Term Sheet
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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 |
