Letter Agreement for Mortgage and Real Estate Tax Reimbursement between Adolor Corporation and James Barrett, Ph.D. (October 7, 2005)
Adolor Corporation agrees to reimburse James Barrett, Ph.D. for the mortgage and real estate taxes on his Downingtown, Pennsylvania residence, including a gross-up for taxes, from September 1, 2005, through June 30, 2006. This reimbursement ends when the total reaches $55,000, Dr. Barrett sells his New York home, or June 30, 2006, whichever comes first. The agreement is signed by both parties and outlines the specific terms and limits of the reimbursement.
Exhibit 10.1
Adolor Corporation
700 Pennsylvania Drive
Exton, Pennsylvania 19341
October 7, 2005
James Barrett, Ph.D.
700 Pennsylvania Drive
Exton, Pennsylvania 19341
Dear: Dr. Barrett,
Adolor Corporation, a Delaware corporation (the “Company”), has agreed that for the period from September 1, 2005 through June 30, 2006, the Company will reimburse you for the mortgage and real estate taxes payable for your residence located in Downingtown, Pennsylvania (grossed up for federal, state and local taxes). This reimbursement shall be in effect until the earlier of the following dates: (i) the date the total of all such expenses (including gross up for tax effect) has reached $55,000; (ii) the date you have reached settlement on a sale of your home located in Upper Grandview, New York; or (iii) June 30, 2006.
| Sincerely, | ||
| ADOLOR CORPORATION | ||
| By: | /s/ David Madden | |
| David Madden | ||
| Chairman, President and Chief Executive Officer | ||
| AGREED TO AND ACCEPTED: | ||
| /s/ James Barrett | Dated: October 7, 2005 | |
| James Barrett, Ph.D. | ||
| Senior Vice President, Chief Scientific Officer | ||
| & President, Research | ||
