Exhibit 10.3
SEVERANCE AGREEMENT
This Severance Agreement ("Agreement") is made effective as of July 29, 2019 (the "Effective Date") between Drew Deniger ("Employee") and ZIOPHARM Oncology, Inc., a Delaware corporation (the "Company"). Employee and the Company are hereinafter collectively referred to as the "Parties."
WHEREAS, the Employee is employed by the Company in the position of VP, Immunology on the terms set forth in an offer letter dated October 29, 2018 (the "Offer Letter"); and
WHEREAS, pursuant to the terms of the Offer Letter, the Company intends to provide Employee with severance benefits in the event Employee's employment with the Company is terminated without Cause (as such term is hereinafter defined).
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties, Employee and the Company hereby agree as follows:
(iii) Employee's misconduct in respect of his or her duties or obligations, including, without limitation, insubordination with respect to lawful directions received by Employee from the Chief Executive Officer of the Company (or such other executive officer to whom Employee may report); (iv) Employee's indictment of any felony or a misdemeanor involving moral turpitude (including entry of a nolo contendere plea); (v) the determination by the Company after a reasonable and good faith investigation by the Company following a written allegation by another employee of the Company, that Employee engaged in some form of harassment prohibited by law (including, without limitation, harassment that constitutes age, sex or race discrimination); (vi) any misappropriation or embezzlement of the property of the Company or its affiliates (whether or not constituting a misdemeanor or felony); (vii) Employee's breach of any of the provisions of the Company's Invention, Non-Disclosure and Non-Competition Agreement, as determined in the sole and absolute discretion of the Chief Executive Officer of the Company; or (viii) Employee's breach of any provision of this Agreement, as determined in the sole and absolute discretion of the Chief Executive Officer of the Company.
The Parties have executed this Agreement effective as of the Effective Date.
/s/ Drew Deniger
Drew Deniger