Amendment to Severance Agreement between Immunicon Corporation and Edward L. Erickson
Immunicon Corporation and Edward L. Erickson have agreed to amend Erickson's existing Severance Agreement, effective January 1, 2006. The amendment changes Erickson's title from "Chief Executive Officer" to "Executive Chairman" in the agreement and removes the word "President." All other terms and conditions of Erickson's employment and the Severance Agreement remain unchanged. The amendment is confirmed by signatures from both parties.
Exhibit 10.2
December 29, 2005
Mr. Edward L. Erickson
Greenlands Farm
6887 Tohickon Hill Road
Pipersville, PA ###-###-####
Re: | Your Employment with Immunicon Corporation |
Dear Ed:
This will serve as an amendment and modification of the terms and conditions of your employment with Immunicon Corporation (Immunicon), including your employment letter of March 15, 1999, as amended and modified by that letter agreement effective March 20, 2003 relating to terms and conditions taking effect in the event of certain circumstances involving termination of your employment (the latter being referred to hereinafter as the Severance Agreement). You and Immunicon hereby agree to amend the Severance Agreement, effective January 1, 2006, as follows:
In Paragraph 1 of the Severance Agreement, the word President shall be stricken, and each instance of Chief Executive Officer shall be replaced by Executive Chairman.
It is understood and agreed that all of the remaining terms and conditions of your employment and of the Severance Agreement which are not amended as set forth herein shall remain unchanged and in full force and effect.
If you are in agreement with the foregoing, please so indicate by signing both copies of this letter where indicated below, and return one signed copy to me.
Sincerely, | Accepted and Agreed: | |||
IMMUNICON CORPORATION | Edward L. Erickson | |||
/s/ ZOLA P. HOROVITZ | /s/ EDWARD L. ERICKSON | |||
Zola P. Horovitz, Ph.D. | ||||
Director and Chairman, Compensation Committee | Date of Signature: 12/29/2005 | |||
/s/ JAMES L. WILCOX | ||||
James L. Wilcox, Esq. | ||||
Vice President, Chief Counsel and Secretary |