EMPLOYMENT AGREEMENT AMENDMENT
Exhibit 10.1
EMPLOYMENT AGREEMENT AMENDMENT
EMPLOYMENT AGREEMENT
AMENDMENT (this
"Amendment"), effective as of October 7, 2019, by and among
Pharma-Bio Serv, Inc. with its principal office at 0 Xxxx 000,
Xxxxxx, Xxxxxx Xxxx 00000 (the “Company”), and Xxxxx
X. Xxxxxxx (“Executive”) (both hereinafter
“the Parties”).
W I T N E S S E T H:
WHEREAS, the Company and Executive have entered into that
certain Employment Agreement, dated November 5, 2007, as such
Employment Agreement has been and may be amended, restated or
otherwise modified from time to time (the "Employment
Agreement"). Capitalized terms used but not defined
herein shall have the meaning ascribed to such terms in the
Employment Agreement; and
WHEREAS, the Company desires to modify the Executive's
salary.
NOW
THEREFORE, for good and
valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereto agree as
follows:
1.
Section 3(a) of the
Employment Agreement is amended and restated in its entirety as
follows: For his services,
the Company shall pay Executive a salary (“Salary”) at
the annual rate of $175,000, effective October 7, 2019. Salary
shall be paid in such installments as the Company regularly pays
its executive officers, but not less frequently than semi-monthly.
Executive's salary will be revised annually based upon performance
evaluations following the Company's performance review process and
subject to the financial status of the Company.
2.
Except as expressly
amended by the terms of this Amendment and all prior amendments to
the Employment Agreement, the terms of the Employment Agreement
shall remain in effect and are unchanged by this
Amendment.
IN WITNESS
WHEREOF, the parties have
executed this Amendment in Dorado, Puerto Rico, this
7th
day of October,
2019.
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By:
/s/ Xxxxxxxxx Plaza
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EXECUTIVE:
By: /s/
Xxxxx Xxxxxxx
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Name:
Xxxxxxxxx Plaza
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Name:
Xxxxx Xxxxxxx
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Title:
Chairman
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Title:
Chief Financial Officer
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