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EXHIBIT 10.30
[INTERMUNE PHARMACEUTICALS LOGO]
May 15, 2000
John Wulf
Re: Offer of Employment
Dear John:
On behalf of INTERMUNE PHARMACEUTICALS, INC., (the "Company"), I am pleased
to offer you the position of Senior Vice President of Corporate Development,
reporting to W. Scott Harkonen, President and CEO.
The terms of your employment will be as follows:
Your starting salary will be $210,000 per year. In addition, you will be
eligible for a year-end annual bonus of up to 25% of your base salary. As a
full-time employee, you will be eligible for the Company's standard benefits
package including participation in the Company's Employee Stock Purchase Plan
and medical and dental insurance coverage. Your position is exempt, and you
will not be eligible for overtime. You will be entitled to three weeks paid
vacation per year. In addition, on July 31, 2000, the Company will provide
you with a one-time sign-on bonus of $40,000, which is subject to full
payback by you if employment is terminated by you prior to the first
anniversary of your start date.
Subject to approval of the Board of Directors at its next meeting or by its
next written action, you will be granted an option to purchase 110,000 shares
of the Company's common stock. Your right to exercise the shares of this
option will be subject to a vesting schedule with a one-year cliff (beginning
on your start date) and monthly vesting thereafter such that all110,000
shares of your option will be fully vested at the end of four years of
completed employment. The terms and conditions of this option will be
governed by an agreement that you will be required to sign. In addition,
subject to approval by the Board of Directors, you will be eligible to
receive an additional stock option grant at the end of this year.
In the event of termination of your employment with the Company other than
for cause, you will be entitled to receive continuation of salary and
benefits for six months following your termination date. You will be
entitled to continue all vesting with respect to the Company's stock during
such six-month period. In addition, subject to approval of the Board of
Directors, in the event of a change in control of the Company's ownership and
a significant change in your responsibilities at the Company, 100% of the
unvested shares subject to all of your outstanding options will fully vest.
As a condition of your employment, you will be required to provide proof of
U.S. citizenship or that you are legally entitled to work in the United
States, and to execute and be bound by the terms of the enclosed Proprietary
Information and Invention Agreement. In that regard, please be aware that
Company policy prohibits all employees from bringing to the Company, or using
in performance of their responsibilities at the Company, any confidential
information, trade secrets, or propriety
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material or processes of any previous employer. Employment with the Company
is at will, is not for any specific term and can be terminated by you or the
Company at any time for any reason with or without cause.
This offer remains open through Wednesday, May 24, 2000. Upon acceptance of
this offer, the terms described in this letter and in the Proprietary
Information and Invention Agreement shall be the terms of your employment,
superseding any other employment agreements or understandings with the
Company. Any additions or modifications of these terms must be in writing
and signed by you and an executive officer of the Company. Your start date
is on or before Monday, June 19, 2000.
Again, let me indicate how pleased I am to extend this offer, and how much we
at InterMune look forward to working with you. We anticipate that you will
find this an exciting and challenging position in a dynamic and growing
company.
Please indicate your acceptance by signing and returning the enclosed
duplicate original of this letter to me.
Very truly yours,
/s/ W. Scott Harkonen
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W. Scott Harkonen, M.D.
President and CEO
InterMune Pharmaceuticals, Inc.
UNDERSTOOD AND ACCEPTED:
/s/ John Wulf 5/19/00
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John Wulf Date
