Amendment to Employment Agreement between Sucampo Pharmaceuticals, Inc. and Dr. Ryuji Ueno
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Summary
This agreement amends the existing Employment Agreement between Sucampo Pharmaceuticals, Inc. and Dr. Ryuji Ueno. Effective June 2007, Dr. Ueno's base salary is increased to $500,000 per year. Additionally, restrictions on his eligibility for future stock or option grants are removed by deleting references to the 'Equity Eligibility Date.' All other terms of the original Employment Agreement remain unchanged. The amendment is effective upon mutual agreement, as indicated by both parties' signatures.
EX-10.6 7 w44671exv10w6.htm EX-10.6 exv10w6
Exhibit 10.6
November 15, 2007
PERSONAL AND CONFIDENTIAL
Dr. Ryuji Ueno, M.D., Ph.D., CEO, CSO & Chairman of the Board
4520 East West Highway, 3rd Floor
Bethesda, Maryland 20814
4520 East West Highway, 3rd Floor
Bethesda, Maryland 20814
Re: Amendment to Employment Agreement
Dear Dr. Ueno:
This letter will reflect the agreement between you and Sucampo Pharmaceuticals, Inc. (the “Company”) upon certain amendments to the terms of the Employment Agreement between you and the Company dated June 16, 2006.
Effective as of the first payroll period in June 2007, your Base Salary has been increased to the annual rate of $500,000. In addition, effective immediately, the terms of your Employment Agreement concerning Stock Compensation have been altered to eliminate the current restrictions on your eligibility to receive future stock or option grants by deleting any reference to the “Equity Eligibility Date.”
Consistent with the requirements for modification set forth in Section 6.3 of the Employment Agreement, this letter will document the mutual agreement between you and the Company to amend Section 3.1(a) of your Employment Agreement to reflect this increase in Base Salary and Section 3.1(b) of your Employment Agreement to reflect this change to your Stock Compensation.
The foregoing are the only changes to the terms of the Employment Agreement to be made at this time. Please indicate your agreement to these modifications of the Employment Agreement by countersigning the enclosed copy of this letter in the space provided below and returning the same to me for the Company’s files.
Thank you for your cooperation.
| Sincerely, | ||||
| /s/ V. SUE MOLINA | ||||
| V. Sue Molina | ||||
| Chairperson, Compensation Committee Board of Directors | ||||
Acknowledged and accepted this 26th day of November, 2007.
| /s/ RYUJI UENO | ||||
| Dr. Ryuji Ueno, M.D., Ph.D. | ||||
