Second Amendment to Amended and Restated Employment Agreement between CancerVax Corporation and David F. Hale

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment, effective March 27, 2006, is between CancerVax Corporation and David F. Hale. It modifies their existing employment agreement by specifying that certain stock awards granted to Mr. Hale on March 20, 2006, will not accelerate under specific conditions outlined in the agreement. All other terms of the original employment agreement remain unchanged.

Read More Arrow
EX-10.1 2 a19216exv10w1.htm EXHIBIT 10.1 Exhibit 10.1  

EXHIBIT 10.1
SECOND AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
     THIS SECOND AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment”) is entered into effective as of March 27, 2006, by and between CancerVax Corporation, a Delaware corporation (the “Company”), and David F. Hale (“Executive”).
     WHEREAS, the Company and Executive desire to amend that certain Amended and Restated Employment Agreement dated as of November 15, 2004, between the Company and Executive (as amended to date, the “Original Agreement”) on the terms and conditions set forth herein.
     NOW, THEREFORE, in consideration of the various covenants and agreements hereinafter set forth, the parties hereto agree as follows:
     1. Amendment to Section 4(g)(vi). A new sentence is added at the end of Section 4(g)(vi) of the Original Agreement to read as follows:
                  “Notwithstanding the foregoing, none of the Stock Awards granted to Executive on March 20, 2006 shall accelerate pursuant to clauses (i), (ii), (iii), (iv) or (v) of this Section 4(g).”
     2. No Other Amendments. Except as expressly provided for in this Amendment, no other term or provision of the Original Agreement is amended or modified in any respect.
(Signature Page Follows)

 

 

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first set forth above.
         
    CANCERVAX CORPORATION
 
        
 
  By:   /s/ William R. LaRue
 
       
 
  Name:   William R. LaRue
 
       
 
  Title:   Senior Vice President and Chief Financial Officer
 
       
 
        
    /s/ David F. Hale
     
    David F. Hale
[SIGNATURE PAGE TO SECOND AMENDMENT TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT]