Extension of Employment Agreement between DOV Pharmaceutical, Inc. and Dr. Arnold Lippa

Contract Categories: Human Resources › Employment Agreements
Summary

DOV Pharmaceutical, Inc. and Dr. Arnold Lippa have agreed to extend Dr. Lippa's employment agreement through December 10, 2004. The agreement keeps all previous terms in effect, except for an increase in Dr. Lippa's base salary to $275,000 per year and a car allowance increase to $1,400 per month. Both parties have acknowledged and accepted these changes in writing.

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EX-10.27 11 a2074954zex-10_27.txt EXHIBIT 10.27 Exhibit 10.27 January 23, 2002 Dr. Arnold Lippa Chief Executive Officer DOV Pharmaceutical, Inc. 433 Hackensack Avenue Hackensack NJ, 07601 RE: EXTENSION OF EMPLOYMENT AGREEMENT Dear Dr. Lippa: This will confirm the extension of your December 10, 1998, Employment Agreement with DOV Pharmaceutical, Inc. through December 10, 2004. All terms and conditions therein shall remain in full force and effect, except for the increase of your base compensation to $275,000 per year, and the increase of your car allowance to $1400 per month. Sincerely, /s/ Zola Horovitz - ------------------------ Dr. Zola Horovitz, Compensation Committee ACKNOWLEDGED AND AGREED: /s/ Arnold Lippa - -------------------------- Dr. Arnold Lippa Chief Executive Officer