Employment Agreement Termination Letter between Novelos Therapeutics, Inc. and Christopher J. Pazoles

Contract Categories: Human Resources › Separation Agreements
Summary

Novelos Therapeutics, Inc. and Christopher J. Pazoles have agreed to terminate their previous Employment Agreement dated July 15, 2005. As a result, Dr. Pazoles' employment with the company is now considered "at will," meaning either party can end the employment at any time. This change is effective immediately and is related to the parties entering into a new Executive Retention Agreement.

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EX-10.4 3 v185060_ex10-4.htm
May 14, 2010
 
Christopher J. Pazoles, Ph.D.
4 Elizabeth Drive
Westborough, MA  01581

Re:  Employment Agreement
 
Dear Chris:
 
In connection with the entry between us of an Executive Retention Agreement, the Employment Agreement dated as of July 15, 2005 between you and the Company, as amended, is hereby terminated.  As a result of such termination, effective immediately, your employment by the Company shall be “at will”.
 
Sincerely,
 
Novelos Therapeutics, Inc.
 

By: /s/ Harry S. Palmin
Harry S. Palmin
President and Chief Executive Officer
 

 
Accepted and agreed to as
 
of the date first written above:
 

 
/s/ Christopher J. Pazoles
 
Christopher J. Pazoles