sixty (60) days following the Employee’s Qualifying Termination: 

(i) if such Qualifying Termination is a Non-Change of Control Termination, then the Cash Severance Benefit will be
equal to: 
 (1) twelve (12) months of the Employee’s base salary (as in effect on the date of such
Qualifying Termination or, if such Qualifying Termination is due to Good Reason based on a reduction of the Employee’s base salary, then as in effect on the date immediately prior to such reduction); and 

(2) the amount of any annual bonus that the Employee received in the twelve (12)-month period preceding such
Qualifying Termination (or if such Qualifying Termination occurs between the time an annual bonus is approved by the Board of Directors of the Company (the “Board”) and paid to the Employee, then the amount of the annual
bonus that was approved but not paid). 

  
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 (ii) if such Qualifying Termination is a Change of Control Termination,
then the Cash Severance Benefit will be equal to: 
 (1) eighteen (18) months of the Employee’s base
salary (as in effect on the date of such Qualifying Termination or, if such Qualifying Termination is due to Good Reason based on a reduction of the Employee’s base salary, then as in effect on the date immediately prior to such reduction); and

 (2) the amount of any annual bonus that the Employee received in the twelve (12)-month period preceding such
Qualifying Termination (or if such Qualifying Termination occurs between the time an annual bonus is approved by the Board and paid to the Employee, then the amount of the annual bonus that was approved but not paid). 

(b) COBRA Severance Benefit.    The Company will pay, on the Employee’s behalf, on a monthly
basis, the total amount of premiums required to continue the Employee’s coverage under the Company’s health, dental and vision insurance plans pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended
(“COBRA”) from the date of the Employee’s Qualifying Termination until the earliest of (i) the end of the twelve (12)-month period following such Qualifying Termination, (ii) the expiration of the
Employee’s eligibility for such coverage pursuant to COBRA and (iii) the date the Employee becomes eligible to enroll for coverage under a health, dental, or vision insurance plan of a subsequent employer (such period from the date of such
Qualifying Termination through the earliest of (i) through (iii), the “COBRA Payment Period”), provided that the Employee is eligible to continue such coverage pursuant to COBRA and makes an election to continue such
coverage pursuant to COBRA within the time period prescribed under COBRA (the “COBRA Severance Benefit”). Such COBRA premium payments will be inclusive of premiums for the Employee’s eligible dependents for such health,
dental, or vision plan coverage as in effect immediately prior to such Qualifying Termination, provided that such dependents continue to be eligible for such coverage during the COBRA Payment Period. The Employee will be required to notify the
Company immediately if the Employee becomes eligible to enroll for coverage under a health, dental, or vision insurance plan of a subsequent employer. For purposes of this Section 3(b), any applicable insurance premiums that are paid by the
Company will not include any amounts payable by the Employee under an Internal Revenue Code Section 125 health care reimbursement plan, which amounts, if any, are the sole responsibility of the Employee. 

Notwithstanding the foregoing, if the Company determines, at any time and in its sole discretion, that its payment of COBRA
premiums pursuant to the COBRA Severance Benefit would result in a violation of applicable law (including, without limitation, Section 2716 of the Public Health Service Act), then in lieu of providing the COBRA Severance Benefit, the Company
will pay the Employee, for each month of the remainder of the COBRA Payment Period, a fully taxable cash payment equal to the COBRA premiums for such month, subject to applicable tax withholdings and deductions (the “Special Severance
Benefit”). Payments of the Special Severance Benefit (if any) will be made without regard to the Employee’s payment of COBRA premiums and without regard to the expiration of the COBRA period prior to the end of the
COBRA Payment Period. Payments of the Special Severance Benefit (if any) will be made to the Employee on a monthly basis as follows: (i) if the Company does not provide the COBRA Severance Benefit for any month during the sixty (60)-day period
following the Employee’s 

  
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Qualifying Termination, the first payment of the Special Severance Benefit will be made to the Employee within such sixty (60)-day period and will be equal to the aggregate amount of the COBRA
premiums for such months; and (ii) following such sixty (60)-day period, if the Company does not provide the COBRA Severance Benefit for any remaining month during the COBRA Payment Period, a payment of the Special Severance Benefit will be
made to the Employee on the last business day of such month and will be equal to the COBRA premiums for such month. 

