Notice of Non-Renewal and Acceptance of Resignation Agreement between Genaera Corporation and Roy C. Levitt, M.D.
This letter agreement confirms that Genaera Corporation's Board of Directors has accepted the resignation of Roy C. Levitt, M.D. as Chief Executive Officer, effective December 31, 2005. The Board will treat the resignation as a 'Notice of Non-Renewal' under Dr. Levitt's employment agreement, meaning his employment will not be extended beyond that date. Both parties acknowledge and agree to these terms, which clarify the end date and the manner in which the resignation is handled under the existing employment contract.
Exhibit 10.1
Genaera Corporation
5110 Campus Drive
Plymouth Meeting, PA 19462
October 17, 2005
PERSONAL AND CONFIDENTIAL
Roy C. Levitt, M.D.
Chief Executive Officer
Genaera Corporation
5110 Campus Drive
Plymouth Meeting, PA 19462
Dear Roy:
The Board of Directors of Genaera Corporation met today and accepted your resignation as Chief Executive Officer of Genaera Corporation effective December 31, 2005. The Board agreed to treat your resignation under your employment agreement with Genaera, entered into May 12, 2004, as if the Board of Directors did not extend your employment for the period starting January 1, 2006, and for the purposes of your employment agreement as a “Notice of Non-Renewal” from Genaera. Accordingly, your last day as Chief Executive Officer of Genaera will be December 31, 2005.
Sincerely,
/s/ R. Frank Ecock
R. Frank Ecock
Chair, Compensation Committee of the
Board of Directors
via REGULAR CERTIFIED MAIL,
RETURN RECEIPT REQUESTED
AGREED TO:
/s/ Roy C. Levitt, M.D.
Roy C. Levitt, M.D.
