| The Separation Agreement provides Dr. Sommadossi with severance benefits commensurate with the severance benefits payable to him upon a covered termination under the Employment Agreement between Dr. Sommadossi and the Company, dated as of May 6, 2003, as amended (the “Employment Agreement”). Under the Separation Agreement Dr. Sommadossi will receive approximately $2,247,000 for salary and bonus amounts and $50,000 in lieu of premium payments owed by the Company for continued health care coverage for Dr. Sommadossi and his eligible dependents. On October 28, 2010, Dr. Sommadossi was granted options to purchase 329,863 shares of Company common stock, $0.001 par value per share pursuant to the Idenix Pharmaceuticals, Inc. 2005 stock incentive plan (the “Severance Option Grant”). The options under the Severance Option Grant have an exercise price equal to $4.28 per share, representing the average of the opening and closing price of our common stock on the date of grant, as reported by The NASDAQ Global Market. |
