TPTX » Topics » Executive Agreements

This excerpt taken from the TPTX 8-K filed Oct 10, 2006.

Executive Agreements


Neil M. Kurtz Employee Offer Letter


TPTX entered into an offer letter with Neil M. Kurtz, M.D., its President and Chief Executive Officer, dated as of September 19, 2001. The offer letter with Dr. Kurtz provides for an annual salary of $300,000, that is reviewed annually by the TPTX’s board of directors and may be increased at the sole discretion of the TPTX’s board of directors. Dr. Kurtz will be




eligible to earn a performance bonus based on his achievement of certain milestones, as mutually agreed upon by Dr. Kurtz and the TPTX’s board of directors. The offer letter also provides for the grant of a stock option to buy 5 percent of the outstanding shares of TPTX’s common stock on a fully-diluted basis as of September 19, 2001. Under Dr. Kurtz’s offer letter, if Dr. Kurtz’s employment is terminated by TPTX without “cause,” as defined in the offer letter, he will be entitled to severance payments in the form of continuation of his base salary in effect at the time of termination for twelve months and twelve months of accelerated vesting of the unvested shares of his stock option grant. If Dr. Kurtz’s employment is terminated by the company or its successor company without “cause,” as defined in the offer letter, within 6 months following a change in control, as defined in the offer letter, then upon furnishing TPTX with an executed release and waiver of claims: (i) one-hundred percent of the above option will vest, and (ii) Dr. Kurtz will receive 1 year of base salary in effect at the time of termination.


Craig Johnson Employee Offer Letter


        TPTX entered into an offer letter with Craig Johnson, its Vice President, Finance, Chief Financial Officer and Secretary, dated November 17, 2003  Mr. Johnson’s offer letter provides for an annual salary of $181,500 and a stock option grant of 150,000 shares of TPTX’s common stock. Mr. Johnson’s offer letter also provides that if his employment is terminated by TPTX without cause or should Mr. Johnson’s position be eliminated or adversely effected by change of control of TPTX, Mr. Johnson will be eligible for payment of his full salary for a period of nine months.


The foregoing description of the terms and conditions of the Offer Letters set forth herein does not purport to be complete and is qualified in its entirety by reference to the full text of each such document attached hereto as Exhibits 10.11 and 10.12 and is incorporated by reference herein.


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