Exhibit 10.1

 

Genaera Corporation

5110 Campus Drive

Plymouth Meeting, PA 19462

 

October 17, 2005

 

 

 

 

PERSONAL AND CONFIDENTIAL

 

 

Roy C. Levitt, M.D.

Chief Executive Officer

Genaera Corporation

5110 Campus Drive

Plymouth Meeting, PA 19462

 

 

Dear Roy:

 

The Board of Directors of Genaera Corporation met today and accepted your
resignation as Chief Executive Officer of Genaera Corporation effective
December 31, 2005. The Board agreed to treat your resignation under your
employment agreement with Genaera, entered into May 12, 2004, as if the Board of
Directors did not extend your employment for the period starting January 1,
2006, and for the purposes of your employment agreement as a “Notice of
Non-Renewal” from Genaera. Accordingly, your last day as Chief Executive Officer
of Genaera will be December 31, 2005.

 

 

Sincerely,

 

 

/s/ R. Frank Ecock

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R. Frank Ecock

Chair, Compensation Committee of the

    Board of Directors

 

 

via REGULAR CERTIFIED MAIL,

RETURN RECEIPT REQUESTED

 

 

AGREED TO:

 

 

 

 

/s/ Roy C. Levitt, M.D.

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Roy C. Levitt, M.D.