AMENDMENT TO EMPLOYMENT AGREEMENT
AMENDMENT TO EMPLOYMENT
AGREEMENT
THIS AMENDMENT TO EMPLOYMENT
AGREEMENT is entered into by and between Patient Safety Technologies,
Inc. (“PST” or the “Company”) and Xxxx X. Xxxx (“Xxxx”) this 24th day of June,
2010. Effective as of November 24th, 2009, the Company and Rose
entered into an Agreement (the “Employment Agreement”) governing Xx. Xxxx’x
employment with the Company. In connection with a preferred stock financing
undertaken by the Company on or about the date hereof (the “Financing”), and
intending to be legally bound and in consideration of the mutual promises
contained herein, the parties agree as follows:
1.
Definition
of Good Reason. Section 1(i)
“Good Reason” under the Employment Agreement
is hereby amended to add subsection (iv) therein to read as
follows:
“(iv) relocation of
the Executive’s assigned workplace or obligation to perform services at a
location more than 40 miles radius from Newtown, PA.”
2. Governing
Law. This Agreement shall be performed, interpreted and
enforced according to the laws of the State of Delaware without regard to any
choice of law provisions thereof.
3. Acknowledgment. Rose
agrees that the Financing does not constitute a “Change of Control” as defined
in the Employment Agreement.
4. Entire
Agreement. This Amendment to Employment Agreement together
with the Employment Agreement constitute the entire agreement between the
parties hereto respecting the subject matter hereof and supersede all prior
agreements, negotiations, understandings, representations and statements
respecting the subject matter hereof, whether written or oral. No
modification, alteration, waiver or change in any of the terms of this Agreement
shall be valid or binding upon the parties hereto unless made in writing and
duly executed by the Company and Rose. All provisions of Section 7 to the
Employment Agreement are incorporated herein by reference.
5. Counterparts. This
Amendment to Employment Agreement may be executed in counterparts, by copy and
by facsimile, each of which shall be legally enforceable as an original document
and together which shall collectively constitute an entire
agreement.
[signature
page follows]
SIGNATURE PAGE TO ROSE
AMENDMENT TO EMPLOYMENT AGREEMENT
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By:
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Xxxxxx
X. Xxxx, President
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Xxxx
X. Xxxx
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