EXHIBIT 10.3

 

March 31, 2003

 

 

Martyn D. Greenacre

327 South Valley Road

Paoli, PA 19301

 

 

Re:

 

Termination of Consulting Agreement dated October 1, 2001, as amended April 1,
2002 and December 10, 2002, between Martyn D. Greenacre and Cephalon, Inc.
(collectively, the “Agreement”)

 

 

Dear Martyn:

 

Please allow this letter to evidence our mutual agreement to terminate the
Agreement effective as of the date hereof.

 

I appreciate the many valuable contributions you have made to Cephalon during
the term of this Agreement, and look forward to your continued service as a
member of the Board of Directors.

 

 

Very truly yours,

 

 

/s/ Frank Baldino, Jr.

 

Frank Baldino, Jr., Ph.D.

Chairman and Chief Executive Officer

 

 

AGREED AND ACCEPTED:

 

 

/s/ Martyn D. Greenacre

 

Martyn D. Greenacre

 

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