Exhibit 10.11 December 21, 2007 Mr. Peter Thauer 5 Denison Drive Saddle River, NJ 07458 Dear Peter: Reference is made to the letter agreement between you and Cambrex and dated February 6, 2007 with respect to payment of a retention bonus and your...Cambrex Corp • February 27th, 2008 • Pharmaceutical preparations
Reference is made to the letter agreement between you and Cambrex and dated February 6, 2007 with respect to payment of a retention bonus and your right to severance payments upon a termination of employment with Cambrex (the "Letter Agreement"). As an inducement for you to continue your employment with Cambrex, rather than requiring a termination of your employment in order for you to receive the severance payments to which you are entitled under Section 6(d ) of your Employment Agreement dated as of February 6, 2006, amended by an amendment dated November 1, 2006 and further amplified by the Letter Agreement (the "Employment Agreement"), Cambrex hereby agrees to pay to you the amount of approximately $3,055,354 in a cash lump sum on or shortly after January 2, 2008 (the "Severance Amount"), less applicable withholding taxes, provided that you remain employed by Cambrex (or one of its affiliates) on such date. In addition Cambrex will pay all excise taxes on such amount directly to th
