ENTREMED LETTERHEAD]
Exhibit 10.5
[ENTREMED LETTERHEAD]
March 29, 2007
Xxxxxxx Xxxx Xx
Vice-President, General Counsel and Secretary
EntreMed, Inc.
0000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Vice-President, General Counsel and Secretary
EntreMed, Inc.
0000 Xxxxxxx Xxxxxx Xxxxx
Xxxxxxxxx, XX 00000
Re: Amendment to Employment Agreement Effective as of June 1, 2006
Dear Xxxxxxx:
This letter is to confirm the proposed amendment to the terms of your employment agreement,
effective as of June 1, 2006 (the “Agreement”). The Compensation Committee approved this amendment
on March 9, 2007. Capitalized terms used in this letter without definition have the meanings set
forth in the Agreement.
We propose to amend and restate Section 10(c)(ii) of the Agreement as follows:
“(ii) a reduction by the Company in Executive’s annual Base Salary as in effect on
the date hereof or subsequently in effect hereunder, except as agreed to by Executive,
unless such change was applicable to all senior executives of the Company;”
If the amendment to Section 10(c)(ii) is acceptable to you, please countersign this letter in
the space indicated below. This amendment to the Agreement will be effective on the date of your
signature. All other terms and conditions of the Agreement will remain in full force and effect.
Sincerely, |
||||
/s/ Xxxxx X. Xxxxx | ||||
Xxxxx X. Xxxxx | ||||
President and Chief Executive Officer | ||||
Accepted and Agreed as of April 16, 2007
/s/ Xxxxxxx Xxxx Xx | ||||
Xxxxxxx Xxxx Xx | ||||