Exhibit 10.3(a)
AMENDMENT AGREEMENT
AMENDMENT AGREEMENT, dated as of August 20, 2001, by and between ALPHARx,
INC., a Delaware corporation (the "Company"), and Xxxxxx Xxxxxxx (the
"Executive").
RECITALS
The Company and the Executive are parties to an Employment Agreement, dated
July 1, 2000 (the "Employment Agreement"), and have agreed to amend the
Employment Agreement to extend the term of the Employment Agreement and to
increase the Executive's compensation thereunder. Capitalized terms used herein
shall have the meanings set forth in the Employment Agreement unless otherwise
defined herein.
NOW, THEREFORE, in consideration of the mutual covenants and agreements
herein set forth, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
1. Section 1 of the Employment Agreement is hereby deleted in its entirety
and the following new Section 1is hereby inserted in lieu thereof:
1. Employment and Term. Company hereby employs Executive and Executive
hereby accepts employment for a term commencing on July 1st, 2000 and
continuing until December 31, 2003, unless sooner terminated as
provided for in this Agreement.
2. Section 3.1 and 3.2 of the Employment Agreement is hereby deleted in its
entirety and the following new Section 3.1 is hereby inserted in lieu
thereof.
3.2 The Company shall pay the Executive an annual Base Salary ("Base
Salary") as follows:
(vi) commencing July 1, 2000, and ending December 31, 2000, a Base
Salary at the rate of $24,000 per year;
(vii) commencing January 1, 2001, and ending June 30, 2001, a Base
Salary at the rate of $96,000 per year;
(viii) commencing July 1, 2001, and ending December 31, 2001, a Base
Salary at the rate of $120,000 per year;
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(ix) commencing January 1, 2002, and ending December 31, 2002, a
Base Salary at the rate of $160,000 per year; and
(x) commencing January 1, 2003, and ending December 31, 2003, a
Base Salary at the rate of $200,000 per year.
The Executive's Base Salary shall be paid at such times and in such manner
as is consistent with the Company's prevailing payroll practices for other
senior executives of the Company.
3. Except as otherwise amended by this Amendment Agreement, the Employment
Agreement shall remain in full force and effect, and the Company and the
Executive each hereby reaffirm each of their respective agreements,
covenants and obligations set forth therein.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment
Agreement as of the date above written.
ALPHARX INC.
By: /s/ Sandro Persia By: /s/ Xxxxxxx X. Xxx
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Sandro Persia Xxxxxxx X. Xxx
Secretary Chairman/CEO
EXECUTIVE
By: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx
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