Amendment to Employment Agreement between KemPharm, Inc. and Christal Mickle (October 13, 2015)
KemPharm, Inc. and Christal Mickle have amended their original employment agreement dated May 30, 2014. This amendment states that all stock options and other equity awards granted to Christal Mickle will become fully vested and immediately exercisable if there is a change in control of the company. All other terms of the original employment agreement remain unchanged. The amendment is effective upon signing by both parties.
Exhibit 10.1
Amendment to
Employment Agreement
This Amendment to Employment Agreement is made and entered into as of October 13, 2015 (this “Amendment”) by and among KemPharm, Inc., a Delaware corporation (the “Company”), and Christal Mickle (the “Executive”).
Background
A. The Company and Executive previously entered into that certain Employment Agreement dated as of May 30, 2014 (the “Employment Agreement”);
B.Pursuant to Section 17.F of the Employment Agreement, the Employment Agreement may be amended by a written instrument between the Company and the Executive; and
C.The Company and the Executive desire to amend the Employment Agreement as provided herein.
Amendment
For and in consideration of the mutual promises and covenants set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Amendment hereby agree as follows:
1.Amendment to Section 2. Section 2 of the Employment Agreement is hereby amended to include the following Subsection 2.E immediately following Subsection 2.D thereof:
“E. Equity Compensation. All options granted pursuant to this Agreement, and each other outstanding equity award granted to Executive, shall accelerate so as to be fully vested and immediately exercisable immediately prior to any Change in Control (as defined in the Plan) of the Company.”
2.This Amendment shall become effective immediately upon execution by the Company and the Executive.
3.Other than as set forth in this Amendment, all of the terms and conditions of the Employment Agreement shall continue in full force and effect.
[Signature Page Follows]
In Witness Whereof, the parties have executed this Amendment to Employment Agreement as of the date first written above.
COMPANY:
KemPharm, Inc.
By: /s/ R. LaDuane Clifton
Name: R. LaDuane Clifton
Title: Chief Financial Officer
In Witness Whereof, the parties have executed this Amendment to Employment Agreement as of the date first written above.
EXECUTIVE:
/s/ Christal Mickle
Christal Mickle
