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Exhibit 10.3
SECOND AMENDMENT TO EMPLOYMENT AGREEMENT
THIS SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this "Amendment")
is
entered into between MicroIslet, Inc., a Nevada corporation (the
"Company"), and
James R. Gavin III, M.D., Ph.D. ("Executive").
Background
The Company and Executive entered into an Employment Agreement
on
January 20, 2006, which agreement was amended by that certain
Amendment to
Employment Agreement dated January 17, 2007 (as amended, the
"Agreement"). The
Company and Executive desire to further amend the Agreement, as
set forth in
this Amendment, to revise the base salary paid to Executive by
the Company.
Agreement
NOW, THEREFORE, for good and valuable consideration, the receipt
and
sufficient of which are hereby acknowledged, the parties agree
as follows:
1. Amendment of Section 2.1. Section 2.1 of the Agreement is
hereby
amended, effective May 16, 2007, to read in its entirety as
follows:
"2.1 Base Salary and Adjustments. Your base salary will be at a
rate of
$400,000 per year (the "Base Salary"), less payroll
deduction
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