Amendment to Nexell Therapeutics, Inc. Retention and Severance Plan (March 25, 2002)

Contract Categories: Human Resources › Severance Agreements
Summary

Nexell Therapeutics, Inc. has amended its Retention and Severance Plan for Employees. The amendment extends the eligibility period for employees to receive severance benefits if their employment is involuntarily terminated, other than for cause, between July 24, 2001 and June 30, 2002. This change was executed by the company's President and CEO on March 25, 2002.

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EX-10.112 4 dex10112.txt RETENTION AND SEVERANCE PLAN, AS AMENDED EXHIBIT 10.112 AMENDMENT TO THE NEXELL THERAPEUTICS, INC. RETENTION AND SEVERANCE PLAN AND SUMMARY PLAN DESCRIPTION WHEREAS, Nexell Therapeutics, Inc. ("Company") previously established the Nexell Therapeutics, Inc. Retention and Severance Plan for Employees ("Plan"); and WHEREAS, the Company reserved the right to amend the Plan; and WHEREAS, the Company desires to amend the Plan to extend certain dates related to the eligibility for a severance benefit; NOW, THEREFORE, the Plan is amended by deleting the first sentence of Section 2.1 and replacing it with the following: "An Employee whose employment with the Company is involuntarily terminated on or after July 24, 2001 but no later than June 30, 2002, other than for cause as defined below, shall be eligible to receive a Severance Benefit." IN WITNESS WHEREOF, the Company has caused this amendment to be executed this 25/th/ day of March, 2002. NEXELL THERAPEUTICS, INC. By_________________________________ William A. Albright, Jr. President and CEO