EXHIBIT 10.21
NEUROBIOLOGICAL TECHNOLOGIES, INC.
[NTI LOGO GOES HERE]
RETENTION AGREEMENT
WHEREAS, Neurobiological Technologies, Inc. ("NTI"), wishes to
encourage Xxxx Xxxx, M.D. ("Xx. Xxxx"), to continue her employment with NTI for
at least the next two (2) years, through and including February 1, 2001,
IT IS HEREBY AGREED, EFFECTIVE February 1, 1999 AS FOLLOWS:
Xx. Xxxx'x Employment Agreement, as reflected in the counter-signed
offer letter and amendment letter attached hereto as Exhibits A and B, is hereby
further modified to provide the following additional incentive to Xx. Xxxx:
1. In addition to her salary, NTI agrees to pay Xx. Xxxx a retention bonus
in the amount of $100,000, less deductions required by law, on February 1, 2001,
provided Xx. Xxxx has continued to serve as NTI's Vice-President, Medical
Affairs.
2. In the event that a change in control of the company results in Xx.
Xxxx'x involuntary termination prior to February 1, 2001, Xx. Xxxx will be
entitled to the full $100,000 retention bonus, less deductions required by law.
For purposes of this agreement, involuntary termination will be construed to
include the following occurrences;
a) Xx. Xxxx'x work site is moved to another location which would add more
than thirty (30) miles to the distance she currently commutes from her
present home to NTI's headquarters in Richmond; and
b) Xx. Xxxx'x terms of employment are changed to require her to be present
at NTI's headquarters in excess of three (3) days per week.
3. Nothing in this agreement or in any prior letters/agreements is meant to
imply that Xx. Xxxx or NTI has agreed that Xx. Xxxx'x employment is for a
specified term.
AGREED AND ACCEPTED BY
/s/ Xxxx Xxxx July 12, 1999
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Xxxx Xxxx, M.D. Date
/s/ Xxxx X. Xxxxxxx July 8, 1999
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For Neurobiological Technologies, Inc. Date
Xxxx X. Xxxxxxx
President and CEO
