On November 18, 2008, Paul Hamelin was appointed as President of Savient Pharmaceuticals, Inc. (the "Company"). In connection with his position as President, the Company entered into an amendment of the Employment Agreement, dated May 23, 2006, as subsequently amended on February 15, 2008, with Mr. Hamelin on December 19, 2008. Pursuant to the amendment, Mr. Hamelin is currently entitled to an annual salary of $406,000. Additionally, under the amendment, if the Company terminates Mr. Hamelin's employment at any time for any reason other than cause, Mr. Hamelin will be entitled to increased amounts as set f orth below: - a lump sum payment equal to 2 times his annual base salary; - a lump sum payment equal to 1.75 times his target annual bonus; and - other benefits as set forth in the employment agreement. If, within 24 months following a change in control of the Company, or following the date of the announcement of a transaction which leads to a change in control of the Company, the Company terminates Mr. Hamelin's employment for any reason other than cause, death or disability or fails to renew the Ag reement (if it would otherwise have expired during the period), or Mr. Hamelin terminates his employment for good reason, or the Company or a successor materially breaches any material provision of the Agreement, then Mr. Hameln will be entitled to receive: - a lump sum payment equal to 2.25 times his annual base salary; - a lump sum payment equal to 2.25 times his target annual bonus; and - continuation of medical, life and disability insurance and similar welfare benefits, for 27 months following termination. The terms "cause", "good reason" and "change in control" are defined in the employment agreement, which is incorporated by reference as Exhibit 10.1 to this Current Report on Form 8-K. This summary of the amendment is qualified in its entirety by the terms and conditions of the amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K. | 