EXHIBIT 10.30
AMENDMENT TO EMPLOYMENT
AGREEMENT
THIS
AMENDMENT TO EMPLOYMENT AGREEMENT (the “Amendment”) is made and effective as of
April 9, 2008, by and between Access Pharmaceuticals, Inc., a Delaware
corporation (the “Company”), and Jeffrey B. Davis (the
“Executive”).
WHEREAS,
the Company and the Executive entered into an Employment Agreement dated as of
January 4, 2008 (the “Agreement”); and
WHEREAS,
the parties wish to amend certain terms of the Agreement.
NOW,
THEREFORE, in consideration of the mutual covenants set forth in this Amendment
and in the Agreement, the Company and the Executive agree as
follows:
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1.
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Section
1 of the Agreement is hereby amended in the first sentence thereof by
deleting the date “January 4, 2007” and replacing it with the date
“January 4, 2008”.
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2. The
second sentence of Section 2 of the Agreement is hereby deleted and replaced
with the following:
“As such,
Executive shall devote as much of his business time as shall be necessary and
appropriate in Executive’s reasonable discretion to the performance of his
duties for the Company, which he shall perform faithfully and to the best of his
ability.”
3. Section
3(a) of the Agreement is hereby amended in the first sentence thereof by
deleting “$335,000” and replacing it with $240,000”.
4. Section
3(c) is hereby deleted in its entirety.
5. Section
4 of the Agreement is hereby amended by deleting the second sentence under the
subsection captioned “Discharge for Cause”.
6. Section
4 if the Agreement is hereby further amended by deleting all of the subsection
captioned “Discharge Other Than For Cause” in its entirety and replacing it with
the following:
“Same as
for Discharge For Cause”.
7. Affirmation. This
Amendment is to be read and construed with the Agreement as constituting one and
the same agreement. Except as specifically modified by this Amendment, all
remaining provisions, terms and conditions of the Agreement shall remain in full
force and effect.
8. Defined Terms. All
terms not herein defined shall have the same meanings ascribed to them in
Agreement.
9. Section Headings.
Section headings in this Amendment are included for the convenience of reference
only shall not be a part of this Amendment for any other purpose.
10. Counterparts. This
Amendment may be executed in one or more counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the
same instrument.
IN WITNESS WHEREOF, the undersigned
have signed this Amendment on the date first above written.
ACCESS
PHARMACEUTICALS, INC.
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By:
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/s/
David P. Luci
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Name:
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David
P. Luci
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Title:
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Chairman,
Compensation Committee
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/s/
Jeffrey B. Davis
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Jeffrey
B. Davis
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President
& CEO
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April
9, 2008
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