Item 8.01. Other Events.

Effective June 5, 2012, the Board of Directors of Chelsea Therapeutics International, Ltd. amended Section 5.2 of the 2004 Stock Plan to remove a sentence that could be interpreted as allowing repricing of options issued under the Plan. Section 5.2 of the 2004 Stock Plan now reads as follows:

5.2. Cancellation. To the extent that cash in lieu of shares of Common Stock is delivered upon the exercise of an SAR pursuant to Section 7.4, the Company shall be deemed, for purposes of applying the limitation on the number of shares, to have issued the greater of the number of shares of Common Stock which it was entitled to issue upon such exercise or on the exercise of any related option. In the event that a stock option or SAR granted hereunder expires or is terminated or canceled unexercised or unvested as to any shares of Common Stock, such shares may not be reissued under the Plan either pursuant to stock options, SARs or otherwise. In the event that shares of Common Stock are issued as restricted stock or pursuant to a stock award and thereafter are forfeited or reacquired by the Company pursuant to rights reserved upon issuance thereof, such forfeited and reacquired shares may not be reissued under the Plan, either as restricted stock, pursuant to stock awards or otherwise. Shares of Common Stock which are withheld to pay the exercise price of an option and/or any related withholding obligations shall not be available for issuance under the Plan.

The 2004 Stock Plan, as amended, will be filed as an exhibit to Chelsea's Quarterly Report on Form 10-Q for the quarter ending June 30, 2012.