Waiver Letter Regarding Employment Agreement—NaPro BioTherapeutics, Inc. and Certain Executives
This document is a waiver letter from several executives of NaPro BioTherapeutics, Inc. The executives agree not to claim 'Good Reason' to resign if the company does not comply with a specific section of their employment agreements, but only in connection with the announced sale of the company's generic injectable paclitaxel business to Faulding Pharmaceuticals Co. This waiver is limited to this transaction and does not apply to other potential changes of control.
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Exhibit 10.21
NAPRO BIOTHERAPEUTICS, INC.
Schedule Required by Instruction 2 to Item 601
of Regulation S-K
| Name of Director or Officer Who Delivered Signed Waiver Letter | Date of Waiver Letter | |
|---|---|---|
| Sterling K. Ainsworth | September 11, 2003 | |
| Kai P. Larson | September 10, 2003 | |
| Gordon Link | September 10, 2003 | |
| Patricia A. Pilia, Ph.D. | September 10, 2003 | |
| Leonard P. Shaykin | September 12, 2003 |
September , 2003
NaPro BioTherapeutics, Inc.
4840 Pearl East Circle
Suite 300W
Boulder, Colorado 80301
Attn: VP, General Counsel
- Re:
- Employment Agreement dated as of October 1, 2001 (the "Agreement")
Gentlemen:
I refer you to section 6(f) of the Agreement. Capitalized terms not defined in this letter have the meanings given them in the Agreement.
Please be advised that the undersigned Executive hereby unconditionally waives any right to assert that he or she has Good Reason to resign from employment with the Company if the Company fails to comply with section 6(f)(ii) of the Agreement. This waiver is limited in its application solely to the anticipation or occurrence of the company's announced agreement on August 26, 2003 to sell its worldwide generic injectable paclitaxel business to Faulding Pharmaceuticals Co. and shall not apply to any other transaction that could be deemed to be a Change of Control.
| Very truly yours, | ||
Executive | ||
/s/ |
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