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EXHIBIT 10.14
AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT
THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT is made as of this 29th
day of August, 1997 (the "Effective Date") by and between SpectruMedix
Corporation (the "Company") and Xxxxxx X. Xxxxxxxxxx ("Executive"). All
capitalized terms not otherwise defined herein shall have the meanings
attributed thereto in the Agreement.
WHEREAS, on March 31, 1997, the Company and Executive entered into an
employment agreement (the "Employment Agreement") pursuant to which Executive
was to be employed by the Company as Chief Executive Officer, Treasurer and
Secretary of the Company; and
WHEREAS, on August 25, 1997, the Company elected Executive to the
offices of Chief Executive Officer and President of the Company and removed
Executive from the offices of Treasurer and Secretary;
WHEREAS, the Company and Executive desire to amend Executive's
Employment Agreement so as to add the office of President and remove the offices
of Treasurer and Secretary.
NOW, THEREFORE, the parties hereto agree as follows:
A. Section 1 of the Employment Agreement shall be deleted in its
entirety and the following shall be inserted in lieu thereof:
1. TITLE. Executive shall serve as Chairman of the Board of
Directors, Chief Executive Officer and President of the Company and shall in
such capacity report directly to the Board of Directors of the Company (the
"Board").
B. Section 2 of the Employment Agreement shall be deleted in its
entirety and the following shall be inserted in lieu thereof:
2. DUTIES AND RESPONSIBILITIES. Executive hereby agrees to remain
as Chief Executive Officer and President of the Company during the Employment
Period and to perform in good faith and to the best of his ability all services
which may be required of Executive in such position and to be available to
render such services at all reasonable times and places in accordance with such
reasonable directions and requests as the Board may from time to time reasonably
specify. Executive shall, during the Employment Period, devote substantially all
of his ability, energy and skill, and all of the time required, to the
performance of his duties and responsibilities hereunder.
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C. Except as expressly modified by this Amendment, the Employment
Agreement is hereby confirmed and ratified.
D. This Amendment may be executed in more than one counterpart,
each of which shall be deemed an original, but all of which together shall
constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Amendment as of
the day and year written above.
SPECTRUMEDIX CORPORATION
/s/ Xxxxxxx Xxxxxxxxxxxx
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Name: Xxxxxxx Xxxxxxxxxxxx
Title: Director
/s/ Xxxxxx X. Xxxxxxxxxx
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Xxxxxx X. Xxxxxxxxxx
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