EXHIBIT 10.2
FIRST AMENDMENT
TO
EXECUTIVE EMPLOYMENT AGREEMENT
THIS FIRST AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT, dated as of
April 25, 2001 (the "First Amendment"), by and between POZEN Inc., a Delaware
corporation (the "Corporation"), and Xxxx X. Xxxxxxxxx ("Xxxxxxxxx").
WHEREAS, the Corporation and Xxxxxxxxx are parties to an Executive
Employment Agreement, dated as of April 1, 1999 (the "Employment Agreement');
and
WHEREAS, pursuant to Section 14 of the Employment Agreement, the
Corporation and Xxxxxxxxx desire to amend and modify the provisions of the
Employment Agreement in the manner and to the extent set forth herein.
NOW, THEREFORE, in consideration of the mutual agreements set forth
herein, the Corporation and Xxxxxxxxx hereby agree as follows:
1. Amendment. Section 4(h) of the Employment Agreement is hereby
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amended by deleting such Section in its entirety and substituting the following
in lieu thereof:
"4(h) Estate Planning Costs. The Company will reimburse
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Executive for estate planning legal fees and expenses incurred
by him in each calendar year during the term and any renewals
of this Agreement up to a maximum of $15,000 per year."
2. Effect of First Amendment. The provisions of the Employment
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Agreement are hereby amended and modified by the provisions of this First
Amendment. If any provisions of the Employment Agreement are materially
different from or inconsistent with any provisions of this First Amendment, the
provisions of this First Amendment shall control, and the provisions of the
Employment Agreement shall, to the extent of such difference or inconsistency,
be deemed to be amended and modified.
3. Single Instrument. This First Amendment and the Employment
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Agreement, as amended and modified by the provisions of this First Amendment,
shall constitute and shall be construed as a single instrument. The provisions
of the Employment Agreement, as amended and modified by the provisions of this
First Amendment, are incorporated herein by this reference and are hereby
ratified and reaffirmed.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.
POZEN INC.
By: /s/ Xxxxxxx X. Xxxxxxxxxx
________________________________
Xxxxxxx X. Xxxxxxxxxx
Senior Vice President
/s/ Xxxx X. Xxxxxxxxx
________________________________
Xxxx X. Xxxxxxxxx