(c) Equity Vesting Benefit.    Unless specifically provided otherwise in the applicable equity
award agreement, the Employee will receive the following benefit, as applicable, with respect to all equity awards granted by the Company to the Employee (other than any such awards issued under or held in any plan sponsored by the Company that is
intended to be qualified under Section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”)), effective as of the date of the Employee’s Qualifying Termination, to the extent that such awards are
outstanding and unvested as of the date of such Qualifying Termination: 
 (i) if such Qualifying Termination is a
Non-Change of Control Termination, such awards will be credited with twelve (12) months of additional vesting; and 

(ii) if such Qualifying Termination is a Change of Control Termination, such awards will become fully vested. 

(d) No Duplication of Benefits.    For the avoidance of doubt, in no event will the Employee be
entitled to receive any benefits under Section 3 for both a Non-Change of Control Termination and a Change of Control Termination. 

(e) Status of Incentive Stock Options.    The Employee acknowledges that Section 3(c) above,
if applicable, amends the terms of the Employee’s currently outstanding stock options granted by the Company to the Employee, and as a result, some or all of such stock options may cease, as of the date of the Employee’s Qualifying
Termination, to be treated as “incentive stock options” within the meaning of Section 422 of the Code, in accordance with applicable law. 

4. Other Terminations.    If the Employee’s employment with the Company terminates due to
Cause, the Employee’s death or Disability, or any other reason (other than due to a Qualifying Termination), then the Employee will not be entitled to receive any benefits under Section 3. The Company, in its sole discretion, will
determine the reason for the Employee’s termination of employment (including, but not limited to, whether such termination is due to Cause or the Employee’s Disability). 

  
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 5. Accrued Salary and PTO/Vacation.    If the
Employee’s employment with the Company terminates for any reason, then the Employee will be entitled to receive payment for all accrued salary and all accrued but unused paid time off/vacation earned through the date of such termination,
subject to any required payroll deductions and tax withholdings. Such payment will be made on the date of such termination or as soon as administratively practicable thereafter, but no later than March 15th of the calendar year following such termination. 
 6.
Release.    In order to be eligible to receive any benefits under Section 3, the Employee must (i) execute and return a general waiver and release in a form that will be determined by the Company, in its sole
discretion (a “Release”), to the Company within the applicable time period set forth therein and (ii) not revoke the Release within the revocation period (if any) set forth therein; provided, however, that in no
event may the applicable time period or revocation period extend beyond sixty (60) days following the Employee’s date of termination. 

7. Section 409A.    If any benefit provided under this Agreement is subject to
Section 409A of the Code and the regulations and other guidance thereunder or any state law of similar effect (“Section 409A”), and such benefit otherwise is payable in connection with the Employee’s termination of
employment with the Company, then such benefit will not be payable unless such termination constitutes a “separation from service” (as such term is defined in Treasury Regulations Section 1.409A-1(h) without regard to any alternative
definition thereunder) (“Separation from Service”). It is intended that (i) each installment of any benefit payable under this Agreement be regarded as a separate “payment” for purposes of Treasury Regulations
Section 1.409A-2(b)(2)(i), and (ii) all payments of any such benefits satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4),
1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company determines that any benefit payable under this Agreement constitutes “deferred compensation” under Section 409A and the Employee is a “specified employee” (as such
term is defined in Section 409A(a)(2)(B)(i) of the Code) as of the date of the Employee’s Separation from Service, then, solely to the extent necessary to avoid the imposition of the adverse personal tax consequences under
Section 409A, (a) the commencement of such benefit payments will be delayed until the earlier of (1) the date that is six (6) months and one (1) day after such Separation from Service and (2) the date of the
Employee’s death (such applicable date, the “Delayed Initial Payment Date”), and (b) the Company will (1) pay the Employee a lump sum amount equal to the sum of any benefit payments that the Employee otherwise
would have received through the Delayed Initial Payment Date if the commencement of such benefit payments had not been delayed pursuant to this paragraph and (2) commence paying the balance, if any, of such benefit in accordance with the
applicable payment schedule set forth in this Agreement. In addition, if the Company determines that any benefit payable under this Agreement constitutes “deferred compensation” under Section 409A and the Employee’s Separation
from Service occurs at a time during the calendar year when the Release could become effective in the calendar year following the calendar year in which such Separation from Service occurs, then for purposes of such benefit, the Release will not be
deemed effective any earlier than the latest permitted effective date set forth therein (which date, in all cases, will be in the subsequent calendar year). 

