Exhibit 10.1
MacroChem Corporation
000 Xxxxxxxx Xxxxxx
Xxxxxxxxx, XX 00000
August 10, 2004
Xx. Xxxxxx X. XxXxxxxx
00 Xxxxxxx Xxxxx Xxxxx
Xxxxx Xxxxxx, XX 00000
Dear Xxx:
This letter will confirm our agreement to amend, effective as of June 1,
2004, certain provisions of your employment agreement dated September 11, 2003
(the "Employment Agreement") with MacroChem Corporation (the "Company"), under
the terms and conditions that follow:
1. PARTICIPATION IN EMPLOYEE BENEFIT PLANS. The parties hereby agree that
paragraph 1.c of the Employment Agreement shall be replaced in its entirety by
the following:
"1.c. PARTICIPATION IN EMPLOYEE BENEFIT PLANS. You will be entitled to
participate in all employee benefit plans from time to time in effect
for employees of the Company generally, including medical and dental
benefit plans and group life insurance, except to the extent such plans
are duplicative of benefits otherwise provided you under this
agreement. Your participation will be subject to the terms of the
applicable plan documents and generally applicable Company policies. In
the event you elect not to participate in the Company's medical benefit
plan, the Company will reimburse you for health insurance costs in an
amount not to exceed the cost to the Company of providing substantially
similar benefits through its medical benefit plan."
2. TRANSPORTATION. The parties hereby agree that paragraph 1.f of the
Employment Agreement shall be replaced in its entirety by the following:
"1.f. TRANSPORTATION. During the term of your employment hereunder, in
accordance with Company policy, you shall be entitled to a
nonaccountable automobile allowance of $1,500 each month."
3. CONTINUING EFFECT OF THE EMPLOYMENT AGREEMENT. Except as otherwise
expressly provided herein, all terms of the Employment Agreement shall remain in
full force and effect.
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If the foregoing is acceptable to you, please sign this letter in the space
provided and return it to me. At the time you sign and return it this letter
will take effect as a binding amendment to the Employment Agreement between you
and the Company on the basis set forth above. The enclosed copy is for your
records.
Sincerely yours,
/s/ Xxxx X. Xxxxxxxxx
----------------------------
Xxxx X. Xxxxxxxxx, Ph.D.
Chairman of the Board of Directors
Accepted and Agreed:
/s/ Xxxxxx X. XxXxxxxx
----------------------
Xxxxxx X. XxXxxxxx
Date: August 11, 2004
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