Employment Agreement - MedImmune Inc. and Armando Anido
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT, dated as of August 30, 1999, is
by and between Armando Anido (the "Employee") and MEDIMMUNE, INC., a Delaware
corporation (the "Company").
The Company and the Employee hereby agree as follows:
1. Employment. The Company hereby employs the Employee, and
the Employee hereby accepts employment by the Company, upon the terms and
conditions hereinafter set forth.
2. Term. Subject to the provisions for earlier termination
as herein provided, the employment of the Employee hereunder will be for the
period commencing on the date hereof and ending on November 1, 2000. Such period
may be extended, with the consent of the Employee, for one or more one-year
periods commencing on such date by resolution adopted by the Compensation and
Stock Committee (the "Compensation Committee") of the Board of Directors of the
Company (the "Board"). The period of the Employee's employment under this
Agreement, as it may be terminated or extended from time to time as provided
herein, is referred to hereafter as the "Employment Period."
3. Duties and Responsibilities. The Employee will be
employed by the Company in the position set forth on Annex A, a copy of which is
attached hereto and the terms of which are incorporated herein by reference. The
Employee will faithfully perform the duties and responsibilities of such office,
as they may be assigned from time to time by the Board or the Board's designee.
4. Time to be Devoted to Employment. Except for vacation in
accordance with the Company's policy in effect from time to time and absences
due to temporary illness, the Employee shall devote full time, attention and
energy during the Employment Period to the business of the Company. During the
Employment Period, the Employee will not be engaged in any other business
activity which, in the reasonable judgment of the Board or its designee,
conflicts with the duties of the Employee hereunder, whether or not such
activity is pursued for gain, profit or other pecuniary advantage.
5. Compensation; Reimbursement.
a) Base Salary. The Company (or, at the Company's option,
any subsidiary or affiliate thereof) will pay to the Employee an annual base
salary of not less than the amount specified as the Initial Base Salary on Annex
A, payable semi-monthly. The Employee's base salary shall be reviewed annually
by the Compensation Committee and shall be subject to increase at the option and
sole discretion of the Compensation Committee.
(b) Bonus. The Employee shall be eligible to receive, at the
sole discretion of the Compensation Committee, an annual cash bonus based on
pre-determined performance standards of the Company.
(c) Benefits; Stock Options. In addition to the salary and
cash bonus referred to above, the Employee shall be entitled during the
Employment Period to participate in such employee benefit plans or programs of
the Company, and shall be entitled to such other fringe benefits, as are from
time to time made available by the Company generally to employees of the
Employee's position, tenure, salary, age, health and other qualifications.
Without limiting the generality of the foregoing, the Employee shall be eligible
for such awards, if any, under the Company's stock option plan as shall be
granted to the Employee by the Compensation Committee or other appropriate
designee of the Board acting in its sole discretion. The Employee acknowledges
and agrees that the Company does not guarantee the adoption or continuance of
any particular employee benefit plan or program or other fringe benefit during
the Employment Period, and participation by the Employee in any such plan or
program shall be subject to the rules and regulations applicable thereto.
(d) Expenses. The Company will reimburse the Employee, in
accordance with the practices in effect from time to time for other officers or
staff personnel of the Company, for all reasonable and necessary traveling
expenses and other disbursements incurred by the Employee for or on behalf of
the Company in the performance of the Employee's duties hereunder, upon
presentation by the Employee to the Company of appropriate vouchers.
6. Death; Disability. If the Employee dies or is
incapacitated or disabled by accident, sickness or otherwise, so as to render
the Employee mentally or physically incapable of performing the services
required to be performed by the Employee under this Agreement for a period that
would entitle the Employee to qualify for long-term disability benefits under
the Company's then-current long-term disability insurance program or, in the
absence of such a program, for a period of 90 consecutive days or longer (such
condition being herein referred to as a "Disability"), then (i) in the case of
the Employee's death, the Employee's employment shall be deemed to terminate on
the date of the Employee's death or (ii) in the case of a Disability, the
Company, at its option, may terminate the employment of the Employee under this
Agreement immediately upon giving the Employee notice to that effect. Disability
shall be determined by the Board or the Board's designee. In the case of a
Disability, until the Company shall have terminated the Employee's employment
hereunder in accordance with the foregoing, the Employee shall be entitled to
receive compensation provided for herein notwithstanding any such physical or
mental disability.
