Document:

Exhibit
      10.1

    

    AMENDED
      DIRECTORS COMPENSATION ARRANGEMENT

    

    On
      August
      12, 2008, by unanimous written consent, the Compensation Committee of the Board
      of Directors of NexMed, Inc. (the “Company”), adopted the following revised
      compensation arrangement for the Company’s non-employee directors: 

    

    Board
      retainer fees are to be paid in stock and only the meeting fees are to be paid
      in cash until such time as the cash position of the Company improves.

     

    The
      amounts paid in stock are calculated based on $1.47 per share, which was the
      average of the Company’s stock price during the first five trading days of 2008.
      This was determined by the non-employee directors on November 13, 2007, when
      they elected to take their 2008 compensation in shares of the Company’s common
      stock.

     

    Following
      shall be the compensation of the non-employee directors:

     

    
      	
              Title

            	
              Annual
                Retainer

            	
              In
                person Board

              Meeting
                Fee

            	
              Telephone
                Board

              Meeting
                Fee

            
	
              Chairman
                of the Board

            	
              $120,773
                (82,159 shares)

            	
              $1,750

            	
              $1,000

            
	
              Board
                Member

            	
              $62,962
                (42,832 shares)

            	
              $1,500

            	
              $700

            
	
              Audit
                Committee Chair

            	
              $9,111
                (6,197 shares)

            	
              $1,250

            	
              $600

            
	
              Compensation
                Committee Chair

            	
              $4,833
                (3,287 shares)

            	
              $1,150

            	
              $600

            
	
              Nominating
                Committee Chair

            	
              $2,333
                (1,587 shares)

            	
              $1,150

            	
              $600

            
	
              Finance
                Committee Chair

            	
              $0

            	
              $0

            	
              $0

            
	
              Audit
                Committee Member

            	
              $1,778
                (1,209 shares)

            	
              $1,250

            	
              $600

            
	
              Compensation
                Committee Member

            	
              $1,333
                (906 shares)

            	
              $1,250

            	
              $600

            
	
              Nominating
                Committee Member

            	
              $1,333
                (906 shares)

            	
              $1,150

            	
              $600

            
	
              Finance
                Committee Member

            	
              $0

            	
              $0

            	
              $0

            

    

    

    The
      Annual Retainer shall be made retroactive to January 1, 2008. The meeting fees
      which are paid in cash shall commence with the next scheduled meeting of the
      Board of Directors or on or about September 8, 2008.

     

    The
      Annual Retainer, which vests in 12 equal monthly installments and has been
      paid
      quarterly, shall be changed from a calendar year retainer to a 12 month retainer
      vesting in 12 equal monthly installments over the 12 month period between Annual
      Meetings starting with the 2009 Annual Meeting of Stockholders. For the period
      January-June 2009, the Company will pay the short period (pro-rated six month)
      Annual Retainer in stock.

     

    Finally,
      each director member of the Scientific Advisory Board will receive an annual
      payment of 50,000 shares of the Company’s common stock.Exhibit
        10.37a

      

      AMENDMENT
        TO 

      6%
        PROMISSORY NOTE

      

      AMENDMENT
        TO 6% PROMISSORY NOTE, is dated as of September
        2, 2008;
        made by
        and between Delta Mutual, Inc., a Delaware corporation, with its principal
        offices located at 111 North Branch Street, Sellersville, PA 18960 (the
“Company”) and Egani, Inc., an Arizona corporation, (the “Lender”) with a
        mailing address of 8260 East Raintree Drive, Scottsdale, AZ 85260. Capitalized
        terms used herein and not otherwise defined herein shall have the meaning
        assigned to such term in the Original Note.

      

      WHEREAS,
        the Company and the Lender are parties to that certain 6% Promissory Note,
        dated
        March 6, 2008 (the “Original Note”), pursuant to which the Company has borrowed
        the amount of $21,000
        from the
        Lender; 

      

      WHEREAS,
        the Original Note provides that the Maturity Date shall be September 6, 2008;
        and

      

      WHEREAS,
        the Company and the Lender have agreed to extend the Maturity Date and to
        amend
        Section 1.4 of the Original Note; and

      

      WHEREAS,
        in accordance with the terms and conditions of the Original Note, the Company
        and the Lender hereby approve the amendment of the Original Note as set forth
        herein.

