Exhibit 10.1
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment to Employment Agreement (“Amendment”) is made between Amylyx Pharmaceuticals, Inc., a Delaware corporation (the “Company”) and Patrick Yeramian, M.D. (“Executive”) and is effective as of December 1, 2022 (the “Effective Date”).
WHEREAS, the Company and Executive are parties to that certain Employment Agreement, effective January 11, 2022 (the “Employment Agreement”); and
WHEREAS, the parties wish to amend the Employment Agreement to reflect that Executive will begin working twenty (20) hours per week as of the Effective Date and will receive a reduced Base Salary; and
WHEREAS, all other terms and conditions of the Employment Agreement will remain effective, and Executive will continue to perform the core duties of the job of Chief Medical Officer.
NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
| | 1. | That Section 1(b) of the Employment Agreement is hereby replaced in its entirety with the following paragraph: |
(b) Position and Duties. The Executive shall serve as the Chief Medical Officer of the Company and shall have such powers and duties as may from time to time be prescribed by the Co-Chief Executive Officers (individually and collectively, the “CEO”) or other duly authorized executive. The Executive shall devote the Executive’s full working time and efforts to the business and affairs of the Company; provided, however, that Executive’s full working time and efforts shall be twenty (20) hours per week. Notwithstanding the foregoing, the Executive may serve on other boards of directors, with the approval of the Board of Directors of the Company (the “Board”), or engage in religious, charitable or other community activities as long as such services and activities do not interfere with the Executive’s performance of the Executive’s duties to the Company.
| | 2. | That Section 2(a) of the Employment Agreement is hereby replaced in its entirety with the following paragraph: |
(a) That Executive’s base salary shall be paid at a rate of $214,000 per year. The Executive’s base salary shall be subject to periodic review by the Board or the Compensation Committee of the Board (the “Compensation Committee”). The base salary in effect at any given time is referred to herein as “Base Salary.” The Base Salary shall be payable in a manner that is consistent with the Company’s usual payroll practices for its executive officers.
