PAIN THERAPEUTICS, INC.
This Employment Agreement (the “Agreement”) is made by and between Pain Therapeutics, Inc., a Delaware corporation (the
“Company”) and Remi Barbier (“Executive”) as of July 1, 1998.
A. The Company desires to have Executive’s active services as President, Chief Executive Officer and Chairman of the Board of
the Company for the period set forth in this Agreement.
B. The Company and Executive desire to enter into this Agreement on the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, and in consideration of Executive’s continued
employment by the Company, the parties hereto agree as follows:
1. Duties and Scope of Employment
(a) Duties. The Company shall employ Executive to render services to the Company. Executive agrees that he will devote his full
business time and efforts to the business of the Company, excluding up to four (4) weeks paid vacation per year, and, in
addition, sick leave in accordance with the Company’s policies. In the course of Executive’s employment, Executive shall
perform the duties of President and Chief Executive Officer of the Company under the direction of the Board of Directors.
(b) Term of Employment. Executive’s employment with the Company pursuant to this Agreement shall commence on the date
hereof and shall continue until thirty-six (36) months thereafter (the “Employment Period”), provided that such term shall
automatically renew for an additional 12 months at the end of such initial term and each subsequent renewal, unless ninety
(90) days prior to the date of such renewal either party shall give written notice to the other party of cancellation, and in such
event the Executive’s employment hereunder shall terminate. Subject to Executive’s right to severance compensation under
certain circumstances as set forth herein, the employment relation of Executive with the Company shall be terminable upon si