Novan, Inc. and William L. Hodges Employment Extension Letter Agreement (Interim CFO)
This agreement extends William L. Hodges' employment as interim Chief Financial Officer of Novan, Inc. until November 15, 2017. During this period, his base salary and eligibility for employee benefits and paid time off will remain as previously outlined in his original and amended offer letters. Both parties have agreed to these terms by signing the letter.
Exhibit 10.5
August 10, 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 November 15, 2017 (the “Extension Period”). 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 (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 August 10, 2017. Please let me know if you have any questions.
Regards,
/s/ G. Kelly Martin
____________________
G. Kelly Martin
Interim Chief Executive Officer
I agree to the amended terms of employment described above, this 10th day of August, 2017.
/s/ William L. Hodges
____________________
William L. Hodges
