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Re:
Amendment of Employment Agreement
This letter will
constitute an amendment to your employment agreement with us dated
October 16, 2008, effective as of the date that you sign below.
These amendments are:
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Your base salary shall be $230,000
per year effective as of January 1, 2009, payable in
accordance with our current payroll practices. You shall receive a
lumpsum of $9,500 (subject to normal tax withholding) as part of
your salary for the next pay period after the effective date of
this letter representing the balance of your base salary owed to
you retroactive to January 1 from the date hereof.
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We
will grant you a new option to acquire 100,000 shares of our common
stock, which options shall vest as to 25% of the shares on each of
the first four anniversary dates after the date of the new grant,
beginning on the first anniversary thereof. The exercise price for
the new option grants will be $0.66 per share. The term of the new
options is ten years from the date of grant and the new options
will be issued in accordance with the terms and conditions of our
Amended and Restated 2005 Incentive Plan, as amended.
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