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AMENDMENT TO
EXECUTIVE
EMPLOYMENT AGREEMENT
This FIRST
AMENDMENT TO EMPLOYMENT AGREEMENT (“ Amendment
”), dated as of December 24, 2008, is between La Jolla
Pharmaceutical Company, a Delaware corporation, with its principal
place of business located at 6455 Nancy Ridge Drive, San Diego,
California 92121 (the “ Employer ”), and Gail
Sloan (the “ Employee ”).
WHEREAS, the
Employee is currently employed as Vice President, Finance of the
Employer under an Executive Employment Agreement dated as of
February 23, 2006 (the “ Agreement ”);
and
WHEREAS, the Board
of Directors (the “ Board ”) of Employer,
pursuant to Board approval on December 24, 2008, has authorized
changes to employment documentation in order to conform to the
provisions of IRC Section 409A relating to nonqualified
deferred compensation arrangements and the parties hereto consider
it appropriate that the Agreement be amended to reflect such
arrangements;
NOW, THEREFORE, in
consideration of the mutual covenants herein contained, the
Employer and the Employee agree to the following amendment to the
Agreement. Capitalized terms used in this Amendment that are not
otherwise defined shall have the same meanings as in the Agreement,
provided that the terms “Employer” and the
“Company” shall be used interchangeably in the
Agreement and this Amendment.
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1.
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Section 2(a)(A) of the
Agreement is hereby deleted in its entirety and replaced with the
following:
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“
Termination; Severance . Employee will be entitled to
receive from the Company an amount in severance
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