AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Exhibit 10(t.1)
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
This Amendment No. 2 to Employment Agreement (“Amendment”) made as of April 10, 2008 between
DUSA Pharmaceuticals, Inc., a New Jersey corporation (“DUSA”) having principal offices at 00 Xxxxx
Xxxxx, Xxxxxxxxxx, Xxxxxxxxxxxxx 00000, and Xxxxxx X. Xxxxxx, M.D., Ph.D., (“Xx. Xxxxxx”), who
resides at 00 Xxxxxxx Xxxx, Xxxxx Xxxxx, Xxx Xxxx 00000
WHEREAS, the parties entered into an Employment Agreement dated October 11, 1993 which was
amended as of December 9, 1999 (the “Agreement”); and
WHEREAS, the parties now wish to further amend the Agreement in writing to reflect an
increase in the cash bonus opportunity percentage;
NOW THEREFORE, in consideration of the mutual covenants and promises, the parties agree as
follows:
1. Paragraph 3 of the Agreement (Remuneration), which reads in relevant part:
Following the end of each fiscal year, the Board may award a cash bonus to Xx. Xxxxxx in an
amount up to 30% of Xx. Xxxxxx’ current base salary for such year as determined by the Board in its
sole discretion.
Shall be amended to reflect an increase in the cash bonus opportunity percentage to read:
Following the end of each fiscal year, the Board may award a cash bonus to Xx. Xxxxxx in an
amount up to 40% of Xx. Xxxxxx’ current base salary for such year as determined by the Board in its
sole discretion.
2. Except as expressly provided in this Amendment No. 2, the Agreement shall remain unmodified and
in full force and effect and is hereby ratified and confirmed. The execution, delivery, and
effectiveness of the Amendment No. 2 shall not, except as expressly provided herein, operate as a
waiver of any right, power, or remedy of Xx. Xxxxxx or XXXX.
IN WITNESS WHEREOF, the parties have duly executed this Amendment No. 2 to Employment
Agreement as of the latest date and year stated below.
ATTEST: | DUSA PHARMACEUTICALS, INC. | |||||||
/s/ Xxxxx Xxxxxxx
|
By: | /s/ Xxxxxx X. Xxxxx
|
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President and Chief Executive Officer | ||||||||
Dated: | 5-13-08 | |||||||
WITNESS: | EMPLOYEE: | |||||||
/s/ Xxxxx Xxxxxxx | /s/ Xxxxxx X. Xxxxxx | |||||||
Xxxxxx X. Xxxxxx, M.D., Ph.D. | ||||||||
Dated: | 5/14/08 |