Document:

Exhibit
10.2

 

 

 

November 3, 2005

 

 

William J. DeLorbe, Ph.D.

 

Re:                               Amendment to
Severance Agreement dated August 26, 2005 between Pharmacopeia Drug Discovery,
Inc. (“Pharmacopeia”) and William J. DeLorbe, Ph.D. (the “Agreement”)

 

Dear Dr. DeLorbe:

 

Reference is made to the Agreement.  In consideration of your continued employment
by Pharmacopeia, Pharmacopeia and you hereby agree to amend and restate Section
4 (Taxes) of the Agreement in its entirety as follows:

 

“4.  TAXES.  (a)  General.  Employee will be responsible for the payment
of any tax liability incurred as a result of this Agreement.  The Company
may withhold tax on any payments or benefits provided to Employee as required
by law or regulation.

 

                                                (b)  Certain Excise Tax Provisions.  Notwithstanding anything herein to the
contrary:

 

                                                (i)                                     In the event
that (1) any payments or benefits received or to be received by Employee in
connection with Employee’s employment with the Company (or termination
thereof), whether under this Agreement or otherwise (the “Total Payments”),
would subject Employee to the excise tax imposed under Section 4999 of the
Internal Revenue Code of 1986 (the “Code”), as amended (the “Excise Tax”), and
(2) the amount of  total “parachute
payment” as defined in Section 280G(b) of the Code to be paid to the Employee
is equal to or greater than 110 percent of 2.99 times the Employee’s “base
amount” as defined in Section 280G(b)(3) of the Code (the “Safe Harbor Amount”),
then the Company shall pay Employee in cash an additional amount (the “Gross-Up
Payment”) such that the net amount retained by Employee after deduction of any
Excise Tax upon the Total Payments and any federal, state and local income tax
and Excise Tax upon the Gross-Up Payment shall be equal to the Total Payments.  Such payments shall be made by the Company to
Employee as soon as practical following a determination that any of the Total
Payments will be subject to the Excise Tax, but in no event beyond thirty (30)
days from such date.

 

                                                (ii)                                  In the event
that (1) the Total Payments would subject Employee to the Excise Tax, and
(2) the amount of the total “parachute payment” as

 

 

defined
in Section 280G(b) of the Code to be paid to the Employee is less than 110% of
the Safe Harbor Amount, then, only to the extent necessary to eliminate the
imposition of the Excise Tax, such payments and benefits shall be reduced, in
the order and of the type mutually agreed to by the Employee and the Company.

 

                                                (iii)                               All
determinations required to be made, including whether any of the Total Payments
will be subject to the Excise Tax and the amounts of such Excise Tax, shall be
made by the Company’s regular auditors (the “Accounting Firm”).  The Accounting Firm shall provide detailed
supporting calculations both to the Company and to Employee within 10 days
after a request for such determinations are made by Employee or the
Company.  Any such determination by the
Accounting Firm shall be binding upon the Company and Employee.  For purposes of making any determination
hereunder, Employee shall be deemed to pay Federal, state and local income
taxes at the highest marginal rates applicable to Employee as of the date of
the determination.”

 

If you are in agreement with the terms of
this letter agreement please sign below and return one copy to my attention.

 

Very truly yours,

 

	
  /s/ Leslie J. Browne

  

 

Leslie J. Browne, Ph.D.

President and Chief Executive Officer

 

 

ACKNOWLEDGED, AGREED AND

ACCEPTED THIS 3RD DAY OF

NOVEMBER, 2005

 

 

 

	
  /s/ William J. DeLorbe

  

William J. DeLorbe

Executive Vice President,

Human ResourcesExhibit
10.3

 

 

 

November 3, 2005

 

 

David M. Floyd, Ph.D.

 

Re:                               Amendment to
Severance Agreement dated January 7, 2005 between Pharmacopeia Drug Discovery,
Inc. (“Pharmacopeia”) and David M. Floyd (the “Agreement”)

 

Dear Dr. Floyd:

 

Reference is made to the Agreement.  In consideration of your continued employment
by Pharmacopeia, Pharmacopeia and you hereby agree to amend and restate Section
3 (Taxes) of the Agreement in its entirety as follows:

 

“3.  TAXES.  (a)  General.  Employee will be responsible for the payment
of any tax liability incurred as a result of this Agreement.  The Company
may withhold tax on any payments or benefits provided to Employee as required
by law or regulation.

 

                                                (b)  Certain Excise Tax Provisions.  Notwithstanding anything herein to the
contrary:

 

                                                (i)                                     In the event
that (1) any payments or benefits received or to be received by Employee in
connection with Employee’s employment with the Company (or termination
thereof), whether under this Agreement or otherwise (the “Total Payments”),
would subject Employee to the excise tax imposed under Section 4999 of the
Internal Revenue Code of 1986 (the “Code”), as amended (the “Excise Tax”), and
(2) the amount of  total “parachute
payment” as defined in Section 280G(b) of the Code to be paid to the Employee
is equal to or greater than 110 percent of 2.99 times the Employee’s “base
amount” as defined in Section 280G(b)(3) of the Code (the “Safe Harbor Amount”),
then the Company shall pay Employee in cash an additional amount (the “Gross-Up
Payment”) such that the net amount retained by Employee after deduction of any
Excise Tax upon the Total Payments and any federal, state and local income tax
and Excise Tax upon the Gross-Up Payment shall be equal to the Total Payments.  Such payments shall be made by the Company to
Employee as soon as practical following a determination that any of the Total
Payments will be subject to the Excise Tax, but in no event beyond thirty (30)
days from such date.

