EXHIBIT 10.32
AMENDMENT TO THE
EMPLOYMENT AGREMENT
OF XXXXXXX X. XXXXXXXXX
This Amendment (the "Amendment") to the Employment Agreement (the
"Agreement) dated as of April 4, 1999 by and between Questcor Pharmaceuticals,
Inc., a California corporation (formerly named "Cypros Pharmaceutical
Corporation") (the "Company"), as previously amended, and Xxxxxxx X. Xxxxxxxxx
("Executive") is made and entered into as of July 20, 2004. The Company and
Executive desire to amend the Agreement in certain respects.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and with reference to the above recital, the parties hereby
agree to amend the Agreement as follows:
1. Capitalized terms not otherwise defined herein will have the meanings
set forth in the Agreement.
2. The term of the Agreement previously was automatically extended to
December 31, 2004 and is subject to further extension pursuant to Section 1.3 of
the Agreement. The parties, by this Amendment, agree that, for the purposes of
the application of Section 1.3 of the Agreement with respect to extension of the
Agreement to cover calendar year 2005, (i) the reference in the second sentence
of Section 1.3 of the Agreement (as previously amended) to "not less than five
months" shall refer instead to "not less than four months," and (ii) the
reference in the third sentence of Section 1.3 of the Agreement (as previously
amended) to "five months prior to the last day of the term of the Agreement"
shall refer instead to "four months prior to the last day of the term of the
Agreement." Extensions thereafter will continue to be governed by Section 1.3 of
the Agreement without giving effect to such changes.
3. This Amendment shall be effective as of the date hereof. The Agreement,
as amended by this Amendment, shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.
QUESTCOR PHARMACEUTICALS, INC. /s/ XXXXXXX X. XXXXXXXXX
A California corporation ------------------------
Xxxxxxx X. Xxxxxxxxx
By: /s/ XXXXXXX X. XXXXXX
-----------------------------------
Title: Sr. Vice President, Finance &
Administration, and CFO
