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

Summary

DOV Pharmaceutical, Inc. and its CEO, Dr. Arnold Lippa, have agreed to extend Dr. Lippa's employment agreement beyond its original termination date of December 10, 2004. During this extension, Dr. Lippa's base salary is increased by 10% to $402,325, and his car allowance is raised by $200 to $1,600 per month. All other terms of the original agreement remain in effect. The extension is temporary while the company considers a new agreement, which is expected to be finalized within the current quarter.

EX-10.1 2 v011857_ex10-1.txt [LOGO] DOV PHARMACEUTICAL, INC. EXHIBIT 10.1 January 21, 2005 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 effective December 10, 2004 (its stated termination date) of your employment agreement pending further and continued consideration by the committee of your overall compensation in light among other factors of new executive hiring contemplated. We would expect to present proposed terms and conclude a new agreement with you this quarter. All terms and conditions of your extended agreement shall remain in full force and effect, except for the increase of your base compensation by 10% to $402,325, the minimum amount specified in the extended agreement, and the increase of your car allowance by $200 to $1600 per month. Neither of these extended terms nor any others including financial necessarily define those for the new agreement. Sincerely, /s/ Dr. Zola Horovitz - ---------------------------------------- Dr. Zola Horovitz Chair, Compensation Committee /s/ Dr. Arnold Lippa - ---------------------------------------- Dr. Arnold Lippa Chief Executive Officer Date: January 25, 2005