Exhibit 10.27
EMPLOYMENT AGREEMENT
AMENDMENT NUMBER 1
AMENDMENT NUMBER 1, DATED DECEMBER 22 , 2002, (the Amendment) to
EMPLOYMENT AGREEMENT (the "Agreement") dated December 3, 2002, between NOVADEL
PHARMA INC, a Delaware corporation (the "Corporation"), 00 Xxxxx Xxxxx 00 Xxxx,
Xxxxxxxxxx, Xxx Xxxxxx 00000 and XXXX XXXXXXXX, 00 Xxxxxx Xxxxxxxx Xxx, Xxxxxxx,
Xxx Xxxxxx 00000 (the "Executive").
W I T N E S S E T H
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WHEREAS, the parties entered into the Agreement on December 3, 2002; and,
WHEREAS, there are certain anomalies in the Agreement, and the parties wish
to revise the terms and conditions of the Agreement, as provided herein;
NOW, THEREFORE, in consideration of the mutual covenants and undertakings
herein contained, the parties agree as follows:
1. This Amendment is made pursuant to paragraph 11(e) of the Agreement.
The provisions hereof shall become effective as of the date of the Agreement.
All terms of the Agreement not explicitly amended herein shall continue in
effect as originally written.
2. Paragraph 2.1 of the Agreement is revised to provide that the
Executive's employment shall begin on December 23, 2002.
3. Paragraph 5(a) of the Agreement is revised to provide that
Executive's Base Salary shall be payable in bi-weekly installments.
4. Paragraph 5(f) of the Agreement is revised to provide that the
options referred to therein shall be Non-plan Options, with an exercise price
equal to one hundred ten percent (110%) of the closing price of the Company's
stock on the NASDQ OTC Bulletin Board on December 3, 2002, and shall have a term
of five years from that date.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first above written.
ATTEST: NOVADEL PHARMA INC.
By: /s/ Xxxxxx X. Xxxxxx By: /s/ Xxxx X. Xxxxx
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Xxxxxx X. Xxxxxx, Secretary Xxxx X. Xxxxx, Chairman
WITNESS:
/s/ Xxxxxx X. Xxxxxx /s/ Xxxx Xxxxxxxx
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Xxxx Xxxxxxxx
