EXHIBIT 10.10
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT (the "AMENDMENT"), dated as of March 5, 2003, is made
by and between INTERLEUKIN GENETICS, INC., a Delaware corporation ("EMPLOYER"),
and XXXXX XXXX, an individual ("EMPLOYEE"). Employer and Employee are parties to
an Employment Agreement, dated June 18, 2000 (the "EMPLOYMENT AGREEMENT"). Terms
not otherwise defined in this Amendment shall have the meanings given to them in
the Employment Agreement.
The parties agree as follows:
1. This Amendment shall be effective upon the "Closing," as defined in the
Stock Purchase Agreement, dated as of the date of this Amendment, between
Employer and Pyxis Innovations Inc., a Delaware corporation.
2. In Section 1 of the Employment Agreement, the Term is extended to
continue until one (1) year following the date of the Closing.
3. In addition to any bonuses that may be received under Section 4 of the
Employment Agreement, Employee shall receive a bonus of $50,000 to be paid in
the following manner, provided that Employee is still employed by Employer at
the time of each payment:
a) $25,000 on the six (6) month anniversary of the date of the
Closing;
b) $25,000 on the twelve (12) month anniversary of the date of the
Closing.
4. In Section 5(b) of the Employment Agreement, Employer will pay $2,720
to Employee each year on the anniversary date of this Amendment as reimbursement
for life insurance premiums. Employee shall also receive from Employer a monthly
automobile allowance of $600.
5. Section 6(f) is added to the Employment Agreement:
Upon the expiration of the term of this Agreement, Employee shall be
entitled to receive from Employer all of the compensation and
benefits provided for in Section 6(e). In addition, if Employee's
employment terminates pursuant to Section 6(b)(ii) or Section 6(e)
or if Employee's employment terminates as a result of the expiration
of the term of this Agreement, then (i) all stock options granted to
him by the Company will be fully vested as of the date his
employment terminates and (ii) the period during which Employee may
exercise all stock options granted to him by the Company shall be
extended until two years after the date Employee is terminated.
6. Except as amended, hereby, all of the terms and conditions of the
Employment Agreement shall remain in full force and effect. This Amendment shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns.
* * *
This Amendment to the Employment Agreement has been executed and
delivered by the parties hereto as of the date first above written.
INTERLEUKIN GENETICS, INC.
By /s/ Xxxxxx X. Xxxxxx /s/ Xxxxx Xxxx
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Xxxxxx X. Xxxxxx, M.D.; X.X. XXXXX XXXX
Its Chief Executive Officer
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