Retention/Stay BonusEmployee Bonus Plan Agreement |
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Exhibit 10.32
December 31, 2005
Mr. Robert J. Caso
c/o Cellegy Pharmaceuticals, Inc. 1800 Byberry Road
Building 13
Huntingdon Valley, PA 19006-3525
Re: Retention/Stay Bonus
Dear Rob:
This letter will confirm the terms of certain matters relating to your employment with Cellegy Pharmaceuticals, Inc. (the "Company" or "Cellegy").
1. Retention Bonus. As an incentive for you to remain employed with the Company through the Retention Period (defined below) or such earlier time as the Company in its discretion may determine, the Company agrees that if you do not voluntarily terminate your employment with the Company and are not terminated for cause or performance related reasons (or as result of death or disability), in each case before June 30, 2006 (the period from the date of this letter through such date referred to as the "Retention Period"), then the Company will pay you, on or within two business days after the date of your employment termination, the sum of two hundred thousand dollars ($200,000) (the "Retention Bonus"). In consideration for the foreg
