Re: Annualized Base Salary Reduction
Exhibit 10.2
July 16, 2023
Xxxxxx X. Xxxxxxx
Re: Annualized Base Salary Reduction
Dear Xxx:
This letter agreement sets forth the mutual agreement between you and Pardes Biosciences, Inc. (the “Company”) that effective as of July 16, 2023, your annualized base salary shall be reduced from $625,000 to $312,500 (the “Base Salary Reduction”). Notwithstanding the Base Salary Reduction, in connection with any “qualified termination event” under the Company’s Executive Severance Plan, your severance benefit under the Executive Severance Plan shall be based upon your annualized base salary in effect immediately prior to the Base Salary Reduction, including with respect to your annual target bonus.
| Best regards, |
| /s/ Xxxxxx Xxxxxxxx Xxxxx |
| Xxxxxx Xxxxxxxx Xxxxx, M.D. |
| Lead Independent Director |
| Pardes Biosciences, Inc. |
| Agreed and Acknowledged: |
| /s/ Xxxxxx X. Xxxxxxx |
| Xxxxxx X. Xxxxxxx |
