April 7, 2008 VIA HAND DELIVERY Matthew J. Pfeffer VaxGen, Inc. 1000 Marina Blvd. Brisbane, CA 94005-1841 Re: Separation Agreement Dear Matt:Vaxgen Inc • May 14th, 2008 • Pharmaceutical preparations • California
As you have been informed, your employment with VaxGen, Inc. (“VaxGen” or the “Company”) is terminating as part of a reorganization and reduction-in-force. This letter contains the terms of the separation agreement (the “Agreement”) that the Company is offering you in connection with your employment transition.
