Amendment to Employment Agreement between Tapestry Pharmaceuticals, Inc. and Executive Officers (Feb. 27, 2006)
Tapestry Pharmaceuticals, Inc. and certain executive officers amended their existing employment agreements to comply with changes in tax law regarding severance payments. The amendment ensures that if any severance benefits do not meet specific tax distribution requirements due to the executive's status, payment will be delayed as needed to avoid tax penalties. All other terms of the original employment agreements remain unchanged.
Exhibit 10.1
TAPESTRY PHARMACEUTICALS, INC.
Schedule Required by Instruction 2 to Item 601
of Regulation S-K
| Name of Executive Officer |
|
|
| Leonard Shaykin |
| Gordon Link |
| Kai Larson |
Amendment to Employment Agreement
February 27, 2006
This Amendment is made to that Employment Agreement dated October 1, 2001 by and between Tapestry Pharmaceuticals, Inc. (Tapestry) and (Executive).
Whereas, Executive and Tapestry are desirous to conform the terms of the Employment Agreement to changes made in the law relating to taxation of severance payments.
Now, therefore, Executive and Tapestry hereby agree as follows:
In the event that the Company determines that any severance benefit provided under the Employment Agreement fails to satisfy the distribution requirement of Section 409A(a)(2)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), as a result of Executive’s status as a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code, then the payment of such benefits shall be automatically delayed to the minimum extent necessary so that such benefits are not subject to the provisions of Section 409A(a)(1) of the Code.
All other provisions of the Employment Agreement shall remain unchanged.
Tapestry Pharmaceuticals, Inc.
| By: |
|
| |
|
| |||
|
| |||
|
|
| ||
| [Name of Executive] | |||
