Salary Reduction Agreement between Keryx Biopharmaceuticals and Barry Cohen

Summary

This agreement is between Keryx Biopharmaceuticals and employee Barry Cohen. Barry Cohen agrees to a 10% reduction in his gross monthly salary as part of a company-wide salary cut program. However, if he is terminated without cause, any severance payments will be calculated based on his original, pre-reduction salary. The agreement is effective as of August 15, 2002.

EX-10.7 9 d52430_ex10-7.txt SALARY REDUCTION FOR B. COHEN Exhibit 10.7 Personal and Confidential ================================================================================ INTERNAL MEMO ================================================================================ To: Barry Cohen 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: Barry Cohen Employee signature: /s/ Barry Cohen 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