TERMINATION OF AMENDED AND RESTATED EMPLOYMENT AGREEMENT
TERMINATION
OF
AMENDED AND RESTATED
EMPLOYMENT AGREEMENT
This Termination, dated as of the
16th
day of May, 2008, of the Amended and Restated Employment Agreement dated as of
January 3, 2006, as amended on February 7, 2008 (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 Termination, the parties agree as follows:
1. Section 2 of the
Agreement shall be modified such that the term of the Agreement shall be limited
to June 30, 2008.
2. Section 8 shall have no
force and effect upon the termination of the Agreement. As partial
incentive for executing this Termination, the Employee shall receive health and
dental insurance substantially similar to that which the Employee was receiving
immediately prior to the termination of his employment until the earlier of: (a)
June 30, 2009 or (b) the date the Employee is covered by substantially similar
insurance.
3. As additional incentive
to execute this Termination, the 900,000 restricted shares of Class A Common
Stock granted to the Employee on February 7, 2008 shall become fully vested,
without any further restrictions, as of the date of this
Termination.
4. Starting July
1, 2008, the Employee shall be hired as President, Chief Executive Officer,
Treasurer, General Counsel and Chief Financial Officer of the Company at a
monthly rate of $18,000 per month. Such employment shall run month to
month until terminated by either party upon 30 day advance written
notice.
IN WITNESS WHEREOF, the parties have
caused this Termination 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
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