Item 1.01. Entry into a Material Definitive Agreement.
Severance Agreement
On June 28, 2005, Stephen J. Aselage and Cell Therapeutics, Inc. (the “Corporation”) executed a Severance Agreement and General Release (the “Severance Agreement”) pursuant to which Mr. Aselage relinquished his responsibilities as the Corporation’s Executive Vice President, Global Commercial Operations. Pursuant to the terms of the Severance Agreement, Mr. Aselage’s employment will cease as of June 30, 2005 (the “Separation Date”). Mr. Aselage will receive severance compensation equal to an aggregate amount of $137,500, less applicable state and federal taxes, payable in bi-monthly installments over the six-month period following Mr. Aselage’s Separation Date in addition to continued vesting of existing unvested stock options through February 28, 2006, acceleration of certain restricted stock grants and certain other benefits as set forth in the Severance Agreement. In exchange for the severance benefits, Mr. Aselage has agreed to release the Corporation from any and all claims he may have against the Corporation and to be subject to confidentiality and non-competition provisions provided in the Severance Agreement. |
