Interim Employment Agreement between Micromet, Inc. and Dr. Christian Itin (May 2006)
Micromet, Inc. agrees to employ Dr. Christian Itin as Chief Executive Officer following the merger with CancerVax Corporation. Until a formal executive employment agreement is finalized, Dr. Itin will work under the same terms and conditions as his previous role at Micromet AG. This interim arrangement will remain in effect until both parties sign a new employment agreement, at which point the new terms will apply.
Exhibit 10.1
Micromet, Inc.
2110 Rutherford Road
Carlsbad, California 92008
Dr. Christian Itin
President and CEO
Micromet, Inc.
May 5, 2006
Letter Employment Agreement with Micromet, Inc. (the “Company”)
Dear Christian,
Following the closing of the merger transaction involving CancerVax Corporation and Micromet AG on May 5, 2006, the Company acting through the Compensation Committee of the Board of Directors is in the process of considering the terms of a proposed executive employment agreement between you and the Company. The Company will use its best efforts to complete a mutually satisfactory executive employment agreement with you as soon as reasonably possible. In the meantime, and in recognition of the fact that you had to resign from your position as Vorstand of Micromet AG as a result of the consummation of the merger, the Company hereby agrees to employ you as Chief Executive Officer of the Company under the same terms and conditions as were applicable to your employment by Micromet AG immediately prior to the consummation of the merger. Your employment by the Company under these terms and conditions will continue until such time as you and the Company execute the new employment agreement. Upon such execution, your employment by the Company established pursuant to this letter will expire, and all of the Company’s and your respective rights and obligations will be governed by the new employment agreement.
Sincerely,
Jerry C. Benjamin
Chairman of the Compensation Committee
Agreed and accepted:
Dr. Christian Itin
