SEC Contract Filing

Filing Date: 2017-03-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.63
<SEQUENCE>2
<FILENAME>imuc-123116xexhibit1063.htm
<DESCRIPTION>EXHIBIT 10.63
<TEXT>
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<div><a name="s9A06C49A90DAEBA005D81A5D452A8360"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.63</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;">IMMUNOCELLULAR THERAPEUTICS,LTD.</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;">23622 Calabasas Road, Suite 300</font></div><div style="line-height:120%;text-align:center;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;">Calabasas, CA 91302</font></div><div style="line-height:120%;text-align:justify;font-size:14pt;"><font style="font-family:inherit;font-size:14pt;"><br></font></div><div style="line-height:120%;padding-top:32px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">December 13, 2016</font></div><div style="line-height:120%;padding-top:32px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Andrew Gengos</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">ImmunoCellular Therapeutics, Ltd.</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">23622 Calabasas Road</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Suite 300</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Calabasas, CA 91302 </font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Andrew:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This letter sets forth the substance of the separation agreement (the &#8220;Agreement&#8221;) between you and ImmunoCellular Therapeutics, Ltd. (the &#8220;Company&#8221;). </font></div><div style="line-height:120%;padding-left:0px;padding-bottom:16px;text-align:justify;text-indent:48px;"><font style="padding-bottom:16px;text-align:justify;font-family:inherit;font-size:12pt;font-weight:bold;padding-right:48px;">1.</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Separation</font><font style="font-family:inherit;font-size:12pt;">. Your employment separation date will be December 31, 2016 (the &#8220;Separation Date&#8221;). Between now and the Separation Date, you will perform duties as a regular employee reporting to the CEO, will receive your regular compensation and benefits, and will remain eligible for your 2016 bonus (paid if and when determined by the Board for 2016 performance of the Company and its officers), all as governed by the terms of your Executive Employment Agreement with the Company dated December 3, 2012 (the &#8220;Employment Agreement&#8221;). Notwithstanding Section 1.4 of the Employment Agreement, following the Separation Date, you will remain a member of the Company&#8217;s Board of Directors.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Accrued Salary and Vacation</font><font style="font-family:inherit;font-size:12pt;">. On the Separation Date, the Company will pay you all accrued salary, and all accrued and unused vacation earned through the Separation Date, subject to standard payroll deductions and withholdings. You are entitled to these payments by law.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Severance Benefits.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;Your employment separation is without &#8220;Cause&#8221; as defined in the Employment Agreement. As such, the Company will provide you with the following severance benefits, provided that you sign this release and allow it to become effective: </font></div><div style="line-height:120%;padding-bottom:16px;text-align:justify;text-indent:96px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">a.&#160;&#160;&#160;&#160;Cash Payment.</font><font style="font-family:inherit;font-size:12pt;">&#32;&#32;The Company shall pay you, as severance, the equivalent of twelve (12) months of your current base salary, subject to standard payroll deductions and withholdings (the &#8220;Severance&#8221;). The Severance will be paid in a lump sum on the sixtieth (60</font><font style="font-family:inherit;font-size:12pt;"><sup style="vertical-align:top;line-height:120%;font-size:8pt">th</sup></font><font style="font-family:inherit;font-size