EXHIBIT 10.42
AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT
This Amendment to Executive Employment Agreement (the "Amendment") is
made this 25th day of September 2001, between PolyMedica Corporation, a
Massachusetts corporation (the "Company"), and Xxxx X. Xxxxxxx (the
"Executive").
WHEREAS, the Company and the Executive are parties to an Amended
Executive Employment Agreement dated as of April 1, 2001, as amended on June 8,
2001 (the "Employment Agreement"); and
WHEREAS, the Company and the Executive desire to further amend the
Employment Agreement as set forth herein.
NOW, THEREFORE, in consideration of the foregoing premises and other
good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and the Executive hereby agree that the Employment
Agreement is hereby amended as follows:
1. Section 3.6 of the Employment Agreement is hereby deleted and the
following is substituted in lieu thereof:
"3.6 Severance Pay. If at any time during the term of this Agreement
(including any Extended Employment Period) the Executive's employment is
terminated by the Company without cause (i.e., other than pursuant to Section
3.5 or Section 4 hereof), subject to the Executive's execution and
non-revocation of a severance agreement and release drafted by and satisfactory
to counsel for the Company, the Company shall continue to pay Executive at his
then current Base Salary for the remainder of the Employment Period or for
eighteen (18) months, whichever is longer (the "Severance Period"). Neither
party shall be entitled to any compensation or claim for good will or other loss
suffered by reason of termination of this Agreement. Notwithstanding the
foregoing, the Company's obligations under this Section 3.6 shall cease
immediately upon the payment by the Company to the Executive of the lump sum
payment described in Section 4.2(a)(i) of the Executive Retention Agreement,
dated as of September 1, 2000, by and between the Company and the Executive."
2. Except as specifically amended by this Amendment, all terms and
conditions of the Employment Agreement shall remain unchanged and in full force
and effect.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the day and year first above written.
COMPANY:
POLYMEDICA CORPORATION
By: /s/ Xxxxxx X. Xxx
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Name: Xxxxxx X. Xxx
Title: Chairman and CEO
EXECUTIVE:
/s/ Xxxx X. Xxxxxxx
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Xxxx X. Xxxxxxx
