EXHIBIT 10.23
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AMENDMENT TO EMPLOYMENT AGREEMENT
This Amendment dated June 11, 2007 (the "Amendment") to the Employment
Agreement dated January 6, 2006 (the "Employment Agreement") by and between
▇▇▇▇▇▇ Pharmaceuticals, Inc., (hereinafter referred to as the "Company"), a New
Jersey corporation, having an office at ▇▇▇ ▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇ and ▇▇▇▇ ▇. ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇▇,
▇▇▇▇▇▇▇, ▇▇▇▇▇ (hereinafter referred to as the "Executive").
W I T N E S S E T H :
WHEREAS, the Company and the Executive desire to amend the Employment
Agreement;
NOW, THEREFORE, in consideration of the premises, the parties agree as
follows:
1. Effective March 15, 2007, Paragraph 3 is hereby amended so that any
reference to the title of "Chief Executive Officer" shall hereinafter be revised
to read as "President and Chief Executive Officer".
2. Subparagraph 4(f) is hereby deleted in its entirety and replaced
entirely with the following:
Notwithstanding anything to the contrary, effective March 1, 2007, the
Company and the Executive hereby agree that any and all compensation owed
and payable to the Executive may be paid in the form of Company's Class A
Common Stock at the option of the Company.
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
▇▇▇▇▇▇ PHARMACEUTICALS, LTD.
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇▇▇
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▇▇▇▇▇ ▇▇▇▇▇▇▇
Non-executive Chairman
of the Board
▇▇▇▇ ▇. ▇▇▇▇▇
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
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