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Biotech / Medical : Kosan BioSciences -- KOSN
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From: scaram(o)uche6/30/2005 7:54:42 PM
   of 933
 
Item 1.01. Entry into a Material Definitive Agreement.



On June 24, 2005, the Kosan Biosciences Incorporated (the “Company”) entered into a letter agreement with Bruce E. MacMillan, the Company’s Senior Vice President, General Counsel and Secretary, with respect to Mr. MacMillan’s resignation from employment with the Company effective July 1, 2005. The letter agreement provides, among other provisions, for severance payments to Mr. MacMillan in the form of continuation of Mr. MacMillan’s base salary for up to one (1) month, a consulting period of up to six (6) months and the continued vesting during the consulting period of an option to purchase 22,500 shares of the Company’s common stock previously granted to Mr. MacMillan.
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