Amendment to Employment Agreement March 22, 2006
Exhibit 10.2
Amendment to Employment Agreement
March 22, 2006
This Amendment is made to that Employment Agreement dated October 1, 2001 by and between Tapestry Pharmaceuticals, Inc. (Tapestry) and Xxxxxxxx Xxxxx (Executive.)
Whereas, Executive and Tapestry are desirous to conform the terms of the Employment Agreement to changes made in the law relating to taxation of severance payments.
Now, therefore, Executive and Tapestry hereby agree as follows:
In the event that the Company and Executive determine that any compensation payable to Executive under any nonqualified deferred compensation plan, including without limitation any severance benefit provided under the Employment Agreement, fails to satisfy the distribution requirement of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), as a result of Executive’s status as a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then the payment of such benefits shall be automatically delayed to the minimum extent necessary so that such benefits are not subject to the provisions of Section 409A(a)(1) of the Code.
All other provisions of the Employment Agreement shall remain unchanged.
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/s/ Xxx Xxxxxx |
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/s/ Xxxxxxxx Xxxxx |
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Xxxxxxxx Xxxxx |
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