Amendment to Employment Agreement between NexMed, Inc. and Dr. Y. Joseph Mo (September 26, 2003)

Contract Categories: Human Resources › Employment Agreements
Summary

This amendment updates the employment agreement between NexMed, Inc. and Dr. Y. Joseph Mo. It states that all of Dr. Mo's outstanding but unvested stock options will immediately vest if there is a change in control of the company. All other terms of the original agreement remain unchanged except as necessary to be consistent with this amendment. The amendment is effective as of September 26, 2003.

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EX-10.4 6 file005.txt EMPLOYMENT AGREEMENT ADDENDUM AMENDMENT TO EMPLOYMENT AGREEMENT THIS AMENDMENT (the "Amendment") to the Employment Agreement by and between Dr. Y. Joseph Mo (the "Executive") and NexMed, Inc. a Nevada corporation (the "Company"), dated as of February 26, 2002 (the "Agreement"), is made effective as of September 26, 2003, by and between the Company and the Executive. WITNESSETH THAT WHEREAS, the Company and the Executive are parties to the Agreement; and WHEREAS, the Company and the Executive wish to amend the Agreement. NOW, THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which the Company and the Executive hereby acknowledge, the Company and the Executive hereby agree that the Agreement shall be amended, effective as of September 26, 2003, as follows: 1. Section 3(c) of the Agreement shall be amended by adding to the end thereof the following: "(iv) All of Executive's outstanding but unvested stock options shall vest immediately upon the occurrence of a Change in Control (as defined in Appendix A hereto)" All provisions of the Agreement not specifically mentioned in this Amendment shall be considered modified to the extent necessary to be consistent with the changes made by this Amendment. This Amendment may be executed in counterparts, each of which shall be deemed an original, and said counterparts shall constitute one and the same instrument. IN WITNESS WHEREOF, the Executive has hereunto set his hand and the Company has caused this Amendment to be executed. NEXMED, INC. EXECUTIVE Vivian H. Liu /s/ Y. Joseph Mo - ----------------------------------------------------- Date: September 26, 2003 By: Vivian H. Liu Title: Vice President, Acting Chief Financial Officer and Secretary Date: September 26, 2003