EXHIBIT 10.8
FIRST AMENDMENT TO EMPLOYMENT AGREEMENT
This First Amendment to the Employment Agreement (the "Amendment") by
and between Electropharmacology, Inc. (the "Company") and Xxxxx Xxxxxx (the
"Executive"), entered into on August 5, 1996 (the "Employment Agreement"), is
made and entered into as of this 2nd day of February 1998;
WHEREAS, the Company and the Executive agree that it is to their mutual
benefit to reduce the cash needs of the Company required for its operations;
WHEREAS, the Company and the Executive desire to amend the Employment
Agreement in accordance with the contractual terms and conditions set forth
below:
NOW THEREFORE, in consideration of the covenants set forth herein, the
parties hereto agree as follows:
1.2. Paragraph 5. Executive Benefits, subparagraph (C) is replaced in
its entirety with the following:
In lieu of the monthly automobile allowance in the amount of $1,000
originally provided for in the Agreement, effective February 1, 1998,
and each February 1st thereafter during the term of the Agreement, the
Company will grant to the Executive a ten year option to purchase that
number of shares of the Company's common stock equal to $12,000 divided
by the last reported closing sales price of the Company's common stock
for the day prior to the date of such grant as reported in the OTC
Bulletin Board (the "Grant Date Market Value"). Each such option shall
be exercisable immediately on and after the date of grant, with an
exercise price equal to the Grant Date Market Value.
3. To the extent not superseded herein, all other provisions of the
Employment Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this agreement as of the
day and year first above written.
/s/ Xxxxx Xxxxxx
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Xxxxx Xxxxxx
ELECTROPHARMACOLOGY, INC.
By: /s/ Xxxx Xxx
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Name: Xxxx Xxx
Title: Chief Executive Officer
