SEC Contract Filing

Filing Date: 2015-06-17

Document Content:
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<TYPE>EX-10.1
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<FILENAME>a51125438_ex101.htm
<DESCRIPTION>EXHIBIT 10.1
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 <b>Exhibit 10.1</b>
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 June 8, 2015
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 <br>
 C. Evan Ballantyne<br>27 Hearthstone Road<br>Hopkinton, MA 01748
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 <br>
 Dear Evan:
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 I&#8217;m pleased to confirm our offer to join Agenus as Chief Financial
 Officer, starting on or about June 15, 2015 and reporting directly to
 Garo Armen, Chief Executive Officer.&#160;&#160;Your initial annual base salary
 will be $350,000 less applicable legal deductions, which will be paid at
 the bi-weekly rate of $13,461.54.&#160;&#160;In addition, you will participate in
 our 2004 Executive Incentive Plan, as amended, with a target bonus of
 40% of your base salary.&#160;&#160;Annual payouts under the plan are based on
 company and individual performance and can range from 0-200% of target
 (a copy of the plan is enclosed).&#160;&#160;You will also be eligible to
 participate in the Executive Change in Control Plan, a copy of which is
 attached for your review.&#160;&#160;Please note that this offer is contingent
 upon approval of the Compensation Committee of our Board of Directors
 and the results of a pre-employment drug screening and background check.
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 Effective as of your start date you will be granted an option to
 purchase 150,000 shares of Agenus common stock as a so-called
 &#8220;inducement grant&#8221; under NASDAQ Listing Rule 5635(c), which will be on
 terms substantially consistent with those of Agenus&#8217; Equity Incentive
 Plan.&#160;&#160;The stock option will be governed by the terms of a stock option
 to be signed by you and Agenus, it will have an exercise price equal to
 the closing price of Agenus&#8217; common stock on NASDAQ on the date of
 grant, and it will vest in equal annual increments over 4 years starting
 from your first day of employment.&#160;&#160;
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 Agenus presently offers medical, dental, vision and life insurance
 plans, Flexible Spending Accounts, and both short and long-term
 disability programs.&#160;&#160;In addition, we presently offer a 401(k) plan that
 you are eligible to join and begin making contributions to as of your
 date of hire.&#160;&#160;One year from your date of hire (provided that you are
 continuously employed), the Company begins to make a significant match
 to your ongoing employee contributions.&#160;&#160;Additional benefits will be
 reviewed during your new employee orientation.&#160;&#160;You will be entitled to
 four weeks of vacation and 12 holidays per calendar year, as set forth
 by Agenus and in accordance with its employment policies.&#160;&#160;Agenus may,
 in its discretion, change its benefits plans or the benefits that it
 offers to its employees.
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 As part of your employment with Agenus, you have and will be exposed to,
 and provided with, valuable confidential and/or trade secret information
 concerning the Company and its present and prospective partners and
 clients.&#160;&#160;As a result, in order to protect the Company&#8217;s legitimate
 business interests, you agree, as a condition of your employment, to
 enter into our standard form Employee Non-Disclosure Agreement.&#160;&#160;This
 document is enclosed for your review and execution by the first day of
 your employment.&#160;&#160;In addition, please understand that all employment
 with Agenus is on an &#8220;at will&#8221; basis.&#160;&#160;This letter does not constitute a
 contract of employment for a specific term.
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 3 Forbes Road, Lexington, MA 02421&#160;&#160;&#160;&#160;&#160;
 t&#160;&#160;781.674.4400&#160;&#160;&#160;&#160;&#160;f&#160;&#160;781.674.4200&#160;&#160;&#160;&#160;&#160;info@agenusbio.com&#160;&#160;&#160;&#160;&#160;WWW.AGENUSBIO.COM
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 In your first days with Agenus, you can expect to receive an
 orientation, including learning more about our business and your career
 development. You will be introduced to many internal administrative
 matters that are important to our business processes.&#160;&#160;
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 <p style="text-align: justify">
 Evan, through the course of our recruiting efforts, we meet and
 interview many individuals with strong backgrounds.&#160;&#160;Our recruiting
 process is highly selective - - one that we feel helps us carefully
 consider your qualifications and interests and matches them to our
 needs.&#160;&#160;At Agenus, our goal is to afford all of our employees the
 opportunity to pursue a career, to achieve their personal best, and to
 balance their personal and professional goals.&#160;&#160;We value your abilities
 and believe you will find our work environment to be challenging and
 fulfilling and believe we can provide you with an atmosphere in which
 you can develop your professional talents to the fullest.&#160;&#160;Again, it is
 a pleasure to extend this offer to you. The provisions of this offer
 letter supersede all prior oral and written offers, communications,
 agreements and understandings between Agenus and you with respect to the