Exhibit 10.70
AMENDMENT TO EMPLOYMENT AGREEMENT
THIS AMENDMENT TO EMPLOYMENT AGREEMENT (the "Amendment") dated March 14, 2003 is
entered into by and between Bactolac Pharmaceutical Inc., a Delaware corporation
(the "Company"), and Xxxxxx Xxxxx (the "Executive").
RECITALS
A. The Company and the Executive entered into an Employment Agreement dated
November 18, 2001 (the "Agreement"). B. The Parties have agreed to amend the
term of the Agreement.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and the mutual
promises set forth herein, the Company and the Executive hereby agree
as follows:
1. 1. The first sentence of Section 1(a) is hereby amended to read in its
entirety as follows:
2. Subject to the terms and conditions contained herein, the Company
employs the Executive and the Executive accepts such employment from
the date hereof until the earlier of (i) November 1, 2005 or (ii) the
date such employment is terminated pursuant to Section 4 of this
Agreement.
2. Section 3(a) is hereby amended by the addition of the following sentences
after the first sentence of Section 3(a):
The Executive's salary shall be reviewed no less frequently than
annually by the Board with the first adjustment to the salary to occur
on or about November 1, 2003. Any adjustments to the Executive's
salary made by the Board shall be increases to the initial monthly
salary of $20,833.33, and in determining any salary increases, the
Board shall consider the Executive's performance for the Company as
well as other factors the Board may consider relevant.
3. Except as otherwise expressly provided herein, the Agreement, is not
amended, modified or effected by this Amendment. Except as expressly set
forth herein, all the terms, conditions, covenants, representations,
warranties and all other provisions of the Agreement are hereby ratified
and confirmed and shall remain in full force and effect.
4. This Agreement may be executed in one or more counterparts, and it shall
not be necessary that the signatures of all parties hereto be contained on
any one counterpart hereof, each counterpart shall be deemed an original,
and all of which together shall constitute one and the same instrument.
IN WITNESS HEREOF, the Company and the Executive have executed this Amendment as
of the day and year first above written.
BACTOLAC PHARMACEUTICAL INC.,
a Delaware corporation
By:
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Xxxxxx Xxxxx, Individually