  
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 8. Definition of Terms.    The following terms
referred to in this Agreement will have the following meanings: 
 (a)
“Cause”    will mean (i) the sustained inadequate performance of the Employee’s duties, as determined by the Company in its sole discretion, (ii) a failure to perform the Employee’s
duties, other than a failure resulting from complete or partial incapacity due to physical or mental illness or impairment, (iii) gross misconduct or fraud, or (iv) conviction of, or a plea of “guilty” or “no contest”
to, a felony. 
 (b) “Change of Control”    will
mean the occurrence of either of the following events: 
 (i) A change in the composition of the Board, as a
result of which fewer than one-half (1/2) of the incumbent directors are directors who either: (A) had been directors of the Company twenty-four (24) months prior to such change; or (B) were elected, or nominated for election, to
the Board with the affirmative votes of at least a majority of the directors who had been directors of the Company twenty-four (24) months prior to such change and who were still in office at the time of the election or nomination; or 

(ii) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934,
as amended) by the acquisition or aggregation of securities is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s
then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at elections of directors (the “Base Capital Stock”); except that any change in the relative
beneficial ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate number of outstanding shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities,
will be disregarded until such person increases in any manner, directly or indirectly, such person’s beneficial ownership of any securities of the Company. 

(c) “Change of Control Termination”    will mean a
Qualifying Termination that occurs upon or within twelve (12) months following a Change of Control.  
 (d)
“Disability”    will mean that the Employee, at the time that the Employee’s employment with the Company is terminated, has performed substantially none of the Employee’s
duties for a period of not less than three (3) consecutive months as the result of the Employee’s incapacity due to physical or mental illness. 

(e) “Good Reason”    will mean any of the following conditions arising
without the consent of the Employee: (i) a material reduction in the Employee’s authority or responsibilities; or (ii) a reduction in the Employee’s base salary of more than 25%. Notwithstanding anything in this Agreement to the
contrary, in order to qualify as a resignation for Good Reason, (x) the Employee must provide written notice to the Company of the existence of any of the foregoing conditions that forms the basis for such resignation within sixty
(60) days following its initial existence, (y) the Company must fail to remedy such condition within thirty (30) days following such notice, and (z) the Employee’s termination of employment with the

  
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Company must occur within thirty (30) days following the Company’s failure to remedy such condition (and in no event later than one hundred twenty (120) days following the initial
existence of such condition). 
 (f) “Non-Change of Control
Termination”    will mean any Qualifying Termination other than a Change of Control Termination. 

(g) “Qualifying Termination”    will mean a
termination of the Employee’s employment with the Company as a result of either: (i) a termination by the Company without Cause and other than as a result of the Employee’s death or Disability; or (ii) the Employee’s
resignation for Good Reason. 
 9. Successors.    Any successor to the Company
(whether direct or indirect and whether by purchase, lease, merger, consolidation, liquidation, or otherwise) will assume the obligations under this Agreement and agree expressly to perform the obligations under this Agreement in the same manner and
to the same extent as the Company would be required to perform such obligations in the absence of a succession. Notwithstanding anything in this Agreement to the contrary, in the event of a Change of Control, if the Company is not the surviving
entity resulting from such Change of Control, then for purposes of this Agreement, upon and following such Change of Control, the term “Company” will mean the surviving entity or other successor to the Company resulting from such Change of
Control. The terms of this Agreement and all of the Employee’s rights hereunder will inure to the benefit of, and be enforceable by, the Employee’s personal or legal representatives, executors, administrators, successors, heirs,
distributees, devisees, and legatees. 
 10. Notice.    Notices and all other communications
contemplated by this Agreement will be in writing and will be deemed to have been duly given when personally delivered or when mailed by U.S. registered or certified mail, return receipt requested and postage prepaid. Mailed notices to the Employee
will be addressed to the Employee at the home address that the Employee most recently communicated to the Company in writing. In the case of the Company, mailed notices will be addressed to its corporate headquarters, and all notices will be
directed to the attention of its Secretary. 
 11. Parachute Payments. 

(a) If any payment or benefit the Employee will or may receive from the Company or otherwise (a “280G
Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the
Code (the “Excise Tax”), then any such 280G Payment pursuant to this Agreement (a “Payment”) will be equal to the Reduced Amount. The “Reduced
Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment (after reduction) being subject to the Excise Tax or (y) the largest portion, up to and including the
total, of the Payment, whichever amount (i.e., the amount determined by clause (x) or by clause (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at
the highest applicable marginal rate), results in the Employee’s receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a

  
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reduction in a Payment is required pursuant to the preceding sentence and the Reduced Amount is determined pursuant to clause (x) of the preceding sentence, the reduction will occur in the
manner (the “Reduction Method”) that results in the greatest economic benefit for the Employee. If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced
pro rata (the “Pro Rata Reduction Method”). 
 (b) Notwithstanding any
provision of Section 11(a) to the contrary, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Payment being subject to taxes pursuant to Section 409A that would not otherwise be subject to taxes
pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, will be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows: (A) as a first priority, the
modification will preserve to the greatest extent possible, the greatest economic benefit for the Employee as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being
terminated without Cause), will be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A will
be reduced (or eliminated) before Payments that are not “deferred compensation” within the meaning of Section 409A. 

