EXHIBIT 10.48
IDENIX PHARMACEUTICALS, INC.
Relocation Adjustment
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Employment agreements between Idenix and each of Xxxxx Xxxxxxxx and Xxx
Xxxxxxxxx include relocation provisions - such provisions currently provide for:
- Reimbursement of reasonable moving and relocation expenses (not to
exceed $25,000)
- Reimbursement of real estate commissions (not to exceed 6%) and
conveyancing fees
- Two househunting trips for family
- Temporary housing - for period of 90 days after employment
commencement
- Amounts required to gross up such payments to offset additional
income tax liabilities
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Amendment:
(a) increases reimbursement for moving and relocation expenses from
$25,000 to (i) $85,000 for Xxxxx Xxxxxxxx; and (ii) $75,000 for Xxx
Xxxxxxxxx; and
(b) covers commutation to and from principal residences in New
Jersey/Pennsylvania respectively and Idenix offices prior to
relocation of principal residence to Cambridge, Massachusetts
Other terms of relocation provision remain in effect without change.
Gross up for additional tax liabilities is applicable - aggregate grossed up
amount (including benefit payment) is estimated to be a maximum of $145,000 for
Xxxxx Xxxxxxxx and $129,000 for Xxx Xxxxxxxxx(1)
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(1) Exact amount to be computed after assessment of deductible expenses and
appropriate tax rate is determined.
