EX-10.1
from 8-K
1 page
Amendment to Employment Agreement Amendment Effective as of August 23rd, 2006 (This "Amendment") to Employment Agreement (The "Agreement") Dated as of December 1, 2002 Between Qmed, Inc. ("Company") and Michael W. Cox ("Executive"). Company and Executive Are Referred to Hereinafter as the "Parties". R E C I T a L S : Whereas, the Parties Desire to Amend the Agreement to Change the Severance Provisions Thereof. Now Therefore, in Consideration of the Agreements Contained Herein, and for Other Good and Valuable Consideration, the Receipt and Adequacy of Which Are Conclusively Acknowledged, the Parties, Intending to Become Legally Bound, Agree as Follows: A M E N D M E N T : Capitalized Terms Used Herein and Not Otherwise Defined Herein Shall Have the Meanings Set Forth in the Agreement. 1. Amendment to Subsection 8.1(a)(iii) - Severance Pay. Subsection 8.1(a)(iii) of the Agreement Is Amended by Replacing Such Subsection in Its Entirety With: (III) Pay Executive an Amount Equal to Three Times His Last Base Salary, to Be Paid in Three Equal Annual Installments, With the First Installment to Be Paid No Later Than Thirty (30) Days After Termination of Employment (The "Payment Date"), and Thereafter, the Second and Third Installments on the Each of the Next Two Annual Anniversaries of the Payment Date; 2. Amendment to Subsection 8.1(a)(iv) - Option Vesting. Subsection 8.1(a)(iv) of the Agreement Is Amended by Replacing Such Subsection in Its Entirety With: (IV) Immediate Vesting of All Unvested Stock Options; 3. Amendment to Subsection 8.1(a)(vi) - Health Benefits. Subsection 8.1(a)(vi) of the Agreement Is Amended by Replacing Such Subsection in Its Entirety With
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