<PAGE>
EXHIBIT 10.1
July 6, 2000
Dr. Nassim Usman
RPI
2950 Wilderness Place
Boulder, CO 80301
Dear Nassim:
This letter is intended to confirm the modified terms of employment offered
to you by Ribozyme Pharmaceuticals, Inc. ("RPI"), and acknowledge your
acceptance of employment on the terms detailed below.
Position: Vice President of Research and Development and
Corporate Officer
Effective date: August 1, 2000
Base Salary: $230,000/year
Cash Bonus: Up to 20% of base salary; based on achievement of
mutually agreed goals
Reporting to: CEO and President
Equity Participation: Additional grant of options on 20,000 shares of RPI
common stock from the shares reserved under a stock
option pool; exercise price at market closing price on
August 1, 2000; (half will vest over 5 years; half
vest on achievement of mutually agreed performance
goals)
Offer Expiration: This offer will expire on July 15, 2000, if not
accepted.
All other terms and benefits will continue per RPI's existing benefits
programs.
Congratulations on your significant accomplishments and promotion, and we
are very excited about the prospect of many important contributions to RPI in
the years to come.
Sincerely,
/s/ Dr. Ralph E. Christoffersen
Ralph E. Christoffersen, PhD
CEO and President
REC/a
Agreed and accepted:
Date: July 6, 2000
Signature: /s/ Dr. Nassim Usman
Name: Nassim Usman, Ph.D.
18
