Exhibit Number
Exhibit 10.3
ARGONAUT TECHNOLOGIES, INC.
AMENDMENT TO
CHANGE OF CONTROL SEVERANCE AGREEMENT
This Amendment to the Amended and Restated Change of Control Severance Agreement (the Agreement) is made and entered into effective as of March 17, 2005 (the Effective Date), by and between Gordon Tredger (the Employee) and Argonaut Technologies, Inc., a Delaware corporation (the Company).
RECITAL
The Company and the Employee are parties to an Amended and Restated Change of Control Severance Agreement dated August 3, 2004 (the Prior Agreement), which agreement the parties desire to amend in its entirety.
AGREEMENT
In consideration of the mutual covenants herein contained and the continued employment of Employee by the Company, the parties agree that the Prior Agreement is amended as follows:
Section 4. Bonus Upon A Change of Control, is amended as follows: In the event of a Negotiated Change of Control, Employee shall be entitled to receive a cash bonus equal to 0.375% of the Value of the Company upon the closing of such Negotiated Change of Control.
IN WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as of the day and year first above written.
AGRONAUT TECHNOLOGIES, INC. By: /s/ Lissa Goldenstein Name: Lissa Goldenstein Title: President & CEO /s/ Gordon Tredger
Signature Gordon Tredger
Printed Name