(c) The independent registered public accounting firm engaged by the Company for general audit purposes as of the day
prior to the effective date of the event described in Section 280G(b)(2)(A)(i) of the Code will perform the foregoing calculations. If the independent registered public accounting firm so engaged by the Company is serving as accountant or
auditor for the individual, entity or group effecting such event, the Company will appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company will bear all expenses with
respect to the determinations by such independent registered public accounting firm required to be made hereunder. The Company will use commercially reasonable efforts to cause the independent registered public accounting firm engaged to make the
determinations hereunder to provide its calculations, together with detailed supporting documentation, to the Company and the Employee within thirty (30) calendar days after the date on which the Employee’s right to a 280G Payment becomes
reasonably likely to occur (if requested at that time by the Company or the Employee) or such other time as requested by the Company or the Employee. 

(d) If the Employee receives a Payment for which the Reduced Amount was determined pursuant to clause (x) of
Section 11(a) and the Internal Revenue Service determines thereafter that some portion of the Payment is subject to the Excise Tax, the Employee agrees to promptly return to the Company a sufficient amount of the Payment (after reduction
pursuant to clause (x) of Section 11(a)) so that no portion of the remaining Payment is subject to the Excise Tax. For the avoidance of doubt, if the Reduced Amount was determined pursuant to clause (y) of Section 11(a), the
Employee will have no obligation to return any portion of the Payment pursuant to the preceding sentence. 
 12.
Miscellaneous Provisions. 
 (a) No Mitigation.    Except as provided in Section 3(b),
the Employee will not be required to mitigate the amount of any payment or benefit contemplated by Section 3 

  
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(whether by seeking new employment or in any other manner), nor will any such payment or benefit be reduced by any earnings or benefits that the Employee may receive from any other source. 

(b) Modification and Waiver.    No provision of this Agreement will be modified, amended, waived,
or discharged unless the modification, amendment, waiver, or discharge is agreed to in writing and signed by the Employee and by the Chief Executive Officer of the Company. No waiver by either party of any breach of, or of compliance with, any
condition or provision of this Agreement by the other party will be considered a waiver of any other condition or provision or of the same condition or provision at another time. 

(c) Whole Agreement; Other Agreements.    This Agreement constitutes the complete, final and
exclusive embodiment of the entire Agreement between the Employee and the Company with regard to the subject matter hereof. No agreements, representations, or understandings (whether oral or written and whether expressed or implied) which are not
expressly set forth in this Agreement have been made or entered into by either party with respect to the subject matter hereof. This Agreement supersedes any agreement concerning severance payments or other benefits payable to the Employee upon the
termination of the Employee’s employment with the Company (including, but not limited to, the prior severance agreement between the Employee and the Company dated April 16, 2013), and by execution of this Agreement, both parties agree that
any such predecessor agreement will be deemed null and void. Any equity awards granted by the Company to the Employee prior to or after the date of this Agreement will be governed in accordance with their terms, except to the extent specifically
modified by this Agreement. For the avoidance of doubt, nothing in this Agreement supersedes or replaces the terms of the Proprietary Information and Inventions Agreement between the Company and the Employee, the terms of which remain in full force
and effect. 
 (d) Choice of Law.    The validity, interpretation, construction and performance
of this Agreement will be governed by the laws of the State of California without reference to conflict of laws provisions. 

(e) Severability.    If any term or provision of this Agreement or the application thereof to any
circumstance will, in any jurisdiction and to any extent, be invalid or unenforceable, such term or provision will be ineffective as to such jurisdiction to the extent of such invalidity or unenforceability without invalidating or rendering
unenforceable the remaining terms and provisions of this Agreement or the application of such terms and provisions to circumstances other than those as to which it is held invalid or unenforceable, and a suitable and equitable term or provision will
be substituted therefore to carry out, insofar as may be valid and enforceable, the intent and purpose of the invalid or unenforceable term or provision. 

(f) Counterparts.    This Agreement may be executed in counterparts, each of which will be deemed
an original, but all of which together will constitute one and the same instrument. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 The parties have executed this Agreement on the date first written above. 

 

			
	VICAL INCORPORATED
		
	By:		 /S/    VIJAY B.
SAMANT        

		
	Title:		Chief Executive Officer

 
			
	
	ANTHONY A. RAMOS
		
	Signature:    		 /S/    ANTHONY A.
RAMOS        

  
 - 9 -

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