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Exhibit 10.3
AMENDMENT NO. 1 TO
EXECUTIVE EMPLOYMENT
AGREEMENT
This Amendment No. 1 (the “
Amendment ”) to Executive Employment Agreement
(the “ Agreement ”) is effective as of November
18, 2008, by and between Micromet, Inc. (hereinafter the
“ Company ”) and Barclay Phillips
(hereinafter “ Executive
”) Capitalized terms used but not defined in the
Amendment shall have the meanings given to them in the
Agreement.
BACKGROUND
The parties
hereto have entered into that certain Executive Employment
Agreement dated as of August 30, 2008 (the “
Agreement ”), and deem it to be in their
respective best interests to amend the Agreement as provided
below.
NOW, THEREFORE, in consideration of the
foregoing premises and for other good and valuable consideration,
receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:
1. Section 2.2
of the Agreement is deleted in its entirety and replaced with the
following Section 2.2:
“
2.2 Bonus. Beginning with the
calendar year starting January 1, 2010, Executive will participate
in the Company’s Management Incentive Compensation Plan (the
“ MICP ”) adopted by the Company from time to
time or in such other bonus plan as the Board may approve for the
senior executive officers of the Company. Except as
otherwise provided in this Agreement, Executive’s
participation in and benefits under any such plan will be on the
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