SEC Contract Filing

Filing Date: 2017-05-04

Document Content:
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<TYPE>EX-10.3
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<FILENAME>agen-ex103_181.htm
<DESCRIPTION>EX-10.3
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.3</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">April 1, 2017</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:3.08%;margin-right:4.49%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:4.49%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">By Hand Delivery</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:4.49%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Robert Stein, M.D., Ph.D.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7 Peter Cooper Road </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Apt 10B</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">New York, NY 10010</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:4.49%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Bob:</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:4.49%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As we have discussed, you have voluntarily retired from your employment with Agenus Inc. (the &#8220;Company&#8221;), effective as of April 1, 2017 (the &#8220;Separation Date&#8221;).&nbsp;&nbsp;The purpose of this letter agreement (&#8220;Agreement&#8221;) is to confirm the understanding between you and the Company concerning your separation benefits, as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;"></font><font style="font-weight:bold;">Employment Status</font>.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font>You and the Company agree and acknowledge that your retirement is a termination &#8220;By the Executive Other than for a Compensation Reduction&#8221; as defined in Section 5(f) of the the employment agreement that you executed dated June 30, 2015 (the &#8220;Employee Agreement&#8221;), and that the Employee Agreement is hereby terminated in accordance with Section 5(f).&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"> On the Separation Date, the Company will pay you any salary you have earned during the final payroll period of your employment, through the date your emplo</font>yment terminates, to the extent not previously paid to you, and will provide you pay, at your final base rate, for any vacation you have earned, but not used, through that date, as determined in accordance with the Company&#8217;s records and policies. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:15.38%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;">On t</font>he Separation Date, you will execute a copy of the Consulting Agreement attached hereto as Exhibit A.&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:7.69%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.<font style="margin-left:36pt;"></font><font style="font-weight:bold;">Severance Benefits.</font>&nbsp;&nbsp;In consideration of your acceptance of this Agreement without exercising your revocation rights described below, and subject to your meeting in full your obligations under this Agreement, under the Employee Nondisclosure Agreement between you and the Company (the &#8220;Nondisclosure Agreement&#8221;), and under Sections 7,