Exelixis, Inc. Severance Agreement with Gregory Plowman (July 6, 2004)
This agreement between Exelixis, Inc. and Gregory Plowman outlines termination benefits if Mr. Plowman's employment is terminated without cause within 12 months from July 6, 2004. If this occurs, he will receive a lump-sum payment equal to 18 months of his base salary, any declared but unpaid bonus, and continued legally required fringe benefits. The agreement is intended to provide financial security in the event of an involuntary termination.
EXHIBIT 10.45
July 6, 2004
Dear Greg:
This letter is to confirm that, in consideration for your continued employment with Exelixis, Inc. (the “Company”), the Company offers you the following termination benefits:
In the event, within the twelve (12) month period commencing on the date hereof, your employment with the Company is terminated without cause, then you will receive a lump-sum payment equal to eighteen (18) month’s base salary. In addition, you will be entitled to receive the amount of any declared but unpaid bonus as of the date of such termination and the Company shall continue to make available to you such fringe benefits as required by law.
Sincerely,
| /s/ George Scangos |
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| George Scangos |
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| President and Chief Executive Officer |
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| ACCEPTED BY: |
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| /s/ Gregory Plowman |
| July 6, 2004 |
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| Gregory Plowman | Date | |||
