Promotion Letter Agreement for Brian M. Posner as Executive Vice President, CFO, and Treasurer of Pharmacopeia Drug Discovery, Inc.
This agreement outlines the terms of Brian M. Posner's promotion to Executive Vice President, Chief Financial Officer, and Treasurer at Pharmacopeia Drug Discovery, Inc. He will receive a base salary of $230,000 per year, an option to purchase 75,000 shares of company stock, and eligibility for a bonus up to 35% of his salary based on performance. He will also continue to participate in executive insurance and disability programs and receive five weeks of vacation. Severance and equity details will be provided in separate agreements.
Exhibit 10.1
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| Leslie J. Browne, Ph.D. |
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| President and Chief Executive Officer |
May 4, 2006
Brian M. Posner, CPA
Dear Brian:
I am delighted to outline the terms and conditions of your promotion.
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| Executive Vice President, Chief Financial Officer and Treasurer |
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| Compensation: |
| Your monthly base compensation will be $19,166.66 per month ($230,000 on an annualized basis), effective as of this date. |
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| Equity: |
| You will be granted an option to purchase 75,000 shares of Pharmacopeia Drug Discovery, Inc. Common Stock at a per share purchase price equal to today’s closing price on the NASDAQ National Market. You will receive documentation of this in a separate agreement. |
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| Bonus: |
| You will be eligible to receive a bonus in the amount of 35% of your base salary based upon the achievement of corporate and individual objectives. |
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| Severance Provisions: |
| Will be provided in a separate agreement. |
As an Executive Vice President you will be a member of the Executive Management Team.
This will confirm that you are already a participant in the Company’s Executive Life Insurance and Disability programs and that you will continue to be eligible for 5 weeks vacation.
Brian, I am looking forward to continuing to work with you as you take on this important role for the Company. Congratulations!
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| Sincerely, | ||
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| /s/ Leslie J. Browne |
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| Leslie J. Browne, Ph.D. | ||
| SIGNED AND AGREED BY: | President and Chief Executive Officer | ||
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| /s/ Brian M. Posner |
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| Brian M. Posner |
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| May 4, 2006 |
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| Date |
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