EXHIBIT 10.2
OSI Pharmaceuticals, Inc.
00 Xxxxx Xxxxxxx Xxxx, Xxxxx 000
Xxxxxxxx, XX 00000
T 631.962.2000 F 631.752.3880
xxx.xxxx.xxx
(O S I)(TM) PHARMACEUTICALS
January 5, 2004
Xx. Xxxx Xxxxx
Re: Addendum to Employment Agreement Dated May 16, 2003
Subsequent to our mutual agreement with regards to your Employment Agreement
dated May 16, 2003, changes have been made to OSI's Bonus component of our
Compensation Program. The following document remedies this change against your
current agreement and modifies your agreement with OSI as follows:
Current Agreement: (b) In addition to the Base Salary, for each fiscal year of
the Company ending during the Term of the Agreement, beginning with the 2004
fiscal year, you will be eligible to receive a target bonus of up to 50% of the
Base Salary, determined and payable in accordance with the Company's practices
applicable to bonuses paid to its executives. The Company's bonus system is a
discretionary annual performance-based incentive bonus system, approved by the
Company's Board, and is based upon a combination of personal and corporate
performance contributing to your maximum target.
Revised Agreement: (b) In addition to the Base Salary, for each fiscal year of
the Company ending during the Term of the Agreement, beginning with the 2004
fiscal year, you will be eligible to receive a bonus of typically up to 50% of
the Base Salary, determined and payable in accordance with the Company's
practices applicable to bonuses paid to its executives. The Company's bonus
system is a discretionary annual performance-based incentive bonus system,
approved by the Company's Board, and is based upon a combination of personal and
corporate performance contributing to your maximum target.
If the forgoing accurately sets forth our agreement for an addendum to the
original agreement, please so indicate by signing and returning this document to
me.
/s/ XXXXX XXXXXXX 1/9/04 /s/ XXXX XXXXX 1/12/04
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Xxxxx Xxxxxxx Date Xxxx Xxxxx Date
