August 3, 2006 Leslie J. Browne, Ph.D.
Exhibit 10.2
August 3, 2006
Xxxxxx X. Xxxxxx, Ph.D.
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Re: |
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Amendment to Employment Agreement amended and
restated as of February 27, 2006 |
Dear Xx. Xxxxxx:
Reference is made to the Agreement.
In consideration of your continued employment by Pharmacopeia, Pharmacopeia and you hereby agree to amend and restate Section 4(j) (Termination; Resignation; Permanent Disability; Death—Certain Additional Payments) of the Agreement as follows:
Section 4(j)
Pharmacopeia and you agree to add the following paragraph as a new third paragraph in Section 4(j):
“Notwithstanding anything herein to the contrary, if any payments due under this Agreement would subject Xx. Xxxxxx to any tax imposed under Section 409A of the Internal Revenue Code if such payments were made at the time otherwise provided herein, then the payments that cause such taxation shall be payable in a single lump sum on the first day which is at least six months after the date of Xx. Xxxxxx’x “separation of service” as set forth in Section 409A of the Internal Revenue Code and the regulations issued thereunder.”
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If you are in agreement with the terms of this letter agreement please sign below and return one copy to my attention.
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Very truly yours, |
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/s/ Xxxxxx X. Xxxxxxx, Ph.D. |
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Xxxxxx X. Xxxxxxx, Ph.D. |
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Chairman |
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ACKNOWLEDGED, AGREED AND |
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ACCEPTED THIS 3RD DAY OF |
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AUGUST, 2006 |
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/s/ Xxxxxx X. Xxxxxx, Ph.D. |
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Xxxxxx X. Xxxxxx, Ph.D. |
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President and Chief Executive Officer |
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