Exhibit 10.131
EMPLOYMENT AGREEMENT
This EMPLOYMENT AGREEMENT, dated as of February 15, 2001, is by and between XXXXXX X.
XXXXXX, M.D. (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
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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,
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the employment of the Employee hereunder will be for the period commencing on the date hereof and ending
on October 31, 2002. Such period may be extended, with the consent of the Employee, for one or more
one-year periods 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
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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
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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.
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(a) Base Salary. The Company (or, at the Company's option, any subsidiary or
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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
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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
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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
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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
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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
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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
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constituting a felony.
8. Termination Without Cause. The Company may terminate the employment of the
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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
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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.
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(a) Voluntary Termination; Termination For Cause. Upon the termination of the
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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
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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
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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
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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.
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(a) Effect of Termination Following Change in Control. In the event of a Change
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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 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
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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,
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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
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(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,
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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 xxx 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,
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that if the Company directs the Employee to pay such claim and xxx 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.
(e) The foregoing provisions of this Section 12 are intended to supersede the
provisions of Section 7(d) of the Company's 1991 Stock Option Plan as applied to the Employee.
13. Disclosure of Information. The Employee will not, at any time during or after
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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
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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
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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
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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
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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
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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.
00 Xxxx Xxxxxxx Xxxx Xxxx
Xxxxxxxxxxxx, Xxxxxxxx 00000
Attention: Chief Executive Officer
with a copy to: Xxxxxxxxx X. Xxxxxx, Esq.
Xxxxx Xxxxxxxxxx LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000
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
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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
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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
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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
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entire agreement between the parties with respect to the subject matter hereof and supersedes all prior
agreements or understandings among the parties with respect thereto. 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
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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
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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
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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/: Xxxxxx X. Xxxxxx, M.D. By: /s/: Xxxxx X. Xxxx
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Xxxxxx X. Xxxxxx, M.D. Xxxxx X. Xxxx
