Letter Agreement Regarding Compensation Adjustments Between Genaera Corporation and Henry R. Wolfe, Ph.D.

Summary

This agreement between Genaera Corporation and Henry R. Wolfe, Ph.D. outlines Dr. Wolfe's voluntary acceptance of a 10% reduction in his base salary, effective June 1, 2008, resulting in a new annual salary of $225,000. Additionally, Dr. Wolfe agrees to forfeit any cash incentives, including salary increases and discretionary bonuses, for the year 2008. The agreement is part of the company's cash conservation efforts and is confirmed by both parties' signatures.

EX-10.4 5 dex104.htm LETTER AGREEMENT BETWEEN THE COMPANY AND HENRY R. WOLFE, PH.D. Letter Agreement between the Company and Henry R. Wolfe, Ph.D.

EXHIBIT 10.4

[GENAERA LETTERHEAD]

May 27, 2008

Henry R. Wolfe, Ph.D.

c/o Genaera Corporation

5110 Campus Drive

Plymouth Meeting, PA

19462

Dear Hank:

In conjunction with Genaera’s decision to implement initiatives designed to conserve cash into mid-2009, we have discussed and you have agreed, intending to be legally bound, to the following:

 

   

A voluntary 10% reduction in base compensation. As such, effective June 1, 2008, your base salary will be $18,750.00 per month ($225,000/year); and

 

   

A voluntary forfeiture of cash incentives, including salary increases and discretionary bonus awards, for 2008.

Please indicate your agreement with these changes by signing in the space provided below.

 

         Sincerely,
        

/s/ John L. Armstrong, Jr.

         John L. Armstrong, Jr.
         President and Chief Executive Officer
JLA/jlb         
Accepted:   

/s/ Henry R. Wolfe

    Date:  

May 29, 2008