Amendment No. 1 to EMPLOYMENT AGREEMENT
Exhibit
10.4
Amendment
No. 1 to
This
Amendment No. 1 (the “Amendment”) made this 19th day of August, hereby amends
that certain EMPLOYMENT AGREEMENT (the “Agreement”)
dated
January 19, 2007, by and between NILE PHARMACEUTICALS, INC., a Delaware
corporation with principal executive offices at 0000 Xxxxxxxxx Xxx., Xxxxxxxx,
XX 00000 (the “Company”),
and
XX. XXXXX XXXXX, residing at 0000
Xxxxxxxxx Xxxxxx, Xxxxxxxxxxxx, XX 00000 (the“Executive”).
Capitalized terms used herein but not otherwise defined shall have the meaning
ascribed to such terms in the Agreement.
The
Agreement is hereby amended as follows:
1. Note
Repayment Bonus.
The
Company shall pay to you a bonus (the “Performance Bonus”) in the amount of
$64,969.41, which you agree to use to repay $47,785.00 to the Company,
representing the principal amount and all accrued but unpaid interest on the
Note described in Section 3(g) of the Agreement. The Company shall withhold
all
applicable taxes related to the Note Repayment Bonus.
2. Performance
Bonus.The
Performance Bonus shall be amended to provide that the Executive shall be
eligible to receive a proportionate share (based on the assigned weight of
each
of the Performance Milestones (as defined below) of $28,344 upon the successful
completion of annual corporate or individual Performance Milestones at the
“Realistic” metric. If Performance Milestones are achieved at the “Stretch”
metric, the Company shall pay you a proportionate share of $38,344.
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the
date
first above written.
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By:
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/s/
Xxxxx X. Xxxxxxx
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Name:
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Xx.
Xxxxx X. Xxxxxxx
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Title:
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Chief
Executive Officer
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EXECUTIVE
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/s/
Xxxxx Xxxxx
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Name:
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Xx.
Xxxxx Xxxxx
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