Employment Term Sheet between Javelin Pharmaceuticals, Inc. and David B. Bernstein

Contract Categories: Human Resources › Employment Agreements
Summary

Javelin Pharmaceuticals, Inc. and David B. Bernstein have agreed to terms for Bernstein's employment as General Counsel, Chief IP Counsel, and Secretary of the Board, starting April 1, 2006. Bernstein will handle intellectual property, legal contracts, SEC filings, and other legal matters. The agreement includes a $210,000 annual salary, a three-year term (renewable), a hiring bonus of 150,000 stock options, annual performance bonuses, 20 days of vacation, and expense reimbursement. Termination without cause provides three months' salary. Standard confidentiality and invention terms apply.

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EX-10.2 3 exh10_2.htm TERM SHEET Term Sheet

EXHIBIT 10.2
 
Term Sheet For Employment of David B. Bernstein
by Javelin Pharmaceuticals, Inc.

Position
General Counsel and Chief IP Counsel and Secretary of the Board
Start Date
April 1st, 2006
Responsibilities
·  Intellectual Property
·  Draft all new applications
·  Draft Office Action Arguments
·  Patent Litigation
·  Licensing, both in licensing and outlicensing contracts
·  General Contracts
·  Draft and review all company contracts, including but not limited to clinical
    trial, manufacturing, marketing and sales, distribution, employment
       agreements, and leases.
·  Review SEC documentation in conjunction with CFO where appropriate
·  Review news releases (8-K) filings
·  Any general legal issues as needed and at the request of President
    and CEO
·  Board Secretary
Salary
$210,000 per year
Term
3 years, renewable upon mutual consent
Hiring Bonus
Company Hiring Grant of 150,000 options priced at market the date of hire and vesting in equal parts over 3 year period in accordance with company’s omnibus stock option plan
Annual Performance Bonus
Up to 30% of salary in cash and annual performance options up to 75,000 per annum priced at market vesting in equal installments over 3 year period in accordance with company’s omnibus stock option plan
Vacation
20 days
Expenses
Reimbursement
Termination without cause
3 month salary
Confidentiality/Invention
Standard company language
 

By executing in the spaces indicated, the Parties intend to be bound by the terms above.
 
Javelin Pharmaceuticals, Inc.
 
  
/s/ Fred H. Mermelstein, PhD
Date: March 2, 2006
Fred H. Mermelstein, PhD
  
President
  

 
David B. Bernstein
 
  
/s/ David B. Bernstein
Date: March 2, 2006