AMENDMENT
TO
EMPLOYMENT AGREEMENT
THIS AMENDMENT (the "Amendment") to the Employment Agreement by and between
Xx. X. Xxxxxx Mo (the "Executive") and NexMed, Inc. a Nevada corporation (the
"Company"), dated as of February 26, 2002 (the "Agreement"), is made effective
as of September 26, 2003, by and between the Company and the Executive.
WITNESSETH THAT
WHEREAS, the Company and the Executive are parties to the Agreement; and
WHEREAS, the Company and the Executive wish to amend the Agreement.
NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which the Company and the
Executive hereby acknowledge, the Company and the Executive hereby agree that
the Agreement shall be amended, effective as of September 26, 2003, as follows:
1. Section 3(c) of the Agreement shall be amended by adding to the end
thereof the following:
"(iv) All of Executive's outstanding but unvested stock options shall vest
immediately upon the occurrence of a Change in Control (as defined in
Appendix A hereto)"
All provisions of the Agreement not specifically mentioned in this
Amendment shall be considered modified to the extent necessary to be consistent
with the changes made by this Amendment. This Amendment may be executed in
counterparts, each of which shall be deemed an original, and said counterparts
shall constitute one and the same instrument.
IN WITNESS WHEREOF, the Executive has hereunto set his hand and the Company
has caused this Amendment to be executed.
NEXMED, INC. EXECUTIVE
Xxxxxx X. Xxx /s/ X. Xxxxxx Mo
----------------------------------------------------- Date: September 26, 2003
By: Xxxxxx X. Xxx
Title: Vice President, Acting Chief Financial Officer
and Secretary
Date: September 26, 2003
