AMENDMENT TO EMPLOYMENT AGREEMENT
EXHIBIT
10.4
AMENDMENT
TO EMPLOYMENT AGREEMENT
Amendment
to Employment Agreement dated January 25, 2006, between Pharma-Bio Serv, Inc.,
hereinafter ("Company") and Xxxxxx Plaza ("Executive").
WHEREAS, given the current
global and local economic and industry forecasts for 2009, the Company is
implementing various cost containment strategies to mitigate the current market
downward volume trend, among others, adjust compensation packages of its
management team.
NOW THEREFORE, in exchanges
for the mutual promises and undertakings herein, the parties voluntarily agree
as follows:
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1.
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That
pursuant to paragraph 1(b) of that certain Employment Agreement dated
January 25, 2006, is hereby modified and amended so as to extend the
“Term” for an “Indefinite amount of time” (“Employment Term” or
“Term”).
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2.
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That
Executive's compensation pursuant to paragraph 3(a) of that certain
Employment Agreement dated January 25, 2006, is hereby modified and
amended so as to decrease Executive's annual salary, as of March 1, 2009,
from $150,000 to $135,000 per annum. Salary shall be paid in
such installments as the Company regularly pays its executive officers,
but not less frequently than semi-monthly. Executive’s salary
will be revised annually based upon performance evaluation following
Company’s performance review process and subject to the financial
situation of the Company.”
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In all
other respects the Employment Agreement dated January 25, 2006, shall remain in
full force and effect and unaltered.
IN WITNESS WHEREOF, the
parties have executed this Agreement in Dorado, Puerto Rico, this 11th day of
March, 2009.
By:/s/ Xxxxxxxxx
Plaza
Name: Xxxxxxxxx
Plaza
Title: President
& CEO
EXECUTIVE:
/s/ Xxxxxx
Plaza
Name:
Xxxxxx Plaza
Title: VP
of Operations
