ADDENDUM TO EXECUTIVE CHANGE IN CONTROL SEVERANCE AGREEMENT
ADDENDUM
TO
THIS
ADDENDUM dated as of December 11, 2009 (“Addendum”) to the EXECUTIVE CHANGE
IN CONTROL SEVERANCE AGREEMENT dated as of March 11, 2009 between the
parties hereto (the “Agreement”), is entered into between Columbia Laboratories,
Inc., a Delaware corporation having its corporate offices at ▇▇▇ ▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ (“Columbia” or the “Company”), and ▇▇▇▇▇▇ ▇.
▇▇▇▇▇ (“Executive”).
WITNESSETH:
WHEREAS,
the Company and Executive desire to enter into this Addendum to amend the
Agreement
NOW
THEREFORE, the parties hereby agree as follows:
1. Section
2(b) of the Agreement is hereby amended by deleting the existing text in its
entirety and replacing it with the following:
“(b) Base
Salary. “Base Salary” shall mean the greatest of (i) the annual
rate of base salary in effect for Executive at the time of the Qualifying
Termination, (ii) the annual rate of base salary in effect for Executive at the
time of the Change in Control, and (iii) $390,000.”
2. The
following Section 2(e) of the Agreement is hereby amended by adding the
following sentence to the end thereof:
“Notwithstanding
the foregoing, the Company agrees that from and after January 1, 2010
through the date that is 90 days after the Board appoints a permanent Chief
Executive Officer, without the designation “Interim”, Executive may terminate
this Agreement for Good Reason, without the need to specify the reason
therefor.”
3. This
Addendum shall become effective as of December 15, 2009.
4. Except
as amended as set forth above, the Agreement remains in full force and
effect.
IN
WITNESS WHEREOF, the parties have executed this Agreement as of the dates set
forth below.
EXECUTIVE COLUMBIA
LABORATORIES, INC.
/S/ ▇▇▇▇▇▇ ▇.
▇▇▇▇▇ By: /S/ ▇▇▇▇▇▇▇ ▇.
▇▇▇▇▇▇
▇▇▇▇▇▇ ▇.
▇▇▇▇▇ Name:
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
Title:
Chairman
Date: December
11,
2009 Date: December
11, 2009