EXHIBIT 10.23
-------------
AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment dated June 11, 2007 (the "Amendment") to the Employment
Agreement dated January 6, 2006 (the "Employment Agreement") by and between
Xxxxxx Pharmaceuticals, Inc., (hereinafter referred to as the "Company"), a New
Jersey corporation, having an office at 000 Xxxxxxx 00, Xxxxxxx, Xxx Xxxxxx
00000 and Xxxx X. Xxxxx, 0000 Xxxxx Xxxxxxxxxx Xxxxxx, Xxxxxxxxx 000, Xxxxxxxx,
Xxxxxxx, 00000 (hereinafter referred to as the "Executive").
W I T N E S S E T H :
WHEREAS, the Company and the Executive desire to amend the Employment
Agreement;
NOW, THEREFORE, in consideration of the premises, the parties agree as
follows:
1. Effective March 15, 2007, Paragraph 3 is hereby amended so that any
reference to the title of "Chief Executive Officer" shall hereinafter be revised
to read as "President and Chief Executive Officer".
2. Subparagraph 4(f) is hereby deleted in its entirety and replaced
entirely with the following:
Notwithstanding anything to the contrary, effective March 1, 2007, the
Company and the Executive hereby agree that any and all compensation owed
and payable to the Executive may be paid in the form of Company's Class A
Common Stock at the option of the Company.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
XXXXXX PHARMACEUTICALS, LTD.
By: /s/ Xxxxx Xxxxxxx
--------------------------
Xxxxx Xxxxxxx
Non-executive Chairman
of the Board
XXXX X. XXXXX
By: /s/ Xxxx X. Xxxxx
--------------------------
