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Biotech / Medical : Cadus Pharmaceutical Corp. (KDUS) -- Ignore unavailable to you. Want to Upgrade?

To: scaram(o)uche who wrote (157)	4/11/2000 10:22:00 PM
From: SunAge	Respond to of 1833

Can anybody comment on Cadus' 10K blurb re the employment agreement with Dr. Woler: In November 1999, the Company and Dr. Woler entered into a term sheet to amend his employment agreement to provide that if the Company fails to make at least a $20 million investment in biotechnology prior to April 15, 2000 and if Dr. Woler resigns during the 90 day period beginning on April 15, 2000, the Company will pay to Dr. Woler a lump sum severance payment equal to the base salary he would have earned for the balance of his agreement. If the Company makes such an investment, Dr. Woler will be entitled to receive additional compensation equal to a two percent (2%) "profit interest" on any profit or capital gain recognized on such investment during the remaining term of his agreement. The term "profit interest" means a form of interest or arrangement which would enable Dr. Woler to receive two percent (2%) of any profit or capital gain realized by the Company from the sale or other disposition of such investment prior to October 1, 2001, or two percent (2%) of the unrealized appreciation in the investment as of October 1, 2001, after reducing the earnings, gain or appreciation, whichever is applicable by ten percent (10%) per annum, on the amount of the investment.