AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
Exhibit 10(u.2)
AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT
This Amendment No. 2 to Employment Agreement (“Amendment”) made as of April 10, 2008 between
DUSA Pharmaceuticals, Inc., a New Jersey corporation (“DUSA”) having principal offices at 00 Xxxxx
Xxxxx, Xxxxxxxxxx, Xxxxxxxxxxxxx 00000, and Xxxx X. Xxxxxx (“Xxxxxx”), who resides at 000 Xxx
Xxxxxxxx Xxxx, Xxxxxxxxxx, Xxxxxxxxxxxxx 00000.
WHEREAS, the parties entered into an Employment Agreement dated February 14, 2000 which was
amended as of October 31, 2001 (the “Agreement”); and
WHEREAS, the parties now wish to further amend the Agreement in writing to reflect an
increase in the cash bonus opportunity percentage;
NOW THEREFORE, in consideration of the mutual covenants and promises, the parties agree as
follows:
1. Paragraph 3 of the Agreement (Remuneration), which reads in relevant part:
Following the end of each fiscal year, the Board may award a cash bonus to Carota in an amount
up to 30% of Carota’s current base salary for such year as determined by the Board in its sole
discretion.
Shall be amended to reflect an increase in the cash bonus opportunity percentage to read:
Following the end of each fiscal year, the Board may award a cash bonus to Carota in an amount
up to 35% of Carota’s current base salary for such year as determined by the Board in its sole
discretion.
2. Except as expressly provided in this Amendment No. 2, the Agreement shall remain unmodified and
in full force and effect and is hereby ratified and confirmed. The execution, delivery, and
effectiveness of the Amendment No. 2 shall not, except as expressly provided herein, operate as a
waiver of any right, power, or remedy of Carota or DUSA.
IN WITNESS WHEREOF, the parties have duly executed this Amendment No. 2 to Employment
Agreement as of the latest date and year stated below.
ATTEST: | DUSA PHARMACEUTICALS, INC. | |||||||
/s/ Xxxxx Xxxxxxx
|
By: | /s/ Xxxxxx X. Xxxxx
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President and Chief Executive Officer | ||||||||
Dated: | 5-13-08 | |||||||
WITNESS: | EMPLOYEE: | |||||||
/s/ Xxxxxxxx Xxxxxx | /s/ Xxxx X. Xxxxxx | |||||||
Xxxx X. Xxxxxx | ||||||||
Dated: | 5-20-08 |