InterMune, Inc. Bonus Plan Agreement with Larry Blatt (2003–2007)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

This agreement outlines a bonus plan between InterMune, Inc. and employee Larry Blatt for the years 2003 to 2007. Larry is eligible for an annual bonus of at least 24.7159% of his starting salary, with the possibility of a higher bonus at the company's discretion. Each bonus, plus a payment to cover half of the related income taxes, will be paid if Larry is employed at the time of payment. The agreement also confirms that Larry's employment is at-will and can be terminated by either party at any time.

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EX-10.59 6 a03-2369_1ex10d59.htm EX-10.59

Exhibit 10.59

 

InterMune, Inc.

 

TO:

 

Larry Blatt

FROM:

 

Stephen N. Rosenfield

RE:

 

Bonus Plan

DATE:

 

May 22, 2002

 

Set forth below is your bonus plan from InterMune, Inc. (the “Company”) for the calendar years 2003-2007 (the “Bonus Plan”).

 

1.             Annual Bonus:

 

You are eligible to earn an annual bonus for calendar years 2003-2007.  Each annual bonus shall be a minimum of 24.7159% of your starting salary of $232,500.  Any percentage above the minimum annual bonus shall be determined in the Company’s sole and absolute discretion.  Each bonus will be paid before June 30 of the applicable year.  In addition to the bonus payments, you will also receive an additional payment to cover one half of the income taxes resulting from any bonus payment (the “Gross-Up Payment”), which shall be paid within thirty (30) days of any bonus payment.  You must be employed by the Company at the time the bonus is payable in order to earn and receive the annual bonus and Gross-Up payments.

 

2.             At-Will Employment

 

You understand that this Bonus Plan does not constitute a guarantee of continued employment with the Company, and that your employment relationship with the Company is at-will.  As such, either you or the Company may terminate your employment at any time and for any reason, either with or without cause or advance notice.  In addition, the Company retains the right to modify your compensation and benefits, other than this Bonus Plan, within its sole discretion, upon notice to you.

 

Agreed and Accepted:

 

/s/  Larry Blatt

 

Date:

May 23, 2002

 

Print Name: Larry Blatt

 

 

 

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