 

                                                (ii)                                  In the event
that (1) the Total Payments would subject Employee to the Excise Tax, and
(2) the amount of the total “parachute payment” as

 

 

defined
in Section 280G(b) of the Code to be paid to the Employee is less than 110% of
the Safe Harbor Amount, then, only to the extent necessary to eliminate the
imposition of the Excise Tax, such payments and benefits shall be reduced, in
the order and of the type mutually agreed to by the Employee and the Company.

 

                                                (iii)                               All
determinations required to be made, including whether any of the Total Payments
will be subject to the Excise Tax and the amounts of such Excise Tax, shall be
made by the Company’s regular auditors (the “Accounting Firm”).  The Accounting Firm shall provide detailed
supporting calculations both to the Company and to Employee within 10 days
after a request for such determinations are made by Employee or the
Company.  Any such determination by the
Accounting Firm shall be binding upon the Company and Employee.  For purposes of making any determination
hereunder, Employee shall be deemed to pay Federal, state and local income
taxes at the highest marginal rates applicable to Employee as of the date of
the determination.”

 

If you are in agreement with the terms of
this letter agreement please sign below and return one copy to my attention.

 

Very truly yours,

 

	
  /s/ Leslie J. Browne

  

 

Leslie J. Browne, Ph.D.

President and Chief Executive Officer

 

 

ACKNOWLEDGED, AGREED AND

ACCEPTED THIS 3RD DAY OF

NOVEMBER, 2005

 

 

 

	
  /s/ David M. Floyd

  

David M. Floyd

Executive Vice President and

Chief Scientific OfficerExhibit 10.1

 

AMENDMENT NO. 2 TO AMENDED AND RESTATED COLLABORATION AGREEMENT

BETWEEN GENZYME CORPORATION AND DYAX CORP.

 

This Amendment No. 2
(the “Second Amendment”) to the Amended and Restated Collaboration Agreement
dated May 31, 2002, as previously amended (the “Agreement”) by and between
Genzyme Corporation, with its principal office at 500 Kendall Street,
Cambridge, Massachusetts, 02142 (“Genzyme”), and Dyax Corp., with a principal
office at 300 Technology Square, Cambridge, Massachusetts 02139 (“Dyax”) is
effective as of January 1, 2005 (“Amendment Effective Date”). Terms not
otherwise defined herein shall have the respective meanings attributed to them
in the Agreement.

 

WHEREAS, Genzyme and
Dyax are parties to the Agreement, pursuant to which the parties agreed to
collaborate in developing DX-88 for the treatment of hereditary angioedema and
other inflammatory diseases; and

 

WHEREAS, Genzyme and
Dyax now wish to modify the terms of their collaboration and amend certain
provisions of the Agreement;

 

NOW, THEREFORE, in
consideration of the promises and agreements set forth herein, and for other
good and valuable consideration, Genzyme and Dyax hereby agree as follows:

 

1.             From and after the date of this Second Amendment, all references in the
Agreement to Kallikrein LLC shall be deemed changed to Dyax-Genzyme LLC.

 

2.             Section 4.3.3 of the Agreement shall be deleted in its entirety
and replaced with the foregoing in lieu thereof:

 

4.3.3 Monthly Capital Contributions. On or
before the seventh (7th) day of each calendar month from and after January 2005,
Genzyme and Dyax shall submit invoices to Dyax-Genzyme LLC based on Program
Costs respectively incurred by each Party during the prior calendar month. On
or before the twentieth (20th) business day after submitting such
invoice, Genzyme and Dyax shall each make capital contributions to Dyax-Genzyme
LLC in an amount equal to the aggregate Program Costs incurred by both Parties
during the prior calendar month (as reflected in their respective invoices) and
allocated between such Parties in accordance with the funding responsibility
assumed by Genzyme and Dyax pursuant to Section 4.3.1 above. Upon receipt
of each such capital contributions, Dyax-Genzyme LLC shall promptly pay, no
later than the last business day of the month, each of the Parties an amount
equal to that portion of the budgeted Program Costs to which they are
respectively entitled.

 

3.             Except as expressly modified hereby, the terms of the Agreement remain
unchanged and in full force and effect and shall govern and apply to all
matters contemplated by this Amendment.

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be executed by their respective duly authorized
representatives as of the Amendment Effective Date.

 

 

	
  GENZYME CORPORATION

  	
   

  	
  DYAX CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Georges Gemayel

  	
   

  	
   

  	
  By:

  	
  /s/ Stephen S. Galliker

  	
   

  
	
  Name:

  	
  Georges Gemayel

  	
   

  	
  Name:

  	
  Stephen S. Galliker

  
	
  Title:

  	
  Executive Vice President

  	
   

  	
  Title:

  	
  Executive Vice President and Chief 

  
	
   

  	
   

  	
   

  	
   

  	
  Financial Officer

  
	
   

  	
   

  	
   

  
	
  Date:

  	
        10/03/05

  	
   

  	
   

  	
  Date:

  	
        9/29/05

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00092-of-00352.parquet"}]]