OFFER OF EMPLOYMENTExecutive Employment Agreement |
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EXHIBIT 10.1
April 6, 2005
Mr. George Jue
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Dear George:
On behalf of Protein Design Labs, Inc., I am pleased to extend you an offer for the position of Vice President, Finance & Corporate Controller, reporting to Glen Sato, Sr. Vice President & CFO. Your appointment as an officer of PDL is subject to approval by PDL’s Board of Directors.
The monthly salary for this position is $17,916.67 ($215,000.00/annually). We offer our employees an attractive benefits package, including a comprehensive medical policy and dental plan, as well as life insurance coverage. You are also eligible to participate in PDL’s 2005 performance bonus program, which is paid in the first quarter of 2006.
You will also receive options to purchase 105,000 shares of Protein Design Labs Common Stock under a PDL stock option plan. This offer is subject to the approval of the Board of Directors and your execution of our standard Stock Option Agreement. The options will vest over four
