EXHIBIT 10.24
RENEWAL TO EMPLOYMENT AGREEMENT
This renewal to Employment Agreement (the "Renewal") is made this 1st
day of January, 1999, by and between Caraco Pharmaceutical Laboratories Ltd.
(the "Company") and Xxxxxx Xxxxxxxxxx ("Employee").
WITNESSETH:
WHEREAS, the Company and Employee entered into an Employment Agreement
dated October 22, 1993 (the "Employment Agreement");
WHEREAS, the Company and Employee entered into an Amendment to that
Employment Agreement dated April 1, 1997 (the "Amended Employment Agreement");
NOW, THEREFORE, in consideration of the premises and covenants herein
contained, the parties covenant and agree that the following shall become
effective on January 1, 1999.
1. Existing Employment Agreement. Except as modified hereby, the terms
and conditions of the Employment Agreement shall continue in full force and
effect.
2. Salary. Paragraph 3(a) of the Amended Employment Agreement is hereby
amended by increasing the annual salary payable to Employee from $92,250 to
$120,000. Except for the change in the amount of the annual salary, the
provisions of Paragraph 3(a) of the Employment Agreement continue in full force
and effect.
3. This Amended Employment Contract shall be for a term of four years
(4) renewable for successive one-year terms.
4. Exhibit. Exhibit B shall be amended to add a car allowance of
$380.00 per month.
IN WITNESS WHEREOF, the Employee and the Company have executed this
Agreement on the date first above written.
CARACO PHARMACEUTICAL LABORATORIES LTD.
a Michigan corporation
By: /s/ Xxxxxxxx X. Xxxxxx EMPLOYEE:
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Xxxxxxxx X. Xxxxxx
Its: Chief Executive Officer /s/Xxxxxx Xxxxxxxxxx
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Xxxxxx Xxxxxxxxxx
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