Leslie J. Browne, Ph.D.
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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