Addendum to Offer of Employment between Nektar Therapeutics and Ajay Bansal (Relocation Allowance)
This addendum to Ajay Bansal's employment offer with Nektar Therapeutics provides a $10,000 relocation allowance to assist with his move to the San Francisco Bay Area. The payment is subject to standard payroll deductions. If Mr. Bansal leaves the company voluntarily or is terminated for reasons other than 'without cause' within one year of receiving the allowance, he must repay a pro-rated portion of the relocation expenses. All other terms of the original employment offer remain unchanged.
Exhibit 10.50
Addendum to Offer of Employment
Ajay Bansal
April 03, 2003
Dear Ajay,
This letter is to inform you of an addendum to your Offer of Employment signed in February 2003, with Nektar Therapeutics.
In addition to all other terms and agreements provided in your signed Offer of Employment and to assist you with your relocation to the San Francisco Bay Area, Nektar agrees to pay to you the sum of $10,000.00 in relocation allowance. This amount will be subject to payroll withholding and deductions.
Per the terms of the Nektar relocation policy supplied to you in your original Offer of Employment, in the event that you should voluntarily terminate your employment with Nektar or be terminated other than “without cause” by Nektar within one (1) year after this allowance has been paid to you, you agree to repay pro-rated relocation dollars. (Including all expenses and closing costs that were directly billed to Nektar).
All other terms and conditions of your Offer of Employment are and will remain in effect.
Sincerely,
| /s/ Elizabeth G. Frisby |
Elizabeth G. Frisby
VP, Human Resources
| OFFER ACCEPTED: |
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| /s/ Ajay Bansal |
| 4/3/03 |
| Ajay Bansal |
| Date |
