AMENDMENT TO EMPLOYMENT AGREEMENT
Amendment dated November 20, 2003 to Employment Agreement dated as of
November 2, 1998 between InKine Pharmaceutical Company, Inc. a New York
corporation ("Employer") and Xxxxxx X. Apple ("Employee").
Employer and Employee are party to the Employment Agreement referred to
above (the "Agreement"). The Employer and Employee have agreed to certain
changes to the Agreement, specifically changes with respect to base compensation
and severance.
NOW THEREFORE, in consideration of the premises and intending to be legally
bound hereby, Employer and Employee hereby agree as follows:
1. The first sentence of Section 1.5 of the Agreement is hereby amended to
substitute "$300,000" for "$150,000."
2. Section 1.7(a) of the Agreement shall be amended to read, in its
entirety, as follows:
"(a) if Employer terminates this Agreement, other than for "cause"
pursuant to Section 4.3 hereof at any time during the Employment Term, Employer
shall pay to Employee an amount equal to 150% of Employee's base annual salary
in effect at the date of such termination."
3. Section 1.7(d) shall be inserted and the Agreement shall be amended to
read, in its entirety, as follows:
"(d) the Employer shall continue to provide health insurance benefits
comparable to such benefits in effect at the date of termination for a period of
eighteen (18) months from the date of such termination."
4. Except as set forth above, the Agreement shall remain in full force and
effect as currently written.
IN WITNESS WHEREOF, the undersigned have executed this Amendment to the
Employment Agreement as of the date first above written.
INKINE PHARMACEUTICAL COMPANY, INC.
By: /s/ Xxxxxxx X. Xxxxx, M.D., Ph.D.
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Xxxxxxx X. Xxxxx, M.D., Ph.D.
Chairman and Chief Executive Officer
XXXXXX X. APPLE.
/s/ Xxxxxx X. Apple
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