Amendment to Severance Benefits Agreement between Arena Pharmaceuticals, Inc. and Craig M. Audet

Summary

Arena Pharmaceuticals, Inc. and Craig M. Audet have agreed to amend Mr. Audet's severance benefits. Mr. Audet will have up to 24 months from his employment termination date to exercise his vested stock options, instead of the original 12 months, subject to the original option terms. Additionally, Arena will pay him a lump sum of $33,156 (less taxes) instead of providing 12 months of COBRA health benefits. All other severance benefits under the original plan remain unchanged. These changes are contingent on Mr. Audet providing a general release as required by the severance plan.

EX-10.55 4 arna-ex1055_997.htm EX-10.55 arna-ex1055_997.htm

Exhibit 10.55

December 12, 2016

Craig M. Audet

14926 Vista Del Oceano

Del Mar, CA 92014

Dear Craig,

This confirms Arena agrees, subject to your providing an effective general release in accordance with the Amended and Restated Severance Benefit Plan (the “Plan”), to offer to amend your severance benefits as follows:

You will have an extension of time from 12 months to up to 24 months from your employment termination date of October 14, 2016 (but not beyond the original contractual life of the options) to exercise outstanding vested and previously unexercised stock options granted to you by Arena; and

Arena will pay you a lump sum of $33,156 less applicable federal and state income and employment taxes, in lieu of paying for 12 months of COBRA benefits as provided in the Plan. Such payment would be paid when the cash severance benefits are paid under the Plan.

Except as provided above, you remain eligible to receive the other benefits provided to you in the Plan. You understand and agree that an extension of the post-termination exercise period for your stock options may disqualify, immediately, any stock options that were previously considered “incentive stock options” under Section 422 of the Internal Revenue Code of 1986, as amended, under the rules of such code. You also understand and agree this letter does not change the vesting of your stock options.

If the foregoing is acceptable, please execute and return a copy of this letter. We wish you the best in your next endeavor.

Very truly yours,

/s/ Amit Munshi

Amit Munshi
President & CEO

Arena Pharmaceuticals, Inc.

ACCEPTED AND AGREED:


/s/ Craig M. Audet	Date:	December 13, 2016
Craig M. Audet

USA ▪ 6154 Nancy Ridge Dr. ▪ San Diego, CA 92121 ▪ Tel: +1 ###-###-#### www.arenapharm.com Switzerland ▪ Gotthardstrasse 3 ▪ 6300 Zug ▪ Tel: +41 62 746 76 21