7. Termination For Cause. The Company may, with the approval
of a majority of the Board, terminate the employment of the Employee hereunder
at any time during the Employment Period for "cause" (such termination being
hereinafter called a "Termination for Cause") by giving the Employee notice of
such termination, upon the giving of which such termination will take effect
immediately. For purposes of this Agreement, "cause" means (i) the Employee's
willful and substantial misconduct, (ii) the Employee's repeated, after written
notice from the Company, neglect of duties or failure to act which can
reasonably be expected to affect materially and adversely the business or
affairs of the Company or any subsidiary or affiliate thereof, (iii) the
Employee's material breach of any of the agreements contained in Sections 13, 14
or 15 hereof, (iv) the commission by the Employee of any material fraudulent act
with respect to the business and affairs of the Company or any subsidiary or
affiliate thereof or (v) the Employee's conviction of (or plea of nolo
contendere to) a crime constituting a felony.
8. Termination Without Cause. The Company may terminate the
employment of the Employee hereunder at any time without "cause" (such
termination being hereinafter called a "Termination Without Cause") by giving
the Employee notice of such termination, upon the giving of which such
termination will take effect not later than 30 days from the date such notice is
given.
9. Voluntary Termination. Any termination of the employment
of the Employee hereunder, otherwise than as a result of death or Disability, a
Termination For Cause, a Termination Without Cause or a termination for Good
Reason (as defined below) following a Change in Control (as defined below), will
be deemed to be a "Voluntary Termination." A Voluntary Termination will be
deemed to be effective immediately upon such termination.
10. Effect of Termination of Employment.
(a) Voluntary Termination; Termination For Cause. Upon the
termination of the Employee's employment hereunder pursuant to a Voluntary
Termination or a Termination For Cause, neither the Employee nor the Employee's
beneficiaries or estate will have any further rights or claims against the
Company under this Agreement except the right to receive (i) the unpaid portion
of the base salary provided for in Section 5(a) hereof, computed on a pro rata
basis to the date of termination, (ii) payment of his accrued but unpaid rights
in accordance with the terms of any incentive compensation, stock option,
retirement, employee welfare or other employee benefit plans or programs of the
Company in which the Employee is then participating in accordance with Sections
5(b) and 5(c) hereof and (iii) reimbursement for any expenses for which the
Employee shall not have theretofore been reimbursed as provided in Section 5(d)
hereof.
(b) Termination Without Cause. Upon the termination of the
Employee's employment as a Termination Without Cause, neither the Employee nor
the Employee's beneficiaries or estate will have any further rights or claims
against the Company under this Agreement except the right to receive (i) the
payments and other rights provided for in Section 10(a) hereof, (ii) severance
payments in the form of semi-monthly payment of the Employee's base salary (as
in effect immediately prior to such termination) and of the Pro-Rata Bonus
Amount (as defined below) for a period of 12 months following the effective date
of such termination, and (iii) continuation of the medical benefits coverage to
which the Employee is entitled under Section 5(c) hereof over the 12 month
period provided in clause (ii) above, with such coverage to be provided at the
same level and subject to the same terms and conditions (including, without
limitation, any applicable co-pay obligations of the Employee, but excluding any
applicable tax consequences for the Employee) as in effect from time to time for
officers of the Company generally. For the purposes of this Agreement, "Pro-Rata
Bonus Amount" shall mean one-twenty-fourth (1/24th) of the greater of (a) the
most recent annual cash bonus paid to the Employee prior to the date of his
termination, or (b) the average of the three most recent annual cash bonuses
paid to the Employee prior to the date of his termination. The rights of the
Employee and the obligations of the Company under this Section 10(b) shall
remain in full force and effect notwithstanding the expiration of the Employment
Period, whether by failure of the Compensation Committee to extend such period
or otherwise.
(c) Death and Disability. Upon the termination of the
Employee's employment hereunder as a result of death or Disability, neither the
Employee nor the Employee's beneficiaries or estate will have any further rights
or claims against the Company under this Agreement except the right to receive
(i) the payments and other rights provided for in Section 10(a) hereof, (ii) a
lump-sum payment, within 15 days after the effective date of such termination,
equal to the aggregate amount of the Employee's base salary as in effect
immediately prior to such termination that would be payable over a period of 12
months following the effective date of such termination and (iii) in the case of
Disability only, continuation of the medical benefits coverage to which the
Employee is entitled under Section 5(c) hereof over the same period with respect
to which the lump-sum payment is calculated under clause (ii) above, with such
coverage to be provided at the same level and subject to the same terms and
conditions (including, without limitation, any applicable co-pay obligations of
the Employee, but excluding any applicable tax consequences for the Employee) as
in effect from time to time for officers of the Company generally.
