BioCryst Pharmaceuticals Change of Control Salary Reduction Agreement (Bugg & Bennett)
This agreement between BioCryst Pharmaceuticals, Inc. and its executives, Charles E. Bugg and J. Claude Bennett, documents their voluntary 25% salary reduction in response to company personnel cuts. The Compensation Committee agrees to consider restoring their salaries when the company's financial situation improves. If there is a change of control at BioCryst, the cumulative salary reductions will be repaid to the executives.
| Exhibit 10.8
BIOCRYST PHARMACEUTICALS, INC. July 10, 2002 MEMORANDUM |
| TO: | BioCryst Compensation Committee |
| FROM: | Charlie Bugg and Claude Bennett |
| SUBJECT: | Salary reductions |
| Considering the deep cuts that we have made in personnel at BioCryst, we feel that it would be appropriate for us to reduce our current salaries by 25%. The Compensation Committee will consider appropriate readjustments of our salaries when the financial condition of the company improves. The cumulative salary cuts would be repaid to us in the event of a change-of-control of the company. /s/ Charles E. Bugg /s/ J. Claude Bennett /s/ William W. Featheringill /s/ Edwin A. Gee /s/ William M. Spencer, III 22 |
