Contract
Exhibit 10.3
AMENDMENT
TO THE
AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
This Amendment is made as of the 7th day of
February, 2008 to the Amended and Restated Employment Agreement dated as of
January 3, 2006 (the “Agreement”), by and between Symbollon Pharmaceuticals,
Inc., a Delaware corporation with its principal place of business at 00 Xxxxxx
Xxxxx, Xxxxxxxxxx, XX 00000 (the "Company"), and Xxxx X. Xxxxxxxxx,
residing at 00 Xxxxxxxxx Xxxx, Xxxxxxxx, XX 00000 (the
"Employee"). Capitalized terms used but not defined herein shall have
the meaning as defined in the Agreement. Except as amended below, all
terms and conditions of the Agreement shall remain in full force and
effect.
In consideration of the mutual promises
contained in this Amendment, the parties agree as follows:
1. Section 2 of the
Agreement shall be modified such that the term of the Agreement shall be
extended to December 31, 2011.
2. Section 3 of the
Agreement shall be modified such that the base salary shall be at the rate of
$278,500 commencing January, 2008.
3. As an incentive to
execute this Amendment, the Employee shall be issued as of the date hereof
900,000 restricted shares of Class A Common Stock. The restricted
shares may not be sold by the Employee until vested. The restricted
shares shall be subject to forfeiture if the Agreement is terminated prior to
the vesting of the shares. The shares shall vest 1/3 each of the next
three anniversaries of this Amendment.
IN WITNESS WHEREOF, the parties have
caused this Amendment to be executed as of the date and year first above
written.
SYMBOLLON PHARMACEUTICALS,
INC.
By: /s/ Xxxx X.
Kessler___________
Xxxx X. Xxxxxxx
Chairman of the Board
/s/ Xxxx X.
Desjourdy_____________
Xxxx X.
Xxxxxxxxx