RODMAN & RENSHAW, INC. 1250 Broadway, 14th Floor New York, NY 10001 212-356-0500 Fax 212-760-1080Letter Agreement • May 19th, 2003 • Ariad Pharmaceuticals Inc • Biological products, (no disgnostic substances) • New York
In consideration of the services rendered by Rodman under this Agreement, the Company agrees to pay Rodman a cash fee payable immediately upon the closing of any portion of any Financing equal to 5.5% of the aggregate capital raised at such closing; provided, however, that no cash fee shall be due from the Company to Rodman under the Letter Agreement between the Company and Rodman dated as of November 7, 2002, which is superseded and supplanted by this Agreement. The Company will also pay to Rodman up to an aggregate of $25,000 to reimburse Rodman for its out-of-pocket expenses related to the Financing.
