Exhibit 10.7
AMENDMENT NO. 4 TO
AMENDED AND RESTATED EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 4 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the
"Agreement") is made and entered into effective as of December 7, 1998 (this
"Amendment") by and between Cypros Pharmaceutical Corporation, a California
corporation (the "Company") and Xxxx X. Xxxxxxxx ("Executive"). The Company and
Executive are hereinafter collectively referred to as the "Parties," and
individually referred to as "Party."
For good and valuable consideration, receipt of which is hereby
acknowledged by the Company and Executive, the Parties, intending to be legally
bound, agree that Section 3 and Section 4 of the Agreement is hereby amended and
restated in its entirety as follows:
"3. TERM OF EMPLOYMENT.
3.1. Subject to earlier termination as provided in this Agreement,
Executive shall be employed pursuant to the terms of this Agreement for a term
beginning September 1, 1992 and expiring at midnight on August 31, 2001. After
the expiration of such term, this Agreement shall continue from month to month
in the absence of written notice to the contrary from either Party to the
other."
"4. COMPENSATION OF EXECUTIVE.
4.1. During the term of this Agreement, the Company shall pay Executive
a salary (the "Base Salary") of Two Hundred Forty One Thousand Five Hundred
Dollars ($241,500) per year, payable in regular periodic payments in accordance
with Company policy. Such salary shall be prorated for any partial year of
employment on the basis of a 365-day year."
IN WITNESS WHEREOF, the Parties have executed this Amendment No. 4 as
of the date first above written.
The Company:
Cypros Pharmaceutical Corporation,
a California corporation
By: /s/ Xxxxx X. Xxxxxx
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Xxxxx X. Xxxxxx
Senior Vice President and Chief Financial
Officer
Executive:
Xxxx X. Xxxxxxxx
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Xxxx X. Xxxxxxxx
