Exhibit 10.44
ADVANCIS PHARMACEUTICAL
CORPORATION
EXECUTIVE EMPLOYMENT AGREEMENT
THIS EXECUTIVE
EMPLOYMENT AGREEMENT (this “Agreement”) is made this
1st day of December 2003 by and between James Bruno a resident
of Potomac, Maryland (the “Employee”), and Advancis
Pharmaceutical Corporation, a corporation organized and existing
under the laws of the State of Delaware (the
“Company”).
BACKGROUND
The
Company is engaged in the business of developing, improving and
promoting antibiotic therapies and the delivery and dosage of
antibacterials, as well as extending the market and patent life of
important anti-infectives and oncology (as may be modified or
expanded by the Company during the term of this Agreement,
collectively and individually, the
“Business”).
The
Company desires to employ the Employee and the Employee desires to
be employed by the Company, upon the terms and conditions set forth
in this Agreement.
NOW, THEREFORE, in
consideration of the mutual covenants and obligations contained
herein, and intending to be legally bound, the parties, subject to
the terms and conditions set forth herein, agree as
follows:
1.
Employment and Term . The Company hereby employs the
Employee and the Employee hereby accepts employment with the
Company, as Vice President, Pharmaceutical Sales. (the
“Position”) commencing on December 1, 2003, (the
“Commencement Date”). Employee is employed by the
Company on an at will basis. The Employee shall be entitled to
terminate this Agreement at any time upon ninety (90) days
prior written notice to the Company. The Company shall be entitled
to terminate this Agreement at any time subject to the provisions
of Section 8 hereof. (The entire period of time during which
the Employee is employed by the Company is referred to herein as
the “Term”).
2.
Duties . During the Term, the Employee shall serve
the Company faithfully and to the best of his ability and shall
devote his full time, attention, skill and efforts to the
performance of the duties required by or appropriate for the
Position. Subject to the oversight of the President & CEO, the
Employee shall (i) have responsibility for the planning,
directing and prioritizing of pharmaceutical sales activities, and
(ii) such duties and responsibilities as may be assigned to
him from time to time by the President & CEO. The Employee
shall perform such duties and responsibilities at the
Company’s facility located in Germantown, Maryland or at such
other location as may be mutually agreed upon by the Company and
the Employee in accordance with the business needs of the Company.
The Employee, as Vice President, shall report to the President
& CEO, or in the future, a COO or equivalent should one be
appointed.
3.
Other Business Activities . Except with the prior
written consent of the Company in its sole discretion, the Employee
shall not engage, directly or indirectly, during the Term, in any
other business activities or pursuits whatsoever, except activities
in connection with charitable or civic activities, personal
investments and serving as an executor, trustee or in other similar
fiduciary capacity; provided that any such activities do not
interfere with the performance of his responsibilities and
obligations pursuant to this Agreement.
4.
Compensation . The Company shall pay the Employee,
and the Employee hereby agrees to accept, as compensation for all
services to be rendered to the Company and for the Employee’s
intellectual property covenants and assignments and covenant not to
compete, as provided in Sections 6 and 7 hereof, the
compensation set forth in this Section 4.
4.1
Salary . The Company shall pay the Employee a base salary at
the annual rate of Two Hundred Thousand Dollars ($200,000.00) (as
the same may hereafter be adjusted, the “Salary”)
during the Term of this Agreement. The Salary shall be inclusive of
all applicable income, social security and other taxes and charges
that are required by law to be withheld by the Company
(collectively, “Taxes”) and shall be paid and withheld
in accordance with the Company’s normal payroll practice for
its executive employees from time to time in effect. The Salary
shall be subject to increase at the option and in the sole
discretion of the Company based upon the demonstrated performance
of the Employee.
4.2
Bonus . Upon the execution of this Agreement, the Employee
shall be eligible to be awarded an annual cash bonus, which bonus
shall be determined by the President & CEO and the Board of
Directors and shall be in an amount up to twenty-five percent (25%)
of Salary paid during such applicable period, less Taxes, provided
that the Employee shall have achieved all of his performance
objectives established for such period. Such bonus shall be
determined and paid within ninety (90) days after the
conclusion of such year.
