Salary Reduction Agreement between Keryx Biopharmaceuticals and Thomas Humphries

Summary

Keryx Biopharmaceuticals and employee Thomas Humphries have agreed to a 10% reduction in Dr. Humphries' gross monthly salary as part of a company-wide salary cut program. The agreement specifies that if Dr. Humphries is terminated without cause, any severance payments will be calculated based on his original, pre-reduction salary. This arrangement is intended to help the company manage financial challenges while ensuring fair treatment in the event of termination.

EX-10.6 8 d52430_ex10-6.txt SALARY REDUCTION FOR T. HUMPHRIES Exhibit 10.6 Personal and Confidential ================================================================================ INTERNAL MEMO ================================================================================ To: Thomas Humphries From: Martin Burg Date: August 15, 2002 Subject: Salary Adjustments Memo: I agree to participate in the program of Company-wide salary cuts. I understand and agree to the reduction of my gross monthly salary by 10%. Notwithstanding the foregoing, I understand that any contractual severance payments due me in the event of my termination without cause shall be based upon my pre-cut salary. Employee name: Thomas Humphries, M.D Employee signature: /s/ Thomas Humphries Dear Employee, Keryx is very appreciative of your agreement to take a reduction in monthly salary in light of the tough financial circumstances in the economy at present. We hope you understand the need to cut back at present in order to help grow a strong, healthy and efficient Company in the future, and we look forward to growing this Company With your help. Yours sincerely, /s/ Ira Weinstein - ------------------------- Ira Weinstein COO Keryx Biopharmaceuticals Date: August 15, 2002