(d) Forfeiture of Rights. In the event that, subsequent to
termination of employment hereunder, the Employee (i) breaches any of the
provisions of Section 13, 14 or 15 hereof or (ii) directly or indirectly makes
or facilitates the making of any adverse public statements or disclosures with
respect to the business or securities of the Company, all payments and benefits
to which the Employee may otherwise have been entitled pursuant to Section
10(a), 10(b) or 11 hereof shall immediately terminate and be forfeited, and any
portion of such amounts as may have been paid to the Employee shall forthwith be
returned to the Company.
11. Change in Control Provisions.
(a) Effect of Termination Following Change in Control. In
the event of a Change in Control during the Employment Period and a subsequent
termination of the Employee's employment, either by the Company as a Termination
Without Cause or by the Employee for Good Reason, whether or not such
termination is during the Employment Period, the Employee shall be entitled to
receive (i) the payments and other rights provided in Section 10(a) hereof, (ii)
a severance payment in the form of a cash lump sum, paid within 15 days of the
date of termination, equal to the sum of the Employee's semi-monthly base salary
(as in effect immediately prior to such termination) and the Pro-Rata Bonus
Amount (as determined under Section 10(b) above) multiplied by 48 (i.e., that
would have been payable on a semi-monthly basis during the 24 months following
such termination), but discounted to present value from the dates such payments
would be made if paid on a semi-monthly basis for such 24 month period, based on
the 100% short-term Applicable Federal Rate (compounded annually) under Section
1274(d) of the Internal Revenue Code of 1986, as amended (the "Code") as in
effect at the time of payment, and (iii) continuation of the medical benefits
coverage to which the Employee is entitled under Section 5(c) hereof for a
period of 24 months following the date of termination, with such coverage to be
provided at the same level and subject to the same terms and conditions
(including, without limitation, any applicable co-pay obligations of the
Employee, but excluding any applicable tax consequences for the Employee) as in
effect from time to time for officers of the Company generally.
(b) Definition of Change in Control. For purposes of this
Agreement, a "Change in Control" shall be deemed to have occurred upon:
(i) an acquisition subsequent to the date hereof by any
person, entity or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the "Exchange Act")) (a "Person"), of beneficial ownership
(within the meaning of Rule 13d-3 promulgated under the Exchange
Act) of 30% or more of either (A) the then outstanding shares of
common stock of the Company ("Common Stock") or (B) the combined
voting power of the then outstanding voting securities of the
Company entitled to vote generally in the election of directors
(the "Outstanding Company Voting Securities"); excluding,
however, the following: (1) any acquisition directly from the
Company, other than an acquisition by virtue of the exercise of a
conversion privilege unless the security being so converted was
itself acquired directly from the Company, (2) any acquisition by
the Company and (3) any acquisition by an employee benefit plan
(or related trust) sponsored or maintained by the Company;
(ii) a change in the composition of the Board such that
during any period of two consecutive years, individuals who at
the beginning of such period constitute the Board, and any new
director (other than a director designated by a person who has
entered into an agreement with the Company to effect a
transaction described in clause (i), (iii), or (iv) of this
paragraph) whose election by the Board or nomination for election
by the Company's stockholders was approved by a vote of at least
two-thirds of the directors then still in office who either were
directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any
reason to constitute at least a majority of the members thereof;
(iii) the approval by the stockholders of the Company of a
merger, consolidation, reorganization or similar corporate
transaction, whether or not the Company is the surviving
corporation in such transaction, in which outstanding shares of
Common Stock are converted into (A) shares of stock of another
company, other than a conversion into shares of voting common
stock of the successor corporation (or a holding company thereof)
representing 80% of the voting power of all capital stock thereof
outstanding immediately after the merger or consolidation or (B)
other securities (of either the Company or another company) or
cash or other property;
(iv) the approval by stockholders of the Company of the
issuance of shares of Common Stock in connection with a merger,
consolidation, reorganization or similar corporate transaction in
an amount in excess of 40% of the number of shares of Common
Stock outstanding immediately prior to the consummation of such
transaction;
(v) the approval by the stockholders of the Company of (A)
the sale or other disposition of all or substantially all of the
assets of the Company or (B) a complete liquidation or
dissolution of the Company; or
(vi) the adoption by the Board of a resolution to the effect
that any person has acquired effective control of the business
and affairs of the Company.