4.3
Fringe Benefits . The Employee shall be entitled to
participate in the following programs and receive the following
benefits (collectively, the “Benefits”) in accordance
with the following provisions.
(a) The
Employee shall be entitled to participate in any retirement, health
or dental programs generally made available to executive employees
of the Company.
(b) The
Employee shall be entitled to participate in all vacation, life and
disability insurance and other fringe benefit programs of the
Company to the extent and on the same terms and conditions as are
accorded to other executive employees of the Company.
4.4
Reimbursement of Expenses . During the Term, the Employee
shall be reimbursed for items of travel, food and lodging and
miscellaneous expenses reasonably incurred by him on behalf of the
Company, provided that such expenses are incurred,
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Employee Name:
James Bruno
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Employment Agreement Ver.
01/2003
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Dated
December 1, 2003
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Page 2 of 14
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documented and submitted to the
Company, all in accordance with the reimbursement policies of the
Company as in effect from time to time.
5.
Confidentiality . The Employee recognizes and
acknowledges that the Proprietary Information (as hereinafter
defined) is a valuable, special and unique asset of the Company. As
a result, both during the Term and thereafter, the Employee shall
not, without the prior written consent of the Company, for any
reason either directly or indirectly divulge to any third-party or
use for his own benefit, or for any purpose other than the
exclusive benefit of the Company, any confidential, proprietary,
business and technical information or trade secrets of the Company
or of any subsidiary or affiliate of the Company (the
“Proprietary Information”) revealed, obtained or
developed in the course of his employment with the Company.
Proprietary Information shall include any confidential or
proprietary information or trade secrets relating to any patents or
other intellectual property assigned by the Employee to the
Company. Proprietary Information also shall include, but shall not
be limited to the intangible personal property described in Section
6(b) hereof and, in addition, technical information, including
research design, results, techniques and processes; apparatus and
equipment design; computer software; technical management
information, including project proposals, research plans, status
reports, performance objectives and criteria, and analyses of areas
for business development; and business information, including
project, financial, accounting and personnel information, business
strategies, plans and forecasts, customer lists, customer
information and sales and marketing plans, efforts, information and
data. In addition, “Proprietary Information” shall
include all information and materials received by the Company or
Employee from a third party subject to an obligation of
confidentiality and/or non-disclosure. Nothing contained herein
shall restrict the Employee’s ability to make such
disclosures during the course of his employment as may be necessary
or appropriate to the effective and efficient discharge of the
duties required by or appropriate for the Position or as such
disclosures may be required by law. Furthermore, nothing contained
herein shall restrict the Employee from divulging or using for his
own benefit or for any other purpose any Proprietary Information
that is readily available to the general public so long as such
information did not become available to the general public as a
direct or indirect result of the Employee’s breach of this
Section 5. Failure by the Company to mark any of the
Proprietary Information as confidential or proprietary shall not
affect its status as Proprietary Information under the terms of
this Agreement.
6.
Property .
6.1
Removal and Distribution . All right, title and interest in
and to Proprietary Information shall be and remain the sole and
exclusive property of the Company. During the Term, the Employee
shall not remove from the Company’s offices or premises any
documents, records, notebooks, files, correspondence, reports,
memoranda or similar materials of or containing Proprietary
Information, or other materials or property of any kind belonging
to the Company, unless necessary or appropriate in accordance with
the duties and responsibilities required by or appropriate for the
Position and, in the event that such materials or property are
removed, all of the foregoing shall be returned to their proper
files or places of safekeeping as promptly as possible after the
removal shall serve its specific purpose. The Employee shall not
make, retain, remove and/or distribute any copies of any of the
foregoing for any reason
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Employee Name:
James Bruno
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Employment Agreement Ver.
