EXHIBIT 10.66
THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (the "Amendment"), made this
11th day of July, 2003 is entered into by PolyMedica Corporation, a
Massachusetts corporation with its principal place of business at 00 Xxxxx
Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx 00000 (the "Company"), and Xxxxxx X. Xxxxxxxx,
residing at Five Millstone Circle, Andover, Massachusetts 01810 (the
"Employee").
The Company and the Employee have previously executed an Employment
Agreement dated October 7, 2002 (the "Employment Agreement"), which is hereby
amended as set forth below. The capitalized terms used and not otherwise defined
in this Amendment shall have the respective meanings ascribed to them in the
Employment Agreement.
1. Section 3.1 of the Employment Agreement be and hereby is amended by
deleting such section in its entirety and substituting in lieu thereof the
following:
"3.1 Restricted Stock and Salary. The Employee's sole compensation
for the services provided hereunder shall be (a) to enter into one or more
Restricted Stock Agreements with the Company in the form attached hereto
as Exhibit A providing for the issuance of shares of Company Common Stock
to the Employee with repurchase rights lapsing as to $2,000 of such shares
(valued at market prices when such agreements are executed, rounded down
to the next whole share) for each day of services hereunder and (b) to be
paid $600 for each of the Company's bi-weekly pay periods that occurs
during the Employment Period."
2. Except as amended hereby, the Employment Agreement is ratified and
confirmed in all respects.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year set forth above.
POLYMEDICA CORPORATION
By: /s/ Xxxxxxx X. Xxxxxxx
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Title: Senior Vice President and Chief
Financial Officer
EMPLOYEE
/s/ Xxxxxx X. Xxxxxxxx
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Interim Chief Executive Officer and Lead
Director
