March 29, 2007 Warren Stern DOV Pharmaceutical, Inc.
Xxxxx
00,
0000
Xxxxxx
Xxxxx
XXX
Pharmaceutical, Inc.
000
Xxxxxx Xxxxxx
Xxxxxxxx,
XX 00000
Dear
Xxxxxx:
In
connection with your continued employment by DOV Pharmaceutical, Inc. (“DOV” or
the “Company”), I am pleased to offer you the following terms as set forth
below. If accepted by you, the terms of this Letter Agreement shall be effective
as of April 1, 2007 (the “Effective Date”) and shall terminate June 30, 2007
(the “Expiration Date”, and the period commencing on the Effective Date and
ending on the Expiration Date shall be referred to herein as the “Term”). The
parties hereto acknowledge and agree that your Employment Agreement, dated
as of
September 10, 2003 and as amended on June 30, 2006, shall expire on March
31,
2007 and shall not govern your employment with DOV during the Term. On the
Effective Date, this Letter Agreement shall be the exclusive statement of
the
terms of your continued employment during the Term and shall replace any
prior
agreement between us.
This
Letter Agreement confirms your continued employment during the Term on a
part-time basis as DOV’s Senior Vice President, Drug Development. During the
Term, you shall devote at least eight hours per week to your employment with
the
Company and shall be present in the Company’s offices at least one day per
month. You shall be paid $1,702 per week (minus deductions and withholdings
required by law) and shall be reimbursed for reasonable and necessary travel
expenses incurred in connection with your travel to DOV’s offices. You are
entitled during the Term to 1.5 vacation days, but you shall not receive
any
other benefits that may be provided by DOV to its employees.
You
and
DOV agree that either party may terminate your employment and this Letter
Agreement at any time and for any reason upon at least 30 days’ written notice.
Furthermore, the parties hereto agree that, by May 1, 2007, the parties shall
reach agreement as to whether to extend the Term until December 31, 2007.
This
letter and the terms herein shall be amended only in writing. To accept,
please
sign below in the space provided.
| Sincerely, | ||
| |
|
|
| /s/ Xxxxxxx Xxxxxx | ||
|
Xxxxxxx Xxxxxx |
||
| Chief Executive Officer | ||
| Accepted and Agreed: | |||
| /s/ Xxxxxx Xxxxx | |||
|
Xx. Xxxxxx Xxxxx |
000
Xxxxxx Xxxxxx, Xxxxxxxx, XX 00000
Phone:
(000) 000-0000 ·
FAX
(000) 000-0000