(c) Good Reason Following Change in Control. For purposes of
this Agreement, termination for "Good Reason" shall mean termination by the
Employee of his employment with the Company, within six months immediately
following a Change in Control, based on:
(i) any diminution in the Employee's position, title,
responsibilities or authority from those in effect immediately
prior to such Change in Control; or
(ii) the breach by the Company of any of its material
obligations under this Agreement.
12. Parachute Tax Indemnity
(a) If it shall be determined that any amount paid,
distributed or treated as paid or distributed by the Company to or for the
Employee's benefit (whether paid or payable or distributed or distributable
pursuant to the terms of this Agreement or otherwise, but determined without
regard to any additional payments required under this Section 12) (a "Payment")
would be subject to the excise tax imposed by Section 4999 of the Code, or any
interest or penalties are incurred by the Employee with respect to such excise
tax (such excise tax, together with any such interest and penalties, being
hereinafter collectively referred to as the "Excise Tax"), then the Employee
shall be entitled to receive an additional payment (a "Gross-Up Payment") in an
amount such that after payment by the Employee of all federal, state and local
taxes (including any interest or penalties imposed with respect to such taxes),
including, without limitation, any income taxes (and any interest and penalties
imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment,
the Employee retains an amount of the Gross-Up Payment equal to the Excise Tax
imposed upon all the Payments.
(b) All determinations required to be made under this
Section 12, including whether and when a Gross-Up Payment is required and the
amount of such Gross-Up Payment and the assumptions to be utilized in arriving
at such determination, shall be made by a nationally recognized accounting firm
as may be designated by the Employee (the "Accounting Firm") which shall provide
detailed supporting calculations both to the Company and the Employee within 15
business days of the receipt of notice from the Employee that there has been a
Payment, or such earlier time as is requested by the Company. In the event that
the Accounting Firm is serving as accountant or auditor for the individual,
entity or group effecting the change in control, the Employee shall appoint
another nationally recognized accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as the
Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall
be borne by the Company. Any Gross-Up Payment, as determined pursuant to this
Section 12, shall be paid by the Company to the Employee within five days of the
receipt of the Accounting Firm's determination. Any determination by the
Accounting Firm shall be binding upon the Company and the Employee. As a result
of the uncertainty in the application of Section 4999 of the Code at the time of
the initial determination by the Accounting Firm hereunder, it is possible that
Gross-Up Payments which will not have been made by the Company should have been
made ("Underpayment"), consistent with the calculations required to be made
hereunder. In the event that the Company exhausts its remedies pursuant to this
Section 12 and the Employee thereafter is required to make a payment of any
Excise Tax, the Accounting Firm shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be promptly paid by the
Company to or for the Employee's benefit.
(c) The Employee shall notify the Company in writing of any
claim by the Internal Revenue Service that, if successful, would require the
payment by the Company of the Gross-Up Payment. Such notification shall be given
as soon as practicable but no later then ten business days after the Employee is
informed in writing of such claim and shall apprise the Company of the nature of
such claim and the date on which such claim is requested to be paid. The
Employee shall not pay such claim prior to the expiration of the 30-day period
following the date on which it gives such notice to the Company (or such shorter
period ending on the date that any payment of taxes with respect to such claim
is due). If the Company notifies the Employee in writing prior to the expiration
of such period that it desires to contest such claim, the Employee shall:
(i)give the Company any information reasonably requested by
the Company relating to such claim,
(ii) take such action in connection with contesting such
claim as the Company shall reasonably request in writing from
time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney
reasonably selected by the Company,
(iii) cooperate with the Company in good faith in order to
effectively contest such claim, and
(iv) permit the Company to participate in any proceeding
relating to such claim; provided, however, that the Company shall
bear and pay directly all costs and expenses (including
additional interest and penalties) incurred in connection with
such contest and shall indemnify and hold the Employee harmless,
on an after-tax basis, from any Excise Tax or income tax
(including interest and penalties with respect thereto) imposed
as a result of such representation and payment of costs and
expense. Without limitation on the foregoing provisions of this
Section 12, the Company shall control all proceedings taken in
connection with such contest and, at its sole option, may pursue
or forego any and all administrative appeals, proceedings,
hearings and conferences with the taxing authority in respect of
such claim and may, at its sole option, either direct the
Employee to pay the tax claimed and sue for a refund or contest
the claim in any permissible manner, and the Employee agrees to
prosecute such contest to a determination before any
administrative tribunal, in a court of initial jurisdiction and
in one or more appellate courts, as the Company shall determine;
provided, however, that if the Company directs the Employee to
pay such claim and sue for a refund, the Company shall advance
the amount of such payment to the Employee, on an interest-free
basis, and shall indemnify and hold the Employee harmless, on an
after-tax basis, from any Excise Tax or income tax (including
interest or penalties with respect thereto) imposed with respect
to such advance or with respect to any imputed income with
respect to such advance; and further provided that any extension
of the statute of limitations relating to payment of taxes for
the Employee's taxable year with respect to which such contested
amount is claimed to be due is limited solely to such contested
amount. Furthermore, the Company's control of the contest shall
be limited to issues with respect to which a Gross-Up Payment
would be payable hereunder and the Employee shall be entitled to
settle or contest, as the case may be, any other issue raised by
the Internal Revenue Service or any other taxing authority.