      

      NOW,
        THEREFORE, in consideration of the foregoing and the mutual covenants contained
        herein, the parties agree as follows:

      

      1. By
        their respective execution of this AMENDMENT, the Company and the Lender
        agree that Section 1.4 of the Original Note is hereby amended to read in
        its
        entirety as follows: “Maturity
        Date”
        shall
        mean November
        30, 2008; and

      

      2.
         Except
        as
        expressly provided herein, the Original Note shall continue in full force
        and
        effect.

      

      3.  This
        AMENDMENT may be executed by facsimile and in counterparts, which, taken
        together, shall be deemed an original and shall constitute a single
        AMENDMENT.

      

      IN
        WITNESS WHEREOF, the Company and the Lender have caused this AMENDMENT to
        be
        executed as of the date first written above.

       

      
        	
                DELTA
                  MUTUAL, INC.

              	 	
                EGANI,
                  INC.

              
	
                (COMPANY)

              	 	
                (LENDER)

              
	 	 	 	 	 
	
                By:

              	
                /s/
                  Malcolm W. Sherman

              	 	
                By:

              	
                /s/
                  Daniel Peralta

              
	 	
                Malcolm
                  W. Sherman

              	 	 	
                Daniel
                  Peralta

              
	 	
                Executive
                  Vice President

              	 	 	
                PresidentExhibit
      10.37b

    

    AMENDMENT
      TO 

    6%
      PROMISSORY NOTE

    

    AMENDMENT
      TO 6% PROMISSORY NOTE, is dated as of September
      18, 2008;
      made by
      and between Delta Mutual, Inc., a Delaware corporation, with its principal
      offices located at 111 North Branch Street, Sellersville, PA 18960 (the
“Company”) and Security Systems International, Inc., a Delaware corporation,
      (the “Lender”) with a mailing address of 9034 East Caribbean Lane, Scottsdale,
      AZ 85260. Capitalized terms used herein and not otherwise defined herein shall
      have the meaning assigned to such term in the Original Note.

    

    WHEREAS,
      the Company and the Lender are parties to that certain 6% Promissory Note,
      dated
      March 6, 2008 (the “Original Note”), pursuant to which the Company has borrowed
      the amount of $100,000
      from the
      Lender; 

    

    WHEREAS,
      the Original Note provides that the Maturity Date shall be September 6, 2008;
      and

    

    WHEREAS,
      the Company and the Lender have agreed to extend the Maturity Date and to amend
      Section 1.4 of the Original Note; and

    

    WHEREAS,
      in accordance with the terms and conditions of the Original Note, the Company
      and the Lender hereby approve the amendment of the Original Note as set forth
      herein.

    

    NOW,
      THEREFORE, in consideration of the foregoing and the mutual covenants contained
      herein, the parties agree as follows:

    

    1. By
      their
      respective execution of this AMENDMENT, the Company and the Lender
      agree that Section 1.4 of the Original Note is hereby amended to read in its
      entirety as follows: “Maturity
      Date”
      shall
      mean December
      15, 2008; and

    

    2. Except
      as
      expressly provided herein, the Original Note shall continue in full force and
      effect.

    

    3. This
      AMENDMENT may be executed by facsimile and in counterparts, which, taken
      together, shall be deemed an original and shall constitute a single
      AMENDMENT.

    

    IN
      WITNESS WHEREOF, the Company and the Lender have caused this AMENDMENT to be
      executed as of the date first written above.

     

    
      	
              DELTA
                MUTUAL, INC.

            	 	
              SECURITY
                SYSTEMS INTERNATIONAL, INC.

            
	
              (COMPANY)

            	 	
              (LENDER)

            
	 	 	 	 	 
	
              By:

            	
              /s/
                Martin G. Chilek

            	 	
              By:

            	
              /s/
                Malcolm W. Sherman

            
	 	
              Martin
                G. Chilek

            	 	 	
              Malcolm
                W. Sherman

            
	 	
              Sr.
                Vice President

            	 	 	
              President

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