Exhibit 10.2
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO THE EMPLOYMENT AGREEMENT (this “Amendment”) is made effective as of March 29, 2022 (the “Effective Date”) between Catalyst Biosciences, Inc., a Delaware corporation (the “Company”), and Seline Miller (“Employee”).
RECITALS
WHEREAS, Employee and the Company previously entered into an Employment Agreement dated November 4, 2021 (the “Employment Agreement”);
WHEREAS, the Company desires to amend the terms of the Employment Agreement to modify the terms of Employee’s severance benefits (collectively, the “Modifications”); and
WHEREAS, Employee has agreed to the Modifications.
NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, and intending to be legally bound hereby, the parties agree that the Employment Agreement is amended as follows:
1. Base Compensation and Bonus Adjustment. The third and fourth paragraphs of the Employment Agreement are hereby deleted in their entirety and replaced with the following:
“Effective as of January 1, 2022, your base compensation will be $27,083.33 per month ($325,000 annualized), paid periodically in accordance with normal Company payroll practices and subject to the usual, required withholding. You will be eligible for a review of your salary in connection with regular review of executive salaries in 2023.
Beginning with respect to the Company’s 2022 fiscal year, you will also have the opportunity to earn an annual performance-based bonus up to 40% of your annual salary. To receive your bonus, you must be employed by the Company at the time the bonus is paid.”
2. Severance Period and Post-COC Severance Period Adjustments. The ninth paragraph of the Employment Agreement is hereby deleted in its entirety and replaced with the following:
“Should your employment with the Company be terminated without Cause or as a result of Constructive Termination (each as defined below), in each case outside of the Change in Control Protection Period (as defined below), you shall be eligible to receive (i) severance payments, equal to the rate of base salary which you were receiving at the time of such termination, during the period from the date of your termination until the date that is nine (9) months after the effective date of the termination (the “Severance Period”), which payments shall be paid during the Severance Period (or applicable shorter period) in accordance with the Company’s standard payroll practice following the effective date of the release described below and which shall be subject to applicable withholding taxes, (ii) accelerated vesting as of the time of such termination with respect to the unvested options held by you that would have vested during the Severance Period, and (iii) if you elect to continue your Company health insurance coverage under the Consolidated Omnibus Budget Reconciliation Act