01/2003
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Dated
December 1, 2003
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Page 3 of 14
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whatsoever, except as may be
necessary in the discharge of the assigned duties and shall not
divulge to any third person the nature of and/or contents of any of
the foregoing or of any other oral or written information to which
he may have access or with which for any reason he may become
familiar, except as disclosure shall be necessary in the
performance of the duties; and upon the termination of his
employment with the Company, the Employee shall return to the
Company all originals and copies of the foregoing then in his
possession or under his control, whether prepared by the Employee
or by others.
6.2
Developments .
(a) The
Employee acknowledges that all right, title and interest in and to
any and all writings, documents, inventions, discoveries, ideas,
developments, information, computer programs or instructions
(whether in source code, object code, or any other form),
algorithms, formulae, plans, memoranda, tests, research, designs,
innovations, systems, analyses, specifications, models, data,
diagrams, flow charts, and/or techniques (whether patentable or
non-patentable or whether reduced to written or electronic form or
otherwise) that the Employee creates, makes, conceives, discovers
or develops, either solely or jointly with any other person, at any
time during the Term, whether during working hours or at the
Company’s facility or at any other time or location, and
whether upon the request or suggestion of the Company or otherwise,
(collectively, “Intellectual Work Product”) shall be
the sole and exclusive property of the Company. The Employee shall
promptly disclose to the Company all Intellectual Work Product, and
the Employee shall have no claim for additional compensation for
the Intellectual Work Product, except for any excluded Intellectual
Work Product that is wholly unrelated to the pharmaceutical
industry, in the broadest sense, provided that such Intellectual
Work Product is not conceived, discovered or developed, either
solely or jointly with any other person during working hours or at
the Company’s facility or using any other Company
resource.
(b) The
Employee acknowledges that all the Intellectual Work Product that
is copyrightable shall be considered a work made for hire under
United States Copyright Law. To the extent that any copyrightable
Intellectual Work Product may not be considered a work made for
hire under the applicable provisions of the United States Copyright
Law, or to the extent that, notwithstanding the foregoing
provisions, the Employee may retain an interest in any Intellectual
Work Product, the Employee hereby irrevocably assigns and transfers
to the Company any and all right, title, or interest that the
Employee may have in the Intellectual Work Product under copyright,
patent, trade secret and trademark law, in perpetuity or for the
longest period otherwise permitted by law, without the necessity of
further consideration. The Company shall be entitled to obtain and
hold in its own name all copyrights, patents, trade secrets, and
trademarks with respect thereto.
(c) The
Employee shall reveal promptly all information relating to any such
Intellectual Property to the Board of Directors of the Company,
and, at the Company’s expense, shall cooperate with the
Company and execute such documents as may be necessary or
appropriate (i) in the event that the Company desires to seek
copyright, patent or trademark protection, or other analogous
protection, thereafter relating to the Intellectual Work Product,
and when such protection is obtained, renew and restore the same,
or (ii) to defend any
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Employee Name:
James Bruno
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Employment Agreement Ver.
01/2003
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Dated
December 1, 2003
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Page 4 of 14
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opposition proceedings in respect
of obtaining and maintaining such copyright, patent or trademark
protection, or other analogous protection.
(d) In
the event the Company is unable after reasonable effort to secure
the Employee’s signature on any of the documents referenced
in Section 6.2 (c) hereof, whether because of the
Employee’s physical or mental incapacity or for any other
reason whatsoever, the Employee hereby irrevocably designates and
appoints the Company and its duly authorized officers and agents as
the Employee’s agent and attorney-in-fact, to act for and on
the behalf and stead to execute and file any such documents and to
do all other lawfully permitted acts to further the prosecution and
issuance of any such copyright, patent or trademark protection, or
other analogous protection, with the same legal force and effect as
if executed by the Employee.
(e) The
Employee represents that the innovations, designs, systems,
analyses, ideas, and all copyrights, patents, trademarks and trade
names, or similar intangible personal property (collectively, the
“Pre-existing Property”) identified on
Schedule I hereof comprise all of the innovations,
designs, systems, ana
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