(d) If, after the Employee's receipt of an amount advanced
by the Company pursuant to this Section 12, the Employee becomes entitled to
receive any refund with respect to such claim, the Employee shall (subject to
the Company's complying with the requirements of this Section 12) promptly pay
to the Company the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto). If, after the Employee's
receipt of an amount advanced by the Company pursuant to this Section 12, a
determination is made that the Employee shall not be entitled to any refund with
respect to such claim and the Company does not notify the Employee in writing of
its intent to contest such denial of refund prior to the expiration of 30 days
after such determination, then such advance shall be forgiven and shall not be
required to be repaid and the amount of such advance shall offset, to the extent
thereof, the amount of Gross-Up Payment required to be paid.
13. Disclosure of Information. The Employee will not, at any
time during or after the Employment Period, disclose to any person, firm,
corporation or other business entity, except as required by law, any non-public
information concerning the business, products, clients or affairs of the Company
or any subsidiary or affiliate thereof for any reason or purpose whatsoever, nor
will the Employee make use of any of such non-public information for personal
purposes or for the benefit of any person, firm, corporation or other business
entity except the Company or any subsidiary or affiliate thereof.
14. Restrictive Covenant. (a) The Employee hereby
acknowledges and recognizes that, during the Employment Period, the Employee
will be privy to trade secrets and confidential proprietary information critical
to the Company's business and the Employee further acknowledges and recognizes
that the Company would find it extremely difficult or impossible to replace the
Employee and, accordingly, the Employee agrees that, in consideration of the
benefits to be received by the Employee hereunder, the Employee will not, from
and after the date hereof until the first anniversary of the termination of the
Employment Period (or six months after the termination of the Employment Period
if such termination is as a result of a termination for Good Reason following a
Change in Control), (i) directly or indirectly engage in the development,
production, marketing or sale of products that compete (or, upon
commercialization, would compete) with products of the Company being developed
(so long as such development has not been abandoned), marketed or sold at the
time of the Employee's termination (such business or activity being hereinafter
called a "Competing Business") whether such engagement shall be as an officer,
director, owner, employee, partner, affiliate or other participant in any
Competing Business, (ii) assist others in engaging in any Competing Business in
the manner described in the foregoing clause (i), or (iii) induce other
employees of the Company or any subsidiary thereof to terminate their employment
with the Company or any subsidiary thereof or engage in any Competing Business.
Notwithstanding the foregoing, the term "Competing Business" shall not include
any business or activity that was not conducted by the Company prior to the
effective date of a Change in Control.
(b) The Employee understands that the foregoing restrictions
may limit the ability of the Employee to earn a livelihood in a business similar
to the business of the Company, but nevertheless believes that the Employee has
received and will receive sufficient consideration and other benefits, as an
employee of the Company and as otherwise provided hereunder, to justify such
restrictions which, in any event (given the education, skills and ability of the
Employee), the Employee believes would not prevent the Employee from earning a
living.
15. Company Right to Inventions. The Employee will promptly
disclose, grant and assign to the Company, for its sole use and benefit, any and
all inventions, improvements, technical information and suggestions relating in
any way to the business of the Company which the Employee may develop or acquire
during the Employment Period (whether or not during usual working hours),
together with all patent applications, letters patent, copyrights and reissues
thereof that may at any time be granted for or upon any such invention,
improvement or technical information. In connection therewith:
(i) the Employee shall, without charge, but at the expense
of the Company, promptly at all times hereafter execute and
deliver such applications, assignments, descriptions and other
instruments as may be necessary or proper in the opinion of the
Company to vest title to any such inventions, improvements,
technical information, patent applications, patents, copyrights
or reissues thereof in the Company and to enable it to obtain and
maintain the entire right and title thereto throughout the world;
and
(ii) the Employee shall render to the Company, at its
expense (including a reasonable payment for the time involved in
case the Employee is not then in its employ), all such assistance
as it may require in the prosecution of applications for said
patents, copyrights or reissues thereof, in the prosecution or
defense of interferences which may be declared involving any said
applications, patents or copyrights and in any litigation in
which the Company may be involved relating to any such patents,
inventions, improvements or technical information.
