Amendment to Employment Agreement between Timothy M. Shannon, M.D. and CuraGen Corporation
This amendment updates the employment agreement between Timothy M. Shannon, M.D. and CuraGen Corporation, originally signed on September 1, 2006. Effective January 24, 2007, Dr. Shannon's base salary is increased to $344,500 per year, paid bi-weekly, as approved by the company's Compensation Committee. All other terms of the original agreement remain unchanged unless specifically modified by this addendum.
Exhibit 10.3
Confidential
Interoffice Memorandum
| To: | Personnel File | |
| From: | Timothy M. Shannon, EVP and Chief Medical Officer | |
| Date: | January 24, 2007 | |
| Re: | Amendment to Employment Agreement dated September 1, 2006 | |
I, Timothy M. Shannon, (“the Executive”) signed an Employment Agreement (“the Agreement”) with my employer, CuraGen Corporation (“the Company”), on or about September 1, 2006, providing that the Executive’s initial base salary shall be subject to increases by the Board of Directors, which shall review the salary periodically. Therefore, pursuant to the minutes of the January 24, 2007, Meeting of the Compensation Committee of the Board of Directors, the Executive’s 2007 base salary will be adjusted to $344,500 per year, payable in bi-weekly installments.
Unless explicitly changed in the Addendum dated January 24, 2007, all other terms of the Agreement shall remain in full force and effect.
| /s/ Timothy M. Shannon, MD | ||
| Timothy M. Shannon, MD | ||
| /s/ Frank M. Armstrong, MD | ||
| Frank M. Armstrong, MD | ||
