Re: Amendment to Employment Agreement
October
18, 2004
|
Re:
|
Amendment
to Employment Agreement
|
Dear
▇▇▇▇▇▇▇:
This
letter confirms our agreement and shall serve to amend the April 8, 2002
Employment Agreement between you and the Company in accordance with the
following:
3(a).Base
Salary.
The
paragraph shall be amended to read as follows:
The
Company shall pay the Executive a base salary at an annual rate of $325,000
payable at such times and in accordance with the Company's customary payroll
practices as they may be adopted or modified from time to time. On an annual
basis or at such other times as the Company may determine, the Company may
review the Executive's performance and determine whether, in its sole
discretion, the Company will increase (but not decrease) the Executive's
base
salary. At no time during the pendency of this agreement shall the Company,
without the written consent of the Executive, decrease the Executive’s base
pay.
The
paragraph shall be amended to read as follows:
If
the
Executive's employment hereunder is terminated by the Company Without Cause
pursuant to Section 5(a)(iv) above or For Good Reason pursuant to Section
5
(a)(v) the Company shall award the Executive severance benefits, subject
to the
terms and conditions of this Agreement and of The Ventiv Health, Inc. Severance
Benefit Plan, if applicable. A lump sum payment of fifty two (52) weeks of
the
Executive’s base pay, minus such deductions as may be required by law or
reasonably requested by the Executive to be paid out immediately. In order
to be
eligible to receive any Severance Payment pursuant to this paragraph 6, the
Executive must sign, prior to receiving such Severance Payment, a valid release
and waiver of all claims against the Company relating to the executive’s
employment or the termination thereof, in a format to be determined by the
Company. No payment shall be made hereunder until at least eight (8) days
following the execution and delivery by the Executive of the valid release
and
waiver.
Very
truly yours,
VENTIV
HEALTH, INC.
By:__/s/
Eran Broshy________________________
▇▇▇▇
▇▇▇▇▇▇
CEO
Accepted
and agreed to by: /s/ ▇▇▇▇▇▇▇
Herring_____________________ Dated:______________ ▇▇▇▇▇▇▇
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