16. Enforcement. It is the desire and intent of the parties
hereto that the provisions of this Agreement be enforceable to the fullest
extent permissible under the laws and public policies applied in each
jurisdiction in which enforcement is sought. Accordingly, to the extent that a
restriction contained in this Agreement is more restrictive than permitted by
the laws of any jurisdiction where this Agreement may be subject to review and
interpretation, the terms of such restriction, for the purpose only of the
operation of such restriction in such jurisdiction, will be the maximum
restriction allowed by the laws of such jurisdiction and such restriction will
be deemed to have been revised accordingly herein.
17. Remedies; Survival.
(a) The Employee acknowledges and understands that the
provisions of the covenants contained in Sections 13, 14 and 15 hereof, the
violation of which cannot be accurately compensated for in damages by an action
at law, are of crucial importance to the Company, and that the breach or
threatened breach of the provisions of this Agreement would cause the Company
irreparable harm. In the event of a breach or threatened breach by the Employee
of the provisions of Section 13, 14 or 15 hereof, the Company will be entitled
to an injunction restraining the Employee from such breach. Nothing herein
contained will be construed as prohibiting the Company from pursuing any other
remedies available for any breach or threatened breach of this Agreement.
(b) Notwithstanding anything contained in this Agreement to
the contrary, the provisions of Sections 10(b), 13, 14, 15, 16 and 17 hereof
will survive the expiration or other termination of this Agreement until, by
their terms, such provisions are no longer operative.
18. Notices. Notices and other communications hereunder will
be in writing and will be delivered personally or sent by air courier or first
class certified or registered mail, return receipt requested and postage
prepaid, addressed as follows:
if to the Employee: as specified in Annex A
and if to the Company: MedImmune, Inc.
35 West Watkins Mill Road
Gaithersburg, Maryland 20878
Attention: Chief Executive Officer
with a copy to: Frederick W. Kanner, Esq.
Dewey Ballantine LLP
1301 Avenue of the Americas
New York, NY 10019
All notices and other communications given to any party hereto in
accordance with the provisions of this Agreement will be deemed to have been
given on the date of delivery, if personally delivered; on the business day
after the date when sent, if sent by air courier; and on the third business day
after the date when sent, if sent by mail, in each case addressed to such party
as provided in this Section 18 or in accordance with the latest unrevoked
direction from such party.
19. Binding Agreement; Benefit. The provisions of this
Agreement will be binding upon, and will inure to the benefit of, the respective
heirs, legal representatives and successors of the parties hereto.
20. Governing Law. This Agreement will be governed by, and
construed and enforced in accordance with, the laws of the State of Maryland.
21. Waiver of Breach. The waiver by either party of a breach
of any provision of this Agreement by the other party must be in writing and
will not operate or be construed as a waiver of any subsequent breach by such
other party.
22. Entire Agreement; Amendments. This Agreement (including
Annex A) contains the entire agreement between the parties with respect to the
subject matter hereof and supersedes all prior agreements or understandings
among the parties with respect thereof. This Agreement may be amended only by an
agreement in writing signed by the parties hereto.
23. Headings. The section headings contained in this
Agreement are for reference purposes only and will not affect in any way the
meaning or interpretation of this Agreement.
24. Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction will, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction will not invalidate or render unenforceable
such provision in any other jurisdiction.
25. Assignment. This Agreement is personal in its nature and
the parties hereto shall not, without the consent of the other, assign or
transfer this Agreement or any rights or obligations hereunder; provided, that
the provisions hereof (including, without limitation, Sections 13, 14 and 15)
will inure to the benefit of, and be binding upon, each successor of the
Company, whether by merger, consolidation, transfer of all or substantially all
of its assets or otherwise.
IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date
first above written.
EMPLOYEE MEDIMMUNE, INC.
/s/Armando Anido By: /s/Wayne T. Hockmeyer
----------------------- -------------------------