Novan, Inc. Interim CFO Employment Extension Letter Agreement with William L. Hodges (October 31, 2017)
This agreement extends William L. Hodges' employment as interim Chief Financial Officer of Novan, Inc. until either March 20, 2018 or until a permanent CFO is hired, whichever comes first. During this period, Mr. Hodges will continue to receive his current base salary and remain eligible for company benefits and paid time off as per existing policies. The agreement amends previous employment terms and requires Mr. Hodges' signature to confirm acceptance.
Exhibit 10.1
October 31, 2017
William L. Hodges
401 May Court
Raleigh, North Carolina 27609
Dear Bill,
I am pleased to extend the terms of your employment with Novan, Inc. (the “Company”) as interim Chief Financial Officer until the earlier of March 20, 2018 (the “Extension Period”) or when a permanent CFO is hired. This letter amends the terms of your employment, as described in the offer letter dated March 21, 2017 and further amended on June 28, 2017 and August 10, 2017 (the “Offer Letter”) during the Extension Period.
Except as otherwise described below, your compensation during the Extension Period will be governed by this paragraph. Your base salary during the Extension Period will continue as described in the Offer Letter. You will continue to be eligible to participate in employee benefits and paid time off in accordance with the Company’s current policies.
Please sign and date one (1) copy of this letter and return it to me by October 31, 2017. Please let me know if you have any questions.
Regards,
/s/ G. Kelly Martin_______
G. Kelly Martin
Chief Executive Officer
I agree to the amended terms of employment described above, this 31 day of October, 2017.
/s/ William L. Hodges_____
William L. Hodges
