Amendment No. 1 to Consulting Agreement between Eyetech Pharmaceuticals, Inc. and Samir Patel, M.D.

Summary

This amendment extends the consulting agreement between Eyetech Pharmaceuticals, Inc. and Dr. Samir Patel, effective January 1, 2004, through September 30, 2004. Dr. Patel will provide at least forty hours of consulting services per week and receive a monthly fee of $22,650, with eligibility for a discretionary bonus of up to 25% of total fees earned during the term. All other terms of the original agreement remain unchanged. The amendment is governed by New York law.

EX-10.1 2 y96979exv10w1.txt AMENDMENT NO.1 TO CONSULTING AGREEMENT EXHIBIT 10.1 AMENDMENT NO. 1 TO CONSULTING AGREEMENT This Amendment No. 1 to the Consulting Agreement (the "Consulting Agreement") dated as of November 1, 2001 between Samir Patel, M.D. (the "Consultant") and Eyetech Pharmaceuticals, Inc., a Delaware corporation (the "Company") with offices at 3 Time Square, 12th Floor, New York, NY 10036 is effective as of January 1, 2004. RECITALS WHEREAS, the Consultant and the Company have entered into the Consulting Agreement; WHEREAS, the Consulting Agreement expired on December 31, 2003; WHEREAS, the Company and the Consultant wish to extend the Consulting Agreement and provide for Consultant's continued service to the Company through September 30, 2004; NOW, THEREFORE, in consideration of the premises and agreement and provisions hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Consultant and the Company agree as follows: 1. The first sentence of Section 3 is hereby deleted in its entirety and amended to read as follows: "The Consultant agrees to devote at least five (5) eight (8) hour days per week, for a total of forty (40) hours per week, to the provision of the Services" (the `Minimum Time Commitment")." 2. Section 4(a) is hereby deleted in its entirety and amended to read as follows: "This Agreement shall be deemed to be effective as of January 1, 2004 and shall terminate on September 30, 2004 (the "Termination Date"). The term of this Agreement shall be referred to herein as the "Term." 3. The first sentence of Section 5(a) is hereby deleted in its entirety and amended to read as follows: "In consideration of the Consultant's performance hereunder, the Consultant shall be paid a monthly consultancy fee of $22,650. The Consultant shall be eligible for bonus from 0-25% of total consultancy fees earned from January 1, 2004 through September 30, 2004. As this bonus is discretionary, any failure to provide bonus compensation under this section shall not give rise to any claim by Consultant for unpaid compensation." 4. Except as set forth above, all other provisions of the Consulting Agreement shall remain in full force and effect and are unmodified by this Amendment No. 1. 5. This Amendment shall be governed in all respects, including as to validity, interpretation and effect, by the internal laws of the State of New York without giving effect to the conflict of laws and rules thereof. This Agreement may be executed in counterparts, each of which shall be deemed an original and both of which shall together constitute one and the same instrument. IN WITNESS WHEREOF, the parties have executed this amendment as of May 4, 2004. EYETECH PHARMACEUTICALS, INC. By: /s/ David Guyer, M.D. ----------------------------------- Name: David Guyer, M.D. Title: Chief Executive Officer CONSULTANT /s/ Samir Patel, M.D. --------------------------------------- Samir Patel, M.D.